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250529.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, May 29, 2025, Vol. 29, No. 148 Headlines 1296 REALTY: Seeks Chapter 11 Bankruptcy in New York 1778 DEAN: Seeks Chapter 11 Bankruptcy in New York 2045 SW 127TH AVENUE: U.S. Trustee Unable to Appoint Committee 216 HOLBROOK: Gets OK to Hire Resurgent Legal Services as Counsel 23ANDME HOLDING: Plans Voluntary Nasdaq Exit, SEC Deregistration 330 WESTMINSTER: Hires Resurgent Legal Services as Counsel 819 E GRAND: Gets OK to Hire Resurgent Legal Services as Counsel 8613 FRANKLIN AVENUE: Seeks Subchapter V Bankruptcy in California AB INTERNATIONAL: Chiyuan Deng Steps Down as CEO, CFO ACCURADIO LLC: Gets Interim OK to Use Cash Collateral ADVANCE TRANSIT: Seeks Chapter 11 Bankruptcy in Pennsylvania ADVANTAGE SOLUTIONS: Moody's Downgrades CFR to B3, Outlook Stable ADVENT TECHNOLOGIES: Needs More Time to Finalize Q1 FY25 Report AKIN MEARS: To Sell Permanent Seat Licenses to Jeff Newman ALEXA HOLDINGS: Bankr. Administrator Unable to Appoint Committee AMERICAN BROADBAND: Monroe Marks $500,000 Secured Loan at 75% Off AMERICAN COMMUNITY: Monroe Marks $3 Million Secured Loan at 38% Off AMERICAN COMMUNITY: Monroe Marks $3.6M Secured Loan at 38% Off AMERICAN COMMUNITY: Monroe Marks $6.7M Secured Loan at 38% Off AMERICAN COMMUNITY: Monroe Marks $831,000 Secured Loan at 38% Off ARTIFICIAL INTELLIGENCE: CEO to Discuss Growth at June 8 AMA AT HOME GROUP: Prepares Chapter 11 Bankruptcy Filing ATARA BIOTHERAPEUTICS: Redmile Group Holds 9.9% Equity Stake AZUL S.A.: Case Summary & 30 Largest Unsecured Creditors AZUL SA: Seeks Chapter 11 Bankruptcy in New York AZUSA PACIFIC: Moody's Affirms 'Ba1' Rating on Revenue Bonds BAUSCH HEALTH: CAO to Resign; Jean-Jacques Charhon to Assume Role BAUSCH HEALTH: Nomura Reports 6.3% Equity Stake as of March 31 BAUSCH HEALTH: Shareholders OK All Proposals at Annual Meeting BELLA LOGISTICS: Section 341(a) Meeting of Creditors on June 23 BIG LOTS: Stock Manipulation Case Reopened to Revisit Standing BIO-KEY INTERNATIONAL: Armistice Capital Holds 9.99% Equity Stake BISHOP OF OAKLAND: Comm. Taps Canonical Consultation as Consultant BISHOP OF OAKLAND: Committee Taps Jeffrey Stempel as Consultant BLUEBIRD BIO: Amends Merger Deal With Beacon BLUM HOLDINGS: Brad Hirsch Appointed to Board, Committees BLUM HOLDINGS: Signs Revised LOI to Acquire Bay Area Dispensary BNB BATTERY: Proposes Immaterial Modifications to Plan BRIDAN 770: U.S. Trustee Unable to Appoint Committee BROOKDALE SENIOR: Ventas Inc. Holds 2.35% Equity Stake BTR OPCO: Monroe Capital Marks $711,000 Secured Loan at 29% Off BUFFALO HOUSE: Gets Interim OK to Use Cash Collateral BUFFALO HOUSE: Hires Gleichenhaus Marchese as General Counsel C.I.I. INC: Unsecureds to Get 2 Cents on Dollar in Plan CALABRIO INC: Monroe Capital Marks $409,000 Secured Loan at 57% Off CAPTURE COLLECTIVE: Case Summary & Two Unsecured Creditors CAPTURE COLLECTIVE: Seeks Chapter 11 Bankruptcy in Ohio CAR SOLUTIONS: Seeks to Hire Bond Law Office as Bankruptcy Counsel CAREPOINT HEALTH: Hudson Regional Health Launched After Ch. 11 Exit CARTOPIA II: Seeks to Hire Bond Law Office as Bankruptcy Counsel CDATA SOFTWARE: Monroe Marks $778,000 Secured Loan at 61% Off CENTURY ALUMINUM: S&P Alters Outlook to Positive, Affirms 'B-' ICR CHARLIE'S HOLDINGS: Iroquois Entities Report Stakes as of March 31 CHG US HOLDINGS: U.S. Trustee Appoints Creditors' Committee CLASSIC CONSTRUCTION: Seeks Subchapter V Bankruptcy in Texas CLINTON PROPERTY: Seeks Chapter 11 Bankruptcy in New York COLONIAL MILLS: Hires Hollis Meddings Group as Financial Advisor COLONIAL MILLS: Seeks to Hire Indeglia & Carney as Attorneys COLONIAL MILLS: Taps Raskin & Berman as Bankruptcy Counsel COLUMBUS ALE: Seeks Subchapter V Bankruptcy in New York COMMSCOPE HOLDING: FPR Partners Holds 4.4% Stake as of March 31 COMMSCOPE HOLDING: Names Krista Bowen Chief Legal Officer COMMUNITY HEALTH: Apollo Entities Report 5.4% Stake as of March 31 COMMUNITY HEALTH: Eversept Partners Holds 6.1% Equity Stake COMMUNITY HEALTH: Three AGM Proposals, Exec Role Change OK'd DALLAS COUNTY WATER: S&P Affirms 'BB+' Rating on 2020 Revenue Bonds DAS HUND HAUS: Section 341(a) Meeting of Creditors on June 25 DCA OUTDOOR: Hires Agri-Business Real Estate Services as Broker DCA OUTDOOR: Hires Re/Max Elite Realtors as Real Estate Broker DCA OUTDOOR: Hires Stretto Inc as Claims and Noticing Agent DCA OUTDOOR: Hires The Land Source LLC as Real Estate Broker DCA OUTDOOR: Seeks to Hire ReeceNichols Real Estate as Broker DELSHAH 60: Seeks to Hire Backenroth Frankel & Krinsky as Counsel DVAC HEATING: Case Summary & 20 Largest Unsecured Creditors E&J SHOE: Seeks Chapter 11 Bankruptcy in Florida EASTERN COLORADO: Seeks to Extend Plan Exclusivity to August 13 EPIKA FLEET: Monroe Capital Marks $1.1MM Secured Loan at 68% Off EPIKA FLEET: Monroe Capital Marks $652,000 Secured Loan at 62% Off EPIKA FLEET: Monroe Capital Marks $862,000 Secured Loan at 34% Off ERAYE REALTY: Seeks Chapter 11 Bankruptcy in Georgia EVERSTREAM SOLUTIONS: Case Summary & 30 Top Unsecured Creditors EXCELL COMMUNICATIONS: Hires Ruskin Moscou Faltischek as Attorney EXCELL COMMUNICATIONS: Taps Harris Beach Murtha as Special Counsel EXCELL COMMUNICATIONS: Taps Lindenwood as Financial Advisor EXPRESS WASH: Monroe Capital Marks $379,000 Secured Loan at 45% Off EXTREME PROFITS: Seeks Subchapter V Bankruptcy in Florida FAIR ANDREEN: Gets Final Approval to Use Cash Collateral FAIRFIELD SENTRY: BNP Paribas Loses Bid to Dismiss Adversary Case FAIRFIELD SENTRY: CBH Loses Bid to Dismiss Adversary Case FEDERAL CAREGIVERS: Seeks Subchapter V Bankruptcy in Virginia FEH INC: S&P Alters Outlook to Negative, Affirms 'BB-' ICR FLINK SE: TriplePoint Venture Marks $14 Million Loan at 29% Off FLORIDA STATE ROOFING: Seeks Subchapter V Bankruptcy in Florida FORMAN MILLS: Monroe Capital Marks $1.3MM Secured Loan at 27% Off FRANCISCAN FRIARS: Hires Hulberg & Associates as Appraiser GRAND CONSISTORY: Section 341(a) Meeting of Creditors on June 27 GROUPE SOLMAX: S&P Downgrades ICR to 'B-', Outlook Stable HARVEST SHERWOOD: U.S. Trustee Appoints Creditors' Committee HAYDALE CERAMIC: Claims to be Paid from Asset Sale Proceeds HEART ESTATES: Unsecureds Will Get 100% of Claims over 36 Months HELIX ENERGY: All Three Proposals Passed at Annual Meeting HELIX ENERGY: Completes $30 Million Q2 Share Buyback HIGHRISE ELECTRICAL: Seeks to Hire Ordinary Course Professionals HIREX INC: Claims to be Paid from $75K Equity Contribution HOOK ROAD: Seeks Chapter 11 Bankruptcy in New York HOOTERS OF AMERICA: Committee Taps Pachulski Stang as Counsel HOOTERS OF AMERICA: Hires Province LLC as Financial Advisor HUDSON'S BAY: Workers Rally Over Illegal Termination, Unpaid Wages IMA FINANCIAL: Moody's Affirms 'B3' CFR, Outlook Stable INSPIREMD INC: OrbiMed Holds 7.2% Equity Stake as of March 31 INVERSIONES ALFA: Taps Fowler White Burnett as Appellate Counsel J MCCLOUD REALTY: Seeks to Hire J McCloud Realty as Counsel JGA DEVELOPMENT: To Sell Jersey City Property to Jingha Fu JPK NEWCO: Case Summary & Three Unsecured Creditors KAR WASH: Monroe Capital Marks $2.6MM Secured Loan at 69% Off KAR WASH: Monroe Capital Marks $952,000 Secured Loan at 68% Off KUBOTA OF KNOXVILLE: Case Summary & 20 Top Unsecured Creditors KULA GRAIN: U.S. Trustee Appoints Creditors' Committee LAKE SPOFFORD: Seeks to Sell New Hampshire Property in Private Sale LML LOGISTICS: Hires BransonLaw PLLC as Bankruptcy Counsel LUMINARY ROLI: TriplePoint Venture Marks $35.4MM Loan at 80% Off MA MICRO: TriplePoint Venture Marks $1.3MM Loan at 73% Off MA MICRO: TriplePoint Venture Marks $4.1MM Loan at 36% Off MA MICRO: TriplePoint Venture Marks $4.1MM Loan at 81% Off MARCO'S PIZZA: Hires David P. Stich as Special Real Estate Counsel MARINUS PHARMACEUTICALS: Beryl Capital Disposes of Equity Stake MBIA INC: Wolf Hill, 2 Others Hold 6.5% Equity Stake as of March 31 MIND CANDY: TriplePoint Venture Marks $1.4MM Loan at 60% Off MIND CANDY: TriplePoint Venture Marks $1.5MM Loan at 60% Off MIND CANDY: TriplePoint Venture Marks $23.9MM Loan at 60% Off MINI MANIA: Fine-Tunes Plan Documents MITCHELL TOPCO: Moody's Assigns 'B3' CFR, Outlook Stable MNINE HOLDINGS: Monroe Marks $747,000 Secured Loan at 45% Off MODERN EYE: Unsecured Creditors to Split $3,600 over 36 Months MODIVCARE INC: Q Global Holds No Shares as of March 31 MP OCTOPUS: Court OKs Buckeye Pizza Property to Mike Denunzio MP OCTOPUS: Court OKs Cortez Pizza Equipment to Mike DeNunzio MP OCTOPUS: Court OKs Pizza Business Sale to Kyle Garrick NAKDCOM ONE: TriplePoint Venture Marks $6.6MM Loan at 17% Off NAS LOGISTICS: Seeks Chapter 11 Bankruptcy in Texas NBA PROPERTIES: Case Summary & 10 Unsecured Creditors NECB COLLECTIONS: Monroe Marks $1.3MM Secured Loan at 69% Off NEWBURN LAW: Seeks Subchapter V Bankruptcy in Colorado NLC PRODUCTS: Gets Final OK to Use Cash Collateral NORTHERN DYNASTY: Annual Meeting of Shareholders Set for June 19 NORTHERN DYNASTY: Supports 30-Day Abeyance in Pebble Case OCEAN POWER: Closes $10M Initial Note Offering Under $25M Deal OPTINOSE INC: Stonepine Entities Hold 7.8% Equity Stake OUTFITTERY GMBH: TriplePoint Venture Marks $27.9MM Loan at 14% Off PB RESTAURANTS: Unsecureds to Get Share of Income for 3 Years PETROQUEST ENERGY: Seeks to Extend Plan Exclusivity to September 9 PROJECT 1920: TriplePoint Venture Marks $1.9MM Loan at 77% Off PROJECT 1920: TriplePoint Venture Marks $2.1MM Loan at 77% Off PROTOTEK LLC: Monroe Capital Marks $2.4MM Secured Loan at 19% Off QUICK COMMERCE: TriplePoint Venture Marks $1-Mil. Loan at 20% Off QUICK COMMERCE: TriplePoint Venture Marks $11.4MM Loan at 20% Off QVC GROUP: FPR Partners, 2 Others Report 5.8% Stake as of March 31 QVC GROUP: Works With Evercore, Kirkland & Ellis for Debt Advice RB GLOBAL: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable RESHAPE LIFESCIENCES: Ayrton Capital, 2 Others Hold 5.71% Stake RESOLUTE INVESTMENT: S&P Alters Outlook to Neg., Affirms 'B' ICR SANUWAVE HEALTH: Dismisses CBIZ, Taps Baker Tilly as Auditor SAVAGE X: TriplePoint Venture Marks $2-Mil. Loan at 16% Off SAVAGE X: TriplePoint Venture Marks $3.7 Million Loan at 16% Off SCIH SALT: S&P Affirms 'B' Long-Term Issuer Credit Rating SEABIRDS KITCHEN: Hires Bookkeeping Repair LLC as Bookkeeper SEAVIEW AVENUE: Section 341(a) Meeting of Creditors on June 25 SEXTANT STAYS: Seeks Chapter 11 Bankruptcy in Florida SFR HOLDCO: Monroe Capital Marks $2.9MM Secured Loan at 27% Off SPLASHLIGHT HOLDING: Seeks to Extend Plan Exclusivity to Sept. 10 STEWARD HEALTH: DOJ Unit Seeks Dismissal of Bankruptcy Filing STONEYBROOK FAMILY: Amends United Community Bank Secured Claim Pay SYNAPSE FINANCIAL: TriplePoint Marks $731,000 Loan at 92% Off THASSOS INC: Seeks Subchapter V Bankruptcy in Illinois THRASIO LLC: Monroe Capital Marks $881,000 Secured Loan at 21% Off TONIX PHARMACEUTICALS: Joseph Hand Joins as General Counsel, EVP US HOUSING: Claims to be Paid from Continued Operations VHAGAR PURCHASER: Monroe Capital Marks $667,000 Loan at 78% Off VIASAT INC: The Baupost Group, 2 Others Hold 7.89% Equity Stake VICE ACQUISITION: Monroe Marks $353,000 Secured Loan at 53% Off VICE ACQUISITION: Monroe Marks $671,000 Secured Loan at 53% Off WAYSTAR TECHNOLOGIES: S&P Upgrades ICR to 'BB-', Outlook Stable WHISTLER PARENT: Monroe Marks $5.7MM Secured Loan at 19% Off WOLF'S LAIR: Seeks Chapter 11 Bankruptcy in Texas WOLFSPEED INC: To Begin 30-Day Interest Payment Grace Period WORLD OF MISTRY: Hires Lee & Associates as Real Estate Broker YIHE FORBES: Hires Hilco Real Estate as Consultant and Advisor ZW DATA: Inks $750K Common Stock Deals With Lock-Up Provisions [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1296 REALTY: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On May 21, 2025, 1296 Realty LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $500 million and $1 billion in debt owed to 1,000 and 5,000 creditors. The petition states funds will be available to unsecured creditors. About 1296 Realty LLC 1296 Realty LLC is a real estate investment business and management company. 1296 Realty LLC relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11063) on May 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion each. The Debtors are represented by Gary Holtzer, Esq. at Weil Gotshal & Manges LLP. 1778 DEAN: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- On May 5, 2025, 1778 Dean St 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 up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1778 Dean St LLC 1778 Dean St LLC is a real estate holding company based in Brooklyn, New York. 1778 Dean St LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-42492) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtors are represented by Narissa A. Joseph, Esq. 2045 SW 127TH AVENUE: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of 2045 SW 127th Avenue, LLC, according to court dockets. About 2045 SW 127th Avenue 2045 SW 127th Avenue, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-14362) on April 21, 2025, listing up to $1 million in both assets and liabilities. Judge Scott M Grossman oversees the case. The Law Office of Mark S. Roher, P.A. is the Debtor's bankruptcy counsel. 216 HOLBROOK: Gets OK to Hire Resurgent Legal Services as Counsel ----------------------------------------------------------------- 216 Holbrook St, MI, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Resurgent Legal Services, PLC to handle its chapter 11 case. The firm will be paid at these rates: Robert J. McClellan $250 per hour Paralegal $50 per hour The firm received from the Debtor a retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert J. McClellan, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert J. McClellan, Esq. Resurgent Legal Services, PLC 3011 W. Grand Blvd., Suite 432 Detroit, MI 48202 Tel: (586) 755-0700 Email: bob@robertj.micclellan.com About 216 Holbrook 216 Holbrook St, MI, LLC filed Chapter 11 petition (Bankr. E.D. Mich. Case No. 25-42623) on March 17, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Thomas J. Tucker oversees the case. The Debtor is represented by Robert McClellan, Esq. at Resurgent Legal Services, PLC. 23ANDME HOLDING: Plans Voluntary Nasdaq Exit, SEC Deregistration ---------------------------------------------------------------- 23andMe Holding Co., a leading human genetics and biotechnology company, on May 27, 2025, announced its intention to file a Form 25 Notification of Delisting with the Securities and Exchange Commission on or about June 6, 2025, which will remove its securities from listing and registration on Nasdaq. Nasdaq previously suspended the trading of 23andMe's Class A common stock, $0.0001 par value per share, at the opening of business on March 31, 2025 and notified the Company that a Form 25 would be filed. However, as Nasdaq has not yet made the filing, the Company is doing so voluntarily to permit it to file a Form 15 to deregister with the SEC. 23andMe previously announced on March 23, 2025 that the Company and certain of its subsidiaries initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Missouri. Once the Nasdaq delisting on Form 25 becomes effective, 23andMe intends to file a Form 15 to deregister with the SEC. About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 330 WESTMINSTER: Hires Resurgent Legal Services as Counsel ---------------------------------------------------------- 330 Westminster St. MI LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Resurgent Legal Services, PLC to handle its chapter 11 case. The firm will be paid at these rates: Robert J. McClellan $250 per hour Paralegal $50 per hour The firm received from the Debtor a retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert J. McClellan, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert J. McClellan, Esq. Resurgent Legal Services, PLC 3011 W. Grand Blvd., Suite 432 Detroit, MI 48202 Tel: (586) 755-0700 Email: bob@robertj.micclellan.com About 330 Westminster St. MI LLC 330 Westminster St MI LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Mich. Case No. 25-41260) on Feb. 11, 2025, disclosing under $1 million in both assets and liabilities. The Debtor is represented by RESURGENT LEGAL SERVICES, PLC. 819 E GRAND: Gets OK to Hire Resurgent Legal Services as Counsel ---------------------------------------------------------------- 819 E Grand Blvd MI, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Resurgent Legal Services, PLC to handle its Chapter 11 case. The firm will be paid at these rates: Robert J. McClellan $250 per hour Paralegal $50 per hour The firm received from the Debtor a retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert J. McClellan, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert J. McClellan, Esq. Resurgent Legal Services, PLC 3011 W. Grand Blvd., Suite 432 Detroit, MI 48202 Tel: (586) 755-0700 Email: bob@robertj.micclellan.com About 819 E Grand Blvd MI 819 E Grand Blvd MI, LLC filed Chapter 11 petition (Bankr. E.D. Mich. Case No. 25-41546) on February 19, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Thomas J. Tucker oversees the case. The Debtor is represented by Robert McClellan, Esq. at Resurgent Legal Services, PLC. 8613 FRANKLIN AVENUE: Seeks Subchapter V Bankruptcy in California ----------------------------------------------------------------- On May 22, 2025, 8613 Franklin Avenue 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 8613 Franklin Avenue LLC 8613 Franklin Avenue LLC is a real estate holding company that appears to own or manage the property located at 8613 Franklin Avenue in Los Angeles, California. 8613 Franklin Avenue LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14300) on May 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. AB INTERNATIONAL: Chiyuan Deng Steps Down as CEO, CFO ----------------------------------------------------- AB International Group Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Chiyuan Deng resigned as Chief Executive Officer, Chief Financial Officer and member of the board of directors, but he retained the office of President. There was no known disagreement with Mr. Deng on any matter relating to the Company's operations, policies or practices. On May 15, 2025, the board of directors appointed Linqing Ye as Chief Executive Officer, Chief Financial Officer and a member of the board of directors. Linqing Ye, age 45, currently works as the vice president of Equivalent Film Limited since 2021. Mr. Ye worked as director and COO of the Company from August 2017 to August 2020. Previously, he worked in the management of a filming studio and production group. Mr. Ye has over 20 years of experience working in movie production, and from 2008 to 2010 he worked as a video photographer with a team that served as a partner for Google. Aside from serving as a director with the Company from 2017 to 2020, Mr. Ye does not hold and has not held over the past five years any other directorships in any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered as an investment company under the Investment Company Act of 1940. There are no family relationships between Mr. Ye and any of the directors or executive officers. Mr. Ye does not have any material transactions with the Company. About AB International Headquartered in Mt. Kisco, N.Y., AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on the acquisition and development of various intellectual property, including the acquisition and distribution of movies. Hackensack, N.J.-based Prager Metis CPAs, LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated November 26, 2024, citing that the Company had limited cash, an accumulated deficit of approximately $11.8 million and a limited working capital deficit of approximately $0.2 million. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing and achieving operating profits. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. ACCURADIO LLC: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- AccuRadio, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The order penned by Judge Michael Slade authorized the company's interim use of cash collateral to pay its expenses until June 24 or until the bankruptcy judge issues a final order, whichever comes first. AccuRadio projects monthly operational expenses of $468,500. As protection, Sound Exchange, Inc. (SX) was granted replacement liens on AccuRadio's property, including the secured creditor's cash collateral and pre-bankruptcy collateral. In addition, Sound Exchange will receive monthly royalty payments of $210,000 starting June 1, subject to adjustment. A status hearing is set for June 23. About AccuRadio Inc. AccuRadio Inc. is a Chicago-based company that offers streaming radio service. Accuradio sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07366) on May 14, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Judge Michael B. Slade handles the case. The Debtor is represented by Derek D. Samz, Esq., at Golan Christie Taglia, LLP. ADVANCE TRANSIT: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------ On May 27, 2025, Advance Transit Mix Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. 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 Advance Transit Mix Inc. Advance Transit Mix Inc. supplies ready-mixed concrete for construction projects in Glenolden, Pennsylvania. The Company operates a fleet of trucks for intrastate transport and serves clients across the region. Advance Transit Mix Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12082) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Patricia M Mayer handles the case. The Debtors are represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI AND ASTIN. ADVANTAGE SOLUTIONS: Moody's Downgrades CFR to B3, Outlook Stable ----------------------------------------------------------------- Moody's Ratings downgraded Advantage Solutions Inc.'s (Advantage) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD. At the same time, Moody's downgraded the senior secured first lien term loan and notes to B3 from B2 at Advantage Sales & Marketing Inc. Moody's also assigned a SGL-2 speculative grade liquidity rating (SGL) to Advantage Solutions Inc. (Advantage) and withdrew Advantage Sales & Marketing Inc.'s SGL-1. The outlooks are stable. Advantage is a provider of outsourced business solutions to consumer product manufacturers and retailers. The downgrade of the CFR to B3 from B2 is attributed to Moody's expectations that Advantage's credit metrics and free cash flow will remain weak, at least through 2025, as the company faces several headwinds, including threats to consumer spending amid macroeconomic uncertainty reflected in retail inventory destocking and reductions in discretionary marketing budgets from clients in the first quarter of 2025. Moody's expects that one-time costs for working capital will result in free cash flow being slightly negative in 2025 before improving in 2026. Moody's also expects that the company's debt/EBITDA will remain elevated above 6.5x through early 2026 and revenue will decline until at least 2026. However, easing restructuring and reorganization costs should drive overall earnings growth in 2025 and 2026. Advantage's good liquidity profile is a key support of the rating. The company has $121.1 million of cash as of March 31, 2025, $67.5 million is held outside the US, and access to an undrawn $500 million asset-based revolving credit facility expiring December 2027. Additionally, the company will receive proceeds from the previously- announced Jun Group divestiture in Q3 2025 and Q1 2026 totaling $50 million. ESG considerations, specifically governance associated with financial strategy and risk management, were key drivers in the rating actions given the company's tolerance for high debt leverage and inconsistency with meeting financial targets including the recent change in earnings guidance. RATINGS RATIONALE Advantage's B3 CFR is constrained by elevated financial leverage, with debt/EBITDA of 7.8x for the twelve months ended March 31, 2025. Moody's do not include one-time restructuring and reorganization costs, and earnings from its non-controlled European joint-venture as adjustments to EBITDA. Absent voluntary debt repayment, Moody's expects debt/EBITDA to be 7x at the end of 2025. Profitability as measured by EBITDA margin is expected to be low at around 7.5% in 2025, but should improve to 8.0% in 2026 as reduced costs associated with reorganization activities and asset sales ease. The company has a public financial net leverage target of less than 3.5x (as the company measures it) over the long-term and reports 4.4x for the twelve months ended March 31, 2025, supporting Moody's anticipations for leverage declines. Moody's expects the company will maintain a balanced approach as it pertains to debt repayment using proceeds from divestitures and internally generated free cash flow to reach its leverage target. As of March 31, 2025, the company has voluntarily repurchased $30 million of notional term loan debt and $148 million of notes since the end of 2023. The company experienced staffing challenges in the first quarter of 2025 which hurt revenue and earnings within its experiential and retailer segments. Moody's expects that recent changes made in the company's staffing efforts should curb further disruptions; however, the company must sustain high labor utilization rates to keep costs manageable. Costs associated with restructuring and reorganization efforts are high and there are execution risks and uncertainties in the timing and effectiveness of the company's IT modernization efforts that could lead to volatility in earnings and cash flow through 2026. Moody's anticipates that incremental capital expenditures related to the company's new ERP program will be meaningful in 2025, but should decrease in 2026. Unless otherwise noted, all financial metrics cited reflect Moody's standard adjustments. The rating is supported by Advantage's market-leading position as the largest sales and marketing agency in the US and its history of high customer retention rates above 95%. The company benefits from its solid competitive market position as the largest sales and marketing agency (SMA) in the US, its base of large national accounts and broad service offerings and high customer retention rates. The merger between Acosta Group and Crossmark in 2024, the second and third largest competitors in the SMA industry, could lead to increased competition in the space; however, customer conflicts between the two merged companies could potentially provide a rationale for customers to switch to Advantage in the near-term. Advantage's senior secured first lien term loan due 2027 and senior secured notes due 2028 are rated B3, which is the same as the company's B3 CFR. The first lien term loan and senior secured notes rank junior to the company's $500 million ABL revolver, and have a first priority lien on essentially all assets of the company, except for the ABL priority collateral (includes cash and receivables) to which they have a second lien. The ratings also reflect the company's junior claims, primarily trade payables and leases, relative to the senior secured debt. Advantage's SGL-2 rating reflects the company's good liquidity profile, based on access to an unrated $500 million ABL revolving credit facility due December 2027 that was undrawn and with $399 million available after letters of credit as of March 31, 2025. Cash and cash equivalents of $121.1 million as of 31 March 2025 includes $67.5 million held outside of the US. Moody's expects the company will experience cash flow deficits of around $13 million in 2025 from higher capital expenditures and $50 million in incremental working capital needs from an additional payment period in 2025. Moody's believes free cash flow will improve to around $35 million in 2026. Moody's expects that the company has sufficient domestic cash and cash flow to fund the near-term operational needs of the business, capital expenditures, and term loan amortization payments. The company's term loan is subject to a mandatory debt amortization payment of 1% or $13.25 million annually. The term loan is not subject to financial maintenance covenants. The ABL is subject to a 1.0x minimum fixed charge coverage ratio when availability falls below either 10% of the maximum borrowing amount or $25 million. The stable outlook reflects Moody's expectations for single digit revenue declines in 2025 with debt/EBITDA sustained above 6.5x. Moody's also expects negative free cash flow and EBITA/interest expense around 1.5x in 2025. The stable outlook assumes labor challenges in Q1 2025 will not materially impact the remainder of the year and that the company will address its 2027 debt maturities well before they become current obligations. Moody's have decided to withdraw the rating(s) for Moody's own business reasons. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded should Advantage generate sustained growth in revenue and profitability rates, debt/EBITDA below 6x, EBITA to interest expense maintained above 1.5x, good liquidity and adherence to a balanced financial policy. The ratings could be downgraded if Advantage's revenue or earnings decline, debt/EBITDA is sustained around 7x, EBITA/interest expense at or below 1x, or Moody's expects negligible free cash flow. An aggressive financial policy including share buybacks, dividends or acquisitions that weaken credit metrics and/or liquidity would also pressure ratings. Advantage Solutions Inc. (NASDAQ:ADV), headquartered in St. Louis, Missouri, is a business solutions provider to consumer product manufacturers and retailers. It provides outsourced sales, marketing and merchandising services, primarily in the US and Canada, and also in select markets abroad. Advantage has large ownership concentration from institutional investors. Moody's expects the company will generate around $3.45 billion of revenue in 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. ADVENT TECHNOLOGIES: Needs More Time to Finalize Q1 FY25 Report --------------------------------------------------------------- Advent Technologies Holdings, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it has determined that it is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the period ended March 31, 2025 by the prescribed due date. The Company requires additional time to complete the final review of its financial statements and other disclosures in the Quarterly Report. The Company is working diligently to complete the Quarterly Report as quickly as possible. About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. Athens, Greece-based Ernst & Young (Hellas) Certified Auditors Accountants S.A., the Company's auditor since 2020, issued a "going concern" qualification in its report dated Aug. 13, 2024, citing that the Company has suffered recurring operating losses, has a negative working capital position and has stated that substantial doubt exists about the Company's ability to continue as a going concern. The Company has yet to file its Annual Report on Form 10-K for the year ended December 31, 2024. AKIN MEARS: To Sell Permanent Seat Licenses to Jeff Newman ---------------------------------------------------------- Allison D. Byman, Chapter 7 Trustee of Akin Mears LLP, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Houston Texans Permanent Seat Licenses and Remaining 2025 Season Tickets to Jeff Newman, free and clear of liens, claims, interests, and encumbrances. Among the disclosed assets of the estate are 6 Houston Texans Personal Seat Licenses (PSLs) located at NRG Stadium, along with the remaining 2025 regular season home game tickets associated with those seats. The Trustee has recently learned that unless the remaining balance of approximately $11,000.00 for the 2025 season tickets is paid before May 29, 2025, the PSLs and associated tickets will be forfeited, resulting in a complete loss of value to the estate. The Houston Texans business office recommended listing the PSLs for sale on their marketplace site. However, with timing of the essence, the Trustee was concerned that might not result in the ability to close a sale. The Trustee did review the Texans PSL marketplace and saw similarly situated seat tickets listed for $9,900 each. They are still listed for sale. . In an effort to preserve the PSLs and maximize the value of the Assets, the Trustee promptly listed the PSLs for sale on her Facebook page which was shared by at least five others The PSL listing was also posted on the HACBA list serve. The Trustee actively solicited interest from multiple parties. After receiving multiple offers from interested parties, the Trustee engaged in back-and-forth negotiations with four prospective buyers from Friday May 23, 2025, through noon on May 27, 2025, ultimately resulting in the highest and best offer of $52,000.00 from Jeff Newman. Newman has already wired the full $52,000.00, purchase price directly to the Trustee. The Trustee believes that the proposed sale price of $52,000.00 represents fair and reasonable value for the PSL and is in the best interest of the estate and its creditors. Given the deadline to remit payment and avoid forfeiture, the Trustee believes that the offer represents the best option to capture value for the estate and avoid an unnecessary loss. The Trustee also seeks authority to pay the Houston Texans ticket office $10,418.96 by wire transfer for the outstanding fees due for the 2025-26 season, no later than May 29, 2025. The Trustee requests an emergency consideration of the Motion is requested because the Trustee must pay the remaining balance on the season tickets no later than May 29, 2025, to preserve the PSLs. If the balance is not paid by that deadline, the estate will lose the full value of the PSLs and tickets, resulting in irreparable harm to creditors. About Akin Mears LLP Akin Mears LLP is a national law firm that handles claims for injured individuals and families from all 50 states, U.S. Territories, Canada and other foreign countries. Akin Mears sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30358) on January 23, 2025. Marvin Isgur presides over the case. Miriam T. Goott of Walker & Patterson PC, represents the Debtor as legal counsel. ALEXA HOLDINGS: Bankr. Administrator Unable to Appoint Committee ---------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Alexa Holdings, Inc. 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. AMERICAN BROADBAND: Monroe Marks $500,000 Secured Loan at 75% Off ----------------------------------------------------------------- Monroe Capital Corporation has marked its $500,000 loan extended to American Broadband and Telecommunications Company LLC to market at $127,000 or 25% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to American Broadband and Telecommunications Company LLC. The loan accrues interest at a rate of 17.50% Cash/2.00% PIK per annum. The loan matures on June 10, 2025. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About American Broadband and Telecommunications Company LLC American Broadband and Telecommunications Company LLC provides customers throughout the Midwest with the most comprehensive and innovative suite of communication services. AMERICAN COMMUNITY: Monroe Marks $3 Million Secured Loan at 38% Off ------------------------------------------------------------------- Monroe Capital Corporation has marked its $3,055,000 loan extended to American Community Homes, Inc. to market at $1,904,000 or 62% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to American Community Homes, Inc. The loan accrues interest at a rate of 4.44% PIK per annum. The loan matures on December 31, 2026. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About American Community Homes, Inc. American Communities is a family owned real estate firm that focuses on revitalizing apartment communities and transforming them into homes. American Communities has an incredibly unique recipe for refreshing properties to create vibrant, comfortable, and excellently managed communities. AMERICAN COMMUNITY: Monroe Marks $3.6M Secured Loan at 38% Off -------------------------------------------------------------- Monroe Capital Corporation has marked its $3,656,000 loan extended to American Community Homes, Inc. to market at $3,525,000 or 62% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to American Community Homes, Inc. The loan accrues interest at a rate of 4.44% PIK per annum. The loan matures on December 31, 2026. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About American Community Homes, Inc. American Communities is a family owned real estate firm that focuses on revitalizing apartment communities and transforming them into homes. American Communities has an incredibly unique recipe for refreshing properties to create vibrant, comfortable, and excellently managed communities. AMERICAN COMMUNITY: Monroe Marks $6.7M Secured Loan at 38% Off -------------------------------------------------------------- Monroe Capital Corporation has marked its $6,744,000 loan extended to American Community Homes, Inc. to market at $4,202,000 or 62% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to American Community Homes, Inc. The loan accrues interest at a rate of 4.44% PIK per annum. The loan matures on December 31, 2026. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About American Community Homes, Inc. American Communities is a family owned real estate firm that focuses on revitalizing apartment communities and transforming them into homes. American Communities has an incredibly unique recipe for refreshing properties to create vibrant, comfortable, and excellently managed communities. AMERICAN COMMUNITY: Monroe Marks $831,000 Secured Loan at 38% Off ----------------------------------------------------------------- Monroe Capital Corporation has marked its $831,000 loan extended to American Community Homes, Inc. to market at $518,000 or 62% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to American Community Homes, Inc. The loan accrues interest at a rate of 4.44% PIK per annum. The loan matures on December 31, 2026. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. Theodore L. Koenig The Company can be reach through: Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About American Community Homes, Inc. American Communities is a family owned real estate firm that focuses on revitalizing apartment communities and transforming them into homes. American Communities has an incredibly unique recipe for refreshing properties to create vibrant, comfortable, and excellently managed communities. ARTIFICIAL INTELLIGENCE: CEO to Discuss Growth at June 8 AMA ------------------------------------------------------------ Artificial Intelligence Technology Solutions, Inc. announced that CEO/CTO and founder Steve Reinharz will host an 'Ask Me Anything' (AMA) session focused on addressing key investor interests, operational milestones, and the Company's strategic roadmap. The event will stream on AITX's official YouTube channel Sunday, June 8, 2025, starting at noon Eastern Time. During this investor-focused AMA session, Reinharz is expected to provide insights into the Company's progress toward achieving operational cash flow positive status, the Company's 10-K filing (expected at the end of May), updates regarding initiatives aimed at reaching $1 million per month in recurring monthly revenue, and outline AITX's strategic pathway to a potential NASDAQ uplisting. Reinharz will also discuss recent developments in pre-sales of ROAMEO Gen 4, SARA deployments, and key market expansions that continue to strengthen the Company's position as a leader in AI-driven security solutions. "Engaging directly with our investors, fans and followers is something I truly enjoy," said Reinharz. "These AMA sessions offer a perfect platform to openly discuss our strategic direction, share our latest achievements, and address the important topics our investor community cares deeply about." Interested parties are invited to submit their questions in advance through the online submission portal at https://tinyurl.com/aitx-ama. Reinharz plans to answer a variety of submitted questions during the session, providing clarity on key topics that matter most to investors. "If you're curious about where we're headed, what's driving our growth, and how we plan to reach our biggest goals, I encourage you to tune in," added Reinharz. "This is a great opportunity to get direct answers and see how we're building something truly impactful." About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 9, 2024, citing that the Company had a net loss of approximately $20.7 million, an accumulated deficit of approximately $133.0 million, and stockholders' deficit of approximately $40.2 million as of and for the year ended Feb. 29, 2024, which raise substantial doubt about its ability to continue as a going concern. AT HOME GROUP: Prepares Chapter 11 Bankruptcy Filing ---------------------------------------------------- Reshmi Basu of Bloomberg News reports that At Home Group Inc. is expected to file for Chapter 11 bankruptcy in the coming weeks as part of efforts to strengthen its financial position, according to individuals familiar with the matter. According to the report, the home decor retailer, owned by Hellman & Friedman, has been struggling with liquidity issues in recent months, further strained by U.S. tariffs and trade disputes. Sources, who asked not to be identified, said the company missed an interest payment on May 15 and subsequently entered into a forbearance agreement with its lenders on May 23, 2025. About At Home Group Inc. At Home Group Inc. (NYSE: HOME) is a home decor retailer offering more than 50,000 on-trend home products to fit any budget or style, from furniture, mirrors, rugs, art and housewares to tabletop, patio and seasonal decor. At Home is headquartered in Plano, Texas, and currently operates 219 stores in 40 states. ATARA BIOTHERAPEUTICS: Redmile Group Holds 9.9% Equity Stake ------------------------------------------------------------ Redmile Group, LLC disclosed in a Schedule 13G (Amendment No. 10) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, it beneficially owned 601,243 shares of Atara Biotherapeutics, Inc.'s common stock, par value $0.0001 per share, representing approximately 9.9% of the outstanding common stock. Redmile Group, LLC may be reached through: Jeremy C. Green Managing Member One Letterman Drive, Building D, Suite D3-300 The Presidio of San Francisco San Francisco, California 94129 A full-text copy of Redmile Group's SEC report is available at: https://tinyurl.com/5n8zas28 About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 7, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recurring losses from operations raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Atara Biotherapeutics had $109.1 million in total assets, $206.4 million in total liabilities, and a total stockholders' deficit of $97.28 million. AZUL S.A.: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------- Lead Debtor: Azul S.A. No. 939, Avenida Marcos Penteado de Ulhoa Rodrigues 8th floor, Edificio Jatoba, Condominio Castelo Branco Barueri, Sao Paulo 06460-040 Brazil Business Description: Azul is a Brazilian airline that provides scheduled passenger air transportation across Brazil and select international destinations. It operates about 900 daily departures to 137 locations and is the largest airline in Brazil by number of departures and cities served. Founded in 2008, the Company maintains a fleet of 226 aircraft and employs over 16,000 people. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Southern District of New York Twenty affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Azul S.A. (Lead Case) 25-11176 Azul Linhas Aereas Brasileiras S.A. 25-11175 IntelAzul S.A. 25-11177 ATS Viagens e Turismo Ltda. 25-11178 Canela Turbo Three LLC 25-11179 Canela 336 LLC 25-11180 Azul Secured Finance II LLP 25-11181 Azul IP Cayman Ltd. 25-11182 Azul IP Cayman Holdco Ltd. 25-11183 ATSVP – Viagens Portugal, Unipessoal LDA. 25-11184 Cruzeiro Participacoes S.A. 25-11185 Azul Conecta Ltda. 25-11186 Azul Saira LLC 25-11187 Azul SOL LLC 25-11188 Azul Secured Finance LLP 25-11189 Azul Investments LLP 25-11190 Canela Investments 25-11191 Azul Finance LLC 25-11192 Azul Finance 2 LLC 25-11194 Blue Sabia LLC 25-11195 Judge: Hon. Sean H Lane Debtors' Bankruptcy Counsel: Timothy Graulich, Esq. Marshall S. Huebner, Esq. Joshua Y. Sturm, Esq. Jarret Erickson, Esq. Richard J. Steinberg, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, New York 10017 Tel: (212) 450-4639 Email: timothy.graulich@davispolk.com marshall.huebner@davispolk.com joshua.sturm@davispolk.com jarret.erickson@davispolk.com richard.steinberg@davispolk.com Debtors' Restructuring Advisor: FTI CONSULTING, INC Debtors' Claims & Noticing Agent: STRETTO, INC. Total Assets as of March 31, 2025: $4,541,000,000 Total Debts as of March 31, 2025: $9,575,000,000 Samuel Aguirre signed the petition as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PAURHWQ/Azul_SA__nysbke-25-11176__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. UMB Bank, N.A. Bonds $354,826,834 5910 N Central Expwy, Suite 1900 Dallas, TX 75206 Attn: Israel Lugo Phone: +1 (214) 389-5947 Fax: +1 (214) 336-0526 Email: israel.lugo@umb.com 2. Comando Da Aeronautica Trade Debt $189,887,069 Avenida General Justo, 160 Predio E 009 Rio de Janeiro, RJ 20021-130 Brasil Attn: President Or General Counsel Phone: +55 (11) 5098-2000 Fax: +55 (21) 2101-4900 3. GE Engine Services Trade Debt $141,717,246 Distribution LLC 1 Neumann Way, Room 111 Customer Product Support Cincinnati, OH 45215 Attn: Lais Antunes Phone: +55 (11) 95078-1524 Email: lais.antunes@geaerospace.com 4. Raizen S.A. Trade Debt $72,054,935 Av Afonso Arinos De Melo Franco 222, Blc 2 Sal 321 Rio de Janeiro, RJ 22640-100 Brasil Attn: Frederico Suano Pacheco De Araujo Phone: +55 0300 777 5656 Email: shellaviation@raizen.com 5. Citibank, N.A. Line of Credit $60,338,789 Av. Paulista, 1111 Sao Paulo, SP 01311-920 Brasil Attn: Geny Zhao Phone: +55 (11) 4009-0069 Email: geny.zhao@citi.com 6. Wilmington Trust SP Services Aircraft $38,824,255 (Dublin) Limited Notes 3 St. George's Dock, 4th Floor Dublin, D01 X5X0 Ireland Attn: Aercap C/O Breeda Cunningham Phone: +353 1 612 5555 Email: aercap@wilmingtontrust.com 7. Air BP Brasil Ltda. Trade Debt $36,276,447 Avenida Das Nacoes Unidas, 12399 Andar 4 Sala43 E 44 Parte Lado a Sao Paulo, SP 04578-000 Brasil Attn: Juliana Lamberth (Account Manager) Phone: +55 (11) 93308-0693 Email: juliana.lamberth@bp.com 8. ATR Americas Inc Trade Debt $32,750,931 1715 NW 84th Ave Doral, FL 33126 Attn: Christopher Jones Phone: +1 (571) 203-6900 Email: christopher.jones@atr-aircraft.com 9. Ministerio Da Fazenda Taxes $22,947,031 Esplanada Dos Ministerios Bloco P 5.andar Brasilia, DF 70048-900 Brasil Attn: President Or General Counsel Phone: +55 (21) 2334‐4300 Email: gabinete.ministro@fazenda.gov.br 10. GE Celma Ltda. Trade Debt $21,690,792 Rua Luiz Winter, 381, #393 Petropolis, RJ 25665-431 Brasil Attn: Ricardo Amaro Phone: + 55 (24) 98136 1942 Email: ricardo.amaro@geaerospace.com 11. CFM International Inc Trade Debt $19,731,683 1 Neumann Way Cincinnati, OH 45215 Attn: Armand Luzi Phone: +1 (513) 552-3272 Email: armand.luzi@ge.com 12. Embraer Aircraft Customer Trade Debt $18,990,362 Services 276 SW 34th St Fort Lauderdale, FL 33315 Attn: President Or General Counsel Phone: +1 (954) 359-3700 13. RRPF Engine Leasing Limited Engine $17,348,780 1 Brewer's Green Financing London, SW1H 0RH United Kingdom Attn: Bobby Janagan Phone: +44(0)7966 878224 Email: bobby.janagan@rolls-royce.com 14. Embraer S.A. Trade Debt $17,313,221 Rod. Floriano Rodrigues Pinheiro 333, Galpao F 41 Taubate, SP 12045-000 Brasil Attn: Denis Esteves Phone: +55 (12) 98157-0609 Email: denis.esteves@embraer.com.br 15. PK AirFinance S.a.r.l. Engine $14,838,171 1370 Avenue of the Americas Financing 32nd Floor New York, NY 10019 Attn: Guillaume Degemard Email: gdegemard@apollo.com 16. NAC Aviation 17 Limited Promissory $13,875,189 Bedford Place - Henry St, Notes 5th Floor Limerick, V94 K6YY United Kingdom Attn: President Or General Counsel Phone: +353 61 432 400 17. Navitaire Inc Trade Debt $11,760,679 333 S Seventh St, Suite 1700 Minneapolis, MN 55402 Attn: Grody Evans Phone: +1 (612) 317-7000 Email: gordy.evans@navitaire.com 18. Wells Fargo Bank Northwest, N.A. Equipment $11,325,838 260 N Charles Lindbergh Dr Leasing Salt Lake City, UT 84116 Attn: Val Orton Phone: +1 (801) 246-5053 Email: val.t.orton@wellsfargo.com 19. Sky High L Leasing Company Trade Debt $9,282,055 Limi 2 Grand Canal Sq Dublin, D02 A342 Ireland ttn: Icbc Aviation Leasing C/O Catherine Kearns Phone: +353 01 874-3050 Email: ckearns@skyleasing.com 20. Bank of Utah Trade Debt $7,347,921 200 E South Temple, Suite 210 Salt Lake City, UT 84111 Attn: President Or General Counsel Phone: +1 801 924-3690 Email: aercap@bankofutah.com 21. Mapfre Seguros Gerais S.A. Trade Debt $6,838,103 Avenida Das Nacoes Unidas, 14261 Andar 17 Ao 21 Ala a Sao Paulo, SP 04794-000 Brasil Attn: President Or General Counsel Phone: +55 0800 775 4545 22. Wilmington Trust Company Trade Debt $6,312,122 1100 N Market St Wilmington, DE 19890 Attn: Azorra C/O Adam Vogelsong Phone: +1 (302) 651-1000 Email: avogelsong@wilmingtontrust.com 23. Sky High Leasing Company Aircraft $6,041,768 Limited Notes 2 Grand Canal Square Grand Canal Harbour Dublin, D02 A342 Ireland Attn: Catherine Kearns Phone: +353 01 874-3050 Email: ckearns@skyleasing.com 24. Pratt E Whitney Engine Trade Debt $5,946,643 Leasing LLC 400 Main St Hartford, CT 06118-3811 Attn: General Manager Email: gppwengineleasing@prattwhitney.com 25. ATR Avions De Transport Trade Debt $5,328,366 Regional 1 Allee Pierre Nadot Blagnac, Occitania 31700 France Attn: Rahul Domergue Phone: +33 (0)5 62 61 21 Email: rahul.domergue@atr-aircraft.com 26. Rolls Royce PLC Engine Overhaul Trade Debt $5,327,151 Services Wilmore Rd, Gate 9 Derby, Leicestershire DE24 8DX United Kingdom Attn: Julio Grande Phone: +55 (11) 99604-0759 Email: julio.grande@rolls-royce.com 27. SFV Aircraft Holdings Trade Debt $4,760,655 IRE 12 DAC 32 Molesworth St Dublin, D02 Y512 Ireland Attn: Catherine Kearns Phone: +353 01 874-3050 Email: ckearns@skyleasing.com 28. Airbus Americas CUST Serv Inc Trade Debt $4,461,015 21780 Filigree Court Ashburn, VA 20147 Attn: President Or General Counsel Phone: +1 (703) 724-1836 29. SFV Aircraft Holdings Trade Debt $4,174,861 IRE 11 DAC 32 Molesworth St Dublin, D02 Y512 Ireland Attn: Catherine Kearns Phone: +353 01 874-3050 Email: ckearns@skyleasing.com 30. Panasonic Avionics Corporation Trade Debt $3,530,597 3347 Michelson Dr, Suite 100 Irvine, CA 92612 Attn: Raphael Marinho Phone: +1 (949) 672-2000 Email: raphael.marinho@panasonic.aero AZUL SA: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------ Gabriel Araujo of Reuters reports that Brazil's Azul Airlines filed for Chapter 11 bankruptcy protection in the United States on Wednesday, May 28, 2025, aiming to restructure debt largely tied to the pandemic, the company said in a securities filing. According to the report, the move could derail a potential merger with rival Gol and makes Azul the latest Latin American carrier to seek bankruptcy protection following the industry's pandemic-related downturn. Azul's restructuring plan includes $1.6 billion in debtor-in-possession financing, the elimination of over $2 billion in debt, and up to $950 million in equity financing upon emergence. Shares of Azul, traded in São Paulo, fell as much as 12% before narrowing losses to around 3% in the afternoon. The stock has declined roughly 70% so far in 2025, according to Reuters. "We had too much debt due to COVID. This process allows us to reset our balance sheet," CEO John Rodgerson told Reuters. The airline said it has reached agreements with key financial stakeholders, including bondholders, aircraft lessor AerCap, and strategic partners United Airlines and American Airlines. Rodgerson expressed confidence in a swift resolution: "We expect to exit Chapter 11 before year-end, with financing already lined up." Azul follows in the footsteps of regional carriers like Avianca, Aeromexico, LATAM, and Gol, which have also filed for bankruptcy in recent years, according to report. JPMorgan analysts said the move was anticipated and could result in significant equity dilution. They downgraded Azul's stock from "Neutral" to "Underweight." Azul previously reduced $550 million in debt through an equity swap with lessors and raised another $500 million from bondholders. But continued cost pressures, delayed aircraft deliveries, and a weakening Brazilian real have strained its finances, Reuters reports. "What I paid in interest in 2019 has increased tenfold, and the currency is 50% weaker," Rodgerson said. To support the restructuring, United and American Airlines have committed up to $300 million to backstop an equity rights offering aimed at repaying Azul's debtor-in-possession financing, Reuters relays. About Azul SA Azul SA is Brazil's third-largest airline. The company operates a major air transportation network providing scheduled passenger services across Brazil and to international destinations. Founded in 2008, Azul has grown to become one of Brazil's leading carriers with a focus on domestic routes and connecting previously underserved markets throughout the country. Azul SA and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025. In its petition, the Debtor reports $4.5 billion in assets and $9.6 billion in liabilities. The Debtor is represented by Timothy Graulich, Esq. at Davis Polk & Wardwell LLP. The Debtor's Financial Advisor / CRO is Samuel Aguirre at FTI Consulting Inc. and its Claims Agent is Stretto, Inc. AZUSA PACIFIC: Moody's Affirms 'Ba1' Rating on Revenue Bonds ------------------------------------------------------------ Moody's Ratings has affirmed the Ba1 ratings assigned to Azusa Pacific University's (CA) revenue bonds. At the same time, Moody's have also affirmed Azusa Pacific University's Ba2 issuer rating. As of June 30, 2024, the university has around $152 million of outstanding debt. The outlook is stable. RATINGS RATIONALE Azusa Pacific University's Ba2 issuer rating incorporates a highly challenging student market reflected in ongoing declines in enrollment and net tuition revenue. Despite concerted efforts to reduce expenses ongoing decreases in revenue continue to lead to operating deficits and very narrow EBIDA margins that are insufficient to cover debt service. Further, the university's debt structure introduces operating environment constraints through multiple financial and enrollment covenants that could lead to debt acceleration. The university benefits from its sound levels of cash and investments, and liquidity reflecting proceeds from recent years' asset sales. An additional boost of cash and investments is anticipated with the forthcoming potential sale of a residential building. Net proceeds may also be used to reduce leverage and develop new programming. This wealth provides some runway as efforts to stabilize enrollment and as management's efforts to align expenses with declining revenue take hold. Favorably an accreditation warning has been lifted and replaced with a notice of concern with monitoring to continue over the next several years; the accreditation was reaffirmed for six years. APU's Ba1 revenue bond rating reflects the gross revenue pledge and a mortgage pledge on the university's East campus which adds bond holder security beyond an unsecured obligation and leads to a one notch uplift to the issuer rating. RATING OUTLOOK The stable outlook reflects a boost to liquidity and cash and investments from forthcoming sale proceeds by the summer of 2025 that will provide a longer run way for the university to achieve improved operating performance. The outlook also reflects meeting enrollment expectations of 1,940 in fall 2025 and stabilizing enrollment over the next several years. Critical to the outlook are improved headroom over covenants and ongoing budget management that supports stronger EBIDA margins over the next several years. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Material and sustained improvement in operating performance -- Improved strategic positioning reflected in at least stable enrollment and gradual net tuition revenue growth. -- Growth in liquidity and overall wealth levels -- Reduction of debt structure risks with meaningful headroom over financial and enrollment covenants -- For the revenue bond rating, an upgrade in the issuer rating. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to boost reserves and liquidity through forthcoming real estate sale given the importance of balance sheet strength to the rating -- Inability to reach 1,940 traditional undergraduate students in fall 2025 and/or violations of debt covenants increasing risk of potential acceleration -- Ongoing thin EBIDA margins that are insufficient to meet debt service coverage -- Evidence of material further weakening of the college's brand and strategic position -- Material weakening of leverage profile either through increased debt or decline in cash and investments. -- For the revenue bond rating, a downgrade in the issuer rating PROFILE Azusa Pacific University (APU) was founded in 1899 as an evangelical, Christian university and is located 26 miles northeast of Los Angeles in the City of Azusa in the San Gabriel Valley. The university has two main campuses, an online entity and six regional centers throughout the area. APU had 7062 full-time equivalent students in fall 2024 and total operating revenue of $188 million in fiscal 2024. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. BAUSCH HEALTH: CAO to Resign; Jean-Jacques Charhon to Assume Role ----------------------------------------------------------------- Bausch Health Companies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission of John S. Barresi's decision to resign as the Senior Vice President, Controller and Chief Accounting Officer of the Company. Mr. Barresi will depart the Company effective June 2, 2025 to pursue another opportunity. During his remaining period of employment, Mr. Barresi will continue to serve as the Company's Chief Accounting Officer, in order to support a seamless transition. Mr. Barresi's resignation was not because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices, including accounting principles, practices and disclosures. The Company has initiated a search for a permanent Chief Accounting Officer and until a permanent replacement is in place, at the time that Mr. Barresi ceases to be the Chief Accounting Officer, Jean-Jacques Charhon, who is currently serving as the Company's Executive Vice President and Chief Financial Officer, will assume the additional role of Chief Accounting Officer. There is no family relationship between Mr. Charhon and any other executive officer or director of the Company, and there is no arrangement or understanding with any other person under which he was appointed. There are no transactions to which the Company or any of its subsidiaries is a party and in which Mr. Charhon has a direct or indirect material interest subject to disclosure under Item 404(a) of Regulation S-K About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) (collectively, BHC) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. Fitch has subsequently withdrawn all ratings due to commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Bausch. BAUSCH HEALTH: Nomura Reports 6.3% Equity Stake as of March 31 -------------------------------------------------------------- Nomura Holdings, Inc. and Nomura Global Financial Products, Inc. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned 23,395,000 Common Shares of Bausch Health Companies Inc., representing 6.3% of the 369,539,455 Common Shares outstanding as of that date. The shares are held with shared voting and dispositive power by Nomura Global Financial Products, Inc., a wholly owned subsidiary of Nomura Holdings, Inc., which may therefore be deemed to beneficially own the securities. Nomura Holdings, Inc. may be reached through: Samir Patel, Managing Director 13-1, Nihonbashi 1-chome, Chuo-ku Tokyo 103-8645, Japan Tel: 81-3-5255-1000 Nomura Global Financial Products, Inc. may be reached through: Samir Patel, Authorized Officer Worldwide Plaza, 309 West 49th Street New York, NY 10019 A full-text copy of Nomura Holdings' SEC report is available at: https://tinyurl.com/5x6ddaz7 About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) (collectively, BHC) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. Fitch has subsequently withdrawn all ratings due to commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Bausch. BAUSCH HEALTH: Shareholders OK All Proposals at Annual Meeting -------------------------------------------------------------- Bausch Health Companies Inc. held its Annual Meeting of Shareholders during which shareholders of the Company voted on the following four proposals, each of which is described in detail in the Company's Management Proxy Circular and Proxy Statement. The matter voted upon are as follows: Proposal No. 1: Election of Directors. The shareholders elected Thomas J. Appio, Christian A. Garcia, Brett M. Icahn, Sarah B. Kavanagh, Frank D. Lee, Steven D. Miller, Richard C. Mulligan, Ph.D., John A. Paulson, Robert N. Power, and Amy B. Wechsler, M.D. to the Company's Board of Directors, to serve until the close of the Company's 2026 Annual Meeting of Shareholders, their successors are duly elected or appointed, or such director's earlier resignation or removal. Proposal No. 2: Advisory Vote on Executive Compensation. The shareholders approved, on a non-binding advisory basis, the compensation of the Company's Named Executive Officers as disclosed in the Compensation Discussion and Analysis section, executive compensation tables and accompanying narrative discussions contained in the Management Proxy Circular and Proxy Statement. Proposal No. 3: Approval of the Bausch Health Companies Inc. 2025 Employee Stock Purchase Plan. The shareholders approved the Bausch Health Companies Inc. 2025 Employee Stock Purchase Plan. Proposal No. 4: Appointment of the Independent Registered Public Accounting Firm. The shareholders appointed PricewaterhouseCoopers LLP as the auditors for the Company to hold office until the close of the 2026 Annual Meeting of Shareholders and authorized the Company's Board of Directors to fix the auditors' remuneration. About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) (collectively, BHC) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. Fitch has subsequently withdrawn all ratings due to commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Bausch. BELLA LOGISTICS: Section 341(a) Meeting of Creditors on June 23 --------------------------------------------------------------- On May 5, 2025, Bella Logistics Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 23, 2025 at 01:30 PM at Appear by Teams. About Bella Logistics Inc. Bella Logistics Inc. is a small transportation company based in Hanover Park, Illinois, operates in the trucking and logistics industry. Bella Logistics Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07925) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtors are represented by Saulius Modestas, Esq. at Modestas Law Offices, P.C. BIG LOTS: Stock Manipulation Case Reopened to Revisit Standing -------------------------------------------------------------- Eric Heisig of Bloomberg Law reports that an Ohio appeals court ruled Tuesday, May 27, 2025, that a trial judge erred in dismissing a lawsuit brought by Big Lots Stores Inc. shareholders without first addressing whether the plaintiffs had standing to sue. According to the report, the 10th District Court of Appeals sent the case back to the Franklin County Common Pleas Court to determine if the shareholders can proceed. The lawsuit accuses Ancora Holdings Inc. and Macellum Capital Management LP of engaging in "greenmailing," a practice where investors buy a large stake in a company and threaten a takeover unless the company repurchases the shares at an inflated price. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BIO-KEY INTERNATIONAL: Armistice Capital Holds 9.99% Equity Stake ----------------------------------------------------------------- Armistice Capital, LLC and Steven Boyd disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned 596,401 shares of BIO-key International Inc.'s common stock, $0.0001 par value per share. These shares are held with shared voting and dispositive power and represent approximately 9.99% of the outstanding shares. Armistice may be reached through: Steven Boyd, Managing Member c/o Armistice Capital, LLC 510 Madison Avenue, 7th Floor New York, New York 10022 Tel: (212) 231-4932 A full-text copy of Armistice Capital's SEC report is available at: https://tinyurl.com/bdb8hxeu About BIO-key Holmdel, N.J.-based BIO-key International, Inc., founded in 1993, is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 23, 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 substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. BISHOP OF OAKLAND: Comm. Taps Canonical Consultation as Consultant ------------------------------------------------------------------ The official committee of unsecured creditors of The Roman Catholic Bishop of Oakland seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Jennifer Haselberger, Canon lawyer at Canonical Consultation and Services, LLC, as a consultant and rebuttal expert on Canon law. The firm will render these services: (i) provide rebuttal expert witness services in connection with issues of Canon law; (ii) review and evaluate any reports prepared by or on behalf of the Debtor or any other entities on issues of Canon law; (iii) prepare and draft rebuttal expert reports and/or affidavits/declarations concerning the issues for which Dr. Haselberger is being engaged; (iv) prepare for and provide both deposition and court testimony regarding the issues for which Dr. Haselberger is being engaged and in response to any relevant arguments advanced by the Debtor or any other party; (v) assist Committee in drafting pleadings concerning the issues for which Dr. Haselberger is being engaged; and (vi) any other services that the Applicant deems necessary related to Canon law. Dr. Haselberger's hourly rate is $500. Dr. Haselberger, owner of Canonical Consultation and Services, assured the court that she is a "disinterested" person within the meaning of section 101(14) of the Bankruptcy Code. The consultant can be reached through: Jennifer Haselberger Canonical Consultation and Services, LLC PO Box 25525 Saint Paul, MN 55125 About The Roman Catholic Bishop of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. BISHOP OF OAKLAND: Committee Taps Jeffrey Stempel as Consultant --------------------------------------------------------------- The official committee of unsecured creditors of The Roman Catholic Bishop of Oakland seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Jeffrey Stempel, a professor at William S. Boyd School of Law, to provide consulting and expert witness services. The firm will render these services: (i) provide consulting and expert affirmative witness services relating to insurance rights and the impact of the proposed insurance assignment under the Plan; (b) perform all necessary due diligence, background investigation and preparation that is customarily associated with analysis of the Debtor’s insurance policies and the Insurance Assignment; (c) review and evaluate any relevant reports prepared by or on behalf of the Debtor, its professionals or any other entities; (d) prepare and draft affirmative expert reports, rebuttal reports and/ or affidavits/declarations concerning the issues for which Professor Stempel is being engaged; (e) prepare for and provide both deposition and court testimony regarding the issues for which Professor Stempel is being engaged; and (f) provide any other services that the Applicant deems necessary related to the subject of insurance rights and the impact of the proposed Insurance Assignment. Professor Stempel’s hourly rate is $695. Professor Stempel will also seek reimbursement of actual and necessary out-of-pocket expenses incurred in connection with the services. Professor Stempel is a "disinterested" person within the meaning of section 101(14) of the Bankruptcy Code, and (b) does not hold or represent an interest adverse to the Debtor, or other parties in interest in the Chapter 11 Case, according to court filings. Professor Stempel can be reached at: Jeffrey Stempel William S. Boyd School of Law 4505 S. Maryland Parkway Las Vegas, NV 89154 Tel: (702) 895-2361 Email: jeff.stempel@unlv.edu About The Roman Catholic Bishop of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. BLUEBIRD BIO: Amends Merger Deal With Beacon -------------------------------------------- Bluebird bio, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, Beacon Parent Holdings, L.P., a Delaware limited partnership, and Beacon Merger Sub, Inc., a Delaware corporation and an indirect wholly owned subsidiary of Parent, entered into an Amendment No. 1 to that certain Agreement and Plan of Merger, dated as of February 21, 2025, by and among the Company, Parent and Merger Sub. Pursuant to the First Merger Agreement Amendment, among other things, the offer price was amended to permit stockholders of the Company to elect to receive either (x)(i) $3.00 in cash per share of common stock, par value $0.01 per share of the Company, subject to any applicable withholding taxes without interest thereon, plus (ii) one contingent value right per Share, representing the right to receive one contingent payment of $6.84, in cash, subject to any applicable withholding taxes and without interest thereon, upon the achievement of the milestone specified in, and on the other terms and subject to the other conditions set forth in the Amended and Restated Offer to Purchase, dated May 14, 2025 or (y) $5.00 per Share in cash, pursuant to Merger Sub's Offer to Purchase. The amended offer price provides an alternative for stockholders who would prefer greater upfront cash consideration instead of the potential upside of the CVR. Any shares tendered for which no election is made will receive the original consideration of $3.00 per share in cash and a contingent value right per share. The bluebird board of directors unanimously approved the amended agreement and recommends that all stockholders immediately tender their shares in support of the transaction. The bluebird board of directors continues to believe that the transaction with Carlyle and SK Capital, as amended, represents the only viable option for stockholders to receive consideration for their shares. Absent a majority of stockholders tendering, bluebird is at significant risk of defaulting on its loan agreements with Hercules Capital, and it is extremely unlikely that stockholders would receive any consideration for their shares in a bankruptcy or liquidation. In connection with the amended agreement, the expiration date of the tender offer has been extended to expire at one minute after 11:59 p.m., New York City time, on May 29, 2025. Equiniti Trust Company, LLC, the depositary for the Offer, has advised that as of the close of business on May 13, 2025, approximately 2,281,724 shares of bluebird common stock have been validly tendered and not properly withdrawn pursuant to the Offer. Instructions for Stockholders: * Stockholders that have previously tendered their shares and elect to receive the original offer of $3.00 per share plus a CVR do not need to re-tender their shares or take any other action in response to this extension * Stockholders that have previously tendered their shares and wish to elect to receive $5.00 per share in cash must withdraw and re-tender their shares and complete and sign the letter of election and transmittal attached to the Offer to Purchase. Detailed instructions are available in the Offer to Purchase. * Stockholders that hold shares of bluebird through a broker or other nominee may be subject to a processing cutoff that is prior to the tender deadline, so it is important to act now. * Stockholders who need assistance with tendering their shares of bluebird may contact the Information Agent, Innisfree M&A Incorporated, by calling toll-free at (877) 825-8793. As previously announced on May 5, 2025, Carlyle and SK Capital have received all required regulatory approvals to complete the transaction, and all parties expect the transaction to be consummated promptly following the successful completion of the ongoing tender offer. A full-text copy of the Amendment No. 1 to Agreement and Plan of Merger, dated as of May 13, 2025, to the Agreement and Plan of Merger, dated as of February 21, 2025, by and among bluebird bio, Inc., Beacon Parent Holdings, L.P. and Beacon Merger Sub, Inc. is available at https://tinyurl.com/4rbvva3a About Carlyle Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group. About SK Capital SK Capital is a transformational private investment firm with a disciplined focus on the life sciences, specialty materials, and ingredients sectors. The firm seeks to build resilient, sustainable, and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating, and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth, and profitability, as well as lower operating risk. SK Capital's portfolio of businesses generates revenues of approximately $12 billion annually, employs more than 25,000 people globally, and operates more than 200 plants in over 30 countries. The firm currently has approximately $9 billion in assets under management. For more information, please visit www.skcapitalpartners.com. About bluebird bio Inc. bluebird bio, Inc. was incorporated in Delaware on April 16, 1992, and is headquartered in Somerville, Massachusetts. The Company is a biotechnology firm dedicated to researching, developing, and commercializing potentially curative gene therapies for severe genetic diseases based on its proprietary lentiviral vector gene addition platform. Since its inception, bluebird bio has focused nearly all its resources on research and development efforts related to its product candidates and the commercialization of its approved products, including activities to manufacture product candidates, conduct clinical studies, perform preclinical research, provide administrative support, and market and commercially manufacture its approved products. In its report dated March 27, 2025, the Company's auditor, Ernst & Young LLP, issued a "going concern" qualification citing that the Company has suffered recurring operating losses and negative operating cash flows, projects non-compliance with covenants in the Loan and Security Agreement and has stated that substantial doubt exists about the Company's ability to continue as a going concern. bluebird reported a net loss of $240.72 million in 2024 compared to a net loss of $211.91 million in 2023. As of Dec. 31, 2024, the Company had $460.23 million in total assets, $491.77 million in total liabilities, and a total stockholders' deficit of $31.53 million. BLUM HOLDINGS: Brad Hirsch Appointed to Board, Committees --------------------------------------------------------- Blum Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company appointed Brad Hirsch to the Board of Directors of the Company, effective May 8, 2025. Mr. Hirsch will serve as a member of the Company's: (i) Audit Committee, (ii) Compensation Committee, and (iii) Governance and Nominating Committee. The Board has determined that Mr. Hirsch is an independent director under Nasdaq Stock Market Listing Rule 5605(a)(2). Brad Hirsch is a licensed attorney and business executive with over 25 years of experience in law, corporate leadership, and regulatory compliance. Admitted to the California State Bar in 1997, he established The Law Office of Bradley L. Hirsch in 2001, providing strategic counsel in litigation, contract law, real estate, and regulatory matters. Since 2001, Mr. Hirsch has worked as a sole practitioner at The Law Office of Bradley L. Hirsch. Additionally, from 2007 to 2012, Mr. Hirsch served as In-House Counsel at FIT Development, LP, a private real estate development firm and has occupied executive roles within highly regulated industries, notably insurance and cannabis. His diverse professional experience as external counsel, in-house advisor, and senior corporate executive grants him a comprehensive perspective in addressing complex business and regulatory challenges. Mr. Hirsch earned his J.D. from Golden Gate University School of Law and his B.A. from California State University at Northridge. The Board and its Compensation Committee are currently engaging in discussions to determine the compensation to be paid to Mr. Hirsch for his services as a director. There is no arrangement or understanding between Mr. Hirsch and any other person pursuant to which any of them was selected as a director of the Company, and there are no family relationships between Mr. Hirsch and any of the Company's directors or executive officers. Mr. Hirsch does not have a direct or indirect material interest in any "related party" transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. About Blum Holdings Headquartered in Downey, California, Blum Holdings, Inc. -- www.blumholdings.com -- is a publicly listed parent company with operations across California, dedicated to delivering top-tier medical and recreational cannabis products and associated services. The Company is home to Korova, a brand of high potency products across multiple product categories, currently available in California. The Company formerly operated Blum Santa Ana, a premier cannabis dispensary in Orange County, California, which was sold in June 2024. The Company previously owned dispensaries in California which operated as Blum in Oakland and Blum in San Leandro, which were sold in November 2024. In May 2024, the Company began operating the retail store, Cookies Sacramento, and providing consulting services for two additional dispensaries located in Northern California. The Company is organized into two reportable segments: (i) Cannabis Retail – Includes cannabis-focused retail, both physical stores and non-store front delivery; and (ii) Cannabis Distribution – Includes cannabis distribution operations. Costa Mesa, California-based GuzmanGray, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 13, 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 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, Blum Holdings had $24.82 million in total assets, $29.56 million in total liabilities, $2.01 million in mezzanine equity, and a total stockholders' deficit of $6.75 million. As of Dec. 31, 2024, the Company had $1.04 million of cash and cash equivalents. BLUM HOLDINGS: Signs Revised LOI to Acquire Bay Area Dispensary --------------------------------------------------------------- Blum Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company executed an Amended and Restated Binding Letter of Intent, as previously disclosed in the Form 8-K filed on February 4, 2025, to acquire 100% of the issued and outstanding common stock of a licensed retail cannabis operator located in the Bay Area. The revised terms provide for total consideration of $2.0 million, comprising $1.3 million in cash, including the assignment of an existing $500,000 senior secured convertible promissory note, and $500,000 in common stock of the Company priced at $1.15 per share. The cash portion includes an $800,000 payment made from escrow upon execution of the A&R LOI and related Management Services Agreement, granting immediate operational and economic control of the Target to the Company. Additionally, the $500,000 senior secured convertible promissory note previously funded by the Company will be assigned to the seller at closing and structured as a Seller Note with a thirty-month maturity, amortized at 8% simple interest, secured by the Target. The transaction further includes contingent performance-based earn-outs totaling up to $0.2 million payable in cash or stock, tied to specific revenue milestones for the twelve-month period following closing. The Company anticipates signing definitive transaction documents promptly, with the final closing subject to customary regulatory approvals at the state and municipal levels. The proposed transaction is subject to the execution of definitive agreements. No assurances can be made that the Company will successfully negotiate and enter into definitive agreements for the proposed transaction or that the Company will be successful in completing the proposed transaction. The foregoing description of the A&R LOI does not purport to be complete and is qualified in their entirety by reference to the full text of such A&R LOI, which is available at https://tinyurl.com/4kr378h8 About Blum Holdings Headquartered in Downey, California, Blum Holdings, Inc. -- www.blumholdings.com -- is a publicly listed parent company with operations across California, dedicated to delivering top-tier medical and recreational cannabis products and associated services. The Company is home to Korova, a brand of high potency products across multiple product categories, currently available in California. The Company formerly operated Blum Santa Ana, a premier cannabis dispensary in Orange County, California, which was sold in June 2024. The Company previously owned dispensaries in California which operated as Blum in Oakland and Blum in San Leandro, which were sold in November 2024. In May 2024, the Company began operating the retail store, Cookies Sacramento, and providing consulting services for two additional dispensaries located in Northern California. The Company is organized into two reportable segments: (i) Cannabis Retail – Includes cannabis-focused retail, both physical stores and non-store front delivery; and (ii) Cannabis Distribution – Includes cannabis distribution operations. Costa Mesa, California-based GuzmanGray, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 13, 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 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, Blum Holdings had $24.82 million in total assets, $29.56 million in total liabilities, $2.01 million in mezzanine equity, and a total stockholders' deficit of $6.75 million. As of Dec. 31, 2024, the Company had $1.04 million of cash and cash equivalents. BNB BATTERY: Proposes Immaterial Modifications to Plan ------------------------------------------------------ BNB Battery LLC submitted a Modified Plan of Reorganization dated May 6, 2025. This Modification is filed to address certain errors in the Plan. The changes described are to address drafting errors in the Plan, and do not otherwise materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. The Plan is hereby amended to replace the first paragraph of Section 4.1, Class 1, [Secured or Priority Tax Claims of the Internal Revenue Service], with the following: "Class 1 consists of any Secured or Priority Tax Claim against Debtor held by the Internal Revenue Service (the "IRS") which was assessable or due and payable prior to the Filing Date or treated as arising prior to the Filing Date pursuant to Section 502(i) of the Bankruptcy Code (the "Class 1 IRS Tax Claim"). Debtor did not schedule the IRS as holding a claim against Debtor. On May 29, 2025, the IRS filed proof of claim number 4 in the general unsecured amount of $470.00 (the “IRS Unsecured Claim”). The IRS Unsecured Claim will be treated in Class 8 of the Plan. Debtor is not aware of any Class 1 Secured or Priority Tax Claim held by the IRS." The Plan is hereby amended to replace the projected distribution to General Unsecured Creditors with the following: * The Scheduled Claim Amount or Calculated Unsecured Deficiency total $895,545.72. * The filed claim amount total $866,142.60. * The estimated Allowed Unsecured Claim (not an admission) total $901,183.57. * This Class will receive a distribution of $89,909.98 of their allowed claims. The Plan is hereby amended to add the following sentence to the end of Section 6.2 of the Plan: "As of the date of this Plan, Debtor estimates, but does not warrant, that the Firm may hold an Administrative Expense Claim in the amount of approximately $44,290.02." A full-text copy of the Modified Plan dated May 6, 2025 is available at https://urlcurt.com/u?l=YgrAaV from PacerMonitor.com at no charge. Counsel to the Debtor: Leslie M. Pineyro, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: lpineyro@joneswalden.com mgensburg@joneswalden.com About BNB Battery LLC BNB Battery LLC is an operator of a bar & restaurant serving in Atlanta, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-54144) on April 24, 2024. In the petition signed by Soel Tran, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Sage M. Sigler oversees the case. Mark D. Gensburg, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. BRIDAN 770: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Bridan 770, LLC, according to court dockets. About Bridan 770 Bridan 770 LLC, a Miami Beach-based company, filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-14314) on April 20, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Robert A. Mark handles the case. The Debtor is represented by Joel M. Aresty, Esq., at Joel M. Aresty, P.A. BROOKDALE SENIOR: Ventas Inc. Holds 2.35% Equity Stake ------------------------------------------------------ Ventas, Inc. disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of March 19, 2025, it beneficially owned 5,500,000 shares of Brookdale Senior Living Inc.'s common stock, $0.01 par value per share. These shares are held with sole voting and dispositive power and represent approximately 2.35% of the outstanding shares. Ventas, Inc. may be reached through: Carey S. Roberts, Executive Vice President 300 North LaSalle Street, Suite 1600 Chicago, Illinois 60654 Tel: 312-6603-800 A full-text copy of Ventas' SEC report is available at: https://tinyurl.com/4rkf5ubw About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BTR OPCO: Monroe Capital Marks $711,000 Secured Loan at 29% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $711,000 loan extended to BTR Opco LLC to market at $504,000 or 71% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to BTR Opco LLC. The loan accrues interest at a rate of 7.50% PIK per annum. The loan matures on December 31, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About BTR Opco LLC BTR Opco LLC is engaged in the distribution of automobile parts and accessories. BUFFALO HOUSE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Western District of New York granted Buffalo House Liquor and Wines, LLC interim authorization to use cash collateral of its secured creditors. The interim order authorized the company to use cash collateral to pay the expenses set forth in its budget, with a 5% variance allowed. The secured creditors that may have liens on the cash collateral are EBF Holdings, LLC, Itria Ventures, LLC, Shopify Capital and M&T Bank, as servicer of an SBA loan. As protection, the secured creditors will be granted replacement liens on assets acquired by the company after the petition date, which are similar to their pre-bankruptcy collateral. A final hearing is scheduled for June 2. M&T Bank may be reached through: Marjorie A. Bialy, Esq. M&T Bank One M&T Plaza, 8th Floor Buffalo, NY 14203 Telephone (716) 842-2301 Facsimile (716) 842-5376 mbialy@mtb.com About Buffalo House Liquor Buffalo House Liquor and Wines, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code ((Bankr. W.D.N.Y. Case No. 25-10513) on May 5, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Carl L. Bucki oversees the case. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C. represents the Debtor as legal counsel. BUFFALO HOUSE: Hires Gleichenhaus Marchese as General Counsel ------------------------------------------------------------- Buffalo House Liquor and Wines, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire GLEICHENHAUS, MARCHESE & WEISHAAR, PC as general counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and in the management of its assets; (b) take necessary action to avoid liens against Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances of liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; (c) take necessary action to enjoin and stay until final decree any attempts by secured creditors to enforce liens upon property of the Debtor in which property Debtor has substantial equity; (d) represent the Debtor in any proceedings which may be instituted in this Court by creditors or other parties during the course of this proceeding; (e) prepare necessary petitions, answers, orders, reports, and other legal papers; and (f) perform all other legal services for the Debtor as Debtor-in-Possession, or to employ attorneys for such services. The hourly rates being charged by the firm are: Michael A. Weishaar, Esq. $395 Attorneys $375 Paralegals $100 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Weishaar, Esq., a partner at Gleichenhaus, Marchese & Weishaar, 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: Michael A. Weishaar, Esq. Gleichenhaus, Marchese & Weishaar, PC 43 Court Street, Suite 930 Buffalo, NY 14202 Tel: (716) 846-6446 Email: sbogucki@gmwlawyers.com About Buffalo House Liquor Buffalo House Liquor and Wines, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code ((Bankr. W.D.N.Y. Case No. 25-10513) on May 5, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Carl L. Bucki oversees the case. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C. represents the Debtor as legal counsel. C.I.I. INC: Unsecureds to Get 2 Cents on Dollar in Plan ------------------------------------------------------- C.I.I., Inc. filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business. Since 2003, the Debtor has been in the business of window treatment by customizing blinds, shades, shutters, and drapery. This Subchapter V case was filed on February 6, 2025. The Debtor filed for Chapter 11 Bankruptcy because a Judgement filed by creditor, Blade Funding ($159,334.74), executed a Levy on the Debtor's bank account. The final Plan payment is expected to be paid approximately December, 2030. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 2 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of non-priority unsecured creditors. The general unsecured claims will be paid from disposable income. The plan is to pay disposable amount over the next 60 months. Class 3 Non-Priority Unsecured Claims. * Class 3a ACAR Leasing, LTD, d/b/a GM Financial Leasing. This claim is based on an automobile lease deficiency unsecured claim in the amount of $1,316.00. Payments will be tendered in months 13 to 48 after payment of administrative expenses. * Class 3b KVVU Television has a claim of $8,000.00 scheduled for an unsecured claim in the amount of $8000.00. This claim shall receive its pro-rata share of approximately 2%. Payment will be tendered after payment of administrative expenses. * Class 3c City National Bank has an unsecured credit card claim in the amount of $64,564.30. This claim shall receive its pro-rata share of approximately 2%. Payment will be tendered after payment of administrative expenses. * Class 3f American Express National Bank, AENB has an unsecured claim in the amount of $68,072.35. This claim shall receive its pro-rata share of approximately 2%. Payment will be tendered after payment of administrative expenses. * Class 3g Capital One has an unsecured interest in the amount of $85,415.46. This claim shall receive its pro-rata share of approximately 2%. Payment will be tendered after payment of administrative expenses. * Class 3h Maserati Capital USA has an unsecured interest in the amount of $18,000. This claim shall receive its pro-rata share of approximately 2%. Payments will be tendered after payment of administrative expenses. * Class 3i Maserati Capital USA has an unsecured interest in the amount of $14,000. This claim shall receive its pro-rata share of approximately 2%. Payment will be tendered after payment of administrative expenses. * Class 3j Shop Your Way has an unsecured interest in the amount of $9,218.38. This claim shall receive its pro-rata share of approximately 2%. Payment will be tendered after payment of adminiustrative expenses. * Class 3k Synchrony Bank/Chevron has an unsecured interest in the amount of $2,701.06. This claim shall receive its pro-rata share of approximately 2%. Payment will be tendered after payment of administrative expenses. * Class 3l Blade Funding Corp. has an unsecured claim interest in the amount of $149,389.38. This claim shall receive its pro-rata share of approximately 2%. Payment will be tendered after payment of administrative expenses. * Class 3m Vivian Capital Group, LLC has an unsecured claim interest in the amount of $124,650.00. This claim shall receive its pro-rata share of approximately 2%. Payment will be tendered after payment of administrative expenses. A full-text copy of the Plan of Reorganization dated May 7, 2025 is available at https://urlcurt.com/u?l=Iud66Q from PacerMonitor.com at no charge. Counsel to the Debtor: Corey B. Beck, Esq. The Law Office of Corey B. Beck, P.C. 425 South Sixth Street Las Vegas, NV 89101 Tel: (702) 678-1999 Fax: (702) 678-6788 Email: becksbk@yahoo.com About C.I.I. Inc. C.I.I., Inc., doing business as Cover It Window Fashions and Cover-It Window Fashions, was founded in 1995 and specializes in window coverings and interior design solutions, offering exclusively Hunter Douglas shades along with custom drapery design and fabrication. It also supplies Eclipse Zipper Track Exterior Screens and Awnings to enhance outdoor living spaces. The company delivers services like in-home consultations, measurements, and installations to customers in the Las Vegas region. C.I.I. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-10677) on February 6, 2025, listing total assets of $560,662 and total liabilities of $3,065,715. Corey B. Beck, Esq., at the The Law Office of Corey B. Beck, P.C. represents the Debtor. CALABRIO INC: Monroe Capital Marks $409,000 Secured Loan at 57% Off ------------------------------------------------------------------- Monroe Capital Corporation has marked its $409,000 loan extended to Calabrio, Inc. to market at $175,000 or 43% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Calabrio, Inc. The loan accrues interest at a rate of 9.81% per annum. The loan matures on April 16, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Calabrio, Inc. Calabrio, Inc. is engaged in providing workforce engagement management software and solutions. CAPTURE COLLECTIVE: Case Summary & Two Unsecured Creditors ---------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Capture Collective, Inc. 25-52291 4923 Dierker Rd Columbus OH 43220 Capture Diagnostics, LLC 25-52292 Capture Diagnostics HIB01, LLC 25-52294 Business Description: Capture develops MiRAD, a high-throughput biodosimetry diagnostic test based on microRNA biomarkers to assess individual radiation exposure. The Company employs physiological, biochemical, and molecular techniques to support rapid and accurate biodosimetry in mass casualty situations. Its team includes experienced scientists and radiation experts dedicated to advancing emergency preparedness through innovative diagnostics. Capture Diagnostics and Capture Diagnostics HIB01 halted their COVID-19 testing operations in May 2023. Chapter 11 Petition Date: May 27, 2025 Court: United States Bankruptcy Court Southern District of Ohio Judge: Hon. John E Hoffman Jr Debtors' Counsel: Manuel D. Cardona, Esq. DICKINSON WRIGHT, PLLC 180 E. Broad Street, Suite 3400 Columbus OH 43215-3707 Tel: 614-591-5468 Email: mcardona@dickinsonwright.com Capture Collective's Total Assets: $3,470,581 Capture Collective's Total Liabilities: $836,316 Capture Diagnostics' Total Assets: $7,260,483 Capture Diagnostics' Total Liabilities: $0 Capture Diagnostics HIB01's Total Assets: $1,413,748 Capture Diagnostics HIB01's Total Liabilities: $29,071 The petitions were signed by Scott Barnes as CEO and president. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/MA37UAA/Capture_Collective_Inc__ohsbke-25-52291__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/GDEVYEA/Capture_Diagnostics_LLC__ohsbke-25-52292__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/GLZTI5I/Capture_Diagnostics_HIB01_LLC__ohsbke-25-52294__0001.0.pdf?mcid=tGE4TAMA CAPTURE COLLECTIVE: Seeks Chapter 11 Bankruptcy in Ohio ------------------------------------------------------- On May 27, 2025, Capture Collective Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Ohio. 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 Capture Collective Inc. Capture Collective Inc. develops MiRAD, a high-throughput biodosimetry diagnostic test based on microRNA biomarkers to assess individual radiation exposure. The Company employs physiological, biochemical, and molecular techniques to support rapid and accurate biodosimetry in mass casualty situations. Its team includes experienced scientists and radiation experts dedicated to advancing emergency preparedness through innovative diagnostics. Capture Collective Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-52291) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge John E. Hoffman Jr. handles the case. The Debtors are represented by Manuel Cardona, Esq. at Dickinson Wright PLLC. CAR SOLUTIONS: Seeks to Hire Bond Law Office as Bankruptcy Counsel ------------------------------------------------------------------ Car Solutions 4 U, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Bond Law Office to handle its Chapter 11 case. The firm will be paid at its hourly rates: Stanley Bond, Lead Counsel $375 per hour Kathryn Worlow, Associate $250 per hour Paraprofessional $125 per hour The firm received a retainer of $3,262 plus filing fee of $1,738 from the Debtor. Mr. Bond 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: Stanley V. Bond, Esq. Bond Law Office P.O. Box 1893 Fayetteville, AR 72702 Telephone: (479) 444-0255 Facsimile: (479) 235-2827 Email: attybond@me.com About Car Solutions 4 U, LLC Car Solutions 4 U, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-70801) on May 9, 2025, listing up to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge Bianca M Rucker presides over the case. Stanley V Bond, Esq. at Bond Law Office represents the Debtor as counsel. CAREPOINT HEALTH: Hudson Regional Health Launched After Ch. 11 Exit ------------------------------------------------------------------- The final judicial step in the creation of Hudson Regional Health, a new health system, headquartered at in Secaucus and incorporating Hudson Regional Hospital, Christ Hospital in Jersey City, Hoboken University Medical Center, Bayonne Medical Center and more than 70 affiliated practice locations that include a broad spectrum of surgical and medical specialties as well as primary care, was announced May 27, 2025 by Yan Moshe, its Chairman, and Dr. Nizar Kifaieh, its CEO. On April 17, 2025, US Bankruptcy Judge Kate Stickles entered an order confirming the Chapter 11 plan of CarePoint Health Systems Inc. and affiliated entities, which paved the way for the creation of the System. On May 22, 2025, the plan went "effective," enabling HRH to implement the transactions contemplated by the plan. Mr. Moshe, who transformed the former Meadowlands Hospital into Hudson Regional Hospital in 2018, is completing acquisition of all the hospital properties and the operations of Bayonne Medical Center and oversee the operations of the not-for-profits Hoboken University Medical Center and Christ Hospital. "More than 5 years ago, it was clear to us that the only means of creating a thriving healthcare environment in Hudson County was to recapitalize the property ownership and the operations of its four major hospitals into one high-performing, efficient and stable organization," says Mr. Moshe. "Through the tireless determination of our team and our commitment our vision, the community can now look forward to a leading blend of state-of-the-art medical facilities, pre-eminent providers and skilled management." In order to secure CarePoint's exit from bankruptcy, Mr. Moshe provided more than $120 million in funding, enabling the former CarePoint facilities to be upgraded similarly to the program designed for the award-winning Hudson Regional Hospital by Dr. Kifaieh. "Our innovations in Secaucus can now be scaled to provide even greater impact to the region," says Dr. Kifaieh. "Healthcare is a profound responsibility to the well-being of the community and we have embraced the opportunity to deliver an exceptional system with more than 1500 doctors and 5000 total staff delivering a broad range of services including the county's only certified university-level medical education program." Hudson Regional previously announced a broad set of improvements and has proposed facility renovations and construction programs that will transform healthcare offerings in each of its communities. Hudson Regional will make a series of announcements as healthcare programs are initiated and processes with various bodies including the department of health proceed. Mr. Moshe and Dr. Kifaieh credited the collaboration of an extensive team as the source of inspiration and expertise that led to the bankruptcy reorganization plan, notably Hudson Regional's attorney Mohamed Nabulsi and former CarePoint CEO Dr. Achynta Moulick. "Dr. Moulick worked selflessly and tirelessly to assure that these hospitals survived to realize their potential in a new management structure, and Mr. Nabulsi methodically put the pieces together so that we leveraged our strengths while overcoming obstacles along the way," says Mr. Moshe. "It has been exceptionally gratifying to work through the myriad of legal and practical issues to arrive at this solution which promises to permanently and sustainably transform the healthcare system in Hudon County," says Dr. Moulick. "Our partners at Hudson Regional demonstrated time and again that no obstacles would deter them and I am proud to have been part of this solution." "The bankruptcy process played a crucial role in restructuring the hospitals and achieving our client's ultimate objective of ensuring the long-term financial viability of the hospitals; based on Mr. Moshe and Dr. Kifaieh's keen vision, we crafted a successful plan for the hospitals that secured the votes of the major creditors and constituents and was ultimately approved by the court," says Mr. Nabulsi. "After nearly a year, the rigorous bankruptcy process, with Judge Michael Kaplan's deep wisdom and masterful skills as mediator, yielded an excellent result for our client and the healthcare community in New Jersey. We will remember in future years the importance of these proceedings and appreciate their significance," says Mr. Nabulsi. As a new corporate entity, Hudson Regional Health derives its brand energy from the pioneering spirit and legacy of Hudson Regional Hospital. Over the coming weeks, Hudson Regional Health will roll out its branding and identification program with new community activation, public health, wayfinding and online programs. About Hudson Regional Health Hudson Regional Health now operates a network of four acute care facilities comprising Hudson Regional Hospital in Secaucus, Bayonne Medical Center, Hoboken University Medical Center, and Christ Hospital in Jersey City. Following the example of our flagship hospital in Secaucus, the three other recently affiliated hospitals are undergoing a transformation into the premier healthcare network serving Hudson County, dedicated to providing high-quality, compassionate healthcare services, advanced medical education, and innovative treatments to its diverse community. About CarePoint Health CarePoint Health brings quality, patient-focused health care to Hudson County. Combining the resources of three area hospitals, Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken University Medical Center, CarePoint Health provides a new approach to deliver health care that puts the patient front and center. CarePoint Health leverages a network of top doctors, nurses, and other medical professionals whose expertise and attentiveness work together to provide complete coordination of care, from the doctor's office to the hospital to the home. Patients benefit from the expertise and capabilities of a broad network of leading specialists and specialized technology. At CarePoint Health, all medical professionals emphasize preventive medicine and focus on educating patients to make healthy life choices. For more information on its facilities, partners and services, visit www.carepointhealth.org. CarePoint Health Systems Inc., doing business as Just Health Foundation, and its affiliates filed voluntary petitions for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12534) on Nov. 3, 2024, with up to $1 million in assets and up to $50,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Dilworth Paxson LLP as legal counsel, Ankura Consulting as financial advisor, and Epiq Corporate Restructuring, LLC as claims and noticing agent and administrative advisor. CARTOPIA II: Seeks to Hire Bond Law Office as Bankruptcy Counsel ---------------------------------------------------------------- Cartopia II LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Bond Law Office to handle its Chapter 11 case. The firm will be paid at its hourly rates: Stanley Bond, Lead Counsel $375 per hour Kathryn Worlow, Associate $250 per hour Paraprofessional $125 per hour The firm received a retainer of $25,262 plus filing fee of $1,738 from the Debtor. Mr. Bond 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: Stanley V. Bond, Esq. Bond Law Office P.O. Box 1893 Fayetteville, AR 72702 Telephone: (479) 444-0255 Facsimile: (479) 235-2827 Email: attybond@me.com About Cartopia II LLC Cartopia II LLC is an automotive equipment rental and leasing company based in Rogers, Arkansas. Cartopia II LLC sought 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. CDATA SOFTWARE: Monroe Marks $778,000 Secured Loan at 61% Off ------------------------------------------------------------- Monroe Capital Corporation has marked its $778,000 loan extended to Cdata Software, Inc. to market at $128,000 or 39% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Cdata Software, Inc. The loan accrues interest at a rate of 10.55% per annum. The loan matures on July 18, 2030. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Cdata Software, Inc Cdata Software, Inc. provides real-time data access across enterprise apps and infrastructure with the industry's most comprehensive connectivity platform. CENTURY ALUMINUM: S&P Alters Outlook to Positive, Affirms 'B-' ICR ------------------------------------------------------------------ S&P Global Ratings revised the outlook on Chicago-based aluminum producer Century Aluminum Co. to positive from stable, based its expectation of stronger earnings and cash flow that should enable some debt reduction and consistently lower debt leverage. At the same time, S&P affirmed its 'B-' issuer credit rating on Chicago-based aluminum producer Century Aluminum Co. S&P also affirmed its 'B' issue-level ratings on Century's senior secured debt. The '2' recovery rating on the debt is unchanged. The positive outlook indicates that S&P could raise the rating on Century within the next year if the company sustains debt to EBITDA below 4x for another fiscal year with good free cash flow. Century Aluminum Co.'s profitability is improving significantly, benefiting from backward integration, lower production costs from 45X manufacturing credits, and strong price realizations. Positive earnings momentum could continue following the completion of the Iceland cast house project, which will enable the company to expand into the premium-priced low-carbon billets market. Century has more than doubled its margins and adjusted EBITDA over the past two years. Several factors are combining to propel earnings, including higher aluminum prices and premiums, 45X manufacturing credits, and recent investments to backward integrate Century's key alumina raw material. The company generated S&P Global Ratings-adjusted EBITDA and margins of $210.9 million and 9.5%, respectively, in fiscal 2024, which compares favorably with $88.7 million and 3.2%, respectively, in fiscal 2022. In May 2023, Century acquired a 55% stake in Jamalco, a bauxite mining and alumina refining in Jamaica, which supplies about half of the company's alumina needs (the Government of Jamaica owns the other 45%). This has reduced the company's exposure to volatile spot alumina prices, which spiked in 2024 and otherwise might have hit profitability. Furthermore, Century has also benefited from tax credits from the U.S. federal government through the recognition of aluminum as a critical mineral. Section 45X of the Inflation Reduction Act allows a tax credit equal to 10% of eligible domestic production costs to incentivize the production of aluminum in the U.S. For example, in fiscal 2024, the company received about $93 million of tax credits that partially offset production costs and contributed almost half of EBITDA. S&P said, "Century expects to receive about $70 million-$80 million of tax credits annually, which could account for 25%-30% of our forecast EBITDA in the next few years. Our forecast assumes credits will continue under current regulations established by the Inflation Reduction Act. However, a change in government policy that alters the duration and/or the magnitude could cause us to reassess our inclusion of the 45X credit and the related impact on our credit ratios. We expect EBITDA of about $250 million-$300 million in fiscal 2025, supported by higher metal volumes and rising Midwest premiums due to the impact of tariffs and section 232. The Midwest aluminum premium jumped to an all-time high after 25% tariffs on aluminum were proposed in February 2025." Century will continue to invest in various growth projects while it reaps the benefits of completed ones. S&P said, "We expect additional value-added product offerings to spur robust profits and margins over our forecast period. For example, the company completed the Iceland casthouse project and is currently in the ramp-up and metal qualification stage. The project allows for expansion into low-carbon billets, which command higher margins in an European market that is billet short because production cuts have exposed the supply chain to volatility. At the same time, the company was able to reach an extension agreement with power providers to its Grundargtangi smelter, thereby securing power supply until 2032, representing a six-year extension. Following the acquisition of the Jamalco mining and refinery, Century continues to invest in initiatives to return the refinery to its annual nameplate capacity of 1.4 million metric tons. The company plans to install a new steam power generation turbine to achieve self-sufficient power generation status by the end of 2025 and improve plant operational efficiency. Overall, we expect about $70 million-$80 million in capital expenditures (capex) in fiscal 2025, which includes growth capex of $25 million-$30 million. In the long term, Century continues to evaluate the construction of a new smelter for which it received an award of $500 million in grant funding. Century estimates commencing the multiyear project likely in 2027, after finalizing the site and executing power supply agreements. The capital costs for such a project could be several billion dollars." Century plans to deploy excess cash flows toward debt repayment. S&P said, "We expect free cash flow generation (FOCF) of $100 million - $150 million in fiscal 2025 on robust EBITDA and a release of working capital following high investments in the previous year. Following public comments, we expect management will use free cash flows to reduce debt until it at least reaches its net debt target of about $300 million, before contemplating any shareholder distributions. Over the past three years, the company favored investments in the business and liquidity preservation, which enabled it to survive volatile markets and reposition itself for more profitable operations. The company has only recently improved credit ratios after several years of high debt leverage and negative FOCF. Our expectations for Century's earnings and cash flow rely heavily on government support from 45X credits, recent trade actions for elevated Midwest premiums, and the steady operation of the Jamalco alumina joint venture. Consequently, our final rating is one notch lower than indicated by the combination of the company's business and financial risk profiles. "The positive outlook indicates that we could raise the rating on Century within the next year if the company sustains debt to EBITDA below 4x for another fiscal year with good FOCF. We expect stronger prices for its U.S. output, lower production costs from 45X tax credits, good cost control from steady operations at Jamalco, and an increasing mix of higher-margin products, all of which could push leverage lower to 2x-3x in 2025. We also expect positive FOCF as the company reduces investment in working capital. "We could revise the outlook to stable if debt to EBITDA rises toward 5x, which aligns with a 25% drop in run-rate EBITDA. In that scenario, any combination of lower market prices, higher costs for material or electricity, or operating disruptions could contribute to sharply lower earnings and cash flow. "We could raise the rating if Century sustains a second consecutive year of debt to EBITDA below 4x in 2025. U.S. policies for trade and industry are coinciding to support an unusual earnings boost. Price insulation from U.S. tariffs and cost support from 45X credits could change quickly, so we expect the company will build some buffer into credit ratios for weaker market conditions." CHARLIE'S HOLDINGS: Iroquois Entities Report Stakes as of March 31 ------------------------------------------------------------------ Iroquois Capital Management L.L.C., Iroquois Master Fund Ltd., Iroquois Capital Investment Group LLC, Kensington Investment Partners LLC, Richard Abbe, and Kimberly Page disclosed in a Schedule 13G (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned the following shares of Charlie's Holdings, Inc. common stock, par value $0.001 per share, based upon 249,565,388 shares outstanding as of November 19, 2024, as disclosed in the Company's Quarterly Report on Form 10-Q filed with the SEC on November 19, 2024: * Iroquois Capital Management L.L.C. beneficially owns 2,024,315 shares through shared voting and dispositive power, representing 0.8% of the outstanding class. * Iroquois Master Fund Ltd. beneficially owns 2,024,315 shares through shared voting and dispositive power, representing 0.8% of the outstanding class. * Iroquois Capital Investment Group LLC beneficially owns 10,052,158 shares through shared voting and dispositive power, representing 4.0% of the outstanding class. * Kensington Investment Partners LLC beneficially owns 2,000 shares through shared voting and dispositive power, representing 0.001% of the outstanding class. * Richard Abbe beneficially owns 12,078,473 shares through shared voting and dispositive power, representing 4.8% of the outstanding class. * Kimberly Page beneficially owns 2,024,315 shares through shared voting and dispositive power, representing 0.8% of the outstanding class. Mr. Abbe is the President of Iroquois Capital, which is the investment advisor for Iroquois Master Fund. Mr. Abbe and Ms. Page are the directors of Iroquois Master Fund. As such, each of Mr. Abbe and Ms. Page may be deemed to share beneficial ownership of the securities beneficially owned by Iroquois Master Fund. Mr. Abbe is also the manager of each of ICIG and Kensington. As such, Mr. Abbe may also be deemed to share beneficial ownership of the securities held by ICIG and Kensington. A full-text copy of Iroquois Capital's SEC report is available at: https://tinyurl.com/5b6h9vrr About Charlie's Holdings Inc. Charlie's Holdings, Inc. (OTCQB: CHUC) is an industry leader in the premium, nicotine-based vapor products space. The Company's products are sold around the world to select distributors, specialty retailers, and third-party online resellers through subsidiary companies Charlie's Chalk Dust, LLC and Don Polly, LLC. Charlie's Chalk Dust, LLC has developed an extensive portfolio of brand styles, flavor profiles, and innovative product formats. Don Polly, LLC creates innovative hemp-derived products and brands. Fort Washington, Pa.-based Mazars USA LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2024, citing that the Company has incurred significant operating losses, has negative cash flows from operations, and has an accumulated deficit. The Company is dependent on its ability to increase revenues and obtain financing to execute its development plans and continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company have yet to file its Annual Report on Form 10-K for the year ended December 31, 2024 because the Company requires additional time to complete and finalize the audit of its financial statements required to be included in the Form 10-K. CHG US HOLDINGS: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of CHG US Holdings, LLC and its affiliates. The committee members are: 1. Friedman Properties/413-419 North Clark Retail Tenant LLC Attn: Samuel Lichtenfeld 350 N. Clark Street, Suite 400 Chicago, IL 60654 Phone: 312-644-1100 slichtenfeld@friedmanproperties.com 2. Johnson-Lancaster and Associates, Inc. Attn: Jason M. Manor, Esq. General Counsel 13031 US Hwy 19 N Clearwater, FL 33764 Phone: 727-796-5622 JasonM@Johnson-Lancaster.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 CHG US Holdings CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. Its 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 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, CHG US Holdings reported between $50,000 and $100,000 in assets and between $10 million and $50 million in liabilities. 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. CLASSIC CONSTRUCTION: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------------ On May 27, 2025, Classic Construction & Restoration Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports $2,291,204 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Classic Construction & Restoration Inc. Classic Construction & Restoration Inc. is a general contractor based in Dallas, Texas, offering services such as water and storm damage restoration, fire damage repair, roofing, and interior and exterior maintenance. The Company serves residential and commercial clients, including homeowner associations, and is recognized for its expertise in structural work, insurance claims, and legal support related to insurance settlements. With over 90 years of service experience, it operates with a full administrative and project management team to manage construction and restoration projects of varying scale. Classic Construction & Restoration Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41874) on May 27, 2025. In its petition, the Debtor reports total assets of $394,749 and total liabilities of $2,291,204. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtors are represented by Robert T DeMarco, Esq. at DEMARCO MITCHELL, PLLC. CLINTON PROPERTY: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------------- On May 21, 2025, Clinton Property Co. LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $500 million and $1 billion in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Clinton Property Co. LLC Clinton Property Co. LLC is a real estate investment and management company focused on property operations in New York. Clinton Property Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11073) on May 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion each. The Debtors are represented by Gary Holtzer, Esq. at Weil Gotshal & Manges LLP. COLONIAL MILLS: Hires Hollis Meddings Group as Financial Advisor ---------------------------------------------------------------- Colonial Mills, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Rhode Island to hire Hollis Meddings Group, Inc. as its financial advisor. The firm's services include: (a) assisting the Debtors in the management of the bankruptcy process and business operations; (b) assisting with the Chapter 11 reporting requirements and filings, including cash flow budget to actuals, and preparing the necessary bankruptcy schedules and budgets; (c) assisting in obtaining debtor-in possession financing, if required; (d) assisting the Debtors in every step of the bankruptcy reorganization process, with the goal of obtaining court approval of their reorganization plan; and (e) assisting the Debtors in other areas as required. The firm's hourly rates are: Principals $500 per hour Associates and Analysts $300 - $425 per hour Administrative support staff $150 per hour The Debtor paid $25,000 to the firm as a retainer fee. Joseph Meddings, a principal at Hollis Meddings Group, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph D. Meddings, C.P.A. Hollis Meddings Group, Inc. 1481 Wampanoag Trail, Suite 3 Providence, RI 02915 Tel: (401) 421-3330 Email: jmeddings@hollismeddings.com About Colonial Mills Inc. Colonial Mills, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. Case No. 25-10286) on April 9, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Diane Finkle oversees the case. The Debtor is represented by Russell D. Raskin, Essq. at Raskin & Berman. COLONIAL MILLS: Seeks to Hire Indeglia & Carney as Attorneys ------------------------------------------------------------ Colonial Mills, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Rhode Island to hire Indeglia & Carney, LLP as attorneys. The firm will render these services: a. provide legal advice regarding its powers and duties as Debtor in Possession in the continued operation of its business and management of its property; b. represent the Debtor in connection with matters as to its secured and unsecured creditors; c. represent the Debtor with regard to core and other adversary proceedings; d. represent the Debtor and assist with schedules, cash flows, monthly reporting and other financial operation and legal requirements; e. prepare necessary applications, answers, orders, reports and other legal papers; and f. perform all other legal services. The firm will be paid at these rates: Vicente A. Indeglia $525 per hour Associates $300 to $400 per hour Indeglia & Carney is a "disinterested person" as the term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Vincent Indeglia, Esq. Indeglia & Carney, LLP 931 Jefferson Boulevard, Suite 1006 Warwick, RI 02886 Phone: (310) 982-2720 About Colonial Mills Inc. Colonial Mills, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. Case No. 25-10286) on April 9, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Diane Finkle oversees the case. The Debtor is represented by Russell D. Raskin, Essq. at Raskin & Berman. COLONIAL MILLS: Taps Raskin & Berman as Bankruptcy Counsel ---------------------------------------------------------- Colonial Mills, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Rhode Island to hire Raskin & Berman as counsel. The firm will render these services: a. provide the Debtor with legal advice regarding its powers and duties in the continued operation of its business and management of its property; b. represent the Debtor in connection with matters as to its secured and unsecured creditors; c. represent the Debtor with regard to core and other adversary proceedings; d. represent the Debtor and assist with schedules, cash flows, monthly reporting and other financial operation and legal requirements; e. prepare applications, answers, orders, reports and other legal papers; and f. perform all other legal services. 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. Russell D. Raskin, Esq., a partner at Law firm of Raskin & Berman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Russell D. Raskin, Esq. Law firm of Raskin & Berman 116 East Manning Street Providence, RI 02906 Tel: (401) 421-1363 About Colonial Mills Inc. Colonial Mills, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. Case No. 25-10286) on April 9, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Diane Finkle oversees the case. The Debtor is represented by Russell D. Raskin, Essq. at Raskin & Berman. COLUMBUS ALE: Seeks Subchapter V Bankruptcy in New York ------------------------------------------------------- On May 23, 2025, Columbus Ale House 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 between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Columbus Ale House Inc. Columbus Ale House Inc., doing business as The Graham, a food service and drinking establishment located in Brooklyn, New York. Columbus Ale House Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42551) on May 23, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtors are represented by Lawrence Morrison, Esq. COMMSCOPE HOLDING: FPR Partners Holds 4.4% Stake as of March 31 --------------------------------------------------------------- FPR Partners, LLC, Andrew Raab and Bob Peck disclosed in a Schedule 13G (Amendment No. 12) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned a total of 9,525,657 shares of CommScope Holding Company, Inc.'s common stock, representing approximately 4.4% of the outstanding shares based upon shares outstanding as of March 12, 2025, as reported by the Company on its Definitive Proxy Statement filed March 24, 2025. The shares are held directly by certain limited partnerships managed by FPR Partners, LLC, an SEC-registered investment adviser, with Andrew Raab and Bob Peck serving as Senior Managing Members of FPR Partners, LLC. FPR Partners, LLC may be reached through: Siu Chiang, Chief Financial Officer 405 Howard Street, 2nd Floor San Francisco, CA 94105 Tel: 415-284-8888 A full-text copy of FPR Partners' SEC report is available at: https://tinyurl.com/s24djyz9 About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. As of March 31, 2025, CommScope had $7.5 billion in total assets, $8.8 billion in total liabilities, $1.2 billion in Series A convertible preferred stock and total stockholders' deficit of $2.5 billion. * * * S&P Global Ratings raised its Company credit rating on CommScope Holding Co. Inc. to 'CCC+' from 'CCC' and removed all its ratings on the company from CreditWatch, where S&P placed them with positive implications on Dec. 23, 2024, as reported by the TCR on Feb. 14, 2025. S&P said, "The stable outlook reflects our expectation for reduced default risk over the next 12 months due to the company's recent debt paydown and refinancing and improving credit metrics." In March 2025, Moody's Ratings upgraded CommScope Holding Company, Inc.'s ratings including the corporate family rating to Caa1 from Caa2 and the probability of default rating to Caa1-PD from Caa3-PD. CommScope's speculative grade liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The new backed senior secured term loan and backed senior secured notes issued in December 2024 at CommScope's subsidiary, CommScope, LLC. were assigned a B3 rating and the existing secured notes were confirmed at B3. The existing senior unsecured notes at CommScope, LLC and CommScope Technologies LLC were upgraded to Caa3 from Ca. The B3 rating on the backed senior secured term loan due 2026 was withdrawn. The outlook is stable, previously the ratings were on review for upgrade. These actions conclude the review for upgrade that was initiated on January 8, 2025. The ratings upgrade reflects the refinancing of debt due in 2025 and 2026 with a combination of about $2.1 billion in assets sale proceeds and $4.15 billion in new secured debt as well as Moody's expectations for a significant improvement in operating performance that will lead to a reduction in leverage levels well below 9x in 2025. The ratings are constrained by the existing high pro forma leverage (over 10x as of Q4 2024, including Moody's standard lease adjustments) and the significant amount of debt due in 2027 ($1.6 billion as of Q4 2024). COMMSCOPE HOLDING: Names Krista Bowen Chief Legal Officer --------------------------------------------------------- CommScope Holding Company, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and Justin Choi agreed that Mr. Choi will step down as the Company's Senior Vice President, Chief Legal Officer and Secretary, effective as of May 14, 2025, and his employment with the Company will cease on June 2, 2025. Mr. Choi joined CommScope in 2021 and helped guide the Company through the divestitures of its Home Networks, Outdoor Wireless Networks and Distributed Antenna Systems businesses. Mr. Choi will receive the severance and benefits that he is entitled to receive as a result of the termination of his employment without cause pursuant to his Severance Protection Agreement with the Company, contingent upon his execution of a separation agreement containing a general release of claims. Pursuant to his Severance Protection Agreement, Mr. Choi will receive an amount equal to his base salary and target annual bonus, payable in installments over a 12-month period, and if he elects to continue healthcare coverage under COBRA, the Company will pay its portion for such continuing coverage for a period of twelve months or such earlier time when he is no longer eligible for COBRA coverage. A copy of Mr. Choi's Severance Protection Agreement was previously filed as Exhibit 10.6 to the Company's Annual Report on Form 10-K, filed with the SEC on February 17, 2023 and is incorporated herein by reference. The Company's Board of Directors has appointed Krista R. Bowen to succeed Mr. Choi as the Company's Chief Legal Officer, effective May 14, 2025. Ms. Bowen currently serves as Senior Vice President and Deputy General Counsel at CommScope. Ms. Bowen joined CommScope in 2010 as Vice President and Senior Corporate Counsel, leading commercial contracts support on a global basis. Since that time, she has expanded her scope of responsibility to include M&A, corporate governance, international, employment and labor, global trade compliance and corporate communications. Prior to joining CommScope, Ms. Bowen was a shareholder at the law firm of Robinson Bradshaw, with a focus on M&A transactions. Ms. Bowen holds a J.D. from Washington & Lee University School of Law and a B.A. in Finance from West Virginia University. About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. * * * S&P Global Ratings raised its Company credit rating on CommScope Holding Co. Inc. to 'CCC+' from 'CCC' and removed all its ratings on the company from CreditWatch, where S&P placed them with positive implications on Dec. 23, 2024, as reported by the TCR on Feb. 14, 2025. S&P said, "The stable outlook reflects our expectation for reduced default risk over the next 12 months due to the company's recent debt paydown and refinancing and improving credit metrics." In March 2025, Moody's Ratings upgraded CommScope Holding Company, Inc.'s ratings including the corporate family rating to Caa1 from Caa2 and the probability of default rating to Caa1-PD from Caa3-PD. CommScope's speculative grade liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The new backed senior secured term loan and backed senior secured notes issued in December 2024 at CommScope's subsidiary, CommScope, LLC. were assigned a B3 rating and the existing secured notes were confirmed at B3. The existing senior unsecured notes at CommScope, LLC and CommScope Technologies LLC were upgraded to Caa3 from Ca. The B3 rating on the backed senior secured term loan due 2026 was withdrawn. The outlook is stable, previously the ratings were on review for upgrade. These actions conclude the review for upgrade that was initiated on January 8, 2025. The ratings upgrade reflects the refinancing of debt due in 2025 and 2026 with a combination of about $2.1 billion in assets sale proceeds and $4.15 billion in new secured debt as well as Moody's expectations for a significant improvement in operating performance that will lead to a reduction in leverage levels well below 9x in 2025. The ratings are constrained by the existing high pro forma leverage (over 10x as of Q4 2024, including Moody's standard lease adjustments) and the significant amount of debt due in 2027 ($1.6 billion as of Q4 2024). COMMUNITY HEALTH: Apollo Entities Report 5.4% Stake as of March 31 ------------------------------------------------------------------ Apollo Management Holdings GP, LLC and its affiliated entities disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned shared voting and dispositive power over a total of 7,628,576 shares of Common Stock, par value $0.01 per share, of Community Health Systems, Inc., representing approximately 5.4% of the 140,306,440 shares of Common Stock outstanding as of April 17, 2025. Apollo Management and related reporting persons may be reached through: William Kuesel, Vice President Apollo Management Holdings GP, LLC 9 W. 57th Street, 41st Floor New York, New York 10019 Tel: 212-515-3200 A full-text copy of Apollo Management's SEC report is available at: https://tinyurl.com/48dwstn5 About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2024, the Company had $14.4 billion in total assets, $15.3 billion in total liabilities, $324 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. In August 2024, S&P Global Ratings raised its rating on Community Health Systems Inc. to 'CCC+' from 'SD'(selective default). At the same time, S&P also raised its ratings on the senior unsecured notes to 'CCC-' from 'D'. The outlook is negative, reflecting the risk of further distressed exchanges in the intermediate future despite credit metrics potentially improving in 2024. COMMUNITY HEALTH: Eversept Partners Holds 6.1% Equity Stake ----------------------------------------------------------- Eversept Partners, L.P., Eversept 1, LLC and Kamran Moghtaderi disclosed in a Schedule 13G (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned an aggregate of 8,458,020 shares of Community Health Systems, Inc.'s common stock, par value $0.01 per share. This total includes 7,409,682 shares over which they have sole voting and dispositive power, and 1,048,338 shares held in Eversept's Managed Accounts over which they have shared voting and dispositive power, representing approximately 6.1% of the 138,923,216 shares of common stock outstanding as of February 13, 2025. Eversept Partners, L.P., may be reached through: Kamran Moghtaderi Eversept Partners, L.P. 444 Madison Avenue, 22nd Floor New York, NY 10022. A full-text copy of Eversept's SEC report is available at: https://tinyurl.com/58x67j5s About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2024, the Company had $14.4 billion in total assets, $15.3 billion in total liabilities, $324 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. In August 2024, S&P Global Ratings raised its rating on Community Health Systems Inc. to 'CCC+' from 'SD'(selective default). At the same time, S&P also raised its ratings on the senior unsecured notes to 'CCC-' from 'D'. The outlook is negative, reflecting the risk of further distressed exchanges in the intermediate future despite credit metrics potentially improving in 2024. COMMUNITY HEALTH: Three AGM Proposals, Exec Role Change OK'd ------------------------------------------------------------ At the Annual Meeting of Stockholders of Community Health Systems, Inc., the Company's stockholders voted on five proposals, each of which is described more fully in the Company's Proxy Statement for the Annual Meeting. The following describes the matters that were submitted to the vote of stockholders of the Company at the Annual Meeting: (1) The stockholders elected the following persons as directors of the Company for terms that expire at the 2026 annual meeting of stockholders of the Company until their respective successors have been elected and have qualified: (a) Susan W. Brooks (b) Lt. Gen. Ronald L. Burgess, Jr. (c) John A. Clerico (d) Michael Dinkins (e) James S. Ely III (f) John A. Fry (g) Joseph A. Hastings, D.M.D. (h) Tim L. Hingtgen (i) Elizabeth T. Hirsch (j) William Norris Jennings, M.D. (k) K. Ranga Krishnan, MBBS (l) Fawn D. Lopez (m) Wayne T. Smith (n) H. James Williams, Ph.D. (2) The stockholders approved the advisory resolution regarding the Company's executive compensation. (3) The stockholders approved the amendment and restatement of the Company's 2009 Stock Option and Award Plan, as approved by the Company's Board of Directors on March 12, 2025, subject to stockholder approval at the Annual Meeting. A description of the Plan was included as part of Proposal 3 in the Company's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on April 3, 2025. Such description is qualified in its entirety by reference to the text of the Plan, a copy of which is available at https://tinyurl.com/43dbdyma Changes in Roles of Regional Presidents As a result of changes in the organizational structure of the Company's leadership team and its impact on the role and responsibilities of the Company's Regional Presidents, the Regional Presidents, including Chad A. Campbell, who was one of the Company's named executive officers as reflected in the Proxy Statement, have ceased to be designated as "executive officers" of the Company as defined in Exchange Act Rule 3b-7, effective May 13, 2025 (but will continue to serve in the position of Regional President for the Company). (4) The stockholders approved the amendment to the Company's Restated Certificate of Incorporation, providing for the exculpation of certain officers of the Company as permitted by the Delaware General Corporation Law. The Certificate of Amendment became effective upon its filing with the Delaware Secretary of State on May 13, 2025, following the Annual Meeting. A description of the Certificate of Amendment was included as part of Proposal 4 in the Company's Proxy Statement. The foregoing summary of the Certificate of Amendment is qualified in its entirety by the text of the Certificate of Amendment, which available at https://tinyurl.com/5x2azunt (5) The stockholders ratified the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2024, the Company had $14.4 billion in total assets, $15.3 billion in total liabilities, $324 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. In August 2024, S&P Global Ratings raised its rating on Community Health Systems Inc. to 'CCC+' from 'SD'(selective default). At the same time, S&P also raised its ratings on the senior unsecured notes to 'CCC-'from 'D'. The outlook is negative, reflecting the risk of further distressed exchanges in the intermediate future despite credit metrics potentially improving in 2024. DALLAS COUNTY WATER: S&P Affirms 'BB+' Rating on 2020 Revenue Bonds ------------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' rating on Dallas County Water and Sewer Authority, Ala's series 2020 revenue bonds. The outlook is stable. S&P said, "Our rating is underscored by risk management, culture, and oversight weaknesses given the recent rate covenant violations and management's lack of comprehensive financial and operational polices, such as long-term capital and financial planning and not adhering to its formal liquidity policy. In addition, we view management's recent trend of not providing timely financial disclosures as credit-relevant." Furthermore, when incorporating the recent rate increases, the average monthly residential combined water and sewer bill is about $95 for 4,500 gallons. This represents 3.2% of the median household effective buying income, which is 56% of the national average. S&P said, "We view the combined bill as raising social capital affordability risks given the service area's demographics, including the county poverty rate of just over 30%. Although management plans to raise rates for fiscal 2026, we believe these anticipated increases could limit future rate-setting flexibility. In 2022, management partnered with local agencies to implement low-income assistance programs that could assist with utility bills, which we view favorably and might, in part, mitigate the social capital concerns." The service area is vulnerable to physical risks, including severe weather events such as tornadoes, as evidenced by the storms in early 2023. However, due to the frequency of severe weather events, management maintains an emergency response plan. Dallas County Water and Sewer Authority has aging infrastructure and is in the process of a meter replacement program to amend inaccurate meters, which could help lower the authority's water loss, which is currently 30%-40%. S&P said, "The stable outlook reflects the expectation that the new management staff will work toward strengthening and stabilizing Dallas County Water and Sewer Authority's overall financial performance and that sufficient and necessary rate increases will be implemented in a timely manner to be in compliance with the authority's rate covenant as well as increase reserves to at least meet policy guidelines. "Should the anticipated rate increases either not be imposed or not be sufficient to meet rate covenant compliance, and coverage does not trend positive and cash further declines, we could lower the rating. "Conversely, should cash and coverage begin to trend positively, meeting or exceeding legal rate covenants as well as the authority's own reserve policies, while holding all other factors constant, we could raise the rating over time." DAS HUND HAUS: Section 341(a) Meeting of Creditors on June 25 ------------------------------------------------------------- On May 25, 2025, Das Hund Haus Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) scheduled for June 25, 2025, at 2:00 p.m. telephonically via US Trustee - Tampa/Ft. Myers. About Das Hund Haus Inc. Das Hund Haus Inc. is a dog-related business based in Lakeland, Florida. Das Hund Haus Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03437) on May 25, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtors are represented by Matthew J. Kovschak, Esq. at Debra J. Sutton, P.A. DCA OUTDOOR: Hires Agri-Business Real Estate Services as Broker --------------------------------------------------------------- DCA Outdoor, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Agri-Business Real Estate Services as real estate broker. The broker will render these services: (a) soliciting interested parties for the sale of the property located at NW Hornecker Rd, Hillsboro, OR 97124; (b) marketing the property to local, regional, and national buyers to generate as much interest as possible; and (c) conducting negotiations, on Debtors behalf and at Debtors direction, for the sale of the property. Agri-Business has agreed to assist Debtors for compensation equal to a listing commission of 3 percent of the total sale price. In addition, Debtor has agreed to pay Agri-Business a 2 percent Buyer's commission if Agri-Business represents the buyer under the sale contract. Amy Pendley, an associate at Agri-Business Real Estate Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Amy Pendley Agri-Business Real Estate Services PO Box 654 Dallas, OR 97338 Tel: (503) 910-4689 Email: amy@agribis.com About DCA Outdoor DCA Outdoor Inc. established in 2016, is a vertically integrated green industry organization headquartered in Kansas City, Missouri. The Company connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice LLC as counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. DCA OUTDOOR: Hires Re/Max Elite Realtors as Real Estate Broker -------------------------------------------------------------- DCA Outdoor, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Re/Max Elite Realtors as real estate broker. The broker will render these services: (a) soliciting interested parties for the sale of the property located at 28200 East Rodgers Road, Buckner, Missouri 64106; (b) marketing the property to local, regional, and national buyers to generate as much interest as possible; and (c) conducting negotiations, on Debtors behalf and at Debtors direction, for the sale of the property. The broker will receive a commission of 6 percent (3 percent to Re/Max and another 3 percent to a Buyer's Agent) of the total sale price paid by a buyer. In addition, the Debtors have agreed to pay Re/Max an administrative fee of $495. Jeff Fielder, an associate at RE/MAX Elite Realtors, 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: Jeff Fielder RE/MAX Elite Realtors 1201 NE Windsor Drive Lees Summit, MO 64086 Mobile: (816) 830-8547 About DCA Outdoor DCA Outdoor Inc. established in 2016, is a vertically integrated green industry organization headquartered in Kansas City, Missouri. The Company connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice LLC as counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. DCA OUTDOOR: Hires Stretto Inc as Claims and Noticing Agent ----------------------------------------------------------- DCA Outdoor, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Stretto, Inc. as the claims and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will seek reimbursement for expenses incurred. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About DCA Outdoor DCA Outdoor Inc. established in 2016, is a vertically integrated green industry organization headquartered in Kansas City, Missouri. The Company connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice LLC as counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. DCA OUTDOOR: Hires The Land Source LLC as Real Estate Broker ------------------------------------------------------------ DCA Outdoor, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ The Land Source LLC as real estate broker. The firm's services include: (a) soliciting interested parties for the sale of the properties; (b) marketing the properties to local, regional, and national buyers to generate as much interest as possible; and (c) conducting negotiations, on Debtors' behalf and at Debtors' direction, for the sale of the properties. The properties are described as follows: (a) The Adams Diary Property is roughly 6.53 acres located in Blue Springs, Missouri and is owned by Colonial Gardens Developments, LLC. (b) The Cement City Property is a roughly 29.23 acres located in Sugar Creek, Missouri and is owned by DCA Land Missouri, LLC. (c) The Fish Road Property: The Fish Road Property is roughly 38.3 acres located in Kansas City, Missouri at 8400 Fish Road and is owned by Colonial Gardens Developments, LLC. The broker will receive a commission of 6.0 percent of the total sale price paid by a buyer. The Land Source LLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The broker can be reached through: Kevin Tubbesing The Land Source LLC 7021 Johnson Dr. Mission, KS 66202 Phone: (913) 562-5608 Email: Kevin@TheLandSource.com About DCA Outdoor DCA Outdoor Inc. established in 2016, is a vertically integrated green industry organization headquartered in Kansas City, Missouri. The Company connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice LLC as counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. DCA OUTDOOR: Seeks to Hire ReeceNichols Real Estate as Broker ------------------------------------------------------------- DCA Outdoor, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ ReeceNichols Real Estate, a Hathaway Berkshire Affiliate as real estate broker. The broker will market and sell the Debtor's property located at 00 E. Wyatt, Blue Springs, Missouri. The firm's services include: (a) soliciting interested parties for the sale of the sale property; (b) marketing the sale property to local, regional, and national buyers to generate as much interest as possible; and (c) conducting negotiations, on Debtors' behalf and at Debtors' direction, for the sale of the sale property. The broker will receive a commission of 3 percent of the total sale price paid for the Blue Springs Property and an additional 2 percent Buyer's commission if the Buyer is procured by ReeceNichols during the term of the Agreement or if the Buyer is unrepresented. In addition, ReeceNichols will be paid and administrative fee of $375 under the ReeceNichols Contract. ReeceNichols is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Dana Benjamin-Ashner ReeceNichols Real Estate 11901 W. 119th St. Overland Park, KS. 66213 Tel: (913) 522-4277 Email: dbenjamin@reecenichols.com About DCA Outdoor DCA Outdoor Inc. established in 2016, is a vertically integrated green industry organization headquartered in Kansas City, Missouri. The Company connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice LLC as counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. DELSHAH 60: Seeks to Hire Backenroth Frankel & Krinsky as Counsel ----------------------------------------------------------------- Delshah 60 Ninth LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Backenroth Frankel & Krinsky, LLP as counsel. The firm will render these services: (a) take all necessary actions to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved and the preparation of objections to claims filed against the Debtors' estates; (b) prepare on behalf of the Debtors, all necessary motions, applications, answers, orders, reports and other papers in connection with the administration of the Debtors' estates; (c) take all necessary actions in connection with any chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; (d) take all necessary actions to protect and preserve the value of the Debtors' estates; and (e) perform all other reasonable or necessary legal services in connection with the prosecution of the Chapter 11 Cases. The firm's counsel will be paid at these hourly rates: Abraham Backenroth, Attorney $750 Mark Frankel, Attorney $695 Scott Krinsky, Attorney $650 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. On or about March 21, 2025, the firm received a retainer of $29,000 from the Debtor. Mr. Frankel disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Telephone: (212) 593-1100 About 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. DVAC HEATING: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: DVAC Heating & Air, LLC 10116 50th Place W Mukilteo, WA 98275 Business Description: DVAC Heating & Air, LLC is a family-owned company that provides residential, light commercial, and new construction HVAC and plumbing services in the greater Seattle area. Based in Mukilteo, Washington, the Company offers installations, repairs, and maintenance for systems such as furnaces, AC, heat pumps, water heaters, and ductless units. Founded in 2014, DVAC emphasizes competitive pricing, customer service, and skilled technicians. Chapter 11 Petition Date: May 27, 2025 Court: United States Bankruptcy Court Western District of Washington Case No.: 25-11432 Judge: Hon. Timothy W Dore Debtor's Counsel: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: courtmail@expresslaw.com Total Assets: $350,315 Total Liabilities: $3,224,167 The petition was signed by David Vilensky as managing member and 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/ORSEOCQ/DVAC_Heating__Air_LLC__wawbke-25-11432__0001.0.pdf?mcid=tGE4TAMA E&J SHOE: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------ On May 27, 2025, E&J Shoe Wholesale Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About E&J Shoe Wholesale Inc. E&J Shoe Wholesale Inc. is a footwear wholesaler based in Miami, Florida. The Company, established in 1998, supplies affordable shoes to retailers and is known for its broad selection and competitive pricing. E&J Shoe Wholesale Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15906) on May 27, 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 Robert A. Mark the case. The Debtors are represented by Chad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. EASTERN COLORADO: Seeks to Extend Plan Exclusivity to August 13 --------------------------------------------------------------- Eastern Colorado Seeds, LLC and affiliates asked the U.S. Bankruptcy Court for the District of Colorado to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 13 and October 12, 2025, respectively. Seeds and its affiliate companies operate as a full-service seed distribution and production company, with a portfolio of quality grain, forage, reclamation, and specialty seeds to meet the many needs of today's producers. Applying the pertinent factors demonstrates that a 3-month extension of the exclusive periods is appropriate: * the size and complexity of the chapter 11 matters. Debtors’ intertwined operations are complex. Because of the complexity of Debtors' operations, Debtors anticipate proposing a joint plan. * the necessity of sufficient time to allow the debtor to negotiate a plan of reorganization. Debtors have taken steps to normalize operations by obtaining approval to use cash collateral, negotiating adequate protection payments, selling property no longer necessary for operations, and exploring potential paths forward. These events are an essential predicate to plan negotiations. In addition, Debtors note that government relief payments have historically been an important source of revenue. The amount and timing of such payments generally have some uncertainty, but for 2025 the uncertainty has increased significantly. Debtors anticipate that the 2025 relief programs and corresponding payments are likely to be resolved before the end of August 2025. * the existence of good faith progress toward reorganization. As described, Debtors have made good faith efforts towards reorganizing during the case, including by regaining control of their assets, normalizing operations, selling property no longer required for operations, and adjusting operations to survive without a line of credit. Debtors require additional time to formulate a confirmable plan and the projections to support the plan. * the fact that the debtor is paying its bills as they become due. Debtors believe they are substantially current on their post bankruptcy obligations, including payment of wages, rent, insurance, and normal operating expenses. * whether the debtor has demonstrated reasonable prospects for filing a viable plan. Seeds' cash collateral budget provides for payment of ordinary course expenses. The agreed supplemental budget reflects a significant amount of work by Debtors' management; typically, Seeds would draw on a line of credit for the spring planting and crop inputs through harvest to fund its cash needs. The supplemental budget reflects operational and business changes to deal with the absence of a line of credit to draw. * whether the debtor has made progress in negotiations with creditors. Debtors have communicated with their largest non insider creditor, American AgCredit, regularly during the case. Negotiations continue. * whether the debtor is seeking an extension of exclusivity in order to pressure creditors to submit to the debtor's reorganization demand. Debtors are not seeking an extension to pressure creditors. As noted, Debtors seek an extension to allow for sufficient time to explore all possible options to repay creditors. * whether an unresolved contingency exists. To the best of Debtors’ knowledge, there are no material unresolved contingencies in these cases at this time, such as needing to determine the dischargeability of a debt, needing to resolve an adversary proceeding, or something similar. Debtors note that it does not sell internationally, and its inventory sales are, therefore, not directly impacted by tariffs from other countries. However, the cost of certain farm inputs and other consumables may increase as the result of U.S. tariffs and tariff uncertainty. Counsel for Interested Party, ECS Farms, LLC, Clay and Christine Smith, and Pinnacol Holdings, LLC: Jeffrey A. Weinman, Esq. Jordan Factor, Esq. Katharine S. Sender, Esq. 1600 Stout Street, Suite 1900 Denver, Colorado 80202 (303) 534-4499 Email: JWeinman@allenvellone.com JFactor@allen-vellone.com KSender@allen-vellone.com Attorneys for Eastern Colorado Seeds, LLC: Andrew D. Johnson, Esq. Alice A. White, Esq. Gabrielle G. Palmer, Esq. 600 17th Street, Suite 425 North Denver, Colorado 80202 Ph: (720) 457-7059 Email: ajohnson@OFJlaw.com awhite@OFJlaw.com gpalmer@OFJlaw.com About Eastern Colorado Seeds Eastern Colorado Seeds, LLC is a full-service seed company offering a wide range of agricultural seeds, including grains, forages, reclamation seeds, and specialty products like pulses, millets, and sunflowers. With locations in Burlington, CO, Dumas, TX, and Clovis, NM, the company ensures efficient delivery and a consistent supply of high-quality products to its customers. The knowledgeable team at Eastern Colorado Seeds specializes in crop advisory, precision technology, and livestock nutrition. Eastern Colorado Seeds LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No.: 25-10244) on January 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Joseph G Rosania Jr. handles the case. The Debtor is represented by Andrew W. Johnson, Esq. at Onsager Fletcher Johnson LLC. EPIKA FLEET: Monroe Capital Marks $1.1MM Secured Loan at 68% Off ---------------------------------------------------------------- Monroe Capital Corporation has marked its $1,152,000 loan extended to Epika Fleet Services, Inc. to market at $373,000 or 32% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Epika Fleet Services, Inc. The loan accrues interest at a rate of 10.32% per annum. The loan matures on March 18, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Epika Fleet Services, Inc. Epika Fleet Services, Inc. is engaged in providing truck repair services. EPIKA FLEET: Monroe Capital Marks $652,000 Secured Loan at 62% Off ------------------------------------------------------------------ Monroe Capital Corporation has marked its $652,000 loan extended to Epika Fleet Services, Inc. to market at $246,000 or 38% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Epika Fleet Services, Inc. The loan accrues interest at a rate of 10.32% per annum. The loan matures on March 18, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Epika Fleet Services, Inc. Epika Fleet Services, Inc. is engaged in providing truck repair services. EPIKA FLEET: Monroe Capital Marks $862,000 Secured Loan at 34% Off ------------------------------------------------------------------ Monroe Capital Corporation has marked its $862,000 loan extended to Epika Fleet Services, Inc. to market at $567,000 or 66% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Epika Fleet Services, Inc. The loan accrues interest at a rate of 10.32% per annum. The loan matures on March 18, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Epika Fleet Services, Inc. Epika Fleet Services, Inc. is engaged in providing truck repair services. ERAYE REALTY: Seeks Chapter 11 Bankruptcy in Georgia ---------------------------------------------------- On May 22, 2025, Eraye Realty LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Eraye Realty LLC Eraye Realty LLC is a single asset real estate company based in Conyers, Georgia. Eraye Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga.Case No. 25-55714) on May 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. EVERSTREAM SOLUTIONS: Case Summary & 30 Top Unsecured Creditors --------------------------------------------------------------- Fourteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Everstream Solutions LLC (Lead Case) 25-90144 1228 Euclid Avenue Suite 250 Cleveland Ohio 44115 Everstream Networks LLC 25-90139 Midwest Fiber Holdings LP 25-90140 Midwest Fiber Acquisition Topco LLC 25-90141 Midwest Fiber Acquisition Midco1 LLC 25-90142 Midwest Fiber Acquisition LLC 25-90143 Everstream GLC Holding Company LLC 25-90145 American Fiber Comm L.L.C. 25-90146 HRS Internet, LLC 25-90147 15955 State Street LLC 25-90148 Rocket Fiber LLC 25-90149 Lynx Network Group, Inc. 25-90150 Lynx Fiber One, LLC 25-90151 Lynx Fiber Two, LLC 25-90152 Business Description: Everstream is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Christopher M Lopez Debtors' Counsel: Gabriel A. Morgan, Esq. Clifford W. Carlson, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: gabriel.morgan@weil.com clifford.carlson@weil.com - and - Matthew S. Barr, Esq. Andriana Georgallas, Esq. Alexander P. Cohen, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com andriana.georgallas@weil.com alexander.cohen@weil.com Debtors' Special Counsel: RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Debtors' M&A Advisor: BANK STREET GROUP LLC 333 Ludlow St South Tower-Third Floor Stamford, Connecticut 06902 Debtors' Investment Banker: PJT PARTNERS LP 280 Park Avenue New York, New York 10017 Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC 540 West Madison Street Suite 1800, Chicago, Illinois 60661 Debtors' Claims, Noticing & Solicitation Agent: STRETTO, INC. 410 Exchange, Suite 100 Irvine, California 92602 Estimated Assets (on a consolidated basis): $500 million to $1 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Ken Fitzpatrick as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LP5VTJQ/Everstream_Solutions_LLC__txsbke-25-90144__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. GLW Broadband Trade Claim Undetermined Attn: Joel Large, GM 993 Commerce Drive Grafton, Ohio 44044 Phone: (440) 926-3230 Email: jlarge@glwb.net 2. Ohio Edison Trade Claim Undetermined Attn.: Hyun Park, CLO & SVP 341 White Pond Drive Akron, Ohio 44320 Phone: (800) 736-3402 Email: hpark@firstenergycorp.com 3. Crown Castle Trade Claim $1,455,760 Attn.: Mike Kavanagh, COO 8020 Katy Freeway Houston, Texas 77024 Phone: (713) 570-3000 Email: mike.kavanagh@crowncastle.com 4. Illuminating Co. Trade Claim $1,006,628 Attn.: Hyun Park, CLO & SVP 431 White Pond Drive Akron, Ohio 44320 Phone: (800) 736-3402 Email: hpark@firstenergycorp.com 5. Northern Lights Locating & Trade Claim $881,330 Inspection, Inc. Attn.: Caitlin Flater, COO 8109 Network Drive Plainfield, Indiana 46168 Phone: (317) 839-0520 Email: cflater@nllocating.com 6. Juniper Networks, Inc. Trade Claim $681,199 Attn.: Rami Rahim, CEO 1133 Innovation Way Sunnyvale, California 94089 Phone: (408) 745-2000 Email: rrahim@juniper.net 7. Earthcom, Inc. Trade Claim $589,071 Attn.: Peter Bertsch, President & CEO 3424 Corwin Road Williamston, Michigan 48895 Phone: (517) 482-1750 Email: peter.bertsch@earthcom.us 8. AT&T Trade Claim $585,154 Attn.: Pascal Desroches, CFO 208 S. Akard Street Dallas, Texas 75202 Phone: (210) 821-4105 Email: pdesroches@att.com 9. Zayo Group, LLC Trade Claim $551,600 Attn.: Steve Smith, CEO 1805 29th Street, Suite 2050 Boulder, Colorado 80301 Phone: (305) 485-3754 Email: steve.smith@zayo.com 10. Synergi Partners Trade Claim $476,921 Attn.: James Brown, CEO 151 W. Evans Street Florence, South Carolina 29501 Phone: (843) 519-0808 Email: jbrown@synergipartners.com 11. Motor City Electric Co. Trade Claim $352,415 Attn.: David Volkman Jr., President 9440 Grinnell Avenue Detroit, Michigan 48213 Phone: (313) 921-5300 Email: dvolkman@mceco.com 12. Ken Becker & Sons Inc. Trade Claim $340,817 Attn.: Kenneth Becker, CEO 7555 F and W Court Lannon, Wisconsin 53046 Phone: (262) 923-7782 Email: dean@kbsinc-wi.com 13. Datasite LLC Trade Claim $288,858 Attn.: Rusty Wiley, CEO 733 S. Marquette Avenue, Suite 1325 Minneapolis, Minnesota 55402 Phone: (651) 646-5332 Email: rusty.wiley@datasite.com 14. Ekinops Corporation Trade Claim $287,112 Attn.: Didier Bredy, Chairman & CEO 9200 Corporate Boulevard, Suite 300 Rockville, Maryland 20850 Phone: (240) 956-5065 Email: didier.bredy@ekinops.com 15. CR Action Cable, Inc. Trade Claim $275,079 Attn.: Christopher Kirkpatrick, President 13203 Beeson Street NE Alliance, Ohio 44601 Phone: (330) 206-2329 Email: cractioncableinc@yahoo.com 16. Allstate Sales Group, Inc. Trade Claim $233,719 Attn.: Anthony Tepedino, CEO 670 N. Beers Street, Building 3 Holmdel, New Jersey 07733 Phone: (732) 335-5588 Email: atepedino@asginc.us 17. American Tower LLC Trade Claim $232,581 Attn.: Steve Vondran, President & CEO 116 Huntington Avenue, 11th Floor Boston, Massachusetts 02116 Phone: (617) 375-7500 Email: steve.vondran@americantower.com 18. Blue Jay Communications, Inc. Trade Claim $218,695 Attn.: John Houlihan, President 7500 Associate Avenue Brooklyn, Ohio 44144 Phone: (216) 661-2828 Email: jhoulihan@bluejaycommunications.com 19. CSU, Inc. Trade Claim $216,694 Attn.: Lori Paul, VP 3919 Clarks Creek Road Plainfield, Indiana 46168 Phone: (317) 972-0802 Email: lori@csucontracting.com 20. Lumen Technologies, Inc. Trade Claim $212,485 Attn: Kate Johnson, CEO 100 CenturyLink Drive Monroe, Louisiana 71203 Phone: (903) 816-0891 Email: katejohnson@lumentechnologies.com 21. PirTano Construction Co., Inc. Trade Claim $179,259 Attn.: Mike Piraino, President 1766 Armitage Court Addison, Illinois 60101 Phone: (630) 932-1810 Email: mike.piraino@pirtano.com 22. Uniti Fiber 2020 LLC Trade Claim $174,829 Attn.: Padraig Donnelly, CFO 107 St. Francis Street, Suite 1800 Mobile, Alabama 36602 Phone: (501) 850-0820 Email: padraig.donnelly@unitigrouplimited.com 23. SBA Properties, LLC Trade Claim $172,774 Attn.: Marc Montagner, CFO 8051 Congress Avenue Boca Raton, Florida 33487 Phone: (781) 328-0291 Email: mmontagner@sbasite.com 24. Frontier Trade Claim $161,239 Attn: Veronica Bloodworth, EVP & CNO 1300 Columbus Sandusky Road N Marion, Ohio 43302 Phone: (203) 614-5600 Email: veronica.bloodworth@frontier.com 25. Windstream Communications, LLC Trade Claim $150,923 Attn.: Paul Sunu, CEO 50 Executive Parkway Hudson, Ohio 44236 Phone: (267) 207-2000 Email: paul.sunu@windstream.com 26. TESCO Company, Inc. Trade Claim $146,188 Attn.: John Pendleton, President 710 Executive Park Drive Greenwood, Indiana 46143 Phone: (812) 343-4507 Email: jeptesco@att.net 27. eDGe Broadband Solutions, LLC Trade Claim $141,418 Attn.: Ed Donnahoe, Managing Partner 244 Lea Plant Road Waynesville, North Carolina 28786 Phone: (828) 785-1420 Email: ed@edge-bbs.com 28. Creek Enterprise, Inc. Trade Claim $134,327 Attn.: Jason Derby, President 638 W. Maumee Street Adrian, Michigan 49221 Phone: (517) 424-6518 Email: jason@creekenterprise.com 29. Southern Light, LLC, Trade Claim $125,422 A Uniti Company Attn.: Padraig Donnelly, CFO 2101 Riverfront Drive, Suite A Little Rock, Arkansas 72202 Phone: (501) 850-0820 Email: padraig.donnelly@unitigrouplimited.com 30. Team Fishel Trade Claim $122,193 Attn.: Heather Mills, CFO 1600 Walcutt Road Columbus, Ohio 43228 Phone: (614) 274-8100 Email: hmmills@teamfishel.com EXCELL COMMUNICATIONS: Hires Ruskin Moscou Faltischek as Attorney ----------------------------------------------------------------- Excell Communications, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Ruskin Moscou Faltischek, P.C. as attorneys. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties in the continued operation of its business and management of its property; b. preparing legal papers; c. appearing in court; d. reviewing all pleadings filed in the Debtor's Subchapter V reorganization case; e. preparing and pursuing confirmation of a plan of reorganization; and f. providing other necessary legal services. The firm will charge these hourly fees: Michael Amato, Partner $695 per hour Sheryl P. Giugliano, Partner $640 per hour Adam L. Rosen, Of Counsel $685 per hour Daniel L. McAuliffe, Of Counsel $625 per hour Nicolas A. Florio, Associate $350 per hour Madison Scarfaro, Associate $325 per hour Partners and Of Counsel $480 - $950 per hour Associates $325 - $475 per hour Paraprofessionals $125 - $320 per hour The firm received an initial retainer in the amount of $100,000. As disclosed in court filings, Ruskin Moscou Faltischek is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl P. Giugliano, Esq. Michael S. Amato, Esq. Ruskin Moscou Faltischek, P.C. 1425 RXR Plaza East Tower, 15th Floor Uniondale, NY 11556 Telephone: (516) 663-6600 Email: sgiugliano@rmfpc.com mamato@rmfpc.com About Excell Communications Excell Communications, Inc. is a project management firm engaged in the installation of network infrastructure for the wireless, fiber and utility industries in the State of New York. Excell Communications, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71444) on April 14, 2025. The Plaintiff is represented by Peter A. Romero, Esq. at LAW OFFICE OF PETER A. ROMERO PLLC. EXCELL COMMUNICATIONS: Taps Harris Beach Murtha as Special Counsel ------------------------------------------------------------------ Excell Communications, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Harris Beach Murtha Cullina PLLC as special counsel. Harris Beach will provide include legal advice and services in connection with the Debtors' corporate, real estate employment, non-bankruptcy related litigation, and regulatory matters. The firm will be paid at these hourly rates: Partners $525 to $875 Counsel $295 to $815 Associates $250 to $445 Paraprofessionals $305 to $430 The principal professionals designated to represent the Debtors and their current hourly rates for these matters are: Jack Martins, Partner (Corporate & Real Estate) $540 Daniel Moore, Partner (Employment) $540 Elliot Hallak (Non-Bankruptcy Litigation) $540 Terence Flynn (Regulatory) $540 Harris Beach does not represent or hold an interest adverse to the Debtors' estates with respect to the matters on which they are to be employed, according to court filings. The firm can be reached through: Jack M. Martins, Esq. Harris Beach Murtha Cullina PLLC The Omni 333 Earle Ovington Blvd, Suite 901 Uniondale, NY 11553 Tel: (516) 880-8399 Email: jmartins@harrisbeach.com About Excell Communications Excell Communications, Inc. is a project management firm engaged in the installation of network infrastructure for the wireless, fiber and utility industries in the State of New York. Excell Communications, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71444) on April 14, 2025. The Plaintiff is represented by Peter A. Romero, Esq. at LAW OFFICE OF PETER A. ROMERO PLLC. EXCELL COMMUNICATIONS: Taps Lindenwood as Financial Advisor ----------------------------------------------------------- Excell Communications, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Lindenwood Associates, LLC as financial advisor. The firm's services include: (a) providing the court with monthly operating reports (MORs) consistent with the standards and forms provided by the United States Trustee; (b) maintaining a 13-week cash flow projection and updating it periodically; (c) appearing for the Debtor in court conferences when necessary; (d) developing financial projections and liquidation analysis to support the feasibility of a bankruptcy plan; (e) conducting claims analysis and administer disputed claims; (f) assisting counsel in the development of the disclosure statement and plan of reorganization and/or 363 asset sale, if applicable; (g) conducting avoidance action analysis to determine preferences and fraudulent conveyances; (h) providing counsel with support for litigation, if applicable; and (i) performing any required post-confirmation reporting and other required tasks. The firm will be paid at these hourly rates: Nat Wasserstein, Managing Partner $485 Bruce Berger, Managing Partner $485 The firm received an initial retainer in the amount of $30,000. Nat Wasserstein, a managing partner of Lindenwood, assured the court that his firm is a "disinterested person" within the meaning of Bankruptcy Code Sec. 101(14). The firm can be reached through: Nat Wasserstein, JD, MBA, CFE Lindenwood Associates, LLC 328 North Broadway, 2nd Floor Upper Nyack, NY 10960 Tel: (917) 670-7302 Email: nat@lindenwoodassociates.com About Excell Communications Excell Communications, Inc. is a project management firm engaged in the installation of network infrastructure for the wireless, fiber and utility industries in the State of New York. Excell Communications, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71444) on April 14, 2025. The Plaintiff is represented by Peter A. Romero, Esq. at LAW OFFICE OF PETER A. ROMERO PLLC. EXPRESS WASH: Monroe Capital Marks $379,000 Secured Loan at 45% Off ------------------------------------------------------------------- Monroe Capital Corporation has marked its $379,000 loan extended to Express Wash Acquisition Company, LLC to market at $209,000 or 55% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Express Wash Acquisition Company, LLC. The loan accrues interest at a rate of 11.07% per annum. The loan matures on July 15, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Express Wash Acquisition Company, LLC Express Wash Acquisition Company, LLC is engaged in the distribution and supply of laundry and car wash products. EXTREME PROFITS: Seeks Subchapter V Bankruptcy in Florida --------------------------------------------------------- On May 21, 2025, Extreme Profits Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Extreme Profits Inc. Extreme Profits Inc., operating as X-Stream Power Washing and Cleaning Services, is a pressure washing and cleaning company based in Key West, Florida. Extreme Profits Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15709) on May 21, 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 Corali Lopez-Castro handles the case. The Debtors are represented by Kevin C Gleason, Esq. FAIR ANDREEN: Gets Final Approval to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Wisconsin signed a stipulated order granting Fair Andreen, Incorporated final approval to use cash collateral. The stipulated order granted Huntington National Bank and other secured creditors replacement liens on the cash collateral to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Fair Andreen was ordered to make monthly payments of $8,500 to Huntington starting this month and to keep its property insured pursuant to its loan agreement with the bank. The stipulated order will terminate upon the appointment of a trustee, dismissal of Fair Andreen's Chapter 11 case or further order of the court. About Fair Andreen Incorporated Fair Andreen, Incorporated, doing business as CityPress, is a printing and graphic communications company specializing in commercial printing, book printing, prepress, direct mail, digital printing, and art printing services. With a strong focus on innovation and eco-friendly solutions, the company serves diverse industries by providing customized printing options. Fair Andreen filed Chapter 11 petition (Bankr. E.D. Wisc. Case No. 25-21724) on April 2, 2025, listing up to $10 million in both assets and liabilities. Steven S. Bates, president of Fair Andreen, signed the petition. Judge G. Michael Halfenger oversees the case. Jerome R. Kerkman, Esq., at Kerkman & Dunn, represents the Debtor as legal counsel. Huntington Bank, as secured creditor, is represented by: Matthew L. Hendricksen, Esq. Plunkett Cooney PC 221 N. LaSalle Street, Suite 3500 Chicago, IL 60601 Tel: 312-970-3495 Email: mhendricksen@plunkettcooney.com FAIRFIELD SENTRY: BNP Paribas Loses Bid to Dismiss Adversary Case ----------------------------------------------------------------- The Honorable John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York denied BNP Paribas Securities Services Luxembourg's motion to dismiss the fifth amended complaint in the adversary proceeding captioned as FAIRFIELD SENTRY LTD. (In Liquidation), et al., Plaintiffs, v. BNP PARIBAS SECURITIES SERVICES LUXEMBOURG, et al., Defendants, Adv. Pro. No. 10-03627 (Bankr. S.D.N.Y.) for lack of personal jurisdiction. This adversary proceeding was filed on Sept. 21, 2010. Kenneth M. Krys and Greig Mitchell, in their capacities as the duly appointed Liquidators and Foreign Representatives of Fairfield Sentry Limited (In Liquidation), Fairfield Sigma Limited (In Liquidation), and Fairfield Lambda Limited (In Liquidation) filed the Amended Complaint on Aug. 12, 2021. Via the Amended Complaint, the Liquidators seek the imposition of a constructive trust and recovery of over $1.7 billion in redemption payments made by Sentry, Sigma, and Lambda to various entities known as the Citco Subscribers. Of that amount, Defendant allegedly received approximately $681,000 through redemption payments from its investment in Sentry. This adversary proceeding arises out of the decades-long effort to recover assets of the Bernard L. Madoff Investment Securities LLC ("BLMIS") Ponzi scheme. The Defendant, BNP, is a Luxembourg bank. Further, BNP is part of a family of corporate entities who share information and a common parent entity -- BNP Paribas S.A., a multi-national financial services firm. BNP allegedly invested, either for its own account or for the account of others, into several funds, including Sentry and Sigma, that channeled investments into BLMIS. Fairfield Sentry was a direct feeder fund in that it was established for the purpose of bringing investors into BLMIS, thereby allowing Madoff's scheme to continue. Fairfield Sigma and Lambda, in contrast, were indirect feeder funds, established to facilitate investment in BLMIS through Fairfield Sentry for foreign currencies. BLMIS used investments from feeder funds, like the Fairfield Funds, to satisfy redemption requests from other investors in the scheme. Without new investors, BLMIS would have been unable to make payments to those who chose to withdraw their investments, and the scheme would have fallen apart. The Amended Complaint alleges that investors received payments on account of their shares in the Fairfield Funds based on a highly-inflated Net Asset Value. BNP was allegedly one such investor. The Amended Complaint seeks the imposition of a constructive trust on 15 redemption payments received from the Fairfield Funds. It alleges that Defendant had knowledge of the fraud at BLMIS and therefore knowledge that the NAV was inflated. It also alleges that BNP and several other defendants purposefully availed themselves of the laws of the United States and the State of New York by investing money with the Funds, knowing and intending that the Funds would invest substantially all of that money in New York-based BLMIS, and maintaining bank accounts in the United States at BNP Paribas, and in fact receiving Redemption Payments in those United States-based and/or New York-based accounts. It further alleges that BNP selected U.S. dollars as the currency in which to invest and execute their transactions in Sentry, upon information and belief, designated United States-based and/or New York-based bank accounts to receive their Redemption Payments from the Funds, and actively directed Redemption Payments at issue in this action into those bank accounts. Defendant has moved to dismiss the Amended Complaint for lack of personal jurisdiction, arguing that the Amended Complaint has not sufficiently alleged minimum contacts with the forum to establish personal jurisdiction over Defendant and that exercising personal jurisdiction would be unreasonable. The Liquidators argue that exercising jurisdiction over Defendant would be reasonable and that Defendant's United States contacts -- conducting due diligence on the Fairfield Funds, knowingly and intentionally investing in the Fairfield Funds, using U.S. correspondent accounts to invest in and receive payments from Sentry, and conducting other business activities -- support personal jurisdiction. In this case, the Plaintiffs advance three arguments in support of their assertion that Defendant has sufficient minimum contacts to establish personal jurisdiction. First, Plaintiffs claim that BNP purposefully availed itself of the United States by intentionally investing in BLMIS feeder funds, Sentry and Sigma, with the express intention of profiting from BLMIS's investments in the U.S. securities market. Second, they assert that BNP used New York bank accounts to effectuate its investments and redemptions from Sentry. Third, they argue that BNP conducted other related business in the United States. The Court finds that each of the first and second arguments are independently sufficient to satisfy the first prong of the test for specific jurisdiction. The third argument alone is insufficient; however, it provides incremental support under the totality of the circumstances. Thus, overall, the purposeful availment element of the test for personal jurisdiction is met. The issue of knowledge of the inflated NAV, required for the constructive trust claim, is inextricably tied to the Defendant's investments with New York-based BLMIS. The allegations are directly related to Defendant's investment activities with BLMIS through the Fairfield Funds. Defendant's contacts with the United States, in investing in, and receiving redemptions from, the Fairfield Funds, form a "sufficiently close link" between the defendant, the forum and the litigation concerning Defendant's activities in the forum. Accordingly, the Court finds that BNP's use of an U.S.-based correspondent account to facilitate Sentry redemption payments were sufficiently related to the harm alleged by the Liquidators. Plaintiffs argue the subscription agreements' designation of New York as the dispute resolution forum support the exercise of jurisdiction. Additionally, BNP also used its New York-based affiliate, the BNP Equity Derivatives division to facilitate transactions with the Funds. The argue the affiliates contact, coupled with other communications, supports exercising jurisdiction. They argue that these contacts relate to their claims because diligence would contribute to Defendant's knowledge that the NAVs were inaccurate -- a core element of the Liquidators' constructive trust claims. BNP argues that because the claims arise from BVI law, the subscription agreement's forum selection clause is irrelevant and cannot confer jurisdiction. The Court concludes the additional business contacts alone do not support jurisdiction. But these contacts still provide incremental support because the Court evaluates the quality and nature of the defendant's contacts under a totality of the circumstances test. Defendant has alleged that other forums may be able to hear the claims. But Defendant has not demonstrated how this forum would fail to provide effective relief, the Court finds. In this case, the Defendant presumes but fails to establish that the Plaintiffs have no legitimate interest in obtaining relief in the United States -- especially considering that this dispute stems from a Chapter 15 proceeding that has intimate connections to the New York-based BLMIS Ponzi scheme. Moreover, contrary to BNP's argument that finding jurisdiction in this case will make New York the forum for every foreign transaction, the record supports that conferring jurisdiction over BNP fits squarely within existing caselaw. Defendant has not established that the Court's exercise of personal jurisdiction over it would be unreasonable. The Court thus finds that exercising jurisdiction over the Defendant is reasonable and comports with traditional notions of fair play and substantial justice. A copy of the Court's decision is available at https://urlcurt.com/u?l=hu57i0 Attorneys for the Defendant, BNP Paribas Securities Services Luxembourg: Roger A. Cooper, Esq. Ari D. MacKinnon, Esq. Thomas S. Kessler, Esq. CLEARY GOTTLIEB STEEN & HAMILTON LLP One Liberty Plaza New York, NY 10006 E-mail: racooper@cgsh.com amackinnon@cgsh.com tkessler@cgsh.com Attorneys for the Plaintiffs Joint Liquidators: David J. Molton, Esq. Jeffrey L. Jonas, Esq. Marek P. Krzyzowski, Esq. BROWN RUDNICK LLP Seven Times Square New York, NY 10036 About Fairfield Sentry Fairfield Sentry Limited is being liquidated under the supervision of the Commercial Division of the High Court of Justice in the British Virgin Islands. It is one of the funds owned by the Fairfield Greenwich Group, an investment firm founded in 1983 in New York. Fairfield Sentry and other Greenwich funds had among the largest exposures to the Bernard L. Madoff fraud. Fairfield Sentry became the subject of a BVI liquidation, and a BVI court appointed Kenneth M. Krys and Greig Mitchell as Liquidators and Foreign Representatives of Fairfield Sentry and Fairfield Sigma under BVI law. The Liquidators then sought recognition of the BVI liquidation as a foreign main proceeding by filing petitions under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 10-13164) on June 14, 2010 in the Southern District of New York. The Bankruptcy Court entered an order granting recognition of the Fairfield Sentry case on July 22, 2010, enabling the Liquidators to use the U.S. Bankruptcy Court to protect and administer Fairfield Sentry's assets in the U.S. FAIRFIELD SENTRY: CBH Loses Bid to Dismiss Adversary Case --------------------------------------------------------- The Honorable John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York denied CBH Compagnie Bancaire Helvetique SA's motion to dismiss the fifth amended complaint in the adversary proceeding captioned as FAIRFIELD SENTRY LTD. (In Liquidation), et al., Plaintiffs, v. ABN AMRO SCHWEIZ AG a/k/a AMRO (SWITZERLAND) AG, et al., Defendants, Adv. Pro. No. 10-03636 (Bankr. S.D.N.Y.) for lack of personal jurisdiction. This adversary proceeding was filed on Sept. 21, 2010. Kenneth M. Krys and Greig Mitchell, in their capacities as the duly appointed Liquidators and Foreign Representatives of Fairfield Sentry Limited (In Liquidation), Fairfield Sigma Limited (In Liquidation), and Fairfield Lambda Limited (In Liquidation) filed the Amended Complaint on Aug. 12, 2021. Via the Amended Complaint, the Liquidators seek the imposition of a constructive trust and recovery of over $1.7 billion in redemption payments made by Sentry, Sigma, and Lambda to various entities known as the Citco Subscribers. Of that amount, Defendant allegedly received approximately $681,000 through redemption payments from its investment in Sentry. This adversary proceeding arises out of the decades-long effort to recover assets of the Bernard L. Madoff Investment Securities LLC ("BLMIS") Ponzi scheme. The Citco Subscribers allegedly invested, either for their own account or for the account of others, into several funds -- including Sentry, Sigma, and Lambda -- that channeled investments into BLMIS. Fairfield Sentry was a direct feeder fund in that it was established for the purpose of bringing investors into BLMIS, thereby allowing Madoff's scheme to continue. Fairfield Sigma and Lambda, in contrast, were indirect feeder funds, established to facilitate investment in BLMIS through Fairfield Sentry for foreign currencies. BLMIS used investments from feeder funds, like the Fairfield Funds, to satisfy redemption requests from other investors in the scheme. Without new investors, BLMIS would have been unable to make payments to those who chose to withdraw their investments, and the scheme would have fallen apart. CBH is a corporate entity organized under the laws of Switzerland with a registered address in Geneva, Switzerland. CBH allegedly invested into and redeemed shares of Sentry through Citco Fund Services (Europe) B.V., Citco Global Custody N.V. and Citco Bank Nederland N.V. Dublin. Citco Bank and Citco Global Custody -- Citco Subscriber -- were organized under the laws of either Curacao or the Netherlands. CBH invested in Sentry from 2000 to 2008 both directly and through the Citco Subscriber, which is alleged to have facilitated investments in the Fairfield Funds for numerous shareholders in this proceeding. The Amended Complaint alleges that investors received payments on account of their shares in the Fairfield Funds based on a highly-inflated Net Asset Value. The Citco Subscribers and the beneficial shareholders were allegedly such investors. The Amended Complaint seeks the imposition of a constructive trust on the redemption payments received from the Fairfield Funds. It alleges that Defendant's purported agent, the Citco Subscriber, had knowledge of the fraud at BLMIS and therefore knowledge that the NAV was inflated. It also alleges that the defendants, including CBH as a beneficial shareholder of certain accounts, purposefully availed themselves of the laws of the United States and the State of New York by investing money with the Funds, and knowing and intending that the Funds would invest substantially all of that money in New York-based BLMIS. Defendant has moved to dismiss the Amended Complaint for lack of personal jurisdiction, arguing that the Amended Complaint has not sufficiently alleged minimum contacts with the forum to establish personal jurisdiction over Defendant and that exercising personal jurisdiction would be unreasonable. The Liquidators argue that exercising jurisdiction over Defendant would be reasonable and that Defendant's contacts with the United States, through its own actions and those of its purported agent, in knowingly and intentionally investing in Sentry, using U.S. correspondent accounts to invest in and receive payments from Sentry, and conducting other business activities support personal jurisdiction. The Liquidators argue that CBH exercised significant control over the Citco Subscriber's subscription and redemption-related activities and had knowledge of and consented to those activities such that CBH was the principal with respect to those transactions and exercised the requisite control over the Citco Subscriber as its agent. The Liquidators in this case rely on the subscription agreements and private placement memoranda not to show consent, but to show that when Defendant invested in Sentry it did so knowing that it would avail itself of the benefits and protections of New York. The subscription agreements, signed by CBH's agent, in this way, support the Plaintiffs' showing of contacts with the forum. The Court finds that the allegations and documentation provided by the Plaintiffs through jurisdictional discovery, taken together, sufficiently demonstrate facts supporting continuous and systemic contacts with the forum. Defendant's selection and use, both directly and through its agent, of U.S. correspondent accounts, and due diligence of BLMIS in New York support the Court's exercise of jurisdiction over the claims for receiving redemption payments from the Fairfield Funds with the knowledge that the NAV was wrong. The contacts are not random, isolated, or fortuitous. According tot he Court, the contacts demonstrate CBH's purposeful activities aimed at New York in order to effectuate transfers from Sentry. The Plaintiffs have thus provided allegations and supporting documentation that sufficiently support a prima facie showing of jurisdiction over Defendant, the Court concludes. The issue of knowledge of the inflated NAV is inextricably tied to Defendant's investments with New York-based BLMIS. The allegations are directly related to Defendant's investment activities with BLMIS through the Fairfield Funds. The Court finds Defendant's contacts with the United States, in investing in, in communications with, and redemptions from the Fairfield Funds, form a "sufficiently close link" between the defendant, the forum and the litigation concerning Defendant's activities in the forum. Defendant has not established that the Court's exercise of personal jurisdiction over it would be unreasonable. The Court finds that exercising jurisdiction over the Defendant is reasonable and comports with traditional notions of fair play and substantial justice. A copy of the Court's decision dated May 9, 2025, is available at https://urlcurt.com/u?l=KDN5F3 Attorneys for Defendant, CBH Compagnie Bancaire Helvétique SA (sued as Compagnie Bancaire Helvetique): John F. Zulack, Esq. Lauren J. Pincus, Esq. ALLEGAERT BERGER & VOGEL LLP 111 Broadway, 20th Floor New York, NY 10006 E-mail: jzulack@abv.com lpincus@abv.com Attorneys for the Plaintiffs, Joint Liquidators: Jeffrey L. Jonas, Esq. David J. Molton, Esq. Marek P. Krzyzowski, Esq. BROWN RUDNICK LLP Seven Times Square New York, NY 10036 About Fairfield Sentry Fairfield Sentry Limited is being liquidated under the supervision of the Commercial Division of the High Court of Justice in the British Virgin Islands. It is one of the funds owned by the Fairfield Greenwich Group, an investment firm founded in 1983 in New York. Fairfield Sentry and other Greenwich funds had among the largest exposures to the Bernard L. Madoff fraud. Fairfield Sentry became the subject of a BVI liquidation, and a BVI court appointed Kenneth M. Krys and Greig Mitchell as Liquidators and Foreign Representatives of Fairfield Sentry and Fairfield Sigma under BVI law. The Liquidators then sought recognition of the BVI liquidation as a foreign main proceeding by filing petitions under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 10-13164) on June 14, 2010 in the Southern District of New York. The Bankruptcy Court entered an order granting recognition of the Fairfield Sentry case on July 22, 2010, enabling the Liquidators to use the U.S. Bankruptcy Court to protect and administer Fairfield Sentry's assets in the U.S. FEDERAL CAREGIVERS: Seeks Subchapter V Bankruptcy in Virginia ------------------------------------------------------------- On May 23, 2025, Federal Caregivers Home Care LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. 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 Federal Caregivers Home Care LLC Federal Caregivers Home Care LLC is a healthcare business providing home care services in Northern Virginia. Federal Caregivers Home Care LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11041) on May 23, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Steven B. Ramsdell, Esq. at Tyler, Bartl & Ramsdell, P.L.C. FEH INC: S&P Alters Outlook to Negative, Affirms 'BB-' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook on FEH to negative from stable and affirmed its 'BB-' issuer credit and secured debt ratings. At the same time, S&P assigned its 'BB-' issuer credit rating with a negative outlook on GCF as the initial borrower of the term loan, in line with the rating on FEH. The recovery rating on the proposed term loan is '4' (35%), indicating its expectation for average recovery in the event of default. The negative outlook reflects S&P's expectation that FEH's weighted average leverage will remain near the 5.0x downside threshold in the next 12 months, and that its investment performance, assets under management (AUM), and earnings won't deteriorate. On March 3, 2025, FEH Inc. announced it had signed a definitive agreement under which private equity funds managed by Genstar Capital will acquire a majority stake in First Eagle from Blackstone, Corsair, and their co-investors. Genstar has incorporated a merger vehicle, GC Ferry Acquisition I Inc. (GCF), which will merge with FEH upon the completion of the stake sale with FEH as the surviving entity. S&P said, "The negative outlook stems from pro forma 2025 S&P Global Ratings-adjusted leverage modestly above our 5x downgrade threshold at the acquisition's close. FEH's S&P Global Ratings-adjusted leverage for the 12 months ended Dec. 31, 2024, was 4.9x. While the company has deleveraged after its acquisition of Napier Park in 2022, we estimate the ratio will increase to the mid-5x area after the new acquisition's close, expected in the third quarter of 2025. While FEH remains a growing business with strong margins, we believe this acquisition will raise leverage above our downside threshold. "Our base-case scenario assumes that FEH will reduce its leverage modestly in 2026 through EBITDA growth. FEH's total AUM increased by $10 billion in 2024 to $144 billion as of Dec. 31, 2024, and increased another $8 billion in the first quarter of 2025 to $152.4 billion, mainly owing to market gains. We expect the company to continue to grow its AUM by 5%-10% in 2025 and 2026 through net inflows, absent a sharper market pullback. "In our leverage calculations, we weigh the 2024 estimate, and the 2025 and 2026 projections at 20%, 40%, and 40%, respectively. Debt includes FEH's term loan, contingent liability, the tax receivable agreement liability, and lease liabilities. In our adjusted EBITDA, we add back operating leases paid and change in fair value of contingent considerations to the reported EBITDA. "We expect FEH to maintain its existing financial risk profile following Blackstone and Corsair's sale of their majority ownership to Genstar. Following the deal's completion, which is subject to customary closing conditions and regulatory approvals, we expect FEH to maintain its existing leadership and investment philosophy, while expanding its offerings organically and through acquisitions. We do not expect Genstar to take out debt-funded dividends. "The negative outlook reflects our expectation that FEH's weighted average leverage will remain near the 5.0x downside threshold for the next 12 months." S&P could lower the rating in the next 12 months if the weighted average leverage remains above 5.0x. This could occur if: -- Earnings fall below expectations; -- Net flows worsen; -- Acquisitions increase leverage; or -- Markets deteriorate further than anticipated. S&P could revise the outlook to stable if the company operates with leverage comfortably below 5.0x, while its investment performance and net flows remain stable. FLINK SE: TriplePoint Venture Marks $14 Million Loan at 29% Off --------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $14,006,000 loan extended to Flink SE to market at $9,978,000 or 71% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Flink SE. The loan accrues interest at a rate of 9.75% interest rate, 6.75% EOT payment per annum. The loan matures on August 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Flink SE Flink SE is an on-demand grocery delivery service that delivers items to consumers from "dark stores," which are hyper-local, non-public warehouses. FLORIDA STATE ROOFING: Seeks Subchapter V Bankruptcy in Florida --------------------------------------------------------------- On May 23, 2025, Florida State Roofing and Construction Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Florida State Roofing and Construction Inc. Florida State Roofing and Construction Inc. is a Bradenton-based roofing and construction company serving the Manatee County area. Florida State Roofing and Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03425) on May 23, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtors are represented by Buddy D. Ford, Esq. at Ford & Semach, P.A. FORMAN MILLS: Monroe Capital Marks $1.3MM Secured Loan at 27% Off ----------------------------------------------------------------- Monroe Capital Corporation has marked its $1,308,000 loan extended to Forman Mills, Inc. to market at $953,000 or 73% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to Forman Mills, Inc. The loan accrues interest at a rate of 5.00% PIK per annum. The loan matures on June 20, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Forman Mills, Inc. Forman Mills, Inc. is a Delaware for-profit corporation that is registered with the New Jersey Division of Revenue and Enterprise Services under the entity identification number 0100438815. Its corporate headquarters are located at 1070 Thomas Busch Memorial Highway, Pennsauken, New Jersey. FRANCISCAN FRIARS: Hires Hulberg & Associates as Appraiser ---------------------------------------------------------- Franciscan Friars of California, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Hulberg & Associates, Inc. dba Valbridge Property Advisors to appraise certain real property. Valbridge will appraise the Debtor's interest in two pieces of real property. The first is part of a parking lot located at 68 Leavenworth Street in San Francisco. The second property is located at 1500 34th Avenue in Oakland. Valbridge will receive a fixed fee for "Phase 1" of the services of $12,000. Phase 1 consists of providing the market value of the property and providing a written report. Valbridge is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code, and does not hold or represent any interest adverse to the Debtor's estate. The firm can be reached through: Norman C. Hulberg, MAI Hulberg & Associates, Inc., DBA Valbridge Property Advisors Northern California 1530 The Alameda, Suite 100 San Jose, CA 95126 Tel: (408) 279-1520 ext. 7142 Email: nhulberg@valbridge.com About Franciscan Friars of California, Inc. Franciscan Friars of California, Inc. is a tax-exempt religious organization in Oakland, Calif. The Debtor was formed to provide religious, charitable, and educational acts, ministry, and service to the poor. Franciscan Friars of California, Inc., filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on Dec. 31, 2023, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Gaa, OFM, president of the Debtor, signed the petition. Judge William J. Lafferty oversees the case. The Debtor tapped Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa & Crane LLP as special counsel; and GlassRatner Advisory & Capital Group LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's administrative advisor. The U.S. Trustee appointed an official committee of unsecured creditors. The committee selected Lowenstein Sandler LLP and Keller Benvenutti Kim LLP as counsel and Berkeley Research Group, LLC as its financial advisor. GRAND CONSISTORY: Section 341(a) Meeting of Creditors on June 27 ---------------------------------------------------------------- On May 22, 2025, Grand Consistory of New York Under the Jurisdiction of the Thirty-Third Degree of the Ancient and Accepted Scotch Rite of Free Masonry of the State of Louisiana, 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 $1.67 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on June 27, 2025 at 12:45 PM at Telephonic Meeting: Phone 1 (877) 929-2553, Participant Code 1576337#. About Grand Consistory of New York Under the Jurisdiction of the Thirty-Third Degree of the Ancient and Accepted Scotch Rite of Free Masonry of the State of Louisiana, Inc. Grand Consistory of New York Under the Jurisdiction of the Thirty-Third Degree of the Ancient and Accepted Scotch Rite of Free Masonry of the State of Louisiana, Inc. a Masonic fraternal organization operating in New York. Grand Consistory of New York Under the Jurisdiction of the Thirty-Third Degree of the Ancient and Accepted Scotch Rite of Free Masonry of the State of Louisiana, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42485) on May 22, 2025. In its petition, the Debtor reports estimated assets of $1.5 million and estimated liabilities of $1.67 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. GROUPE SOLMAX: S&P Downgrades ICR to 'B-', Outlook Stable --------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Quebec-based geosynthetic manufacturer Groupe Solmax Inc. to 'B-' from 'B'. The outlook is stable. At the same time, S&P lowered its issue-level ratings on the company's senior secured term loan to 'B-' from 'B'. The stable outlook reflects S&P's expectation for the company to sustain adjusted funds from operations (FFO) to debt well above 1x with positive and improving FOCF generation beyond this year supported by modest improvement in volumes and margins. Slowing demand and increasing competitive pressure are resulting in weaker-than-expected credit measures. Groupe Solmax has been facing slowing demand across geographies over the past year stemming from macroeconomic headwinds and tariff uncertainty that have contributed to some customers delaying capital projects. In addition, the company is facing competitive pressure in several of its key geographies. In North America (50%-60% of revenue), increased competition from new entrants in the Environmental Infrastructure (EI) segment have resulted in market share loss and margin deterioration from pricing pressure. In EMEA (20%-30% of revenue), the fragmented nature of the industry and increasing competition from smaller, regional providers is resulting in margin pressure as companies compete on price, especially in the EI business. S&P said, "While we continue to view Groupe Solmax as having good brand recognition in Europe given its scale, sluggish infrastructure and capital spending growth in the region will likely exacerbate competitive pressures. In APAC, the company has had to shift sales from China, where customers are more likely to choose domestic suppliers over foreign domiciled providers like Groupe Solmax, to other Asian countries such as Malaysia and Australia. Although Groupe Solmax is in a good position to capture business in these markets given its production footprint in the region, competition from Chinese suppliers and weak infrastructure demand in the region will continue to limit earnings growth in our view. These headwinds lead us to forecast S&P Global Ratings-adjusted EBITDA of about $86 million in 2025, down from $118 million in 2023. We forecast some margin recovery in 2025 as one-time expenses related to restructuring costs fall off, as well as modest cash flow improvements as interest rates start to decline. However, we do not forecast S&P Global Ratings-adjusted debt-to-EBITDA returning below 7x (including preferred shares) over the next few years. "The stable outlook reflects our expectation for the company to sustain adjusted FFO to debt well above 1x with positive and improving FOCF generation beyond this year supported by modest improvement in volumes and margins. "We could lower the rating on Groupe Solmax within the next 12 months if we no longer view its capital structure as sustainable or if we believe there is an increased likelihood of a transaction that we would view as a distressed exchange. This could occur if FFO cash interest coverage is near or below 1x, if we expect FOCF generation to be insufficient to cover scheduled debt amortization, or if the company's liquidity profile meaningfully deteriorates. This could result from weaker demand for its products, potentially stemming from competitive pressures or a more challenging economic environment than we anticipate. This could also occur if the company is less likely to extend or refinance its revolving credit facility in the coming months. "We could raise our ratings on Groupe Solmax within the next 12 months if the company generates higher EBITDA and FOCF than we anticipate, such that we expect the company to sustain S&P Global Ratings-adjusted FFO cash interest coverage above 2x and FOCF well in excess of debt amortization. In this scenario, we would also expect the company to refinance upcoming maturities in a timely manner while maintaining adequate liquidity." HARVEST SHERWOOD: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Harvest Sherwood Food Distributors, Inc. and its affiliates. The committee members are: 1. Ryder Truck Rental, Inc. Michael Mandell Corporate Collection and Bankruptcy Manager 2333 Ponce De Leon Blvd., Suite 700 Coral Gables, FL 33134 954-439-4477 mandms@ryder.com 2. Butterball, LLC Brett Worlow Vice President, General Counsel and Secretary 1 Butterball Lane Garner, NC 27529 919-255-7900 brworlow@butterball.com 3. Viz Cattle Corporation, doing business as SuKarne Edwin Botero, President Viz Cattle 17800 Castleton Street, Suite 435 City of Industry, CA 91748 310-702-7319 ebotero@sukarneusa.com 4. 1970 Group, Inc. Jonathan Harris, General Counsel 33 Benedict Place, 2nd Floor Greenwich, CT 06830 917-449-4285 jharris@1970group.com 5. Christiano I. Di Pasquale 818-974-1386 cdipasquale444@gmail.com 6. Atlantic Veal & Lamb LLC Bill Anello, Controller 275 Morgan Avenue Brooklyn, NY 11211 718-599-3510 bill.anello@atlanticveal.com 7. Alex Deli Inc., d/b/a Alex’s Deli David Negron, VP of Sales and Operations 4951 W. Diversey Ave Chicago, IL 60639 773-237-2919 dnegron@alexdeli.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 Harvest Sherwood Food Distributors Harvest Sherwood Food Distributors, Inc. is an independent wholesale food distributor in Wilmington, Del. Harvest Sherwood Food Distributors and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80109-11) on May 5, 2025. Eric Kaup, chief restructuring officer of Harvest Sherwood Food Distributors, signed the petitions. At the time of the filing, the Debtors disclosed between $1 billion and $10 billion in assets and between $500 million and $1 billion in liabilities. The Debtors tapped Thomas R. Califano, Esq., at Sidley Austin, LLP, as legal counsel; Meru, LLC as financial advisor; and Hilco Commercial Industrial, LLC and Hilco Receivables, LLC as restructuring advisors. Epiq Corporate Restructuring, LLC is the Debtors' noticing and claims agent. JPMorgan Chase Bank, N.A., as Prepetition Agent and DIP Agent, is represented by: Timothy A. Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. Hunton Andrews Kurth LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 taddavidson@hunton.com ashleyharper@hunton.com pguffy@hunton.com -- and -- James Ktsanes, Esq. Latham & Watkins LLP 330 North Wabash Avenue, Suite 2800 Chicago, IL 60611 Telephone: (312) 876-7700 james.ktsanes@lw.com -- and -- Randall Carl Weber-Levine, Esq. Latham & Watkins LLP 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 906-1200 randall.weber-levine@lw.com HAYDALE CERAMIC: Claims to be Paid from Asset Sale Proceeds ----------------------------------------------------------- Haydale Ceramic Technologies, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Chapter 11 Plan of Liquidation dated May 7, 2025. The Debtor was a manufacturer of various silicon carbide parts. During the pendency of the case, the Debtor sold substantially all its assets through a public sale that resulted in an auction that took place on April 15, 2025 in which Greenleaf Corporation was the winning bidder for the purchase price of $683,600.00. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 1 shall consist of General Unsecured Claims. Each holder of an Allowed Unsecured Claim shall be entitled to receive such holder's pro rata share of funds available after payment of Allowed Claims described in Sections 6.2, 6.3, 6.5, 6.6 and 6.7 of this Plan on the date that is 60 days after the Effective Date. He funds will be paid out in one lump-sum distribution. The Debtor will seek to confirm this plan under Section 1191(a) of the Bankruptcy Code, however, if the Plan is confirmed under Section 1191(b) of the Bankruptcy Code, Class 1 shall be treated the same as if the Plan was confirmed under Section 1191(a) of the Bankruptcy Code. Notwithstanding anything else in this Plain to the contrary, any holder of an Allowed Unsecured Claim shall be reduced by any payment received by the creditor holding such claim from any third party or other obligor, and the Debtor's obligations hereunder shall be reduced accordingly. The Claims of the Class 1 Creditors are Impaired by the Plan, and the holders of Class 1 Claims are entitled to vote to accept or reject the Plan. Upon confirmation, Debtor will be charged with administration of the Plan. Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. Debtor will file all post-confirmation reports required by the United States Trustee's office or by the Subchapter V Trustee. Debtor will also file the necessary final reports and may apply for a final decree as soon as practicable after substantial consummation and the completion of the claims analysis and objection process. The source of funds for the payments pursuant to the Plan are the proceeds from the sale to Greenleaf Corporation and the available cash in the Debtor's DIP Account. The Debtor has ceased operations and will cease to exist upon confirmation of the Plan. There is no projected revenue to be disclosed by the Debtor. A full-text copy of the Liquidating Plan dated May 7, 2025 is available at https://urlcurt.com/u?l=ZnqAZn from PacerMonitor.com at no charge. Counsel to the Debtor: Will B. Geer, Esq. Rountree, Leitman, Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About Haydale Ceramic Technologies Haydale Ceramic Technologies, LLC is a manufacturer of Silicon Carbide (SiC) ceramic materials, boasting the largest installed production capacity across the Americas, Europe, and the APAC regions. Manufactured in Greer, South Carolina, the Company's cutting tools are crafted using the highest quality SiC materials, including particulates, fibers, and microfibers. Haydale Ceramic Technologies filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-20159) on February 7, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge James R. Sacca handles the case. The Debtor is represented by William Rountree, Esq. at Rountree, Leitman, Klein & Geer, LLC. HEART ESTATES: Unsecureds Will Get 100% of Claims over 36 Months ---------------------------------------------------------------- Heart Estates, LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization under Subchapter V dated May 7, 2025. The Debtor is a Georgia corporation, incorporated on August 5, 2010. The Debtor is a real estate company. Specifically, as of the Petition Date, the Debtor owned three residential rental properties in the metro Atlanta, Georgia area and one property in Hollywood, Florida. The Debtor fell behind on mortgage payments pre-Petition and filed its pro se Subchapter V Chapter 11 bankruptcy petition on February 6, 2025 (the "Petition Date") in order to prevent foreclosure of its real estate and to reorganize its debts. In accordance with Sections 1107 and 1108 of the Bankruptcy Code, the Debtor continues to function in all respects as a debtor in possession. The Debtor asserts that a controlled liquidation of the Debtor's assets pursuant to the Plan will maximize recovery for its creditors. Upon information and belief, creditors assert Claims against the Debtor as follows: Secured Claims in the aggregate amount of approximately $1,150,661.44, Priority Tax Claims in the amount of $310,502.95 (disputed), and Unsecured Claims in the aggregate amount of approximately $27,609.95. This Plan deals with all property of the Debtor and provides for treatment of all Claims against the Debtor and its properties. Class 5 shall consist of General Unsecured Claims. The Debtor believes but does not warrant that a list of all known General Unsecured Claims in the aggregate amount of approximately $26,393.70. * If the Plan is confirmed under section 1191(a) of the Bankruptcy Code, the Debtor shall pay to the Class 5 General Unsecured Creditors holding Allowed Claims, in full satisfaction of their respective Allowed Unsecured Claims, a pro rata share of $750.00 per month, commencing on the first Business Day of the first month immediately following the Effective Date, and continuing on the 1st Business Day of each month thereafter until said parties have received a total of thirty-six payments Distributions hereunder, in full satisfaction of the Allowed Class 5 General Unsecured Claims. The Debtor estimates but does not warrant that if the Plan is confirmed consensually under Section 1191(a), then Class 5 creditors holding Allowed General Unsecured Claims will receive Distributions totaling 100% of their Allowed General Unsecured Claims. Class 5 is Impaired by the Plan. * If the Plan is confirmed under section 1191(b) of the Bankruptcy Code, Class 5 shall be treated the same as if the Plan was confirmed under section 1191(a) of the Bankruptcy Code. Class 8 consists of the Interests of the Debtor's Equity Holder Althea Eaton. The Equity Holder will retain her Interest in the Reorganized Debtor as such Interest existed as of the Petition Date. This class is not impaired and is not eligible to vote on the Plan. Upon confirmation, the Debtor will be charged with administration of the Bankruptcy Case. The Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. The Debtor will file all post-confirmation reports required by the United States Trustee's office. The Debtor will also file the necessary final reports and may apply for a final decree as soon as practicable after substantial consummation and the completion of the claims analysis and objection process. The source of funds for the payments pursuant to the Plan is the future income of the Debtor from its normal business operations and possible sale of some or all of the real estate. A full-text copy of the Subchapter V Plan dated May 7, 2025 is available at https://urlcurt.com/u?l=ahjeob from PacerMonitor.com at no charge. The firm can be reached through: Paul Reece Marr, Esq. Paul Reece Marr, PC 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Tel: (770) 984-2255 Email: paul.marr@marrlegal.com About Heart Estates Heart Estates, LLC is a real estate company incorporated on August 5, 2010. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-51291) on February 6, 2025. HELIX ENERGY: All Three Proposals Passed at Annual Meeting ---------------------------------------------------------- Helix Energy Solutions Group, Inc. held its Annual Meeting of Shareholders during which three proposals, as described in the Company's Proxy Statement dated April 2, 2025, were voted upon at the meeting. The following is a brief description of the matters voted upon and the final voting results: (a) Election of Director Nominees. * T. Mitch Little Votes For: 120,213,335 Votes Withheld: 7,468,466 Abstentions: 3/4 Broker Non-Votes: 10,895,647 * John V. Lovoi Votes For: 112,959,989 Votes Withheld: 14,721,812 Abstentions: 3/4 Broker Non-Votes: 10,895,647 Each of the directors received the affirmative vote of a plurality of the shares cast and were elected as Class I directors to the Company's Board of Directors to serve a three-year term expiring at the annual meeting of shareholders in 2028 or, if at a later date, until their respective successor is elected and qualified. (b) Proposal to ratify the selection of KPMG LLP as the Company's independent registered public accounting firm for 2025. Votes For: 137,083,173 Votes Against: 1,439,307 Abstentions: 54,968 Broker Non-Votes: 3/4 This proposal received a majority of the votes cast. Accordingly, the Company's shareholders ratified the selection of KPMG LLP as the Company's independent registered public accounting firm for 2025. (c) Advisory vote on the approval of the 2024 compensation of the Company's named executive officers. Votes For: 118,962,715 Votes Against: 8,415,187 Abstentions: 303,899 Broker Non-Votes: 10,895,647 This proposal received a majority of the votes cast. Accordingly, the Company's shareholders approved, on a non-binding advisory basis, the 2024 compensation of the named executive officers. About Helix Energy Headquartered in Houston, Texas, Helix Energy Solutions Group, Inc. is an American oil and gas services company. * * * Egan-Jones Ratings Company on December 16, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Helix Energy Solutions Group, Inc. HELIX ENERGY: Completes $30 Million Q2 Share Buyback ---------------------------------------------------- Helix Energy Solutions Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that further to the Company's share repurchase program authorized by its Board of Directors in February 2023, during the second quarter 2025, the Company completed repurchase of approximately $30,000,000 in shares of the Company's common stock through a written trading plan under Rule 10b5-1 of the Securities and Exchange Act of 1934. Additional information regarding share repurchases will be available in the Company's periodic reports in Form 10-Q and Form 10-K filed with the Securities and Exchange Commission as required by applicable rules of the Exchange Act. About Helix Energy Headquartered in Houston, Texas, Helix Energy Solutions Group, Inc. is an American oil and gas services company. * * * Egan-Jones Ratings Company on December 16, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Helix Energy Solutions Group, Inc. HIGHRISE ELECTRICAL: Seeks to Hire Ordinary Course Professionals ---------------------------------------------------------------- Highrise Electrical Technologies Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire retain non-bankruptcy professionals in the ordinary course of business. The Debtor seeks to employ the law firm J D Herberger & Associates, PC to secure its lien rights in the event of delayed payments from general contractors, and Mosier Seiffert + Co., PC for its accounting needs. Jacob Herberger, principal at J D Herberger & Associates, will be the person primarily responsible for this engagement. The firm will bill at their normal rates will shall not exceed the above-quoted rate. Mosier Seiffert charges $320 per hour and $185 per hour for the professionals who work on Debtor's financial matters. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The firms can be reached through: Jacob Herberger, Esq. J D Herberger & Associates, PC 11767 Katy Fwy Suite 920 Houston, TX 77079 Phone: (281) 920-4700 - and - Doug Williams, Esq. Mosier Seiffert + Co., PC 4701 Preston Ave, Pasadena, TX 77505 Phone: (281) 991-1099 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. HIREX INC: Claims to be Paid from $75K Equity Contribution ---------------------------------------------------------- HireX, Inc. filed with the U.S. Bankruptcy Court for the Southern District of New York a Small Business Plan of Reorganization under Subchapter V dated May 7, 2025. The Debtor is a Delaware business corporation engaged in the operation of a temporary employee, medical staff and technology staff business. The Debtor's principal office is located at 1441 Broadway, 6th Floor, New York, New York 10018. The Debtor's bankruptey filing was precipitated by difficulties in the collection of open accounts receivable from the Debtor's clients and insufficient income to pay its expenses as they come due. The Debtor filed for protection under Subchapter V of Chapter 11 of the Bankruptcy Code on February 7, 2025 (the "Petition Date"). Samuel Dawidowicz was appointed as the Subchapter V Trustee in this case (the "Subchapter V Trustee"). The Plan proposes to pay creditors of the Debtor from a "pot" of funds which is expected to total not less than $75,000.00. All distributions and other disbursements provided for under the Plan will be made on the Effective Date of the Plan. The Plan provides for either the full payment of administrative expense claims (comprised entirely of the fees and expenses of the Debtor's professionals retained in this case and those of the Subchapter V Trustee). On the Effective Date or such other terms and conditions as mutually agreed to by the holder of an Allowed Administrative Claim and the Debtor. The Plan provides for full payment of priority tax claims. The Plan provides for full payment of priority wage claims. Creditors holding non-priority unsecured claims will receive a first and final distribution equal to their pro rata share of the funds remaining in the "pot" after full payment of administrative expense claims (currently estimated at $55,000), priority tax claims (currently estimated at $2,750) and priority wage claims (currently estimated at $15,150) upon confirmation of the Plan in full satisfaction of their claims. Assuming that the Plan can be confirmed within the next sixty to ninety days, and barring significant litigation or other contested case matters that might result in a significant increase in administrative professional fees and expenses, the Debtor estimates that the foregoing will result in a recovery totaling not less than approximately 4% of creditors' respective non priority unsecured claims. The holders of the interests in the Debtor (i.e., equity) will retain such interests after the Effective Date of the Plan. Class 1 consists of Non-Priority Unsecured Claims. Each holder of an Allowed nonpriority unsecured claim in Class 1 will receive a first and final distribution equal to their pro rata share of the funds remaining in the "pot" after full payment of administrative expense claims, priority tax claims and priority wage claims on the Effective Date of the Plan in full satisfaction of its claim. Class 1 is impaired under the Plan. The allowed unsecured claims total $1,292,279.15. Class 2 consists of all post confirmation interests in the Debtor (i.e., equity) which will be held as follows: Ayush Janwaar (10%); Abhishek Singh (80%); and Ankur Singh (10%). The holders of the interests in the Debtor (i.e., equity) will retain such interests after the Effective Date of the Plan. The distributions that are to be made on the Effective Date under this Plan shall be funded from a $75,000 equity contribution from the shareholders. Monies sufficient to fully fund said distributions shall be held in escrow with Pick & Zabicki LLP as the Disbursing Agent at the time that confirmation of the Plan is requested. A full-text copy of the Plan of Reorganization dated May 7, 2025 is available at https://urlcurt.com/u?l=PmPtFN from PacerMonitor.com at no charge. Counsel to the Debtor: Douglas J. Pick, Esq. Eric C. Zabicki, Esq. Pick & Zabicki LLP 369 Lexington Avenue, 12th Floor New York, NY 10017 Telephone: (212) 695-6000 Email: dpick@picklaw.net About HireX Inc. Hirex Inc. offers solutions for staffing, recruitment, and HR services. Hirex, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10243) on February 7, 2025. In its petition, the Debtor reports total assets of $139,774 and total liabilities of $1,108,709. The Debtor tapped Douglas Pick, Esq., at Pick & Zabicki LLP as counsel and Frances M. Caruso as bookkeeper. HOOK ROAD: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- On May 27, 2025, Hook Road LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports $601,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Hook Road LLC Hook Road LLC is a real estate lessor, owns the property at 20 Hook Road in Bedford, New York, which the Debtor estimates to be worth $1.31 million, based on a broker's price opinion. Hook Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22460) on May 27, 2025. In its petition, the Debtor reports total assets of $1,313,000 and estimated Liabilities: $601,000. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtors are represented by H Bruce Bronson, Esq. at BRONSON LAW OFFICES PC. HOOTERS OF AMERICA: Committee Taps Pachulski Stang as Counsel ------------------------------------------------------------- The official committee Of unsecured creditors of Hooters of America, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Pachulski Stang Ziehl & Jones LLP as counsel. The firm's services include: a. assisting, advising, and representing the Committee in its consultations with the Debtors regarding the administration of these Chapter 11 Cases; b. assisting, advising, and representing the Committee in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens, and participating in and reviewing any proposed asset sales, asset dispositions, financing arrangements, and cash collateral stipulations or proceedings; c. assisting, advising, and representing the Committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; d. assisting, advising, and representing the Committee in assessing the acts, conduct, assets, liabilities, and financial condition of the Debtors, the Debtors' operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to these cases or to the formulation of any plan; e. assisting, advising, and representing the Committee in its participation in the negotiation, formulation, and drafting of a plan of liquidation or reorganization; f. assisting and advising the Committee in communicating with unsecured creditors regarding significant matters in these Chapter 11 Cases; g. representing the Committee at hearings and other proceedings; h. reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee regarding same; i. assisting the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; j. assisting, advising, and representing the Committee in the evaluation of claims and on any litigation matters; k. preparing, on behalf of the Committee, any pleadings, including, without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing; and l. providing such other services as may be required or requested or as may otherwise be deemed in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm's 2025 standard hourly rates are: Partners $1,150 to $2,350 Of Counsel $1,050 to $1.850 Associates $725 to $1,225 Paraprofessionals $595 to $650 In addition, the firm will seek reimbursement for expenses incurred. The firm provided the following information in response to the request for additional information set forth in Paragraph D.1 of the Fee Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments or discounts offered during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: The firm did not represent the client during the 12-month period prepetition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The firm anticipates that the Committee's professional fees will be initially governed by the Debtor in Possession Financing order and budget approved in these cases. Bradford Sandler, Esq., a partner at Pachulski Stang Ziehl & Jones, 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: Bradford Sandler, Esq. Pachulski Stang Ziehl & Jones LLP 1700 Broadway, 36th Floor New York, NY 10019 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 Email: bsandler@pszjlaw.com About Hooters of America Hooters of America, LLC is the owner and operator of a restaurant chain with hundreds of locations in the United States. Founded in 1983, Hooters of America and its affiliates own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. Hooters of America and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Judge Scott W. Everett oversees the cases. The Debtors tapped Foley & Lardner, LLP and Ropes & Gray LLP as co-counsel; Solic Capital, LLC as investment banker; and Accordion Partners, LLC as financial advisor. Kroll Restructuring Administration, LLC is the Debtors' notice, claims, solicitation and balloting agent. HOOTERS OF AMERICA: Hires Province LLC as Financial Advisor ----------------------------------------------------------- The official committee of unsecured creditors of Hooters of America, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Province, LLC as its financial advisor. The firm's services include: (a) becoming familiar with and analyzing the Debtors' DIP budget, assets and liabilities, and overall financial condition; (b) reviewing financial and operational information furnished by the Debtors; (c) monitoring the sale process, interfacing with the Debtors' professionals, and advising the Committee regarding the process; (d) scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; (e) analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; (f) assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; (g) preparing, or reviewing as applicable, avoidance action and claim analyses; (h) assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP budgets, and monthly operating reports; (i) advising the Committee on the current state of these chapter 11 cases; (j) advising the Committee in negotiations with the Debtors and third parties as necessary; (k) if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and (l) providing other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. Province will be paid at these rates: Managing Directors and Principals $900 to $1,450 per hour Vice Presidents, Directors, and Senior Directors $700 to $1,050 per hour Analysts, Associates, and Senior Associates $350 to $825 per hour Paraprofessional / Admin $270 to $450 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Paul Navid,, a partner at Province, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul Navid,, Esq. Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Tel: (702) 685-5555 About Hooters of America Hooters of America, LLC is the owner and operator of a restaurant chain with hundreds of locations in the United States. Founded in 1983, Hooters of America and its affiliates own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. Hooters of America and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Judge Scott W. Everett oversees the cases. The Debtors tapped Foley & Lardner, LLP and Ropes & Gray LLP as co-counsel; Solic Capital, LLC as investment banker; and Accordion Partners, LLC as financial advisor. Kroll Restructuring Administration, LLC is the Debtors' notice, claims, solicitation and balloting agent. HUDSON'S BAY: Workers Rally Over Illegal Termination, Unpaid Wages ------------------------------------------------------------------ Unifor members who work at Hudson's Bay Company (HBC) rallied in Windsor and Toronto to call for urgent insolvency reform and accountability from HBCexecutives who continue to deny workers' severance as liquidation nears completion. The rallies, led by Unifor Locals 40 and 240 which represent nearly 600 HBC workers, brought attention to the devastating impact of HBC's collapse on its workforce and the broader implications for thousands of Canadian workers caught in corporate bankruptcies. "Unifor is calling on HBC to honour its legal responsibilities to workers and urges federal legislators to overhaul Canada's insolvency laws to put workers first," Unifor Ontario Regional Director Samia Hashi told HBC members at the Toronto rally. "It's an absolute disgrace that executives are walking away with $3 million dollars in bonuses while our members--some with decades of service--are being denied the severance and benefits they've negotiated, earned, and rightfully deserve." Many Unifor members are owed tens of thousands of dollars in severance, benefits, and unpaid wages. Some workers with 20 or 30 years of service are now facing unemployment with no compensation as they await the full termination of the workforce so they can apply for the Wage Earner Protection Program (WEPP), which caps at approximately $8,844. "The WEPP cap leaves workers with significant financial loss while HBC executives and secured creditors like banks and landlords walk away with payouts," said Unifor Local 40 President Dwayne Gunness. "It's an injustice to all Canadian workers who are caught in the middle when companies fail and collapse--the laws must be changed to make workers priority one." HBC moved to cut workers' commissions during the liquidation process but reversed course after the union filed a grievance that claimed that the move violated legally binding collective agreements. While holding HBC accountable, Unifor is also calling on the federal government to address the systemic gaps in Canada's bankruptcy and insolvency laws. Under current legislation, workers are treated as "unsecured creditors" and often placed at the bottom of the compensation hierarchy--behind banks, landlords, and other investors. Unifor is urging Parliament to implement the following reforms: raise the cap on the Wage Earner Protection Program (WEPP), broaden eligibility and improve access to WEPP for all affected workers, strengthen super-priority status for workers' claims in bankruptcy proceedings, hold corporate directors personally liable for unpaid compensation, and to establish trust-held or federally guaranteed funds to ensure workers are fully compensated in the event of corporate failure. "This is about setting a precedent for how workers are treated in corporate failures moving forward--what HBC is doing to its workforce should be outlawed, and we'll continue fighting to ensure that workers are paid every penny they're owed," says Unifor Local 240 President Jodi Nesbitt. Unifor is Canada's largest union in the private sector, representing 320,000 workers in every major area of the economy. The union advocates for all working people and their rights, fights for equality and social justice in Canada and abroad, and strives to create progressive change for a better future. About Hudson's Bay Company ULC Hudson's Bay Company -- https://www.hbc.com/ -- is a Canadian holding company of department stores, and the oldest corporation in North America. Court filings as well as other information related to Hudson's Bay Company's CCAA proceedings will be available on the Monitor's website at www.alvarezandmarsal.com/HudsonsBay. Information regarding the CCAA process may also be obtained by calling the Monitor's hotline at (416) 847-5157 (toll free), or by email at hudsonsbay@alvarezandmarsal.com. Hudson's Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant. IMA FINANCIAL: Moody's Affirms 'B3' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of IMA Financial Group, Inc. (IMA). Moody's also affirmed the B3 ratings on IMA's $1 billion senior secured term loan due in November 2028 and its $200 million senior secured revolving credit facility due in August 2028. The rating outlook for IMA is stable. RATINGS RATIONALE IMA's ratings reflect its good regional presence as a middle market insurance broker offering property and casualty insurance and employee benefits products and services mainly in the western and southwestern US. IMA has good diversification across clients, producers and insurance carriers, and has expertise in sectors such as real estate, construction and energy. The company has grown rapidly in recent years through a combination of acquisitions and good organic growth. IMA is focused on building scale and improving EBITDA margins through organic growth, opportunistic acquisitions and expense management. These strengths are offset by IMA's high financial leverage, low interest coverage, significant cash outflows to pay contingent earnout liabilities and shareholder redemptions, and integration risk associated with acquisitions. IMA also has some geographic concentration with its top four states accounting for a majority of revenue. Like other brokers, IMA also faces potential liabilities arising from errors and omissions in the delivery of professional services. IMA's high financial leverage and limited interest and free cash flow coverage leave little room for error in managing its existing and newly acquired operations. Partly offsetting these risks, IMA has access to its revolving credit facility to address challenges and help fund growth. The company is majority owned by its employees and minority owned by three private equity firms. Moody's expects the minority investors would provide additional support if needed. For the 12 months through March 2025, IMA's pro forma financial leverage (per Moody's calculations) remained above 7.5x, with weak interest coverage and free cash flow metrics. Moody's expects that IMA will reduce its pro forma debt-to-EBITDA ratio to around 7.5x and maintain (EBITDA - capex) interest coverage and free-cash-flow-to-debt ratios in the low single digits over the next few quarters. These pro forma metrics reflect Moody's accounting adjustments for operating leases, contingent earnout liabilities, and run-rate EBITDA from acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of IMA's ratings include: (i) increased scale and geographic diversification, (ii) debt-to-EBITDA ratio below 6x, (iii) (EBITDA - capex) coverage of interest exceeding 2x, (iv) free-cash-flow-to-debt ratio exceeding 5%, and (v) successful integration of acquisitions. Factors that could lead to a rating downgrade include: (i) debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of interest below 1.2x, (iii) free-cash-flow-to-debt ratio below 2%, or (iv) disruptions to existing or newly acquired operations. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. Based in Denver, CO, IMA ranks among the 25 largest US insurance brokers based on 2023 revenue, according to Business Insurance. The company distributes commercial and personal property and casualty insurance, employee benefits and retirement products to midsize and larger businesses and to individuals. For the 12 months through March 2025, IMA generated total commissions and fees of $752 million. INSPIREMD INC: OrbiMed Holds 7.2% Equity Stake as of March 31 ------------------------------------------------------------- OrbiMed Advisors LLC and OrbiMed Capital GP IX LLC disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned 2,133,405 and 1,878,704 shares, respectively, of InspireMD, Inc.'s common stock, par value $0.0001 per share. These shares are held with shared voting and dispositive power. OrbiMed Advisors LLC's holdings represent approximately 7.2% of the shares outstanding, while OrbiMed Capital GP IX LLC's holdings represent approximately 6.3%, based on the total shares outstanding. OrbiMed Advisors LLC and OrbiMed Capital GP IX LLC may be reached through: Carl L. Gordon, Member 601 Lexington Avenue, 54th Floor New York, NY 10022 Tel: (212) 739-6400 A full-text copy of OrbiMed Advisors' SEC report is available at: https://tinyurl.com/2uytwnu5 About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 12, 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 cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $46.8 million in total assets, $10.7 million in total liabilities, and $36.1 million in total stockholders' equity. INVERSIONES ALFA: Taps Fowler White Burnett as Appellate Counsel ---------------------------------------------------------------- Inversiones Alfa V, C.A. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Fowler White Burnett as special appellate counsel. The firm will represent the Debtor in an appeal pending before the Third District Court of Appeal of Florida, Case No. 3D2025-0218. Fowler White will be paid at these hourly rates: Juan C. Zorrilla $550 per hour Partners $300 to $525 per hour Paralegal $$150 per hour Fowler White will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtor provided Fowler White with a $50,000 general retainer. Juan C. Zorrilla, a shareholder of Fowler White, assured the Court the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Fowler White can be reached at: Juan C. Zorrilla, Esq. FOWLER WHITE BURNETT PA Citigroup Center 201 South Biscayne Boulevard, 20th Floor Miami, FL 33131 Tel: (305) 789-9262 Fax: (305) 789-9201 Email: jzorrilla@fowler-white.com About Inversiones Alfa V, C.A. Inversiones Alfa V, C.A. owns a condominium unit, specifically Unit 2303, located in the Turnberry Ocean Colony South Tower in Sunny Isles, Florida. The Unit is valued at $4.1 million based on a purchase offer made in February 2024. Inversiones Alfa V, C.A. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-11310) on February 6, 2025. In its petition, the Debtor reports total assets of $7,763,329 and total liabilities of $8,903,465. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Christian Somodevilla, Esq. at LSS LAW. J MCCLOUD REALTY: Seeks to Hire J McCloud Realty as Counsel ----------------------------------------------------------- J McCloud Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Sadek Law Offices LLC as its attorney. The firm will render these services: a. advise the Debtor regarding its rights, duties, and obligations under the Bankruptcy Code; b. assist in the preparation of required filings including schedules, the statement of financial affairs, and monthly operating reports; c. represent the Debtor in all matters arising during the administration of the case, including motion practice and contested matters; d. assist in the formulation and confirmation of a plan of reorganization; and e. perform such other legal services as may be necessary and in the best interest of the estate. The firm will be paid at these rates: Brad J. Sadek (Attorney) $475 per hour Michael I. Assad (Attorney) $475 per hour Jennifer Phillips (Paralegal) $200 per hour Rebecca Shatzoff (Paralegal) $200 per hour As disclosed in the court filing, Sadek Law Offices is a "disinterested person" as contemplated by 11 U.S.C. Sec. 101(14). The firm can be reached through: Brad J. Sadek, Esq. Sadek Law Offices LLC 1315 Walnut St Ste 1119 Philadelphia, PA 19107 Tel: (215) 545-1055 About J McCloud Realty J McCloud Realty, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11778) on May 6, 2025, listing between $500,001 and $1 million in assets and between $500,001 and $1 million in liabilities. Judge Ashely M. Chan presides over the case. Michael I. Assad, Esq. and Brad J. Sadek, Esq. at Sadek Law J Offices, LLC represents the Debtor as legal counsel. JGA DEVELOPMENT: To Sell Jersey City Property to Jingha Fu ---------------------------------------------------------- JGA Development LLC seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Real Estate, free and clear of liens, interests, and encumbrances. The Debtor's Property is located at 219 York Street, Jersey City, NJ 07302. The Property is residential real estate, currently uninhabitable and requiring rehabilitation. The Debtor is a real estate development company and its core business operations consist of acquiring distressed properties, improving them, and reselling them. The Debtor’s financial distress is rooted in the economic side-effects of the COVID-19 pandemic – construction and material costs significantly increased from original projections and the time frame to complete jobs significantly increased as well. The Debtor wants to sell the Property to Jingha Fu with the purchase price of $1,320,000.00. No more than 4percent, to be split between seller's Realtor and buyer's Realtor. Debtor may seek concessions on commissions, or if this sale needs to be approved as a short sale, commissions as approved by Anchor Loans. About JGA Development LLC JGA Development, LLC, a real estate investment and development company in Vineland, N.J., filed Chapter 11 petition (Bankr. D.N.J. Case No. 24-16864) on July 9, 2024. At the time of the filing, the Debtor disclosed $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg, Jr. oversees the case. The Debtor tapped the Law Offices of Daniel Reinganum as bankruptcy counsel and Michele Zelina, Esq., as special counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. JPK NEWCO: Case Summary & Three Unsecured Creditors --------------------------------------------------- Debtor: JPK Newco, LLC 8401 Greensboro Drive Suite 960 McLean VA 22102 Business Description: JPK Newco, LLC is a real estate investment and lending company that holds junior liens on properties in Washington, D.C. Its assets include subordinate interests in real estate valued at over $3 million and a minority stake in an energy company. The firm operates in the private real estate financing sector, specializing in secured lending and investment holdings. Chapter 11 Petition Date: May 27, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00200 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Jeffrey M. Orenstein, Esq. WOLFF & ORENSTEIN LLC 15245 Shady Grove Road Suite 465 - North Rockville MD 20850-4231 Tel: 301-250-7232 Email: jorenstein@wolawgroup.com Total Assets: $3,111,937 Total Liabilities: $55,172 Daniel Huertas, in his role as manager, signed the petition. A full-text copy of the petition, which includes a list of the Debtor's threet unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ERGHXRY/JPK_Newco_LLC__dcbke-25-00200__0001.0.pdf?mcid=tGE4TAMA KAR WASH: Monroe Capital Marks $2.6MM Secured Loan at 69% Off ------------------------------------------------------------- Monroe Capital Corporation has marked its $2,663,000 loan extended to Kar Wash Holdings, LLC to market at $816,000 or 31% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan Kar Wash Holdings, LLC. The loan accrues interest at a rate of 10.58% per annum. The loan matures on February 28, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Kar Wash Holdings, LLC Kar Wash Holdings, LLC is engaged in the supply and distribution of car wash soaps and related products. KAR WASH: Monroe Capital Marks $952,000 Secured Loan at 68% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $952,000 loan extended to Kar Wash Holdings, LLC to market at $303,000 or 32% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan Kar Wash Holdings, LLC. The loan accrues interest at a rate of 10.44% per annum. The loan matures on February 26, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Kar Wash Holdings, LLC Kar Wash Holdings, LLC is engaged in the supply and distribution of car wash soaps and related products. KUBOTA OF KNOXVILLE: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Kubota of Knoxville, LLC 4525 Clinton Hwy. Knoxville, TN 37912 Business Description: Kubota of Knoxville, LLC is a certified Kubota equipment dealership based in Knoxville, Tennessee. The Company offers tractors, mowers, utility vehicles, and farming implements, along with maintenance and parts services. Founded in 2011, it serves customers across East Tennessee. Chapter 11 Petition Date: May 27, 2025 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 25-31018 Debtor's Counsel: Lynn Tarpy, Esq. TARPY, COX, FLEISHMAN & LEVEILLE, PLLC 1111 N Northshore Dr Suite N-290 Knoxville, TN 37919 Tel: (865) 588-1096 Fax: (865) 588-1171 Email: ltarpy@tcflattorneys.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Ron Krise, Jr. as vice 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/SU5EBLY/Kubota_of_Knoxville_LLC__tnebke-25-31018__0006.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KLAMD2Y/Kubota_of_Knoxville_LLC__tnebke-25-31018__0001.0.pdf?mcid=tGE4TAMA KULA GRAIN: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ Gregory Garvin, Acting U.S. Trustee for Region 19, appointed an official committee to represent unsecured creditors in the Chapter 11 case of Kula Grain Co, Inc. The committee members are: 1. U.S. Commodities Representative: Lisa Peterson) 730 2nd Avenue S., Suite 700 Minneapolis, MN 55402 (612)486-3828 LPeterson@agmotion.com 2. Adobe Walls Gin, LP Representative: Jerrell Key 10175 FM 51 Spearman, TX 79081 (806)659-2574 kim@awgcotton.com 3. Street Community Gin Representative: Barry Street 8495 FM 145 Kress, TX 79052 (806)292-7649 barry.street@hotmail.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 Kula Grain Co. Inc. Kula Grain Co. Inc. is a Fort-Morgan, Colorado-based grain merchant and interstate freight carrier that hauls dry-bulk farm commodities. Kula Grain Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12338) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Joseph G. Rosania, Jr. handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C. LAKE SPOFFORD: Seeks to Sell New Hampshire Property in Private Sale ------------------------------------------------------------------- Lake Spofford Cabins, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire, to sell Assets on a pre-conformation basis in a private sale, free and clear of liens, interests, and encumbrances. The Debtor is a New Hampshire Domestic Profit Corporation which was created on July 24, 1984. On July 30, 1984, Anthony Martini and Marisa Martini transferred title to a parcel of real estate situated in the Town of Chesterfield in Cheshire County, State of New Hampshire, also referred to as tax map 5M lot A010 (1 Spofford Cabins Way, the Premises), to Lake Spofford Cabins, Inc. The Premises have several cabins and cottages on it and LSC rents out the cabins and cottages. Anthony Martini and Marisa Martini also owned another parcel of real estate north of the Premises, tax map 5M lot A007 (17 Tyler Rd). 17 Tyler has one single family residence. Between the Premises and 17 Tyler are Two (2) small parcels, 15 Tyler (now owned by Judith Ginty) and 13 Tyler (now owned by the Zurmuhlens). The Debtor operated its business by renting cabins at Lake Spofford. It was a seasonal business which was usually busy and marginally profitable during the summer and fall months. Unfortunately, it appears that a combination of factors have resulted in fighting among the heirs of the Martini Sr. Probate Estate (brothers Carlo and Anthony), litigation by the Colantonio's against many Parties, including the Probate Estate and its Executor, Attorney Louis Pittocco. In short, what was a long-standing family business is no longer feasible due to the intensely bitter family fighting along with expensive, protracted litigation. If the business were still operational, there might be a chance that it could pay the Judgment lien over approximately 10 years at a modest interest rate. However, the business has generated no revenue since the Chapter was filed. No one is running the business and there are no plans to "jump start" the business and start renting cabins. The Debtor believes that selling its real estate is a better option as it will pay the only, secured Creditor of the Debtor and will conclude lengthy and expensive litigation against the Probate Estate (which is the shareholder of the Debtor). The Settlement Agreement contemplates a Sales price of $930,000 in exchange for all of the Debtor’s real estate as well as other, non-Debtor owned real estate. The benefit to the Debtor is simply this-its sole, unsecured debt will be paid. The Debtor's real estate (1 Spofford Cabin Way, unit 1, unit 2 and unit 3 have been appraised at $893,000, $201,000, $225,000 and $192,000 respectively). The aggregate of those Four (4) amounts is $1,511,000. A Liquidation analysis may lead one to ask if a higher price ought to be obtained. However, there is no benefit to the Bankrupt estate if it actually does receive a higher price because the sale is meant to pay off the Debtor’s debt completely. About Lake Spofford Cabins, Inc. Lake Spofford Cabins Inc., located in Spofford, NH, offers year-round rental cottages on Spofford Lake with amenities such as fully furnished interiors, Wi-Fi, and access to a private beach, docks, and watercraft. Lake Spofford Cabins, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10128 on March 3, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. The Debtor is represented by William J. Amann, Esq., at AMANN BURNETT PLLC. LML LOGISTICS: Hires BransonLaw PLLC as Bankruptcy Counsel ---------------------------------------------------------- LML logistics LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire BransonLaw, PLLC as its counsel. The firm will render these services: a. prosecute and defend any causes of action on behalf of the Debtor; prepare, on behalf of the Debtor, all necessary applications, motions, reports and other legal papers; b. assist in the formulation of a plan of reorganization; and c. provide all other services of a legal nature. Jacob D. Flentke, Esq., Flentke Legal Consulting, PLLC, is Of Counsel to BransonLaw, PLLC, is considered to be part of BransonLaw, PLLC, is a regular associate of BransonLaw, PLLC, and is compensated as a regular associate of BransonLaw, PLLC. The firm's services will be billed at the standard hourly rates, which rates range from $500 to $200 per hour. The firm received an advance fee of $14,660.50 for post-petition services and expenses in connection with this case and the filing fee of $1,738. BransonLaw, PLLC does not hold or represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Jeffrey S. Ainsworth, Esq. Jacob D. Flentke, Esq. Flentke Legal Consulting, PLLC, Of Counsel BransonLaw, PLLC 1501 E. Concord St. Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com jacob@bransonlaw.com jacob@flentkelegal.com About LML logistics LLC LML logistics LLC, also known as Littlefield Family Trucking, is a transportation and logistics company based in Ocala, Florida, specializing in freight management, offering warehousing, distribution, and freight forwarding services. LML logistics LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01314) on April 25, 2025. In its petition, the Debtor reports total assets of $477,655 and total liabilities of $1,104,342. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq. at BRANSONLAW, PLLC. LUMINARY ROLI: TriplePoint Venture Marks $35.4MM Loan at 80% Off ---------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $35,492,000 loan extended to Luminary Roli Limited to market at $6,985,000 or 20% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Luminary Roli Limited. The loan accrues interest at a rate of zero interest per annum. The loan matures on August 31, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Luminary Roli Limited Luminary ROLI is a London-based music technology company. MA MICRO: TriplePoint Venture Marks $1.3MM Loan at 73% Off ---------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $1,389,000 loan extended to MA Micro Limited to market at $374,000 or 27% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to MA Micro Limited. The loan accrues interest at a rate of Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About MA Micro Limited MA Micro Limited is engaged in the manufacture and distribution of motor vehicles and bicycles. MA MICRO: TriplePoint Venture Marks $4.1MM Loan at 36% Off ---------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $4,166,000 loan extended to MA Micro Limited to market at $2,659,000 or 64% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Convertible Note to MA Micro Limited. The loan accrues interest at a rate of Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About MA Micro Limited MA Micro Limited is engaged in the manufacture and distribution of motor vehicles and bicycles. MA MICRO: TriplePoint Venture Marks $4.1MM Loan at 81% Off ---------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $4,166,000 loan extended to MA Micro Limited to market at $801,000 or 19% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to MA Micro Limited. The loan accrues interest at a rate of Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment per annum. The loan matures on December 31, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About MA Micro Limited MA Micro Limited is engaged in the manufacture and distribution of motor vehicles and bicycles. MARCO'S PIZZA: Hires David P. Stich as Special Real Estate Counsel ------------------------------------------------------------------ Marco's Pizza of N.Y. Corp. and Josulianaa, Inc. seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire David P. Stich, Esq. as special real estate counsel. The counsel will be assisting the Debtors with their legal issues with landlord 145 East 49th Street L.L.C. (the Landlord), the action pending in the Civil Court of the City of New York, New York County, Part 52 entitled 145 East 49th St L.L.C. v. Marco's Pizza of N.Y. Corp. t/a La Bellezza Pizzeria (Index No. L&T 312851/22) and any real estate law issues. The current hourly rate standard hourly rates for Mr. Stich is $500 per hour. Mr. Stich is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The counsel can be reached through: David P. Stich, Esq. 521 Fifth Avenue, 17th Floor New York, NY 10175 Tel: (212) 292-4453 About Marcoss Pizza of N.Y., Corp. Marcoss Pizza of N.Y., Corp. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10468) on March 13, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge John P Mastando III presides over the case. Joel Shafferman, Esq. at Shafferman & Feldman, LLP represents the Debtor as counsel. MARINUS PHARMACEUTICALS: Beryl Capital Disposes of Equity Stake --------------------------------------------------------------- Beryl Capital Management LLC, Beryl Capital Management LP, Beryl Capital Partners II LP, and David A. Witkin disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned zero shares of Marinus Pharmaceuticals, Inc.'s Common Stock. The reporting persons may be reached through: Andrew Nelson, Chief Operating Officer 225 Avenue I, Suite 205, Redondo Beach, CA 90277 Tel: 917-4461-561 About Marinus Pharmaceuticals Marinus Pharmaceuticals, Inc. -- www.marinuspharma.com -- is a commercial-stage pharmaceutical company dedicated to the development of innovative therapeutics for seizure disorders. The Company first introduced FDA-approved prescription medication ZTALMY (ganaxolone) oral suspension CV in the U.S. in 2022 and continues to invest in the potential of ganaxolone in IV and oral formulations to maximize therapeutic reach for adult and pediatric patients in acute and chronic care settings. Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 5, 2024, citing that the Company has suffered recurring losses from operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2024, Marinus Pharmaceuticals had $87.1 million in total assets, $134.4 million in total liabilities, and $47.3 million in total stockholders' deficit. MBIA INC: Wolf Hill, 2 Others Hold 6.5% Equity Stake as of March 31 ------------------------------------------------------------------- Wolf Hill Capital Management, LP, Wolf Hill General Partner, LLC, and Gary Lehrman disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned 3,324,307 shares of MBIA Inc.'s common stock, with shared voting and dispositive power but no sole voting or dispositive power. This represents 6.5% of the class of MBIA Inc.'s common stock outstanding. Wolf Hill may be reached through: Gary Lehrman, Managing Member 35 Mason Street, 2nd Floor Greenwich, Connecticut 06830. Tel: 646-933-5538 A full-text copy of Wolf Hill's SEC report is available at: https://tinyurl.com/46tba84n About MBIA MBIA Inc., together with its consolidated subsidiaries, operates within the financial guarantee insurance industry. MBIA manages its business within three operating segments: 1) United States public finance insurance; 2) corporate; and 3) international and structured finance insurance. The Company's U.S. public finance insurance portfolio is managed through National Public Finance Guarantee Corporation, its corporate segment is managed through MBIA Inc. and several of its subsidiaries, including its service company, MBIA Services Corporation, and its international and structured finance insurance business is primarily managed through MBIA Insurance Corporation and its subsidiaries. * * * Egan-Jones Ratings Company on December 19, 2024, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by MBIA Inc. MIND CANDY: TriplePoint Venture Marks $1.4MM Loan at 60% Off ------------------------------------------------------------ TriplePoint Venture Growth BDC Corp. has marked its $1,476,000 loan extended to Mind Candy Limited to market at $594,000 or 40% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Mind Candy Limited. The loan accrues interest at a rate of 9% PIK interest per annum. The loan matures on December 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Mind Candy Limited Mind Candy is a British entertainment company, formed in 2004 by UK internet entrepreneur Michael Acton Smith, and based in Shoreditch, London, England. It's Moshi Monsters brand, created in 2007, spelled success for the Company, making it one of the more prominent start-ups in the UK technology scene. MIND CANDY: TriplePoint Venture Marks $1.5MM Loan at 60% Off ------------------------------------------------------------ TriplePoint Venture Growth BDC Corp. has marked its $1,582,000 loan extended to Mind Candy Limited to market at $636,000 or 40% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Mind Candy Limited. The loan accrues interest at a rate of 9% PIK interest per annum. The loan matures on December 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Mind Candy Limited Mind Candy is a British entertainment company, formed in 2004 by UK internet entrepreneur Michael Acton Smith, and based in Shoreditch, London, England. It's Moshi Monsters brand, created in 2007, spelled success for the Company, making it one of the more prominent start-ups in the UK technology scene. MIND CANDY: TriplePoint Venture Marks $23.9MM Loan at 60% Off ------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $23,953,000 loan extended to Mind Candy Limited to market at $9,563,000 or 40% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Mind Candy Limited. The loan accrues interest at a rate of 12.00% PIK interest per annum. The loan matures on December 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Mind Candy Limited Mind Candy is a British entertainment company, formed in 2004 by UK internet entrepreneur Michael Acton Smith, and based in Shoreditch, London, England. It's Moshi Monsters brand, created in 2007, spelled success for the Company, making it one of the more prominent start-ups in the UK technology scene. MINI MANIA: Fine-Tunes Plan Documents ------------------------------------- Mini Mania, Inc., submitted a Second Amended Disclosure Statement describing Second Amended Chapter 11 Plan dated May 7, 2025. This is a reorganizing plan under which the Debtor will make payments paying creditors over time. Like in the prior iteration of the Plan, the unsecured claims of $1,344,491.02 are paid at 15% over a 6-year period. Payments begin in month 7, and through year 2 are $1,222/mo. In year 3, payments are $2,750/mo. In year 4, payments are $3,056/mo. In years 5-6 payments are $4,583/mo. Total unsecured payments during the plan equal $201,673.65. The percentage stated is only an estimate. It is not a guaranty of a %. Payments to class members may be higher or lower than anticipated. Claims may be disallowed that would raise the % paid. The percentage actually paid may vary depending on any rejection claims or claims of putatively secured creditors who actually are unsecured or under-secured. Also claims may be amended to assert higher or lower claim amounts. Any failure to pay the stated % to class members shall not constitute a default. The Plan will be funded by the Debtor's business operation. The Debtor anticipates having monies of $45,000 on hand at the Plan's Effective Date from ongoing operations. No assets will be sold to fund the Plan. The proposed Plan has the following risks: The Debtor's income may not meet expectations. Although the Debtor has worked diligently to produce estimates of future income, it is not possible to make such predictions with certainty. It may be that in coming years, demand for the Debtor's products may drop. New technologies may impact the industry and the cost of raw materials may unexpectedly rise impacting the Debtor's prices and customers’ willingness, or lack thereof, to pay higher prices. Another risk is that the Debtor, which rents its building under an expired lease, may need to vacate the premises and to move its assets including inventory, elsewhere. This would disrupt the business. The landlord is also the person who sold the business to the Debtor. The landlord has a personal connection to the case and also desires higher rent payments than is practicable or warranted by local conditions. If the Debtor is compelled to move, it will do so. Moving might mean a delay for a short period of time in the Debtor making plan payments. The argument may be made that location is key but that is not the case here. The Debtor sells its products to customers throughout the United States and beyond. The customers purchase online; they do not drive to the Debtor's building to purchase products. As necessary, the Debtor would store inventory and continue in business. At a recent hearing, the Debtor's landlord questioned if the recently announced tariffs would be an issue, e.g. that they could burden the business. The Debtor had previously worked with its suppliers to ascertain potential changes to its costs for products and would raise prices to its customers. To sweeten the fact of increased prices to customers, and if necessary, the Debtor would offer to the customers a grab-bag of inventory, older inventory that is not moving. A full-text copy of the Second Amended Disclosure Statement dated May 7, 2025 is available at https://urlcurt.com/u?l=5gRal0 from PacerMonitor.com at no charge. Counsel to the Debtor: Steven R. Fox, Esq. The Fox Law Corporation, Inc. 17835 Ventura Blvd., Suite 306 Encino, CA 91316 Tel: (818) 774-3545 Fax: (818) 774-3707 Email: srfox@foxlaw.com About Mini Mania, Inc. Mini Mania Inc., d/b/a Sprintboostersales.com, owns and operates automotive parts, accessories, and tire stores. On the Web: https://minimania.com/ Mini Mania Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-22456) on June 4, 2024. In the petition filed by Jonathan Harvey, as president, the Debtor reports total assets of $1,155,121 and total liabilities of $3,312,513. The Honorable Bankruptcy Judge Fredrick E Clement oversees the case. The Debtor is represented by Steven R. Fox, Esq., at The FoxLaw Corporation, Inc. MITCHELL TOPCO: Moody's Assigns 'B3' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings assigned a B3 corporate family rating and B3-PD probability of default rating to Mitchell Topco Holdings, Inc. (Mitchell). Concurrently, Moody's affirmed Mitchell International, Inc.'s senior secured first-lien bank credit facility, which includes a $340 million revolver due 2029 and a $2.7 billion first-lien term loan due 2031, at B2. Moody's also affirmed Mitchell International, Inc.'s $400 million senior secured second-lien term loan due 2032, at Caa2. Mitchell International, Inc.'s B3 CFR and B3-PD PDR were withdrawn. The outlook on both entities is stable. RATINGS RATIONALE The B3 CFR of Mitchell Topco Holdings, Inc. (dba "Enlyte"), a leading provider of cost containment and clinical solutions for insurance companies, third party administrators ("TPA") and self-insured employers, reflects its high debt/EBITDA leverage of over 7.0x and low but positive free cash flow generation as of the last twelve months ended March 31, 2025 (including Moody's adjustments). The rating also takes into consideration the company's exposure to cyclical fluctuations of worker's compensation and auto claim volumes, which are its main revenue sources. Moody's considers Mitchell's financial policies as aggressive, driven by the company's history of debt-funded acquisitions and shareholder distributions, further pressuring the credit profile. Mitchell's credit profile is supported by Moody's expectations for organic revenue growth in the low to mid-single digits, driven by new business bookings, higher claims volumes, and incremental revenue from cross selling activities during the next 12 to 18 months. Additionally, Moody's expects ongoing cost reduction initiatives to help drive EBITDA growth, leading to a reduction in debt/EBITDA leverage towards 7.0x by the end of 2026, absent any additional debt funded acquisitions or distributions. The company's cost containment software and services, clinical services, and extensive reach of its workers' compensation and auto PPO network, present a consolidated suite of tools for clients, which bears high switching costs and also supports high customer retention. Moody's believes that the company's scale and breadth of services in its product suite, which is difficult for competitors to replicate, supports Mitchell's leading competitive position in the worker's compensation and auto claims segments. Moody's views Mitchell's liquidity position as adequate, underpinned by the company's $85 million cash balance and $340 million revolving bank credit facility, which had $15 million drawn as of March 31, 2025. Due to the company's high debt balance, the interest burden limits its cash flow profile. However, Moody's expects the company's cash flow generation to improve driven by EBITDA growth and some interest savings due in part to the company's term loan repricing in June 2024, with FCF/debt expected to be in the 2% - 3% range over the next 12 months. The first-lien secured credit facility has a loose springing first-lien leverage limit of 8.75x, applicable only when there is at least 40% outstanding under the revolver. Moody's anticipates Mitchell will be in compliance with the covenant over the next 12 months. The stable outlook reflects Moody's expectations of organic growth in the low to mid single-digit percentage range and EBITDA margin improvements leading to a reduction in debt/EBITDA leverage towards 7.0x in the next 15-18 months, supported by new business bookings, new revenue from cross selling activities, and cost optimization initiatives. Moody's also expects free cash flow generation to be positive but modest during the next 12 months. The ratings for the individual debt instruments incorporate Mitchell's overall probability of default reflected in the B3-PDR. The first-lien credit facility, consisting of a $340 million revolver due 2029 and a $2.7 billion term loan due 2031 are rated B2, one notch higher than the B3 corporate family rating. The B2 first-lien instrument rating reflects their relative size and senior position ahead of the second-lien term loan that would drive a higher recovery for first-lien debt holders in the event of a default. However, the increased proportion of first-lien debt in the capital structure as part of the June 2024 transaction reduced the benefits of its priority position ahead of the second-lien term loan. Additional first-lien issuances in place of second-lien debt could result in an instrument rating downgrade, as the capital structure moves towards a predominantly first-lien structure. Mitchell's $400 million second-lien term loan, due 2032, is rated Caa2, two notches below the corporate family rating. These credit facilities include portable provisions that allow for the transfer of ownership without triggering a change of control. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Mitchell generated stronger than anticipated revenue and profitability growth and sustained more conservative financial policies, leading to a significant improvement in leverage metrics, with debt/EBITDA declining towards 6.0x and free cash flow as a percentage of total debt approaching 5%. An improvement in the company's liquidity position would also be required for an upgrade. The ratings could be downgraded if revenue growth or profitability declines materially due to customer losses, pricing pressures or increasing competition. Expectations of debt/EBITDA leverage to remain above 8x without a clear path to deleveraging or free cash flow becoming negative can also lead to a downgrade. The ratings could also be downgraded if liquidity diminishes or if (EBITDA – capex)/interest expense coverage was expected to decline below 1x. Enlyte is a leading provider of cost containment and clinical solutions for insurance companies, third party administrators ("TPA") and self-insured employers. The company operates three business segments: claims software & provider networks, clinical services, and specialty networks. The claims software & provider networks segment provides integrated claims and cost containment software to assist insurance carriers and other claims payers in accelerating and optimizing claims management processes for workers' compensation claims, auto related injury claims, and automobile physical damage ("APD"). The clinical services segment provides clinical case/utilization management services. The specialty networks segment coordinates care and provides access to national network via contracted rates for ancillary products and services. Private equity sponsor Stone Point Capital acquired both Mitchell and Genex in early 2018, and combined the two companies in October 2018. The acquisition of Coventry closed in July 2020 and the combined company was subsequently rebranded as Enlyte. The company generated roughly $1.5 billion of revenue for the last twelve months ended March 31, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. MNINE HOLDINGS: Monroe Marks $747,000 Secured Loan at 45% Off ------------------------------------------------------------- Monroe Capital Corporation has marked its $747,000 loan extended to Mnine Holdings, Inc. to market at $408,000 or 55% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Mnine Holdings, Inc. The loan accrues interest at a rate of 11.56% per annum. The loan matures on December 31, 2025. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Mnine Holdings, Inc. Mnine Holdings, Inc. is engaged in providing high technology solutions and services in the U.S. MODERN EYE: Unsecured Creditors to Split $3,600 over 36 Months -------------------------------------------------------------- Modern Eye Gallery, LLC filed with the U.S. Bankruptcy Court for the Middle District of Tennessee an Original Plan of Reorganization under Subchapter V dated May 7, 2025. The Debtor was established in October 2015 and is an optometry clinic owned and operated by Dr. John Kirby, (Dr. Kirby) who is the sole member of the LLC and a licensed optometrist. As well as providing eye health evaluations, the Debtor maintains a retail optical location which provides for the sale of glasses, sunglasses, and contact lenses. Dr. Kirby provides comprehensive eye exams and emergency eye exams when necessary, including removal of foreign bodies, bandaging corneal abrasions, prescribing medications, topical and oral, for injury, infection and inflammation when necessary. This Plan of Reorganization under Chapter 11 of the Code proposes to pay the creditors of the Debtor from future income of the Debtor. Non-priority unsecured creditors holding allowed claims, if any, will receive pro rata distributions from the ongoing cash flow of the debtor. Class No. 6 consists of All Allowed Unsecured Claims. The Debtor shall pay allowed unsecured claims a pro-rata distribution for a period of no more than 36 months from the Effective Date in three annual payments in the amount of $1,200.00 each for a total amount of $3,600.00. Said payments shall commence on the one-year anniversary of the Effective Date, and shall be paid annually thereafter. The allowed unsecured claims total $517,287.42. The Debtor will retain all ownership rights in property of the estate. The Debtor anticipates the funds to meet the plan payments shall come from the daily operations of the Debtor's business. Except as otherwise expressly provided in the Plan, Confirmation of the Plan under Section 1191(a) of the Bankruptcy Code shall vest all the property of the Debtor's estate in the Debtor. If the Plan is confirmed pursuant to Section 1191(b) of the Bankruptcy Code, all the property of the Debtor's estate will remain vested in the estate until a discharge is granted. Except as otherwise provided in the Plan, all property shall be free and clear of all claims, liens, and interests of any party as of the Confirmation of the Plan. This Plan will evidence the release of any and all liens or encumbrances against all property, unless such lien or encumbrance is specifically retained in the Plan. A full-text copy of the Subchapter V Plan dated May 7, 2025 is available at https://urlcurt.com/u?l=zKfKHc from PacerMonitor.com at no charge. Counsel to the Debtor: Jay R. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC 908 Harpeth Valley Place Nashville, TN 37221 Tel: (615) 256-8300 Fax: (615) 255-4516 Email: jlefkovitz@lefkovitz.com About Modern Eye Gallery Modern Eye Gallery, LLC, is an optometry clinic owned and operated by Dr. John Kirby, (Dr. Kirby) who is the sole member of the LLC and a licensed optometrist. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-00636) on February 14, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Glen Watson, Esq., at Watson Law Group, PLLC serves as Subchapter V trustee. Judge Nancy B. King oversees the case. Jay R. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC, represents the Debtor as legal counsel. MODIVCARE INC: Q Global Holds No Shares as of March 31 ------------------------------------------------------ Q Global Capital Management, L.P. disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that it no longer holds shares of ModivCare Inc.'s common stock as of March 31, 2025. As of February 21, 2025, ModivCare had 14,340,049 shares of common stock outstanding, according to the Company's Annual Report on Form 10-K filed on March 6, 2025. Q Global Capital Management, L.P. may be reached through: Geoffrey Raynor, Managing Principal 301 Commerce Street, Suite 3200 Fort Worth, Texas 76102 Tel: 817-332-9500 A full-text copy of Q Global Capital's SEC report is available at: https://tinyurl.com/4xshjz97 About ModivCare ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. At December 31, 2024, ModivCare had 1,654,332,000 in total assets, 1,692,806,000 in total liabilities, and 38,474,000 in total stockholders'deficit. * * * As reported by the Troubled Company Reporter in March 2025, S&P Global Ratings lowered its Company credit rating on ModivCare Inc. to 'CCC+' from 'B'. The outlook is negative. MP OCTOPUS: Court OKs Buckeye Pizza Property to Mike Denunzio ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division has permitted MP Octopus Pizza, LLC and its affiliates, along with Applicable Debtor, Buckeye Pizza 8282 LLC, to sell Property, free and clear of liens, interests, and encumbrances. The Applicable Debtor is engaged in the ownership of a pizza franchise located at 11182 66th St. N., Largo, Pinnellas county, Florida 33773. The Court has authorized the Applicable Debtor to sell Buckeye Pizza 8282 LLC's equipment, personal property, and goodwill located at the leased space, namely furniture and equipment to Mike Denunzio, Luis Armando Diaz Franceschi and Diego Alejandro Diaz Silva, for the lump sum payment of $50,000. Included in the sale are: a) 3 Point of Sale System b) 2 Middle B Marshall PS 670 G c) Makeline 1 Delfield 196114PTBMP d) Salad/Sub Station 1 Turbo Air MST-48-18 e) Reproofer 1 True T-23 G f) Stretcher 1 Somerset CDR-500 g) Mixer 1 Hobart MHL662 h. Walk in Fridge 1 Kolpak i) Freezer 1 Seagate Freezer j) 3 Compartment Sink 1 Unit k) Hand Sinks 3 Units l) Eyebrow Oven Hood, Fan & Curb m) 1 Channel Custom Dough Tray Rack n) 18' Cut Table with Condiment rail The Debtor may also assign its lease with MacSub VI, Inc. to the Purchaser for no additional consideration. The Purchaser shall reimburse the Debtor pro rata for any lease payment already made by the Debtor which covers a term in which the Purchaser will be utilizing the leased premises. The Purchaser shall also be responsible for all lease payments with MacSub VI, Inc. post-closing, regardless of whether the lease has been assigned to the Purchaser. The instant order shall govern the sale of the assets by the Debtor to the Purchaser and not the Purchase Agreement dated March 6, 2025, or any other document executed prior to the entry of the instant order. The liens of all secured creditors, specifically including ConnectOne Bank, Navitas Credit Corp., and Rewards Network Establishment Services, Inc., will attach to the proceeds from the sale. The Debtor is also authorized to pay all ordinary and necessary closing expenses normally attributed to a seller of personal property at closing. The Purchaser will be responsible for any transfer taxes arising from the sale. 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. MP OCTOPUS: Court OKs Cortez Pizza Equipment to Mike DeNunzio ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division has permitted MP Octopus Pizza, LLC and its affiliates, along with Applicable Debtor, Cortez Pizza House LLC, to sell Property, free and clear of liens, interests, and encumbrances. The Applicable Debtor is engaged in the ownership of a pizza franchise located at 1126 62nd Ave. N., Saint Petersburg, Pinellas County, Florida 33702. The Court has authorized the Applicable Debtor to sell furniture, fixtures, and equipment to Mike DeNunzio, Luis Armando Diaz Franceschi, Diego Alejandro Diaz Silva and/or assigns for the lump sum payment of $50,000. The Assets to be purchased include: a) (4) Point of Sale Systems b) (2) MM 670G ovens c) Makeline 1 Rendell 84111N d) Salad/Sub Station 1 Turbo Air MST-48-18 e) Reproofer 1 True T-23G f) Stretcher 1 Somerset CDR-501 g) Mixer 1 Hobart H-600T h) Walk in Fridge 1 Kolpak i) Freezer 1 Thompson j) 3 Compartment Sink 1 Unit k) Hand Sink(3) 3 Units l) Eyebrow Oven Hood, Fan & Curb m) 1 Channel Custom Dough Tray Rack The Debtor may also assign its lease with 1126 62nd Ave. N., LLC to the Purchaser for no additional consideration. At closing, the Purchaser shall reimburse the Debtor pro rata for any lease payment already made by the Debtor which covers a term in which the Purchaser will be utilizing the leased premises. Furthermore, the Purchaser shall be responsible for all lease payments with 1126 62nd Ave. N., LLC post-closing, regardless of whether the lease has been assigned to the Purchaser. The liens of all secured creditors, specifically including ConnectOne Bank, Navitas Credit Corp., and Rewards Network Establishment Services, Inc., will attach to the proceeds from the sale to the same extent, validity, and priority as the liens currently exist against the Purchased Items. The Debtor is ordered to pay all ordinary and necessary closing expenses normally attributed to a seller of personal property at closing. The Purchaser will also be responsible for any transfer taxes arising from the sale. 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. MP OCTOPUS: Court OKs Pizza Business Sale to Kyle Garrick --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved MP Octopus Pizza, LLC and its affiliates, along with Applicable Debtor, Bama Pizza 8028 LLC, to sell Marco's Pizza Store's Property, free and clear of liens, interests, and encumbrances. The Applicable Debtor is engaged in the ownership of a pizza franchise located at 1440 Main St., Dunedin, Pinellas County, Florida 34698. The Court authorized the Applicable Debtor to sell certain of Bamma Pizza 8028 LLC's equipment, personal property and goodwill to Kyle Garrick or his assigns with the purchase price of $50,000.00. The Assets included in the sale are: a) 4 Point of Sale Systems b) 2 Middle B Marshall PS 555-Q c) Makeline Delfield 196114PTBMP d) Salad/Sub Station 1 Turbo Air MST-48-18 e) Reproofer 1 True T-23G f) Stretcher 1 Somerset CDR-500 g) Mixer 1 Globe SP62P h) Walk Fridge 1 Kolpak i) Freezer 1 Magic Chef HMCF7W4 j) 3 Compartment Sink 1 Unit k) Hand Sink(s) 2 Units l) Eyebrow Oven Hood, Fan & Curb m) 1 Channel Custom Dough Tray Rack The Court ordered that upon the purchaser satisfying Marco's Franchising LLC qualification and conforming to its franchise approval process, Marco's will provide written approval of the sale and will not unreasonably withhold approval. The Debtor is also approved to sell furniture, fixtures, and equipment "as is" and free and clear of any liens, claims, interests, and encumbrances. The Debtor may also assign its lease with 1126 62nd Ave. N., LLC to the Purchaser for no additional consideration. The Court further held that the liens of all secured creditors, specifically including ConnectOne Bank and Rewards Network Establishment Services, Inc., will be attached to the proceeds from the sale to the same extent, validity, and priority as the liens currently exist against the Purchased Items. The Debtor is allowed to pay all ordinary and necessary closing expenses normally attributed to a seller of personal property at closing. The Purchaser shall be responsible for any transfer taxes arising from the sale. 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. NAKDCOM ONE: TriplePoint Venture Marks $6.6MM Loan at 17% Off ------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $6,621,000 loan extended to Nakdcom One World AB to market at $5,515,000 or 83% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Nakdcom One World AB. The loan accrues interest at a rate of Prime + 8.25% PIK interest, 11.50% floor, 10.00% EOT payment per annum. The loan matures on December 31, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Nakdcom One World AB Nakdcom One World AB is a digital fashion house, offering on-trend clothing and accessories designed to make clients feel like the very best version of themselves. NAS LOGISTICS: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- On May 27, 2025, NAS Logistics 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 $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About NAS Logistics LLC NAS Logistics LLC is a freight transportation company based in Grand Prairie, Texas. It operates as an interstate carrier authorized for hire, primarily hauling general freight. NAS Logistics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41886) on May 27, 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 Michael Wiss, Esq. at MICHAEL WISS & ASSOCIATES. NBA PROPERTIES: Case Summary & 10 Unsecured Creditors ----------------------------------------------------- Debtor: NBA Properties Inc 600 Lincoln Ave #93185 Pasadena, CA 91109 Business Description: NBA Properties Inc. owns three assets in California -- Pasadena, Sierra Madre, and Victorville -- including 9.7 acres of vacant land subdivided into 37 lots. The portfolio is collectively valued at $7.25 million. Chapter 11 Petition Date: May 27, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-14395 Judge: Hon. Sheri Bluebond Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Fax: 213-202-6075 Email: tom@urelawfirm.com Total Assets: $7,283,500 Total Liabilities: $6,762,891 The petition was signed by Hector Ernesto Naranjo Torres as authorized agent. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/E5WQTFA/NBA_Properties_Inc__cacbke-25-14395__0001.0.pdf?mcid=tGE4TAMA NECB COLLECTIONS: Monroe Marks $1.3MM Secured Loan at 69% Off ------------------------------------------------------------- Monroe Capital Corporation has marked its $1,356,000 loan extended to NECB Collections, LLC to market at $422,000 or 31% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Senior Secured Loan to NECB Collections, LLC. The loan accrues interest at a rate of 16.94% per annum. The loan has no expiration. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About NECB Collections, LLC NECB Collections, LLC is engaged in providing consumer services in the U.S. NEWBURN LAW: Seeks Subchapter V Bankruptcy in Colorado ------------------------------------------------------ On May 23, 2025, Newburn Law PC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. 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 Newburn Law PC Newburn Law PC is a Denver-based law firm providing legal services. Newburn Law PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13133) on May 23, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Wadsworth Garber Warner Conrardy PC. NLC PRODUCTS: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Arkansas signed a final order allowing NLC Products, Inc. to use its secured lender's cash collateral. The final order penned by Judge Phyllis Jones authorized the company to use the cash collateral of Arvest Bank to pay the expenses set forth in its budget, with a 10% variance allowed. As protection, the secured lender was granted replacement liens coextensive with its pre-bankruptcy liens. In addition, Arvest Bank will receive payments of post-petition interest in the amount of $24,838 by June 30, and monthly thereafter in the amount of $12,419 until ordered otherwise by the court. The company's right to use cash collateral will terminate 90 days from May 19 unless otherwise agreed by the secured lender and the company or ordered by the court. About NLC Products Inc. NLC Products Inc. is a privately held company specializing in niche catalog and e-commerce retail. Based in Arkansas, it operates a range of brands across various lifestyle segments, including gifts, apparel, and specialty merchandise. One of its notable subsidiaries is SGT GRIT, a brand dedicated to United States Marine Corps-themed apparel and accessories, which NLC acquired to expand its patriotic and military-focused offerings. NLC Products Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-11264) on April 14, 2025. In its petition, the Debtor reported total assets of $4,144,606 and total liabilities of $3,997,628. Judge Phyllis M. Jones handles the case. The Debtor is represented by Kevin P. Keech, Esq., at Keech Law Firm, PA. NORTHERN DYNASTY: Annual Meeting of Shareholders Set for June 19 ---------------------------------------------------------------- Northern Dynasty Minerals Ltd. filed a Notice of Annual General Meeting of Shareholders on Form 6-K Report filed with the U.S. Securities and Exchange Commission stating that the Annual General Meeting of Shareholders will be held at the offices of the Company, 14th Floor 1040 West Georgia Street, Vancouver, British Columbia, on June 19, 2025 at 10:00 a.m., local time, for the following purposes: 1. To receive the Consolidated Annual Financial Statements for the years ended December 31, 2024 and 2023, the related report of the auditor thereon and the related Management Discussion and Analysis; 2. To elect directors of the Company for the ensuing year, see Election of Directors in the Information Circular; 3. To appoint the auditor for the ensuing year, see Appointment of Auditor in the Information Circular; 4. To consider, and if thought advisable, to approve an ordinary resolution of shareholders, to ratify, confirm and approve the Share Option Plan, as amended, for continuation for a three-year period, such Share Option Plan, and the update amendments made thereto, being described in the Information Circular, see Particulars of Matters to be Acted Upon - Approval of the Amended and Restated Option Plan in the Information Circular; 5. To consider, and if thought advisable, to approve an ordinary resolution to approve certain amendments to the Deferred Share Unit Plan, as more particularly set out in the Information Circular - see Particulars of Matters to be Acted Upon - DSU Plan Resolution in the Information Circular; 6. To consider, and if thought advisable, to approve an ordinary resolution to ratify and approve the Company's Amended and Restated Shareholder Rights Plan Agreement and its continuation for a three-year period, as more particularly set out in the Information Circular - see Particulars of Matters to be Acted Upon - Shareholder Rights Plan Continuation and Renewal in the Information Circular; and 7. To consider any permitted amendment to or variation of any matter identified in this Notice; and to transact such other business as may properly come before the Meeting or any adjournments thereof. The Company's Information Circular dated May 2, 2025 accompanies this Notice of Annual General Meeting. The Information Circular contains further particulars of matters to be considered at the Meeting. The Meeting may also consider any permitted amendment to/or variation of any matter identified in this Notice and transact such other business as may properly come before the Meeting or any adjournment thereof. Copies of the Annual Financial Statements and MDA will be made available at the Meeting and, along with the Company's Annual Information Form, are available under the Company's SEDAR+ profile at www.sedarplus.ca About Northern Dynasty Minerals Ltd. Northern Dynasty Minerals Ltd. is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project. In its report dated March 27, 2025, Deloitte LLP, the Company's auditor in Vancouver, Canada, issued a "going concern" qualification, stating that the Company incurred a consolidated net loss of $33 million for the year ended Dec. 31, 2024, and had a consolidated deficit of $729 million as of that date. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Northern Dynasty reported a net loss of C$36.15 million for the year ending Dec. 31, 2024, compared to a net loss of C$21 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company reported total assets of C$137.16 million, total liabilities of C$39.96 million, and total equity of C$97.20 million. NORTHERN DYNASTY: Supports 30-Day Abeyance in Pebble Case --------------------------------------------------------- Northern Dynasty Minerals Ltd. and its 100%-owned U.S.-based subsidiary Pebble Limited Partnership have informed the Court that they do not object to a motion from the Environmental Protection Agency and U.S. Army Corps of Engineers to hold the litigation in abeyance for a further 30 days. This is in addition to the 90-day abeyance that was requested by the defendants on February 14, 2025, to give the new administration time to familiarize themselves with the issues presented in this case and to decide how they wish to proceed. "We have not objected to the request for this additional and shorter abeyance because there still is not a confirmed Assistant Attorney General for the Environment and Natural Resources Division of the Justice Department in place. This is an important position in any negotiation between a project proponent and a regulator, and for a process that could, hopefully, remove the veto and re-start the permitting process," said Ron Thiessen, Northern Dynasty President and CEO. For further details on Northern Dynasty and the Pebble Project, please visit the Company's website at www.northerndynastyminerals.com or contact Investor services at (604) 684-6365 or within North America at 1-800-667-2114. Public filings, which include forward looking information cautionary language and risk factor disclosure regarding the Company and the Pebble Project can be found in Canada at www.sedarplus.ca and in the United States at www.sec.gov. About Northern Dynasty Minerals Ltd. Northern Dynasty Minerals Ltd. is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project. In its report dated March 27, 2025, Deloitte LLP, the Company's auditor in Vancouver, Canada, issued a "going concern" qualification, stating that the Company incurred a consolidated net loss of $33 million for the year ended Dec. 31, 2024, and had a consolidated deficit of $729 million as of that date. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Northern Dynasty reported a net loss of C$36.15 million for the year ending Dec. 31, 2024, compared to a net loss of C$21 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company reported total assets of C$137.16 million, total liabilities of C$39.96 million, and total equity of C$97.20 million. OCEAN POWER: Closes $10M Initial Note Offering Under $25M Deal -------------------------------------------------------------- Ocean Power Technologies, Inc. announced that the Company entered into a securities purchase agreement with certain institutional investors under which the Company agreed to issue and sell, in one or more registered public offerings by the Company directly to the Investor, convertible notes for up to an aggregate principal amount of $25,000,000 that will be convertible into shares of the Company's common stock, par value of $0.001 per share. On May 15, 2025 (the "Initial Closing Date"), the Company issued and sold to the Investors Notes in the original aggregate principal amount of $10,000,000. "Upon our filing of one or more additional prospectus supplements, and our satisfaction of certain other conditions, the Securities Purchase Agreement contemplates additional closings of up to $15 million in aggregate principal amount of additional Notes," the Company explained. The Securities Purchase Agreement contains customary representations, warranties and covenants. The Notes contain customary affirmative and negative covenants, including certain limitations on debt, liens, restricted payments, asset transfers, changes in the business and transactions with affiliates. The Notes also contain standard and customary events of default. No Note may be converted to the extent that such conversion would cause a holder of such Note to become the beneficial owner of more than 4.99%, or, at the option of such holder, 9.99% of the then outstanding Common Stock, after giving effect to such conversion. The Notes shall not bear interest except that upon the occurrence and during the continuance of an event of default. Upon the occurrence and during the continuance of an event of default, the interest rate on the Notes will be 13% per annum. Unless earlier converted, the Notes will mature on the twenty-four-month anniversary of their respective issuance dates. At any time after the issuance date, all amounts due under the Notes are convertible, in whole or in part, and subject to the Beneficial Ownership Cap, at a conversion price equal to $0.68, which is subject to customary adjustments upon any stock split, stock dividend, stock combination, recapitalization or similar events. Starting on the closing date, the Notes amortize in installments, and the Company will make monthly payments on the first trading day of each monthly anniversary commencing on the closing date through the maturity date, payable in cash or shares of common stock. Upon the satisfaction of certain conditions, the Company may prepay outstanding Notes upon not less than 20 trading days' written notice by paying an amount equal to the portion of the Notes being redeemed at a 12.5% premium. The Notes and shares issuable upon conversion of the Notes are being offered and sold pursuant to a prospectus supplement which will be filed in connection with a "takedown" from the Company's shelf registration statement on Form S-3 (File No. 333-275843) declared effective on December 12, 2023. The foregoing descriptions of the Securities Purchase Agreement and the Notes are not complete and are qualified in its entirety by reference to the full text of those agreements, copies of which are included as Exhibits and incorporated by reference to the Company's Report on Form 8-K, available at: https://tinyurl.com/2s4bycc6 About Ocean Power Technologies Ocean Power Technologies, Inc. -- https://oceanpowertechnologies.com/ -- provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. The Company's PowerBuoy platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. The Company also offers WAM-V autonomous surface vessels (ASVs) and marine robotics services. The Company's headquarters is located in Monroe Township, New Jersey, with an additional office in Richmond, California. Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated July 25, 2024, citing that the Company has recurring net losses and net cash flow used in operations that raise substantial doubt about its ability to continue as going concern. As of January 31, 2025, Ocean Power Technologies had $34.4 million in total assets, $5.5 million in total liabilities, and $28.9 million in total shareholders' equity. OPTINOSE INC: Stonepine Entities Hold 7.8% Equity Stake ------------------------------------------------------- Stonepine Capital Management, LLC, Stonepine Capital, L.P., Stonepine GP, LLC, and Jon M. Plexico disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned 788,647 shares of OptiNose, Inc.'s common stock. These shares are held with shared voting and dispositive power and represent approximately 7.8% of the 10,072,259 shares of common stock outstanding as reported in the Company's Form 10-K for the fiscal year ended December 31, 2024. Stonepine Capital Management, LLC may be reached through: Jon M. Plexico, Managing Member 2900 NW Clearwater Drive, Suite 100-11 Bend, OR 97703 Tel: 541-647-5673 A full-text copy of Stonepine Capital's SEC report is available at: https://tinyurl.com/3je7ufcb About OptiNose, Inc. OptiNose, Inc. -- www.optinose.com -- is a specialty pharmaceutical company based in Yardley, Pennsylvania, focused on developing and commercializing products for patients treated by ear, nose and throat (ENT) and allergy specialists. The Company's first product, XHANCE (fluticasone propionate) nasal spray, utilizes its proprietary Exhalation Delivery System (EDS) to treat chronic rhinosinusitis, including cases with and without nasal polyps. XHANCE delivers medication to deeper, hard-to-reach areas of the nasal passages, offering a potential improvement over conventional intranasal steroids. Optinose also aims for XHANCE to become a standard maintenance therapy following sinus surgery to enhance patient outcomes. Philadelphia. Pa.-based Ernst & Young LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Mar. 26, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has a working capital deficiency and expects to not be in compliance with certain debt covenants, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $128.8 million in total assets, $169.1 million in total liabilities, and a total stockholders' deficit of $40.4 million. OUTFITTERY GMBH: TriplePoint Venture Marks $27.9MM Loan at 14% Off ------------------------------------------------------------------ TriplePoint Venture Growth BDC Corp. has marked its $27,987,000 loan extended to Outfittery GMBH to market at $23,966,000 or 86% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Outfittery GMBH. The loan accrues interest at a rate of 11.00% PIK interest, 14.73% EOT payment per annum. The loan matures on January 1, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Outfittery GMBH Outfittery GmbH is an online personal shopping service founded by Julia Bosch. PB RESTAURANTS: Unsecureds to Get Share of Income for 3 Years ------------------------------------------------------------- PB Restaurants, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Joint Plan of Reorganization for Small Business dated May 7, 2025. Lead Debtor PBR is a Delaware limited liability company that was formed in December 1994, with its corporate office located in Orlando, Florida. In recent years, PBR has principally managed and/or provided consulting services for restaurants. PB is also the 100% member of its affiliated Debtors, Express and Buffet. Debtor Planet Express (LAX), LLC is a Florida limited liability company formed in December 2013, as a single-purpose entity for a three-restaurant concession located at the Los Angeles International Airport (LAX). Express is owned by PB. After several years of operating losses, Express closed its LAX restaurant on April 2, 2025. Debtor Times Square Buffet, LLC is a Florida limited liability company formed in October 2010, as a single-purpose entity for a two-restaurant concession in New York City (NYC). Buffet is owned by PB. During the COVID-19 pandemic and after several years of operating losses, Buffet closed its NYC restaurant in 2021. Through this Plan, the Debtors propose to pay Creditors of the Debtors from: (i) existing Cash on hand on the Effective Date; (ii) operational revenues of Lead Debtor PBR; and (iii) projected Disposable Income from Lead Debtor PBR, remaining after the payment of operating expenses. Specifically, the distributions to Class 4 General Unsecured Creditors will be fixed payments based upon projected Disposable Income as set forth in section 1191(b) of the Bankruptcy Code remaining after payment of operating expenses and senior Claims. The Debtors, as reorganized pursuant to this Plan, are hereafter referred to as the "Reorganized Debtor" in this Bankruptcy Case. The Financial Projections show that the Reorganized Debtor will be able to make the distributions to the Holders of Allowed administrative, priority tax, secured, and unsecured creditors. Payments on Allowed Class 4 General Unsecured Claims shall be made quarterly over a period of three years, commencing on the 1st day of the fiscal quarter following the Effective Date of the Plan. Class 4 consists of the Allowed General Unsecured Claims against all Debtors. Holders of Allowed Class 4 General Unsecured Claims will receive their pro rata share of the Debtor's projected Disposable Income, as outlined in the attached Financial Projections. Distributions will be made in 6 equal monthly installments over a period of 3 years, with payments occurring every 6 months. Payments will begin to accrue on the 1st calendar day of the month following the Effective Date. The first distribution will be made on the 15th day of the 6th month after the Effective Date, and subsequent distributions will be made on the 15th day of every 6 months thereafter. The final payment will be made on the 36th month after the Effective Date. If a Class 4 Claim does not become Allowed prior to the Effective Date, the corresponding distribution will still accrue from the same accrual date and will be paid on the first distribution date following entry of a Final Order of the Bankruptcy Court determining the Allowed amount of the Claim. In the event of a conversion and liquidation, there would be likely no distributions, i.e., $0 paid and a 0% recovery, to Holders of Allowed Class 4 General Unsecured Claims because the secured debts encumbering the Debtors' Property far exceed the value of the Property. As of the date of this Plan, the estimated amount of General Unsecured Claims is approximately $3,185,410.09. Class 4 is Impaired. Class 5 consists of all ownership Interests currently issued or authorized in each Debtor. On the Effective Date, all existing Interests in the Debtors Express and Buffet shall be merged into Lead Debtor PBR. The existing Interests in Lead Debtor PBR shall continue in the Reorganized Debtor PBR in equal proportions of such equity Interests as they were held as of the Petition Date. No distributions will be made to equity Interest Holders until the distributions to Class 4 have been made. Class 5 is Unimpaired. The Plan contemplates that the Reorganized Debtor will continue to operate by increasing its revenues, reducing its operating and legal expenses, and restructuring its debt obligations. The Reorganized Debtor anticipates its post-Confirmation operations will generate sufficient revenues to make the Plan payments. Payments required under the Plan will be funded by the Reorganized Debtor's operational revenues and projected Disposable Income. Specifically, the distributions to Class 4 Allowed General Unsecured Creditors will be fixed payments based upon projected Disposable Income as set forth in section 1191(b) of the Bankruptcy Code remaining after payment of operating expenses and senior Claims. Additionally, funds generated from the Debtors' operations through the Effective Date will be used for Plan payments; however, the Debtors' Cash on hand at the time of Confirmation will be available for the payment of Administrative Expenses. A full-text copy of the Joint Plan dated May 7, 2025 is available at https://urlcurt.com/u?l=GCOUXq from PacerMonitor.com at no charge. Counsel to the Debtors: R. Scott Shuker, Esq. Shuker & Dorris, P.A. 121 S. Orange Avenue, Suite 1120 Orlando, FL 32801 Telephone: (407) 337-2060 Facsimile: (407) 337-2050 About PB Restaurants LLC PB Restaurants LLC is a hospitality company specializing in operating restaurant concepts, providing dining experiences at various locations. PB Restaurants LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01957) on April 4, 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 Lori V. Vaughan handles the case. The Debtor is represented by R.Scott Shuker, Esq. at SHUKER & DORRIS, P.A. PETROQUEST ENERGY: Seeks to Extend Plan Exclusivity to September 9 ------------------------------------------------------------------ PetroQuest Energy, Inc., and its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 9 and November 10, 2025, respectively. The Debtors explain that these Chapter 11 Cases involve four different debtor-affiliated entities with a variety of assets located in multiple states. As discussed, although the Debtors completed the East Texas Sale Process in the middle of April, they continue to work closely with AGIS pursuant to the TSA and in connection with various post-closing matters. The Litigation Asset Sale Process is ongoing, and the applicable deadlines were extended to foster a more productive auction. The Debtors claim that they have made demonstratable, good faith progress in these Chapter 11 Cases. Indeed, the East Texas Sale Process involved a very active auction, followed by a closing with the back-up bidder, who the Debtors continue to work closely with pursuant to the TSA. Moreover, the Debtors are actively marketing certain litigation assets as part of the Litigation Asset Sale Process and are working cooperatively with other parties regarding the monetization or disposition of additional assets in which the Debtors hold an interest. The Debtors assert that they have been primarily focused on completing the East Texas Sale Process, maximizing value in the Litigation Asset Sale Process, and marshalling additional estate assets during the last several months of these Chapter 11 Cases. The Debtors, in consultation with other relevant stakeholders, continue to work together to determine the best path forward for resolving these cases. The prospect of competing plans would only lead to disorder and waste scarce estate resources, thereby ultimately diminishing the remaining pool of value available for distribution to creditors. The Debtors further assert that Creditors will not be prejudiced or pressured by the requested extension because the Debtors are in the process of maximizing the value of their assets, for the benefit of all creditors, and are current on all post-petition debts. Instead, throughout these cases the Debtors have enhanced the value of the estates for the benefit of all creditors through the Sale Processes and other asset collection efforts, which is precisely what courts look to determine whether creditors will be prejudiced by an extension. The Debtors cite that they have reasonable prospects for filing a viable plan. The Debtors already have monetized a large portion of their assets for the benefit of creditors and remain focused on monetizing the balance of their assets. The Debtors will continue to work constructively with key stakeholders with the goal of gaining consensus on an exit for these cases, which may result in a chapter 11 plan. Counsel for the Debtors: COLE SCHOTZ P.C. Patrick J. Reilley, Esq. Melissa M. Hartlipp, Esq. 500 Delaware Avenue, Suite 1410 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 Email: preilley@coleschotz.com mhartlipp@coleschotz.com -and- Daniel F.X. Geoghan, Esq. Jacob S. Frumkin, Esq. Daniel J. Harris, Esq. 1325 Avenue of the Americas, 19th Floor New York, NY 10019 Telephone: (212) 752-8000 Facsimile: (212) 752-8393 Email: dgeoghan@coleschotz.com jfrumkin@coleschotz.com dharris@coleschotz.com About PetroQuest Energy PetroQuest Energy Inc. is an oil and gas exploration company in Lafayette, La. PetroQuest Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12609) on November 13, 2024. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities of $115.5 million. Judge Craig T. Goldblatt presides over the case. The Debtor is represented by Patrick J. Reilley, Esq., at Cole Schotz P.C. PROJECT 1920: TriplePoint Venture Marks $1.9MM Loan at 77% Off -------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $1,927,000 loan extended to Project 1920, Inc. to market at $444,000 or 23% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Project 1920, Inc. The loan accrues interest at a rate of Prime + 6.25% interest rate, 9.50% floor, 6.50% EOT payment per annum. The loan matures on March 31, 2025. "Debt is on non-accrual status as of March 31, 2025 and is therefore considered non-income producing. Non-accrual investments as of March 31, 2025 had a total cost and fair value of $38.1 million and $20.6 million, respectively." said the company. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Project 1920, Inc. Project 1920, Inc. is engaged in the manufacture and distribution of clothing and accessories. PROJECT 1920: TriplePoint Venture Marks $2.1MM Loan at 77% Off -------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $2,100,000 loan extended to Project 1920, Inc. to market at $484,000 or 23% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Project 1920, Inc. The loan accrues interest at a rate of Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment per annum. The loan matures on March 25, 2024. "Debt is on non-accrual status as of March 31, 2025 and is therefore considered non-income producing. Non-accrual investments as of March 31, 2025 had a total cost and fair value of $38.1 million and $20.6 million, respectively." said the company. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Project 1920, Inc. Project 1920, Inc. is engaged in the manufacture and distribution of clothing and accessories. PROTOTEK LLC: Monroe Capital Marks $2.4MM Secured Loan at 19% Off ----------------------------------------------------------------- Monroe Capital Corporation has marked its $2,468,000 loan extended to Prototek LLC to market at $2,010,000 or 81% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Prototek LLC. The loan accrues interest at a rate of 7.67% Cash/ 5.00% PIK per annum. The loan matures on December 8, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Prototek LLC Prototek LLC is a full-service digital manufacturer that provide a one-stop shop for high-mix, low-volume production and prototyping. QUICK COMMERCE: TriplePoint Venture Marks $1-Mil. Loan at 20% Off ----------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $1,094,000 loan extended to Quick Commerce Ltd. to market at $873,000 or 80% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Quick Commerce Ltd.. The loan accrues interest at a rate of 6.00% PIK interest, 7.50% EOT payment per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Quick Commerce Ltd. Quick Commerce Ltd. is engaged in the retail distribution of drinks, groceries, snacks, ice cream, pharmacy, baby and pet essentials, and other products. QUICK COMMERCE: TriplePoint Venture Marks $11.4MM Loan at 20% Off ----------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $11,483,000 loan extended to Quick Commerce Ltd. to market at $9,169,000 or 80% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Quick Commerce Ltd. The loan accrues interest at a rate of 6.00% PIK interest, 7.50% EOT payment per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Quick Commerce Ltd. Quick Commerce Ltd. is engaged in the retail distribution of drinks, groceries, snacks, ice cream, pharmacy, baby and pet essentials, and other products. QVC GROUP: FPR Partners, 2 Others Report 5.8% Stake as of March 31 ------------------------------------------------------------------ FPR Partners LLC, Andrew Raab and Bobby Ray Peck, Jr. disclosed in a Schedule 13G (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned an aggregate of 22,904,068 shares of QVC Group, Inc.'s Series A Common Stock, representing approximately 5.8% of the class. This includes 22,861,535 shares held by investment funds managed by FPR Partners LLC, which may be deemed beneficially owned by all three reporting persons, and an additional 42,533 shares held solely by Andrew Raab. The percentage is based on the number of shares outstanding as of March 24, 2025, as reported by the issuer in its Definitive Proxy Statement filed March 28, 2025. FPR Partners, LLC may be reached at: 405 Howard Street, 2nd Floor San Francisco, CA 94105 Tel: 415-284-8888 A full-text copy of FPR Partners' SEC report is available at: https://tinyurl.com/4crzb7st About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through our subsidiaries and affiliates, we operate in North America, Europe and Asia. Its principal businesses and assets include our consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of Dec. 31, 2024, QVC Group had $9.24 billion in total assets, $10.13 billion in total liabilities, and $885 million in total stockholders' equity. * * * As reported by TCR on April 22, 2024, S&P Global Ratings revised its outlook to stable from negative and affirmed all its ratings on U.S.-based video commerce and online retailer Qurate Retail Inc., including its 'CCC+' Company credit rating. The stable outlook reflects S&P's expectation that Qurate will maintain sufficient liquidity over the next 12 months despite its view that its capital structure remains unsustainable, as further cost reductions offset sales weakness and support profit recovery. QVC GROUP: Works With Evercore, Kirkland & Ellis for Debt Advice ---------------------------------------------------------------- Reshmi Basu and Eliza Ronalds-Hannon of Bloomberg News report that television shopping network QVC Group Inc. is working with advisers from Evercore Inc. and Kirkland & Ellis to explore strategies for managing over $5 billion in debt, according to sources familiar with the matter. Meanwhile, creditors of one of the company's units are engaging financial and legal advisers from PJT Partners Inc. and Davis Polk & Wardwell, the sources said, requesting anonymity due to the confidential and preliminary nature of the discussions. Representatives for Evercore and PJT Partners declined to comment. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through our subsidiaries and affiliates, we operate in North America, Europe and Asia. Its principal businesses and assets include our consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of Dec. 31, 2024, QVC Group had $9.24 billion in total assets, $10.13 billion in total liabilities, and $885 million in total stockholders' equity. * * * As reported by TCR on April 22, 2024, S&P Global Ratings revised its outlook to stable from negative and affirmed all its ratings on U.S.-based video commerce and online retailer Qurate Retail Inc., including its 'CCC+' Company credit rating. The stable outlook reflects S&P's expectation that Qurate will maintain sufficient liquidity over the next 12 months despite its view that its capital structure remains unsustainable, as further cost reductions offset sales weakness and support profit recovery. RB GLOBAL: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings upgraded RB Global Inc.'s (RB Global) corporate family rating to Ba1 from Ba2, the probability of default rating to Ba1-PD from Ba2-PD, and the senior secured ratings on its bank credit facilities to Ba1 from Ba2. At the same time, Moody's have also upgraded Ritchie Bros. Holdings Inc.'s backed senior secured rating to Ba1 from Ba2 and its backed senior unsecured rating to Ba2 from B1. Both notes issued by Ritchie Bros. Holdings Inc. are guaranteed by RB Global. RB Global's speculative grade liquidity rating (SGL) remains SGL-2. The rating outlook for both entities was changed to stable from positive. "The upgrade reflects RB Global's successful deleveraging, achieved through both absolute debt reduction and increased earnings. Additionally, it indicates that the company has benefited from the acquisition of IAA, Inc. in 2023, which has led to improved margins and greater business diversification," said Jamie Koutsoukis, Moody's Ratings analyst. RATINGS RATIONALE RB Global's Ba1 CFR benefits from: 1) a strong position in the industrial equipment auctions and auto salvage auction market; 2) a multichannel strategy with strong online platforms; 3) a consistent history of generating free cash flow; and 4) exposure to multiple industry sectors and good growth potential. The rating is constrained by: 1) Moody's expectations that the company will continue to be active in pursuing acquisitions and its willingness to undertake debt funded transactions; and 2) its participation in a competitive and fragmented marketplace that has some cyclical pressures. Despite the uncertain economic environment, the commercial construction and transportation segment of RB Global's business has demonstrated its capacity to generate free cash flow during downturns. Moreover, the auto salvage business remains a-cyclical with a generally growing market attributed to the complexity, cost, and rising repair expenses of cars, which positively influence scrap rates. Additionally, tariffs on industrial equipment could potentially enhance values in the used equipment market. RB Global has good liquidity (SGL-2) through to the end of June 2026, with sources of liquidity of around $1.8 billion compared to uses of around $290 million. Sources include a cash balance of $578 million at the end of Q1/25 (excluding restricted cash), unused capacity of about $1 billion under its $1.3 billion of revolving credit facilities (expiring April 2030) and Moody's expectations that RB Global will generate roughly $250 million of free cash flow in the next 12 months. Uses of liquidity includes an acquisition, about $51 million of term loan amortization through June 2026, as well as inter-quarter working cash uses which can vary. The company has some seasonality in its business, but historically this has not resulted in the revolver being drawn for working capital needs. RB Global has also announced in March that it entered into an agreement to purchase J.M. Wood Auction Co., Inc. for $235 million plus the cost value of the assets currently held for auction. Moody's expects the company will have ample cushion under the financial covenants of its credit facilities. Alternate liquidity is limited due to the secured debt in the structure and relatively small fixed asset base. The senior ranking security position of the senior secured revolver, term loan and notes, which account for the preponderance of the company's capital structure, are rated Ba1, in line with the company's Ba1 CFR. The unsecured debt, rated Ba2, rank behind the secured debt and are therefore rated one notch below the corporate family rating. The stable outlook reflects Moody's expectations that RB Global will continue to focus on debt reduction and combined with organic revenue growth and some margin expansion, adjusted debt to EBITDA will remain below 3x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to increase its scale and diversity and would also require that the company maintain very good liquidity. An upgrade also requires clear financial policies regarding the capital structure and funding of future acquisitions, sustained profitability, strong free cash flow, and balanced financial strategies that maintain debt to EBITDA (Moody's adjusted) below 2.5x. In addition an upgrade would also consider a transition to a fully unsecured capital debt structure. The ratings could be downgraded if business fundamentals deteriorated, evidenced by organic revenue or profitability declines, or if debt to EBITDA (Moody's adjusted) is sustained above 3.0x. A downgrade could also occur if the company chooses not to reduce leverage promptly following debt funded acquisitions or liquidity weakens. RB Global Inc., headquartered in Westchester, Illinois, is an omnichannel marketplace that provides services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. RESHAPE LIFESCIENCES: Ayrton Capital, 2 Others Hold 5.71% Stake --------------------------------------------------------------- Ayrton Capital LLC, Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, and Waqas Khatri disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned 200,000 shares of common stock, par value $0.001 per share, of ReShape Lifesciences Inc., representing 5.71% of the outstanding common stock. These shares are issuable upon exercise of certain warrants held by the Reporting Persons. The Reporting Persons may be reached through: Waqas Khatri, Managing Member / Director 55 Post Rd West, 2nd Floor Westport, CT 06880 (for Ayrton Capital LLC and Waqas Khatri) Suite #7 Grand Pavilion Commercial Centre, 802 West Bay Road, Grand Cayman, P.O. Box 10250, Cayman Islands (for Alto Opportunity Master Fund, SPC) A full-text copy of Ayrton Capital's SEC report is available at: https://tinyurl.com/yn7jzwse About Reshape Lifesciences Headquartered in Irvine, California, Reshape Lifesciences Inc. -- www.reshapelifesciences.com -- is a premier physician-led weight-loss solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and associated metabolic disease. The Company's primary operations are in the following geographical areas: United States, Australia and certain European and Middle Eastern countries. Its current portfolio includes the Lap-Band Adjustable Gastric Banding System, the Obalon Balloon System, and the Diabetes Bloc-Stim Neuromodulation device, a technology under development as a new treatment for type 2 diabetes mellitus. There has been no revenue recorded for the Obalon Balloon System, or the Diabetes Bloc-Stim Neuromodulation as these products are still in the development stage. In its report dated April 4, 2025, the Company's auditor Haskell & White LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Reshape Lifesciences had $4.79 million in total assets, $5.05 million in total liabilities, and a total stockholders' deficit of $253,000. RESOLUTE INVESTMENT: S&P Alters Outlook to Neg., Affirms 'B' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Resolute Investment Managers Inc. (Resolute) to negative from stable and affirmed the 'B' long-term issuer credit rating. The negative outlook reflects the likelihood that we could lower our rating on Resolute over the next year if we expect the company cannot refinance or extend its upcoming debt maturities well ahead of them turning current. The negative outlook reflects Resolute's heightened refinancing risk, given its entire capital structure turns current in less than 12 months. The $350 million term loan (TL) matures on April 30, 2027, and the $40 million RCF ($3 million outstanding as of Sept. 30, 2024) matures on Jan. 29, 2027. While management announced refinancing discussions on both facilities have commenced, there is significant uncertainty regarding capital market conditions amid macroeconomic pressures due to announced and proposed tariffs, which could delay the company's efforts. Additionally, any uptick in inflation momentum due to tariffs could result in Resolute having to refinance its debt at rates higher than current levels, which could affect its credit metrics. S&P said, "We believe Resolute's capital structure is more appropriately leveraged than prior years. Through its restructuring in January 2024, Resolute reduced its total debt by $274 million or 44%, and issued new debt, extending the maturity by about three years. In doing so, the company substantially increased its financial flexibility. As a result, S&P Global Ratings-adjusted debt to EBITDA was 5.3x as of Dec. 31, 2024, compared with 7.5x as of Dec. 31, 2022. "Additionally, while free operating cash flow (FOCF) was relatively muted over 2024, we continue to believe that management plans to use any positive free FOCF to pay down additional debt and invest in growth initiatives over the next two years. The company's current equity owners are the holders of its previous first- and second-lien term loans, with no single stockholder owning more than 10% interest on a fully diluted basis. Therefore, we broadly expect alignment of interests and focus on addressing the maturities before they turn current. "Nevertheless, given the company's weighted-average maturity is now less than two years, we believe it could prove challenging for Resolute to refinance and extend its debt facilities if its operating performance deteriorates or its access to the capital market becomes constrained over the next several quarters." The company reported growth in assets under management (AUM) in 2024, and net outflows appear to be moderating. While a significant improvement over the past two years, the company reported mixed flows in 2024, with net outflows in the Beacon Funds being largely offset by net inflows at Resolute's investment affiliates during the year. Net flows were largely flat during the year but improved market performance supported AUM growth of 5.8% to $79.3 billion by Dec. 31, 2024. Despite the somewhat higher AUM, EBITDA was modestly lower than 2023 levels (on both an S&P Global Ratings-adjusted and management-adjusted basis) due largely to higher personnel and other operating expenses (such as funds adoption costs), as well as somewhat lower fees earned on some segments due to product mix shifts. In first-quarter 2025, the company reported modestly negative net flows in the Beacon Funds, in what was reported to be its best quarter in terms of flow since 2020. Total Resolute AUM grew further in the first quarter, as negative net flows and volatile market performance was offset by net inflows at the investment affiliates and seasonal inflows from Beacon's institutional segment (which contributes a smaller part of earnings). Separately, during the quarter, the company also extended its distribution agreement with ARK through December 2034, which S&P views as a positive given its long-term nature. The negative outlook reflects S&P's view that Resolute faces increasing refinancing risks associated with its near-term and concentrated debt maturities, including its RCF due January 2027 and its $350 million term loan due April 2027. S&P could lower our ratings on Resolute over the next year if it expects that: -- The company would not be able to refinance its upcoming debt maturities well ahead of them turning current; -- The company could pursue a transaction that would result in the debtholders receiving less than original promised; or -- Performance and earnings erode such that leverage is above 5.0x and EBITDA interest coverage is below 2.0x on a sustained basis. S&P could revise its outlook to stable if Resolute refinances or extends the maturities of its debt beyond its current maturity by at least two years while maintaining debt to EBITDA below 5x and EBITDA interest coverage above 2x. SANUWAVE HEALTH: Dismisses CBIZ, Taps Baker Tilly as Auditor ------------------------------------------------------------ Sanuwave Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company dismissed CBIZ CPAs P.C. as the Company's independent registered public accounting firm, and notified Baker Tilly US, LLP of its formal decision to engage Baker Tilly to serve as the independent registered public accounting firm of the Company for the year ending December 31, 2025, effective beginning with the review of the Company's condensed consolidated financial statements for the quarter ending June 30, 2025, and subject to completion of Baker Tilly's client acceptance procedures. The engagement of Baker Tilly was approved by the Audit Committee of the Company's Board of Directors. From April 11, 2025, the date of CBIZ CPAs' engagement as the independent registered public accounting firm of the Company, through May 12, 2025, the date of CBIZ CPAs' 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 CBIZ CPAs 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 CBIZ CPAs, would have caused CBIZ CPAs to make reference to the subject matter of the disagreements in connection with CBIZ CPAs' reports on the Company's financial statements, 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 weaknesses in the Company's internal control over financial reporting due to a lack of: (i) internal controls over key accounting and IT processes, (ii) expertise and resources to analyze and properly apply U.S. GAAP to complex and non-routine transactions and (iii) internal resources to analyze and properly apply U.S. GAAP to account for financial instruments included in service agreements with select vendors, as previously disclosed under Part I, Item 4 of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. During the years ended December 31, 2024 and 2023, and the subsequent interim period through the date of this Current Report on Form 8-K, neither the Company nor anyone acting on its behalf consulted Baker Tilly 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 financial statements, and no written report was provided to the Company or oral advice was provided that Baker Tilly 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 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). About SANUWAVE Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology Company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses, has negative working capital, and needs to refinance its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SAVAGE X: TriplePoint Venture Marks $2-Mil. Loan at 16% Off ----------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $2,000,000 loan extended to Savage X, Inc. to market at $1,679,000 or 84% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Savage X, Inc. The loan accrues interest at a rate of Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment per annum. The loan matures on June 26, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Savage X, Inc. Savage X, Inc.is engaged in the retail of clothing and accessories. SAVAGE X: TriplePoint Venture Marks $3.7 Million Loan at 16% Off ---------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $3,750,000 loan extended to Savage X, Inc. to market at $3,148,000 or 84% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Savage X, Inc. The loan accrues interest at a rate of Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment per annum. The loan matures on June 26, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Savage X, Inc. Savage X, Inc.is engaged in the retail of clothing and accessories. SCIH SALT: S&P Affirms 'B' Long-Term Issuer Credit Rating --------------------------------------------------------- S&P Global Ratings affirmed its 'B' long-term issuer credit rating on SCIH Salt Holdings Inc (SCIH Salt). S&P said, "At the same time, we revised our recovery rating to '4' from '3' and affirmed our 'B' issue-level rating on the company's senior secured debt. We also affirmed our 'CCC+' issue-level rating and '6' recovery rating on the company's unsecured debt. "The stable outlook reflects our expectation of leverage at the higher end of the 6x-7x range in the next 12 months, supported by robust earnings and cash flows." SCIH Salt is paying $405 million in dividends to its parent, SCIH Salt Parent. The dividend will be partly funded by an incremental term loan of about $300 million. Upon completion of this dividend recapitalization, S&P Global Ratings expects SCIH Salt's leverage will be at the higher end of the 6x-7x range in fiscal 2025, based on both improving earnings and higher adjusted debt following the new incremental term loan offering of $300 million. SCIH Salt is pursuing a dividend recapitalization funded partly by an incremental term loan. The company plans to pay about $405 million in dividends to its parent that would be partly funded by an incremental term loan of $300 million and the remainder from cash on its balance sheet. In the past 18 months, the company's debt increased through a series of incremental term loans. For example, in December 2023, the company issued about $115 million of additional term loan to partly fund a shareholder distribution of about $132 million for redemption of preferred shares held by the parent. It added another $75 million to the term loan in December 2024 to partly fund a tuck-in acquisition. S&P now projects leverage at the higher end of the 6x-7x range in fiscal 2025, based on our projection of adjusted debt of about $3.8 billion-$3.9 billion. S&P said, "We revised downward our recovery rating on the secured debt to '4' from '3'. The '4' recovery rating indicates our expectation of average (30% to 50%; rounded estimate: 45%) recovery in the event of a default. The lower recovery rating also reflects increasing secured debt while the collateral remains the same. Our revision of the recovery rating is based on the additional $300 million of debt and that this new debt has no directly associated future EBITDA benefit from the use of proceeds. "Favorable winter conditions should support robust EBITDA and cash flow generation in fiscal 2025. We expect adjusted EBITDA will increase by at least 5% in fiscal 2025, supported by a strong contribution from the highway and chemical segment. Volumes in this segment rose by about 42.5% in the six-month period ended March 31, 2025, compared with the same period in 2024 following greater snowfall events this past winter. We expect a solid contribution from the more stable consumer segment, which is not weather dependent. Robust earnings could fuel free cash flows of about $120 million-$160 million in fiscal 2025, after accounting for about $130 million-$140 million in capital expenditures. "The stable outlook reflects our expectation that SCIH Salt's leverage will be at the higher end of the 6x-7x range. We expect the company will continue to generate cash flows to finance its operations, capital expenditures (capex), and other financial obligations, including its high interest expense." S&P could lower its ratings on SCIH Salt over the next 12 months if it is unable to sustain the improvement in earnings, which it considers necessary under its current debt load. Under such a scenario, S&P would expect the company to: -- Generate negative free operating cash flow; -- Increase its debt to EBITDA toward 8x; and -- Reduce its EBITDA interest coverage below 2x. S&P said, "An upgrade is unlikely in the next 12 months, given SCIH's high debt load and current earnings generation capacity. For an upgrade, we would expect the company to sustain S&P Global Ratings-adjusted leverage below 5x. We would also expect to see that the risk SCIH will re-leverage above 5x is low, considering its ownership by a financial sponsor. This would require the company to generate S&P Global Ratings-adjusted EBITDA of about $650 million-$700 million at its current debt level or reduce its S&P Global Ratings-adjusted debt by $1.0 billion-$1.1 billion, both of which we view as unlikely in the next 12 months." SEABIRDS KITCHEN: Hires Bookkeeping Repair LLC as Bookkeeper ------------------------------------------------------------ Seabirds Kitchen, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Bookkeeping Repair, LLC, as bookkeeper. The firm's services include: a. preparation of Monthly Operating Reports; b. preparation of weekly cash flow summaries; c. working with the IRS and any other tax agencies on amounts owed, if any, by the Debtor to the IRS or any other tax agency; d. preparation of future monthly income projections for at least 36 months in support of Debtor's Plan of Reorganization; and e. provision of other financial matters that arise from time to time in connection with this Chapter 11, Subchapter V case. The firm will be paid at these rates: a. $1,400 per month interim advance payments. b. $85 hourly rate billed in 1/10 of an hour increments. Bookkeeping Repair does not hold nor represent any interest adverse to the Debtor or its estate. The firm can be reached through: Ashley Klein Bookkeeping Repair, LLC 3435 Camino Del Rio S Ste 322 San Diego, CA 92108 Tel: (619) 777-2665 About Seabirds Kitchen Seabirds Kitchen, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10460) on February 24, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Arturo Cisneros serves as Subchapter V trustee. Judge Scott C. Clarkson presides over the case. The Debtor is represented by Steven E. Cowen, Esq. at S.E. Cowen Law. SEAVIEW AVENUE: Section 341(a) Meeting of Creditors on June 25 -------------------------------------------------------------- On May 24, 2025, Seaview Avenue MB 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 $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors on Section 341(a) meeting to be held on June 25, 2025 at 09:00 AM at Telephonic. About Seaview Avenue MB LLC Seaview Avenue MB LLC is a Single Asset Real Estate entity based in Monmouth Beach, New Jersey. Seaview Avenue MB LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15517) on May 24, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors are represented by John Michael McDonnell at Mcdonnell Crowley. SEXTANT STAYS: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- On May 27, 2025, Sextant Stays Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $15,895,759 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Sextant Stays Inc. Sextant Stays Inc., dba Roami, is a hospitality company that offers urban group travel accommodations in cities such as Miami and New Orleans. Founded in 2016, the Company manages entire buildings to provide consistent, design-forward spaces aimed at delivering memorable and connected travel experiences. Roami's approach bridges the gap between traditional hotels and inconsistent vacation rentals, catering to modern travelers seeking comfort, reliability, and style. Sextant Stays Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15908) on May 27, 2025. In its petition, the Debtor reports total assets of $5,033,274 and total liabilities of $15,895,759. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtors are represented by Brett Lieberman, Esq. at EDELBOIM LIEBERMAN PLLC. SFR HOLDCO: Monroe Capital Marks $2.9MM Secured Loan at 27% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $2,925,000 loan extended to SFR Holdco 2, LLC to market at $2,137,000 or 73% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to SFR Holdco 2, LLC. The loan accrues interest at a rate of 8% per annum. The loan matures on October 23, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About SFR Holdco 2, LLC SFR Holdco 2, LLC is engaged in real estate investment and development in the U.S. SPLASHLIGHT HOLDING: Seeks to Extend Plan Exclusivity to Sept. 10 ----------------------------------------------------------------- Splashlight Holding LLC asked the U.S. Bankruptcy Court for the Southern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 10 and October 9, 2025, respectively. The Debtor and certain of its subsidiaries (Splashlight, Technologies, Photo & Digital, Mahogany, Telmar Parent, Telmar Group, Telmar CEE Ltd., Telmar Communications, Inc., Telmar Information Services, Corp. and Telmar International, Inc.) as borrowers, entered into a loan and security agreement dated as of October 16, 2018 with Boathouse Capital II LLC ("BHC II"), as lender ("BHC II LSA"). By application dated February 27, 2025 ["Motion to Dismiss"], Boathouse moved to dismiss the Debtor's chapter 11 case, or in the alternative, for an order granting relief from the automatic stay imposed under Section 362 of the Bankruptcy Code. Subsequent to the entry of the Initial Scheduling Order, the Debtor and Boathouse engaged in discussions regarding a settlement of the Motion to Dismiss and an exit from chapter 11. The Debtor and Boathouse have continued their efforts to finalize a settlement agreement rather than spend resources litigating issues that were raised in the Motion to Dismiss. The Debtor claims that it has delayed pursuing its strategy for exiting chapter 11, including without limitation, the development of a plan of reorganization/liquidation while efforts are ongoing with Boathouse to reach a global settlement and the possible voluntary dismissal of the chapter 11 case. The Debtor explains that the ongoing settlement discussions with Boathouse is the primary reason why the Debtor will not be able to file a plan and disclosure statement within the initial 120-day exclusivity period provided under Section 1121 of the Bankruptcy Code. The Debtor asserts that the Exclusive Periods are intended to afford a debtor a full and fair opportunity to propose a consensual plan and solicit acceptances of such plan without the deterioration and disruption that is likely to be caused by the filing of competing plans by non-debtor parties. The Debtor further asserts that Pursuant to section 1121(d) of the Bankruptcy Code, where the initial 120-day and 180-day Exclusive Periods provided for in the Bankruptcy Code prove to be an unrealistic time frame for proposal and solicitation of a plan, the Court may extend a debtor's Exclusive Periods for cause. Splashlight Holding LLC is represented by: Gary M. Kushner, Esq. GOETZ PLATZER LLP One Penn Plaza, 31st Floor New York, New York 10119 Telephone: 212-695-8100 Fax: (212) 629-4013 About Splashlight Holding LLC Splashlight Holding LLC is the majority equity holder of several operating companies, including Splashlight LLC, Mahogany Fine Foods and Catering LLC, Splashlight Photographic & Digital Studios LLC, and Splashlight Technologies LLC. The Debtor, through Splashlight LLC and Splashlight Photographic & Digital Studios LLC, provides comprehensive production services for still and film shoots, both in-studio in New York City and on-location. Their specialties include directing, casting, production, and post-production across various media formats, including film, print, and digital platforms. Additionally, its subsidiary, Mahogany Fine Foods and Catering, provides catering and 1hospitality services to Splashlight and Splashlight Photographic & Digital Studios clients. Splashlight Holding LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10277) on February 12, 2025. In its petition, the Debtor reports total assets of $38,979,766 and total liabilities of $54,493,305. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by Scott Simon, Esq. at GOETZ PLATZER LLP. STEWARD HEALTH: DOJ Unit Seeks Dismissal of Bankruptcy Filing ------------------------------------------------------------- Randi Love of Bloomberg Law reports that Steward Health Care System LLC cannot pay roughly $127 million in administrative costs accrued during its Chapter 11 bankruptcy, leading a Justice Department unit to urge that the case be dismissed or converted to a trustee-managed liquidation. According to the report, in a May 25, 2025 filing with the U.S. Bankruptcy Court for the Southern District of Texas, the U.S. Trustee stated that Steward is administratively insolvent and that "the debtors' estates simply cannot afford this unnecessary financial gamble." The trustee also cautioned that approving Steward's plan could set a harmful precedent for other Chapter 11 cases, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STONEYBROOK FAMILY: Amends United Community Bank Secured Claim Pay ------------------------------------------------------------------ Stoneybrook Family Dentistry, P.A. d/b/a Wholistic Dental, Stoneybrook Dental, submitted an Amended Subchapter V Plan of Reorganization dated May 7, 2025. Stoneybrook was established in 2007 by Dr. Wendi K. Wardlaw and is a private dental practice serving patients in Winter Garden, Florida. Stoneybrook delivers traditional dental care in addition to holistic care that includes sleep apnea therapy. Pursuant to section 1122 of the Bankruptcy Code, sections 3.02 and 3.03 herein set forth a designation of classes of claims and interests. A Claim or interest is classified in a particular class only to the extent that the claim or interest qualifies within the description of the class and is classified in a different class to the extent the Claim or interest qualifies within the description of that different class. Class 1 consists of the Secured Claim of United Community Bank. The holder of this Allowed Secured Claim in the amount of $2,289,471 shall retain its lien and receive monthly payments of $18,440.08 on its Secured Claim at 8.5% interest rate over a 25-year amortization for a period of 60 months (the "Payment Term"). Class 1 is impaired. On October 4, 2024, an Agreed Final Judgment of Foreclosure and Replevin (the "Judgment") was entered in the Circuit Court of the Ninth Judicial Circuit, Orange County, Florida, Case Number 2023 CA 16721-O (the "State Court Case") in favor of UCB and against the Debtor. If the Debtor defaults in any Plan payments to UCB and fails to make payment within 10 days after receiving written notice from UCB to the Debtor and its counsel (a "Default"), then UCB may file in the State Court Case and serve on the Debtor and its counsel an affidavit of Default identifying the payment Default and the balance remaining under the Plan. The Debtor will then have five days in which to file an opposing affidavit contesting the Default and attach proof that the disputed payment was paid. If Debtor fails to timely file an opposing affidavit, then UCB shall be entitled to the immediate entry of an Amended Final Judgment of Foreclosure and Replevin for the balance stated in the UCB affidavit. Like in the prior iteration of the Plan, Holders of General Unsecured Claims in Class 5 shall receive approximately a Pro Rata Share of the net sum of the Projected Disposable Income over a three-year plan period beginning on the Effective Date, after making payment of Allowed Administrative Expense Claims, Fee Claims, and Priority Tax Claims in accordance with the terms of the Plan. Quarterly Plan payments shall commence on the fifteenth day of the month, on the first calendar quarter after the Effective Date, and shall continue quarterly thereafter until the end of the three-year plan period, in an amount equal to one-quarter of the Projected Disposable Income for the respective plan year. Holders of Class 2 claims shall be paid directly by the Debtor. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. The Plan contemplates that the Reorganized Debtor will continue to operate the business of the Debtor. The Reorganized Debtor believes that the continued earnings through the operation of the Debtor will be sufficient to fund the payments required to be made under the Plan. A full-text copy of the Amended Subchapter V Plan dated May 7, 2025 is available at https://urlcurt.com/u?l=Bqq1Qd from PacerMonitor.com at no charge. About Stoneybrook Family Dentistry Stoneybrook Family Dentistry, P.A., specializes in cosmetic dentistry, Invisalign, dental implants, pediatric dentistry, root canal therapy, and smile makeovers. Stoneybrook filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-bk-00604) on Jan. 8, 2024, listing up to $500,000 in assets and up to $10 million in liabilities. Wendi K. Wardlaw, president of Stoneybrook, signed the petition. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Paul N. Mascia, Esq. Nardella & Nardella, PLLC Tel: 407-966-2680 Email: pmascia@nardellalaw.com SYNAPSE FINANCIAL: TriplePoint Marks $731,000 Loan at 92% Off ------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $731,000 loan extended to Synapse Financial Technologies, Inc. to market at $56,000 or 8% of the outstanding amount, according to TriplePoint's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Synapse Financial Technologies, Inc. The loan accrues interest at a rate of Prime + 5.75% interest rate, 9.75% floor, 4.00% EOT payment per annum. The loan matures on July 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company was formed to expand the venture growth stage business segment of TriplePoint's investment platform. TriplePoint is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chairman of the Board of Directors and Chief Executive Officer and Director, and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Synapse Financial Technologies, Inc. Headquartered in San Francisco, Calif., Synapse Financial Technologies, Inc. provides banking-as-a-service platform for embedded finance solutions worldwide. THASSOS INC: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------ On May 27, 2025, Thassos Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports $1 million to $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Thassos Inc. Thassos Inc. operates a Greek restaurant in Clarendon Hills, Illinois. The establishment specializes in authentic Greek cuisine and offers dine-in, catering, and online ordering services. Thassos Inc.sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08021) on May 27, 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 Janet S. Baer handles the case. The Debtors are represented by Konstantine Sparagis, Esq. at LAW OFFICES OF KONSTANTINE SPARAGIS. THRASIO LLC: Monroe Capital Marks $881,000 Secured Loan at 21% Off ------------------------------------------------------------------ Monroe Capital Corporation has marked its $881,000 loan extended to Thrasio, LLC to market at $696,000 or 79% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to Thrasio, LLC. The loan accrues interest at a rate of 14.55% PIK per annum. The loan matures on June 18, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Thrasio, LLC Thrasio, LLC, founded in 2018 and headquartered in Walpole, MA, is an operator of private third-party Amazon brands with a diverse catalog of products across home, cleaning, outdoor, and other categories. The company's portfolio was built through multiple acquisitions of brands and their underlying businesses that often consisted of limited or singular products. The company estimates its current catalog includes about 200 brands. Thrasio generated approximately $890 million of revenue in 2023. TONIX PHARMACEUTICALS: Joseph Hand Joins as General Counsel, EVP ---------------------------------------------------------------- Tonix Pharmaceuticals Holding Corp. announced the appointment of Joseph Hand, Esq., as General Counsel and Executive Vice President of Operations, effective immediately. Mr. Hand brings significant leadership experience across multiple functions, including legal, business development, human resources and information technology operations. "Joe's strong track record of delivering company growth, driving transformative initiatives, and negotiating complex transactions makes him an important strategic addition to the Tonix team at a pivotal inflection point in the Company's history," said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. "The breadth of Joe's expertise and his focus on operational excellence will serve our mission as we prepare for the launch of TNX-102 SL for the management of fibromyalgia, upon receiving FDA marketing authorization." Prior to joining Tonix, Mr. Hand's experience includes nearly a decade at Celgene Corporation, concluding his tenure as Executive Vice President, Global Human Resources and Corporate Services and a member of the Executive Committee. In that capacity, Mr. Hand was responsible for all employee-related activities including talent development, recruiting, and compensation and benefits. He was also responsible for the management of Celgene's global facilities footprint and played a key strategic role in various transactions, including the $74 billion acquisition of Celgene by Bristol Myers Squibb and subsequent integration, and the $13.4 billion divestiture of Otezla® to Amgen. Subsequent to Celgene, Mr. Hand was Chief Administrative Officer at Phathom Pharmaceuticals, responsible for recruiting over 300 employees into various functions, including the build-out of the company's commercial sales force. Mr. Hand has previously practiced as a litigation attorney at the international law firm of Jones Day. Mr. Hand holds a BBA from the University of Notre Dame and a JD from New York University School of Law. "I'm honored to join Tonix at such an exciting time and grateful for the opportunity to work alongside an incredibly talented and dedicated leadership team and group of employees," said Mr. Hand. "I look forward to contributing to the Company's momentum and helping to position Tonix for long-term growth while advancing our mission to deliver meaningful therapies to patients." About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of December 31, 2024, the Company had $162.9 million in total assets, $23.3 million in total liabilities, and $139.6 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. US HOUSING: Claims to be Paid from Continued Operations ------------------------------------------------------- US Housing LLC filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a Plan of Reorganization under Subchapter V dated May 6, 2025. The Debtor was formed in Delaware in 2023. It is a real estate holding company. The business owns real estate in Franklin Tennessee. This is a two-member LLC with Rodney Rose being the controlling member and owning half and his wife, Vogue Rose owning the other half. Rodney has been in the mortgage business for years. The Debtor does not have any employees. The Debtor's real estate is located at 4013 Lynnwood Court Franklin, TN 37069. The foreclosure process had been initiated, and a sale date had been scheduled. This case was filed to stop the foreclosure. This Plan of Reorganization under Chapter 11 of the Code proposes to pay the following creditor classes from cash flow from the business operations and future income of the Debtors. Non-priority unsecured creditors holding allowed claims will receive at least a 100% disbursement. There are no scheduled or anticipated creditors in this class. The Debtor will retain all ownership rights in property of the estate. The Debtor's managing member attaches a declaration to his projection, indicating that he will contribute funds to fund this plan. This was originally purchased as an investment property, but the managing member is residing there currently while renovating the home. If the plan is consensual, the Debtor will be the disbursing agent in distributing funds to allowed claims as provided under the plan. If the plan is non-consensually confirmed, the Sub Chapter V Trustee will be the disbursing agent. A full-text copy of the Plan of Reorganization dated May 6, 2025 is available at https://urlcurt.com/u?l=tEOm9B from PacerMonitor.com at no charge. Counsel to the Debtor: Keith D. Slocum, Esq. Slocum Law 370 Mallory Station Road Suite 504 Franklin TN, TN 37067 Tel: (615) 656-3344 Fax: (615) 647-0651 Email: keith@keithslocum.com About US Housing LLC US Housing, LLC owns the property located at 4013 Lynnwood Court, Franklin, Tenn., with an estimated value of $2.6 million. US Housing filed a Chapter 11 petition (Bankr. M.D. Tenn. Case No. 25-00491) on February 5, 2025, listing $2,600,835 in assets and $1,877,432 in liabilities. Rodney Rose, member, signed the petition. Keith D. Slocum, Esq., at Slocum Law represents the Debtor as bankruptcy counsel. VHAGAR PURCHASER: Monroe Capital Marks $667,000 Loan at 78% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $667,000 loan extended to Vhagar Purchaser, LLC to market at $150,000 or 22% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Vhagar Purchaser, LLC. The loan accrues interest at a rate of 10.31% per annum. The loan matures on June 11, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Vhagar Purchaser, LLC Vhagar Purchaser, LLC is a domestic limited-liability company that offers services. VIASAT INC: The Baupost Group, 2 Others Hold 7.89% Equity Stake --------------------------------------------------------------- The Baupost Group, L.L.C., Baupost Group GP, L.L.C., and Seth A. Klarman disclosed in a Schedule 13G (Amendment No. 12) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned 10,190,728 shares of Viasat Inc.'s common stock, representing 7.89% of the outstanding common stock. The Baupost Group may be reached through: Seth A. Klarman, Chief Executive Officer / Managing Member The Baupost Group, L.L.C. 10 St. James Avenue, Suite 1700 Boston, Massachusetts 02116 Tel: 760-476-2200 A full-text copy of The Baupost Group's SEC report is available at: https://tinyurl.com/5a7ruh8d 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. VICE ACQUISITION: Monroe Marks $353,000 Secured Loan at 53% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $353,000 loan extended to Vice Acquisition Holdco, LLC to market at $165,000 or 47% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to Vice Acquisition Holdco, LLC. The loan accrues interest at a rate of 12.55% PIK per annum. The loan matures on January 31, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Vice Acquisition Holdco, LLC Vice Acquisition Holdco, LLC is engaged in providing broadcasting and subscription services. VICE ACQUISITION: Monroe Marks $671,000 Secured Loan at 53% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $671,000 loan extended to Vice Acquisition Holdco, LLC to market at $313,000 or 47% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to Vice Acquisition Holdco, LLC. The loan accrues interest at a rate of 12.55% PIK per annum. The loan matures on January 31, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Vice Acquisition Holdco, LLC Vice Acquisition Holdco, LLC is engaged in providing broadcasting and subscription services. WAYSTAR TECHNOLOGIES: S&P Upgrades ICR to 'BB-', Outlook Stable --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Waystar Technologies Inc. to 'BB-' from 'B+'. At the same time, S&P raised its issue-level to 'BB-' from 'B+' and its recovery ratings remain the same. EQT Partners Inc., Bain Capital L.P., and the Canada Pension Plan Investment Board (CPIB)agreed to sell 14.4 million shares in the company through an underwritten public offering, decreasing their joint ownership share from 52% to 43.9%, indicating a willingness to relinquish control over the coming years. S&P said, "The stable outlook reflects our expectation the company will continue to grow organically, but also complement its growth with acquisitions, all the while maintaining S&P Global Ratings-adjusted leverage well below 5x. "The upgrade to 'BB-' reflects our view that 2024 results demonstrate a more entrenched position in a fragmented market, such that we anticipate with low-double digit revenue growth. Over the past several years, Waystar has generated above-average growth compared with its revenue cycle management (RCM) peer group, seeing solid pricing dynamics, contract wins, and cross-selling. The company has a solid market position due to the quality of its products, and it benefits from high visibility due to the nature of the contracts, a diversified customer base, and customer stickiness, as shown by its high net retention rate and ability to pass through annual price increases. "Our rating is constrained by the company's merger and acquisition (M&A) appetite and a highly fragmented market. We expect S&P Global Ratings-adjusted debt to EBITDA of about 3.2x in 2025, decreasing from 3.6x in 2024, reflecting an expanding EBITDA base and margins remaining around 38%. While we expect leverage will decline, the company does not yet have a track record of lower leverage and has not publicly committed to a leverage target. Additionally, Waystar has expressed it is active in the M&A market. The health care IT space is highly fragmented and evolving and targets can carry high multiples. Given the company's relatively small EBITDA base, we believe acquisitions can quickly raise leverage above 4x. We expect the company will produce cash flow greater than $200 million in 2025, with the improvement stemming from EBITDA growth, reduced one-time costs related to the refinancing and initial public offering (IPO), and lower interest. "We expect the sponsors will relinquish control over the coming years. In addition to its leverage, we consider Waystar's continuing controlling ownership by EQT, CPPIB, and Bain in our analysis of the company. The multiple sponsors jointly exercise control of the company and have significant board presence. However, the recent public offering of common stock by the sponsors, effectively decreases their ownership share from 52% to 43.9%, and resulted in EQT losing a seat on the board. This makes it likely the sponsors plan to relinquish control within the next few years or so. When we no longer assess the company as being controlled by financial sponsors, we will net cash against debt, decreasing our leverage expectations further. Even so, given the fragmented health care IT market, we think the company could use a combination of cash and debt for acquisitions, which could still bring leverage above 4x. Although market conditions have put a pause on large M&A transactions in the health care IT sector, we expect to continue seeing a consolidation of IT vendors as providers seek to focus on vendors that offer a broad suite of IT services. "Waystar is well positioned to benefit from industry tailwinds, though we expect it to face ongoing competitive pressures. Health care IT solutions continue to be a strategic priority among U.S. health care providers. This trend has been spurred by labor challenges and complex payment models making health care IT investments increasingly critical for providers to improve clinical performance, collections, customer service, and--ultimately--health care quality. "While we view many of these market dynamics as generally positive for Waystar, it competes in a market with large companies with robust product suites. The company competes with significantly larger and better financed players such as Epic Systems Corp., Optum Inc. (via its acquisition of Change Healthcare Inc.), and Oracle Corp. (via its acquisition of Cerner Corp.), as well as vendors that offer electronic health records (her), RCM, and workforce solutions, and yet others the offer more end to end services, such as R1 RCM and Ensemble. Providers have also vacillated between preferring vendor consolidation or vendor diversification as well as between preferring end-to-end RCM (including services) or opting for point solutions. We expect Waystar is well positioned to sell its solutions despite these vacillations, often selling software to other health care IT vendors. Nevertheless, we believe the capital required for Waystar to compete could increase over the long run as companies assemble more complete service offerings and invest significantly in automation and AI. "The stable outlook reflects our expectation the company will continue to grow organically, but also complement its growth with acquisitions, all the while maintaining S&P Global Ratings-adjusted leverage well below 5x. "We could lower the rating if the company's leverage increased above 5x. This could occur if the company pursued acquisitions more aggressively or share buybacks or if it fell significantly short of our EBITDA growth expectations, indicating an eroding competitive position. "We view an upgrade as unlikely given the company's relatively small scale, limited track record, and financial-sponsor ownership. However, we could raise our rating if financial sponsors owned less than 40% of the entity's common equity or lost significant voting rights, such that we no longer consider that the sponsors exercise control of the company and we believed the company would have sufficient capacity for M&A to sustain leverage below 4x on an S&P Global Ratings-adjusted basis." WHISTLER PARENT: Monroe Marks $5.7MM Secured Loan at 19% Off ------------------------------------------------------------ Monroe Capital Corporation has marked its $5,734,000 loan extended to Whistler Parent Holdings III, Inc. to market at $4,621,000 or 81% of the outstanding amount, according to Monroe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to Whistler Parent Holdings III, Inc. The loan accrues interest at a rate of 5.42% Cash/ 5.75% PIK per annum. The loan matures on June 2, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Whistler Parent Holdings III, Inc. Whistler Parent Holdings III, Inc. is engaged in the supply and distribution of health care and pharmaceutical products in the U.S. WOLF'S LAIR: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------- On May 27, 2025, Wolf's Lair Ranch LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports $4,778,519 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Wolf's Lair Ranch LLC Wolf's Lair Ranch LLC owns six separate land tracts in Kimble County, Texas, with a combined value of $3.19 million, according to a court document citing valuations by the Kimble County Appraisal District. The holdings include parcels from surveys such as M R Braggins Survey #36 and T W & N G R R Co Surveys #25 and #61, totaling several hundred acres across the county. Wolf's Lair Ranch LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32890) on May 27, 2025. In its petition, the Debtor reports total assets of $3,188,280 and total liabilities of $4,778,519. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtors are represented by Julie M. Koenig, Esq. at COOPER & SCULLY, P.C. WOLFSPEED INC: To Begin 30-Day Interest Payment Grace Period ------------------------------------------------------------ Georgia Hall of Bloomberg Law reports that Wolfspeed Inc. disclosed in a regulatory filing on Friday that it will begin a 30-day grace period for interest payments scheduled for June 2, 2025. The company said it is "actively engaged in constructive talks with its financial stakeholders" to address its capital structure. Additionally, Wolfspeed announced the appointment of David Emerson as chief operating officer. On May 21, 2025, Wolfspeed's stock fell sharply after reports surfaced that the company was exploring bankruptcy options, the report states. About Wolfspeed Inc. Wolfspeed, Inc. is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. WORLD OF MISTRY: Hires Lee & Associates as Real Estate Broker ------------------------------------------------------------- World of Mistry LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Lee & Associates Commercial Real Estate Services, Inc. as its real estate broker. The broker will provide assistance concerning the structure of any potential lease or sale, and assist the Debtor in negotiation and documentation of any lease or sale of the Fontana Property located at 14597 Aliso Dr., Fontana, CA 92337-7160. The firm's services include: a. order, analyze, and prepare all documentation necessary to list and advertise the Fontana Property, located at 14597 Aliso Dr., Fontana, CA 92337-7160, for sale; b. list the Fontana Property on the MLS and as otherwise appropriate; c. show the Fontana Property as necessary; d. respond to potential lessor/purchaser inquiries; e. solicit reasonable offers of lessors/purchasers; f. convey all lease and/or purchase offers to the Debtor and the Debtor's counsel; g. subject to the Debtor's approval, to negotiate, and confirm the acceptance of the best lease and/or purchase offer, subject to overbid and approval of this Court; h. cause to be prepared and submitted to escrow on behalf of the Debtor any and all documents necessary to consummate a lease or sale of the Fontana Property; and i. perform any other services which may be appropriate in Lee & Associates' representation of the Debtor in connection with the marketing and lease or sale of the Fontana property. The broker will receive commission as follows: i. Sale Transaction: 4% of the total purchase price to be paid from escrow upon the close of escrow. ii. Lease Transaction: GROSS LEASE NET LEASE (where lessee pays all real property taxes) 7% of the rent for the first year; 7% of the rent 6% of the rent for the second year; 7% of the rent 5% of the rent for the third year; 6% of the rent 4% of the rent for the fourth year; 5% of the rent 4% of the rent for the fifth year; 5% of the rent 3% of the rent for the next five years; 4% of the rent 2% of the rent for the balance of the term 3% of the rent Lee & Associates is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Mathew Skogebo Lee & Associates Commercial Real Estate Services, Inc. 3240 Mission Inn Avenue Riverside CA, 92507 Tel: (951) 204-1918 Email: mskogebo@leeriverside.com About World of Mistry LLC World of Mistry LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). World of Mistry LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10602) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor is represented by Ron Bender, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. YIHE FORBES: Hires Hilco Real Estate as Consultant and Advisor -------------------------------------------------------------- Yihe Forbes, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Hilco Real Estate LLC as real property consultant and advisor. Hilco will market and sell the Debtor's property located at a Forbes Street. 353 Crescent Avenue, 405 Crescent Avenue and 413 Crescent Avenue, City of Chelsea, Massachusetts, through a Managed Qualifying Bid Program. Hilco will receive a fee equal to 5 percent of the gross sales proceeds of the properties. Eric Kaup, executive vice president at Hilco, 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: Eric Kaup Hilco Real Estate, LLC 5 Revere Dr., Suite 206 Northbrook, IL 60062 About Yihe Forbes, LLC Yihe Forbes LLC owns four properties in Chelsea, MA, with a combined current value of $22.98 million. Yihe Forbes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12772) on April 3, 2025. In its petition, the Debtor reports total assets of $22,978,50 and total liabilities of $13,540,869. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Richard Baum, Esq. ZW DATA: Inks $750K Common Stock Deals With Lock-Up Provisions -------------------------------------------------------------- ZW Data Action Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on May 8, 2025, the Company entered into a Securities Purchase Agreement with Golden Harvest Trust Limited (Business Registration Number: 75554628) in its capacity as trustee of InfiniteReach Investment Group Limited Trust, pursuant to which Golden Harvest agreed to purchase 119,100 shares of common stock of the Company, par value $0.001 per share for an aggregate purchase price of US$250,110, representing a purchase price of US$2.1 per share. The closing shall take place on the date mutually agreed by the parties, subject to the closing conditions contained in the Agreement. On the date that the Agreement 1 was signed, Golden Harvest also entered into a lock-up agreement with the Company, whereby Golden Harvest agreed not to transfer the shares until six-month anniversary of the date of the Agreement 1. On the same date, the Company also entered into a Securities Purchase Agreement with BlackSilver Trust (Hong Kong) Limited (Business Registration Number: 74239285) in its capacity as trustee of the VividHorizon Trust, pursuant to which BlackSilver agreed to purchase 119,100 shares of common stock of the Company, par value $0.001 per share for an aggregate purchase price of US$250,110, representing a purchase price of US$2.1 per share. The closing shall take place on the date mutually agreed by the parties, subject to the closing conditions contained in the Agreement 2. On the date that the Agreement 2 was signed, BlackSilver also entered into a lock-up agreement with the Company, whereby BlackSilver agreed not to transfer the shares until six-month anniversary of the date of the Agreement 2. On May 13, 2025, the Company entered into a Securities Purchase Agreement with Chaucer Investment & Consulting Limited, a Hong Kong business company (Business Registration Number: 50180682), pursuant to which Chaucer agreed to purchase 119,100 shares of common stock of the Company, par value $0.001 per share for an aggregate purchase price of US$250,110, representing a purchase price of US$2.1 per share. The closing shall take place on the date mutually agreed by the parties, subject to the closing conditions contained in the Agreement 3. On the date that the Agreement 3 was signed, Chaucer also entered into a lock-up agreement with the Company, Chaucer agreed not to transfer the shares until six-month anniversary of the date of the Agreement 3. Copies of the securities purchase agreements and the lock-op agreements are attached to the Company's Report on Form 8-K available at https://tinyurl.com/2btb2znd About ZW Data Action Technologies Beijing, China-based ZW Data Action Technologies Inc., established in 2003, is an ecological enterprise that provides digital services to sales and marketing channels through blockchain, big data, and precision marketing. ZW Data Action is committed to empowering SMEs to achieve more efficient and accurate operations and management, resulting in additional value for clients. As of Dec. 31, 2024, the Company had US$9.7 million in total assets, US$6 million in total liabilities, and a total equity of US$3.7 million. Hong Kong, China-based ARK Pro CPA & Co, 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 accumulated deficit of $63.5 million from recurring net losses and significant net operating cash outflow for the year ended December 31, 2024. All these factors raise substantial doubt about its ability to continue as a going concern. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Prodigal Protcol Projections, Inc. Bankr. N.D. Ga. Case No. 25-53524 Chapter 11 Petition filed March 31, 2025 Filed Pro Se In re 1910 Avenue M 1/2 LLC Bankr. S.D. Tex. Case No. 25-80131 Chapter 11 Petition filed March 31, 2025 In re Brad Jones Bankr. S.D. Tex. Case No. 25-31834 Chapter 11 Petition filed April 1, 2025 In re Global Business Directory Inc. Bankr. N.D. Ga. Case No. 25-53895 Chapter 11 Petition filed April 9, 2025 Filed Pro Se In re Sirke Brothers Bankr. S.D. Cal. Case No. 25-01450 Chapter 11 Petition filed April 11, 2025 See https://www.pacermonitor.com/view/IWUKK5Y/Sirke_Brothers__casbke-25-01450__0001.0.pdf?mcid=tGE4TAMA In re Bit-Tech LLC Bankr. S.D. W.Va. Case No. 25-30108 Chapter 11 Petition filed April 18, 2025 See https://www.pacermonitor.com/view/IOSUZIQ/Bit-Tech_LLC__wvsbke-25-30108__0001.0.pdf?mcid=tGE4TAMA represented by: Andrew S. Nason, Esq. PEPPER AND NASON E-mail: ryand@peppernason.com In re A&A Remodeling and Construction Inc Bankr. N.D. Ga. Case No. 25-55013 Chapter 11 Petition filed May 5, 2025 See https://www.pacermonitor.com/view/CXXHJUQ/AA_Remodeling_and_Construction__ganbke-25-55013__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Project Real Life Youth Occupational Training Corp Bankr. N.D. Ga. Case No. 25-55272 Chapter 11 Petition filed May 9, 2025 Filed Pro Se In re Upper Room Church Bankr. N.D. Ga. Case No. 25-55273 Chapter 11 Petition filed May 9, 2025 Filed Pro Se In re Alina Investment LLC Bankr. D. Ore. Case No. 25-31620 Chapter 11 Petition filed May 15, 2025 See https://www.pacermonitor.com/view/USUKDAA/Alina_Investment_LLC__orbke-25-31620__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Pet Rinse Repeat, LLC Bankr. W.D. Mo. Case No. 25-40747 Chapter 11 Petition filed May 19, 2025 See https://www.pacermonitor.com/view/VUPJICA/Pet_Rinse_Repeat_LLC__mowbke-25-40747__0001.0.pdf?mcid=tGE4TAMA represented by: Erlene W. Krigel, Esq. KRIGEL, NUGENT + MOORE, P.C. E-mail: ekrigel@knmlaw.com In re Stone Deluxe, Inc. Bankr. C.D. Cal. Case No. 25-11348 Chapter 11 Petition filed May 20, 2025 See https://www.pacermonitor.com/view/NTEF36A/Stone_Deluxe_Inc__cacbke-25-11348__0001.0.pdf?mcid=tGE4TAMA represented by: Andy Warshaw, Esq. DIMARCO WARSHAW, APLC E-mail: andy@dimarcowarshaw.com In re Quentin Kalman Tanko Bankr. M.D. Fla. Case No. 25-01669 Chapter 11 Petition filed May 20, 2025 represented by: Edward Peterson, Esq. In re Alberto O Carrera-Suarez Bankr. D. Kan. Case No. 25-10487 Chapter 11 Petition filed May 20, 2025 represented by: Mark Lazzo, Esq. In re Douglas Gregory Bezio Bankr. D. Mass. Case No. 25-11025 Chapter 11 Petition filed May 20, 2025 In re Vincent Gallo & Sons, Inc. Bankr. D.N.J. Case No. 25-15384 Chapter 11 Petition filed May 20, 2025 See https://www.pacermonitor.com/view/FO6CHNY/Vincent_Gallo__Sons_Inc__njbke-25-15384__0001.0.pdf?mcid=tGE4TAMA represented by: Eugene D. Roth, Esq. LAW OFFICE OF EUGENE D. ROTH E-mail: erothesq@gmail.com In re TBH Restaurant Group LLC Bankr. S.D.N.Y. Case No. 25-35540 Chapter 11 Petition filed May 20, 2025 See https://www.pacermonitor.com/view/HCL6FMQ/TBH_Restaurant_Group_LLC__nysbke-25-35540__0001.0.pdf?mcid=tGE4TAMA represented by: Randi K Franco, Esq. LAW OFFICES OF RANDI K. FRANCO E-mail: randikfrancoesq@gmail.com In re Terence Lamont Sullivan Bankr. C.D. Cal. Case No. 25-14284 Chapter 11 Petition filed May 21, 2025 represented by: Krystina Tran, Esq. In re David Preston Addington Bankr. N.D. Cal. Case No. 25-40890 Chapter 11 Petition filed May 21, 2025 In re Saint Cloud Inc Bankr. N.D. Cal. Case No. 25-40893 Chapter 11 Petition filed May 21, 2025 See https://www.pacermonitor.com/view/EYZ5XLI/Saint_Cloud_Inc__canbke-25-40893__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Lavish Lifestyles Capital Investment Group, LLC Bankr. S.D. Fla. Case No. 25-15705 Chapter 11 Petition filed May 21, 2025 See https://www.pacermonitor.com/view/G23WEBY/Lavish_Lifestyles_Capital_Investment__flsbke-25-15705__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re Bestmann LLC Bankr. N.D. Ga. Case No. 25-55633 Chapter 11 Petition filed May 21, 2025 See https://www.pacermonitor.com/view/YY2MSDI/Bestmann_LLC__ganbke-25-55633__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Terris Clark Ayres and Amanda Jo Ayres Bankr. N.D. Ind. Case No. 25-40153 Chapter 11 Petition filed May 21, 2025 In re Kevin M. Olson Bankr. D.N.J. Case No. 25-15433 Chapter 11 Petition filed May 21, 2025 represented by: Daniel Reinganum, Esq. LAW OFFICES OF DANIEL REINGANUM Email: Daniel@ReinganumLaw.com In re Hilary Hamann Bankr. E.D.N.Y. Case No. 25-71986 Chapter 11 Petition filed May 21, 2025 represented by: Julio Portilla, Esq. In re Blanca N Agosto Bankr. S.D.N.Y. Case No. 25-11039 Chapter 11 Petition filed May 21, 2025 represented by: Julio Portilla, Esq. In re Scenic City Fitness, Inc. Bankr. E.D. Tenn. Case No. 25-11279 Chapter 11 Petition filed May 21, 2025 See https://www.pacermonitor.com/view/2TNWFIA/Scenic_City_Fitness_Inc__tnebke-25-11279__0001.0.pdf?mcid=tGE4TAMA represented by: W. Thomas Bible, Jr., Esq. TOM BIBLE LAW E-mail: tom@tombiblelaw.com In re Kirk L. Ecklund Bankr. E.D. Wisc. Case No. 25-22927 Chapter 11 Petition filed May 21, 2025 represented by: Jerome Kerkman, Esq. KERKMAN & DUNN E-mail: jkerkman@kerkmandunn.com In re 8613 Franklin Avenue LLC Bankr. C.D. Cal. Case No. 25-14300 Chapter 11 Petition filed May 22, 2025 See https://www.pacermonitor.com/view/J5ZQDFY/8613_Franklin_Avenue_LLC__cacbke-25-14300__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Peter Brett Klapper Bankr. N.D. Cal. Case No. 25-10313 Chapter 11 Petition filed May 22, 2025 represented by: Robert Harris, Esq. In re John Thomas Bankr. N.D. Ill. Case No. 25-07868 Chapter 11 Petition filed May 22, 2025 represented by: Laura Mendoza, Esq. In re Mike Yang Bankr. D. Md. Case No. 25-14633 Chapter 11 Petition filed May 22, 2025 represented by: Frank Morris, Esq. LAW OFFICE OF FRANK MORRIS II In re Anwar N. Zakkour Bankr. D.N.J. Case No. 25-15458 Chapter 11 Petition filed May 22, 2025 represented by: David Stevens, Esq. In re 1778 Dean St LLC Bankr. E.D.N.Y. Case No. 25-42492 Chapter 11 Petition filed May 22, 2025 See https://www.pacermonitor.com/view/EX5JD2Q/1778_Dean_St_LLC__nyebke-25-42492__0001.0.pdf?mcid=tGE4TAMA represented by: Narissa A. Joseph, Esq. NARISSA JOSEPH E-mail: njosephlaw@aol.com In re Grand Consistory of New York Under the Jurisdiction of the Thirty-Third Degree of the Ancient and Accepted Scotch Rite of Free Masonry of the State of Louisiana, Inc. Bankr. E.D.N.Y. Case No. 25-42485 Chapter 11 Petition filed May 22, 2025 See https://www.pacermonitor.com/view/YS2MCQI/Grand_Consistory_of_New_York_Under__nyebke-25-42485__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 268 Dean LLC Bankr. E.D.N.Y. Case No. 25-42490 Chapter 11 Petition filed May 22, 2025 See https://www.pacermonitor.com/view/ZZ3XNVI/268_Dean_LLC__nyebke-25-42490__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Shv Arts Inc Bankr. E.D.N.Y. Case No. 25-42502 Chapter 11 Petition filed May 22, 2025 See https://www.pacermonitor.com/view/WAPI7CY/Shv_Arts_Inc__nyebke-25-42502__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Robert Turner Bankr. S.D.N.Y. Case No. 25-11140 Chapter 11 Petition filed May 22, 2025 In re David S. Fessenden and Vanessa M. Fessenden Bankr. N.D. Ohio Case No. 25-60726 Chapter 11 Petition filed May 22, 2025 In re Youngsoon Choi Bankr. E.D. Cal. Case No. 25-22551 Chapter 11 Petition filed May 23, 2025 In re Newburn Law P.C. Bankr. D. Colo. Case No. 25-13133 Chapter 11 Petition filed May 23, 2025 See https://www.pacermonitor.com/view/WGOSWOY/Newburn_Law_PC__cobke-25-13133__0001.0.pdf?mcid=tGE4TAMA represented by: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. E-mail: agarber@wgwc-law.com In re Florida State Roofing and Construction, Inc. Bankr. M.D. Fla. Case No. 25-03425 Chapter 11 Petition filed May 23, 2025 See https://www.pacermonitor.com/view/TCSOSQI/Florida_State_Roofing_and_Construction__flmbke-25-03425__0001.0.pdf?mcid=tGE4TAMA represented by: Buddy D. Ford, Esq. FORD & SEMACH, P.A. E-mail: All@tampaesq.com In re OLB Trucking, LLC Bankr. S.D. Ga. Case No. 25-30060 Chapter 11 Petition filed May 23, 2025 See https://www.pacermonitor.com/view/2NFCCVY/OLB_Trucking_LLC__gasbke-25-30060__0001.0.pdf?mcid=tGE4TAMA represented by: Calvin L. Jackson, Esq. CALVIN L. JACKSON, P.C. E-mail: cljpc@mgacoxmail.com In re Bella Logistics, Inc. Bankr. N.D. Ill. Case No. 25-07925 Chapter 11 Petition filed May 23, 2025 See https://www.pacermonitor.com/view/XBJDFMQ/Bella_Logistics_Inc__ilnbke-25-07925__0001.0.pdf?mcid=tGE4TAMA represented by: Saulius Modestas, Esq. MODESTAS LAW OFFICES, P.C. E-mail: smodestas@modestaslaw.com In re Morjay Realty Company LLC Bankr. E.D.N.Y. Case No. 25-42525 Chapter 11 Petition filed May 23, 2025 See https://www.pacermonitor.com/view/MN72Y4I/Morjay_Realty_Company_LLC__nyebke-25-42525__0001.0.pdf?mcid=tGE4TAMA represented by: Mark Anderson, Esq. SBAGK LLP E-mail: anderson@sbagk.com In re Columbus Ale House Inc Bankr. E.D.N.Y. Case No. 25-42551 Chapter 11 Petition filed May 23, 2025 See https://www.pacermonitor.com/view/75RRBNY/Columbus_Ale_House_Inc__nyebke-25-42551__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Victoria B. Scott Bankr. N.D. Ohio Case No. 25-31090 Chapter 11 Petition filed May 23, 2025 represented by: Eric Neuman, Esq. In re Tomishe Wynette Colbert Bankr. E.D. Tex. Case No. 25-60296 Chapter 11 Petition filed May 23, 2025 In re Federal Caregivers Home Care LLC Bankr. E.D. Va. Case No. 25-11041 Chapter 11 Petition filed May 23, 2025 See https://www.pacermonitor.com/view/Y56IZXA/Federal_Caregivers_Home_Care_LLC__vaebke-25-11041__0001.0.pdf?mcid=tGE4TAMA represented by: Steven B. Ramsdell, Esq. TYLER, BARTL & RAMSDELL, PLC In re Seaview Avenue MB, LLC Bankr. D.N.J. Case No. 25-15517 Chapter 11 Petition filed May 24, 2025 See https://www.pacermonitor.com/view/V3YVAOQ/Seaview_Avenue_MB_LLC__njbke-25-15517__0001.0.pdf?mcid=tGE4TAMA represented by: John M. McDonnell, Esq. MCDONNELL CROWLEY, LLC In re Ronald Stephen Welty Bankr. C.D. Cal. Case No. 25-11408 Chapter 11 Petition filed May 25, 2025 represented by: Misty Perry Isaacson, Esq. In re DAS Hund Haus, Inc. Bankr. M.D. Fla. Case No. 25-03437 Chapter 11 Petition filed May 25, 2025 See https://www.pacermonitor.com/view/BYGPSXA/DAS_HUND_HAUS_INC__flmbke-25-03437__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew J. Kovschak, Esq. SUTTON LAW FIRM E-mail: mjkovschak@aol.com In re Ira C. Thomas Bankr. E.D.N.Y. Case No. 25-42561 Chapter 11 Petition filed May 25, 2025 represented by: Elliot Schlissel, Esq. In re BIO Gymnastics and Athletics Unlimited LLC Bankr. N.D. Ga. Case No. 25-20676 Chapter 11 Petition filed May 14, 2025 Filed Pro Se In re Aligned Medical Group, P.C. Bankr. E.D. Pa. Case No. 25-11769 Chapter 11 Petition filed May 5, 2025 See https://www.pacermonitor.com/view/3MI5ETA/Aligned_Medical_Group_PC__paebke-25-11769__0001.0.pdf?mcid=tGE4TAMA represented by: David B. Smith, Esq. SMITH KANE HOLMAN, LLC E-mail: dsmith@skhlaw.com In re AZAP Welding & Construction, LLC Bankr. N.D. Tex. Case No. 25-31925 Chapter 11 Petition filed May 26, 2025 See https://www.pacermonitor.com/view/EPFFXEY/AZAP_Welding__Construction_LLC__txnbke-25-31925__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey T. Hall, Esq. LAW OFFICES OF JEFFREY T. HALL E-mail: jthallesq@gmail.com In re Rene's Trucking, Inc. Bankr. S.D. Tex. Case No. 25-32881 Chapter 11 Petition filed May 26, 2025 See https://www.pacermonitor.com/view/KK2T63A/Renes_Trucking_Inc__txsbke-25-32881__0001.0.pdf?mcid=tGE4TAMA represented by: Lloyd A. Lim, Esq. KEAN MILLER LLP E-mail: lloyd.lim@keanmiller.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. 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Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***