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250530.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, May 30, 2025, Vol. 29, No. 149 Headlines 1 SANDPIPER: Seeks Cash Collateral Access 11 LOUEMMA LANE: Voluntary Chapter 11 Case Summary 18222 YORBA: Unsecured Creditors Will Get 100% in Sale Plan 1836-1838 WEST MARQUETTE: Seeks Chapter 11 Bankruptcy in Illinois 2022 WEST 36TH: Seeks to Hire Kutner Brinen Dickey as Attorney 23ANDME HOLDING: Co-Founder's Ch. 11 Sale Fight Sparks Objections 23ANDME HOLDING: Ombudsman Taps Wilmer Cutler Pickering as Counsel 23ANDME HOLDING: To Delist Stock from NASDAQ After Regeneron Deal 3 RONSON ROAD: Public Sale Auction Set for July 14 35A PROPERTY: Seeks to Hire Michael L. Previto as Attorney 35A PROPERTY: Voluntary Chapter 11 Case Summary A.E. SCHLUETER: Gets Interim OK to Use Cash Collateral ACCEPTIONAL MINDS: Gets Final OK to Use Cash Collateral ACCORD LEASE: Court Extends Cash Collateral Access to June 20 ACRON 2 PORSCHE: Kimpton Overland Hotel Up For Sale on July 30 ADMIRE CARE: Seeks Subchapter V Bankruptcy in Florida AKOUSTIS TECHNOLOGIES: CEO Resigns Following Asset Sale to THC AKOUSTIS TECHNOLOGIES: June 17 Claims Filing Deadline Set AKOUSTIS TECHNOLOGIES: Rebrands as ATech (Parent) Resolution Corp. ALBERT WHITMAN: Court Extends Cash Collateral Access to July 5 ALLEGANY COLLEGE: S&P Affirms 'BB+' Rating on Rev. Refunding Bond ALLEN PAVING: Court Denies Emergency Bid to Use Cash Collateral ALLSTATE REALTY: Files Amendment to Disclosure Statement ALTRAIN MEDICAL: Gets Final OK to Use Cash Collateral APPLIED COMPOSITES: Blue Owl Marks $40.5MM 1L Loan at 37% Off AT HOME GROUP: S&P Lowers ICR to 'SD' on Missed Interest Payment ATTORNEY DONALD: Case Summary & Nine Unsecured Creditors AZAP WELDING: Seeks Subchapter V Bankruptcy in Texas BEACH HOUSE: Amends Unsecured Claims Pay Details BEN FACKLER: Gets Interim OK to Use Cash Collateral BISHOP OF OAKLAND: Committee Taps Robin Klomparens as Consultant BRIGHT CARE: Gets Final OK to Use Cash Collateral BROCATO'S SANDWICH: Gets Extension to Access Cash Collateral BYJU'S ALPHA: Lender Seeks to Join Latest $533MM Chapter 11 Suit CAPTURE DIAGNOSTICS: Seeks Chapter 11 Bankruptcy in Ohio CASCADES INC: S&P Rates New $400MM Senior Unsecured Notes 'BB-' CELSIUS NETWORK: Counterclaims in Bailey Adversary Case Tossed CHG US: Seeks to Hire Stretto Inc as Claims and Noticing Agent CONAIR HOLDINGS: Blue Owl Marks $12.5 Million 1L Loan at 14% Off CONROE CORRAL: Claims to be Paid from Continued Operations CORTEX NORTH: Gets Final OK to Use Cash Collateral COVIAN ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors DANIEL J. WALLACE: Hires Menchaca & Company as Financial Advisors DEEJAYZOO LLC: Case Summary & 20 Largest Unsecured Creditors DENISON LANDSCAPING: Hires YVS Law LLC as Bankruptcy Counsel DRIVEHUB AUTO: Court Extends Cash Collateral Access to June 24 DVAC HEATING: Seeks Subchapter V Bankruptcy in Washington ELITE PRINTING: Gets Interim OK to Use Cash Collateral Until July 3 EOS FINCO: Blue Owl Marks $36.8 Million 1L Loan at 59% Off EVERSTREAM SOLUTIONS: Seeks Chapter 11 Bankruptcy, To Sell Assets EXACTECH INC: Milbank & Richards Revise Rule 2019 Statement EXACTECH INC: Postpones Chapter 11 Confirmation Plan Hearing FELTRIM TUSCANY: Gets Final OK to Use Cash Collateral FERADYNE OUTDOORS: Blue Owl Marks $76.7 Million 1L Loan at 17% Off FRANCHISE GROUP: Court Confirms Chapter 11 Plan to Cut Debt FREE SPEECH: Jones' $50MM Sandy Hook Verdict Appeal Gains Support FROM START 2 FLIP: Seeks Chapter 11 Bankruptcy in Illinois FULLER'S SERVICE: Gets Extension to Access Cash Collateral GEORGIA VASCULAR: Hearing to Use Cash Collateral Set for June 4 GLORY BOUND: Seeks to Tap HallerColvin PC as Bankruptcy Counsel GOLD PACKAGE: Seeks Subchapter V Bankruptcy in Texas HARLING INC: Court Extends Cash Collateral Access to June 4 HB CAPITAL: Voluntary Chapter 11 Case Summary HIGHLAND CAPITAL: Wants to Halt Order Allowing CEO Bankruptcy Suit HOODSTOCK RANCH: Seeks Cash Collateral Access HORSEY DENISON: Taps Witherspoon Group as Financial Advisor HUDSON PACIFIC: S&P Downgrades ICR to 'B', Outlook Negative ICEY-TEK USA: Hires Taylor Real Estate as Auctioneer Agent J AND A 5TH AVE: Seeks Chapter 11 Bankruptcy in New Jersey J.C.C.M. PROPERTIES: Gets Interim OK to Use Cash Collateral JERK PIT: Case Summary & 18 Unsecured Creditors JERK PIT: Seeks Subchapter V Bankruptcy in D.C. JMKA LLC: Court Extends Cash Collateral Access to June 27 JPK NEWCO: Seeks Subchapter V Bankruptcy in D.C. JTRE 14 VESEY: Taps Phillips Nizer as Special Real Estate Counsel KENBENCO INC: Gets Final OK to Use Cash Collateral KUBOTA OF KNOXVILLE: Seeks Chapter 11 Bankruptcy in Tennessee LAKESHORE TERRACE: Seeks to Hire Darby Law as Bankruptcy Counsel LAZARUS INDUSTRIES: Hearing to Use Cash Collateral Set for June 2 LEVY VENTURES: Lender Seeks to Prohibit Cash Collateral Access MALLINCKRODT PLC: Investors Secure Initial $5.5MM Settlement Okay MIKLAR LLC: Case Summary & Five Unsecured Creditors MIKLAR LLC: Seeks Subchapter V Bankruptcy in Tennessee MITCHELL ROCK: Gets Court OK to Use Cash Collateral MOM CA INVESTOR: Investor Demands Property Interests Turnover NATIONAL DENTEX: Blue Owl Marks $134.3 Million 1L Loan at 25% Off NATIONAL DENTEX: Blue Owl Marks $14.5MM 1L Loan at 27% Off NATIONAL DENTEX: Blue Owl Marks $8.4-Mil. 1L Loan at 36% Off NBA PROPERTIES: Seeks Chapter 11 Bankruptcy in California NEW WORLD: Case Summary & 14 Unsecured Creditors NFI GROUP: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable NIKOLA CORP: Creditors Want to Probe Founder Over $100MM Award NOTORIOUS TOPCO: Blue Owl Marks $185.2 Million 1L Loan at 17% Off NOTORIOUS TOPCO: Blue Owl Marks $3.9 Million 1L Loan at 64% Off O'RYAN RANCHES: Seeks to Hire Lain Faulkner & Co as Accountant O'RYAN RANCHES: Seeks to Hire Munsch Hardt Kopf as Attorney ONEMAIN FINANCE: S&P Rates New $500MM Senior Unsecured Notes 'BB' PARAGON MOVING: Gets OK to Use Cash Collateral Until June 10 PERATON CORP: Blue Owl Marks $60.3MM 2L Loan at 26% Off PHYSICIAN PARTNERS: Blue Owl Marks $6.4 Million 1L Loan at 40% Off PLENTY UNLIMITED: Exits Ch. 11 Bankruptcy, Completes Restructuring PS OPERATING: Blue Owl Marks $15.6-MM 1L Loan at 86% Off PS OPERATING: Blue Owl Marks $5.5-Mil. 1L Loan at 88% Off RADIX HAWK: Seeks to Hire Tranzon Drigger as Auctioneer/Broker RED LOBSTER: Court Tosses False Advertising Suit After Ch.11 Ruling RED RIVER: 3rd Circuit Pauses Talc Study Libel Case Appeal REGIONS PROPERTY: Court Extends Cash Collateral Access to June 18 RELENTLESS HOLDINGS: Seeks to Hire Trustee Realty as Realtor RENE'S TRUCKING: Seeks Subchapter V Bankruptcy in Texas ROCK N CONCEPTS: Court Extends Cash Collateral Access to June 13 ROCKAWAY CONTRACTING: Seeks Subchapter V Bankruptcy in New York SABAL CONSTRUCTION: Gets Interim OK to Use Cash Collateral SAIPRASAD LLC: To Sell Bexar Property in an Auction SAKS GLOBAL: Hires Greenhill & Co. Before Debt Talks SBLA INC: Court Extends Cash Collateral Access to June 18 SEAGATE DATA: S&P Rates Proposed Unsecured Exchange Notes 'BB' SEVEN RIVERS: Court Grants FFB's Motions for Stay Relief SHADE STORE: Blue Owl Marks $2.3 Million 1L Loan at 23% Off SHIVANI CORP: Seeks to Hire Cox Law Group as Bankruptcy Counsel SKIN HEALTH: Seeks Subchapter V Bankruptcy in Michigan SOLAR EXCLUSIVE: Court OKs Deal to Use JPMorgan's Cash Collateral SPENCER & ASSOCIATES: Taps Bookkeeping & Beyond as Bookkeeper SPENCER & ASSOCIATES: Taps Calloway Stinson & Co. as Accountant SPLENDIDLY BLENDED: Court Extends Cash Collateral Access to June 11 STAR WELLINGTON: Gets Final OK to Use Cash Collateral STEVEN LAYNE: Seeks Subchapter V Bankruptcy in Arkansas STEWARD HEALTH: Wants to Give Discounts to Top Bankruptcy Creditors STS RENEWABLES: June 13 Chapter 15 Recognition Hearing Set SWEET TRUCKING: Seeks to Use Cash Collateral SYNTHEGO CORP: Seeks to Hire Fenwick & West LLP as Special Counsel SYNTHEGO CORP: Seeks to Hire Raymond James as Investment Banker SYNTHEGO CORP: Taps Allen Soong of Paladin Management as CRO SYNTHEGO CORP: Taps Epiq Corporate as Administrative Advisor SYNTHEGO CORP: Taps Pachulski Stang Ziehl & Jones as Counsel SYSOREX GOVERNMENT: Gov't Contractor Seeks Speedy $2.3MM DIP Loan T14-15 LLC: Case Summary & 20 Largest Unsecured Creditors TEAK DECK: Amends JP Morgan Secured Claim Pay Details TECHNO TOY: Hires Farsad Law Office as General Bankruptcy Counsel TLC MEDICAL: Court Extends Cash Collateral Access to Aug. 12 TREESAP FARMS: Gets Court Okay to Get Chapter 11 Liquidation Votes TRIPLE-G-GUNITE: Case Summary & 20 Largest Unsecured Creditors TRIPLETT FUNERAL: Court OKs Limited Use of Cash Collateral TROLLMAN ENTERPRISES: To Sell Fenton Property to Seven Lakes UMA ENTERPRISES: Public Sale Auction Set for May 28 UNITED TALENT: S&P Rates $1.18BB First-Lien Facilities 'B+' V850JACKSON LLC: Gets Interim Approval to Use Cash Collateral VACATION OWNERSHIP: Court OKs Deal to Use Cash Collateral WALKER EDISON: Blue Owl Marks $36.8 Million 1L Loan at 83% Off WAVE ASIAN: Seeks to Hire BransonLaw PLLC as Bankruptcy Counsel WAVE SUSHI: Seeks to Hire BransonLaw PLLC as Bankruptcy Counsel WELCOME GROUP: Seeks to Use Cash Collateral Until Sept. 15 WEST COUNSELING: Gets Interim OK to Use Cash Collateral WEST RIVER: Case Summary & Seven Unsecured Creditors [] Allen Underwood II Joins Barclay Damon's Bankruptcy Practice [^] BOOK REVIEW: The Heroic Enterprise ********* 1 SANDPIPER: Seeks Cash Collateral Access ----------------------------------------- 1 Sandpiper LLC asked the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, for authority to use cash collateral. The Debtor identifies five creditors -- Murphy Wall State Bank, U.S. Small Business Administration, CT Corporation System (two filings), and Custom Capital USA -- that may have interests in the cash collateral from ongoing revenues. At filing, the Debtor held approximately $66,019 in cash and $76,013 in unencumbered assets. The Debtor seeks to use these funds for operations and proposes providing adequate protection through replacement liens and a monthly payment of $39,640 to Murphy Wall. A copy of the motion is available at https://urlcurt.com/u?l=nmeFgB from PacerMonitor.com. About 1 Sandpiper LLC 1 Sandpiper, LLC owns a vacation rental property located at 1 Sandpiper Lane in Marathon, Fla. The property is valued at$3.65 million. 1 Sandpiper sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01836) on May 15, 2025. In its petition, the Debtor reported total assets of $3,822,330 and total liabilities of $8,836,717. Judge Pamela W. Mcafee handles the case. The Debtor is represented by Danny Bradford, Esq., at Paul D. Bradford, PLLC. 11 LOUEMMA LANE: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: 11 Louemma Lane LLC 260 South Hope Chapel Road Jackson, NJ 08527 Case No.: 25-15659 Business Description: 11 Louemma Lane LLC owns a property at 11 Louemma Lane in Sussex, New Jersey. Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court District of New Jersey Debtor's Counsel: Eric H. Horn, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue Suite 3260 Livingston, NJ 07039 Tel: 973-287-5006 Email: ehorn@aystrauss.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Moshe Rudich as managing member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XMFOIWA/11_Louemma_Lane_LLC__njbke-25-15659__0001.0.pdf?mcid=tGE4TAMA 18222 YORBA: Unsecured Creditors Will Get 100% in Sale Plan ----------------------------------------------------------- 18222 Yorba Linda Owner, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated May 7, 2025. The Debtor was incorporated on October 8, 2020. The Debtor's managing member is 18222 Yorba Linda Investments, LLC. The Debtor's principal asset is the real property commonly known as 18222 Mariposa Avenue, Yorba Linda, CA 92886 (the "Property") with an estimated fair market value of $40,000,000.00. The Property is 4.99 acres of partially improved vacant land in the City of Yorba Linda. The Debtor acquired title to the Property in November 2020. The present care was filed to avoid foreclosure of the Property. The property is the Debtor's primary asset. The property has substantial equity to pay off all allowed obligations in full, both secured and unsecured, as well as administrative claims and quarterly fees to the Office of the United States Trustee. At the present time, the Debtor has an executed Letter of Intent ("LOI") from ISF Yorba Linda, LLC ("Purchaser") to acquire the Debtor's Property for $40,000,000.00. The parties are finalizing the terms of the Purchase and Sale Agreement("PSA"). Since the execution of the LOI on April 21, 2025, the Purchaser has been conducting its due diligence which is estimated to be completed within the next 90 days, after which time, it will take approximately 30 days to close escrow. The Debtor anticipates to finalize the sale of the Property on or before October 2025. Class 2 consists of General Unsecured Claims. In the present case, the Debtor estimates that there are approximately $1,030,651.91 in general unsecured debts. Holders of General Unsecured Claims will receive 100% of their claims from the sale of the Property. The Debtor's interest holder is 18222 Yorba Linda Investors, LLC, which is the Debtor's Managing Member and 100% shareholder. 18222 Yorba Linda Investors, LLC is not a creditor of the Debtor and will retain its equity interest in the Debtor. The Debtor will fund the Plan from the sale of the Property. A full-text copy of the Disclosure Statement dated May 7, 2025 is available at https://urlcurt.com/u?l=GA8Gi7 from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Sofya Davtyan, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About 18222 Yorba Linda Owner, LLC 18222 Yorba Linda Owner LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 18222 Yorba Linda Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10922) on February 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by Michael Jay Berger, Esq., at LAW OFFICES OF MICHAEL JAY BERGER. 1836-1838 WEST MARQUETTE: Seeks Chapter 11 Bankruptcy in Illinois ----------------------------------------------------------------- On May 28, 2025, 1836-1838 West Marquette Ave LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1836-1838 West Marquette Ave LLC 1836-1838 West Marquette Ave LLC is a single asset real estate company operating in Chicago. 1836-1838 West Marquette Ave LLC relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08080) on May 28, 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 Deborah L. Thorne handles the case. 2022 WEST 36TH: Seeks to Hire Kutner Brinen Dickey as Attorney -------------------------------------------------------------- 2022 West 36th Avenue seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. as attorneys. The firm will render these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree commencement of lien foreclosure proceedings and all matters; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these rates: Jeffrey S. Brinen $540 per hour Jenny M.F. Fujii $440 per hour Jonathan M. Dickey $400 per hour Keri L. Riley $390 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $16,738. Ms. Riley disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: (303) 832-2910 Email: klr@kutnerlaw.com About 2022 West 36th Avenue 2022 West 36th Avenue filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 25-12773) on May 8, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Michael E Romero presides over the case. Keri L. Riley, Esq. at Kutner Brinen Dickey Riley, P.C. represents the Debtor as counsel. 23ANDME HOLDING: Co-Founder's Ch. 11 Sale Fight Sparks Objections ----------------------------------------------------------------- James Nani and Cassandre Coyer of Bloomberg Law reports that Regeneron Pharmaceuticals and a court-appointed privacy ombudsman are objecting to an attempt by 23andMe co-founder Anne Wojcicki to contest the company's $256 million bid for the bankrupt genetic-testing firm’s DNA database. In a Thursday, May 29, 2025, filing with the U.S. Bankruptcy Court for the Eastern District of Missouri, Regeneron accused Wojcicki's TTAM Research Institute of violating the court-approved sale procedures by submitting additional bids after the auction had concluded, according to report. The company also argued that TTAM should be prohibited from using the discovery process to obtain details about Regeneron's bidding tactics and internal discussions, the report states. 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. 23ANDME HOLDING: Ombudsman Taps Wilmer Cutler Pickering as Counsel ------------------------------------------------------------------ Neil M. Richards, the duly-appointed consumer privacy ombudsman of 23andMe Holding Co. and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Wilmer Cutler Pickering Hale and Dorr LLP as his counsel. The firm's services include: a. understanding applicable state, federal and foreign privacy and data security laws, including, but not limited to genetic privacy laws and regulations; b. reviewing and assessing the implementation of and compliance with privacy and data protection protocols and processes; c. advising the CPO on the legal and technical aspects of the cybersecurity practices of both the Debtor and any proposed purchaser; d. investigating any proposed sale or transfer of personally identifiable information by the Debtors; e. reporting to the Court on the information described in Bankruptcy Code section 332(b); f. providing advice to the CPO on issues of bankruptcy law and procedure, including issues relating to sales under Bankruptcy Code section 363, and the procedures applicable in this Court; g. representing the CPO in any other matter that may arise in connection with the CPO's service as consumer privacy ombudsman; and h. appearing before the Court in connection with the foregoing. The firm will be paid at these rates: Partners $1,600 to $2,600 per hour Counsel $1,400 to $1,600 per hour Associates $825 to $1,370 per hour Paraprofessionals $550 to $820 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Fee Guidelines: a. Question: Did you agree to any variations from, or alternatives to, your standard billing arrangements for this engagement? Answer: No. WilmerHale and the CPO have not agreed to any variations from, or alternatives to, WilmerHale's standard billing arrangements for this engagement. The rate structure provided by WilmerHale is appropriate and is not significantly different from (a) the rates that WilmerHale charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. b. Question: Do any of the professionals in this engagement vary their rate based on the geographic location of the Debtors' chapter 11 cases? Answer: No. The hourly rates used by WilmerHale in representing the CPO are consistent with the rates that WilmerHale charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. c. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: WilmerHale has not represented the CPO or the Debtors in the 12 months prior to the Petition Date. d. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: No. Andrew N. Goldman, Esq., a partner at Wilmer Cutler Pickering Hale and Dorr LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrew N. Goldman, Esq. WILMER CUTLER PICKERING HALE AND DORR LLP 7 World Trade Center New York, NY 10007 Tel: (212) 30 8836 Email: andrew.goldman@wilmerhale.com About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of 23andMe Holding Co. and its affiliates. The Committee selected Kelley Drye & Warren LLP as its lead counsel; Stinson LLP as co-counsel; and FTI Consulting Inc. as financial advisor. 23ANDME HOLDING: To Delist Stock from NASDAQ After Regeneron Deal ----------------------------------------------------------------- Tom Zanki of Law360 reports that on Tuesday, May 27, 2025, bankrupt genetic testing firm 23andMe Inc. said it will remove its stock from the Nasdaq exchange, following the agreement by Regeneron Pharmaceuticals Inc. to acquire the defunct company. 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. 3 RONSON ROAD: Public Sale Auction Set for July 14 -------------------------------------------------- TGMP Owner LLC ("secured party") will hold a public sale on July 14, 2025, at 10:00 a.m. Eastern Time in-person at Venable LLP, 151 W. 42nd Street, 49th Floor, New York, New York 10036, and virtually via online video conference -- The link and password for the line video conference will be provided to all registered qualified bidders.-- to sell to the qualified bidder with the highest or otherwise best bid, subject to the governing terms of sale, (i) all of the right, title and interest of 3 Ronson Road Sub LLC ("pledgor I") in and to its 99% limited liability company interest in SAMTD Acquisitions Woodbridge Urban Renewal LLC ("phase I borrower"), and (ii) all of the right, title and interest of 3 Ronson Road Sub II LLC ("pledgor II") in and to its 1% limited liability company interest in Phase I Borrower ("Phase I Equity Collateral"). The Phase I Equity collateral secures indebtedness owned by Phase I Borrower to Secured Party under a loan to Phase I Borrower in the outstanding principal amount of $80 million plus unpaid interests, attorneys' fees and other charges, including the costs to sell the Phase I Equity Collateral ("Phase I Loan"). Pledgor I and Pledgor II collectively own 100% of the equity interests in Phase I Borrower. Phase I Borrower owns the condominium units commonly knowns as Units 1, 2 and 3 in the Grande at Metro Park, a condominium located at 3 Ronson Road, Woodbridge Township, New Jersey. Parties interested in further information about the collateral, the requirements and registering to be a qualified bidder, or terms of sale must contact secured party's brokers, Christopher Kramer and Brock Cannon at Newmark, by email at christopher.kramer@nmrk.com and brock.cannon@nmrk.com. Upon execution of a standard non-disclosure agreement, additional documentation and information will be available. Parties who do not contact Newmark and register by 5:00 p.m. Eastern Time on July 7, 2025, may not be permitted to participate in the auctions. Secured Party and its successors and assigns reserve the right to modify the terms of the sale at any time and from time to time, with or without notice. 35A PROPERTY: Seeks to Hire Michael L. Previto as Attorney ---------------------------------------------------------- 35A Property Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Michael L. Previto as attorney. The firm will provide these services: a. advise the Debtor with respect to his powers and duties as a Debtor in Possession in the operation and management of financial reorganization of the estate; b. attend meeting and negotiates with creditors and their representatives, Trustee and others; c. take all actions to protect the Debtor's estate, including litigating on the Debtor's behalf and negotiating where applicable; d. prepare all motions, applications, answers, orders, reports, and papers necessary for the administration of the estate; e. assist and represent the Debtor in obtaining Debtor's financing, if applicable; f. prepare a Chapter 11 plan or plans and disclosure statement and take any action to obtain confirmation of that plan; g. represent the Debtor's interest in any sale of property or assets; h. appear in Court to protect his interests; and i. perform all other legal services and provide such advice as is necessary to assist Debtor. The firm will be paid at 250 per hour. The firm will be paid a retainer in the amount of $2,100. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael L. Previto, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael L. Previto 150 Motor Parkway, Suite 401 Hauppauge, NY 11788 Tel: (631) 379-0837 About 35A Property Inc. 35A Property Inc. owns a multi-family premises at 35A Prospect Place, Brooklyn, NY 11215 valued at $1.5 million. 35A Property Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44621) on Nov. 6, 2024. In the petition filed by Danil Shabatayev, as vice president, the Debtor reports total assets of $1,500,000 and total liabilities of $2,331,760. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Stacey Simon Reeves, Esq. at LAW OFFICES OF STACEY SIMON REEVES. 35A PROPERTY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 35A Property Inc. 2741 Mill Avenue Brooklyn NY 11234 Case No.: 25-42603 Business Description: 35A Property Inc. is a single-asset real estate debtor as defined under 11 U.S.C. Section 101(51B). The Company is involved in managing a single property located in Brooklyn, New York. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Eastern District of New York Judge: Hon. Elizabeth S Stong Debtor's Counsel: Michael L. Previto, Esq. MICHAEL L. PREVITO ESQ. 150 Motor Parkway Hauppauge NY 11788 Tel: 631-379-0837 Email: mchprev@aol.com Total Assets: $1,500,000 Total Debts: $1,550,000 Danil Shabatayez signed the petition as owner/vice president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D3U6LRA/35_A_Property_Inc__nyebke-25-42603__0003.0.pdf?mcid=tGE4TAMA A.E. SCHLUETER: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ A.E. Schlueter Pipe Organ Sales and Service, Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. The order penned by Judge Paul Baisier authorized the Debtor's interim use of cash collateral until June 12 to pay its operating expenses. The Debtor identifies two creditors that may assert liens on its assets: Touchmark National Bank, based on a UCC filing from 2015 and subsequent amendments, and the U.S. Small Business Administration, based on a 2020 UCC filing. As protection, both creditors will be granted replacement liens on all assets created or acquired by the Debtor after the petition date, which are similar to their pre-bankruptcy collateral. The next hearing is scheduled for June 12. About A.E. Schlueter Pipe Organ Sales and Service A.E. Schlueter Pipe Organ Sales and Service, Inc. specializes in building, repairing, and maintaining pipe organs across the United States. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55514) on May 16, 2025. In the petition signed by Arthur E. Schlueter, Jr., chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Thomas T. McClendon, Esq., at Jones & Walden LLC, represents the Debtor as legal counsel. ACCEPTIONAL MINDS: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Wisconsin issued a final order authorizing Acceptional Minds, LLC to use the cash collateral of merchant cash advance (MCA) lenders. The final order penned by Judge Katherine Maloney Perhach authorized the company to use cash collateral in accordance with its monthly budget, which projects total operational expenses of $146,127.57. As protection, all MCA lenders with an interest in the cash collateral were granted replacement liens on the company's post-petition property, to the same extent and priority as their pre-bankruptcy liens. The lenders may seek relief from the automatic stay if the company defaults on its obligations to provide adequate protection and fails to cure the default. About Acceptional Minds Acceptional Minds, LLC filed Chapter 11 petition (Bankr. E.D. Wis. Case No. 25-21926) on April 10, 2025, listing up to $500,000 in both assets and liabilities. Rebecca Krisko, sole member, signed the petition. Judge Katherine M. Perhach oversees the case. John W. Menn, Esq., at Swanson Sweet, LLP represents the Debtor as legal counsel. ACCORD LEASE: Court Extends Cash Collateral Access to June 20 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois issued its eighth interim order extending Accord Lease, Inc.'s authority to use its lenders' cash collateral from May 23 to June 20. The interim order signed by Judge Deborah Thorne authorized the company to use the cash collateral of BMO Bank N.A., and 11 other lenders to pay the operating expenses set forth in the budget. As protection for the use of their cash collateral, the lenders were granted replacement liens on the company's post-petition assets. The next hearing is set for June 18. About Accord Lease Inc. Accord Lease Inc. operates an automotive leasing and renting business in Elgin, Ill. Accord Lease filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-16518) on November 1, 2024, listing total assets of $3,773,857 and total liabilities of $5,800,404. Igor Tsapar, president of Accord Lease, signed the petition. Judge David D. Cleary handles the case. O. Allan Fridman, Esq., at the Law Office of O. Allan Fridman is the Debtors legal counsel. BMO Bank N.A., as lender, is represented by: James P. Sullivan, Esq. Chapman and Cutler, LLP 320 South Canal Street Chicago, IL 60606 Tel: 312.845.3000 jsullivan@chapman.com ACRON 2 PORSCHE: Kimpton Overland Hotel Up For Sale on July 30 -------------------------------------------------------------- The 100% of the limited liability company interest in Acron 2 Porsche Drive Atlanta LLC, and together with all economic, management and other rights, property and status ("collateral") will be offered for sale at a public auction and sold to the highest qualified bidder on July 30, 2025, at 10:00 a.m. prevailing Central Time. The sale will be conducted online in Zoom Meeting. The Zoom meeting credentials will be shared in terms of sale, which will be available to qualified bidders who, among other requirements, executed a confidentiality and non-disclosure agreement. The principal asset of the Company is the leased fee interest in that certain real property and the improvements thereon knowns as the Kimpton Overland Hotel - Atlanta Airport located at 2 Porsche Drive, Hapeville, Georgia 30354 ("property"). The sale is to enforce the rights of CAI Overland Lender LLC ("Secured party") under (a) that certain loan agreement dated as of Jan. 18, 2024, by and between Secured Party and Acron 2 Porsche Drive Mezzco LLC ("borrower") and (b) that certain pledged and security agreement dated as of Jan. 18, 2024, executed by borrower in favor of the secured party. Interested parties who desire additional information regarding the Company, the collateral, the property or the terms of the public sale will execute the NDA which can be accessed via the website https://tinyurl.com/UCCSaleKimptonATL. For questions and inquiries, contact Joanne Au of CBRE Capital Markets at CBREuccsales@cbre.com ADMIRE CARE: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------- On May 27, 2025, Admire Care LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Admire Care LLC Admire Care LLC is a home health care services provider based in Clermont, Florida that offers medical and non-medical care to patients in their homes. Admire Care LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No. 25-03163-GER) 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 Tiffany P. Geyer handles the case. The Debtors are represented by Jeffrey Ainsworth, Esq. at BransonLaw PLLC AKOUSTIS TECHNOLOGIES: CEO Resigns Following Asset Sale to THC -------------------------------------------------------------- ATech (Parent) Resolution Corp. (formerly known as Akoustis Technologies, Inc.) disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on April 25, 2025, in accordance with the Debtors' bidding procedures, as approved by the Court on January 13, 2025, and amended on February 20, 2025, and March 25, 2025, the Debtors conducted an auction for the Akoustis Assets, which resulted in Tune Holdings Corp., a Texas corporation, being named as the successful bidder for substantially all of the assets of the Company and two of its subsidiaries, ATech Resolution Corp. (f/k/a Akoustis, Inc.), a Delaware corporation, and RF Chips Resolution Corp. (f/k/a RFM Integrated Device Inc.), a Texas corporation and wholly owned subsidiary of ATech. On the same date, Sellers, Purchaser, and Purchaser's parent, Space Exploration Technologies Corp., a Texas corporation, as guarantor of certain of Purchaser's obligations thereunder, entered into an asset purchase agreement, under which Purchaser agreed, subject to the terms and conditions of the Purchase Agreement, to purchase certain assets and assume certain liabilities from the Sellers for a purchase price of $30.2 million. On May 1, 2025, the Court approved the sale, and the sale was consummated by the Parties on May 15, 2025. As previously disclosed, on December 15, 2024, the Company agreed to the form of a "stalking horse" asset purchase agreement with Gordon Brothers Commercial & Industrial, LLC, providing for the sale and purchase of certain assets related to the Debtors' businesses. Pursuant to the Debtors' bidding procedures, as approved by the Court on January 13, 2025, and amended on February 20, 2025, and March 25, 2025, the Stalking Horse APA was subject to higher and better offers received during the Cases. Kamran Cheema resigned from the Company's Board of Directors in connection with the sale of the Debtors' assets to Purchaser, effective as of May 14, 2025. Pursuant to the Purchase Agreement and effective as of May 14, 2025, the positions of Kamran Cheema as Chief Executive Officer and Chief Product Officer of the Company and Kenneth Boller as Chief Financial Officer of the Company terminated. About Akoustis Technologies Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters -- targeting higher bandwidth, higher operating frequencies and higher output power compared to legacy polycrystalline BAW technology. The Company utilizes its proprietary and patented XBAW(R) manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of poly-crystal, single-crystal, and other high purity piezoelectric materials and the resonator-filter process technology which enables optimal trade-offs between critical power, frequency and bandwidth performance specifications. Akoustis owns and operates a 125,000 sq. ft. ISO-9001:2015 registered commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility -- tooled for 150-mm diameter wafers -- for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis is headquartered in the Piedmont technology corridor near Charlotte, North Carolina. Akoustis and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-12796) on Dec. 16, 2024. Akoustis disclosed $53,371,000 in total assets against $122,586,000 in total debt as of Sept. 30, 2024. The Hon. Laurie Selber Silverstein is the case judge. The Debtors tapped K&L Gates, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel. Raymond James & Associates, Inc. as investment banker; Getzler Henrich & Associates, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Stretto is the claims agent and has launched the page https://cases.stretto.com/Akoustis. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. AKOUSTIS TECHNOLOGIES: June 17 Claims Filing Deadline Set --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware set June 17, 2025, at 5:00 p.m. (prevailing Eastern Time) as last date and time for persons or entities to file proof of claims against Akoustis Technologies Inc. and its debtor-affiliates. The Court also set June 15, 2025, at 5:00 p.m. (prevailing Eastern Time) as deadline for all governmental units to file their claims agains the Debtors. All Claimants must submit by overnight mail, courier service, hand delivery, U.S. first class mail, in person or electronically through the online Electronic Proof of Claim Form available at https://cases.stretto.com/Akoustis, an original, written proof of claim that substantially conforms to the Proof of Claim Form so as to be actually received (postmark date is insufficient) by Stretto, the Debtors' claims and noticing agent, by no later than 5:00 p.m. (prevailing Eastern Time) on or before the applicable Bar Date at the following address if submitted by U.S. first class mail, overnight, or hand delivery: Akoustis Technologies, Inc. et al. Claims Processing c/o Stretto, Inc. 410 Exchange Suite 100 Irvine, CA 92602 Proofs of Claim sent to Stretto by facsimile, telecopy, or electronic mail will not be accepted and will not be considered properly or timely filed for any purpose in the Chapter 11 Cases. About Akoustis Technologies Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters -- targeting higher bandwidth, higher operating frequencies and higher output power compared to legacy polycrystalline BAW technology. The Company utilizes its proprietary and patented XBAW(R) manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of poly-crystal, single-crystal, and other high purity piezoelectric materials and the resonator-filter process technology which enables optimal trade-offs between critical power, frequency and bandwidth performance specifications. Akoustis owns and operates a 125,000 sq. ft. ISO-9001:2015 registered commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility -- tooled for 150-mm diameter wafers -- for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis is headquartered in the Piedmont technology corridor near Charlotte, North Carolina. Akoustis and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-12796) on Dec. 16, 2024. Akoustis disclosed $53,371,000 in total assets against $122,586,000 in total debt as of Sept. 30, 2024. The Hon. Laurie Selber Silverstein is the case judge. The Debtors tapped K&L Gates, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel. Raymond James & Associates, Inc. as investment banker; Getzler Henrich & Associates, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Stretto is the claims agent and has launched the page https://cases.stretto.com/Akoustis. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. AKOUSTIS TECHNOLOGIES: Rebrands as ATech (Parent) Resolution Corp. ------------------------------------------------------------------ Akoustis Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on April 25, 2025, in accordance with the Bidding Procedures, the Debtors selected Silitronics Solutions Inc., a California corporation, as the successful bidder for substantially all of the assets of Grinding and Dicing Services, Inc., a California corporation and wholly owned subsidiary of ATech, based on a bid valued at approximately $6 million. The Debtors intend to seek approval for the contemplated sale of the GDSI Assets to Silitronics by the Bankruptcy Court in connection with the Cases. In connection with the Purchase Agreement, on May 15, 2025, the Company filed with the Secretary of State of the State of Delaware a certificate of amendment to the Company's certificate of incorporation, as amended. The Certificate of Amendment did not amend the certificate of incorporation except to change the Company's corporate name from "Akoustis Technologies, Inc." to "ATech (Parent) Resolution Corp.", effective May 15, 2025. About Akoustis Technologies Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters -- targeting higher bandwidth, higher operating frequencies and higher output power compared to legacy polycrystalline BAW technology. The Company utilizes its proprietary and patented XBAW(R) manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of poly-crystal, single-crystal, and other high purity piezoelectric materials and the resonator-filter process technology which enables optimal trade-offs between critical power, frequency and bandwidth performance specifications. Akoustis owns and operates a 125,000 sq. ft. ISO-9001:2015 registered commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility -- tooled for 150-mm diameter wafers -- for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis is headquartered in the Piedmont technology corridor near Charlotte, North Carolina. Akoustis and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-12796) on Dec. 16, 2024. Akoustis disclosed $53,371,000 in total assets against $122,586,000 in total debt as of Sept. 30, 2024. The Hon. Laurie Selber Silverstein is the case judge. The Debtors tapped K&L Gates, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel. Raymond James & Associates, Inc. as investment banker; Getzler Henrich & Associates, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Stretto is the claims agent and has launched the page https://cases.stretto.com/Akoustis. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ALBERT WHITMAN: Court Extends Cash Collateral Access to July 5 -------------------------------------------------------------- Albert Whitman & Company received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The order penned by Judge Jacqueline Cox authorized the company's interim use of cash collateral until July 5 to pay the expenses set forth in its budget and additional amounts that Republic Business Credit, LLC approves in advance. RBC holds an interest in the company's cash, which constitutes cash collateral. As of the petition date, Albert Whitman & Company owes RBC at least $208,800.96 under a 2023 purchase agreement, which allows the company to obtain cash to operate its business from the sale of its accounts receivable to RBC. The company's obligation to pay its pre-bankruptcy debt is secured by RBC's liens on substantially all of its property. As protection, the interim order authorized Albert Whitman & Company to grant RBC replacement liens on its pre-bankruptcy collateral and any assets acquired by the company after the petition date. The interim order also authorized the company to continue to sell and assign its receivables to RBC but only in the amounts needed to fund the obligations listed in the budget. The next hearing is scheduled for July 1. Republic Business Credit is represented by: Michael A. Brandess, Esq. Husch Blackwell, LLP 120 South Riverside Plaza, Suite 2200 Chicago, IL 60606 Phone: 312-526-1542 michael.brandess@huschblackwell.com About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. William J. Factor, Esq., is the Debtor's legal counsel. ALLEGANY COLLEGE: S&P Affirms 'BB+' Rating on Rev. Refunding Bond ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on Maryland Economic Development Corp.'s series 2014 student housing revenue refunding bonds, issued for Allegany College Housing LLC (ACH). The outlook is stable. S&P said, "We analyzed the project's environmental, social, and governance factors relating to its market position, management and governance, and financial performance. In our view, the project suffers from demographics challenges that have led to consistent enrollment declines in recent years that have affected occupancy at the project. While management reports recently improved enrollment figures, we believe demographic challenges remain. Despite elevated social risk, we think environment and governance risks are neutral factors in our credit rating analysis "The stable outlook reflects the project's ability to consistently produce satisfactory DSC above its 1.25 DSC covenant. f, with continued college support and management's projected improving enrollment and occupancy metrics. We expect that support from the college will not diminish; this has allowed the project to maintain solid reserve levels despite softer occupancy recently. "We would consider a negative rating action if the project's net revenue falls below its 1.25x its annual DSC covenant, if ACH has to use reserve funds to make its debt service payments, or if the college no longer shows strong support for the project. "We would consider a positive rating action if occupancy increases to historical levels and the project's annual DSC is consistently above 1.25x debt service, without the support of the college." ALLEN PAVING: Court Denies Emergency Bid to Use Cash Collateral --------------------------------------------------------------- A U.S. bankruptcy judge issued an order denying as moot Allen Paving & Construction, LLC's emergency motion to use cash collateral. The company may use cash as authorized by Section 363(b) of the Bankruptcy Code in the ordinary course of business, according to the order signed by Judge Catherine Peek Mcewen of the U.S. Bankruptcy Court for the Middle District of Florida. About Allen Paving & Construction Allen Paving & Construction LLC, dba Paver Solutions is an outdoor living contractor based in Saint Petersburg, Florida. Founded in 2002, the Company specializes in designing and installing custom paver features for residential and commercial properties. Its services include pool decks, driveways, walkways, patios, fire pits, outdoor kitchens, outdoor lighting, and landscaping. Allen Paving & Construction LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02464) on April 18, 2025. In its petition, the Debtor reports total assets of $892,619 and total liabilities of $2,406,131. Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Shawn M. Yesner, Esq., at Yesner Law, PL. ALLSTATE REALTY: Files Amendment to Disclosure Statement -------------------------------------------------------- Allstate Realty Group, Inc., submitted a First Amended Disclosure Statement describing Plan of Reorganization dated May 8, 2025. Allstate Realty Group, Inc.is a California Corporation established on August 11, 2021, as a trucking business. The major asset is the real property located at 247 S. Carmelina Avenue in the City of Los Angeles, 90049 (Rental property). The Debtor is currently receiving $13,500 in rental income and the income has been consistent since the filing of the bankruptcy. Debtor's reorganization plan is based on this rental income. The Debtor anticipates based on its budget that it will have sufficient income from the rental property to pay all of its expenses and after the five-year repayment plan, the income will further increase and keep the company viable. Like in the prior iteration of the Plan, the Debtor will pay a total of $84,854.79 (2% of all general unsecured claims) to in the holder of Class 4 General Unsecured claims, in monthly installments of $1,414.25 over a 60-month period commencing on the 15th day of the first full month following the Effective Date of the Plan. Holders of allowed general unsecured claims shall receive their pro-rata share of $1,414.25 monthly from the Debtor's disposable income derived from the financials attached. The allowed unsecured claims total $4,242,739.31. Class 4 claims are impaired. Class 5 consists of Equity Interest Holders. In this case, Mr. Joseph Kashki is the 100% equity security holder. Mr. Kashki will retain his share ownership interest in the property but will not receive any distributions, dividends, or payments with respect to his share ownership interest. The interest holders of Debtor Allstate Realty Group, Inc. will retain their share ownership interest in the property but will not receive any distributions, dividends, or payments with respect to its share ownership interest until all payments have been made by the Debtor on the Plan with respect to Class 3 and 4. The Plan will be funded by the Debtor's post-petition revenues from rental proceeds. The hearing where the Court will determine whether or not to confirm the Plan will take place on a date (July 2, 2025) hereinafter referred "TBD", at the U.S. Bankruptcy Court, located at 21041 Burbank Blvd., Room 303. Woodland Hills, CA 91367. Ballots must be received by June 18, 2025 or it will not be counted. Objections to the confirmation of the Plan must be filed with the Court and served so that any objections are actually received by counsel for the Debtor by June 18, 2025. A full-text copy of the First Amended Disclosure Statement dated May 8, 2025 is available at https://urlcurt.com/u?l=AZBxYf from PacerMonitor.com at no charge. About Allstate Realty Group Allstate Realty Group, Inc., filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 24-11555) on June 7, 2023, with $1 million to $10 million in both assets and liabilities. Joseph Kashki, chief executive officer of Allstate, signed the petition. Judge Martin R. Barash oversees the case. The Debtor is represented by: Onyinye N. Anyama, Esq. Anyama Law Firm, A Professional Corp Tel: 562-645-4500 Email: onyi@anyamalaw.com ALTRAIN MEDICAL: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona entered a final order authorizing Altrain Medical and Dental Assisting Academy, LLC to use cash collateral. The final order authorized the company to use cash collateral to operate its business in accordance with the approved budget, subject to a 15% variance. Some of the company's pre-bankruptcy secured creditors assert an interest in the cash collateral. As protection, these secured creditors were granted replacement security interest in and lien on their pre-bankruptcy collateral. A copy of the budget is available at https://shorturl.at/XC53f from PacerMonitor.com. About Altrain Medical and Dental Assisting Academy Altrain Medical and Dental Assisting Academy, LLC is a training school for medical and dental assistants based in Glendale, Ariz. Altrain sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-02732) on March 28, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Eddward P Ballinger Jr handles the case. The Debtor is represented by: Patrick F. Keery, Esq. Keery Mccue, PLLC Tel: 480-478-0709 Email: pfk@keerymccue.com APPLIED COMPOSITES: Blue Owl Marks $40.5MM 1L Loan at 37% Off ------------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $40,558,000 loan extended to Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) to market at $25,349,000 or 63% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Loan to Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC). The loan accrues interest at a rate of .50% per annum. The loan matures on July 2027. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) is a leading provider of complex composite components, assemblies, engineering, and tooling to the aerospace, defense, and space systems markets. Vertically integrated with six strategic locations, we have widespread capabilities to serve expanding industry needs in many high-growth aerospace and defense platforms. AT HOME GROUP: S&P Lowers ICR to 'SD' on Missed Interest Payment ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on home decor retailer At Home Group Inc. to 'SD' (selective default) from 'CCC'. S&P also lowered its issue-level rating on the company's 11.5% secured notes to 'D' from 'CCC'. The' 4' recovery rating on the notes remains unchanged. The issue-level ratings and recovery ratings on the company's senior secured term loan due 2028, $300 million senior secured notes due 2028, senior secured toggle notes due 2028 and senior unsecured notes due 2029 remain unchanged. S&P will reassess its ratings on the company once it addresses the default. At Home Group Inc. did not make its interest payment due May 15, 2025 on its $200 million 11.5% senior secured notes due 2028 and entered into a forbearance agreement with its lenders. The company is current on the remainder of its debt. The downgrade reflects the company's missed interest payment on its 11.5% $200 million senior secured notes due May 15, 2025. Furthermore, on May 23, 2025, the company entered into a forbearance agreement with the majority of its lenders through June 30, 2025. Under the agreement the lenders under the 2026 ABL facility and 2028 term loan agree to forbear their rights, which include acceleration of payments in the event of default, until June 30, 2025, subject to early termination events. In January 2025, the company elected to pay-in-kind (PIK) its interest payment due May 14, 2025 on its toggle notes that allow for interest to be paid in cash or in kind. The company has reached its PIK periods allowed after that election and the option is unavailable going forward. S&P said, "We expect liquidity challenges to persist. The company's audit for the fiscal year ended Jan. 25, 2025, indicated a weak liquidity position that could affect the company's ability to operate as a going concern. At the end of fiscal 2024 the company had $14.2 million of cash and recorded a free operating cash flow (FOCF) deficit of $61 million, an improvement from $127.8 deficit in fiscal 2023. The company had $17.3 million available under its ABL facility that is under cash dominion in which proceeds of receivables collected are required to repay the ABL balance. Given the company's weak operating performance and limited liquidity, we believe it is unlikely it will be able to make its future interest payments ($160 million annually) or to comply with its financial maintenance covenants including its fixed charge coverage ratio. If the company's fixed charge coverage ratio falls below 1x, the ABL agreement is subject to specified availability floors that would further restrict its liquidity. "We will reassess our ratings on the company once we have more information on At Home's plans to address the default and its liquidity position." ATTORNEY DONALD: Case Summary & Nine Unsecured Creditors -------------------------------------------------------- Debtor: Attorney Donald Wyatt PC PO Box 132467 431 Nursery Road Spring, X 77393 Case No.: 25-32917 Business Description: Attorney Donald Wyatt PC is a Texas-based law firm specializing in consumer bankruptcy, elder law, and probate matters. The firm is led by Donald L. Wyatt Jr., who is Board Certified in Consumer Bankruptcy Law by the Texas Board of Legal Specialization. It operates in the Spring and The Woodlands areas of Texas. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. 25-32917 Debtor's Counsel: Donald Wyatt, Esq. ATTORNEY DONALD WYATT PC PO Box 132467 Spring TX 77393-2467 Tel: (281) 419-8703 Email: don.wyatt@wyattpc.com Total Assets: $215,471 Total Liabilities: $1,600,157 The petition was signed by Donald Wyatt as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FSCEVBY/Attorney_Donald_Wyatt_PC__txsbke-25-32917__0001.0.pdf?mcid=tGE4TAMA AZAP WELDING: Seeks Subchapter V Bankruptcy in Texas ---------------------------------------------------- On May 26, 2025, AZAP Welding & Construction 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 $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About AZAP Welding & Construction LLC AZAP Welding & Construction LLC is a Dallas-based company that provides welding and construction services. AZAP Welding & Construction LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31925) on May 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtors are represented by Law Offices of Jeffrey T. Hall BEACH HOUSE: Amends Unsecured Claims Pay Details ------------------------------------------------ Beach House LLC submitted a First Amended Disclosure Statement with respect to Plan of Reorganization dated May 8, 2025. Pursuant to the Plan, the Debtor proposes to effectuate a reorganization and to complete a balance sheet restructuring that will aid in the Debtor's viability. On the Effective Date, except as otherwise set forth in the Plan, the Estate's interest in all Assets shall vest in the Debtor free and clear of any and all Claims, Interests, or defenses (including recoupment) with respect to any Claims, whether known or unknown, asserted or unasserted, or contingent or fixed. As of the Effective Date, the Debtor will own the Real Property. Pursuant to an appraisal commissioned by First Boston in November of 2024 and as reflected in the Debtor's amended schedules, the Real Property has a fair market value of $8,300,000. Should the Real Property be liquidated, i.e., sold at foreclosure, the Debtor anticipates that said liquidation would realize an amount, after auction fees, etc., equal to 70% of the fair market value, or $5,810,000. The Debtor has fully repaired all damage suffered during the December of 2023 storm and enters the 2025 season with all rooms available for rent, something that never occurred in the prior years that the Debtor owned the Real Property. In addition, bookings for the 2025 season are well above the historical numbers and a new food and beverage program is being instituted, which will significantly increase revenue, The Debtor is comfortable that these factors, when taken together, will allow it to meet, if not surpass, the forecast found in the Cash Flow Projection. In other words, the Debtor does not believe that liquidation or further reorganization is likely to be needed. Class 8 consists of General Unsecured Claims that are not Unclassified Claims or provided for under any other Class contained in the Plan, and Class 8 Claims shall include any deficiency Claim arising from operation of Section 506 of the Bankruptcy Code. For avoidance of doubt, Class 8 Claims shall include, but not be limited to, any and all Allowed General Unsecured Claims of: (a) First Boston, (b) Clean Laundry Funding, (c) Ascentium; (d) USAM and all claims of (i) Airwave Mechanical, Inc. (ii) Warren Mechanical, Inc. (iii) York Water District; (iv) Gammon LLC, and (v) those set forth in the Schedules or Filed in a timely proof of Claim as General Unsecured Claims., which totals an amount equal to $5,786,347.45. In full and final satisfaction, settlement, release, and discharge of any General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive five annual Cash Distributions of its pro rata share of an amount equal to the Debtor's annual net operating income minus payments of the financial obligations set forth above in the treatments of Classes 1 to 7 minus an operating reserve equal to 10% of annual net operating income ("Excess NOI"). Excess NOI shall be calculated after the end of each calendar year and pro rata payments shall be made annually on or about April 15th of the next year. The first pro rata payment of Excess NOI-for calendar year 2025- shall be calculated after December 31, 2025, and made on or before April 15, 2026. To the extent that Excess NOI is unavailable under this formula for a given year, the Trust and/or Perkins will guarantee a minimum NOI payment of $25,000 per year. The Debtor estimates that the total amount of Excess NOI to be distributed to holders of Allowed General Unsecured Claims over the five-year term is $1,624,961 (assuming First Boston makes a Section 1111(b) election). Class 9 consists of any and all equity interests in the Debtor. Ninety percent of the equity interests of the Debtor are held by the Trust, and ten percent of the equity interest of the Debtor are held by Jack H. Lieberman ("Lieberman" and together with the Trust, the "Owners"). The Owners shall continue as the only Interest Holders of the Debtor after the Confirmation Date. No equity distributions shall be made to the Owners premised on their Interests in the Debtor until such time as all other Claims have been satisfied pursuant to the terms of the Plan, absent agreement between the Owner and any Claimant otherwise entitled to the Distribution. As discussed at Section IV.C.7, the Owners have already provided the Debtor with "new value" for purposes of Section 1129(b) of the Bankruptcy Code. Should Class 8 vote against the Plan, the Owners will provide additional new value sufficient to satisfy the "fair and equitable requirement" of Section 1129(b) of the Bankruptcy Code, including by ensuring that holders of Allowed Class 8 Claims receive their pro rata share of minimum annual NOI payments. The Plan requires the Debtor to make certain payments to Holders of Allowed Claims. These payments will be generated from one or more of the following sources: * Revenue from Business Operations: As evidenced by the Cash Flow Projections, the Debtor expects to generate significant revenue from operations on a going forward basis. That revenue will be the primary source of funding for the Debtor's Plan obligations until the Class 3 Ballon Payment or 1111(b) Note Balloon Payment, as applicable, comes due. * Financing From Affiliated Entities. If necessary, Perkins, the Trust, and/or affiliated persons or entities may contribute equity or debt to assist the Debtor in meeting its Plan obligations. If any cash is contributed as a loan or debt, any repayment obligations as to the same shall be expressly subordinated to the Plan obligations set forth herein. * Third-Party Financing. The Debtor anticipated borrowing from a third-party lender or lenders to make the Class 3 Note Ballon Payment or 1111(b) Note Balloon Payment, as applicable, when it comes due. * Recoveries from Causes of Action. The Debtor may pursue various Causes of Action, if the Debtor believes that it will likely recover certain amounts from these Causes of Action. The proceeds from the recoveries on any Causes of Action the Debtor chooses to pursue are not expected to be material. A full-text copy of the First Amended Disclosure Statement dated May 8, 2025 is available at https://urlcurt.com/u?l=E5Facx from PacerMonitor.com at no charge. About Beach House LLC Beach House LLC is part of the traveler accommodation industry. Beach House LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 24-20211) on October 17, 2024. In the petition filed by Taylor Perkins, as manager, the Debtor reports estimated assets between $10 million and $50 milion and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by: David C. Johnson, Esq. MARCUS CLEGG 16 Middle Street Unit 501A Portland, ME 04101 Tel: (207) 828-8000 Email: bankruptcy@marcusclegg.com BEN FACKLER: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Ben Fackler Construction, Inc. got the green light from the U.S. Bankruptcy Court for the District of Oregon to use cash collateral. The order signed by Judge Peter Mckittrick on May 28 authorized the Debtor's interim use of cash collateral through June 2 and approved its projection of cash receipts and disbursements, with the following limitations: 1. The auto payment expense in the week ending May 17 may not be paid at this time. 2. The owners' compensation payment schedule for the week ending May 24 may not be paid at this time. 3. Fuel expense for the weeks ending May 17, May 25 and May 31 may not be paid at this time. 4. The Debtor may not otherwise spend any monies of the estate pending reinstatement of its contractor's license or further order of the court. 5. The Debtor may not transact construction business or bid on contracts for which the State of Oregon requires a license pending reinstatement of the Debtor's contractor's license. Creditors asserting interests in the Debtor's monies and accounts receivable will be granted replacement liens to the extent their pr-bankruptcy liens attached to the Debtor's property. These creditors include Citizens Bank (with a senior lien), Lexon Insurance Co. and Fora Financial. The next hearing is set for June 2. About Ben Fackler Construction Ben Fackler Construction Inc., doing business as Fackler Construction Company, provides commercial and residential construction services in the Portland, Oregon metro area, including McMinnville and nearby communities. It offers a range of services from remodeling to custom design -build projects. Founded and led by Ben Fackler for over 25 years, the business operates as a family-run enterprise. Ben Fackler Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-31621) on May 15, 2025. In its petition, the Debtor reported total assets of $641,841 and total liabilities of $5,832,743. Judge Peter C. Mckittrick handles the case. The Debtor is represented by Keith Y. Boyd, Esq., at Keith Y. Boyd, P.C. BISHOP OF OAKLAND: Committee Taps Robin Klomparens 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 Robin Klomparens, a partner in the law firm of Fennemore WKBKY, to provide consulting and expert witness services. Ms. Klomparens will render these services: (i) analyze whether assets held by the Debtor and/or Non-Debtor Catholic Entities are restricted by virtue of being held in valid charitable trusts under applicable laws and/or statues, or otherwise; (ii) perform all necessary due diligence, background investigation and preparation that is customarily associated with asset analysis, including but not limited to evaluating the formation and validity of charitable trusts of all types; (iii) review and evaluate any relevant reports prepared by or on behalf of the Debtor, its professionals or any other entities; (iv) prepare and draft expert reports, rebuttal reports and/or affidavits/declarations concerning the issues for which Ms. Klomparens is being engaged; (v) prepare for and provide both deposition and court testimony regarding the issues for which Ms. Klomparens is being engaged; and (vi) any other services that the applicant deems necessary related to the subject of asset restriction, charitable giving and charitable trusts under California and other relevant law. Ms. Klomparens's hourly rate is $700. Ms. Klomparens assured the court that she is a "disinterested" person within the meaning of section 101(14) of the Bankruptcy Code. She can be reached at: Robin Klomparens, Esq. Fennemore WKBKY 10640 Mather Blvd STE 200 Mather, CA 95655 Phone: (916) 920-5286 Email: rklomparens@fennemorelaw.com About The Roman Catholic Bishop of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. BRIGHT CARE: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division entered a final order granting the motion by Bright Care Veterinary Hospital, Inc. and Bright Care Veterinary Group, Inc. to use cash collateral. The final order authorized the companies to use cash collateral through July 31 pursuant to the terms set forth in the motion and modified by the companies' stipulations with Bank of America and Live Oak Banking Company. Both stipulations were approved by the court. Should the companies intend to use cash collateral beyond July 31, the parties may file another stipulation. However, if the terms substantially differ from the approved stipulations, a separate motion must be filed. Live Oak Banking Company is represented by: Bernie Kornberg, Esq. 340 Golden Shore, Suite 450 Long Beach, CA 90802 Telephone: 562.435.8002 Facsimile: 562.435.7967 bernie.kornberg@millernash.com Bank of America is represented by: Michele Sabo Assayag, Esq. Rachel A. McMains, Esq. Snell & Wilmer, L.L.P. 600 Anton Blvd., Suite 1400 Costa Mesa, CA 92626-7689 Telephone: 714.427.7000 Facsimile: 714.427.7799 massayag@swlaw.com rmcmains@swlaw.com About Bright Care Veterinary Hospital Bright Care Veterinary Hospital, Inc. filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10900) on April 8, 2025, listing between $1 million and $10 million in both assets and liabilities. Alireza Gorgi, president of Bright Care, signed the petition. Judge Scott C. Clarkson oversees the case. The Debtor is represented by: David B. Golubchik, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. Tel: 310-229-1234 Email: dbg@lnbyg.com BROCATO'S SANDWICH: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Brocato's Sandwich Shop, Inc. received eighth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division to continue to use the cash collateral of its secured creditors. The eighth interim order authorized the company to use cash collateral retroactive to May 8 to pay the expenses set forth in its budget. As protection, the court granted post-petition liens to secured creditors including U.S. Foods, Inc., Gordon Food Service, Inc., and the Florida Department of Revenue, with the same validity and priority as their pre-bankruptcy liens. Brocato's' authority to use cash collateral will continue until further order of the court. The next hearing is scheduled for June 16. About Brocato's Sandwich Shop Brocato's Sandwich Shop, Inc. owns and operates a sandwich restaurant in Tampa, Fla. Brocato's filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-02613) on May 8, 2024, with $14,595 in assets and $1,396,391 in liabilities. Michael Brocato, president of Brocato's, signed the petition. Judge Roberta A. Colton oversees the case. Buddy D. Ford, Esq., and Jonathan A. Semach, Esq., at Buddy D. Ford, P.A. are the Debtor's bankruptcy attorneys. Gordon Food Service, Inc., as secured creditor, is represented by: Brad W. Hissing, Esq. Wetherington Hamilton, P.A. 812 W. Dr. MLK Jr. Boulevard, Suite 101 Tampa, FL 33603 Telephone: (813) 225-1918 ext. 129 Facsimile: (813) 225-2321 Email: bradh@whhlaw.com BYJU'S ALPHA: Lender Seeks to Join Latest $533MM Chapter 11 Suit ---------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on Tuesday, May 27, 2025, a lender to the bankrupt American subsidiary of Indian edtech giant Byju's requested permission from a Delaware bankruptcy judge to intervene in the company's latest lawsuit over the recovery of $533 million in missing funds, citing its status as the debtor's largest creditor and a substantial interest in the outcome. About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CAPTURE DIAGNOSTICS: Seeks Chapter 11 Bankruptcy in Ohio -------------------------------------------------------- On May 27, 2025, Capture Diagnostics LLC 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 Diagnostics LLC Capture Diagnostics LLC is a Columbus, Ohio-based medical diagnostics company that previously operated a COVID-19 testing business. Capture Diagnostics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-52292) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John E. Hoffman Jr. handles the case. The Debtors are represented by Manuel Cardona, Esq. at Dickinson Wright PLLC. CASCADES INC: S&P Rates New $400MM Senior Unsecured Notes 'BB-' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '4' recovery rating to packaging and tissue-paper producer Cascades Inc.'s proposed five-year, $400 million senior unsecured notes due 2030. S&P assumes the proposed notes will rank pari passu with the company's existing senior unsecured notes. It expects the company will use proceeds from the issuance to repay $206 million of its senior unsecured notes due January 2026 and reduce borrowing under its C$750 million asset-based lending (ABL) facility due July 2027. The '4' recovery rating on the notes indicates its expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of default. S&P said, "All other ratings on Cascades are unchanged, including our 'BB' long-term issuer credit rating on the company. The outlook is negative. "The negative outlook reflects Cascades' elevated S&P Global Ratings-adjusted debt to EBITDA of well above 4x, which we consider high for the rating, particularly given the weaker macroeconomic backdrop, the sensitivity of the company's earnings to commodity price fluctuations, and its significant debt maturities over the next three years. "We could lower our rating on Cascades over the next 12 months if we expect it will sustain S&P Global Ratings-adjusted debt to EBITDA of well above 4x. This could occur if the company's profitability is weaker than anticipated, potentially due to higher input costs or weaker demand for its products. We could also lower our rating if management fails to make material progress toward extending its debt maturity profile. We could revise our outlook on Cascades to stable in the next 12 months if its credit measures trend in line with or exceed our expectations, including S&P Global Ratings-adjusted debt to EBITDA of below 4x. Under this scenario, we assume the company would have reduced its debt outstanding while improving its S&P Global Ratings-adjusted EBITDA margins and free operating cash flow (FOCF) generation." Issue Ratings--Recovery Analysis Key analytical factors -- The '1' recovery rating on Cascades' senior secured ABL facility indicates S&P's expectation for very high (90%-100%; rounded estimate: 95%) recovery, as well as the 'BB+' issue-level rating, which is two notches higher than the issuer credit rating. -- S&P's '4' recovery rating on the company's senior unsecured notes indicates its expectation for average (30%-50%; rounded estimate: 35%) recovery, which corresponds to a 'BB-' issue-level rating. -- S&P valued Cascades on a going-concern basis using a 5x multiple for its EBITDA proxy, which is 0.5x lower than the multiples it uses for certain of its peers. This mainly reflects the company's relatively higher earnings volatility. -- S&P's recovery analysis assumes that in a hypothetical bankruptcy scenario about 80% of Cascades' net enterprise value is available to its secured and unsecured creditors. The remaining 20% is ascribed on a priority basis to the creditors of subsidiary Greenpac Mill LLC and other nonguarantor subsidiaries, which S&P assumes are fully covered. -- The remaining residual value from these entities is also available to Cascades' unsecured creditors in S&P's analysis. -- S&P estimates the claims under the secured ABL (60% drawn) and term loans (which rank pari passu) are fully covered, with the residual value from Cascades' assets available to the unsecured creditors. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: C$275 million -- EBITDA multiple: 5.0x Simplified waterfall -- Net enterprise value (after 5% administrative costs): C$1.31 billion -- Valuation split (obligors/nonobligors): 80%/20% -- Total value available to secured claims: C$1.20 billion -- Secured first-lien debt: About C$785 million --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Total value available to unsecured claims: About C$416million -- Senior unsecured debt and pari passu claims: About C$1,128 billion --Recovery expectations: 30%-50% (rounded estimate: 35%) Note: All debt amounts include six months of prepetition interest. Ratings list Ratings Affirmed Cascades Inc. Senior Unsecured BB- New Rating Cascades Inc. Cascades USA Inc. Senior Unsecured US$400 mil sr nts due 2030 BB- Recovery Rating 4(35%) CELSIUS NETWORK: Counterclaims in Bailey Adversary Case Tossed -------------------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York granted the motion of plaintiff Mohsin Y. Meghji in his capacity as Litigation Administrator for Celsius Network LLC and its affiliated debtors, to dismiss with prejudice the counterclaims of Emil Bailey to the adversary proceeding captioned as MOHSIN Y. MEGHJI, LITIGATION ADMINISTRATOR, AS REPRESENTATIVE FOR THE POSTEFFECTIVE DATE DEBTORS, Plaintiff, v. EMIL BAILEY, Defendant, Adv. Pro. No. 24-03988 (Bankr. S.D.N.Y.) pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure. The Defendant asserts the Counterclaims as part of an effort to recover certain profits allegedly owed to him in connection with his loan of certain cryptocurrency. The Crypto Assets were held in two wallets, both of which the Defendant maintains it was the lawful owner at all relevant times. In November 2020, the Defendant contacted Jason Stone, the former Chief Executive Officer of Post-Effective Date Debtor Celsius KeyFi LLC, and KeyFi, Inc., to request the return of the Crypto Assets plus any profits earned from their use during the period they were on loan to the Executive and/or KeyFi, Inc., the Executive's majority-owned vehicle. The Executive initially declined, and the Defendant made repeated subsequent requests. Ultimately, the Executive and/or Vehicle agreed to return the Crypto Assets, transferring 850 ETH and 18.99 BTC to the ETH and BTC Wallets on Dec. 31, 2020, respectively, and only a "de minimis amount" of profits generated through use of the Crypto Assets. The Defendant believes that the Executive and the Vehicle generated profits of more than $5 million that were directly traceable to the deployment and use of the Crypto Assets between Sept. 17, 2020 and Dec. 31, 2020, as well as the "continued deployment of profits generated therefrom through 2024. He further alleges that the Executive on behalf of Celsius materially mispresented the profitability of the investments, falsely stating that only minimal profits were earned and negligible distributions were made. The Defendant claims Celsius did not list him as a creditor or otherwise in its schedules. He maintains that Celsius failed to provide him with notice of its bankruptcy case. The Litigation Administrator maintains that dismissal is appropriate because the Defendant is not a known creditor entitled to actual notice and, in any event, has failed to adequately plead a claim against any Post-Effective Date Debtor. Whether the Counterclaims can be discharged pursuant to section 1141(d)(1) of the Bankruptcy Code turns on whether the Defendant is a "known" versus "unknown" creditor. The Court concludes he is the latter. The Defendant maintains that because Celsius was able to identify alleged fraudulent transfers made to the Defendant from Celsius's wallets, it should have been aware of the Defendant's "status as a known creditor." However, the Court notes knowledge of the occurrence of such transfers, which serve as the basis for the Complaint, does not necessarily translate into Celsius's knowledge of the Agreement and the Defendant's potential claims stemming from it. The Court finds that the Counterclaims are barred by the confirmed Plan and the Defendant's failure to file a proof of claim. Therefore, the Court need not reach the individual Counterclaims and related arguments. A copy of the Court's decision dated May 15, 2025, is available at https://urlcurt.com/u?l=ucpvlt from PacerMonitor.com. Counsel for Mohsin Y. Meghji, Litigation Administrator for Celsius Network LLC and its Affiliated Debtors: Mitchell P. Hurley, Esq. Dean L. Chapman Jr., Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, NY 10036 E-mail: mhurley@akingump.com dchapman@akingump.com - and - Elizabeth D. Scott, Esq. Nicholas R. Lombardi, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP 2300 N. Field Street, Suite 1800 Dallas, TX 75201 E-mail: edscott@akingump.com nlombardi@akingump.com About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CHG US: Seeks to Hire Stretto Inc as Claims and Noticing Agent -------------------------------------------------------------- CHG US Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire 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 CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CONAIR HOLDINGS: Blue Owl Marks $12.5 Million 1L Loan at 14% Off ---------------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $12,506,000 loan extended to Conair Holdings LLC to market at $10,750,000 or 86% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Loan to Conair Holdings LLC. The loan accrues interest at a rate of 3.75% per annum. The loan matures on May 2028. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Conair Holdings LLC Conair Holdings LLC is a designer, manufacturer and marketer of branded personal care appliances, small kitchen appliances and cookware, commercial foodservice equipment, professional hair care and beauty products, hairbrushes and haircare accessories, cosmetic and organizer bags and travel accessories. The company's leading brands include Cuisinart, Conair, Scunci, Babyliss, and Waring. Conair generated annual revenue of approximately $2.1 billion for the 12 months ended December 31, 2024. Following a leveraged buyout in May 2021, the company is majority owned by private equity firm, American Securities LLC. CONROE CORRAL: Claims to be Paid from Continued Operations ---------------------------------------------------------- Conroe Corral Murphy, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Small Business Plan of Reorganization under Subchapter V dated May 8, 2025. The Debtor is a limited liability company formed and organized under the laws of the State of Texas. The Debtor was formed in January 2018 by Kirk Murphy, who serves as Manager of the Company at all times. The Company was organized and has operated at all times as a franchisee of Golden Corral Corporation to operate a business providing restaurant services, under the Golden Corral brand name at 1604 Interstate 45 N, Conroe, Texas 77301-1697. Class 3 consists of General Unsecured Claims. Holders of Allowed Claims in Class 3 will be paid all proceeds remaining after payment of allowed administrative claims and all required cash payments to holders of allowed claims in Classes 1 through 3. This is estimated to result in no more than a di minimis payment to holders of Allowed Claims. This Class is impaired. Class 4 consists of the equity interests of the Debtor's Member, Kirk Murphy. As a result of confirmation of this Plan, Kirk Murphy will retain his membership interest in the Debtor. Payments and distributions under the Plan will be funded from the continued operations of the Debtor. The Debtor intends to expand services, as the opportunity arises. This Plan of Reorganization proposes to pay creditors of the Debtor by exercising its rights under the Franchise Agreement to assume management of the franchise held by the Debtor, and (2) Golden Corral Murphy, LLC paying or assuming the liability for the secured debts to the extent such debts are secured by collateral constituting business personal property of the Debtor's business. A confirmation hearing for this Plan of Reorganization will be held in Courtroom 403 at the United States Courthouse, 515 Rusk, 4th Floor, Houston, TX 77002 on June 24, 2025 at 11:00 a.m. A full-text copy of the Plan of Reorganization dated May 8, 2025 is available at https://urlcurt.com/u?l=dr9VDB from PacerMonitor.com at no charge. Counsel to the Debtor: Alex Olmedo Acosta, Esq. Acosta Law, P.C. 13831 Northwest Freeway, Suite 400 Houston TX 77040 Telephone: (713) 980-9014 Facsimile: (713) 583-9554 Email: alex@theacostalawfirm.com About Conroe Corral Murphy Conroe Corral Murphy, LLC operates within the restaurant industry. It is based in Conroe, Texas. Conroe Corral Murphy filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30765) on February 7, 2025. In its petition, the Debtor listed up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Jeffrey P. Norman handles the case. The Debtor tapped Alex Olmedo Acosta, Esq., at Acosta Law, PC as bankruptcy counsel and Adrienne J. Paris, CPA as accountant. CORTEX NORTH: Gets Final OK to Use Cash Collateral -------------------------------------------------- Cortex North America Corporation received final approval from the U.S. Bankruptcy Court for the District of Oregon to use its secured creditors' cash collateral. The final order authorized the company to use the cash collateral of Radius Bank and the U.S. Small Business Administration to pay the expenses set forth in its budget. Cortex may use up to $5,000 in case of an emergency that requires the use of cash collateral in excess of the allowed budget. For amounts above $5,000, creditor consent must be requested and not unreasonably withheld. As protection, Radius Bank and SBA will be granted a replacement lien on post-petition collateral to the same extent and with the same priority as their pre-bankruptcy lien. In addition, both creditors will receive a monthly payment of $1,500 as further protection. About Cortex North America Corporation Cortex North America Corporation is a U.S.-based company that specializes in high-performance chipping systems for the forest products industry. Founded in 2016 and headquartered in Milwaukie, Oregon, it provides durable and cost-effective cutting solutions to sawmills and wood manufacturers globally. The Company offers a range of products, including reversible knife systems, bridge knives, and chipping components designed to enhance operational efficiency and reduce costs. Cortex North America Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-31290) on April 18, 2025. In its petition, the Debtor reports total assets of $611,562 and total liabilities of $2,489,933 Judge Peter C. McKittrick handles the case. The Debtor is represented by Theodore J. Piteo, Esq., at Michael D. O'Brien & Associates, P.C. COVIAN ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Covian Enterprises, Inc. Deco Window Fashions Deco Flooring 13450 Research Blvd Austin, TX 78750-3227 Business Description: Covian Enterprises, Inc. operates DECO Window Fashions, a company that provides custom window treatments including blinds, shades, shutters, and drapery. Based in Austin, Texas, the business serves both residential and commercial clients and is an authorized Hunter Douglas Gallery Dealer. The Company also operates DECO Flooring, which offers a range of flooring solutions such as hardwood, luxury vinyl, laminate, carpet, and tile, with professional installation services across the Austin area. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-10783 Judge: Hon. Shad Robinson Debtor's Counsel: Stephen W Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway 400 Austin TX 78731 Tel: (512) 649-3243 Email: ssather@bn-lawyers.com Total Assets: $107,430 Total Liabilities: $2,443,431 The petition was signed by James J. Covian as VP and co-owner. 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/AJK5FKQ/Covian_Enterprises_Inc__txwbke-25-10783__0001.0.pdf?mcid=tGE4TAMA DANIEL J. WALLACE: Hires Menchaca & Company as Financial Advisors ----------------------------------------------------------------- Daniel J. Wallace M.D., a Medical Corporation, seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Menchaca & Company LLP as financial advisors and consultants. The firm will render these services: (a) examine the Debtor's financial records and consult with the Debtor and the Debtor's accounting personnel and prepare the Debtor's Federal and California income tax returns as required to be filed by the Debtor until plan confirmation; (b) examine the Debtor's financial records, consult with the Debtor and Debtor's accounting personnel and provide bookkeeping services for the Debtor and assist the Debtor with preparation of Monthly Operating Reports required to be filed with the Court; and (c) provide such other financial advisory and consulting services as requested by the Debtor. The firm will be paid at these rates: Managing Partner and Managing Directors $585 per hour Managers / Consultant $440 per hour Senior Tax Specialist $395 per hour Paraprofessionals $295 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey L. Sumpter, a partner at Menchaca & Company LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Lynn Sumpter, Esq. Menchaca & Company LLP 835 Wilshire Blvd Ste 300 Los Angeles, CA 90017-2655 Telephone: (310) 922-0920 Facsimile: (310) 922-0920 About Daniel J. Wallace M.D. Daniel J. Wallace M.D., a Medical Corporation specializes in the treatment of rheumatic diseases and the research of autoimmune and inflammatory diseases. It conducts business under the name Wallace and Lee Center in Beverly Hills. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-14429) on June 3, 2024, with $301,368 in assets and $3,884,496 in liabilities. Daniel J. Wallace M.D., chief executive officer, signed the petition. Judge Barry Russell presides over the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger represents the Debtor as bankruptcy counsel. Tamar Terzian has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. DEEJAYZOO LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Deejayzoo LLC DBA Shhhowercap 425 Greenpoint Avenue Brooklyn, NY 11222 Case No.: 25-42617 Business Description: Deejayzoo LLC develops and markets SHHHOWERCAP, a reusable and innovative shower cap designed to replace disposable alternatives. The product is waterproof, humidity-defying, antibacterial, fits all hair types, and machine washable. The Company operates from its headquarters in Brooklyn, New York, and is led by founder Jacquelyn De Jesu. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Eastern District of New York Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 Email: alla@kachanlaw.com Total Assets: $12,166 Total Liabilities: $2,846,653 Jacquelyn De Jesu signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LCBEK5I/Deejayzoo_LLC__nyebke-25-42617__0001.0.pdf?mcid=tGE4TAMA DENISON LANDSCAPING: Hires YVS Law LLC as Bankruptcy Counsel ------------------------------------------------------------ Denison Landscaping & Nursery Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire YVS Law, LLC as counsel. The firm will render these services: (a) advising the Debtors of their rights, powers and duties as debtors and debtors in possession; (b) advising the Debtors concerning, and assisting in the negotiation and documentation of, financing agreements, debt restructurings, cash collateral arrangements, and related transactions; (c) representing the Debtors in defense of any proceedings instituted to reclaim property or to obtain relief from the automatic stay under Section 362(a) of the Bankruptcy Code; (d) representing the Debtors in any proceedings instituted with respect to the Debtors' use of cash collateral; (e) reviewing the nature and validity of liens asserted against the property of the Debtors and advising the Debtors concerning the enforceability of such liens; (f) advising the Debtors concerning the actions that they might take to collect and to recover property for the benefit of their estates; (g) preparing on behalf of the Debtors all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in these Chapter 11 cases; (h) advising the Debtors concerning, and preparing responses to, applications, motions, pleadings, notices, and other papers that may be filed and served in these Chapter 11 cases; (i) counseling the Debtors in connection with the formulation, negotiation and promulgation of a plan of reorganization or liquidation and related documents; and (j) performing all other legal services it is qualified to handle for and on behalf of the Debtors that may be necessary or appropriate in the administration of these Chapter 11 cases. The firm will charge these hourly fees: Members $495 to $620 Counsel/Senior Counsel $435 to $615 Associates $270 to $350 Paralegals $210 to $285 Law Clerks $150 to $260 The firm received a retainer of $200,000. Paul Sweeney, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Sweeney, Esq. YVS LAW, LLC 185 Admiral Cochrane Drive, Suite 130 Annapolis, MD 21401 Tel: (443) 569-0788 Fax: (410) 571-2798 E-mail: psweeney@yvslaw.com About Denison Landscaping & Nursery Inc. Denison Landscaping & Nursery Inc. is a family-owned landscaping company that offers residential and commercial landscape design, installation, and maintenance services. Based in Fort Washington, Maryland, the Company operates across the Mid-Atlantic region, including Maryland, Virginia, Washington D.C., Delaware, and Pennsylvania. Established in 1973, it also provides hardscaping, irrigation, outdoor lighting, and seasonal services. Denison Landscaping & Nursery Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-14193) on May 9, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Paul Sweeney, Esq. at YVS LAW, LLC. DRIVEHUB AUTO: Court Extends Cash Collateral Access to June 24 -------------------------------------------------------------- DriveHub Auto, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral until June 24. The fourth interim order authorized the company to use cash collateral to pay its operating expenses per an approved budget, with 10% variance. XL Funding, LLC and other creditors, which assert a security interest in the company's cash and cash equivalents, were granted a post-petition lien on cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. DriveHub Auto has agreed to remit up to $86,532.26 to XL Funding from future recoveries in pending adversary proceedings. The next hearing is set for June 24. A copy of the court's order and the budget is available at https://shorturl.at/2MyhL from PacerMonitor.com. About DriveHub Auto Inc. DriveHub Auto Inc. is a used car dealership located in Orlando, Fla., offering pre-owned vehicles to customers. DriveHub Auto filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00594) on January 27, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Grace E. Robson handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP. Secured creditor XL Funding, LLC is represented by: Eric B. Zwiebel, Esq. Emanuel & Zwiebel, PLLC 7900 Peters Road Building B, Suite 100 Plantation, FL 33324 eric.zwiebel@emzwlaw.com DVAC HEATING: Seeks Subchapter V Bankruptcy in Washington --------------------------------------------------------- On May 27, 2025, DVAC Heating & Air LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Washington. According to court filing, the Debtor reports $3,224,167 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About DVAC Heating & Air LLC 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. DVAC Heating & Air LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11432) on May 27, 2025. In its petition, the Debtor reports total assets of $350,315 and total liabilities of $3,224,167. Honorable Bankruptcy Judge Timothy W. Dore handles the case. The Debtors are represented by Thomas D. Neeleman, Esq. at NEELEMAN LAW GROUP, P.C. ELITE PRINTING: Gets Interim OK to Use Cash Collateral Until July 3 ------------------------------------------------------------------- Elite Printing & Packaging Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of Missouri, Eastern Division, to use cash collateral. The order signed by Judge Kathy Surratt-States on May 28 authorized the Debtor's interim use of cash collateral from May 26 to July 3 to pay the expenses set forth in its budget. The Debtor's primary secured creditors are U.S. Bank (with loans totaling approximately $1.65 million) and Newtek Bank (with loans totaling approximately $2.05 million), both secured by liens on the Debtor's assets, including equipment, inventory, and receivables. The Debtor also has merchant cash advance lenders, whose liens it disputes but claims they do not affect the current cash collateral. As protection, U.S. Bank and Newtek Bank will receive valid security interest in, and liens on the cash collateral. The next hearing is set for July 1. The Debtor's authority to use case collateral will terminate upon the occurrence of so-called events of default unless they are waived in writing by U.S. Bank and Newtek. These events of default include the dismissal or conversion of the Debtor's Chapter 11 case; and granting the secured creditors relief from the automatic stay. About Elite Printing & Packaging Inc. Elite Printing & Packaging, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (E.D. Mo. Case No. 25-41743) on May 5, 2025, listing up to $10 million in both assets and liabilities. Michael K. Sloan, president of Elite Printing & Packaging, signed the petition. Judge Kathy A. Surratt-States oversees the case. Spencer Desai, Esq., at The Desai Law Firm, represents the Debtor as bankruptcy counsel. EOS FINCO: Blue Owl Marks $36.8 Million 1L Loan at 59% Off ---------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $36,834,000 loan extended to EOS Finco S.A.R.L to market at $15,286,000 or 41% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Loan to EOS Finco S.A.R.L. The loan accrues interest at a rate of 6% per annum. The loan matures on October 2029. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About EOS Finco S.A.R.L EOS US Finco LLC is a hardware technology company based in the United States. The Company's country of domicile is Luxembourg. EVERSTREAM SOLUTIONS: Seeks Chapter 11 Bankruptcy, To Sell Assets ----------------------------------------------------------------- Kirk O'Neill of The Street reports that Everstream Solutions LLC, a Cleveland-based business internet provider, has filed for Chapter 11 bankruptcy protection as it looks to sell its assets and address a looming default on over $1 billion in prepetition credit agreements. According to the report, in its May 28, 2025, bankruptcy petition, the company reported assets between $500 million and $1 billion, and liabilities ranging from $1 billion to $10 billion. This includes approximately $1.06 billion in secured debt. Everstream delivers fiber connectivity, communication services, and network security to enterprise customers across 13 Midwestern and Northeastern states and Washington, D.C. The company's top unsecured creditors include Crown Castle that is owed over $1.45 million, Illuminating Co. owed more than $1 million, and Northern Lights Locating & Inspection Inc. owed over $881,000. According to court filings, Everstream's financial troubles stem from extensive capital investments to expand its fiber network, unexpected operational losses, unfavorable industry trends, and an unsustainable debt load. Owned 99% by non-debtor Midwest Fiber Intermediate US LP, Everstream hired restructuring advisers in April 2023 amid tightening liquidity and a growing risk of default. In October 2023, it launched a recapitalization effort, modified credit agreements, obtained new equity funding, and pursued asset sales in Illinois, Missouri, and Pennsylvania. Although the sale of assets in Illinois and Missouri was completed in May 2025, the broader sale process—launched in September 2024—remains ongoing. A subsidiary of Bluebird Network LLC submitted a $285 million stalking-horse bid on May 22, 2025 for Everstream's parent entity, Midwest Fiber Holdings LP. Everstream has shut down its Pennsylvania operations and is seeking court approval for up to $186 million in debtor-in-possession (DIP) financing, including $55 million in new capital to support its restructuring process. Key dates in the bankruptcy proceedings include asset auction on July 17, 2025, sale hearing on August 1, 2025, plan confirmation hearing on October 30, 2025 (if stalking-horse bid is accepted) or November 14, 2025, and the target effective date for reorganization plan on March 26, 2026 About Everstream Networks LLC Everstream Networks LLC 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. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP.The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. EXACTECH INC: Milbank & Richards Revise Rule 2019 Statement ----------------------------------------------------------- The law firms of Milbank LLP and Richards, Layton & Finger, P.A. ("RLF") filed an amended verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Exactech, Inc. and affiliates, the firms represent the ad hoc committee of certain lenders (the "Ad Hoc Group"). In January 2023, the Ad Hoc Group retained Milbank as counsel with respect to the Prepetition First Lien Loans. From time to time thereafter, certain holders of Prepetition First Lien Loans have joined and exited the Ad Hoc Group. In September 2024, the Ad Hoc Group retained RLF to act as Delaware counsel. Counsel represents the Ad Hoc Group and does not represent or purport to represent any entities other than the Ad Hoc Group in connection with the Debtors' chapter 11 cases. In addition, neither the Ad Hoc Group nor any member of the Ad Hoc Group represents or purports to represent any other entities in connection with these cases. The members of the Ad Hoc Group have indicated to Counsel that they hold disclosable economic interests or act as investment managers or advisors to funds and/or accounts that hold disclosable economic interests in relation to the Debtors. The Ad Hoc Group Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Greywolf Capital Management LP 4 Manhattanville Road, Suite 201, Purchase, NY 10577 * DIP Obligations Outstanding ($8,289,506.91) * Term Loans ($27,219,218.21) 2. Stellex Capital Management LLC 900 Third Avenue, 25th Floor, New York, NY 10022 * DIP Obligations Outstanding ($18,776,393.33) * Term Loans ($61,653,771.52) 3. Strategic Value Partners, LLC 100 West Putnam Avenue, Greenwich, CT 06830 * DIP Obligations Outstanding ($64,937,368.54) * Term Loans ($164,624,789.00) * Revolving Loans ($50,000,000.00) Counsel for the Ad Hoc Group: Mark D. Collins, Esq. Zachary I. Shapiro, Esq. David T. Queroli, Esq. Zachary J. Javorsky, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com shapiro@rlf.com queroli@rlf.com javorsky@rlf.com -and- Evan R. Fleck, Esq. Nelly Almeida, Esq. C. Thomas St. Henry, Esq. MILBANK LLP 55 Hudson Yards New York, NY 10001-2163 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 Email: efleck@milbank.com nalmeida@milbank.com csthenry@milbank.com About Exactech Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12441) on October 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by: Ryan M. Bartley, Esq. Young Conaway Stargatt & Taylor, LLP 2320 NW 66th Court Gainesville, FL 32653 EXACTECH INC: Postpones Chapter 11 Confirmation Plan Hearing ------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that joint implant manufacturer Exactech on Wednesday, May 28, 2025, postponed its Chapter 11 plan confirmation hearing in Delaware, citing the initiation of settlement talks to resolve a slew of objections in the proceedings. About Exactech, Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12441) on Oct. 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, Exactech estimated assets and liabilities between $100 million and $500 million each. Young Conaway Stargatt & Taylor, LLP serves as as co-counsel to the Debtors. Riveron Management Services, LLC, is the Debtors' chief restructuring officer. Centerview Partners LLC is the investment banker. Kroll Restructuring Administration LLC is the claims agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors. Brown Rudnick LLP is the Committee's counsel. FELTRIM TUSCANY: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Feltrim Tuscany Preserve, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The final order authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including monthly payments to the Subchapter V trustee; and expenses set forth in its budget, plus an amount not to exceed 10% for each line item. The budget projects total operational expenses of $15,362.45 for June; $15,534.95 for July; and $18,989.45 for August. Feltrim believes its lenders including U.S. Bank Trust Co., N.A., Sandhill Crane Financial and Walley of Lake County, LLC hold liens on rental income from its real property, which constitutes cash collateral. As protection, the lenders and any Feltrim creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. U.S. Bank Trust is represented by: Paul A. Giordano, Esq. Roetzel & Andress, LPA 2320 First Street Suite 1000 Fort Myers, FL 33901 Telephone: 239.337.3850 Facsimile: 239.337.0970 pgiordano@ralaw.com Serve.pgiordano@ralaw.com About Feltrim Tuscany Preserve Feltrim Tuscany Preserve, LLC, a company in Haines City, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01693) on March 20, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Catherine Peek Mcewen handles the case. Amy Denton Mayer, Esq., at Stichter Riedel Blain & Postler, P.A. is the Debtor's legal counsel. FERADYNE OUTDOORS: Blue Owl Marks $76.7 Million 1L Loan at 17% Off ------------------------------------------------------------------ Blue Owl Capital Corporation (OBDC) has marked its $76,748, 000 loan extended to Feradyne Outdoors, LLC to market at $63,701,000 or 83% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Loan to Feradyne Outdoors, LLC. The loan accrues interest at a rate of 3.04% per annum. The loan matures on May 2028. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Feradyne Outdoors, LLC Feradyne Outdoors, LLC manufactures outdoor sports goods. The Company offers bow-hunting products including bows, arrows, trail cameras, optics, blinds and other archery products. Feradyne Outdoors serves customers in the United States. FRANCHISE GROUP: Court Confirms Chapter 11 Plan to Cut Debt ----------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on May 28, 2025, a Delaware bankruptcy judge approved the Chapter 11 plan of retail chain owner Franchise Group Inc., which will eliminate $1.5 billion in debt from its balance sheet. However, the judge declined to confirm the plan for the parent company, citing a failure to meet the legal standard for confirmation, the report states. About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FREE SPEECH: Jones' $50MM Sandy Hook Verdict Appeal Gains Support ----------------------------------------------------------------- Ryan Autullo of Bloomberg Law reports that Alex Jones, the conspiracy theorist who questioned the Sandy Hook Elementary School shooting, received a positive response from a Texas appeals court on Wednesday, May 28, 2025, in his effort to reduce a $50 million defamation verdict against him. According to the report, during oral arguments in Austin, judges on the Third Court of Appeals indicated that the jury should have been explicitly asked whether damages awarded to the Sandy Hook parents exceeded the $1.5 million statutory cap. Instead, the trial judge allowed the parents' attorney to introduce a claim surpassing the cap months after the trial -- a move Justice Chari Kelly suggested was untimely. "How would the trial have changed if the cap-buster claim had been amended before trial?" Kelly asked Jones' lawyer, Ben Broocks of Broocks Law Firm PLLC. Broocks, who did not represent Jones at trial, said it was unclear how that might have affected legal strategy. Chief Justice Darlene Byrne noted that the parents, Neil Heslin and Scarlett Lewis, failed to provide evidence that harassment caused by Jones' conspiracy theories justified damages above the cap. Byrne also mentioned that Jones might have cooperated more with discovery had he known about the possibility of higher damages. Instead, the trial court found Jones violated discovery orders and imposed a default judgment, a severe "death penalty" sanction. Jones, who remained silent during the 40-minute hearing, declined to comment outside court except to say he cannot afford the $50 million verdict or the related $1.4 billion Connecticut verdict, as his net worth has never exceeded $10 million. These verdicts led to his 2022 bankruptcy filing, according to Bloomberg Law. Outside court, the parents' attorney Mark Bankston mocked Jones but noted that the appeals court decision was "pretty worthless" because the parents will still receive a share of the Connecticut judgment, which was recently upheld by that state's supreme court, while Jones likely has no assets to pay either verdict. Before arguments, Chief Justice Byrne informed attorneys the court would not rule on Bankston's recent motion for sanctions, calling the request "unique and concerning." Bankston reminded the court it had sanctioned Jones in 2020 in the same case, the report states. Bankston cautioned against overturning the trial court's default judgment based on Jones' failure to produce discovery documents, warning that doing so would suggest "compliance with the rules is conditional" on the size of the damages. The court seemed unlikely to overturn the default ruling related to Jones' discovery violations. Broocks argued that while the trial court can impose sanctions, Jones' First Amendment rights protect him from a default judgment, the report relays. Justice Byrne challenged this, asking, "Are you saying the trial court has no recourse even when a defendant openly defies its orders?" Case: Jones v. Heslin, Tex. App., 3d Dist., No. 03-23-00209-cv, 5/28/25. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FROM START 2 FLIP: Seeks Chapter 11 Bankruptcy in Illinois ---------------------------------------------------------- On May 28, 2025, From Start 2 Flip Chicago LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About From Start 2 Flip Chicago LLC From Start 2 Flip Chicago LLC is a real estate investment company. From Start 2 Flip Chicago LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08079) on May 28, 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 Donald R Cassling handles the case. FULLER'S SERVICE: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Fuller's Service Center, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The third interim order authorized the company to use its secured creditors' cash collateral from June 1 to August 31 to pay its expenses as set forth in the budget, with a 10% variance allowed. It also authorized the company to obtain a limited secured financing from Heartland Bank & Trust Company. Aside from Heartland Bank & Trust Company, the other secured creditors that assert an interest in the cash collateral are the U.S. Small Business Administration and Heartland and Carroll's, LLC, doing business as National Tire Wholesale. As protection, the secured creditors will be granted security interests in the company's post-petition assets. In addition, Heartland Bank & Trust Company will be granted a "super-priority" claim over all other liens and claims for unpaid post-petition funds advanced. It will receive repayment first before other creditors, including administrative claimants. A final hearing is set for August 20. Heartland Bank & Trust Company is represented by: Michael A. O'Brien, Esq. O'Brien Law Offices, P.C. 124A S. County Farm Rd. Wheaton, IL 60187 Phone: 630-871-9400 mobrien@obrienlawoffices.com service@obrienlawoffices.com About Fuller's Service Center Inc. Fuller's Service Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Douglas A. Fuller Jr., president of Fuller's Service Center, signed the petition. Judge Deborah L. Thorne oversees the case. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. GEORGIA VASCULAR: Hearing to Use Cash Collateral Set for June 4 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division is set to hold a hearing on June 4 to consider another extension of Georgia Vascular Specialists P.C.'s authority to use cash collateral. The court's previous orders authorized Georgia Vascular Specialists' interim use of cash collateral from May 16 through the date of the final hearing. During the interim period, Georgia Vascular Specialists was authorized to use cash collateral to make payments, including payroll and payroll-related taxes; medical malpractice insurance policy with The Doctors' Company; and the pre-bankruptcy claim of its nurse anesthetist. As protection, secured lenders including J.P. Morgan Chase Bank, Huntington National Bank and the U.S. Small Business Administration were granted valid liens on all property acquired by Georgia Vascular Specialists after the petition date that is similar to its pre-bankruptcy collateral. About Georgia Vascular Specialists P.C. Georgia Vascular Specialists P.C. provides vascular medicine and surgical services, including minimally invasive and traditional procedures for arterial, venous, and lymphatic conditions. The practice operates an accredited vascular ultrasound lab, ambulatory wound care services, and vein treatments, and offers inpatient care at Piedmont Hospital and Atlanta Medical Center. Founded in 1989, the company is based in Georgia. Georgia Vascular Specialists P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55352) on May 13, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. The Debtors are represented by Benjamin Keck, Esq., at Keck Legal, LLC. GLORY BOUND: Seeks to Tap HallerColvin PC as Bankruptcy Counsel --------------------------------------------------------------- Glory Bound Day Care Ministries, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to hire HallerColvin PC to handle its Chapter 11 case. The Debtor will employ the firm under a general retainer. The firm and its attorneys represent no interest adverse to the Debtor or the estate. The firm can be reached through: Daniel J. Skekloff, Esq. Scot T. Skekloff, Esq. Martin E. Seifert, Esq. HallerColvin PC 444 East Main Street Fort Wayne, IN 46802 Telephone: (260) 426-0444 Facsimile: (260) 422-0274 Email: dskekloff@hallercolvin.com sskekloff@hallercolvin.com mseifert@hallercolvin.com About Glory Bound Day Care Ministries, Inc. Glory Bound Day Care Ministries, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-30734) on May 13, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Scot T. Skekloff, Esq. at Haller & Colvin, PC represents the Debtor as counsel. GOLD PACKAGE: Seeks Subchapter V Bankruptcy in Texas ---------------------------------------------------- On May 27, 2025, Gold Package 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 $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Gold Package LLC Gold Package LLC, operating as "The Lounge Here," is a restaurant or lounge establishment located in Dallas, Texas. Gold Package LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. N.D. Tex. Case No. 25-41877) on May 27, 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 Edward L. Morris handles the case. The Debtors are represented by Robert Thomas DeMarco, Esq. HARLING INC: Court Extends Cash Collateral Access to June 4 ----------------------------------------------------------- Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The order penned by Judge Jacqueline Cox authorized the interim use of cash collateral retroactive to the date of filing the company's Chapter 11 case through June 4. As protection from any diminution in the value of its collateral, Byline Bank was granted a first-priority lien on post-petition property of the company, including all proceeds and products thereof, to the same extent and with the same priority as its pre-bankruptcy lien. A further hearing on cash collateral use is scheduled for June 3. Byline Bank is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. HB CAPITAL: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: HB Capital Partners LLC 754-756 Linden Blvd Brooklyn NY 11203 Case No.: 25-42593 Business Description: HB Capital Partners LLC operates in the real estate services sector, engaged in property management, real estate appraisal, or other related support activities. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Eastern District of New York Judge: Hon. Elizabeth S Stong Debtor's Counsel: Robert M. Marx, Esq. ROBERT M. MARX, ATTORNEY AT LAW 1019 Fort Salonga Road, Suite 10-134 Northport, NY 11768 Tel: 917-375-1909 Email: robertmarx@rmmarxlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Herman Brothers as authorized signatory. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OQZVW3Q/HB_Capital_Partners_LLC__nyebke-25-42593__0001.0.pdf?mcid=tGE4TAMA HIGHLAND CAPITAL: Wants to Halt Order Allowing CEO Bankruptcy Suit ------------------------------------------------------------------ James Nani of Bloomberg Law reports that Highland Capital Management LP has asked the U.S. Supreme Court to temporarily block a Fifth Circuit Court of Appeals ruling that allows its former CEO to pursue bankruptcy-related claims against the firm. In an emergency filing submitted Wednesday, May 28, 2025, Highland contends that pausing the mandate—scheduled to take effect on May 30—would enable it to challenge the appellate court's decision regarding a bankruptcy court's authority to act as a gatekeeper by dismissing certain lawsuits. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HOODSTOCK RANCH: Seeks Cash Collateral Access --------------------------------------------- Hoodstock Ranch, LLC asked the U.S. Bankruptcy Court for the Eastern District of Washington for authority to use any future cash collateral related to its real property located at 267 86th Rd., Troutlake, Wash. Currently, the property is not generating income or cash collateral but the Debtor anticipates potential future income from sale, refinancing, leasing, or litigation settlements. Since the secured creditors, L&M Recreation, LLC and Toothacres, LLC, have not consented, the Debtor is providing a 14-day notice for any objections. If no objections are filed, the court may approve the motion without a hearing. If objections arise, a final hearing will be scheduled. The Debtor intends to use any future cash collateral solely for preserving and administering the bankruptcy estate, with appropriate notice and budgeting, and agrees to file further motions or stipulations if an agreement with creditors is not reached before use. About Hoodstock Ranch Hoodstock Ranch, LLC, a company in White Salmon, Wash., filed Chapter 11 petition (Bankr. E.D. Wash. Case No. 25-00388 on March 5, 2025. In its petition, the Debtor reported total assets of $3.2 million and total liabilities of $3.092 million. Judge Whitman L. Holt handles the case. The Debtor is represented by Patrick D. McBurney, Jr., Esq. at McBurneyLaw, PLLC. HORSEY DENISON: Taps Witherspoon Group as Financial Advisor ----------------------------------------------------------- Horsey Denison Landscaping LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire The Witherspoon Group as financial advisor. The firm will render these services: (a) prepare and/or review financial analysis on unsecured creditor claims, administrative claims (503(b)(9), reclamation, etc.), priority tax claims, and any pre and post-petition analysis of the Debtors' finances; (b) review and evaluation of the Debtors' accounting records for the purpose of financial projections necessary for any plan of reorganization and consultation with the Debtors and their professionals, as appropriate, concerning the findings and results (including testimony); (c) access and analyze the Debtors' projected operations; (d) gain an understanding of the Debtors' business and accounting practices, including interfacing with the Debtors' financial representative; (e) analyze and review key motions, including, as applicable, any motions to use cash collateral, obtain debtor-in-possession financing, and sale of the Debtors, and to identify strategic financial issues in the Debtors' bankruptcy case; (f) provide forensic accounting services to evaluate the existence of any avoidance actions; (g) monitor the Debtors' monthly operating reports; (h) communicate findings and make recommendations to the Debtor; (i) review the nature and origin of other significant claims asserted against the Debtor; (j) rendering such assistance as the Debtors and its counsel may deem necessary; (k) advise the Debtors on enterprise valuation in the context of any plan of reorganization proposed by the Debtors or any other party; and (l) provide expert testimony, as needed, on the work and analysis provided in support of the Debtors' proposed Plan of Reorganization, the Committee's Plan of Reorganization; and serve as a liaison between the Debtors and their other advisors (including legal counsel, the Committee and accounting professionals) to provide information in a timely manner. Witherspoon's services will be billed at hourly rates that presently range from $185 to $485 per hour. The Witherspoon Group is a "disinterested person" as that term is defined under 11 U.S.C. Sec. 327 and Sec. 101(14). The firm can be reached through: David W. Carr, CPA The Witherspoon Group 1204 Boyce Avenue Towson, MD 21204 Tel: (443) 603-2700 dcarr@thewitherspoongroup.com About Horsey Denison Landscaping LLC Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Paul Sweeney, Esq. at YVS LAW, LLC. HUDSON PACIFIC: S&P Downgrades ICR to 'B', Outlook Negative ----------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Hudson Pacific Properties Inc. (HPP) to 'B' from 'BB-'. The outlook is negative. S&P said, "We also lowered our issue-level rating on the company's senior unsecured notes with no subsidiary guarantees to 'B' from 'BB-'. "We revised the recovery rating on the debt to '4' from '3'. Additionally, we lowered our issue-level rating on the company's preferred stock to 'CCC' from 'B-'. "The negative outlook reflects our expectation for Hudson Pacific's portfolio to continue to be challenged, resulting in credit protection measures remaining under pressure. In our view, this could lead to liquidity pressure and refinancing challenges over the near term. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026. "We expect HPP's leverage to remain elevated over the near term due to pressured operating performance and a weakened macroeconomic backdrop. As of March 31, 2025, the company's S&P Global Ratings-adjusted debt to EBITDA was 13.0x, an increase from 10.0x a year prior. Similarly, S&P Global Ratings-adjusted fixed-charge coverage (FCC) declined to 1.5x from 1.8x over the same time frame. The company's EBITDA has declined as operating performance within its office and studio segments has remained weak amid secular headwinds and evolving industry dynamics. At the same time, interest rates remain elevated amid macroeconomic uncertainty, which has limited transaction activity and pressured fixed-charge coverage. We expect S&P Global Ratings-adjusted debt to EBITDA will remain in the 13x area through year-end 2025 before declining to the 12x area in 2026, which assumes office occupancy begins to improve in the second half of 2025 and studio production ramps up slightly. At the same time, we expect S&P Global Ratings-adjusted FCC to remain in the mid to high-1x area over the next two years. "We believe HPP has elevated refinancing risk relative to peers. Subsequent to the end of first quarter 2025, HPP utilized its revolving credit facility availability and tendered for the repayment of its series B, C, and D private placement notes for a total of $465 million. The company's $775 million revolving credit facility matures on Dec. 21, 2025, but it has two six-month extension options at the company's option. While we expect it to be recast, the ultimate terms for the facility could further affect our view of liquidity and recovery should the company need to secure the revolver. At the same time, this could pressure covenant cushion and limit flexibility in adding secured debt for future refinancings. "Similarly, HPP has a shorter weighted-average debt maturity profile, which leads us to view its capital structure negatively. We typically view companies with short debt maturity ladders (less than three years for real estate entities) as facing greater refinancing risk than their peers with longer weighted-average debt maturities. Excluding extension options, the company's weighted-average maturity of debt remains below three years, and we apply a negative capital structure modifier score to account for the near-term maturity schedule. "HPP's portfolio remains under pressure amid ongoing office and studio headwinds. As of March 31, 2025, the company's same-property office portfolio was 75.1% occupied and 76.5% leased, compared to 79.0% and 80.5%, respectively, a year prior. Similarly, its same-property studio portfolio was 73.8% leased, compared to 76.9% a year prior. HPP has faced significant lease expirations over the past few years, which has led to large declines in occupancy given challenging West Coast office market fundamentals, including low retention rates. As of March 31, 2025, HPP's office lease expirations represented 9.3% of annualized base rent (ABR) remaining in 2025, 9.9% in 2026, and 13.3% in 2027. On a positive front, the company started 2025 with a strong quarter of leasing, executing on 62 new and renewal leases totaling 630,295 square feet. If HPP is able to continue its strong recent cadence of leasing activity amid upcoming lease expirations, we think it may be able to strengthen occupancy modestly in the second half of the year. "In the first quarter, same-property net operating income (NOI) decreased 9.9% on a cash basis, primarily due to lower office occupancy. The company's weakened studio business performance has also pressured operating performance and NOI amid strikes and labor negotiations. Although a majority of issues have been resolved, industry dynamics remain uncertain and production activity continues to be significantly below peak levels. While we expect production activity will increase over the next year or two, the timing and visibility into improving studio performance is also uncertain. As a result of the headwinds, we have revised our business risk assessment on HPP to weak from fair. "The negative outlook reflects our expectation for HPP's portfolio to continue to be challenged, resulting in credit protection measures remaining under pressure. In our view, this could lead to liquidity pressure and refinancing challenges over the near term. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026." S&P could lower its ratings on the company by one or more notches if: -- The company is unable to successfully refinance its upcoming debt maturities, including its revolving credit facility, heightening liquidity and capital structure concerns; -- The company's operating performance deteriorates beyond our current projections, with occupancy failing to improve from current levels, or a potential increase in cash flow volatility caused by pressure in the studio business; or -- S&P Global Ratings-adjusted debt to EBITDA rises to and is sustained above 13x or FCC deteriorates below 1.5x over the next 12 to 24 months. S&P could also lower the issue-level ratings on HPP's unsecured notes with no subsidiary guarantees if our estimate of recovery prospects for bondholders decreases below 30%, likely because the company refinances maturities with a higher proportion of secured debt. S&P could revise the outlook to stable on HPP if: -- HPP successfully refinances upcoming maturities, easing liquidity concerns; -- The company maintains a strong leasing cadence and effectively manages upcoming lease expirations while improving occupancy; or -- Credit protection measures are strengthened such that S&P Global Ratings-adjusted debt to EBITDA is sustained at or below 11x, with FCC sustained at or above 1.7x. ICEY-TEK USA: Hires Taylor Real Estate as Auctioneer Agent ---------------------------------------------------------- Icey-Tek USA LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Taylor Real Estate & Auction, Inc. as auctioneer agent. The firm will engage in sales of miscellaneous furniture, fixtures, equipment and other items rendered burdensome to the estate from the recent move of the Debtor's operations via an online auction. The firm will be paid at these rates: Buyer's Premium 10 percent of sales price (paid by buyer) Labor $800 (paid by seller) Online Fees $325 (paid by seller) Advertising $280 (paid by seller) Taylor Real Estate & Auction is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Thomas Chad Taylor Taylor Real Estate & Auction, Inc. 20300 Wast Main St. Huntingdon, TN 38344 Tel: (866) 986-8578 About Icey-Tek USA LLC Icey-Tek USA, LLC, a company in Dresden, Tenn., sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 24-11470) on November 2, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Patrick Mudge, president of Icey-Tek USA, signed the petition. Judge Jimmy L. Croom handles the case. The Debtor is represented by Steven N. Douglass, Esq., at Harris Shelton, PLLC. J AND A 5TH AVE: Seeks Chapter 11 Bankruptcy in New Jersey ---------------------------------------------------------- On May 27, 2025, J and A 5th Ave 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. About J and A 5th Ave LLC J and A 5th Ave LLC is a single asset real estate company that owns property at 42 Linn Road in Nutley, New Jersey. J and A 5th Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15537) on May 27, 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 Stacey L. Meisel handles the case. J.C.C.M. PROPERTIES: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- J.C.C.M. Properties, Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. The order penned by Judge Paul Baisier authorized the Debtor's interim use of cash collateral for the period from May 29 to June 4 to pay the expenses set forth in its budget. First Bank and Paragon Bank, the Debtor's lenders, may assert security interests in the Debtor's assets, including revenue from its real property. This revenue may constitute cash collateral. As of the petition date, First Bank and Paragon Bank are owed $3,759,180 and $1,200,000, respectively. As protection for the use of their cash collateral, both lenders will be granted a valid lien on all property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. A final hearing is set for June 4. The Debtor filed its bankruptcy case on May 14 after it was hit with a $44.87 million default judgment related to a lawsuit stemming from a car accident on one of its properties. The Debtor owns multiple real estate properties generating income and has existing secured loans with First Bank and Paragon Bank totaling over $4.9 million. About J.C.C.M. Properties Inc. J.C.C.M. Properties Inc. leases real estate, with its main assets situated at 1585 Crater Lake in Kennesaw, Georgia. J.C.C.M. Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55412) on May 14, 2025. In its petition, the Debtor reported estimated liabilities between $1 million and $10 million and estimated liabilities between $50 million to $100 million. The Debtor is represented by Will Geer, Esq., at Rountree Leitman Klein & Geer, LLC. JERK PIT: Case Summary & 18 Unsecured Creditors ----------------------------------------------- Debtor: The Jerk Pit, LLC 9078 Baltimore Avenue College Park MD 20740 Case No.: 25-00201 Business Description: The Jerk Pit, LLC operates a Jamaican restaurant in College Park, Maryland, offering dine-in and take-out service. Founded by Lisa Nash in 2005, the business expanded with a second location in Washington, DC, in 2024. Both establishments are wholly owned by Nash through separate entities: The Jerk Pit LLC and Lime Cay, Inc. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court District of Columbia Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Lisa Laukitis, Esq. MILBANK LLP 55 Hudson Yards New York NY 10001 Tel: 212-530-5000 Email: llaukitis@milbank.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lisa Waddell Nash as president. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GS5QIDY/The_Jerk_Pit_LLC__dcbke-25-00201__0001.0.pdf?mcid=tGE4TAMA JERK PIT: Seeks Subchapter V Bankruptcy in D.C. ----------------------------------------------- On May 28, 2025, The Jerk Pit LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Columbia. 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 The Jerk Pit LLC The Jerk Pit LLC is a Caribbean restaurant business operating in College Park, Maryland. The Jerk Pit LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00201) on May 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtors are represented by John Gordon Colan, Jr, Esq. at Sinoberg Raft. JMKA LLC: Court Extends Cash Collateral Access to June 27 --------------------------------------------------------- JMKA, LLC received sixth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of its secured lenders until June 27. The lenders include the U.S. Small Business Administration, BayFirst National Bank, Funding Circle, Transportation Alliance Bank, Ameris Bank, Cashfloit LLC, and Funders App, LLC. These lenders assert security interests in all assets of the company, including cash, bank deposits and accounts receivable, which constitute their cash collateral. The sixth interim order, signed by Judge David Cleary, authorized the use of cash collateral to pay the expenses set forth in the company's budget, with a 5% variance allowed. JMKA was ordered to provide the secured lenders with protection in the form of replacement liens on its assets to the same extent and with the same priority and validity as their pre-bankruptcy liens. In addition, the company was ordered to pay $439 to SBA, $1,000 to BayFirst, $500 to Funding Circle, $500 to Transportation Alliance Bank, $800 to Ameris Bank, $3,000 to Cashfloit, and $2,000 to Funders App. The next hearing is set for June 25. About JMKA LLC JMKA, LLC is a boutique childcare center in downtown Elmhurst, Ill. It operates as Elmhurst Premier Childcare. JMKA filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00036) on January 3, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Ben L. Schneider, Esq., at The Law Offices of Schneider & Stone is the Debtor's bankruptcy counsel. Ameris Bank, as secured lender, is represented by: Jillian S. Cole, Esq. Taft Stettinius & Hollister, LLP 111 E. Wacker Drive, Suite 2600 Chicago, IL 60601 (312) 836-4019 jcole@taftlaw.com Cashfloit LLC, as secured lender, is represented by: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 (516)703-3672 fkantrow@thekantrowlawgroup.com JPK NEWCO: Seeks Subchapter V Bankruptcy in D.C. ------------------------------------------------ On May 27, 2025, JPK Newco LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Columbia. According to court filing, the Debtor reports $55,172 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About JPK Newco LLC 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. JPK Newco LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00200) on May 27, 2025. In its petition, the Debtor reports total assets of $3,111,937 and total liabilities of $55,172. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtors are represented by Jeffrey M. Orenstein, Esq. at WOLFF & ORENSTEIN LLC. JTRE 14 VESEY: Taps Phillips Nizer as Special Real Estate Counsel ----------------------------------------------------------------- JTRE 14 Vesey LLC seeks approval from the Bankruptcy Court for the District of New Jersey to hire Phillips Nizer LLP as special real estate counsel. The firm will perform real estate related services in connection with the sale of 27 West 7nd Street, Unit COM-A, NY, NY 10023 and 14 Vesey St. NY., NY 10007. Phillip lawyers and professionals who will work on the Debtors' cases and their hourly rates are: Partners $495 to $985 Counsel $575 to $725 Associates $425 to $545 Paralegals $215 to $530 Marc A. Landis, managing partner of Phillips Nizer LLP, assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. Phillips may be reached at: Marc A. Landis, Esq. Phillips Nizer LLP 485 Lexington Avenue New York, N.Y. 10017 Tel.: (212) 841-0705 Fax.: (212) 262-5152 E-mail: mlandis@phillipsnizer.com About JTRE 14 Vesey LLC JTRE 14 Vesey LLC owns, in fee simple, the real property at located at 14 Vesey Street, New York, New York 10007. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-12087) on Feb. 28, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by David Goldwasser, VP of Restructuring. Eric Horn, Esq., at A.Y. Strauss LLC, represents the Debtor as legal counsel. KENBENCO INC: Gets Final OK to Use Cash Collateral -------------------------------------------------- Kenbenco, Inc. and its affiliates received final approval from the U.S. Bankruptcy Court for the Southern District of New York, Poughkeepsie Division to use cash collateral. The final order authorized the companies to use the cash collateral of secured creditors, U.S. Small Business Administration and Newtek Small Business Finance, LLC, in accordance with their budget. To protect secured creditors, the court granted them continuing rollover liens and security interests in the companies' assets with the same priority and validity as their pre-bankruptcy liens. The companies must also make payments to Newtek pursuant to the terms of their previous stipulation. About Kenbenco Inc. Kenbenco, Inc. is a structural and miscellaneous fabrication company in Saugerties, N.Y. It conducts business under the name Benson Steel Fabricators. Kenbenco and its affiliates, JJ Ben Corporation and Ben Mur, Inc., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 24-35470) on May 10, 2024. At the time of the filing, Kenbenco reported between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Kyu Young Paek oversees the cases. The Debtor is represented by Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP. Newtek Small Business Finance, LLC, as secured creditor is represented by: Tae Hyun Whang, Esq. Law Offices of Tae H. Whang, LLC 185 Bridge Plaza North, Suite 201 Fort Lee, NJ 07024 (201) 461-0300 KUBOTA OF KNOXVILLE: Seeks Chapter 11 Bankruptcy in Tennessee ------------------------------------------------------------- On May 27, 2025, Kubota of Knoxville LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Tennessee. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Kubota of Knoxville LLC 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. Kubota of Knoxville LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31018) 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. The Debtors are represented by Lynn Tarpy, Esq. at TARPY, COX, FLEISHMAN & LEVEILLE, PLLC. LAKESHORE TERRACE: Seeks to Hire Darby Law as Bankruptcy Counsel ---------------------------------------------------------------- Lakeshore Terrace Association seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Darby Law Practice, Ltd. as counsel. The firm will render these services: (a) advise the Debtor of its rights, powers and duties in the continued operation of business and management of its properties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of its estate; (d) attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; (e) appear before the court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; (f) pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and (g) perform all other necessary legal services in connection with the Chapter 11 case. Kevin Darby, Esq., the primary attorney in this representation, will be billed at his hourly rate of $550. Darby Law Practice received a retainer fee in the amount of $25,000. Mr. Darby disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 Email: kevin@darbylawpractice.com About Lakeshore Terrace Association Lakeshore Terrace Association is a homeowners' association for a condominium community located at 501 Lakeshore Boulevard in Incline Village, Nevada. Established in 1970, the association oversees property management and community affairs near Lake Tahoe. Lakeshore Terrace Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50422) on May 8, 2025. In its petition, the Debtor reports total assets of $1,072,688 and total liabilities of $2,710,568. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The Debtors are represented by Kevin A. Darby, Esq. at DARBY LAW. LAZARUS INDUSTRIES: Hearing to Use Cash Collateral Set for June 2 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of New York is set to hold a final hearing on June 2 to consider Lazarus Industries, LLC's bid to use cash collateral. The company's authority to use cash collateral pursuant to the court's May 20 order expires on June 2. The May 20 order granted Tompkins Community Bank and other secured creditors "rollover" replacement liens on post-petition cash, accounts receivable, bank accounts and other assets, with the same validity, extent and priority as their pre-bankruptcy liens. About Lazarus Industries Lazarus Industries, LLC is a construction, fabrication, and manufacturing company based in Buffalo, N.Y. Lazarus Industries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-10417) on April 16, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Frank Lazarus, managing member of Lazarus Industries, signed the petition. Judge Carl L. Bucki oversees the case. Frederick J. Gawronski, Esq., at Colligan Law, LLP, represents the Debtor as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. LEVY VENTURES: Lender Seeks to Prohibit Cash Collateral Access -------------------------------------------------------------- U.S. Bank Trust National Association, acting solely as trustee for the Fidelity & Guaranty Life Mortgage Trust 2018-1, asked the U.S. Bankruptcy Court for the Southern District of New York to prohibit Levy Ventures, LLC from using cash collateral and to require the Debtor to begin adequate protection payments related to specific real properties. The Lender argued that the Debtor is bound by promissory notes and corresponding Deeds of Trust that secure loans with the subject properties, which include provisions assigning rental income to the Creditor. The loans are serviced by Fay Loan Servicing, LLC, which is in the process of filing formal proofs of claim and potential motions for relief from the automatic stay. U.S. Bank pointed out that the Debtor filed for Chapter 11 bankruptcy on March 5, 2025, but has neither submitted a plan of reorganization nor requested court authorization to use cash collateral, as required by 11 U.S.C. section 363. The Lender emphasized that it holds a valid security interest in both the properties and any rental income they may generate, which qualifies as cash collateral under the Bankruptcy Code. Since the Debtor has not obtained permission to use this income, any such use would violate bankruptcy law and could warrant dismissal or conversion of the case. Furthermore, the Lender objected to any use of its collateral without receiving adequate protection. It demanded that the Debtor start making contractual monthly payments (including escrow for taxes and insurance), provide an accounting of all income generated from the properties since the bankruptcy filing, and submit copies of any rental or lease agreements. The Lender also requested that any property-generated income be deposited into a separate debtor-in-possession account to ensure transparency and compliance. A court hearing is set for June 5. About Levy Ventures Levy Ventures, LLC is a New York-based company engaged in real estate -related activities. Levy Ventures sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22182) on March 5, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP. Fay Servicing, LLC, acting as the authorized loan servicer for U.S. Bank Trust National Association (as Trustee for COLT 2023-3), is represented by Jenelle Arnold, Esq. at Aldridge Pite, LLP. MALLINCKRODT PLC: Investors Secure Initial $5.5MM Settlement Okay ----------------------------------------------------------------- Sydney Price of Law360 reports that on May 28, 2025, investors in pharmaceutical company Mallinckrodt won preliminary approval for a $5.5 million settlement with two executives and a director, resolving allegations that they were misled into thinking the company had exited bankruptcy and would pay $200 million to opioid claimants. About Mallinckrodt plc Mallinckrodt (OTCMKTS: MNKTQ) -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The Company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. Mallinckrodt plc and certain of its affiliates again sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28, 2023. Mallinckrodt disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Judge John T. Dorsey oversees the new cases. In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. In the new Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A., as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. Kroll is the claims agent. MIKLAR LLC: Case Summary & Five Unsecured Creditors --------------------------------------------------- Debtor: Miklar, LLC 2616 Carter Ave Nashville, TN 37206 Business Description: Miklar LLC is a real estate development company based in Nashville, Tennessee. The Company owns newly constructed single-family homes located at 1523 and 1531 E Stewarts Lane in Nashville, featuring high-end finishes and modern amenities. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 25-02225 Judge: Hon. Nancy B King Debtor's Counsel: Denis Graham "Gray" Waldron, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Blvd., Suite 316 Brentwood, TN 37027 Tel: 629-777-6519 Fax: 615 777 3765 Email: gray@dhnashville.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Matthews as member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KGT4AMY/Miklar_LLC__tnmbke-25-02225__0001.0.pdf?mcid=tGE4TAMA MIKLAR LLC: Seeks Subchapter V Bankruptcy in Tennessee ------------------------------------------------------ On May 28, 2025, Miklar LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Tennessee. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Miklar LLC Miklar LLC is a Nashville-based real estate development company with properties in Davidson County. Miklar LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-02225) on May 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Nancy B. King handles the case. The Debtors are represented by Denis Graham (Gray) Waldron, Esq. at Dunham Hildebrand Payne Waldron, PLLC. MITCHELL ROCK: Gets Court OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Alabama signed a consent order allowing Mitchell Rock, Inc. to use cash collateral to pay its expenses and providing protection to Commercial Credit Group Inc. Mitchell Rock has six equipment loans with Commercial Credit Group totaling $2,725,954.28 as of the petition date. As protection, Commercial Credit Group will be granted a replacement lien on assets similar to its pre-bankruptcy collateral. This replacement lien will have the same validity, priority and extent as the lender's pre-bankruptcy lien. In addition, Commercial Credit Group will receive a monthly payment of $40,000 by June 1, $50,000 by July 1, and $92,000 on the first day of each month thereafter until confirmation of its bankruptcy plan, dismissal of its Chapter 11 case or conversion of the case to one under Chapter 7. About Mitchell Rock, Inc. Mitchell Rock, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-00701-TOM11) on March 7, 2025. In the petition signed by Chad Anthony Mitchell, owner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Tamara O. Mitchell oversees the case. Frederick M. Garfield, Esq., at Spain & Gillon, LLC, is the Debtor's legal counsel. Commercial Credit Group, Inc., as lender, is represented by: Gabriel J. Quistorff, Esq. Balch & Bingham, LLP 1901 Sixth Avenue North, Suite 1500 Birmingham, AL 35203 Telephone: (205) 251-8100 Facsimile: (205) 226-8799 gquistorff@balch.com MOM CA INVESTOR: Investor Demands Property Interests Turnover ------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that a new lawsuit claims that a major portfolio of bankrupt real estate in Los Angeles and Laguna Beach, California, must be turned over under a recent arbitration award tied to a contentious dispute between joint venture partners. Filed Tuesday, May 27, 2025, in the U.S. Bankruptcy Court for the District of Delaware, the complaint by Mohammad Honarkar seeks to enforce the arbitration ruling involving MOM CA Investco LLC. The company and its related bankrupt entities control a Southern California real estate portfolio worth hundreds of millions of dollars, including hotels, commercial and residential properties, and vacation rentals, the report states. About MOM CA Investor Group LLC MOM CA Investor Group LLC and its affiliated debtors directly own and manage a large real estate portfolio throughout Southern California using a network of special purpose entities. MOM CA Investor Group LLC and its affiliated debtors filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10510) on March 17, 2025, listing $50,000,001 to $100 million in assets and $10,000,001 to $50 million in liabilities. Ericka Fredricks Johnson, Esq. at Bayard P.A. represents the Debtor as counsel. NATIONAL DENTEX: Blue Owl Marks $134.3 Million 1L Loan at 25% Off ----------------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $134,364,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC to market at $100,436,000 or 75% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Loan to National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 5% per annum. The loan matures on April 2026. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About National Dentex Labs LLC (fka Barracuda Dental LLC) National Dentex a nationwide network of dental laboratories working closely with dentists to provide high-quality dental restorations and appliances. NATIONAL DENTEX: Blue Owl Marks $14.5MM 1L Loan at 27% Off ---------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $14,563,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC to market at $10,595,000 or 73% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Delayed Draw Term Loan to National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 10% payment in kind per annum. The loan matures on April 2026. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About National Dentex Labs LLC (fka Barracuda Dental LLC) National Dentex a nationwide network of dental laboratories working closely with dentists to provide high-quality dental restorations and appliances. NATIONAL DENTEX: Blue Owl Marks $8.4-Mil. 1L Loan at 36% Off ------------------------------------------------------------ Blue Owl Capital Corporation (OBDC) has marked its $8,468,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC to market at $5,436,000 or 64% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Revolving Loan to National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 7.00% per annum. The loan matures on April 2026. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About National Dentex Labs LLC (fka Barracuda Dental LLC) National Dentex a nationwide network of dental laboratories working closely with dentists to provide high-quality dental restorations and appliances. NBA PROPERTIES: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On May 27, 2025, NBA Properties Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports $6,762,891 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About NBA Properties Inc. 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. NBA Properties Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14395) on May 27, 2025. In its petition, the Debtor reports total assets of $7,283,500 and total liabilities of $6,762,891. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtors are represented by Thomas B. Ure, Esq. at URE LAW FIRM. NEW WORLD: Case Summary & 14 Unsecured Creditors ------------------------------------------------ Debtor: New World Contracting, LLC PO Box 142 Rockwall, TX 75087 Business Description: New World Contracting, LLC is a construction company specializing in public infrastructure projects including schools, parks, historic restorations, highways, bridges, and hospitals. Based in Texas, it has worked with government entities such as the U.S. Army Corps of Engineers and the Department of Defense. The Company was founded in 2013 and is woman-owned, minority-owned, and certified as a disadvantaged business enterprise. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-31944 Debtor's Counsel: Kevin S. Wiley, Sr. WILEY LAW GROUP, PLLC 325 N. St. Paul Street, Suite 2250 Dallas, TX 75201 Tel: 214-537-9572 Email: kwiley@wileylawgroup.com Total Assets: $9,329 Total Liabilities: $1,567,984 The petition was signed by Dorrett Vanderberg as president. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/B7VI2MQ/New_World_Contracting_LLC__txnbke-25-31944__0001.0.pdf?mcid=tGE4TAMA NFI GROUP: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issuer credit rating to NFI Group Inc. (NFI), a Winnipeg-based bus manufacturer. S&P also assigned its 'BB-' issue-level rating and '4' recovery rating to the company's proposed $600 million senior secured second-lien notes due 2030. S&P said, "The stable outlook reflects our expectation that the company will generate adjusted debt to EBITDA of 3.5x in 2025 and 3.0x in 2026, resulting from higher profitability as supply-chain issues subside and NFI realizes earnings growth from its record backlog. "Our rating reflects NFI's solid market position in the niche North American transit bus market. S&P Global Ratings estimates the company has about a 40% share of the North American heavy-duty transit and coach bus market and just under 50% market share in the U.K. This makes it the leading supplier of transit buses and motorcoaches to the largest transit operators in both regions. In recent years, the competitive dynamics in North America have improved for NFI, because most of its competitors exited the market or went bankrupt following challenges associated with the COVID-19 pandemic and “Buy America” procurement strategies implemented by public transit authorities in the U.S. As a result, NFI has a dominant position in the North American market, with one notable competitor in the U.S. and one in Canada. "In our view, the degree of product customization and certain regulatory constraints add some barriers to entry, which should enable NFI to defend its market share over the next few years. Furthermore, the company's $13.7 billion order backlog (composed of firm and option orders) as of March 30, 2025, provides good revenue visibility over the next couple of years. These contracts also typically include price escalators to account for inflation and progress payments at key production milestones. NFI generates about 20% of total revenue from aftermarket parts and services, which we consider a relatively stable and higher-margin segment of the business. NFI leverages its large installed fleet of approximately 100,000 buses to provide parts, and to a lesser extent services, to strengthen customer relationships. "We expect leverage will decline well below 4x over the next couple of years from earnings growth. Although we expect leverage to be around 5x following the proposed transaction, we assume an earnings recovery will drive meaningful deleveraging, with adjusted debt to EBITDA of 3.5x at the end of 2025 and 3.0x in 2026. Order volumes and EBITDA margins fell significantly in 2020 amid lower demand and cost inflation stemming from the pandemic, and to a lesser extent in 2024 because of seat supplier challenges. That said, order activity recovered, with a backlog of $12.8 billion at the end of 2024 (up from $7.9 billion at year-end 2023 and $5.6 billion at year-end 2022). We expect adjusted EBITDA to increase to about $360 million in 2026 (almost double what the company generated in 2024) as recent supply-chain issues subside and the company fulfills its order backlog. We assume this backlog carries higher margins compared with legacy contracts owing to price increases that better reflect cost inflation since the pandemic, zero-emission bus penetration, improved market share, and more favorable contracting terms. Furthermore, we assume the company's public net leverage target of 2.0x-2.5x supports deleveraging. "Notwithstanding the relatively strong credit measures we anticipate over the next few years, our rating on the company also incorporates our view of potential volatility stemming from supply-chain challenges, regulatory changes, tariffs, and/or intensifying competition. The industry faced significant challenges during the pandemic because of the sharp drop in ridership, supply-chain disruptions, and cost inflation that led many North American bus manufacturers (with the exception of NFI and a few others) to exit the North American market. As demand and profitability recover, with support from better contracting terms with customers, we believe NFI is in a stronger competitive position that should persist over the next few years. That said, competition could intensify over time and limit earnings growth beyond 2026. "In our view, NFI's supply chains carry operating risks that could lead to earnings volatility. A recent example includes execution issues at one of its seat suppliers that have slowed earnings recovery over the past year. Most transit buses are highly customized, which includes the customer having high autonomy in choosing NFI's suppliers. This results in many components relying on few suppliers. Supply-chain challenges could have an outsize earnings impact on bus manufacturers, as was the case during the pandemic. We think NFI's efforts to improve its supplier diversity for key components could contribute to more stable earnings and cash flow over time. "The transition to zero-emission buses will likely be a key tailwind for NFI as they represent about 40% of the company's backlog in equivalent units. We expect zero-emission buses (ZEBs) will continue to gain share from internal combustion engine (ICE) buses over the next few years, which should drive profitable growth for NFI. Currently, ZEB penetration in the U.S. is about 4%, providing significant runway for NFI to replace older ICE buses. Zero-emission buses are generally higher-margin products and benefit from government programs to fund replacement cycles. We assume transit operators will adopt them to replace older buses because they are more cost efficient to operate and more environmentally friendly, key considerations for many transit operators and municipalities. Policies from the U.S. administration could lead to reduced demand for ZEB orders, which is a scenario we think NFI is well positioned to manage since it offers ICE options to customers, albeit at lower unit prices. “Tariffs could contribute to supply-chain disruptions and modest margin pressure beyond what we have incorporated into our base-case forecast. We think NFI is much better positioned than other North American automakers we rate to manage through such a scenario. We estimate about two-thirds of NFI's transit bus production is fully built in the U.S. and while the remaining third starts production in Canada, most of its higher-cost components are installed in the U.S. Currently, we believe USMCA protections limit NFI's tariff exposure and the company will continue complying with “Buy America” requirements, with at least 70% of components and subcomponents coming from U.S. suppliers. Furthermore, nearly all NFI's public transit agency contracts include regulatory change clauses that allow for price adjustments for tariffs (subject to negotiations). In our view, the company's private coach business could be more affected by added costs from tariffs, given the discretionary nature of those products and difficulty in passing on cost to customers. "The stable outlook on NFI reflects our expectation that the company will generate S&P Global Ratings-adjusted EBITDA of more than $300 million in 2025, resulting from higher profitability as supply-chain issues subside and successful execution of the company's $12.8 billion backlog. We expect the company's performance in 2025 will translate into adjusted debt to EBITDA of 3.5x in 2025 and 3.0x in 2026. "We could downgrade NFI in the next 12 months if S&P Global Ratings-adjusted debt to EBITDA is sustained well above 4x. This could result from operational missteps or supply-chain challenges that cause the company to underperform our current base-case forecasts, if the company pursues a more aggressive financial policy than we currently anticipate, or if new competitive dynamics result in lower demand for NFI's products. "We could upgrade NFI if the company sustains adjusted debt to EBITDA below 3x while supporting good growth prospects and margins. This could occur if the company maintains a conservative financial policy while executing on its backlog, with limited supply-chain or operational issues." NIKOLA CORP: Creditors Want to Probe Founder Over $100MM Award -------------------------------------------------------------- Yun Park of Law360 reports that the creditors committee in Nikola Corp.'s Chapter 11 proceedings has asked a Delaware bankruptcy court for authorization to investigate the company's founder, alleging he may be depleting personal assets that should be used to pay a $100 million arbitration award owed to the debtor. About Nikola Corp. Nikola Corporation manufactures commercial vehicles. The Company provides battery and hydrogen fuel-cell electric vehicles, drivetrains, components, energy storage systems, fueling station infrastructure, and other transportation solutions. Nikola serves customers worldwide. Nikola Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10258) on February 19, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion, with liabilities ranging from $1 billion to $10 billion. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by M. Blake Cleary, Esq. at Potter Anderson & Corroon LLP. NOTORIOUS TOPCO: Blue Owl Marks $185.2 Million 1L Loan at 17% Off ----------------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $185,280,000 loan extended to Notorious Topco, LLC (dba Beauty Industry Group) to market at $153,782,000 or 83% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Loan to Notorious Topco, LLC (dba Beauty Industry Group). The loan accrues interest at a rate of 4.75% per annum. The loan matures on November 2027. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Notorious Topco, LLC (dba Beauty Industry Group) Notorious Topco, LLC (dba Beauty Industry Group) is engaged in the retail distribution of cosmetics and personal beauty products in the U.S. NOTORIOUS TOPCO: Blue Owl Marks $3.9 Million 1L Loan at 64% Off --------------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $3,962,000 loan extended to Notorious Topco, LLC (dba Beauty Industry Group) to market at $1,436,000 or 36% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Revolving Loan to Notorious Topco, LLC (dba Beauty Industry Group). The loan accrues interest at a rate of 4.75% per annum. The loan matures on May 2027. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Notorious Topco, LLC (dba Beauty Industry Group) Notorious Topco, LLC (dba Beauty Industry Group) is engaged in the retail distribution of cosmetics and personal beauty products in the U.S. O'RYAN RANCHES: Seeks to Hire Lain Faulkner & Co as Accountant -------------------------------------------------------------- O'Ryan Ranches, LLC and O'Ryan Oregon Ranches, LLC (Oregon Debtors) seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Lain, Faulkner & Co., P.C. as their accountants. The firm will render these services: a. serve as accountants and financial advisors for the Debtors; b. assist the Debtors and their counsel with matters related to these Chapter 11 Cases; c. assist the Debtors with preparation of financial information pertaining to assets and liabilities of the estates, cash flows, financial statements, and projections; d. assist and/or prepare 13-week cash flow budget and variance reports; e. assist the Debtors with preparation of any bankruptcy required reporting; and f. perform all other financial and accounting services to the Debtors in connection with these Chapter 11 Cases as may be required or necessary. The firm will be paid at these hourly rates: Directors $440 to $560 Accounting Professionals $235 to $325 IT Professionals $300 Staff Accountants $195 to $275 Clerical and Bookkeepers $95 to $135 D. Brian Crisp, a director of Lain Faulkner & Co., disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: D. Brian Crisp Lain, Faulkner & Co., P.C. 400 North St. Paul Street # 600 Dallas, TX 75201 Phone: (214) 720-1929 About Scanrock Oil & Gas Scanrock Oil & Gas Inc. operates an integrated oil and gas exploration and production platform. Scanrock Oil & Gas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90001) on February 3, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Thomas Daniel Berghman, Esq., at Munsch Hardt Kopf & Harr PC. On March 18, 2025, the U.S. Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Porter Hedges LLP as counsel and Riveron RTS LLC as financial advisor. O'RYAN RANCHES: Seeks to Hire Munsch Hardt Kopf as Attorney ----------------------------------------------------------- O'Ryan Ranches, LLC and O'Ryan Oregon Ranches, LLC (Oregon Debtors) seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Munsch Hardt Kopf & Harr, P.C. as their attorneys. The firm will render these services: a. serve as attorneys of record for the Oregon Debtors and to provide representation and legal advice with respect to the Oregon Debtors' powers and duties as debtors in possession in the continued operation of the Oregon Debtors' business; b. assist the Oregon Debtors in carrying out their duties under the Bankruptcy Code, including advising the Oregon Debtors of such duties, their obligations, and their legal rights; c. take all necessary action to protect and preserve the Oregon Debtors' estates, including the prosecution of actions on the Oregon Debtors' behalf, the defense of actions commenced against the Oregon Debtors, the negotiation of disputes in which the Oregon Debtors are involved, and the preparation of objection, as necessary, to relief sough and claims filed against the Oregon Debtors' estates; d. consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties in interest concerning administration of these Chapter 11 Cases; e. assist in potential sales of the Oregon Debtors' assets; f. prepare on behalf of the Oregon Debtors all motions, applications, answers, orders, reports, and other legal papers and documents to further the Debtors' estates' interests and objections, and to assist the Oregon Debtors in preparation of schedules, statements, and reports, and to represent the Oregon Debtors and their estates at all related hearings and at all related meetings of creditors, United States Trustee interviews, and the like; g. assist the Oregon Debtors in connection with preparing and refining their chapter 11 plans and disclosures statements, and/or all related agreements and documents necessary to facilitate an exit from these Chapter 11 Cases, take appropriate action on behalf of the Oregon Debtors to obtain confirmation of such plans, and take such further actions as may be required in connection with the implementation of such plans; h. assist the Oregon Debtors in analyzing and appropriately treating the claims of creditors, including objecting to claims and trying claim objections; i. appear before this Court and any appellate courts or other courts having jurisdiction over any matter associated with these Chapter 11 Cases; and j. perform all other legal services and provide all other legal advice to the Oregon Debtors as may be required or deemed to be in the interest of their estates in accordance with the Oregon Debtors' rights and duties as set forth in the Bankruptcy Code. Munsch Hardt will be paid as follows: Davor Rukavina, Shareholder $800 per hour Thomas Berghman, Shareholder $700 per hour Garrick Smith, Shareholder $580 per hour Jonathan Petree, Associate $475 per hour Jacob King, Associate $400 per hour Heather Valentine, Paralegal $235 per hour The firm received a total retainer of $95,000 from the Debtors. In addition, the firm will seek reimbursement for expenses incurred. Mr. Berghman 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: Davor Rukavina, Esq. Thomas D. Berghman, Esq. Garrick C. Smith, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Ste. 4000 Dallas, TX 75201 Telephone: (214) 855-7500 E-mail: drukavina@munsch.com E-mail: tberghman@munsch.com E-mail: gsmith@munsch.com About Scanrock Oil & Gas Scanrock Oil & Gas Inc. operates an integrated oil and gas exploration and production platform. Scanrock Oil & Gas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90001) on February 3, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Thomas Daniel Berghman, Esq., at Munsch Hardt Kopf & Harr PC. On March 18, 2025, the U.S. Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Porter Hedges LLP as counsel and Riveron RTS LLC as financial advisor. ONEMAIN FINANCE: S&P Rates New $500MM Senior Unsecured Notes 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to OneMain Finance Corp. (OMFC)'s proposed $500 million senior unsecured notes due 2032. OMFC is a direct, wholly owned subsidiary of OneMain Holdings Inc. (OneMain). The notes will be guaranteed on an unsecured basis by OneMain. The company intends to use the net proceeds to redeem a portion of its outstanding 7.125% senior notes due 2026 ($1.35 billion outstanding as of March 31, 2025). For the first quarter ended March 31, 2025, OneMain's leverage, as measured by debt to adjusted total equity, was 5.9x-6.0x, and S&P expects it will be unchanged pro forma this issuance. S&P said, "As of March 31, 2025, OneMain's unencumbered assets to unsecured debt ratio was about 1.07x. Pro forma this transaction, we expect unencumbered assets to unsecured debt to remain at 1.0x-1.1x, albeit at the mid-to-higher end of the range. If the company's unsecured debt becomes greater than its unencumbered assets, we would lower the issue rating by one notch to 'BB-'." For the quarter ended March 31, 2025, the company's consumer loans net-charge-off ratio declined to about 7.8% versus 8.6% a year ago. The ratio of 30-plus days delinquent loans was 5.16%, while for credit cards it was about 12.7%. As of March 31, 2025, OneMain's back book (loan originations made prior to credit tightening in August 2022) had declined to 13% from 16% of receivables at year-end 2024. The back book contributed 27% to 30-plus-days delinquency, down from 32% at year-end 2024. Profitability and delinquencies should stabilize as the tail risk from 2022 vintages declines, but an expected economic slowdown and higher-for-longer interest rates could challenge performance for newer vintages. For 2025, OneMain affirmed its expectation of net charge-offs at 7.5%-8.0%, versus 8.1% in 2024. S&P said, "The stable outlook on OneMain indicates our expectation that in the next 12 months the company will keep its competitive position in nonprime consumer lending and operate with leverage of 4.5x-6.5x, although our base-case assumption is 5.5x-6.5x. We expect the company to maintain adequate liquidity, manageable net charge-offs of about 8%, and its existing funding mix. "We could lower our ratings over the next 12 months if debt to adjusted total equity rises above 6.5x or if net charge-offs substantially rise above our base-case expectation and erode earnings. We could also lower the ratings if regulatory actions impede OneMain's business, if the company takes on large debt-funded initiatives, or if competition increases in the nonprime consumer lending industry such that risk-adjusted yields decline and weaken earnings." An upgrade is unlikely over the next 12 months. PARAGON MOVING: Gets OK to Use Cash Collateral Until June 10 ------------------------------------------------------------ Paragon Moving & Storage, Inc. got the green light from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral. The interim order penned by Judge William Fisher authorized the company to use cash collateral until June 10 in line with the company's projections. Paragon believes that KLC Financial, Inc. and the U.S. Small Business Administration are the only creditors with an interest in their cash collateral given the size of their respective debts. A UCC report, however, shows that Security Bank Minnesota and Wheaton Van Lines, Inc. also claim an interest in the cash collateral, including cash, receivables and inventory. Security interest was also granted by Paragon to several merchant cash advance lenders. As protection, these secured creditors and MCA lenders were granted replacement liens, with the same validity and priority as their pre-bankruptcy liens. A final hearing is scheduled for June 10. KLC Financial is represented by: Dennis Dressler, Esq. Dressler & Peters, LLC 101 W. Grand Ave., Ste. 404 Chicago, IL 60654 Phone: 312-602-7360 Fax: 312-637-9378 ddressler@dresslerpeters.com Security Bank Minnesota is represented by: Phillip J. Ashfield, Esq. Spencer Fane, LLP 100 South Fifth Street, Suite 2500 Minneapolis, MN 55402 Telephone: (612) 268-7000 Facsimile: (612) 268-7001 pashfield@spencerfane.com About Paragon Moving & Storage Inc. Paragon Moving & Storage Inc. offers residential, commercial, and international moving services, along with designer logistics and storage solutions. Founded in 1989, the company operates a 55,000-square-foot, temperature-controlled warehouse in the Twin Cities area, providing secure storage for military and civilian clients. Paragon partners with Wheaton World Wide Moving for interstate and global relocations. Paragon sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41513) on May 12, 2025. In its petition, the Debtor reported total assets of $267,899 and total liabilities of $1,022,870. The Debtor is represented by Jeffrey Butwinick, Esq., at Butwinick Law Office. PERATON CORP: Blue Owl Marks $60.3MM 2L Loan at 26% Off ------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $60,393,000 loan extended to Peraton Corp. to market at $44,957,000 or 74% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a Second Loan Senior Secured Loan to Peraton Corp. The loan accrues interest at a rate of 7.75% per annum. The loan matures on February 2029. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Peraton Corp. Peraton Corp., headquartered in Reston, Virginia, is a provider of communications networks and systems, enterprise IT and mission support for federal agencies. The company is owned by Veritas Capital. PHYSICIAN PARTNERS: Blue Owl Marks $6.4 Million 1L Loan at 40% Off ------------------------------------------------------------------ Blue Owl Capital Corporation (OBDC) has marked its $6,411,000 loan extended to Physician Partners, LLC to market at $3,847,000 or 60% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Loan to Physician Partners, LLC. The loan accrues interest at a rate of 4% per annum. The loan matures on December 2029. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Physician Partners, LLC Physician Partners LLC (dba Better Health Group) is a value-based primary care physician group and managed service organization network that services over 250,000 members, with over 1,000 providers and 111 owned centers. Private equity firm, Kinderhook Industries, is an investor in Better Health Midco, LLC with LTM revenue as of June 30, 2023 of approximately $1.1 billion. PLENTY UNLIMITED: Exits Ch. 11 Bankruptcy, Completes Restructuring ------------------------------------------------------------------ Plenty Unlimited Inc., a pioneering agricultural technology company specializing in indoor vertical farming, today announced its successful emergence from Chapter 11 after the United States Bankruptcy Court for the Southern District of Texas approved its reorganization plan. "This marks the start of a new, focused phase for Plenty," said Dan Malech, Interim CEO. "Our technology has the potential to make fresh food accessible to all. To accelerate our impact, we are concentrating on strawberries. We are expanding the growing capacity at our Richmond farm and exploring opportunities to bring Plenty's vertical strawberry farming technology to new locations through farm sales -- a capability unique to our proprietary technology." Following a successful first planting cycle that produced some of the sweetest strawberries available, Plenty is gearing up for its second strawberry planting at the Richmond farm and plans to resume construction that will significantly increase the farm’s growing area. Throughout the Chapter 11 process, Plenty negotiated resolutions with its creditors, enabling many to return to Chester, Virginia, to complete the expansion of the strawberry farm’s growing facilities. "We appreciate the strong support from our stakeholders and partners, whose confidence allowed us to complete this process swiftly," Malech added. Interim and exit financing for the restructuring was provided by One Madison and SoftBank Vision Fund 2, with additional exit funding from other investors. "My belief in Plenty's groundbreaking vertical farming platform and its potential to transform crops like berries has grown stronger over the years," said Omar Asali, cofounder of One Madison Group. "As a more focused and efficient company emerging from this process, Plenty is well-positioned to expand premium strawberry production with leading industry partners. The company is set to fill a market gap by supplying locally grown strawberries year-round, delighting consumers with high-quality produce." Sidley Austin LLP and Wilson Sonsini Goodrich & Rosati served as Plenty's legal counsel during the Chapter 11 proceedings. Jefferies LLC and Uzzi & Lall LLC acted as financial advisors. Davis Polk & Wardwell LLP and Sullivan & Cromwell LLP represented One Madison Group and SoftBank Vision Fund 2, respectively. About Plenty Unlimited Texas Plenty Unlimited Texas, LLC and its affiliates are an innovative Agricultural Technology (AgTech) companies with a platform focused on indoor vertical farming. Plenty Unlimited Texas and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90105) on March 23, 2025. At the time of the filing, the Debtors estimated $100 million to $500 million in both assets and liabilities. The petitions were signed by Daniel Malech as interim chief executive officer. Judge Christopher M Lopez handles the cases. Duston K. McFaul, Esq. at Sidley Austin, LLP represents the Debtors as legal counsel. The Debtors tapped Jefferies, LLC as investment banker; Uzzi & Lall as financial and restructuring advisor; and Stretto, Inc. as claims agent. On April 8, 2025, the United States Trustee for the Southern District of Texas for Region 7 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped McDermott Will & Emery LLP as counsel, Sands Anderson PC as special counsel, and Province LLC as financial advisor. PS OPERATING: Blue Owl Marks $15.6-MM 1L Loan at 86% Off -------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $15,697,000 loan extended to PS Operating Company LLC (fka QC Supply, LLC) to market at $2,276,000 or 14% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Loan to PS Operating Company LLC (fka QC Supply, LLC). The loan accrues interest at a rate of 6% payment in kind per annum. The loan matures on December 2026. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About PS Operating Company LLC (fka QC Supply, LLC) PS Operating Company LLC and PS Op Holdings LLC are both specialty distributor and solutions provider to the swine and poultry markets in the U.S. PS OPERATING: Blue Owl Marks $5.5-Mil. 1L Loan at 88% Off --------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $5,533,000 loan extended to PS Operating Company LLC (fka QC Supply, LLC) to market at $664,000 or 12% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Revolving Loan to PS Operating Company LLC (fka QC Supply, LLC). The loan accrues interest at a rate of 6% per annum. The loan matures on December 2026. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About PS Operating Company LLC (fka QC Supply, LLC) PS Operating Company LLC and PS Op Holdings LLC are both specialty distributor and solutions provider to the swine and poultry markets in the U.S. RADIX HAWK: Seeks to Hire Tranzon Drigger as Auctioneer/Broker -------------------------------------------------------------- Radix Hawk Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Tranzon Drigger as auctioneer/broker. The Debtor owns and operates a hotel known as Orlando International Drive North Hotel, located at 5859 American Way, Orlando, Florida, near the entrance of Universal Studios Florida. The Debtor purchased the property in May 2022. The brokers will market the business and its accompanying assets to potential buyers for sale. Tranzon Driggers has agreed to be compensated as follows: a. Tranzon Driggers shall be paid a commission of 2 percent of the successful bid, which shall be added to the purchase priced as a buyer's premium. b. The 2 percent commission shall be paid 50 percent to Tranzon Driggers and 50 percent to buyer's agent, if any. If there is no buyer's agent, that 50 percent shall be retained by the bankruptcy estate. c. In the event the stalking horse bidder is the successful bidder, the buyer's premium shall be reduced to 1 percent of the purchase price. Tranzon Driggers does not hold or represent any interest adverse to Debtor or its estate on any matters for which it is to be engaged, and is "disinterested," as such term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The broker can be reached through: Jon Barber Tranzon Driggers 101 E. Silver Springs Blvd. Ocala, FL 34470. Tel: (877) 374-4437 About Radix Hawk Holdings LLC Radix Hawk Holdings LLC is a real estate holding company primarily owning hotel and motel complexes located at 5859 American Way, Orlando, FL 32819. Radix Hawk Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01631) on March 24, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Craig I. Kelley, Esq. of KELLEY KAPLAN & ELLER, PLLC. RED LOBSTER: Court Tosses False Advertising Suit After Ch.11 Ruling ------------------------------------------------------------------- Shweta Watwe of Bloomberg Law reports that a federal judge has dismissed a consumer lawsuit against Red Lobster Management LLC, which alleged the company falsely advertised its seafood as "sustainable." The dismissal followed a 2024 bankruptcy order that released the restaurant chain from such claims. U.S. District Judge John A. Kronstadt of the Central District of California tossed the proposed class action with prejudice on Tuesday, May 27, 2025. The consumer claimed Red Lobster misled patrons by promoting its seafood as sustainable, despite sourcing from suppliers known for environmentally damaging practices. About Red Lobster Seafood Co. Red Lobster Management, LLC, owns and operates 705 Red Lobster seafood restaurants throughout North America. Red Lobster generates about $2.4 billion of annual revenue. Red Lobster is owned by private equity firm Golden Gate Capital. On the Web: http://www.redlobster.com/ Red Lobster Management and its affiliates sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case No. 24-02486) on May 19, 2024. As part of these filings, Red Lobster has entered into a stalking horse purchase agreement pursuant to which Red Lobster will sell its business to an entity formed and controlled by its existing term lenders. King & Spalding LLP is lead counsel to the Debtors; Berger Singerman LLP serves as local counsel; and Blake, Cassel & Graydon, LLC, represents the Canadian applicants. Alvarez & Marsal North America, LLC is serving as financial advisor and providing corporate leadership as Chief Executive and Chief Restructuring Officers. Jonathan Tibus, a Managing Director at Alvarez & Marsal, serves as the debtors' CEO. Hilco Corporate Finance is serving as M&A advisor to Red Lobster. Keen-Summit is serving as real estate advisor. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. RED RIVER: 3rd Circuit Pauses Talc Study Libel Case Appeal ---------------------------------------------------------- Carla Baranauckas of Law360 reports that on Wednesday, May 28, 2025, the Third Circuit granted a request by Johnson & Johnson's talc liability unit to pause briefing in its appeal aiming to revive a libel lawsuit over a scientific article that linked talcum powder to mesothelioma. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REGIONS PROPERTY: Court Extends Cash Collateral Access to June 18 ----------------------------------------------------------------- Regions Property Management & Construction, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The order penned by Judge Erik Kimball authorized the company's interim use of cash collateral to pay its expenses until June 18. As protection, Flash Funding Services, ERTC Express, LLC and the U.S. Small Business Administration will receive replacement liens on post-petition assets from the company's Boynton Beach location, excluding avoidance action proceeds. As further protection, SBA will continue to receive a monthly payment of $1,640. The monthly payment started on May 1. In case of any diminution in the value of their collateral, the secured creditors will receive a superpriority administrative claim. A final hearing is set for June 18. About Regions Property Management & Construction Regions Property Management & Construction, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14015) on April 12, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Erik P. Kimball oversees the case. The Debtor is represented by Brian K. McMahon, Esq. RELENTLESS HOLDINGS: Seeks to Hire Trustee Realty as Realtor ------------------------------------------------------------ Relentless Holdings Corporation filed an amended application seeking approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Trustee Realty, Inc. as its realtor. The firm will render these services: a. market and provide due diligence and coordinate the sale of the Debtor's real property located at 1011 Rhodes Ave., Delray Beach, FL 33483; b. oversee and manage the terms of the sales and marketing of the real property; and c. perform all other necessary actions related to the management, marketing and solicitation of buyers of the Debtor's real property. The commission rate for the Broker as the seller's broker is 4.5 percent as provided in the Listing Agreement with the commission to be split with the buyer's broker as follows: 2 percent to buyer's broker and 2.5 percent to the Broker. Should there be no buyer's broker, the broker will reduce the total commission to 3 percent. Jason Welt, an agent with Trustee Realty Inc., disclosed in the court filing that his firm does not hold or represent an interest adverse to the Debtor's estate and is a "disinterested person," as that term is defined in Bankruptcy Code Sec. 101(14). The firm can be reached through: Jason A. Welt Trustee Realty, Inc. 2200 N Commerce Pkwy Suite# 200 Weston, FL 33326 Phone: (954) 803-0790 About Relentless Holdings Corporation Relentless Holdings Corporation is a Florida-based single asset real estate company. The company owns and manages real property located at 1011 Rhodes Villa Ave, Delray Beach, Fla., while maintaining its principal place of business in Boca Raton. Relentless Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13399) on March 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mindy A. Mora handles the case. The Debtor is represented by Sherri B. Simpson, Esq. RENE'S TRUCKING: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------- On May 5, 2025, Rene's Trucking Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Rene's Trucking Inc. Rene's Trucking Inc. is a trucking company based in Humble, Texas. Rene's Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32881) on May 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtors are represented by Lloyd A. Lim, Esq. at Kean Miller LLP. ROCK N CONCEPTS: Court Extends Cash Collateral Access to June 13 ---------------------------------------------------------------- Rock N Concepts, LLC and Lava Cantina The Colony, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Texas to use cash collateral to pay their expenses. The fourth interim order extended the companies' authority to use cash collateral from May 13 to June 13. Secured lenders Regions Bank and the U.S. Small Business Administration were granted replacement security interests in, and liens on, all property (except Chapter 5 causes of action) acquired by the companies after their bankruptcy filing. A final hearing is scheduled for June 13. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/1i8sI from PacerMonitor.com. About Rock N Concepts LLC Rock N Concepts, LLC and Lava Cantina The Colony, LLC, a live entertainment venue and restaurant located in The Colony, Texas, filed Chapter 11 petitions (Bankr. E.D. Texas Lead Case No. 25-40416) on February 18, 2025. At the time of the filing, both Debtors reported between $1 million and $10 million in assets and liabilities. Sarah M. Cox, Esq., at Spector & Cox, PLLC is the Debtor's legal counsel. Regions Bank, as secured creditor, is represented by: Jason T. Rodriguez, Esq. Higier Allen & Lautin, PC The Tower at Cityplace 2711 N. Haskell Ave., Suite 2400 Dallas, TX 75204 Telephone: (972) 716-1888 Facsimile: (972) 716-1899 jrodriguez@higierallen.com ROCKAWAY CONTRACTING: Seeks Subchapter V Bankruptcy in New York --------------------------------------------------------------- On May 26, 2025, Rockaway Contracting Corp. 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 $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Rockaway Contracting Corp. Rockaway Contracting Corp. is a New York-based contracting company. Rockaway Contracting Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11167) on May 265, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtors are represented by Lawrence Morrison, Esq. SABAL CONSTRUCTION: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida granted Sabal Construction Inc. interim approval to use cash collateral. The second interim order authorized the company to use cash collateral for necessary expenses as outlined in the approved budget. Any expenditure exceeding budgeted amounts by more than 10% or not listed in the budget requires additional approval. The budget projects monthly total operating expenses of $15,391.67 for June and July. As protection, secured creditors including Century Bank of Florida and the U.S. Small Business Administration were granted post-petition liens on cash collateral with the same priority and validity as their pre-bankruptcy liens. The next hearing is scheduled for June 3. About Sabal Construction Inc. Sabal Construction Incorporated is a veteran-owned and operated construction company based in Tampa, Florida, established in 2013. The company specializes in luxury custom waterfront homes and light commercial projects. Sabal Construction Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01450) on March 31, 2025, with $50,001 to $100,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Galen Brent Hebert as president. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jake C. Blanchard, Esq. Blanchard Law, P.A. Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com SAIPRASAD LLC: To Sell Bexar Property in an Auction --------------------------------------------------- Saiprasad, LLC, d/b/a Lotus Inn (Fireside Inn), seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell substantially all of its assets, free and clear of liens, interests, and encumbrances. The Debtor wants to sell its primary assets, real property improved by a hotel known as the Fireside Inn located at 1259 Austin Highway, San Antonio, Bexar County, Texas 78209 and all associated furniture, fixtures and equipment. The Debtor's primary secured lender, Shivprem, LLC holds a first-lien deed of trust on the real property and has filed a proof of claim asserting loan obligations of $1,263,184.24. The Debtor scheduled the market value of the real property as $1,500,000.00. The Debtor has prepared a comprehensive set of procedures for soliciting bids on the Property. The Bid Procedures will help ensure an open, competitive, and efficient sale process and maximize value for the Debtor's bankruptcy estate. Key dates proposed under the Bid Procedures, subject to change based upon the Court's availability for the Sale Hearing, are as follows: Marketing period commences -- May 30, 20252 July 7, 2025 at 5:00 pm -- Bid Deadline July 10, 2025 -- Qualifying Bids determined and bidders notified July 15, 2025 Auction – Successful and Backup Bidder identified July 21, 2025 -- Deadline to serve Sale Notice 3 Business Days prior to Sale Hearing -- Deadline for all objections to the Sale July 31, 2025 or TBD -- Sale Hearing August 15, 2025 -- Closing Deadline Interested bidders seeking to conduct due diligence on the Property should contact the Debtor's broker via telephone or email as follows: Joseph H. Sloan III Keller Williams City View 15510 Vance Jackson Road, Suite 101 San Antonio, TX 78249 Telephone: (210) 849-2175 Email: legal@kwcityview.com Non-refundable deposit equal to 1% of the offered purchase price. Provided that more than one Qualified Bid is received, the Debtor will conduct an Auction as set forth in the Bid Procedures and Bid Procedures Order. The Debtor and its Broker will continue soliciting bids for the Property and will distribute the Bid Procedures to all prospective bidders upon the Court’s approval. The Debtor believes that pursuing a Sale is in the best interests of the estate and creditors and will maximize value for the Debtor's creditor constituency. The Bid Procedures will enable the Debtor to conduct an open and competitive bidding process to determine the highest and best offer for its Property. About Saiprasad, LLC Saiprasad, LLC is a hospitality company that owns and operates the Lotus Inn (Fireside Inn), a budget-friendly motel located in San Antonio, Texas. Saiprasad LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50705) on March 31, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. SAKS GLOBAL: Hires Greenhill & Co. Before Debt Talks ---------------------------------------------------- Reshmi Basu and Georgia Hall of Bloomberg News reports that a minority group of creditors, holding roughly $600 million of Saks Global Enterprises' $2.2 billion in bonds, has hired Greenhill & Co. as its financial adviser ahead of potential debt discussions with the company, according to sources who spoke on condition of anonymity due to the sensitive nature of the information. This comes after Saks announced on Thursday, May 29, 2025, that it had obtained a $300 million first-in, last-out loan facility for the company and a $50 million secured term loan for certain subsidiaries, the report states. About Saks Global Enterprises Saks Global Enterprises operates as an investment and wealth management company. The Company invests in a set of stocks that are associated with historically high dividend payments to their shareholders. Saks Global Enterprises serves clients worldwide. SBLA INC: Court Extends Cash Collateral Access to June 18 --------------------------------------------------------- SBLA, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The third interim order authorized the company to use its secured creditors' cash collateral until June 18 to pay business expenses in accordance with its budget, with a 10% variance allowed. As protection, secured creditors were granted replacement liens on assets acquired by the company after its Chapter 11 filing, except avoidance actions under Section 542 of the Bankruptcy Code. The creditors that may have an interest in the company's cash collateral are 8Fig, Inc.; Libertas Funding, LLC; Fox Funding Group, LLC; Pinnacle Business Funding LLC; Rocket Capital NY LLC; Spring Funding; Capytal.com; SellersFi; Corporation Service Company, C T Corporation System, and Middesk, Inc. as representatives; and CHTD Company. The next hearing is scheduled for June 18. 8Fig is represented by: Eric B. Zwiebel, Esq. Emanuel & Zwiebel, PLLC 7900 Peters Road Executive Court at Jacaranda Building B, Suite 100 Plantation, FL 33324 Phone: (954) 424-2005 Fax: (954) 533-0138 eric.zwiebel@emzwlaw.com Pinnacle Business Funding is represented by: Anthony F. Giuliano, Esq. Giuliano Law, P.C. 445 Broadhollow Road, Ste. 25 Melville, NY 11747 Phone: (516) 792-9800 afg@glpcny.com About SBLA Inc. SBLA, Inc. focuses on providing non-invasive, at-home anti-aging solutions through its innovative "sculpting wands." The Company's product line includes items like the Neck, Chin & Jawline Sculpting Wand, Facial Instant Sculpting Wand, and Lip Plump & Sculpt to help firm, lift, and rejuvenate various areas of the face and body. Known for its collaboration with Christie Brinkley, SBLA emphasizes effective, science-backed skincare to offer alternatives to invasive procedures. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12606) on March 11, 2025. In the petition signed by Leonard Cogan, CFO, the Debtor disclosed $801,858 in assets and $3,252,917 in liabilities. Judge Mindy A. Mora oversees the case. Bradley S. Shraiberg, Esq., at Shraiberg Page PA, represents the Debtor as legal counsel. SEAGATE DATA: S&P Rates Proposed Unsecured Exchange Notes 'BB' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to hard disk drive (HDD) maker Seagate Technology Holdings plc's new unsecured notes, the same ratings we assigned to its existing unsecured notes. Seagate is offering to exchange its existing unsecured notes--excluding its recent offering of 5.875% notes due 2030 and its exchangeable notes due 2028--issued by Seagate HDD Cayman (Cayman) for notes on substantially identical terms to be issued by Seagate Data Storage Technology Pte. Ltd. (SDST), a private company registered in Singapore and guaranteed by each of Seagate Technology Holdings plc, Seagate Technology Unlimited Company (STUC), and Cayman. After the exchange and the redemption of the 4.875% notes due 2027 with proceeds of the recently offered notes due 2030, all its senior notes will have the same four obligors mentioned above, except any existing senior notes that are not tendered and the exchangeable notes, all of which will keep Seagate Technology Holdings plc, STUC, and Cayman as obligors. S&O doesn't believe any holders of instruments that do not include SDST as an obligor are at a disadvantage because any value must pass through Cayman before getting to SDST. The revolving credit facility has the four obligors mentioned above but also benefits from subsidiary guarantees so S&P treats it as having priority on the value from those subsidiaries. SEVEN RIVERS: Court Grants FFB's Motions for Stay Relief -------------------------------------------------------- The Honorable Bianca M. Rucker of the United States Bankruptcy Court for the Western District of Arkansas granted First Financial Bank's motions for relief from the automatic stay in the bankruptcy case of Seven Rivers Leasing Corporation, Inc. The issue before the Court is whether FFB is entitled to relief from stay under 11 U.S.C. Sec. 362(d) regarding the debtor's interest in two tracts of real property, one referred to as the "Blue Hangar" and the other as the "Yellow Hangar." The Blue Hangar and the Yellow Hangar were collateral for a secured debt owed to FFB pursuant to a note and mortgage dated Oct. 22, 2007. FFB seeks relief from stay to pursue its state court remedies against both the Blue and Yellow Hangar. FFB argues that it is entitled to relief from stay because Seven Rivers lacks any equitable or legal interest in the property. The Court agrees. The Court finds that the debtor lacks a legal or equitable interest in the Blue Hangar, and therefore, it is not property of the bankruptcy estate. Because the Court finds that the Blue Hangar is not property of Seven Rivers' bankruptcy estate, the Court grants the motion for relief from stay for cause under Sec. 362(d) in this case. Regarding the Yellow Hangar, FFB asserts it is entitled to relief from stay because the debtor did not file this bankruptcy case in good faith and the Yellow Hangar is not property of the estate. Regarding FFB's assertion of bad faith, the Court finds that there was not enough evidence to support such a finding. Regarding FFB's argument that the Yellow Hangar is not property of the bankruptcy estate, the Court agrees and finds that the debtor's legal and equitable interests in the Yellow Hangar were terminated before Seven Rivers filed its current bankruptcy case. A copy of the Court's decision dated May 16, 2025, is available at https://urlcurt.com/u?l=hXuLXb from PacerMonitor.com. About Seven Rivers Leasing Corporation Seven Rivers Leasing Corporation, Inc. is primarily engaged in renting and leasing real estate properties. Seven Rivers filed Chapter 11 petition (Bankr. W.D. Ark. Case No. 24-72084) on December 15, 2024, listing between $10 million and $50 million in assets and between $500,001 and $1 million in liabilities. The petition was signed by Brenda Sloan as secretary and treasurer. Judge Bianca M. Rucker presides over the case. The Debtor is represented by: Stanley V. Bond, Esq. Bond Law Office Tel: 479-444-0255 Email: attybond@me.com SHADE STORE: Blue Owl Marks $2.3 Million 1L Loan at 23% Off ----------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $2,369,000 loan extended to The Shade Store, LLC to market at $1,823,000 or 77% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Revolving Loan to The Shade Store, LLC. The loan accrues interest at a rate of 6% per annum. The loan matures on October 2028. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About The Shade Store, LLC Shade Store is a home decoration products provider. The Company offers custom shades, blinds, and drapery, as well as provides design assistance. SHIVANI CORP: Seeks to Hire Cox Law Group as Bankruptcy Counsel --------------------------------------------------------------- Shivani Corp. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire Cox Law Group, PLLC as attorneys. The firm will render these services: (a) advise the Debtor regarding its powers and duties in the continued management and operation of the assets of its respective estates; (b) advise and consult on the conduct of the case; (c) attend meetings and negotiate with representatives of the Debtor's creditors and other parties in interest; (d) take all necessary action to protect and preserve the Debtor's estates; (e) prepare legal papers; (f) advise the Debtor in connection with any potential sale of assets; (g) appear before the court to represent the interests of the Debtor's estate before the court; (h) take any necessary action on behalf of the Debtor to negotiate, prepare on behalf of the Debtor, and obtain approval of Chapter 11 plan and documents related thereto; and (i) perform all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this case. The firm will be paid at these rates: H. David Cox $450 per hour Other Attorneys $300 per hour Paralegals $100 per hour In addition, the firm will seek reimbursement for expenses incurred. H. David Cox, Esq., a member at Cox Law Group, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: H. David Cox, Esq. Cox Law Group, PLLC 900 Lakeside Drive Lynchburg, VA 24501 Tel: (434) 845-2600 Fax: (434) 845-0727 Email: David@coxlawgroup.com About Shivani Corp. Shivani Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Vir. Case No. 25-60511) on April 29, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Paul M. Black oversees the case. The Debtor is represented by H. David Cox, Esq. at Cox Law Group, PLLC. SKIN HEALTH: Seeks Subchapter V Bankruptcy in Michigan ------------------------------------------------------ On May 27, 2025, Skin Health Partners LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Michigan. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Skin Health Partners LLC Skin Health Partners LLC operating in the skincare or dermatology services industry. Skin Health Partners LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-31145) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Joel D. Applebaum handles the case. The Debtors are represented by Robert N. Bassel, Esq. at Robert Bassel, Attorney at Law. SOLAR EXCLUSIVE: Court OKs Deal to Use JPMorgan's Cash Collateral ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada approved a stipulation between Solar Exclusive, LLC and JPMorgan Chase Bank, N.A., authorizing interim use of cash collateral. The stipulation allows Solar Exclusive to use the lender's cash collateral until July 1 or until the occurrence of certain events resulting in the termination of the company's right to use the collateral. As protection, JPMorgan will be granted a replacement lien with the same priority as its pre-bankruptcy lien and will receive a monthly payment of not less than $8,000. JPMorgan holds a security interest in substantially all of the company's assets based on its $500,000 loan to the company. Solar Exclusive owed the lender $505,183.79 as of the petition date. JPMorgan is represented by: Blakeley E. Griffith, Esq. Snell & Wilmer, L.L.P. 1700 South Pavilion Center Drive, Suite 700 Las Vegas, NV 89135 Telephone: (702) 784-5200 Facsimile: (702) 784-5252 bgriffith@swlaw.com About Solar Exclusive LLC Solar Exclusive, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-10950) on February 21, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge August B. Landis presides over the case. Matthew C. Zirzow, Esq. at Larson and Zirzow, LLC represents the Debtor as legal counsel. SPENCER & ASSOCIATES: Taps Bookkeeping & Beyond as Bookkeeper ------------------------------------------------------------- Spencer & Associates Therapeutic Alliance, PLLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Bookkeeping & Beyond, LLC to provide bookkeeping and tax preparation services. The bookkeeper's services will be billed on an hourly basis. Bookkeeping & Beyond is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Sandra O. Mendrano Bookkeeping & Beyond, LLC 99 Detering St., Ste 106 Houston, TX 77007 Tel: (832) 234-2542 Email: sandra@bkby.org About Spencer & Associates Therapeutic Alliance Spencer & Associates Therapeutic Alliance, PLLC operates an outpatient mental health clinic. Spencer & Associates filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-31668) on March 28, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Regina Spencer, owner of Spencer & Associates, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Robert C Lane, Esq., at the Lane Law Firm, represents the Debtor as bankruptcy counsel. SPENCER & ASSOCIATES: Taps Calloway Stinson & Co. as Accountant --------------------------------------------------------------- Spencer & Associates Therapeutic Alliance, PLLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Calloway, Stinson & Co., PC to provide accounting and tax services. The firm requires a retainer in the amount of $1,500. Calloway, Stinson & Co., PC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Jean Calloway, CPA Calloway, Stinson & Co., PC 8554 Katy Fwy # 110 Houston, TX 77024 Telephone: (713) 468-4133 Facsimile: (713) 468-2580 E-mail: csc@callowaystinson.com About Spencer & Associates Therapeutic Alliance Spencer & Associates Therapeutic Alliance, PLLC operates an outpatient mental health clinic. Spencer & Associates filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-31668) on March 28, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Regina Spencer, owner of Spencer & Associates, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Robert C Lane, Esq., at the Lane Law Firm, represents the Debtor as bankruptcy counsel. SPLENDIDLY BLENDED: Court Extends Cash Collateral Access to June 11 ------------------------------------------------------------------- Splendidly Blended We, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The second interim order authorized the company to continue using cash collateral through June 11 and scheduled a final hearing for June 11. The deadline for filing objections is on June 4. About Splendidly Blended We Splendidly Blended We, LLC owns and operates a bed and breakfast in New Orleans, La. Splendidly Blended We sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10300) on February 18, 2025, listing up to $100,000 in assets and up to $500,000 in liabilities. Mia Weber, managing director of Splendidly Blended We, signed the petition. Judge Meredith S. Grabill oversees the case. Ralph Bickham, Esq., at Bickham Law, represents the Debtor as bankruptcy counsel. STAR WELLINGTON: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Star Wellington, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The final order authorized the company to use cash collateral in accordance with its budget through the effective date of its Chapter 11 plan of reorganization. The court on May 23 confirmed the company's reorganization plan. About Star Wellington Star Wellington, LLC operates a restaurant that offers a fusion of Italian flavors and Franco flair. It is based in Wellington, Fla. Star Wellington filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case. No. 24-18574) on August 23, 2024, listing $314,093 in assets and $2,443,171 in liabilities. Soneet Kapila of Kapila Mukamal serves as Subchapter V trustee. Judge Mindy A. Mora oversees the case. The Debtor is represented by Dana L. Kaplan, Esq., at Kelley Kaplan & Eller, PLLC. STEVEN LAYNE: Seeks Subchapter V Bankruptcy in Arkansas ------------------------------------------------------- On May 27, 2025, Steven Layne Properties LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Arkansas. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Steven Layne Properties LLC Steven Layne Properties LLC is a specialty construction contractor based in Mansfield, Arkansas. Steven Layne Properties LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D Ark. Case No. 25-70880) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtors are represented by Joel G. Hargis, Esq. at Caddell Reynolds. STEWARD HEALTH: Wants to Give Discounts to Top Bankruptcy Creditors ------------------------------------------------------------------- Soma Biswas of The Wall Street Journal reports that Steward Health Care System is seeking court approval to pay certain high-priority creditors—such as vendors and taxing authorities -- no more than 50% of what they're owed for goods and services provided during the company's bankruptcy. In its proposed Chapter 11 reorganization plan, Steward acknowledges it doesn't have sufficient funds to meet its full payment obligations for administrative expenses, which are typically required to be paid in full under bankruptcy law for services rendered after a filing. To address the shortfall, Steward has introduced a "consent program" offering a total of $12.5 million to cover approximately $127 million in administrative claims. Creditors who agree to a discounted repayment could receive up to half of what they're owed, while those who hold out for full repayment may receive a smaller share of what remains. The proposal is facing resistance from creditors and government officials. The U.S. Trustee has urged the court to convert the case to Chapter 7 liquidation, warning that continued proceedings will only drive up legal and advisory fees, which are projected to exceed $100 million. Vendors, including Sodexo -- which says it's owed over $4 million -- and the state of Massachusetts, which claims nearly $20 million in unpaid taxes, have also opposed the plan. On Monday, May 26, 2025, Steward contested Massachusetts' demand, arguing the taxes shouldn't qualify as priority administrative claims. Critics argue that while bankruptcy attorneys and financial advisers are on track to be paid in full, essential vendors who kept Steward's operations running during bankruptcy are being unfairly underpaid. Similar outcomes have been seen in other major Chapter 11 cases, where vendors were left with significant losses while professional fees were fully covered. In a bid to raise additional funds, Steward's senior lenders—including Brigade Capital Management and Owl Creek Asset Management—have agreed to lend the company $125 million to finance litigation efforts. These lenders, still owed about $248 million, stand to benefit from any legal recoveries. Steward anticipates securing hundreds of millions of dollars through lawsuits related to disputed payments from insurers, property damage, and business interruption at a flood-damaged Massachusetts hospital. It has also identified potential claims worth over $1 billion against insiders. Those not shielded from future litigation include Steward’s founder and former CEO Ralph de la Torre and his affiliated companies, which profited from business dealings with the hospital chain. Cerberus Capital Management, Steward’s former private equity owner that collected substantial dividends, is also listed as a potential target. 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. STS RENEWABLES: June 13 Chapter 15 Recognition Hearing Set ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware scheduled a hearing on June 13, 2025, at 11:00 a.m., (prevailing Eastern Time) to consider approval of a verified petition seeking recognition of the Canadian Proceedings as foreign main proceedings under Chapter 15 of the U.S. Bankruptcy Code filed by the foreign representative for STS Renewables Ltd. and its debtor-affiliates. Objections to the approval of the request of the Debtors' foreign representative, if any, is June 6, 2025, at 4:00 p.m. (prevailing Eastern Time). Objections must be filed to: Pachulski Stang Ziehl & Jones LLP Attn: Steven Golden Brooke Wilson 919 North Market Street 17th Floor Wilmington, Delaware 19801 Based in Ontario, Canada, STS Renewables Ltd. -- https://www.stsusgroup.com/services/renewables/ -- provide full-service turnkey geothermal heating and cooling to large-scale buildings. The Company filed for Chapter 15 on May 15, 2025, (U.S. Bankr. D. Delaware Lead Case No. 25-10884). Hon. Karen B Owens presides over the Debtors' bankruptcy cases. STS Renewables Ltd. is the foreign representative. Ontario Superior Court of Justice (Commercial List), Court File No. CV-25-00743275-00CL. Steven W. Golden, Esq., Colin R. Robinson, Esq., and Brooke E. Wilson, Esq., of Pachulski Stang Ziehl & Jones LLP, is the Foreign Representative's Counsel. The Debtors listed both estimated assets and debts at Unknown. SWEET TRUCKING: Seeks to Use Cash Collateral --------------------------------------------- Sweet Trucking Co., LLC filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee, Northern Division, an amended motion seeking authority to use cash collateral. Keystone Financials, App Funding Beta, and EBF Holdings (doing business as Everest Business Funding) assert interests in the cash collateral. The Debtor entered into financing agreements with each of these entities in 2024, granting them security interests in its accounts receivable, which were perfected by UCC-1 filings. While the Debtor does not concede the validity or extent of these interests, it sought court approval to use the receivables in order to maintain operations. To do so, it proposed to make structured weekly payments: $600 per week to Keystone, $610.84 per week to App Funding (for 26 weeks), and $2,276.90 per week to EBF (for six weeks), with each creditor consenting to this arrangement whether their interest is ownership or merely a secured claim. App Funding and EBF have also agreed to a clawback provision, allowing recovery of any payments if required under bankruptcy law. The Debtor argued this relief is essential to preserve operations; pay for fuel, labor, equipment and materials; and maintain revenue necessary for an effective reorganization. The Debtor previously received interim approval to use cash collateral until June 3 to fund business operations based on an approved budget. The interim order issued on May 13 directed the Debtor to deposit weekly into counsel's trust account the following amounts: (i) Keystone, $600; (ii) App Funding, $1,498.75; and (iii) EBF, $2,276.90, to be distributed as approved by further order or under a confirmed Chapter 11 plan. About Sweet Trucking Co. Sweet Trucking Co., LLC is a family-owned transportation company based in Knoxville, Tennessee, specializing in hauling heavy equipment locally and across state lines. The Company operates a fleet of trucks, tractors, and trailers and employs a team of drivers to manage logistics and transport. It provides various trailer types, including flatbeds, lowbeds, and gooseneck trailers, serving construction and industrial clients. Sweet Trucking Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bank. E.D. Tenn. Case No. 25-30765) on April 21, 2025, listing $1,293,647 in assets and $1,471,498 in liabilities. Gary Wayne Sweet, Jr., managing member of Sweet Trucking Co., signed the petition. Judge Suzanne H. Bauknight oversees the case. Keith Edmiston, Esq., at Clark & Washington, PC represents the Debtor as legal counsel. SYNTHEGO CORP: Seeks to Hire Fenwick & West LLP as Special Counsel ------------------------------------------------------------------ Synthego Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Fenwick & West LLP as special corporate counsel. The professional services that Fenwick has rendered and may continue to render shall include: (i) corporate governance advice; (ii) securities law advice, including review of filings with the SEC; (iii) potential corporate financings, including DIP loan arrangements; (iv) ongoing FINRA investigations; (v) ongoing derivative litigation; (vi) general employment advice; and (vii) intellectual property matters, as needed. The firm will be paid at these rates: Partners $1,145 to $2,220 per hour Counsel/Senior Counsel $1,275 to $1,345 per hour Associates/Staff Attorneys $660 to $1,270 per hour Paralegals $225 to $685 per hour Practice Support Professionals $205 to $820 per hour The firm has received $809,054.03 from the Debtors for professional fees and expenses incurred prior to the Petition Date, of which $138,798.78 were advanced as retainers. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: The firm's billing rates have remained substantially consistent with the billing rates in the Application, subject to standard annual adjustments at the beginning of 2024. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The Debtors and the firm have discussed an anticipated budget for these Chapter 11 Cases. Ethan A. Skerry, Esq., a partner at Fenwick & West LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ethan A. Skerry, Esq. FENWICK & WEST LLP 555 California Street San Francisco, CA 94104 Tel: (415) 875-2363 About Synthego Corp. Synthego Corp. supplier of gene-editing tools to drug developers and researchers. Synthego Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10823) on May 5, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by James E O'Neill, Esq. at Pachulski Stang Ziehl & Jones LLP. Perceptive Credit Holdings III, LP, as DIP Lender, is represented by: Christopher M. Samis, Esq. Brett M. Haywood, Esq. Shannon A. Forshay, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 Email: csamis@potteranderson.com bhaywood@potteranderson.com sforshay@potteranderson.com -- and -- James A. Newton, Esq. Miranda K. Russell, Esq. Ilayna Guevrekian, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019-9601 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 Email: jnewton@mofo.com mrussell@mofo.com iguevrekian@mofo.com SYNTHEGO CORP: Seeks to Hire Raymond James as Investment Banker --------------------------------------------------------------- Synthego Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Raymond James & Associates, Inc. as investment banker. The firm will render these services: (i) review and analyze the Debtor's business, operations, properties, financial condition and Interested Parties, (ii) evaluate the Debtor's debt capacity, including by advising the Debtor generally as to available financing and assist in the determination of an appropriate capital structure, (except in connection with any debtor-in- possession financing provided by Perceptive) (iii) evaluate potential Transaction alternatives and strategies, (iv) prepare documentation within its area of expertise that is required in connection with a Transaction, (v) identify Interested Parties regarding one or more particular Transactions, (vi) contact Interested Parties on behalf of the Debtor and with prior written consent by the Debtor, which Raymond James, after consultation with the Debtor's management, believes meet certain industry, financial, and strategic criteria and assist the Debtor in negotiating and structuring a Transaction, and (vii) advise the Debtor as to potential Business Combination Transactions. Additionally, Raymond James will, as reasonably requested, (viii) advise the Debtor on tactics and strategies for negotiating with holders of the Debtor's debt or other claims of the Debtor ("Stakeholders"), (ix) advise the Debtor on the timing, nature and terms of any new securities, other considerations or other inducements to be offered to its Stakeholders in connection with any Restructuring Transaction, and (x) participate in the Debtor's board of directors meetings as determined by the Debtor to be appropriate, and, upon request, provide periodic status reports and advice to the board with respect to matters falling within the scope of Raymond James's retention (collectively, items (i) through (x), the "Services"). The firm will be paid at these rates: (a) Monthly Advisory Fee and Database Expense Amount: On the date of this Agreement and on the first business day of every month thereafter commencing on May 1, 2025, the Debtor will pay Raymond James a non-refundable cash retainer (each a "Monthly Advisory Fee"), at these fees: the first three (3) Monthly Advisory Fees shall be $100,000 each; and each Monthly Advisory Fee thereafter shall be $75,000 each. Additionally, the Debtor will pay Raymond James a flat expense charge of $1,000 for Raymond James's access to electronic financial databases pertinent to this engagement, upon the Debtor's signing of this Agreement. The first four Monthly Advisory Fees received by Raymond James shall be credited in full against any future Transaction Fees, including any Alternative Transaction Fee. (b) Financing Fees: (i) If, during the Term or the Tail Period, any Financing Transaction is agreed upon and subsequently Closes (each and any, a "Financing Closing"), regardless of when such Financing Closing occurs, whether on a stand-alone basis or to consummate any other Transaction, the Debtor will pay Raymond James, immediately at the Financing Closing (time being 'of the essence') and directly out of the proceeds thereof, as a cost of such Financing Transaction, a non-refundable cash transaction fee (the "Financing Fee"), at these rates: (A) two percent (2.0%) of the Proceeds of all first lien senior secured notes and bank debt raised; (B) three percent (3.0%) of the Proceeds of any second lien or junior debt capital raised, and (C) six percent (6.0%) of equity or equity-linked securities raised; provided, however, that, to the extent the Financing Transaction includes an uncommitted accordion or similar credit feature, the Financing Fee for such accordion or similar feature will be payable upon the commitment of such credit facility or its funding irrespective of the date of such commitment or funding. (c) Restructuring Fee: If, during the Term or the Tail Period, any Restructuring Transaction is agreed upon and subsequently Closes, or any amendment to or other changes in the instruments or terms pursuant to which any Existing Obligations were issued or entered into becomes effective (as applicable, a "Restructuring Closing"), regardless of when such Restructuring Closing occurs, the Debtor will pay Raymond James a non-refundable cash transaction fee of $1,500,000 (the "Restructuring Fee"), as a cost of such Restructuring Transaction; provided that the Restructuring Fee shall be reduced to $750,000 following the Closing of any Business Combination Transaction. For the avoidance of doubt, the Debtor will pay the Restructuring Fee to Raymond James upon the earlier of (i) the Closing of any Restructuring Transaction or (ii) the date on which any amendment to or other changes in the instruments or terms pursuant to which any Existing Obligations were issued or entered into became effective (in each case, time being 'of the essence'). (d) BCT Fee: If, during the Term or the Tail Period, any Business Combination Transaction is agreed upon and subsequently Closes (the "BCT Closing"), regardless of when such BCT Closing occurs, the Debtor will pay Raymond James immediately and directly out of the proceeds at the BCT Closing, as a cost of such Business Combination Transaction, a non-refundable cash transaction fee (the "BCT Fee"), based upon the Business Combination Transaction Value in such BCT equal to the greater of (i) $1,500,000 and (ii) 3.0% of the BCTV, provided that the fee shall be $1,500,000 if Perceptive is the successful bidder in connection with a sale under Section 363 of the Bankruptcy Code and thereafter acquires the assets of the Debtor. (e) Alternative Transaction Fee: Notwithstanding the foregoing, if in lieu of a Business Combination Transaction, during the Term or the Tail Period, any Alternative Transaction Closes (an "Alternative Transaction Closing") or is agreed upon and subsequently Closes (regardless of when such Alternative Transaction Closing occurs), Raymond James will be paid a customary advisory fee for transactions of similar size and nature (but in no event less than $1,500,000), as mutually agreed upon by the Parties (the "Alternative Transaction Fee") and any reference to a "Business Combination Transaction" (or "BCT") in this Agreement (other than under Section 2(d)) above) will be deemed to refer to such Alternative Transaction. Should one or more Alternative Transactions be agreed upon or Close within the Term or the Tail Period that, together with the previously agreed-upon or Closed Alternative Transaction, constitutes in the aggregate a Business Combination Transaction, an additional fee will be payable to the extent that the BCT Fee is greater than the previously paid Alternative Transaction Fee, provided, however, that in no event will the total Alternative Transaction Fees be greater than the Business Transaction Fee. (f) Transaction Qualifying Under Multiple Definitions / Transaction Fees on Multiple Transactions: (i) If a single Transaction hereunder qualifies as more than one type of Transaction, then (A) only one Transaction Fee shall be payable in connection therewith, and (B) such Transaction Fee shall be the largest of whatever amount is calculated under each of such Transactions. (ii) Subject to the preceding clause (i) while limited by the proviso below, if there are multiple, discrete, separate Transactions hereunder (whether Closed simultaneously or at different times), a separate Transaction Fee shall be payable in connection with each separate Transaction regardless of whether it meets the same definition of any other Transaction being Closed; provided that the Parties acknowledge that there can be only one BCT and only one BCT Fee. (iii) For the avoidance of doubt, Raymond James shall not be entitled to a Transaction Fee for a Transaction consummated or entered into during the Tail Period if Raymond James previously has been paid a BCT Fee or a Restructuring Fee. As disclosed in a court filing, Raymond James & Associates is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Geoffrey Richards Raymond James & Associates, Inc. 880 Carillon Parkway St. Petersburg, FL 33716 Tel: (727) 567-1000 About Synthego Corp. Synthego Corp. supplier of gene-editing tools to drug developers and researchers. Synthego Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10823) on May 5, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by James E O'Neill, Esq. at Pachulski Stang Ziehl & Jones LLP. Perceptive Credit Holdings III, LP, as DIP Lender, is represented by: Christopher M. Samis, Esq. Brett M. Haywood, Esq. Shannon A. Forshay, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 Email: csamis@potteranderson.com bhaywood@potteranderson.com sforshay@potteranderson.com -- and -- James A. Newton, Esq. Miranda K. Russell, Esq. Ilayna Guevrekian, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019-9601 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 Email: jnewton@mofo.com mrussell@mofo.com iguevrekian@mofo.com SYNTHEGO CORP: Taps Allen Soong of Paladin Management as CRO ------------------------------------------------------------ Synthego Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Paladin Management Group, LLC and designate Allen Soong as the chief restructuring officer. The firm will render these services: a. assist in preparing and updating liquidity projections, payment prioritization, and vendor rationalization; b. prepare Schedules of Assets and Liabilities, Statements of Financial Affairs, Monthly Operating Reports, and other filings that may be appropriate or required in connection with the Chapter 11 Case; c. if required, assist in preparing a Key Employee Incentive Plan or a Key Employee Retention Plan; d. assist in the administration of the Chapter 11 Case and assist with any negotiations and other interactions with the Debtor's stakeholders and their respective advisors in connection with the Chapter 11 Case; e. serve as a witness or otherwise as a representative for the Debtor in connection with the Chapter 11 Case; f. assist with the preparation of financial forecasts and reports that may be required by the Debtor's board of directors, lenders, and stakeholders; g. assist with strategic communications and negotiations with the Debtor's lenders, significant vendors, and other stakeholders; and h. provide such further advice and support that are conducive to the above or as the parties otherwise agree. The current standard hourly rates of Paladin's professionals range from $450 to $975. The CRO's rate will be $850 per hour. Allen Soong, managing partner of Paladin Management Group, 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 through: Allen Soong Paladin Management Group 633 W. 5th Street, 26th Floor Los Angeles, CA 90071 Tel: (310) 720-1326 Email: asoong@paladinmgmt.com About Synthego Corp. Synthego Corp. supplier of gene-editing tools to drug developers and researchers. Synthego Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10823) on May 5, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by James E O'Neill, Esq. at Pachulski Stang Ziehl & Jones LLP. Perceptive Credit Holdings III, LP, as DIP Lender, is represented by: Christopher M. Samis, Esq. Brett M. Haywood, Esq. Shannon A. Forshay, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 Email: csamis@potteranderson.com bhaywood@potteranderson.com sforshay@potteranderson.com -- and -- James A. Newton, Esq. Miranda K. Russell, Esq. Ilayna Guevrekian, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019-9601 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 Email: jnewton@mofo.com mrussell@mofo.com iguevrekian@mofo.com SYNTHEGO CORP: Taps Epiq Corporate as Administrative Advisor ------------------------------------------------------------ Synthego Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Epiq Corporate Restructuring, LLC as administrative advisor. The firm will render these services: (a) assist with solicitation, balloting and tabulation of votes, and prepare any related reports; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with preparing and gathering information for the Debtors' schedules of assets and liabilities and statements of financial affairs; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting and other administrative services described in the Engagement Agreement. The hourly rates of the firm's professionals are: IT/Programming $45 - $70 Case Managers $85 - $170 Project Managers/Consultants/Directors $170 - $185 Solicitation Consultant $190 Executive Vice President, Solicitation $190 In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. Epiq shall receive a retainer in the amount of $20,000. Kathryn Tran, a consulting director at Epiq Corporate Restructuring, disclosed in a court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kathryn Tran Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Tel: (714) 394-6998 Email: ktran@epiqglobal.com About Synthego Corp. Synthego Corp. supplier of gene-editing tools to drug developers and researchers. Synthego Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10823) on May 5, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by James E O'Neill, Esq. at Pachulski Stang Ziehl & Jones LLP. Perceptive Credit Holdings III, LP, as DIP Lender, is represented by: Christopher M. Samis, Esq. Brett M. Haywood, Esq. Shannon A. Forshay, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 Email: csamis@potteranderson.com bhaywood@potteranderson.com sforshay@potteranderson.com -- and -- James A. Newton, Esq. Miranda K. Russell, Esq. Ilayna Guevrekian, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019-9601 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 Email: jnewton@mofo.com mrussell@mofo.com iguevrekian@mofo.com SYNTHEGO CORP: Taps Pachulski Stang Ziehl & Jones as Counsel ------------------------------------------------------------ Synthego Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Pachulski Stang Ziehl & Jones LLP as counsel. The firm will render these services: (a) assist, advise, and represent the Debtors in their consultations with estate constituents regarding the administration of these Chapter 11 cases; (b) assist, advise, and represent the Debtors in any manner relevant to their financing needs, asset dispositions, and leases and other contractual obligations; (c) assist, advise, and represent the Debtors in any issues associated with their acts, conduct, assets, liabilities, and financial condition; (d) assist, advise, and represent the Debtors in the negotiation, formulation, and drafting of any plan of reorganization and disclosure statement; (e) assist, advise, and represent the Debtors in the performance of their duties and the exercise of their powers under the Bankruptcy Code, the Bankruptcy Rules, and any applicable local rules and guidelines; and (f) provide such other necessary advice and services as the Debtors may require in connection with these Chapter 11 cases. The firm's counsel will be paid at these hourly rates: Partners $1,150 to $2,350 per hour Counsel $1,050 to $1,850 per hour Associates $725 to $1,225 per hour Paralegals $595 to $650 per hour In addition, the firm will seek reimbursement to expenses incurred. The firm received payments from the Debtor during the year prior to the petition date in the amount of $875,000. 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 material financial terms for the prepetition engagement remained the same as the engagement was hourly-based. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The Debtor and the firm have discussed an anticipated budget for this Case. Debra Grassgreen, Esq., a partner with the law firm of Pachulski Stang Ziehl & Jones LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Debra I. Grassgreen, Esq. Maxim B. Litvak, Esq. Malhar S. Pagay, Esq. James E. O'Neill, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8750 Wilmington, DE 19899-8705 Tel: (302) 652-4100 Fax: (302) 652-4400 Email: dgrassgreen@pszjlaw.com mlitvak@pszjlaw.com mpagay@pszjlaw.com joneill@pszjlaw.com About Synthego Corp. Synthego Corp. supplier of gene-editing tools to drug developers and researchers. Synthego Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10823) on May 5, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by James E O'Neill, Esq. at Pachulski Stang Ziehl & Jones LLP. Perceptive Credit Holdings III, LP, as DIP Lender, is represented by: Christopher M. Samis, Esq. Brett M. Haywood, Esq. Shannon A. Forshay, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 Email: csamis@potteranderson.com bhaywood@potteranderson.com sforshay@potteranderson.com -- and -- James A. Newton, Esq. Miranda K. Russell, Esq. Ilayna Guevrekian, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019-9601 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 Email: jnewton@mofo.com mrussell@mofo.com iguevrekian@mofo.com SYSOREX GOVERNMENT: Gov't Contractor Seeks Speedy $2.3MM DIP Loan ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that Sysorex Government Services Inc., a technology contractor, has asked a New York bankruptcy judge to authorize a $2.3 million debtor-in-possession loan from its accounts receivable lender, stating the funding is critical to maintaining its contract with the U.S. Department of Agriculture. About Sysorex Government Services Inc. Sysorex Government Services, Inc. is a government IT solutions provider in Herndon, Va. Sysorex filed Chapter 11 petition (Bankr. S.D. N.Y. Case No. 25-10920) on May 5, 2025, listing up to $10 million in assets and up to $50 million in liabilities. A. Zaman Khan, president of Sysorex, signed the petition. Judge John P. Mastando III oversees the case. Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the Debtor as legal counsel. T14-15 LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: T14-15, LLC 5237 Isleworth County Club Drive Windermere, FL 34786 Case No.: 25-03231 Business Description: T14-15, LLC qualifies as a single asset real estate entity under 11 U.S.C. Section 101(51B), holding a special warranty deed for two vacant commercial parcels -- Parcel ID 20-22-28-0000-00-015 and Parcel B ID 20- 22-28-0000-00-082 -- located on Maine Street in Ocoee, Florida 34761. The properties are situated within a commercial development zone, and the Debtor values its interest in the land at $11.25 million. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Middle District of Florida Judge: Hon. Lori V Vaughan Debtor's Counsel: Jonathan M. Sykes, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 Email: jsykes@nardellalaw.com Total Assets: $11,250,000 Total Liabilities: $7,633,560 The petition was signed by David Townsend as CEO. The Debtor has confirmed in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7K6D45A/T14-15_LLC__flmbke-25-03231__0001.0.pdf?mcid=tGE4TAMA TEAK DECK: Amends JP Morgan Secured Claim Pay Details ----------------------------------------------------- Teak Deck Company submitted a First Amended Subchapter V Plan dated May 7, 2025. Founded in 1996 by Juha Tuomela, the Debtor's business started marine woodworking projects from cabinetry to general woodworking. Class I consists of the claim of JP Morgan Chase Bank NA. JP Morgqan made a loan to the Debtor in the amount of $150,000. This was after a secured lien filing by the Small Business Administration ("SBA") which agreed to subordinate its lien. Ergo, Chase is the first position and sole secured creditor in this case. The outstanding balance on the Chase loan as of the date of filing was $151,651.14. The value of its collateral interests is in dispute; however, the Debtor has agreed to a secured claim of $130,000 to be amortized over 108 months bearing simple interest at the rate of 6% representing payments of $1,560.75 per month to be paid monthly commencing on the first day of the month following the effective date. The remaining balance of the Chase loan, in the sum of $21,651.14 will be treated as an unsecured claim. Past paid or due adequate protection payments during the pendency of the case, but prior to the effective date of the Plan, will not reduce the value of principal amount of the secured claim. All terms of the loan documents between the Debtor and Chase shall remain in full force and effect unless expressly modified under this Class 1 treatment. Like in the prior iteration of the Plan, unsecured claims in Class IV are estimated to be approximately $616,000, but is subject to change as the various claims objections pending in this case are adjudicated. Unsecured creditors shall be paid an unsecured dividend and shall receive a collective dividend of $750 per month but to be distribute quarterly, for a period of 20 calendar quarters, and commencing with first payment on the first day of the first calendar quarter following the effective date of the plan. The dividend shall be pro-rated such that each unsecured creditor shall be paid in proportion that each creditor's allowed claim amount is to the total amount of allowed unsecured claims. Based on the total proposed dividend, and the anticipated collective body of allowed claims, the unsecured creditors will be receiving an estimated dividend of approximately 7.31%. A full-text copy of the First Amended Subchapter V Plan dated May 7, 2025 is available at https://urlcurt.com/u?l=sXZqtS from PacerMonitor.com at no charge. About Teak Deck Co. Teak Deck Co. sells retail deck products and installs teak decking. Teak Deck filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-10818) on Jan. 27, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Carol Fox of GlassRatner serves as Subchapter V trustee. Judge Mindy A. Mora presides over the case. Julianne R. Frank, Esq., is the Debtor's legal counsel. TECHNO TOY: Hires Farsad Law Office as General Bankruptcy Counsel ----------------------------------------------------------------- Techno Toy Tuning LLC seeks to hire the U.S. Bankruptcy Court for the Eastern District of California to hire Farsad Law Office, P.C. as general bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to the powers and duties as Debtor-in-Possession in the continued operation of the business and management of the Debtor's property; b. taking necessary action to avoid any liens against the Debtor's property, if needed; c. assisting, advising and representing the Debtor in consultations with creditors regarding the administration of this case, including the creditors holding liens on the property; d. advising and taking any action to stay foreclosure proceedings against any of Debtor's property, specifically the Property discussed above; e. preparing on behalf of the applicants as Debtor-in-possession necessary applications, answers, orders, reports and other legal papers f. preparing on behalf of the applicants as Debtor-in-possession a disclosure statement, a plan of reorganization, and representing the Debtor at any hearing to approve the disclosure statement and to confirm the plan of reorganization; g. assisting, advising and representing the Debtor in any manner relevant to a review of any contractual obligations, and asset collection and dispositions; h. preparing documents relating to the disposition of assets; i. advising the Debtor on finance and finance-related matters and transactions and matters relating to the sale of the Debtor's assets; j. assisting, advising and representing the Debtor in any issues associated with the acts, conduct, assets, liabilities and financial condition of the Debtor, and any other matters relevant to this case or to the formulation of plan(s) of reorganization; k. assisting, advising and representing the Debtor in the negotiation, formulation, preparation and submission of any plan(s) or reorganization and disclosure statement(s); l. providing other necessary advice and services as the Debtor may require in connection with this case, including advising and assisting the Debtor with respect to resolving disputes with any creditor that may arise. m. preparing status conference statements, and appearing at all court hearings as necessary, including status conference hearings before the court; and n. obtaining the necessary approval from the Court for Approval of Disclosure Statement and soliciting ballots as necessary for plan confirmation. The firm will be paid at these rates: Arasto Farsad $400 per hour Nancy Weng $400 per hour Paralegals $100 per hour The firm will be paid a retainer in the amount of $25,000, plus the Chapter 11 filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Arasto Farsad, Esq., a partner at Farsad Law Office, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Arasto Farsad, Esq. Nancy Weng, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose CA 95126 Tel: (408) 641-9966 Fax: (408) 866-7334 Email: farsadlaw1@gmail.com About Techno Toy Tuning LLC Techno Toy Tuning LLC designs and manufactures performance parts for vintage and classic cars, specializing in modifications for brands such as Toyota, Datsun/Nissan, Mazda, Mitsubishi, Lotus, BMW, Chevrolet, and Ford. Founded by a pair of automotive enthusiasts, the Company initially began with a custom short shift kit for an AE86 Corolla, which led to the creation of the brand. Over time, Techno Toy Tuning's products have evolved through customer feedback, with many parts developed in response to requests from dedicated car enthusiasts working on rare or obscure vehicles. Techno Toy Tuning LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22317) on May 10, 2025. In its petition, the Debtor reports total assets of $398,243 and total liabilities of $2,538,539. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtors are represented by Arasto Farsad, Esq. at FARSAD LAW OFFICE, P.C. TLC MEDICAL: Court Extends Cash Collateral Access to Aug. 12 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida issued its seventh interim order allowing TLC Medical Group, Inc. to continue using cash collateral. The seventh interim order signed by Judge Mindy Mora approved the use of cash collateral to pay the company's expenses for the period from May 15 to Aug. 12 in accordance with its budget. The budget shows $68,822.52 in total expenses. TLC is prohibited from using cash collateral for purposes outside of the approved budget. As protection, secured creditors will be granted replacement liens on TLC's assets in case of any diminution in the value of their collateral. The next hearing is scheduled for Aug. 12. About TLC Medical Group Inc. TLC Medical Group, Inc. provides diagnosis and treatment of heart and circulatory disorders. It is based in Port St. Lucie, Fla. TLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21588) on November 4, 2024, with total assets of $1,905,679 and total liabilities of $2,093,600. Anthony Lewis, president of TLC, signed the petition. Judge Mindy A. Mora handles the case. The Debtor is represented by Susan D. Lasky, Esq. TREESAP FARMS: Gets Court Okay to Get Chapter 11 Liquidation Votes ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that on Wednesday, a Texas bankruptcy judge granted landscape plant grower TreeSap Farms permission to seek creditor approval for its Chapter 11 liquidation plan, following the recent $88 million cash sale of its assets to an entity controlled by its CEO. About Treesap Farms TreeSap Farms LLC is a leading supplier of trees and plants to home improvement retailers. TreeSap Farms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90021) on February 24, 2025. In its petition, the Debtor disclosed estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor tapped McKool Smith, Esq., as counsel and Donlin, Recano & Company, LLC as claims, noticing and solicitation agent. TRIPLE-G-GUNITE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Triple-G-Gunite, Inc. DBA Triple G Gunite Inc DBA Triple G Gunite DBA Triple-G-Gunite DBA TripleGGunite 9307 Elder Creek Road Sacramento, CA 95829 Case No.: 25-22625 Business Description: Triple-G-Gunite, Inc. specializes in gunite application, providing custom concrete solutions for residential, commercial, and industrial projects in Sacramento and surrounding areas. The Company offers services including pool and spa construction, erosion control, and structural foundations, using shotcrete and advanced techniques. It partners with homeowners, contractors, and developers to deliver durable and tailored concrete structures. Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Eastern District of California Judge: Hon. Christopher M Klein Debtor's Counsel: Gabriel E. Liberman, Esq. LAW OFFICES OF GABRIEL LIBERMAN, APC 1545 River Park Drive., Ste 530 Sacramento, CA 95815 Tel: 916-485-1111 Email: attorney@4851111.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Christopher D. Gunn as secretary. 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/U4JPLNY/Triple-G-Gunite_Inc__caebke-25-22625__0001.0.pdf?mcid=tGE4TAMA TRIPLETT FUNERAL: Court OKs Limited Use of Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Missouri, Northern Division issued its second interim order authorizing Triplett Funeral Homes, LLC limited use of cash collateral. The second interim order allowed Edwin Wilson, the receiver appointed in Triplett's Chapter 11 case by the Circuit Court of Clark County, Missouri, to continue making payments on behalf of the company until a Chapter 11 trustee is appointed in the case. The order temporarily modified the automatic stay under Section 362 of the Bankruptcy Code to allow the payments. About Triplett Funeral Homes Triplett Funeral Homes, LLC, a company in Kahoka, Mo., is a locally owned and operated funeral service provider dedicated to offering compassionate services and personalized care to families during their time of need. Triplett Funeral Homes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20049) on March 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kathy A. Surratt-States oversees the case. The Debtor is represented by Fredrich J. Cruse, Esq., at Cruse Chaney-Faughn. TROLLMAN ENTERPRISES: To Sell Fenton Property to Seven Lakes ------------------------------------------------------------ Trollman Enterprises LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to sell Assets, free and clear of claims, interests, and encumbrances. The Debtor's real property is located at 1005 Hartland Road, Fenton, Michigan. A related entity, Seven Lakes Enterprises LLC, owns all of the personal property at the Hardland Road location and operates a gas statin and convenience store at the location. The Debtor and the related entity enter into a purchase agreement for the sale of the Property with the total price of $685,000. Real Property $650,000 Personal Property $335,000 Dort Financila Credit Union is the lienholder on both the real estate owned by the Debtor and the personal property owned by the related entity to secure its loan balance of approximately $400,000. The Debtor believes that the sale of the Asset to the Purchaser will enable the Debtor to obtain the highest and best offer for the Asset and is in the best interests of the Debtor, its estate, and creditors. About Trollman Enterprises LLC Trollman Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-32448) on December 30, 2024. 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 Joel D. Applebaum handles the case. The Debtor is represented by George E. Jacobs, Esq., at Bankruptcy Law Offices. UMA ENTERPRISES: Public Sale Auction Set for May 28 --------------------------------------------------- TTGA SBIC Pioneer Fund I LLP, as administrative agent, collateral agent and lender to UMA Enterprises Holdings Inc. and UMA Enterprises Inc. ("borrower") intends to sell, or cause to be sold at a public sale the assets of the borrower on May 28, 2025, at 10:00 a.m. Eastern at the offices of Vorys, Sater, Seymour and Pease LLP, 200 Public Square 1400, Cleveland, Ohio 44114, or via videoconference or telephonically. The sale is subject to a bid procedures. The prospective bidders must enter into a confidentiality agreement prior to receiving any due diligence materials or the bid procedures or participating and bidding at the sale. Potential bidders must contact Candlewood Partners, attn: Glenn C. Pollack at gcp@candlewoodpartners.com, or Natan D. Milgrom at ndm@candlewoodpartners.com for confidentiality agreement, the bidding procedures and access to due diligence materials. UNITED TALENT: S&P Rates $1.18BB First-Lien Facilities 'B+' ----------------------------------------------------------- S&P Global Ratings assigned its 'B+' rating to United Talent Agency LLC's (UTA) proposed $1.18 billion first-lien term facilities comprising a $927.5 million term loan (due 2032) and a $255 million revolving credit facility (due 2030). UTA plans to use the proceeds to repay its existing term loan ($927.5 outstanding as of March 31, 2025) and revolving credit facility ($25 million outstanding as of March 31, 2025). S&P said, "Our 'B+' issuer credit rating and stable outlook on UTA are unaffected. The transaction extends the maturities on the company's revolving credit facility and term loan by five and seven years, respectively. The transaction also included amendments to increase the maximum consolidated senior secured net leverage ratio covenant to 7.0x (compared with 4.5x previously) and increased the testing threshold to 40% (from 35% previously). We view the refinancing transaction as credit neutral based on the total amount of debt outstanding remaining unchanged." Post-strike recovery in production volumes have been slower than forecasted over the last 12 months, which has largely impacted all talent agencies including UTA. S&P said, "However, the pace of production has been steadily increasing since the second half of 2024, which has contributed to UTA's sequentially stronger operating performance that we expect will continue for the remainder of 2025." In addition, the company's sports and digital talent segments reported strong growth in the first quarter of 2025, with sports benefitting from recent acquisitions (i.e., ROOF in June 2024) as well as higher signing bonus commissions for football player contracts compared with the prior-year period, with continued strong demand for brand deals across new talent signees and as new podcast deals drive growth in its creators talent segment. S&P said, "Given the slower recovery and the partial-year impact of the ROOF acquisition in 2024, we anticipate UTA's S&P Global Ratings-adjusted leverage will remain elevated at about 7.0x as of March 31, 2025. However, we expect leverage will decline to the 5.0x area over the next 12 months, primarily driven by organic revenue and EBITDA growth and the full year benefit of ROOF. The first half of 2025 will also benefit from easier year-over-year comparisons due to a higher volume of productions, while the full year will continue to see positive contributions from growth in creators and sports segments." Issue Ratings - Recovery Analysis Key analytical factors -- S&P's simulated default scenario contemplates a default in 2029 due to a protracted economic downturn that reduces media spending across UTA's client base, leading to reduced commissions and revenue, as well as a loss of multiple talent agents and their clients, who leave UTA to join competing firms. -- S&P expects UTA's lenders would pursue a reorganization in the event of a default given the company's position as the third-largest U.S. talent agency and its recurring revenue generated from past contracts. -- UTA's pro forma capital structure will consist of a $255 million revolving credit facility (due in 2030) and a $927.5 million first-lien term loan (due in 2032). -- The credit facility benefits from the guarantee of the borrower and all its material subsidiaries. It is secured by a first lien on all tangible and intangible assets of UTA and material subsidiaries, including the stock of all subsidiaries. -- Other default assumptions include an 85% draw on the revolving credit facility, LIBOR is 2.5%, and all debt amounts include six months of prepetition interest. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $115 million -- Implied enterprise value multiple: 6.5x Simplified waterfall -- Net enterprise value: $708 million -- Senior secured debt claims: $1.15 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) All debt amounts include six months of prepetition interest. V850JACKSON LLC: Gets Interim Approval to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division granted V850Jackson, LLC interim authorization to use cash collateral. The interim order authorized the company to use Huntington National Bank's cash collateral to pay its operating expenses consistent with its budget. As protection, Huntington will receive post-petition liens on the company's personal property and proceeds, with the same priority and validity as its pre-bankruptcy liens. The bank will also be granted an administrative claim under Section 507 for any decrease in value of its collateral during the pendency of V850Jackson's Chapter 11 case. The next hearing is scheduled for June 4. About V850Jackson LLC V850Jackson, LLC is engaged in real estate investment and development. The company focuses on acquiring, managing, and leasing commercial properties such as office buildings and retail spaces. V850Jackson sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06934) on May 5, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Janet S. Baer handles the case. The Debtor is represented by Ariel Weissberg, Esq., at Weissberg and Associates, Ltd. VACATION OWNERSHIP: Court OKs Deal to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona approved a stipulation authorizing Vacation Ownership Consultants, LLC to use the cash collateral of CAN Capital, Inc. The stipulation allows Vacation Ownership Consultants to use the secured creditor's cash collateral through the confirmation of a Chapter 11 plan in accordance with its budget. As protection, CAN Capital will receive a replacement lien on revenues generated by Vacation Ownership Consultants after the petition date. Under the stipulation, Vacation Ownership Consultants and CAN Capital agreed on the treatment of the secured creditor's claims in the yet to be filed Chapter 11 plan of reorganization. Under the plan, CAN Capital will have an allowed secured claim of $43,103.76, with an annual interest rate of 7%, and a general unsecured claim of $41,071.68. As of the petition date, Vacation Ownership Consultants owed $84,175.44 under the 2021 Business Loan Agreement it entered into with WebBank, through its servicer CAN Capital. About Vacation Ownership Consultants Vacation Ownership Consultants, LLC filed Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 25-02295) on March 19, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Brenda K. Martin oversees the case. The Debtor tapped Allan D. NewDelman, P.C. as legal counsel. WALKER EDISON: Blue Owl Marks $36.8 Million 1L Loan at 83% Off -------------------------------------------------------------- Blue Owl Capital Corporation (OBDC) has marked its $71,678,000 loan extended to Walker Edison Furniture Company LLC to market at $12,192,000 or 17% of the outstanding amount, according to OBDC's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OBDC is a participant in a First Loan Senior Secured Revolving Loan to Walker Edison Furniture Company LLC. The loan accrues interest at a rate of 6.75% per annum. The loan matures on March 2027. OBDC is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. OBDC is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Walker Edison Furniture Company LLC Walker Edison Furniture Company LLC sells furniture online. The Company offers coffee desks, side tables, bunk and metal beds, home decor, seating, and other related products. WAVE ASIAN: Seeks to Hire BransonLaw PLLC as Bankruptcy Counsel --------------------------------------------------------------- Wave Asian Bistro, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire BransonLaw, PLLC as 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 legal papers; (b) assist in the formulation of a plan of reorganization; and (c) provide all other services of a legal nature. The firm's attorneys and paralegals will be paid at their hourly rates between $500 to $200 plus out-of-pocket expenses. BransonLaw received an advance fee of $4,015 for post-petition services from the Debtor. Jeffrey Ainsworth, Esq., an attorney at BransonLaw, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Ainsworth, Esq. JACOB D. FLENTKE, Esq. Flentke Legal Consulting, PLLC, Of Counsel BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Email: jeff@bransonlaw.com jacob@flentkelegal.com About Wave Asian Bistro Wave Asian Bistro, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02112) on April 11, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by Jeffrey Ainsworth, Esq. at Bransonlaw, PLLC. WAVE SUSHI: Seeks to Hire BransonLaw PLLC as Bankruptcy Counsel --------------------------------------------------------------- Wave Sushi Maitland, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire BransonLaw, PLLC as counsel. The professional services the firm is to render include: 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; c. provide all other services of a legal nature. The firm's attorneys and paralegals will be paid at their hourly rates between $500 to $200 plus out-of-pocket expenses. The firm also received an advance fee of $6,758 for post-petition services from the Debtor. Jeffrey Ainsworth, Esq., an attorney at BransonLaw, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Email: jeff@bransonlaw.com About Wave Sushi Maitland Wave Sushi Maitland, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02113) on April 11, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by Jeffrey Ainsworth, Esq. at Bransonlaw, PLLC. WELCOME GROUP: Seeks to Use Cash Collateral Until Sept. 15 ---------------------------------------------------------- Welcome Group 2, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division at Columbus for authority to continue using the cash collateral of RSS WFCM2019-C50 – OH WG2, LLC through Sept. 15. The court previously approved interim and final orders allowing use of cash collateral to fund operations, with adequate protection payments made to the Secured Lender and the U.S. Small Business Administration. The Debtors have complied with all prior orders and payments. The Debtors said continued access to cash collateral is essential for maintaining operations, paying necessary expenses, and preserving jobs. The Debtors proposed a revised budget for the upcoming period, ensuring adequate protection to the Secured Lender through payments and replacement liens. A copy of the motion is available at https://urlcurt.com/u?l=0oRZk6 from PacerMonitor.com. About Welcome Group 2 Welcome Group 2, LLC, Hilliard Hotels, LLC and Dayton Hotels, LLC own hotels and are headquartered at 5955 E. Dublin Granville Road, New Albany, Ohio. Hilliard Hotels owns the Hampton Inn-Sidney, a Hilton property. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 23-53043) on Sept. 1, 2023. Judge Mina Nami Khorrami oversees the cases. At the time of the filing, Welcome Group 2 and Dayton Hotels disclosed up to $10 million in assets and liabilities while Hilliard Hotels disclosed between $10,000,001 and $50 million in assets and liabilities. Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represents the Debtors as legal counsel. Secured lender RSS WFCM2019-C50 - OH WG2, LLC, is represented by Tami Hart Kirby, Esq., and Walter Reynolds, Esq., at Porter Wright Morris & Arthur, LLP. WEST COUNSELING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- West Counseling, PLLC got the green light from the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to use cash collateral. At the hearing held on May 22, the court granted the Debtor's motion to use cash collateral on an interim basis and set a further hearing on the motion for June 24. The Debtor needs access to cash collateral to meet ongoing operating expenses and avoid business shutdown. It intends to use the funds according to a formal budget, allowing for a 10% variance per line item. The Debtor offered adequate protection to secured creditors by providing replacement liens on post-petition assets. These creditors, identified through UCC filings, include the Carolina Small Business Development Fund, the U.S. Small Business Administration, and Corporation Service Company. The Debtor's bank, Truist, is believed not to hold a secured claim. About West Counseling PLLC West Counseling, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-30504) on May 18, 2025. In the petition signed by Andrew West, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Ashley Austin Edwards oversees the case. John C. Woodman, Esq., at Essex Richards PA, represents the Debtor as legal counsel. WEST RIVER: Case Summary & Seven Unsecured Creditors ---------------------------------------------------- Debtor: West River House, LLC 1193 Lone Star Dr New Braunfels, TX 78130-2938 Case No.: 25-51153 Business Description: West River House, LLC qualifies as a single- asset real estate debtor under the definition provided in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: May 28, 2025 Court: United States Bankruptcy Court Western District of Texas Judge: Hon. Michael M Parker Debtor's Counsel: David Cain, Esq. LAW OFFICE OF DAVID T CAIN 8626 Tesoro Drive Suite 811 San Antonio TX 78217 Email: caindt@swbell.net Total Assets: $0 Total Liabilities: $2,271,454 William Feick signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CRW74JQ/West_River_House_LLC__txwbke-25-51153__0001.0.pdf?mcid=tGE4TAMA [] Allen Underwood II Joins Barclay Damon's Bankruptcy Practice --------------------------------------------------------------- Allen Underwood II has joined Barclay Damon as a partner in the firm's Restructuring, Bankruptcy & Creditors' Rights, Commercial Litigation & Complex Trials, and Corporate Practice Areas, based in the New York City office. With over two decades of experience, Mr. Underwood brings extensive skills in representing corporate creditors, debtors, trustees, and committees in complex federal bankruptcy proceedings and state law debtor-creditor matters. His practice also encompasses strategic corporate representation, commercial litigation, and transactional matters, with a client base ranging from manufacturers and financial institutions to municipalities and service providers. "Allen's reputation for creative problem-solving, his commanding knowledge of bankruptcy law, and his business-minded approach to litigation and restructuring make him a tremendous asset to our clients and to our team," said Jeff Dove, co-leader of Barclay Damon's Business Services Practice Group. "I'm excited to join Barclay Damon because of the firm's strong platform, collaborative culture, and commitment to delivering practical solutions to clients," Mr. Underwood said. "My practice aligns seamlessly with the firm's multidisciplinary approach to restructuring and litigation, and I look forward to helping clients navigate complex financial and commercial challenges across industries." Throughout his career, Mr. Underwood has been counsel in numerous high-stakes health care, insurance, and manufacturing-related bankruptcies and commercial disputes. He has advised clients in a wide range of industries on matters involving preference and fraudulent transfers, fiduciary litigation, reclamation claims, and complex contractual negotiations, including international equipment supply agreements and transactions involving government entities. Barclay Damon attorneys team across offices and practices to provide customized, targeted solutions grounded in industry knowledge and a deep understanding of our clients' businesses. With approximately 300 attorneys, Barclay Damon -- https://www.barclaydamon.com -- is a regional law firm that operates from a strategic platform of offices in Albany, Boston, Buffalo, New Haven, New York City, Rochester, Syracuse, Washington DC, and Toronto. The firm serves clients across the country and, for some practices, provides US legal services around the globe. [^] BOOK REVIEW: The Heroic Enterprise -------------------------------------- The Heroic Enterprise: Business and the Common Good Author: John Hood Publisher: Beard Books (reprint of book published by The Free Press/Division of Simon and Schuster in 1996). Paperback: 266 pages List Price: $34.95 Order your copy at https://bit.ly/3awLUV3 Hood writes as a counterbalance to ideas that business should be expected to contribute to the common good along the lines of charities, say, or public health. He writes too against the highly partisan, pernicious perspective that business activity is antisocial and disruptive which at times gains some degree of credibility. Critiques of business have been around as long as commerce and business have been around. These come usually from religious or political zealots seeking dictatorial hold over all significant kinds of human activity and enterprise. In this work, Hood aims to counterbalance latter-day versions of such critiques arising in American society. The counterculture, antiestablishment 1960s was a time when such critiques were particularly strong. They have moderated since, yet remain a persistent chorus which influences politics and imagery and public affairs of business. Hood does not aim to stifle or eliminate debate about the effects of business on society or how business should engage in business. What he aims for is dismissing once and for all myopic and almost utopian conceptions about business and related erroneous purposes and values of it. Such conceptions are worrisome to businesspersons not because they believe they have any foundation, but because they waste resources and energy in having to continually correct them so business can function properly. And to the extent such myopic conceptions are believed or entertained by the public, they hamper the public and politicians in working out policies by which the greatest benefits of business can be reaped by society. The author clarifies the place and role of business by contrasting business with other parts of society. A standard, self-evident tenet of sociologists going back to the time of Plato is that society is made up of different parts fulfilling different roles for the varied needs of society and so that a society will function smoothly and survive. Business is distinguished from government and philanthropy. "Businesses exist to make and sell things, whereas by contrast "governments exist to take and protect things [and] charities exist to give things away." The social responsibility for each category of institution is inherent in its purposes and activities. For example, businesses alone cannot solve environmental problems. Whatever problems which can be attached to business are related to government policies and business's operations to satisfy consumer interests. Hence, business alone cannot solve environmental problems, and should not be expected to. Critics requiring that business solve environmental problems without similarly requiring changes in government policies and consumer interests are shortsightedly and unreasonably tarnishing business while not making any relevant or productive arguments for dealing with environmental problems. In elucidating business's proper place in and contributions to society, Hood is not unmindful that some businesses fail to fulfill their role in good faith and beneficially. But instead of criticizing business fundamentally, he proffers questions critics can ask before targeting particular businesses. Two of these are "Are corporations obtaining their profits through force or fraud?" and "Are corporations putting investments at their disposal to the most economically productive use?" Hood's perspective in support of business against unfair and irrelevant criticisms is based on the acknowledgment that business is operating productively, for the common good, and is open to cooperative activities with other parts of society in trying to resolve common problems. "The Heroic Enterprise" is not an argument for business -- for as a fundamental aspect of any society, business does not need an argument to justify it. The book mostly takes the approach of reviewing why business is necessary and therefore must be naturally, easily accepted -- namely, because of the manifold benefits business provides for society and because it along with good government and respectable morals has been a primary engine for the betterment of human life. John Hood has much experience in the media and communication as a syndicated columnist, TV commentator, and radio host. Author of seven nonfiction books on subjects as business, advertising, public policy, and political history, and many articles for national publications such as the Wall Street Journal, Hood is President of the John William Pope Foundation, a Raleigh, N.C.-based grantmaker that supports public policy organizations, educational institutions, arts and cultural programs, and humanitarian relief in North Carolina and beyond. Hood also serves on the board of the John Locke Foundation, the state policy think tank he helped found in 1989 and led as its president for more than two decades. He teaches at Duke University's Sanford School of Public Policy. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***