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250604.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, June 4, 2025, Vol. 29, No. 154 Headlines 1001 BROAD STREET: Linda Leali Named Subchapter V Trustee 1708 S. RACINE: Case Summary & Three Unsecured Creditors 203 W 107: Seeks $12.5MM Additional Loan From LoanCore 23ANDME HOLDING: Founder Wants Alternative Chapter 11 Sale 942 PENN RR: Raziel Ofer Loses Bid for Recusal in Chapter 11 Case 95 MARKET STREET: Voluntary Chapter 11 Case Summary 9541-1799 QUEBEC: Chapter 15 Case Summary ACCELERATE DIAGNOSTICS: U.S. Trustee Unable to Appoint Committee ACRISURE LLC: S&P Rates New Term Loan and Senior Debt Rating 'B' ACTIVE WORLD: Holly Miller Named Subchapter V Trustee ACTIVE WORLD: Seeks to Hire Kevin K. Kercher as Bankruptcy Counsel ACUTE HVACR: U.S. Trustee Unable to Appoint Committee AKOUSTIS TECHNOLOGIES: $39MM IP Verdict Appeal Tossed After Ch.11 ALLIED UNIVERSAL: S&P Rates New $1.05MM Senior Secured Notes 'B' AMERICAN PERFORMANCE: Hires William S. Gannon as Legal Counsel ARCHDIOCESE OF NEW ORLEANS: Could End Chap. 11 Case by Dec. 2025 ASURION LLC: S&P Rates Proposed $1BB Term Loan 'BB-' ATM AFFILIATES: Scott Seidel Named Subchapter V Trustee AURORA MEDICAL: Files Amendment to Disclosure Statement AUTO HOUSE: Seeks Chapter 11 Bankruptcy in Kansas AVALON SAI: Gets Interim OK to Use Cash Collateral AVALON SUGAR: Files Emergency Bid to Use Cash Collateral AZUL SA: Gets Chapter 11 Process First Day Court Approvals BAFFINLAND IRON: S&P Ups ICR to 'CCC-' on Debt Maturity Extension BAKERY PROCESS: Case Summary & Nine Unsecured Creditors BARROW SHAVER: Ad Hoc Group Revises Rule 2019 Statement BIG LOTS: Gordon Bros. Asks Court to Compel $10MM Payment from Co. BREWER MACHINE: Gets Interim OK to Use Cash Collateral CAMP LOUEMMA: Section 341(a) Meeting of Creditors on July 2 CAREERBUILDER LLC: Moody's Lowers CFR to C, Outlook Stable CARTER'S INC: S&P Alters Outlook to Negative, Affirms 'BB+' ICR COGENT COMMUNICATIONS: S&P Rates New $600MM Sr. Secured Notes 'BB' COMPANION CARE: Leona Mogavero Named Subchapter V Trustee COMPASS MINERALS: S&P Rates New $600MM Senior Unsecured Notes 'B' CONCORDE METRO: Seeks to Hire Christiansen Commercial as Realtor CONNORSVILLE COMMONS: Contribution & Contract Proceeds to Fund Plan COST LESS: Unsecured Creditors to Split $108K over 5 Years CRICKET AUTOMOTIVE: Gets Final OK to Use Cash Collateral CROSSWIND RANCH: Case Summary & Three Unsecured Creditors CUCL CORPORATION: Seeks to Tap Greenspoon Marder as General Counsel CUMULUS MEDIA: S&P Affirms 'CCC+' Rating on Senior Secured Debt D & B PHARMACY: Seeks Cash Collateral Access DANNIKLOR ENTERPRISES: Carol Fox Named Subchapter V Trustee DELTA QUAD: Seeks Chapter 11 Bankruptcy in California DIOCESE OF SYRACUSE: Asks Court Okay to Pause Ch. 11 Plan Hearing DOS LAGOS: Case Summary & Five Unsecured Creditors DOTDASH MEREDITH: S&P Rates New $700MM Secured Term Loan B 'BB-' ECO-PRESERVATION SERVICES: Trustee Hires Strickland as Accountant ELIS HOLDINGS: Seeks Chapter 11 Bankruptcy in Pennsylvania ELITE PRINTING: Seeks to Tap Desai Law Firm as Legal Counsel ELIZABETH SUZANN: Claims to be Paid from Continued Operations ESCO OIL: Tom Howley of Howley Law Named Subchapter V Trustee FIGUERO TELEPHONE: Taps Ramon Trabal Rios & Asociados as Accountant FINS UP: Michael Carmel Named Subchapter V Trustee FINS UP: Seeks to Hire May Potenza Baran & Gillespie as Counsel FIREPAK INC: Court OKs Materials Sale for $10K FIREPAK INC: Court OKs Vehicle Sale to Multiple Buyers FLEXSYS HOLDINGS: S&P Lower ICR to 'D' on Debt Exchange FLIP LLC: Seeks Chapter 11 Bankruptcy in Maryland FOREST GOOD: Case Summary & 13 Unsecured Creditors FRED RAU: Seeks Chapter 11 Bankruptcy in California G FAB: Court OKs Truck Sale for $32K GET SPIFFY: Trinity Capital Marks $9 Million Loan at 15% Off GIRARDI & KEESE: Tom Sentenced to More Than 7 Yrs for Client Fraud GREATER LIGHT: Seeks Continued Cash Collateral Access HANDLOS CUSTOM: Seeks to Hire SC&H Group as Investment Banker HANDLOS CUSTOM: Seeks to Tap Aurora Management Partners as Advisor HANDLOS FAMILY: Seeks to Hire SC&H Group as Investment Banker HANDLOS FAMILY: Seeks to Tap Aurora Management Partners as Advisor HANDLOS FARROWING: Hires Aurora Management as Financial Advisor HANDLOS FARROWING: Hires Aurora Management Partners as Advisor HANDLOS FARROWING: Seeks to Hire Aurora Management as Advisor HANDLOS FARROWING: Seeks to Hire SC&H Group as Investment Banker HANDLOS FARROWING: Seeks to Hire SC&H Group as Investment Banker HANDLOS FARROWING: Seeks to Hire SC&H Group as Investment Banker HANDLOS FEED: Seeks Approval to Tap SC&H Group as Investment Banker HANDLOS FEED: Taps Aurora Management Partners as Financial Advisor HANDLOS FINISHING: Hires Aurora Management Partners as Advisor HANDLOS FINISHING: Seeks to Hire SC&H Group as Investment Banker HANDLOS MANURE: Seeks to Hire SC&H Group as Investment Banker HANDLOS MANURE: Seeks to Tap Aurora Management as Financial Advisor HEADWAY WORKFORCE: Seeks to Sell Assets in Auction HERITAGE GRILL: Case Summary & 15 Unsecured Creditors HERTZ CORP: Moody's Affirms 'B2' CFR, Outlook Negative HERTZ GLOBAL: SC Seeks Govt's Advice on $320MM Bond Case HOMES NOW: Section 341(a) Meeting of Creditors on June 25 HOPEMAN BROTHERS: Future Claimants' Rep Hires Bankruptcy Counsel IDEAL PROPERTY: Gets Final OK to Use Cash Collateral Until Sept. 30 IMMERSIVE ART: Case Summary & 13 Unsecured Creditors INFORMATICA INC: Moody's Puts 'Ba3' CFR on Review for Upgrade IQVIA INC: S&P Rates Proposed $2BB Senior Unsecured Notes 'BB' IRB HOLDING: Moody's Affirms 'B2' CFR & Alters Outlook to Stable JAMES HARDIE: S&P Affirms 'BB+' ICR, Outlook Stable KAST MEDIA: Emerges From Chapter 11 With 85% Creditor Support KLE EQUIPMENT: Seeks Cash Collateral Access, DIP Loan KNOCKAWAY INC: Trinity Capital Marks $23.6 Million Loan at 17% Off KPSI INNOVATION: U.S. Trustee Unable to Appoint Committee LEISURE INVESTMENTS: Cooley & Landis File Rule 2019 Statement LSF COACHING: Claims to be Paid from Business Cash Flow MAJAB DEVELOPMENT: Michael Markham Named Subchapter V Trustee MC AUTOMOTIVES: Seeks to Hire Bickham Law Practice as Legal Counsel MEATHEADZ LLC: Seeks Cash Collateral Access MULBERRY GROUP: Seeks to Hire Hungeling-Grace CPA as Accountant MULTI PIG: Hires Aurora Management Partners as Financial Advisor MULTI PIG: Seeks Approval to Tap SC&H Group as Investment Banker NEW GREATER: Case Summary & 15 Unsecured Creditors NEXT HOLDING: Trinity Capital Marks $2.2MM Loan at 72% Off NEXT HOLDING: Trinity Capital Marks $2.7MM Loan at 72% Off NEXT HOLDING: Trinity Capital Marks $2.8MM Loan at 72% Off NEXT HOLDING: Trinity Capital Marks $3.4MM Loan at 72% Off NEXT HOLDING: Trinity Capital Marks $65.6MM Loan at 72% Off NIGEL LAUGHTON: Trustee Hires Borah Goldstein as Special Counsel NOBLE GOODNESS: Seeks Chapter 11 Bankruptcy in Arizona NORTHWEST GRADING: Seeks Cash Collateral Access OLIN CORP: Moody's Affirms 'Ba1' CFR, Outlook Stable OPEN ARMS: Unsecured Creditors to Split $72K over 3 Years OUTLAW STEAKBURGERS: Hearing to Use Cash Collateral Set for June 5 PARAGON INDUSTRIES: Court OKs DIP Loan From Wachob Trust PBF HOLDING: Moody's Cuts CFR to Ba3, Outlook Remains Negative PEMBINA PIPELINE: S&P Assigns 'BB+' Rating on Sub Notes Series 2 PIZZA VOLTA: Paul Jordan of NP3 Named Subchapter V Trustee PRESCART CORP: Gets Interim OK to Use Cash Collateral Until June 24 PRIVATE LENDER: Gets Court OK to Use Cash Collateral Until June 15 PUBLISHERS CLEARING: Committee Seeks to Hire Rimon as Counsel QT HAU LLC: Seeks Chapter 11 Bankruptcy in Maryland QUADRA FS: Seeks to Hire Kurcias Jaffe & Company as Accountant QUEST SOFTWARE: Secures $350MM Fresh Funding, Overhauls Debt R & L HANDYMAN: Ruediger Mueller of TCMI Named Subchapter V Trustee R2 MARKETING: Court Extends Cash Collateral Access to Aug. 21 REBEL STEEL: Hires Vantage Point Advisory as Insolvency Expert RENASCENCE INC: George Oliver Named Subchapter V Trustee RINCHEM COMPANY: Moody's Cuts CFR to Caa1, Outlook Remains Negative RSTZ TRANSPORT: To Sell Tractor to William Robinson SEDALIA AESTHETICS: To Sell Saline Property to Michael Carey SHAIK'S LLC: Matthew Brash Named Subchapter V Trustee SIERRA ENTERPRISES: Moody's Withdraws 'Caa1' CFR on Debt Repayment SJ HOLDINGS: Nathaniel Wasserstein Named Subchapter V Trustee SPACE PERSPECTIVE: Trinity Capital Marks $2.8MM Loan at 65% Off STEWARD HEALTH: Gets Okay to Take New Loan to Fund Clawback Suit STONEYBROOK FAMILY: Updates Unsecureds & United Secured Claims Pay STUDENT TRANSPORTATION: S&P Assigns 'B+' ICR, Outlook Stable SUNNOVA TEP: Seeks Chapter 11 Bankruptcy as Troubles Increased SURVWEST LLC: Court Defers Ruling on Bid to Use Cash Collateral TECHNO TOY: Walter Dahl Named Subchapter V Trustee TERRA DOLCI: Case Summary & 20 Largest Unsecured Creditors TEXAS REIT: Trustee Seeks to Tap Streusand Landon as Legal Counsel TRINET GROUP: Moody's Affirms Ba1 CFR & Alters Outlook to Negative TRINITAS ADVANTAGED: Seeks to Sell Property Remaining Assets TRINITY AUTOMOTIVE: Seeks to Hire Thomsen Law Group as Counsel TRUDELL DOCTOR: Seeks Subchapter V Bankruptcy in Florida VEREGY INTERMEDIATE: Moody's Withdraws 'B3' CFR on Debt Repayment VISUAL TECHNOLOGY: Unsecureds to Get $104K per Quarter for 3 Years VWS HOLDCO: Case Summary & 20 Largest Unsecured Creditors WALLACE STEGNER: S&P Affirms 'BB+' Revenue Bond Long-Term Rating WASPY'S - TEMPLETON: Hires Aurora Management as Financial Advisor WASPY'S - TEMPLETON: Seeks to Tap SC&H Group as Investment Banker WE LOVE DOGS: Nathan Smith Named Subchapter V Trustee WEBB FAMILY: Kimberly Strong Named Subchapter V Trustee WEST COUNSELING: Seeks to Tap Essex Richards as Bankruptcy Counsel WT REPAIR: Court OKs Equipment Sale to Multiple Buyers WW INTERNATIONAL: Submits Revised Plan to Bankruptcy Court ZILLOW GROUP: Awaits Ruling in Securities Suit Certification Appeal [] Cole Schotz Opens Miami Office, Adds Salazar Law Team [] May 2025 Commercial Bankruptcy Filings Rose 62% [] May Chapter 11 Bankruptcies Jump 62% Over April Total [] O'Melveny Adds Two New Partners to Corporate Finance Practice [] Rich Stieglitz Joins Mayer Brown's Restructuring Practice ********* 1001 BROAD STREET: Linda Leali Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for 1001 Broad Street Johnstown Limited Partnership. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About 1001 Broad Street Johnstown Limited Partnership 1001 Broad Street Johnstown Limited Partnership sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15145) on May 7, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Judge Scott M. Grossman handles the case. The Debtor is represented by Gary M. Murphree, Esq., Esq., at A.M. Law, LLC. 1708 S. RACINE: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: 1708 S. Racine, LLC 6225 S. Narragansett Chicago, IL 60638 Business Description: 1708 S. Racine, LLC is a real estate company that owns a single property asset. It operates as a limited liability company focused on managing this individual real estate holding. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-08445 Judge: Hon. Timothy A Barnes Debtor's Counsel: Ariel Weissberg, Esq. WEISBERG AND ASSOCIATES, LTD. 125 South Wacker Drive Suite 300 Chicago, IL 60606 Tel: 312-663-0004 Fax: 312-663-1514 E-mail: ariel@weissberglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Miguel Aguilar as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EL57Y3I/1708_S_Racine_LLC__ilnbke-25-08445__0001.0.pdf?mcid=tGE4TAMA 203 W 107: Seeks $12.5MM Additional Loan From LoanCore ------------------------------------------------------ 203 W 107 Street, LLC and affiliates filed with the U.S. Bankruptcy Court for the Southern District of New York a motion to obtain additional post-petition secured debt. In their motion, the Debtors asked for authority to borrow up to $12.5 million from LoanCore Capital Credit REIT, LLC for various purposes, including operating expenses, ongoing maintenance, and renovations of vacant apartments. This additional borrowing will be made under the terms of their existing loan agreements with LoanCore and a new letter agreement. The Loans will be secured by a lien on all of the Debtors' property (both pre-bankruptcy and post-petition) and will have superpriority administrative expense claim status, ranking equally with LoanCore's existing adequate protection claims and existing DIP financing. The Debtors said that this additional financing is necessary because their existing DIP financing and cash collateral are insufficient to cover their essential operational and capital needs, particularly due to delays in the anticipated effective date of their liquidation plan and the need to implement settlements with the City of New York and the New York Attorney General. They argued that this additional borrowing will allow them to maintain operations, preserve the value of their properties, and administer their bankruptcy cases. LoanCore has indicated its agreement with the requested relief. A hearing on the matter is set for June 12. About 203 W 107 Street 203 W 107 Street, LLC and 10 other entities affiliated with Emerald Equity Group sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-12960) on December 28, 2020. The Debtors are single asset real estate entities that own residential buildings on 107th Street and 117th Street in Manhattan. There are several hundred tenants currently residing in the properties. 203 W 107 Street disclosed total assets of $7,044,031 and total liabilities of $102,929,476 in its petition signed by Ephraim Diamond, chief restructuring officer. Mr. Diamond and Arbel Capital Advisors LLC have been retained to assist the Debtors and Emerald in complying with their obligations under a restructuring support agreement with LoanCore. The Honorable Lisa G. Beckerman presides over the case. Backenroth Frankel & Krinsky, LLP and Belkin Burden Goldman, LLP, serve as the Debtors' bankruptcy counsel and special counsel. 23ANDME HOLDING: Founder Wants Alternative Chapter 11 Sale ---------------------------------------------------------- Emily Lever of Law250 reports that the founder of 23andMe has urged a Missouri bankruptcy court to revisit the $256 million sale of the company's assets to Regeneron, saying she has a better bid backed by an unnamed corporation. 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. 942 PENN RR: Raziel Ofer Loses Bid for Recusal in Chapter 11 Case ----------------------------------------------------------------- Judge Robert A. Mark of the United States Bankruptcy Court for the Southern District of Florida declined to recuse or disqualify himself from the following cases: 1. In re: 942 PENN RR, LLC, Debtor, Case No. 22-14038-RAM, Chapter 11; 2. In re: DRO 15R LLC, Debtor, Case No. 22-12017-RAM Chapter 11; and 3. DRO 15R LLC, Plaintiff, v. AJAR HOLDINGS, LLC, et al., Defendants, Adv. Proc. No. 22-01130-RAM Raziel Ofer seeks recusal under 28 U.S.C. Sec. 144 or, alternatively, under 28 U.S.C. Sec. 455. The Court finds the Motions for Recusal do not provide grounds for recusal under either statute. Judge Mark says, "As cause for recusal, Mr. Ofer asserts that I am biased or prejudiced against him or otherwise not impartial because 'it's clear that this Court is actively cooperating with the defendants in a criminal conspiracy to steal Ofer's $50 million properties plus $70 million in damages, a total of $120 million.' This allegation is delusional, malicious, and false. And no reasonable person would believe it." He adds, "Mr. Ofer also argues that I should not have accepted the assignment of the Penn Case, the DRO Case, or the DRO Adversary because of my '35-year relationship with Judge Isicoff which spans more than just a working relationship.' I acknowledge that I have known Judge Isicoff for approximately 35 years, that she practiced in my court before being appointed to the bench, and that she and I are colleagues and friends. But these facts do not establish personal bias against Mr. Ofer or suggest that an objective observer would question my impartiality." The Motions for Recusal were triggered by the Court's May 14, 2025 Order on Pending Motions in the Penn Case, the DRO Case, and the DRO Adversary. However, the mere fact that a judge has ruled adversely to the moving party in the past does not mandate a finding of partiality. For these reasons, the Court orders that the Motions for Recusal are denied. A copy of the Court's decision dated May 23, 2025, is available at https://urlcurt.com/u?l=GfUWwI from PacerMonitor.com. About 942 Penn RR 942 Penn RR, LLC, owns a short-term luxury apartment building located at 942 Pennsylvania Ave., Miami Beach, Fla. 942 Penn RR filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14038) in Miami on May 23, 2022, with $1,617,630 in total assets and $27,179,541 in total liabilities. Raziel Ofer, the manager, signed the petition. Judge Robert A. Mark oversees the case. The Law Office of Mark S. Roher, PA is the Debtor's legal counsel. On June 29, 2022, the court appointed Barry E. Mukamal as the Debtor's Chapter 11 trustee. On March 28, 2023, the court confirmed the Debtor's Chapter 11 plan of liquidation and appointed Mr. Mukamal as the plan administrator. Mr. Mukamal is represented by Bast Amron, LLP. 95 MARKET STREET: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: 95 Market Street LLC 95 Market Street Paterson NJ 07501 Business Description: 95 Market Street LLC is a limited liability company based in Paterson, New Jersey, operating as a lessor of real estate, specializing in leasing or renting residential properties. Chapter 11 Petition Date: May 30, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-15710 Judge: Hon. John K Sherwood Debtor's Counsel: Brett Silverman, Esq. SILVERMAN LAW PLLC 4 Terry Terrace Livingston NJ 07039 Tel: 646-779-7210 Email: bsilverman@silvermanpllc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jennifer Pina 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/446GMRY/95_Market_Street_LLC__njbke-25-15710__0001.0.pdf?mcid=tGE4TAMA 9541-1799 QUEBEC: Chapter 15 Case Summary ----------------------------------------- Two affiliates of The Lion Electric Company that filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- 9541-1666 Quebec Inc. 25-08177 9541-1799 Quebec Inc. 25-08179 1155 Rene-Levesque West, 41st Floor Montreal, Quebec H3B 3V2 Canada Business Description: 9541-1799 Quebec Inc. ("ResidualCo") and 9541-1666 Quebec Inc. ("NewCo") are affiliated entities of The Lion Electric Company. On May 15, 2025, the Lion Debtors submitted a motion requesting court approval for a reverse vesting order to enable the sale of their business, selected assets, and equity interests to a successful bidder through the transfer of Subscribed Shares. ResidualCo retains the Excluded Assets, while NewCo assumes responsibility for the Excluded Contracts, Excluded Employees, and Excluded Liabilities. Chapter 15 Petition Date: May 29, 2025 Court: United States Bankruptcy Court Northern District of Illinois Foreign Representative: Deloitte Restructuring Inc. 8 Adelaide St. West, Suite 200 Toronto, ON M5H 0A9 Canada Foreign Proceeding: Proceeding under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36 (as amended) before the Superior Court of Quebec (Commercial Division) Debtor's U.S. Counsel: Jonathan E. Aberman, Esq. TROUTMAN PEPPER LOCKE LLP 111 S Wacker Drive, Suite 4100 Chicago IL 60606 Tel: (312) 443-0700 Email: jon.aberman@troutman.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of 9541-1799 Quebec Inc.'s Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TNQNAMI/9541-1799_Qubec_Inc__ilnbke-25-08179__0001.0.pdf?mcid=tGE4TAMA A motion has been filed with the Court requesting the joint administration of the bankruptcy cases of ResidualCo and NewCo under the lead case of The Lion Electric Company (Bankr. N.D. Ill., Lead Case No. 24-18898). ACCELERATE DIAGNOSTICS: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Accelerate Diagnostics, Inc. About Accelerate Diagnostics Accelerate Diagnostics, Inc. is an in vitro diagnostics company that develops systems for the rapid identification of pathogens and antibiotic susceptibility, with a focus on serious infections such as sepsis. Its products, including the Accelerate Pheno and Arc systems, are used in hospitals and clinical laboratories to improve treatment precision and reduce healthcare costs. The Company has submitted its WAVE system for FDA clearance, with a commercial launch expected in early 2026. Accelerate Diagnostics Inc. and Accelerate Diagnostics Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Case No. 25-10837) on May 8, 2025. In the petition signed by Jack Phillips as president and chief executive officer, the Debtors disclosed total assets of $28,556,000 and total debts of $84,596,000 as of December 31, 2024. The Hon. Karen B. Owens oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Shriver & Jacobson LLP as bankruptcy counsels. Solic Capital Advisors LLC serves as restructuring advisor to the Debtors; Perella Weinberg Partners LP acts as investment banker; and Stretto Inc. serves as claims and noticing agent. ACRISURE LLC: S&P Rates New Term Loan and Senior Debt Rating 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' debt rating to Acrisure LLC's proposed $1.6 billion term loan B-7 due 2032 and $750 million of other secured debt. The recovery rating on the secured debt is '3', indicating S&P's expectation for meaningful (50%-70%, rounded estimate: 50%) recovery of principal in the event of default. Acrisure's credit measures for the 12 months ended March 31, 2025, remain within our rating parameters pro forma for the new debt, with S&P Global Ratings-adjusted debt to EBITDA of about 8x excluding preferred equity treated as debt and about 12.5x excluding the preferred equity. In this relatively leverage-neutral transaction, Acrisure plans to use the proceeds from the offering largely to refinance its existing $1.3 billion term loan B-1, repay its outstanding balance on its revolver of about $110 million, and place $890 million of cash in a segregated account to fund its acquisition pipeline. In particular, the company expects to use the cash in the segregated acquisition account, along with balance sheet cash, to fund its recently announced acquisition of the payroll business from Global Payments Inc. (BBB-/Stable/A-3) for approximately $1.0 billion, which is expected to close later in the year. S&P views the payroll business, which generated roughly $200 million in revenue and around 40% EBITDA margins (according to company calculations) in the last year, as a complementary acquisition that furthers Acrisure's strategy of broadening its offerings beyond insurance to increase its total addressable market and potential to cross-sell. In addition to the proposed debt refinancing, Acrisure closed on a preferred equity transaction in late May. The company issued $2.25 billion in new Series A-2 preferred equity instruments, and used the proceeds to repay approximately $2.0 billion of its existing $3 billion Series A-1 instrument (leaving around $275 million as balance sheet cash). Unlike the existing Series A-1 instrument, the new instruments and its Series B instruments (which the company amended as part of the transaction) must be converted to common equity upon a qualified public offering (QPO). S&P said, "We continue to treat the all company's Series A and Series B preferred equity instruments as debt, since certain redemption and exit right features conflict with our criteria requirements for equity credit. However, we recognize the loss-absorbing ability of the preferred instruments and qualitative benefits the payment-in-kind preferred equity provides in terms of the lack of cash debt service. In addition, we recognize that the mandatory convertibility of the new and amended instruments to common equity upon a QPO are a reflection of management's intent to ultimately de-lever the company." Acrisure demonstrated healthy but moderated performance over the last year, as its extensive strategic integration efforts weighed on growth and margins. Enterprise-wide organic growth was about 3% for the first quarter of 2025 and 6% for full-year 2024. On a segment basis, strength in international retail and specialty mitigated lighter growth in North America retail, which experienced retention pressures largely tied to agency management transitions. Total revenue grew 7% for the 12 months ended March 31, 2025, as the company toned down acquisitions to focus on its internal initiatives. S&P Global Ratings-adjusted EBITDA margins compressed to 26% for the 12 months ended March 31, 2025, from 28% in 2023, primarily on higher costs and add-backs (which S&P doesn't give credit for in its EBITDA calculations) related to the company's operational initiatives. With significant progress made on its platform integration and adoption of sophisticated tech driven sales tools, Acrisure is poised to begin translating its internal growth and efficiency investments into tangible performance gains. Over the next year, we expect a pick-up in organic growth to the mid to upper single digits, improving cash flows, and stabilized margins. ACTIVE WORLD: Holly Miller Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC as Subchapter V trustee for Active World Holdings, Inc. Ms. Miller will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Miller declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Holly S. Miller, Esq. Gellert Scali Busenkell & Brown, LLC 1628 John F. Kennedy Boulevard, Suite 1901 Philadelphia, PA 19103 Telephone: (215) 238-0012 Facsimile: (215) 238-0016 Email: hsmiller@gsbblaw.com About Active World Holdings Active World Holdings Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11826) on May 8, 2025, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Alfonso Knoll, authorized representative, signed the petition. Judge Patricia M. Mayer presides over the case. Kevin K. Kercher, Esq., at the Law Office of Kevin K. Kercher, Esquire represents the Debtor as bankruptcy counsel. ACTIVE WORLD: Seeks to Hire Kevin K. Kercher as Bankruptcy Counsel ------------------------------------------------------------------ Active World Holdings, Inc., doing business as Active World Club, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ the Law Office of Kevin K. Kercher, Esquire, PC as counsel. The firm will provide these services: (a) provide the Debtor with legal services with respect to its power and duties in the continued management of its assets; (b) prepare on behalf of the Debtor necessary legal papers; (c) represent the Debtor in any matters involving contests with secured or unsecured creditos; (d) assist the Debtor in providing legal services required to negotiate and prepare a plan of reorganization; and (e) perform such other legal services for the Debtor as are necessary and appropriate herein. Kevin Kercher Esq., the primary attorney in this representation, will be billed at his hourly rate of $350. Mr. Kercher 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 K. Kercher, Esq. The Law Office of Kevin Kercher, Esquire, PC 881 3rd St. Whitehall Township, PA 18052 Telephone: (610) 264-4120 Email: kevin@kercherlaw.com About Active World Holdings Active World Holdings, Inc., doing business as Active World Club, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11826) on May 8, 2025. In the petition signed by Alfonso Knoll, authorized representative, the Debtor disclosed up to $10 million in assets and up to $1 million in liabilities. Judge Patricia M. Mayer oversees the case. The Law Office of Kevin Kercher, Esquire, PC serves as the Debtor's counsel. ACUTE HVACR: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Acute HVACR, LLC. About Acute HVACR Acute HVACR, LLC is a heating, ventilation, air conditioning, and refrigeration contractor based in Summerville, S.C. Acute HVACR sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-01661) on May 1, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Christine Brimm, Esq., serves as Subchapter V trustee. Judge Elisabetta Gm Gasparini handles the case. The Debtor is represented by Michael Conrady, Esq., at Campbell Law Firm, PA. AKOUSTIS TECHNOLOGIES: $39MM IP Verdict Appeal Tossed After Ch.11 ----------------------------------------------------------------- Elliot Weld of Law360 reports that Akoustis Technologies, a radio frequency filter manufacturer, has agreed to drop its appeal of a $39 million jury verdict against it for patent infringement and trade secrets misappropriation in favor of Qorvo Inc. This verdict led Akoustis to file for Chapter 11 bankruptcy in December 2024. 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. ALLIED UNIVERSAL: S&P Rates New $1.05MM Senior Secured Notes 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to global security services provider Allied Universal Holdco LLC's proposed 5-year $1.05 billion senior secured notes. The company will use the proceeds from these notes to redeem its unsecured notes due 2027, which will lower its refinancing risk and somewhat reduce its interest burden. The transaction will eliminate Allied's sizable debt maturities over the next two years, enabling management to focus on tackling its nearly $9 billion maturity wall in 2028. The company has proactively managed its capital structure by securing extensions well in advance of its debt maturities over the past few years, and S&P anticipates it will address its debt due in 2028 in an incremental fashion over the next two years. S&P said, "Our 'B' issue-level rating and '3' recovery rating on Allied's senior secured facilities are unchanged. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for the senior secured lenders in the event of a default. We updated our recovery analysis to reflect the higher proportion of secured debt in the company's capital structure, which has reduced our rounded recovery estimate for the senior secured lenders to 50% from our previous estimate of 55%. "Our ratings and outlook on Allied and its parent entities (Allied Universal Topco LLC and Atlas Ontario L.P.) are unchanged. The company's various profit-improvement initiatives are supporting an expansion in its EBITDA margin while the cooling labor environment enabled it to return to pre-pandemic employee turnover levels in the first quarter of 2025. We continue to forecast Allied will deleverage to about 8x this year and increase its free cash flow supported by its earnings expansion, interest-cost reduction, and the discontinuance of its pension payments." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default contemplates a significant market share loss amid intense competition, eroding brand reputation, and rising labor costs while secular changes to its customer base impair demand. These conditions cause a significant deterioration in Allied's cash flow generation, ultimately leading to a payment default. -- In this scenario, S&P assumes the company will reorganize as a going concern to maximize its lenders' recovery prospects. -- S&P used an enterprise valuation approach and have applied a 6.5x multiple to its projected emergence-level EBITDA. This is higher than the multiples it uses for some of Allied's business services peers and reflects its widely established operating platform and good brand recognition. -- S&P's recovery analysis assumes the company's $1.7 billion asset-based lending (ABL) facility, less outstanding letters of credit, will be 60% drawn and its cash flow revolvers will be 85% drawn at the time of default. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $1.28 billion -- Implied enterprise value (EV) multiple: 6.5x -- Estimated gross EV at emergence: $8.3 billion Simplified waterfall -- Net recovery value (after 7% administrative expense): $7.7 billion -- Net recovery value available to first-lien debt: $7.2 billion -- First-lien debt outstanding at default (credit facility and senior secured notes): $13.3 billion --First-lien debt recovery expectations: 50%-70% (rounded estimate: 50%) -- Unsecured senior note debt outstanding at default: $1 billion --Unsecured senior note recovery expectations: 0%-10% (rounded estimate: 0%) Note: Estimated claims amounts include about six months of accrued but unpaid interest. AMERICAN PERFORMANCE: Hires William S. Gannon as Legal Counsel -------------------------------------------------------------- American Performance Polymers, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ William S. Gannon PLLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) attend meetings and negotiate with representatives of creditors and other parties in interest, respond to creditor inquiries, and advise and consult on the conduct of the case; (c) negotiate and prepare on behalf of the Debtor a plan or plans of reorganization, and all related documents, and prosecuting the plan or plans through the confirmation process; (d) represent the Debtor in connection with any adversary proceedings or contested matters or any other action commenced by or against it to protect and preserve its estate; (e) advise the Debtor in connection with any sale of assets; (f) represent and advise the Debtor regarding post-confirmation operations and consummation of a plan or plans of reorganization; (g) appear before this court, any appellate courts, and the U.S. Trustee and protect the interests of the Debtor before such courts and the U.S. Trustee; (h) prepare necessary legal papers; and (i) perform all other legal services for and provide all other legal advice to the Debtor that may be necessary and proper in these proceedings. The firm will be paid at these hourly rates: William Gannon, Attorney $600 Mari Voisine, Paralegal $120 Jeanne Arquette-Koehler, Paralegal $120 Mr. Gannon disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William S. Gannon, Esq. William S. Gannon PLLC 740 Chestnut Street Manchester, NH 03104 Telephone: (603) 621-0833 Email: bgannon@gannonlawfirm.com About American Performance Polymers American Performance Polymers LLC, located in Colebrook, New Hampshire, produces contamination control products. The Company specializes in nitrile exam gloves, glovebox sleeves and parts, as well as other items like balloons, catering to industries such as pharmaceuticals and biotechnology. American Performance Polymers LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10293) on May 5, 2025. In its petition, the Debtor reports zero assets and $3,405,109 in liabilities. William S. Gannon PLLC serves as the Debtor's counsel. ARCHDIOCESE OF NEW ORLEANS: Could End Chap. 11 Case by Dec. 2025 ---------------------------------------------------------------- Cassie Schirm of WDSU News reports that after years of delays, emotional court proceedings, and complex negotiations, the Archdiocese of New Orleans is moving closer to resolving its long-standing Chapter 11 bankruptcy case. U.S. Bankruptcy Judge Meredith Grabill has outlined a definitive schedule that could bring the case to a close by the end of 2025. The bankruptcy filing, made in May 2020, followed more than 500 lawsuits alleging sexual abuse by clergy. Many of these claims were already pending at the time of the filing. Church leaders cited rising litigation and settlement costs as the primary reason for seeking bankruptcy protection, aiming to ensure fair compensation for all survivors, according to WDSU. The Archdiocese has proposed a $180 million settlement, funded through a combination of insurance proceeds, contributions from the Archdiocese, local parishes, and affiliated entities. According to court filings, insurance companies are expected to cover a significant portion, while the Archdiocese and its partners would contribute cash and other assets, the report states. A final confirmation hearing is scheduled for October 28, 2025. If a majority of survivor claimants approve the plan and the court grants final approval, settlement distributions could begin as early as January 2026. Payouts will be determined by a court-appointed trustee based on the specifics of each claim. While the process is designed to be fair, experts note it may take time and could be emotionally difficult for survivors still awaiting closure. In addition to monetary compensation, the settlement includes non-financial commitments such as a Survivors' Bill of Rights. These provisions call for transparency, including public memorials, the release of records related to abusive clergy, enhanced child protection policies, and expanded survivor support programs. The Archdiocese has also pledged to acknowledge publicly the harm caused by the abuse. Some survivor attorneys remain concerned the average payout may be lower than in similar cases. Settlements in other dioceses, such as Rochester and Rockville Centre, New York, have often resulted in higher per-claim awards—sometimes exceeding $400,000, the report relays. Despite these concerns, the progress marks a significant step forward in a case that has stretched on for over four years. More than 50 depositions have been taken, including testimony from Archbishop Gregory Aymond. Survivors and their advocates have consistently emphasized the need for both justice and lasting institutional change. The next few months will be decisive. If survivor claimants approve the plan, the Archdiocese could emerge from bankruptcy in early 2026, WDSU reports. Until then, survivors and the wider New Orleans Catholic community continue to wait for closure—hoping for a resolution that delivers both accountability and healing, according to report. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need,including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano& Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of PachulskiStangZiehl& Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ASURION LLC: S&P Rates Proposed $1BB Term Loan 'BB-' ---------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating to Asurion LLC's proposed $1 billion term loan B-13 due 2030. S&P also assigned a '2' recovery rating, indicating its expectation of meaningful recovery (70%-90%; rounded estimate: 70%) in the event of payment default. All existing ratings, including the 'B+' issuer credit ratings on Asurion Group Inc., Asurion LLC, and Lonestar Intermediate Super Holdings LLC, are unchanged by the new debt issuance. S&P said, "We view this transaction as leverage neutral because Asurion intends to use proceeds from the new issuance to partially refinance $1 billion of its existing $1.6 billion B-8 term loan due December 2026. Asurion's credit measures, including S&P Global Ratings adjusted debt to EBITDA of 5.4x for the 12 months ended March 31, 2025, remain comfortably within our rating parameters. "In late May, we revised our first-lien recovery rating to '2' (70% recovery expectation) from '3' (65%), which resulted in us raising the rating on Asurion's first-lien debt to 'BB-' from 'B+'. The first-lien recovery strengthening was driven by continued debt reduction and a greater weighting toward U.S. earnings." ATM AFFILIATES: Scott Seidel Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for ATM Affiliates, LLC. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About ATM Affiliates LLC ATM Affiliates, LLC operates in the commercial real estate sector, focusing on leasing nonresidential buildings. It primarily leases out properties that are not used as residences, mini warehouses, or self-storage units. ATM Affiliates sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31668) on May 5, 2025. In its petition, the Debtor reported estimated assets between estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Joseph Acosta, Esq., at Condon Tobin. AURORA MEDICAL: Files Amendment to Disclosure Statement ------------------------------------------------------- Aurora Medical Group Corp. submitted a First Amended Disclosure Statement describing Plan of Reorganization dated May 13, 2025. The Plan consists of four classes. Classes 1 is the secured claim of the U.S. Small Business Administration ("SBA"). Class 2 is secured claim of BayFirst National Bank. Class 3 is comprised of six General Unsecured Claims. Class 4 is the Unsecured claim of BayFirst. Class 3 consists of six allowed general unsecured creditors with claims totaling $549,821.94. This class will receive a pro rata distribution of $48,659.24 or 8.85%, which is more than they would receive in a Chapter 7 liquidation ($0 distribution). Distributions will be made over 30 months, starting in month 30 of the plan, in 10 quarterly payments of $4,865.92 each. For the reasons set forth in the treatment of Class 4, the unsecured claim of BayFirst is not included in this class. The claims of four lenders, who previously were secured, holding purchase money equipment loans, have been filed as unsecured by the lenders. The Debtor has returned or attempted to return the relevant equipment. Three of the claims appear to be final claim amounts. Debtor has been advised by Stearns Bank that it will not repossess its equipment until after the plan is filed, and at that time it will file an amended claim for the proper deficiency balance. The amount of the current Stearns' claim (POC-6) is without credit for any proceeds that may be received from the sale of the collateral. The amount of this claim should decrease, which should decrease the dollar amount of the unsecured pool and increase the pro rata distribution to the class. Regardless, the Debtor proposes that the percentage of distribution to the other unsecured creditors remain at 8.85%. This class is impaired. Payments to Class 3, general unsecured creditors will not commence until month 30 of the Plan. Payments and distributions under the Plan will be funded by income generated from the revenues received from the operation of Debtor's medical office specializing in cosmetic surgery and aesthetic medicine as shown in the attached Projections. The P&L and MOR history of the Debtor for the nine months that it has been in bankruptcy show monthly average gross revenues of approximately $13,000.00 with little net income. Going forward, with a substantial decrease in contract labor costs and equipment expenses, Debtor anticipates being able to fund the proposed plan. Accordingly, the Debtor is able to perform all of its obligations under the Plan and the Plan satisfies the requirements or conditions set forth in Section 1129(a)(11) of the Code. A full-text copy of the First Amended Disclosure Statement dated May 13, 2025 is available at https://urlcurt.com/u?l=jtV7T4 from PacerMonitor.com at no charge. Aurora Medical Group Corp., is represented by: Chad Van Horn, Esq. Courtney Milam, Esq. Van Horn Law Group, P.A. 500 NE 4th Street #200 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Facsimile: (954) 756-7103 Email: Chad@cvhlawgroup.com About Aurora Medical Group Aurora Medical Group Corp. is a medical group that offers cosmetic surgery including liposuction, J plasma renuvion, abdominoplasty, brachioplasty, radiesse, fat transfer, vaginal rejuvenation, botox, fillers, laser hair removal, facials, among other services. Aurora Medical Group Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03353) on June 13, 2024. In the petition signed by Anisley Lanza Diaz, president, the Debtor disclosed total assets of $2,348,816 and total liabilities of $1,308,359. Judge Roberta A. Colton oversees the case. Chad Van Horn, Esq., at Van Horn Law Group, P.A., serves as the Debtor's counsel. AUTO HOUSE: Seeks Chapter 11 Bankruptcy in Kansas ------------------------------------------------- On May 31, 2025, Auto House Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Kansas. According to court filing, the Debtor reports $4,479,222 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Auto House Inc. Auto House Inc. offers 24/7 towing and roadside assistance for all vehicle types across Central Kansas. The Company also provides heavy truck and off-road recovery, including semi-truck recovery and load management. Through its affiliate Kansas Environmental Cleanup, it delivers certified HAZMAT cleanup and site remediation services throughout the state. Auto House Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20726) on May 31, 2025. In its petition, the Debtor reports total assets of $1,825,013 and total liabilities of $4,479,222. Honorable Bankruptcy Judge Robert D. Berger handles the case. The Debtors are represented by Colin Gotham, Esq. at EVANS & MULLINIX, P.A. AVALON SAI: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Avalon Sai Hotels, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to maintain ongoing hotel operations during its Chapter 11 bankruptcy proceedings. Unless extended further with the written consent of the Debtor's lender International Bank of Commerce, this authorization will terminate upon the earlier of (i) end of business on the first business day that is 30 calendar days after the entry of the interim order, or any later date the lender agrees upon in writing; (ii) the date upon which a Chapter 11 or Chapter 7 trustee is appointed; and (iii) the occurrence of an uncured event of default by the Debtor. As protection, IBC will be granted senior replacement liens on all property that is currently subject to any pre-bankruptcy liens in favor of the lender and all property that was unencumbered as of the petition date; and junior replacement liens on all property of the Debtor's estate, subject to pre-bankruptcy senior liens. In addition, the court approved the Debtor's monthly payment of $25,000 to IBC for the period from March 31 until the termination date. A final hearing is scheduled for June 23. Objections or responses are due by June 13. IBC holds a secured claim of at least $3.89 million and has agreed to allow the Debtor to continue using its cash collateral post-petition. Without such funds, the Debtor would face significant disruption in operations, risking substantial and immediate harm to its business and creditors. About Avalon Sai Hotels Avalon Sai Hotels, LLC is a real estate firm and the owner of the Comfort Inn in Houston, Texas. Avalon Sai Hotels sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-31798) on March 31, 2025. In its petition, the Debtor reported total assets of $6,662,000 and total debts of $5,563,263. Judge Jeffrey P. Norman oversees the case. Richard L. Fuqua, II, Esq., at Fuqua & Associates, P.C. is the Debtor's legal counsel. International Bank of Commerce, as secured lender, is represented by: Eric M. English, Esq. Michael B. Dearman, Esq. 1000 Main St., 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 226-6295 eenglish@porterhedges.com mdearman@porterhedges.com AVALON SUGAR: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Avalon Sugar Land Hospitality LLC asked the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to obtain post-petition financing and use cash collateral necessary to continue operating its hotel business during its Chapter 11 bankruptcy proceedings. The Debtor's pre-bankruptcy lender, International Bank of Commerce, has agreed to allow the continued use of its cash collateral post-petition. The Debtor plans to file a reorganization plan within 90 to 120 days and requires immediate access to financing to cover essential operational expenses, including franchise fees, utilities, and maintenance. As of the filing date, the Debtor owes IBC approximately $13.76 million in secured debt. The Debtor sought approval of a negotiated cash collateral order, which authorizes the Debtor to use the cash collateral in accordance with a budget, maintain IBC's pre-existing liens, and grant replacement liens as adequate protection. The Debtor also requested a limited modification of the automatic stay under 11 U.S.C. section 362 to carry out the terms of the agreement. To adequately protect IBC's interests, the Debtor will adhere to the approved budget, restrict payments to budgeted expenses, provide monthly payments of at least $25,000, pay a portion of IBC's legal fees, and grant post-petition replacement liens of equal validity and priority. The Debtor argued that this arrangement is fair, reasonable, and in the best interests of the estate, its creditors, and other parties, especially given the need to preserve business operations and asset value. About Avalon Sugar Land Hospitality Avalon Sugar Land Hospitality, LLC is a single-asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)) that owns the Hampton Inn in Sugar Land, Texas. Avalon Sugar Land Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31802) on March 31, 2025. In its petition, the Debtor reported total assets of $19,375,000 and total debts of $13,851,944. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by Richard L. Fuqua, II, Esq., at Fuqua & Associates, P.C. AZUL SA: Gets Chapter 11 Process First Day Court Approvals ---------------------------------------------------------- Roshan Fernandez of The Wall Street Journal reports that Azul has obtained interim court approval tied to its Chapter 11 bankruptcy filings in the United States. According to the report, at a first-day hearing, the court granted the Brazilian airline access to $250 million of its $1.6 billion in debtor-in-possession (DIP) financing. The company stated that this funding, combined with ongoing revenue and other court approvals, will ensure sufficient liquidity to maintain normal operations during its restructuring process. CEO John Rodgerson described the Chapter 11 filing, made on Wednesday, May 28, 2025, as a strategic and voluntary move to strengthen Azul's capital structure. Headquartered in Sao Paulo, Azul -- Brazil's largest airline by number of destinations -- continues to face financial strain from the pandemic, economic challenges, and supply chain issues affecting the aviation sector. "These court approvals, along with the strong support from key stakeholders including United Airlines, American Airlines, and AerCap, will help drive our accelerated transformation plan forward," Rodgerson said. A second-day hearing to consider final approval of the relief sought is scheduled for July 9, 2025, the report states. Azul was founded in 2008 by aviation entrepreneur David Neeleman, who also founded JetBlue Airways and Breeze Airways in the U.S. About Azul SA Azul SA is Brazil's third-largest airline. The company operates a major air transportation network providing scheduled passenger services across Brazil and to international destinations. Founded in 2008, Azul has grown to become one of Brazil's leading carriers with a focus on domestic routes and connecting previously underserved markets throughout the country. Azul SA and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025. In its petition, the Debtor reports $4.5 billion in assets and $9.6 billion in liabilities. The Debtor is represented by Timothy Graulich, Esq. at Davis Polk & Wardwell LLP. The Debtor's Financial Advisor / CRO is Samuel Aguirre at FTI Consulting Inc. and its Claims Agent is Stretto, Inc. BAFFINLAND IRON: S&P Ups ICR to 'CCC-' on Debt Maturity Extension ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Baffinland Iron Mines Corp. to 'CCC-' from 'SD' (selective default). At the same time, S&P downgraded its issue-level rating on the company's senior secured notes due July 2026 to 'CCC-'. S&P's '4' recovery rating on the senior notes is unchanged. S&P said, "Our 'CCC-' rating reflects Baffinland's sizable debt maturities through November 2025, a modest cash position, and limited free operating cash flow (FOCF) prospects through 2025. In our view, this increases the likelihood the company could face a liquidity event and pursue a transaction we view as tantamount to a default within the next 6 months." The negative outlook on Baffinland reflects the risk of a default or debt restructuring within the next six months given the company's significant near-term debt maturities, and potentially difficult capital market conditions. S&P said, "Our 'CCC-' rating reflects Baffinland's heightened refinancing risk over the next six months. We expect the company will exhaust its liquidity within the next six months, increasing the likelihood of a transaction we would view as a tantamount to a default or debt restructuring. This could include extending its credit facility without adequate compensation. "Baffinland's liquidity as of March 31, 2025, includes $78 million of cash and about $50 million available from royalty agreements with its parent, Nunavut Iron Ore Inc., and we assume only modest FOCF generation this year. As a result, we do not assume Baffinland to have sufficient sources of liquidity to meet its debt maturities of about $275 million over the next six months. This includes the company's fully drawn $158 million revolving credit facility due Nov. 30, 2025, $75 million Export Development Canada (EDC) term credit facility due Nov. 30, 2025, and $24 million drawn on its World Fuel Service (WFS) term loan due Oct. 30, 2025. The company also has $575 million of senior secured notes due July 15, 2026, which will become current within two months. "In our opinion, Baffinland's ability to repay these upcoming debt maturities depends primarily on obtaining funding for its Steensby railway expansion project. The company is pursuing debt financing of about $3 billion in addition to equity financing for this project, which it expects to obtain by the end of 2025. This could provide adequate funding to refinance its current capital structure and bolster its credit profile. However, we do not anticipate financing for the Steensby project to close prior to the maturity of its debt through Nov. 30, 2025. "Our rating reflects our view that the company's cash flows prospects have deteriorated. We understand the company is focused on raising funding so that it may launch the Steensby project by 2026. The company has lowered its base operations this year to 4.2 million tons per year (Mtpa) from about 6 Mtpa until the Steensby project is complete, by the first half of 2029 at the earliest. The lower production from the company's base operations combined with our expectation for moderating iron ore prices to about $100 per tonne (dmt) in 2025, and $90/dmt from 2026 onwards (compared to about $110/dmt in 2024) will likely lead to Baffinland generating thin FOCF over the next few quarters despite lowering capital expenditure (capex) to sustaining levels. "The negative outlook on Baffinland reflects our view of the likelihood of a default or distressed debt restructuring within the next six months due in large part to the company's significant near-term debt maturities, weak liquidity, and limited FOCF generation. "We could lower our ratings on Baffinland within the next 12 months if the company defaults or announces a debt restructuring that we view as tantamount to default. This could include a payment default or an extension of its credit facility absent adequate compensation provided to lenders. "We could raise our ratings on Baffinland within the next 12 months if the company refinances its near-term debt maturities under terms that we do not view as distressed. This scenario would likely include Baffinland obtaining funding for its Steensby project, that would strengthen its liquidity profile. It could also occur if iron ore prices are significantly higher than we anticipate, thereby meaningfully improving the company's prospective FOCF generation and liquidity." BAKERY PROCESS: Case Summary & Nine Unsecured Creditors ------------------------------------------------------- Debtor: Bakery Process Solutions Inc. d/b/a Bakery Process Solutions 33 Rajon Road Bayport, NY 11705 Business Description: Bakery Process Solutions Inc. produces frozen bread and brioche products for the U.S. market, operating out of a facility in Bayport, New York. The Company focuses on offering alternatives to European imports through cost-efficient manufacturing using natural ingredients. It serves clients across the East Coast and is led by bakery industry veteran Julio Llovet. Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-72089 Judge: Hon. Alan S Trust Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike Suite 250 Syosset, NY 11791 Total Assets: $970,725 Total Liabilities: $1,392,346 The petition was signed by Julio Llovet 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/SMFR6WA/Bakery_Process_Solutions_Inc__nyebke-25-72089__0001.0.pdf?mcid=tGE4TAMA BARROW SHAVER: Ad Hoc Group Revises Rule 2019 Statement ------------------------------------------------------- In the Chapter 11 case of Barrow Shaver Resources Company, LLC, the Ad Hoc Group of Non-Operating Working Interest Owners filed an amended verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. The Ad Hoc Group of Non-Operating Working Interest Owners was formed on or around September 18, 2024. The Ad Hoc Group of Non Operating Working Interest Owners was formed to represent the common interests of its members in connection with the Barrow Shaver Resources Company, LLC ("BSR") bankruptcy pending in the United States Bankruptcy Court for the Southern District of Texas. On August 6, 2024, S. One Royalty Properties, LLC ("SOR"), as a non-operating working interest owner, retained Chamberlain Hrdlicka for representation in connection with the potential filing of an involuntary bankruptcy against the Debtor. Later, On September 18, 2024, Chamberlain was retained to represent the Ad Hoc Group of Non-Operating Working Interest Owners, which includes SOR, in connection with the BSR bankruptcy. In the latter half of March 2025, Jarrod Martin, Michael Riordan, and Raneen Abdelghani left their employment at Chamberlain and joined Bradley Arant Boult Cummings LLP. The Ad Hoc Group retained Bradley on or around March 15, 2025. On or around April 14, 2025, RB Oil, LLC joined the Ad-Hoc Group. On or around April 21, 2025, BMW Investments withdrew from the Ad Hoc Group. Bradley does not represent or purport to represent any other entities in connection with the Debtor's chapter 11 case, other than SDS Petroleum Consultants. In addition, the Ad Hoc Group of Non-Operating Working Interest Owners does not represent or purport to represent any other entities in connection with the Debtor's chapter 11 case. The Ad Hoc Group of Non-Operating Working Interest Owners' address and the nature and amount of disclosable economic interests held in relation to the Debtor are: 1. Todd & Honey Poling JV (Working Interest Owner) 996 Dorsey Rd Clayton, NM 88415 2. Wayne Cunningham (Working Interest Owner) 2455 N. Campus Ave. Upland, CA 91784-1133 3. Deep Pool Holdings LLC (Working Interest Owner) 4. HL American Oil and Gas LLC (Working Interest Owner) 4456 Sayde Ridge Drive Montgomery, TX 77316 5. Briarwood Group Ltd (Working Interest Owner) PO Box 2031 Tyler, TX 75710 6. 0078HT LLC (Working Interest Owner) 100 Crescent Ct., Suite 400 Dallas, TX 75201 7. RB Oil, LLC (Working Interest Owner) 1602 Shadywood Lane Mt. Pleasant, TX 75455 8. Roosth 819, Ltd. (Working Interest Owner) O. Box 8300 Tyler, TX 75710 9. S One Royalty Properties, LLC (Working Interest Owner) 1406 Rice Rd., Suite 400 Tyler, TX 75703 Counsel to Ad Hoc Group of Non-Operating Working Interest Owners: CHAMBERLAIN, HRDLICKA, WHITE, WILLIAMS & AUGHTRY, P.C. Jarrod B. Martin, Esq. 1200 Smith Street, Suite 1400 Houston, Texas 77002 D: 713.658.1818 F: 713.658.2553 E: jarrod.martin@chamberlainlaw.com About Barrow Shaver Resources Company Barrow Shaver Resources Company, LLC, is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-33353) on Aug. 19, 2024, with $50 million to $100 million in both assets and liabilities. James Katchadurian, chief restructuring officer, signed the petition. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker, LLP, as legal counsel; CR3 Partners, LLC as financial advisor; and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BIG LOTS: Gordon Bros. Asks Court to Compel $10MM Payment from Co. ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Gordon Brothers, a retail asset specialist, is urging a Delaware bankruptcy court to compel Big Lots Inc. to pay over $10 million, claiming the bankrupt retailer breached a sale agreement. In a May 30, 202, filing with the U.S. Bankruptcy Court for the District of Delaware, Gordon Brothers Retailer Partners LLC stated that Big Lots had committed to the payment as part of the Chapter 11 sale of its corporate headquarters. Despite selling the property for $36 million, the company has allegedly failed to deliver the agreed-upon funds. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BREWER MACHINE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Brewer Machine & Parts got the green light from the U.S. Bankruptcy Court for the Western District of Kentucky, Owensboro Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral pending a final hearing, which is scheduled for June 24. As protection, the Debtor's secured creditors will continue to have replacement lien and security interest in its accounts. The Debtor currently holds approximately $7,000 in cash and $52,500 in receivables. Multiple creditors, including the U.S. Small Business Administration, CIT Finance, Mulligan Funding, Apex Funding Gold, LLC, and Rocket Capital have secured claims on the Debtor's assets and receivables, making those funds "cash collateral" under bankruptcy law. About Brewer Machine & Parts Brewer Machine & Parts, LLC manufactures woodworking and material handling equipment used in industries such as sawmills, pallet production, and cooperage. Based in Central City, Ky., the company serves domestic and international markets including the U.S., Australia, Uruguay, and Saudi Arabia. Established in 1967, Brewer Machine & Parts offers both new and refurbished machinery. Brewer Machine & Parts sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-40336) on May 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Robert C. Chaudoin, Esq., at Harlin Parker. CAMP LOUEMMA: Section 341(a) Meeting of Creditors on July 2 ----------------------------------------------------------- On May 29, 2025, Camp Louemma Lane Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) meeting to be held on July 2, 2025 at 09:00 AM at Telephonic. About Camp Louemma Lane Inc. Camp Louemma Lane Inc. is a nonprofit organization that operated a co-ed overnight summer camp for children in Sussex, New Jersey. The camp emphasized group living and daily activities designed to promote personal growth and learning. Camp Louemma Lane Inc. 29ought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15658) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtors are represented by Eric H. Horn, Esq. and Deanna Olivero, Esq. at A.Y. STRAUSS LLC. CAREERBUILDER LLC: Moody's Lowers CFR to C, Outlook Stable ---------------------------------------------------------- Moody's Ratings downgraded CareerBuilder, LLC's ("CareerBuilder") corporate family rating to C from Ca, probability of default rating to C-PD from Ca-PD and senior secured first-lien term loan rating to C from Ca. The outlook is stable. The downgrade of CareerBuilder's CFR to C reflects Moody's views of a very high likelihood of a debt restructuring in the next six months given the company's weak liquidity and negative operating trends that include declining revenue, negative free cash flow and a lack of consolidated profits. Moody's believes the expiration of the term loan facility's quarterly cash interest deferral after December 31, 2024, puts additional pressure on the company's already weak liquidity such that the company will require additional liquidity to operate through the next six months. The downgrade also reflects Moody's recovery expectations in the event of default. The downgrade also reflects the business and financial risk from CareerBuilder's new parent company, Zen JV, LLC's (Zen) acquisition of Monster Worldwide, Inc. (Monster). Monster was acquired by Zen at a separate subsidiary that is a non-guarantor of the rated debt at CareerBuilder, LLC, however Moody's believes the acquisition and independent financing of Monster imposes incremental risk from both a financial and operational perspective, including the unproven nature by which the two businesses will operate under the shared services agreement. RATINGS RATIONALE CareerBuilder's ratings, including its C corporate family rating and stable outlook, reflect Moody's views that the capital structure is currently unsustainable given the company's weak earnings quality, lack of liquidity, and limited timeframe in which to take meaningful actions to optimize costs and grow revenue. The company's earnings quality is weak and would have minimal EBITDA without including add-backs for restructuring charges and other items. For the year ended December 31, 2024, the company generated negative $13 million of free cash flow and has a low cash balance of $2 million as of March 31, 2025. The company's $132 million of remaining term loan debt matures in July 2026. Given the company's free cash flow deficits and lack of a revolving credit facility, the company will have to rely on its relatively low cash balance to fund operations, which Moody's expect will be insufficient to sustain operations during the next six months without a significant improvement in revenue growth and profitability or an equity infusion. CareerBuilder has yet to demonstrate revenue and earnings growth and the current macroeconomic environment will be a headwind to volumes amid a slowing US labor market. Revenue declined $49.2 million or 39.5% year-over-year in 2024. The company benefits from a well-known brand and a large database of resumes. The company faces strong competition, including ZipRecruiter, Inc. (B1 stable) and from significantly larger, better-capitalized peers such as Indeed.com owner Recruit Holdings Co., Ltd. (A3 stable) and LinkedIn Corporation owner Microsoft Corporation (Aaa stable). Moody's expects CareerBuilder's financial strategies will remain aggressive under its private equity ownership and may include additional distressed exchanges. CareerBuilder's liquidity profile is considered weak. The company will rely on its limited cash balance to fund operations. Cash as of March 31, 2025 was $2 million. The company amended its liquidity covenant in February 2025 to lower its minimum cash to $2 million from $5 million. The company does not have a revolving credit facility. Moody's expects the company will generate negative $25 million of free cash flow on an annual basis. The C rated senior secured $132 million term loan maturing in July 2026 reflects the overall probability of default, reflected in the C-PD, and the loss given default assessment for the debt instrument. The senior secured first-lien term loan benefits from secured guarantees from all existing and subsequently acquired domestic subsidiaries and is in line with the C CFR, as there is no other meaningful debt in the capital structure. The stable outlook reflects Moody's recovery expectations in the event of default, and Moody's views that the company's probability of default, including the potential for a debt restructuring, will remain at current levels as it executes its plan to address upcoming debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure is unlikely until the company can stabilize its debt capital structure. The company will also need to demonstrate negative operating trends are resolved with a recovery in earnings and improved liquidity. The ratings cannot be downgraded further given the current C rating is the lowest rating category. CareerBuilder, headquartered in Chicago, IL and controlled by affiliates of private-equity sponsor Apollo Global Management, Inc. operates an online job board and provides related services and software. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. CARTER'S INC: S&P Alters Outlook to Negative, Affirms 'BB+' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed all its ratings including its issuer credit rating of 'BB+' on children's apparel marketer, Carter's Inc. Concurrently, S&P affirmed the issue-level rating on the company's senior unsecured notes at 'BB+' with '3' recovery rating. The negative outlook reflects the potential for a lower rating in the next 12 months if the company's operating performance continues to deteriorate. S&P said, "The outlook revision reflects our expectation for increased pressure on the company's operating performance due to lower demand and higher product costs because of tariffs. Carter's topline and EBITDA have declined for the past three years, with S&P Global Ratings-adjusted EBITDA down 11% in the last 12-month (LTM) period ended March 31 2025. This is attributable to increased price competition from private label as consumer spending remains weak due to persistent inflation, strengthening appeal of mass channel retailers, and change in demographics with birth rates remaining flat to modestly down in U.S. "We revised down our forecast for Carter's for fiscal 2025 and fiscal 2026. Despite low leverage (LTM leverage of 1.6x), we expect topline and EBITDA declines to accelerate in 2025 due to lower demand and higher product costs because of tariffs. As a result, we expect S&P Global Ratings-adjusted leverage will increase to above 2x in 2025 and 2026. We expect Carter's reported revenue will decline by mid-single-digit percent in 2025, reflecting lower demand across all three segments amid weak consumer sentiment and inflationary pressure. We expect S&P Global Ratings-adjusted EBITDA will decline more than 35% in 2025. In 2026, we forecast the decline in topline growth will moderate to a low-single-digit percent decrease as the company continues to improve its product offerings. We expect its S&P Global Ratings-adjusted EBITDA will decline by 9% in 2026. "We expect the company will pause any future dividend and share repurchase until it improves its operating performance. The company recently cut its quarterly dividend by almost 70% to $0.25 per share from $0.80 per share, payable in June, and indicated that future dividends will be at the discretion of the board based on business conditions, the company's future financial performance, and investment priorities. Carter's also withdrew its 2025 guidance in April given the new CEO transition and ongoing economic uncertainty. "Carter's also paused share repurchases during the third quarter 2024 and hasn't repurchased any shares in the fourth quarter or first quarter of 2025. Given the current underperformance, we expect the company will pause any future dividend and share repurchase until it improves its operating performance and strengthens its financial position. The new CEO will share a new strategic plan to return to growth on the second quarter earnings call in late July. The timing of returning to topline and profit growth remains uncertain, and we believe turnaround efforts will take time, especially amid a challenging macroeconomic environment. "We believe Carter's has limited pricing power to absorb tariff pressures without negatively affecting volume, given multiyear market share declines. The company sources a majority of its products from Vietnam, Cambodia, Bangladesh, and India. These top four markets account for 75% of the total products outsourced. The company has limited exposure to China, with finished goods imports currently accounting for nearly 5%, which it has significantly reduced from more than 55% over a decade ago. We believe the company would mitigate the effect of tariffs by cost sharing with vendors, shifting country of origin mix, adjusting inventory management, and potential price increase. We believe the company has limited pricing power without negatively affecting volume as consumers continue to seek value products. Our forecast assumes that tariffs will affect the majority of fiscal 2025 and persist through fiscal 2026, and that Carter's can mitigate roughly half of increased costs through supplier negotiations and targeted price increases." The negative outlook reflects the potential for a lower rating in the next 12 months if the company's operating performance continues to deteriorate. S&P could lower its ratings if operating performance continues to deteriorate, such that S&P has a less favorable view of its business risk profile or S&P Global Ratings-adjusted leverage sustains above 2.5x. This could occur if: -- Carter's brands fall out of favor with consumers due to increasing competition, significantly reducing revenue and profitability; -- The company cannot offset the higher product cost pressures from tariff with price increases, cost savings, or other mitigation efforts; and -- It undertakes a large, debt-funded acquisition or shareholder return. S&P could revise its outlook to stable if: -- The company's operating performance improves, possibly from increased product and brand relevance, improved value proposition, increased retail store productivity. -- The company is able to successfully offset the higher product cost pressures from tariff with price increases, cost savings, or other mitigation efforts. COGENT COMMUNICATIONS: S&P Rates New $600MM Sr. Secured Notes 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue-level rating and '1' recovery rating to Cogent Communications Group LLC's proposed $600 million senior secured notes due 2032. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery for secured lenders in the event of a payment default. The company plans to use the proceeds from these notes to repay its $500 million senior secured notes due 2026. Cogent will then use any remaining funds to pay fees and expenses and add about $85 million of cash to its balance sheet, which will improve its liquidity. S&P said, "Our recovery ratings on the company's existing senior secured and unsecured debt are unchanged. However, the increase in the amount of secured debt in Cogent's capital structure has reduced the recovery prospects for the senior unsecured lenders. As such, we revised our rounded recovery estimate for the senior unsecured debt to 30% from 40%. Our 'B+' issue-level rating on the unsecured debt is unchanged. "Our 'B+' issuer credit rating and negative outlook on Cogent are also unchanged. The company's S&P Global Ratings-adjusted pro forma leverage is about 6.2x and we expect it will only modestly reduce its leverage to 6.0x in 2025 on growth in its wavelength business and a modest decline in its operating expenses in the back half of the year. However, we expect Cogent will improve its leverage below 5.25x in 2026--our maximum threshold for the current rating--as it accelerates its wavelength sales and its operating expenses return to a more-normalized level. That said, Cogent has little room at the current rating for operating missteps over the next couple of quarters. As such, we could lower our rating on the company if we believe its revenue and EBITDA will underperform our forecast for the year." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Cogent Finance Inc. and Cogent Communications Group LLC are co-issuers of both the secured and unsecured notes. The secured notes have a first-lien security interest in substantially all the company's and subsidiary guarantors' assets. -- S&P notes that all assets held at Cogent Infrastructure are outside of the collateral group of restricted subsidiaries. Cogent Communications LLC is wholly owned subsidiary of Cogent Communications Group and was previously the sole operating company. Simulated default assumptions -- S&P's hypothetical default scenario assumes a payment default in 2029 because Cogent takes longer than expected to monetize its data center and wavelengths assets while facing significant competitive pressures and changing sector trends, increasing office vacancy rates, and a deep economic recession (including sustained inflation) that impair its adequate cash flow generation. -- S&P anticipates a payment default if the company's cash flow generation is insufficient to cover its lease payments and fixed-charge obligations while its liquidity is fully utilized. Simplified waterfall -- EBITDA at emergence (excluding value ascribed to securitized Internet Protocol version 4 [IPv4] addresses): $168.5 million -- EBITDA multiple: 5.5x -- Gross enterprise value through EBITDA multiple approach (excluding value ascribed to securitized IPv4 addresses): $927.0 million -- Discrete asset valuation to reflect value ascribed to securitized IPv4 addresses: $375.0 million -- Gross enterprise value: $1.302 billion -- Net recovery value (after 5% administrative costs and value ascribed to securitized IPv4 addresses, but includes 65% equity pledge from foreign subsidiaries): $834.4 million -- Estimated senior secured debt claims: $611 million --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Value available for senior unsecured debt claims: $270 million -- Estimated senior unsecured debt claims: $776 million --Recovery expectations: 30%-50% (rounded estimate: 30%) Note: All debt amounts include six months of prepetition interest. COMPANION CARE: Leona Mogavero Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for Companion Care Partners, LLC. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About Companion Care Partners Companion Care Partners, LLC filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-11859) on May 9, 2025, listing under $1 million in both assets and liabilities. Demetrius J. Parrish Jr., Esq., is the Debtor's legal counsel. COMPASS MINERALS: S&P Rates New $600MM Senior Unsecured Notes 'B' ----------------------------------------------------------------- S&P Global Ratings' issuer credit rating on U.S.-based salt and specialty fertilizer producer Compass Minerals International Inc. remains 'B', following our downgrade on March 18, 2025. The outlook remains stable. S&P Global Ratings assigned its 'B' issue-level rating and associated '4' recovery rating to Compass' proposed $600 million unsecured notes due 2030. S&P said, "At the same time, we raised the issue-level rating on the company's outstanding senior unsecured notes due 2027 to 'B' from 'B-' and revised the recovery rating to '4' from '5'. "We also affirmed the 'BB-' issue-level rating, with a '1' recovery rating, on the company's $325 million revolving credit facility due in 2028. "The stable outlook reflects our expectation that Compass will begin to realize the benefits of some recently implemented operational initiatives that could reduce the free cash flow deficits and curb the deterioration in its leverage metrics." S&P Global Ratings assigned its 'B' issue-level rating and associated '4' recovery rating to Compass Minerals International Inc.'s proposed $600 million senior unsecured notes due 2030. S&P said, "The '4' recovery rating indicates our expectation of average (30% to 50%; rounded estimate: 30%) recovery in the event of default. The company plans to use proceeds from this issuance to repay borrowings under its revolving credit facility ($30.5 million outstanding as of March 31, 2025), to repay the company's existing $200 million term loan A due 2028 ($191.3 million outstanding as of March 31, 2025), and to repay $300 million of the current $500 million outstanding for the company's senior unsecured notes due 2027. At the same time, we raised our issue-level rating on the company's outstanding unsecured notes to 'B' from 'B-' and revised the associated recovery rating to '4' from '5.' The upward revision in the recovery rating reflects improved collateral for the unsecured notes assuming full repayment of the term loan A as per the pro forma capital structure. We also affirmed the 'BB-' issue-level rating with a '1' recovery rating on the company's $325 million revolving credit facility due in 2028. We would plan to withdraw ratings on the company's term loan A upon successful completion of the transaction and repayment of the debt." Compass could likely seek further amendments to its credit agreement. The company executed two amendments to the credit agreement over the past 12 months to provide flexibility within its financial covenant requirements--the most recent one in December 2024. S&P said, "We believe the company may require additional amendments to maintain sufficient covenant headroom, reduce the likelihood of covenant breaches, and ensure continued access to availability under its revolving credit facility ($279.1 million available under its $325 million revolver as of March 31, 2025), even during periods of weak demand from warmer-than-usual winter weather. We continue to view our liquidity assessment on the company as less than adequate but could review our assessment at the close of this proposed transaction if amendments are completed in a sufficient manner." S&P said, "There have been no changes to our 'B' issuer credit rating on Compass as a result of the proposed transaction. We still believe that Compass' EBITDA and margins will contract over the next 12 months as it takes steps to manage its working capital. (For the complete issuer credit rating rationale, please see our most recent research update on Compass, published March 18, 2025, on Ratings Direct, "The stable outlook reflects our expectation that Compass' leverage will remain elevated in the 6x-7x range over the next 12 months as the company deals with lower-margin inventory and implements initiatives to right-size its operations. We expect break even to moderately negative cash flows in fiscal 2025 but this could turn positive in fiscal 2026 as the company begins to reap the benefits of the implemented initiatives. "We could lower our rating on Compass Minerals if we no longer expect earnings and leverage to recover in fiscal 2026 due to market weakness or operational challenges at its production facilities." In such a scenario, S&P would expect: -- Leverage above 6x -- Sustained negative free cash flows -- Increased refinancing risks associated with its senior unsecured notes due December 2027 S&P said, "We could raise our rating on Compass within the next 12 months if its leverage strengthened below 4x, restoring some cushion in its credit metrics to deal with earnings volatility. This could occur if the benefits of its recent operational initiatives crystalized, putting it in a position to prioritize debt repayment with excess cash flows. We would also expect concrete steps by the company to address upcoming debt maturities in December 2027." CONCORDE METRO: Seeks to Hire Christiansen Commercial as Realtor ---------------------------------------------------------------- Concorde Metro Seguros, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Christiansen Real Estate, Inc., doing business as Christiansen Commercial, as realtor. The Debtor needs a realtor to sell and market its commercial office condominium units located within the Metro Medical Center building at the Bayamon Municipality. The broker will receive a commission of 5 percent of the property sold. Ryan Christiansen, a broker at Christiansen Commercial, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan G. Christiansen Christiansen Commercial P.O. Box 6894 San Juan, PR 00914 Email: ryan@christiansencommercial.com About Concorde Metro Seguros Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. CONNORSVILLE COMMONS: Contribution & Contract Proceeds to Fund Plan ------------------------------------------------------------------- Connersville Commons LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization and Disclosure Statement dated May 13, 2025. The Debtor was incorporated on June 6, 2013 by Breckinridge Retail GP, LLC, Huey Investments, Inc., Marsan Capital, Ltd., Exateak Land, L.P., and the Scott Remphrey Irrevocable Trust. The Debtor was formed to acquire, develop, own, and operate (and ultimately, to sell) the property located at 3896 Western Avenue, Connersville, Indiana 47331 (the "Property"). The Property is subject to a mortgage with First Merchants as a result of First Merchants' loan to the Debtor on January 15, 2014, in the original amount of $1,864,210.25. The Debtor is currently owned equally by two entities: Marsan Capital, LLC, owned by Sanders, and Exateak Land US, LP, owned by Noons. Construction began in January 2015 following the grant of construction financing by First Merchants, guaranteed by Sanders and Noons (the "Guarantors"). In addition, Huey, another former equity holder, invested $800,000 into the Property. First Merchants declared a default on the Note in April 2024. The Debtor filed a lawsuit in Indiana state court against the Debtor and the Guarantors alleging several causes of action, and in September 2024, the state court entered an order allowing First Merchants to foreclose on the Property, leading to the Debtor's bankruptcy petition. Currently, the Debtor's sole source of funds are the rents from its 4 tenants: Dollar Tree ($8,833.50 per month), Rent-A-Center ($5,500 per month), Shoe Show ($3,333,33 per month) and Cricket Cell phone store ($3,166.67 per month). The Debtor has been operating in a cash flow positive manner since the filing of its bankruptcy petition. A fifth tenant, a nail salon, has signed a lease and is in the architectural plans, permits, and construction cost bid stage of development. Class 3 consists of Allowed General Unsecured Claims of Cushman Wakefield and the under-secured claim of First Merchants Bank. The Payment Due Date for this Class is 14 days after the Effective Date of the Plan. The Class 3 claimants shall be paid their pro rata amount of the funds remaining in the Debtor's bank account after the sale of the shopping center (the "Remaining Funds"). The pro rata amount to be paid to each claimant is a fraction of the Remaining Funds, the numerator of which is the allowed claim of each Class 3 claimant and the denominator of which is the sum of the allowed claims of all Class 3 claimants. This Class is Impaired. Class 4 consists of the Holders Allowed General Unsecured Claims of Insiders. The Claimants of this class of Claim Holders will receive no dividend from the Debtor's estate. This Class is Impaired. The Interest Holders shall retain their interests in the Debtor, as the Reorganized Debtor, subject to and remaining after the payment of all administrative expenses claims and US Trustee Fees, and the satisfaction of all claims in Classes 1 through 3. The Debtor's sole asset is the Property, which is subject to the Contract. Upon closing of Contract (the "Closing"), the funds will be distributed in accordance with this Plan and the Bankruptcy Code payment distribution schema set forth in, inter alia, section 1129 of the Code. In addition to the proceeds of the Contract, the Guarantors shall contribute $89,000 to be paid at the Closing. A full-text copy of the Disclosure Statement dated May 13, 2025 is available at https://urlcurt.com/u?l=Ha6J0K from PacerMonitor.com at no charge. Counsel to the Debtor: Bennett G. Fisher, Esq. Audrey E. Ramirez, Esq. LEWIS BRISBOIS BISGAARD & SMITH, LLP 24 Greenway Plaza, Suite 1400 Houston, Texas 77046 Tel: (346) 241-4095 Fax: (713) 759-6830 Email: bennett.fisher@lewisbrisbois.com audrey.ramirez@lewisbrisbois.com About Connorsville Commons Connorsville Commons LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). Connorsville Commons LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-34691) on October 4, 2024. In the petition filed by Thomas Noons, as managing partner, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Bennett Greg Fisher, Esq. at Lewis Brisbois Bisgaard & Smith. COST LESS: Unsecured Creditors to Split $108K over 5 Years ---------------------------------------------------------- Cost Less Distributing, Inc., submitted a Second Amended Plan of Reorganization under Subchapter V dated May 12, 2025. The Debtor has improved its business no longer aggressively discounting its prices and securing large new customers for more stable sales. It has also found new suppliers offering better cost structures. Cost Less Distributing, Inc. 's financial projections have been revised to address the U.S. Trustee's objection and show that the Debtor will have projected disposable income of between $25,000-$26,000 per month initially with increases in future years. Debtor acknowledges that the initial plan payment is $26,674 per month, but Debtor would also note that the principals, Timothy Green and Matthew Ovadek, work fulltime in the business and are being paid relatively modest salaries. Mr. Ovadek and Mr. Green have historically and will continue to prioritize paying Cost Less's operating expenses and plan obligations over the Debtor's obligations to its principals. The means that the Debtor could, while meeting its other obligations, pay $1000 to $2000 per month more into the plan. To the extent that there is a discrepancy between projected revenues and plans Debtor would also note that that amount is a very small percentage of gross revenues meaning slight changes in revenues, costs or profit margins could address any such discrepancy. The final Plan payment will be paid 5 years after the first payment due under the plan with is estimated to be August 1, 2030 if, by way of example, the first payment is due September 1, 2025 (the date may vary based on the date of confirmation, but in any case will be 60 months following the initial payment which date is based on the date of confirmation). These projections are based on Debtor's principals' experience with operating the business both prior to and during the pendency of the filing. This Plan proposes to pay Creditors of Cost Less Distributing, Inc. from the Debtor's cash flow from operations and future income. Class IV shall consist of partially or wholly unsecured claims. Each Holder of Class IV Claims shall receive a Pro Rata distribution attributable to its Allowed General Unsecured Claim based on monthly payments each year by the Debtor from the Debtor's Projected Disposable Income for a period of 5 years. The first payment shall be the first day of the month not less than 60 days after the Effective Date. Such payments shall continue to be made monthly on the first day of each calendar quarter thereafter for a period of 5 years from the first payment. The payments herein are reduced both based on the feasibility concerns raised by the United States Trustee and the increase in Kay Financial's Class I payment. For the initial 24 months of payments each monthly plan payment shall total $500.00. For the next 24 months, the monthly payments shall increase to $2,000.00. Finally, during last 12 months of the plan, the monthly payments shall be $4,000.00 per month. This will result in a total, gross payment to unsecured creditors of $108,000.00 This Class is Impaired. Cost Less Distributing, Inc. shall be responsible for satisfying the Allowed Claims in accordance with the terms and provisions of this Plan. The Reorganized Debtor Cost Less Distributing, Inc. will retain control of and be responsible for all of Debtor's activities pursuant to this Plan after the Effective Date. Funding for the administration of the bankruptcy estates and of this Plan and for the actions necessary shall come from funds on hand. A full-text copy of the Second Amended Plan dated May 12, 2025 is available at https://urlcurt.com/u?l=faEK7g from PacerMonitor.com at no charge. The Debtor's Counsel: Peter T. Mooney, Esq. SIMEN, FIGURA & PARKER, PLC 5206 Gateway Centre #200 Flint, MI 48507 Tel: (810) 235-9000 E-mail: pmooney@sfplaw.com About Cost Less Distributing Cost Less Distributing Inc. is a family-owned company in the pet treat and pet food industry. In addition to its pet treat program, the company now offers cell phone charger cable, Cooper Street cookies for humans, and will soon introduce its own small batch, gourmet popcorn. Cost Less Distributing sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-31912) on October 7, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Matthew Ovadek, vice president, signed the petition. Judge Joel D. Applebaum oversees the case. The Debtor is represented by Peter T. Mooney, Esq., at Simen, Figura & Parker, PLC. CRICKET AUTOMOTIVE: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Cricket Automotive Center, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The final order authorized the company to use cash collateral consistent with its budget, with a 10% variance allowed. Secured creditors, including Cricket Service Center, LLC, a North Carolina limited liability company, CT Corporation System and Corporation Service Company, will receive a replacement lien on property acquired by the company after the petition date that is similar to their pre-bankruptcy collateral. As additional protection, Cricket Automotive Center was ordered to keep the secured creditors' collateral insured. About Cricket Automotive Center Cricket Automotive Center, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04172) on December 2, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge David M. Warren presides over the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC is the Debtor's legal counsel. Secured creditor Cricket Service Center, LLC is represented by: Brian R. Anderson, Esq. Fox Rothschild LLP 230 N. Elm Street, Suite 1200 Greensboro, NC 27401 Telephone: (336) 378-5205 Facsimile: (336) 378-5400 Email: Branderson@foxrothschild.com CROSSWIND RANCH: Case Summary & Three Unsecured Creditors --------------------------------------------------------- Debtor: Crosswinds Ranch Enterprises, LLC 950 County Roads 3100 Bonham, TX 75418 Business Description: Crosswinds Ranch Enterprises owns an unimproved real property located in Bonham, Texas, valued at approximately $1.1 million. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-41583 Debtor's Counsel: Robert T. DeMarco, Esq. DEMARCO MITCHELL, PLLC 500 N. Central Expressway Suite 500 Plano TX 75074 Tel: (972) 991-5591 Email: robert@demarcomitchell.com Total Assets: $1,320,000 Total Liabilities: $825,500 The petition was signed by Bryan Skylar as president. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LSW5DPA/Crosswinds_Ranch_Enterprises_LLC__txebke-25-41583__0001.0.pdf?mcid=tGE4TAMA CUCL CORPORATION: Seeks to Tap Greenspoon Marder as General Counsel ------------------------------------------------------------------- CUCL Corporation seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Greenspoon Marder LLP as counsel. The firm will provide these services: (a) prepare bankruptcy schedules and statement of affairs; (b) compliance with United States Trustee requirements; (c) represent the Debtor at its initial debtor interview with the United States Trustee, and at the section 341(a) meeting of creditors; (d) negotiate with creditors; (e) examine claims of creditors in order to determine their validity; (f) employ necessary professionals to assist the Debtor in this bankruptcy case; (g) give advice and counsel to the Debtor in connection with legal issues; (h) negotiate with creditors holding secured and unsecured claims; (i) various "first day" motions designed, among other things, to facilitate the smooth administration of the Debtor's case and minimize disruption relating to the commencement of this case; (j) prepare and present a plan of reorganization and disclosure statement; (k) object claims as may be appropriate; (l) review, analysis, legal research, and prepare documents, correspondence, and other communications with regard to the foregoing matters; (m) commence and prosecute adversary proceedings; (n) comply with the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, the requirements and guidelines of the United States Trustee, and any orders of this court; and (o) in general, act as counsel on behalf of the Debtor in any and all bankruptcy law and related matters which may arise in the course of this case. The firm will be paid at these hourly rates: Howard Ehrenberg, Partner $825 Victor Sahn, Partner $825 Alan Tippi, Partner $825 Mark Horoupian, Partner $775 Daniel Lev, Partner $775 Elissa Miller, Partner $750 Michael Bakst, Partner $700 Rilyn Carnahan, Partner $600 Asa Hami, Senior Counsel $695 Steve Burnell, Associate $595 Shantal Malmed, Associate $595 Karen Files, Paraprofessional $295 Alysha Lopez, Paraprofessional $200 Lupe Cortez, Trustee Administator $200 In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, the firm received a prepetition retainer in the amount of $36,738 from the Debtor. Mr. Horoupian disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark S. Horoupian, Esq. Greenspoon Marder LLP 1875 Century Park East, Suite 1900 Los Angeles, CA 90067 Telephone: (213) 626-2311 Facsimile: (954) 771-9264 About CUCL Corporation CUCL Corporation is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). CUCL Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13300) on April 2, 2025. In its petition, the Debtor reports total assets of $2,000,000 and total liabilities of $235,000. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by Mark Horoupian, Esq. at Greenspoon Marder LLP. CUMULUS MEDIA: S&P Affirms 'CCC+' Rating on Senior Secured Debt --------------------------------------------------------------- S&P Global Ratings affirmed its 'CCC+' issue-level ratings on Cumulus Media Inc.'s financing subsidiary Cumulus Media New Holdings Inc.'s $311.8 million first-out senior secured term loan due 2029 and its $306.4 million first-out senior secured notes due 2029. At the same time, S&P revised its recovery ratings on this debt to '4' from '3'. The '4' recovery rating reflects its expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. The revision follows the reduction of our estimated EBITDA in a hypothetical default scenario to $66 million from $89 million given the ongoing secular pressures facing the broadcast radio industry. This decreased the value available to lenders in our simulated default scenario, thus reducing expected recovery prospects. S&P said, "We also affirmed our 'CCC-' issue-level ratings on the company's $1.2 million second-out senior secured term loan due 2026 and its $22.7 million second-out senior secured notes due 2026. The recovery rating remains '6'. The '6' recovery rating reflects our expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. "Our 'CCC+' issuer credit rating and negative outlook on Cumulus Media are unchanged as we believe the company is dependent on favorable business, financial, and economic conditions to meet its financial obligations. Although, we still expect Cumulus will have sufficient liquidity through cash and availability under its revolving asset-based lending (ABL) facility to meet its operating and fixed-charge obligations over the next 12 months." Issue Ratings--Recovery Analysis Key analytical factors -- The company's capital structure comprises a $311.8 million first-out senior secured term loan maturing in 2029, $306.4 million of 8.00% first-out senior secured notes due in 2029, a $1.2 million second-out senior secured term loan maturing in 2026, and $22.7 million of 6.75% second-out senior secured notes due in 2026. Cumulus also has a $125 million senior secured ABL facility (not rated) maturing in 2029. -- Cumulus Media New Holdings Inc. is the borrower on all the debt. The ABL facility has a first-priority lien on accounts receivable, qualified cash, and related assets. The $311.8 million term loan due 2029 and its $306.4 senior notes due 2029 are secured by a first-lien (second-lien to the ABL priority collateral) on substantially all of the existing and future assets of holdings and the existing guarantors. The debt due 2029 is also guaranteed by certain subsidiaries that are designated as unrestricted under the term loan due 2026 and the senior notes due 2026. Simulated default assumptions -- S&P's simulated scenario considers a default in 2026 primarily because of increased competition from alternative media and a cyclical downturn in advertising that reduces Cumulus' revenue and cash flow given its largely fixed-cost base. -- Other default assumptions include a 60% draw on the ABL facility and all debt includes six months of prepetition interest. -- S&P values the company on a going-concern basis using a 5.0x multiple of our projected emergence EBITDA, which is in line with that of other similarly sized radio companies we rate. Simplified waterfall -- EBITDA at emergence: $66 million -- EBITDA multiple: 5.0x -- Gross recovery value: $329 million -- Net enterprise value (after 5% administrative costs): $313 million -- Estimated priority (ABL) claims: $76 million -- Value available for first-out senior secured debt claims: $237 million -- Estimated first-out senior secured debt claims: $642 million --Recovery expectations: 30%-50% (rounded estimate: 35%) -- Value available for second-out senior secured debt claims: $0 million -- Estimated second-out senior secured debt claims: $25 million --Recovery expectations: 0%-10% (rounded estimate: 0%) D & B PHARMACY: Seeks Cash Collateral Access -------------------------------------------- D and B Pharmacy Corporation asked the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral. The Debtor requires the use of cash collateral to preserve operations while arranging a sale of its business and assets as a going concern. The Debtor has served the community for over 15 years, offering pharmacy services, vaccines, and health screenings. It attributes its financial struggles to COVID-19 disruptions, rising costs, and reduced reimbursements from insurers and government programs. McKesson Corporation, the senior secured creditor, has conditionally consented to the use of cash collateral. The Debtor hopes other creditors, including Burlington Drug Company and the U.S. Small Business Administration will follow. The estimated value of the Debtor's assets is approximately $350,000, with $200,000 in inventory, $110,000 in receivables, and $40,000 in fixtures and equipment. As protection for the Debtor's use of cash collateral, the Debtor proposed to make payments of interest only to McKesson in the amount of $2,000 per month. The Debtor will also grant all lienholders replacement liens on all of its pre-bankruptcy and post-petition assets and proceeds, including receivables to the extent that it had a valid security interest in said pre-bankruptcy assets. A hearing on the matter will be held on June 12. About D and B Pharmacy Corporation D and B Pharmacy Corporation offers pharmacy services, vaccines, and health screenings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-22402) on May 9, 2025. In the petition signed by Paul Roldan, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Kyu Young Paek oversees the case. Anne Penachio, Esq., at Penachio Malara LLP, represents the Debtor as legal counsel. DANNIKLOR ENTERPRISES: Carol Fox Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Danniklor Enterprises, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Danniklor Enterprises Danniklor Enterprises, LLC, operating as Bikes Palm Beach, sells a wide range of bicycles and accessories, including kids' bikes, hybrid and electric bikes, triathlon bikes, and high-end road bikes. It also offers cycling gear such as helmets, lights, sunglasses, and athletic footwear. In addition to retail sales, it provides bicycle maintenance services with a 24-hour turnaround commitment at its location in Jupiter, Florida. Danniklor Enterprises sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15192) on May 8, 2025. In its petition, the Debtor reported total assets of $119,176 and total liabilities of $1,984,41. Judge Mindy A. Mora handles the case. The Debtor is represented by Robert C. Furr, Esq., at Furr and Cohen, PA. DELTA QUAD: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------- On May 29, 2025, Delta Quad Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filing, the Debtor reports between $1 million and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Delta Quad Holdings LLC Delta Quad Holdings LLC is a real estate company that owns a single property asset located at 925 Grand Blvd., Kansas City, Missouri. It operates as a single-asset entity within the real estate sector. Delta Quad Holdings LLC relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-02135) on May 29, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher B. Latham handles the case. The Debtors are represented by Ahren A. Tiller, Esq. at BANKRUPTCY LAW CENTER. DIOCESE OF SYRACUSE: Asks Court Okay to Pause Ch. 11 Plan Hearing ----------------------------------------------------------------- Rick Archer of Law360 reports that on June 2, 2025, a New York bankruptcy judge approved a one-month delay for the hearing on the Roman Catholic Diocese of Syracuse's Chapter 11 plan, allowing the diocese additional time to finalize a pending insurance settlement. About The Roman Catholic Diocese of Syracuse The Roman Catholic Diocese of Syracuse, New York --http://www.syracusediocese.org/-- through its administrative offices (a) provides operational support to the Catholic parishes, schools and certain other Catholic entities that operate within the territory of the Diocese in support of their shared charitable humanitarian and religious missions; (b) conducts school operations by managing tuition and scholarship payments, employee payroll, and other school-related operating expenses for separately incorporated Diocesan schools, as well as providing parish schools with financial, operational and educational support; and (c) provides comprehensive risk management services to the OCEs through the Diocese's insurance program. The Roman Catholic Diocese of Syracuse, New York filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen A. Breen, chief financial officer, signed the petition. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Margaret M. Cangilos-Ruiz oversees the case. Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy counsel. The Debtor also tapped Mullen Coughlin LLC as special counsel, Arete Advisors LLC as cybersecurity consultant, and Moxfive LLC as technical advisor. Stretto is the claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Debtor's bankruptcy case. The committee tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research Group, LLC, as its bankruptcy counsel, local counsel and financial advisor, respectively. DOS LAGOS: Case Summary & Five Unsecured Creditors -------------------------------------------------- Debtor: Dos Lagos Center 2, LLC 125 Vineland Ave La Puente, CA 91746 Business Description: Dos Lagos Center 2, LLC is a California- based company engaged in commercial real estate development and property management. It operates in the Los Angeles area and is registered in the City of Industry. Chapter 11 Petition Date: May 30, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-13642 Judge: Hon. Magdalena Reyes Bordeaux Debtor's Counsel: Derrick Talerico, Esq. WEINTRAUB, ZOLKIN TALERICO & SELTH LLP 11766 Wilshire Blvd Suite 730 Los Angeles CA 90025 Tel: (424) 500-8552 E-mail: dtalerico@wztslaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $10 million The petition was signed on behalf of Richard Don, Manager and Member, by Bo Don under power of attorney. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CDOTKLY/Dos_Lagos_Center_2_LLC__cacbke-25-13642__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Five Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Fu Bang Group Corp USA Loan $2,172,798 Attn Bo Don 4261 Odyssey Dr Unit 117 Corona, CA 92883 Tel: (510) 827-8788 2. First Federal Development & Co Trade Debt $54,315 Attn WeiCai Li 4280 Odyssey Dr Unit 103 Corona, CA 92883 Tel: (626) 321-1503 3. RDD Frt Intl - LA Loan $52,100 Attn Zhang Lang 125 Vineland Ave La Puente, CA 91746 Tel: (310) 245-9980 4. Hua YiXu Loan $37,147 4260 Odyssey Dr Unit 116 Corona, CA 92883 5. American Fence Company Inc Trade Debt $2,001 Attn Nicole Ball 1860 Goetz Rd Perris, CA 92570 Tel: (951) 443-3550 DOTDASH MEREDITH: S&P Rates New $700MM Secured Term Loan B 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Dotdash Meredith Inc.'s proposed $700 million senior secured term loan B maturing in 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. Dotdash plans to use the proceeds from the new term loan to partially repay its existing term loan B, which comes due in 2028. Issue Ratings--Recovery Analysis Key analytical factors -- Dotdash's proposed capital structure comprises a $150 million senior secured revolving credit facility due 2030 (not rated), a $350 million senior secured term loan A-1 due 2030 (not rated), a $1.18 billion ($480 million outstanding) senior secured term loan B-1 due 2028, and a $700 million term loan B due 2032. -- Substantially all of Dotdash's current and future direct and indirect domestic subsidiaries guarantee the debt. The debt is secured by a material pledge of substantially all of the assets and stock of the borrower and guarantors. -- IAC does not guarantee Dotdash's debt. Simulated default assumptions -- S&P's simulated default scenario contemplates a default occurring in 2029 because of a combination of key client losses, pricing pressure due to increased competition, and significant declines in web traffic to Dotdash's top websites. -- Other default assumptions include an 85% draw on the revolving credit facility, the spread on the revolving credit facility rises to 5% as the company obtains covenant amendments, and all debt includes six months of prepetition interest. -- S&P values Dotdash on a going-concern basis using a 6x multiple of its projected emergence EBITDA, which is in line with the multiples S&P uses for most of the other digital marketing companies it rates. Simplified waterfall -- EBITDA at emergence: $180 million -- EBITDA multiple: 6x -- Gross enterprise value: $1.1 billion -- Net enterprise value (after 5% administrative costs): $1.0 billion -- Value available for first-lien debt claims: $1.0 billion -- Estimated senior secured debt claims: $1.6 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) ECO-PRESERVATION SERVICES: Trustee Hires Strickland as Accountant ----------------------------------------------------------------- Brian Walding, the trustee appointed in the Chapter 11 case of ECO-Preservation Services, LLC and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Barry Strickland & Company, Certified Public Accountants as accountant. The Trustee requires the assistance of experienced accountants to perform various accounting duties that are needed for the proper administration of the bankruptcy estate. The firm's professionals will be paid at these hourly rates: Accountants $345 - $360 Paraprofessionals $100 - $145 Barry Stricklad, president of Barry Strickland & Company, 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: Barry I. Strickland Barry Strickland & Company, Certified Public Accountants P.O. Box 9228 Richmond, VA 23227 Telephone: (804) 550-8500 About ECO-Preservation Services ECO-Preservation Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 22-02429) on Oct. 5, 2022, listing up to $10 million in both assets and liabilities. Judge D. Sims Crawford oversees the case. The Law Offices of Harry P. Long, LLC serves as the Debtor's counsel. Brian Walding is appointed as trustee in this Chapter 11 case. He tapped Walding, LLC as counsel and Barry Strickland & Company, Certified Public Accountants as accountant. ELIS HOLDINGS: Seeks Chapter 11 Bankruptcy in Pennsylvania ---------------------------------------------------------- On May 29, 2025, Elis Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Pennsylvania. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Elis Holdings LLC Elis Holdings LLC is a limited liability company. Elis Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-01519) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark J. Conway handles the case. The Debtors are represented by Jason Zac Christman, Esq. at J. ZAC CHRISTMAN, ESQ. ELITE PRINTING: Seeks to Tap Desai Law Firm as Legal Counsel ------------------------------------------------------------ Elite Printing & Packaging, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ The Desai Law Firm LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its rights, power and duties in this Chapter 11 case; (b) assist and advise the Debtor in its consultations with any committee appointed in this case; (c) assist the Debtor in analyzing the claims of creditors and negotiating with such creditors; (d) assist the Debtor with investigation of its assets, liabilities and financial condition of and reorganize its business in order to maximize the value of its assets for the benefit of all creditors; (e) advise the Debtor in connection with the sale of assets or business; (f) assist the Debtor in its analysis of and negotiate with any third-party concerning matters related to, among other things, the terms of a plan of reorganization; (g) assist and advise the Debtor with respect to any communications with the general creditor body regarding significant matters in this case; (h) commence and prosecute necessary and appropriate actions and/or proceedings on behalf of the Debtor; (i) review, analyze or prepare on behalf of the Debtor, all necessary legal documents; (j) represent the Debtor at all hearings and other proceedings; (k) confer with other professional advisors retained by the Debtor in providing advice to it; (l) perform all other necessary legal services in this case as may be requested by the Debtor; and () assist and advise the Debtor regarding pending litigation matters in which it may be involved. The firm's counsel and staff will be paid at these hourly rates: Partners $400 Associates $200 Paralegals/Law Clerks $125 In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, the firm was paid a retainer of $25,000 from the Debtor. Spencer Desai, Esq., a partner at The Desai Law Firm, 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: Spencer P. Desai, Esq. The Desai Law Firm LLC 13321 North Outer Forty Road, Suite 300 St. Louis, MO 63017 Telephone: (314) 666-9781 Facsimile: (314) 448-4320 Email: spd@desailawfirmllc.com About Elite Printing & Packaging Elite Printing & Packaging Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-41743) on May 5, 2025, listing up to $10 million in both assets and liabilities. The Desai Law Firm LLC serves as the Debtor's counsel. ELIZABETH SUZANN: Claims to be Paid from Continued Operations ------------------------------------------------------------- Elizabeth Suzann, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Middle District of Tennessee an Amended Plan of Reorganization dated May 12, 2025. The Debtor is a locally owned and operated manufacturer and retailer of clothing goods. Its principal place of business is located at 1180 Ithaca Street, Murfreesboro, TN 37130. Debtor Elizabeth Martucci formed Elizabeth Suzann, LLC in 2013. It had gross revenues of $1,435,889.78 in 2022, $1,349,107.92 in 2023, and $1,273,123.69 in 2024. The COVID-19 pandemic substantially impacted Elizabeth Suzann, LLC in two ways: (1) sales plummeted, decreasing by about 70-80%; and (2) Tennessee governmental mandates forced the company to cease in-person operations because its employees were not classified as "essential workers." This Plan is Debtor's comprehensive proposal intended to balance honoring its obligations to creditors while restructuring its finances in a manner sufficient to ensure continuation of the business. Class 3 consists of the Unsecured Claims against Elizabeth Suzann, LLC. Each Holder of an Allowed Class 3 Claim shall be paid its Pro Rata portion of Debtor Elizabeth Suzann, LLC's Disposable Income in quarterly disbursements during the Commitment Period, with the first such payment due on the Effective Date. Elizabeth Martucci shall retain her membership interests in Elizabeth Suzann, LLC. Elizabeth Suzann, LLC shall use proceeds from operations to pay all required payments on the Effective Date and all payments due under the Plan on an on-going basis. A full-text copy of the Amended Plan dated May 12, 2025 is available at https://urlcurt.com/u?l=pKgTr8 from PacerMonitor.com at no charge. About Elizabeth Suzann Elizabeth Suzann, LLC, is a locally owned and operated manufacturer and retailer of clothing goods. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-04703) on December 5, 2024, with up to $100,000 in assets and up to $500,000 in liabilities. Elizabeth Martucci, chief executive officer of Elizabeth Suzann, signed the petition. Judge Nancy B. King oversees the case. The Debtor is represented by: Michael G. Abelow, Esq. Sherrard Roe Voigt & Harbison, PLC Tel: 615-742-4200 Email: mabelow@srvhlaw.com ESCO OIL: Tom Howley of Howley Law Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for ESCO Oil Operating Company, LLC. Mr. Howley will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About ESCO Oil Operating Company ESCO Oil Operating Company, LLC is a Texas-based oil and gas operator engaged in managing producing wells primarily in Maverick County. It is headquartered in Houston and holds mineral interests across multiple counties in the state. ESCO Oil Operating Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32573) on May 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Leonard Simon, Esq., at Pendergraft & Simon, LLP. FIGUERO TELEPHONE: Taps Ramon Trabal Rios & Asociados as Accountant ------------------------------------------------------------------- Figueroa Telephone Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Ramon Trabal Rios & Asociados LLC CPA as accountant. The firm will render these services: (a) supervise the accounting affairs of the Debtor and its operations; (b) prepare and/or review the Debtor's monthly operating reports, as well as any other accounting reports necessary for the proper administration of the estate; (c) prepare and/or review state and/or federal income tax and property tax return, as required by law; and (d) prepare the projection and all other analysis required for the proposal and confirmation of a Chapter 11 Plan. Ramon Trabal Rios, CPA, the primary accountant in this representation, will be paid at a rate of $150 per hour and $50 per hour for support staff. Mr. Rios 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: Ramon Trabal Rios, CPA Ramon Trabal Rios & Asociados LLC, CPA Carr 417km 4.3 BO Mamey Aguada, PR 00602 Telephone: (787) 969-9911 Email: cpatrabal@gmail.com About Figueroa Telephone Construction Figueroa Telephone Construction Inc. specializes in the construction and maintenance of telecommunication systems, including both aerial and underground installations. The Company's services encompass fusion and splicing of fiber optic networks, as well as the construction and installation of handholes and manholes for cables. Figueroa Telephone Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01506) on April 2, 2025. In its petition, the Debtor reports total assets of $499,203 and total liabilities of $1,131,802. The Debtor tapped Jaime Rodriguez Perez, Esq. at Hatillo Law Office, PSC as counsel and Ramon Trabal Rios & Asociados LLC, CPA as accountant. FINS UP: Michael Carmel Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 14 appointed Michael Carmel of Michael W. Carmel, Ltd. as Subchapter V trustee for Fins Up P.C., d/b/a Desert Vista Medical Associates. Mr. Carmel will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Carmel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael W. Carmel Michael W. Carmel, Ltd. 80 E. Columbus Ave Phoenix, AZ 85012-4965 Phone: 602-264-4965 Fax: 602-277-0144 Email: michael@mcarmellaw.com About Fins Up P.C. Fins Up P.C., doing business as Desert Vista Medical Associates is a multi-specialty medical practice based in Scottsdale, Arizona. The clinic offers outpatient services across various specialties including internal medicine, family medicine, emergency medicine, and diagnostic radiology. Fins Up P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04235) on May 9, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Grant L. Cartwright, Esq. at MAY POTENZA BARAN & GILLESPIE PC. FINS UP: Seeks to Hire May Potenza Baran & Gillespie as Counsel --------------------------------------------------------------- Fins Up, PC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ May, Potenza, Baran & Gillespie, PC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Grant Cartwright, Attorney $545 Andrew Harnisch, Attorney $545 Eric Moats, Attorney $425 Michelle Giordano, Paralegal $265 The firm received a retainer of $30,000 from Desert Vista Medical Associates. Mr. Cartwright 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: Grant L. Cartwright, Esq. May, Potenza, Baran & Gillespie, P.C. 1850 North Central Avenue, Suite 1600 Phoenix, AZ 85004 Telephone: (602) 252-1900 Facsimile: (602) 252-1114 Email: gcartwright@maypotenza.com About Fins Up PC Fins Up PC, doing business as Desert Vista Medical Associates, is a multi-specialty medical practice based in Scottsdale, Arizona. The clinic offers outpatient services across various specialties including internal medicine, family medicine, emergency medicine, and diagnostic radiology. Fins Up PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04235) on May 9, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Grant L. Cartwright, Esq. at May Potenza Baran & Gillespie PC. FIREPAK INC: Court OKs Materials Sale for $10K ---------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, has approved Firepak Inc. to sell materials via private sale, free and clear of liens, interests, and encumbrances. The Debtor is a company located in Miami, Florida, that provides installation services for sprinkler systems, fire pumps, underground piping, and standpipes. The Court has authorized the Debtor to sell materials including thread power tools, drills and chipping hammers, and small generators with the estimated value of $10,000. The Court has also allowed the Debtor to sell the Debtor's right, title, and interest in and to the Materials to a licensed salvage or scrap metal dealer. About Firepak Inc. Firepak Inc. specializes in the design and layout of fire sprinkler systems, modifications to existing fire sprinkler systems, new installations, tenant build outs, retrofit of existing buildings, and inspections and repairs of all types of fire sprinkler systems. Firepak sought relief under Chapter 11 of the U.S. Bankruptcy Code(Bankr. S.D. Fla. Case No. 24-21725) on November 7, 2024, with total assets of $1,454,421 and total liabilities of $2,424,737. Linda Leali, Esq., serves as Subchapter V trustee. Judge Robert A. Mark handles the case. Lydecker, LLP is the Debtor's legal counsel. Regions Bank, as secured creditor, is represented by Aaron J. Nash, Esq., at Evans Petree, PC, represents the Debtor as legal counsel. FIREPAK INC: Court OKs Vehicle Sale to Multiple Buyers ------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, has approved Firepak Inc. to sell automobiles via private sale, free and clear of liens, interests, and encumbrances. The Debtor is a company located in Miami, Florida, that provides installation services for sprinkler systems, fire pumps, underground piping, and standpipes. The Court has authorized the Debtor to sell the following eight vehicles to Carmax Enterprise Services, LLC, AutoNation Financial Services, LLC, or another similar entity in excess of the Bluebook trade-in value adjusted for condition and mileage: 1. 2005 FORD 5- 150 1FTRF12245NB18315 JUNK 2. 2005 FORD F250 1FTNF20L91EA26563 JUNK 3. 2019 Nissan NV200 3N6CM0K95KK709221 4. 2005Ford F-150 1FTRF12W35NB77262 5. 2020 Chevrolet Colorado 1GCHSBEA1L1104425 6. 2020 Nissan Frontier 1N6BD0CT8KN723391 7. 2019 Nissan Frontier 1N6BD0CT2KN726089 8. 2019 Nissan Frontier 1N6BD0CT3KN716851 The Debtor is also permitted to sell the Debtor's right, title, and interest in and to the vehicles. The Debtor is authorized to sell the 2005 FORD F-150 (Vin No. 1FTRF12245NB1831) and the 2005 FORD F-250 (Vin No. 1FTNF20L91EA26563) vehicles to a licensed salvage or scrap dealer as junk. The Debtor shall file a Report of Sale with the name of the purchaser and the amount of sale for each vehicle within 7 days of the sale of the last vehicle, but in no event later than 30 days after the entry of the Order. The Debtor shall deposit the sale proceeds for the vehicles in the Debtor's Debtor in Possession Bank Account and report the deposits in the Debtor's Monthly Operating Report. The Debtor is authorized to use the proceeds from the sale of the vehicles in the ordinary course of business. About Firepak Inc. Firepak Inc. specializes in the design and layout of fire sprinkler systems, modifications to existing fire sprinkler systems, new installations, tenant build outs, retrofit of existing buildings, and inspections and repairs of all types of fire sprinkler systems. Firepak sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21725) on November 7, 2024, with total assets of $1,454,421 and total liabilities of $2,424,737. Linda Leali, Esq., serves as Subchapter V trustee. Judge Robert A. Mark handles the case. Lydecker, LLP is the Debtor's legal counsel. Regions Bank, as secured creditor, is represented by Aaron J. Nash, Esq., at Evans Petree, PC, represents the Debtor as legal counsel. FLEXSYS HOLDINGS: S&P Lower ICR to 'D' on Debt Exchange ------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on tire additives maker Flexsys Holdings Inc. to 'D' from 'CC'. S&P also lowered its issue-level ratings on Flexsys' senior secured term loan to 'D' from 'CC'. The recovery rating remains '3' (rounded estimate: 55%). Flexsys has completed a debt exchange under which it exchanged its senior secured revolving facility due November 2026 and term loan due November 2028 into a set of priority loans comprising a first-out revolving facility and a first-lien first-out and first-lien second-out term loan, all due Aug. 1, 2029. The revolver has a springing 91-day maturity inside of the term loans. Flexsys' lenders consented to the exchange transaction, which has now been completed. Flexsys received full support for the exchange and recapitalization transaction from its revolving facility and term loan lenders with none of the prior debt remaining outstanding. The transaction is now closed. The company issued $120 million of new structurally senior first-out term loan and exchanged its $461 million term loan due November 2028 into a new second-out term loan. Both of the new loans are due August 2029. S&P said, "Flexsys' lenders, in our view, have received less than originally promised because of the exchange rates being offered and the extension of the maturity. We note that the non-Ad Hoc Group creditor party exchanged at a rate of 87.5%. The interest rate on the new term loan is 100 basis points (bps) higher than the existing term loan, and we believe this rate is well below what the company would have been required to pay for new capital under current market conditions and what an issuer with a similar risk profile would have to pay to raise new capital. The new revolving facility accrues at the same S+475 basis point rate as the exchanged revolver, but matures in August of 2029 instead of November of 2026 (subject to a springing 91-day maturity inside of the term loans)." S&P said, "We also view the transaction as distressed because, absent a transaction, we believe there was a realistic possibility of a conventional default within the next several quarters. Flexsys has experienced weak demand for its products in recent quarters, and lower margins in the places where it is growing in Asia. With over $55 million of annual interest expense, fixed-charge coverage has become weak. "We plan to reassess our ratings on Flexsys in the coming days. Following the transaction's completion, Flexsys now has full availability under its revolving credit facility, which helps its liquidity position. The leverage ratio covenant has also been amended to be calculated using only first-out debt instead of total debt, which is less restrictive. However, its interest expense and total leverage ratio are similar to what they were before, and the company still faces an environment in which demand for tire additives is weak. We do not anticipate a meaningful demand recovery this year given the state of the global macroeconomic environment." FLIP LLC: Seeks Chapter 11 Bankruptcy in Maryland ------------------------------------------------- On May 29, 2025, Flip LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Flip LLC Flip, LLC leases real estate properties across residential, commercial, and industrial sectors. The Company operates as a lessor, providing rental and leasing services for various types of real property. Flip, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-14842) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Duane R. Demers, Esq. at LAW OFFICES OF ALI K, LLC. FOREST GOOD: Case Summary & 13 Unsecured Creditors -------------------------------------------------- Debtor: Forest Good Eats, LLC d/b/a Real McCoy's 3325 Rogers Rd, Ste. 112 Wake Forest, NC 27587 Business Description: Forest Good Eats, LLC operates Real McCoy's, a restaurant and sports bar in Wake Forest, North Carolina. The establishment offers American cuisine and craft beer in a casual setting. Chapter 11 Petition Date: May 30, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-02018 Judge: Hon. David M Warren Debtor's Counsel: Joseph Z. Frost, Esq. BUCKMILLER & FROST, PLLC 4700 Six Forks Road Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 Email: jfrost@bbflawfirm.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by John B. Thomas as managing member. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5DCDESY/Forest_Good_Eats_LLC__ncebke-25-02018__0001.0.pdf?mcid=tGE4TAMA FRED RAU: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------- On May 29, 2025, Fred Rau Dairy Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will not be available to unsecured creditors. About Fred Rau Dairy Inc. Fred Rau Dairy Inc. operates a large-scale dairy farm in Fresno, California. The family-owned business utilizes advanced robotic milking systems and automated feeding technologies. It has been part of the regional agricultural sector since 1976. Fred Rau Dairy Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-11791) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jennifer E. Niemann handles the case. The Debtors are represented by Peter Fear, Esq. at FEAR WADDELL, P.C. G FAB: Court OKs Truck Sale for $32K ------------------------------------ The U.S. Bankruptcy Court for the District of Oregon has permitted G Fab Inc. to sell Personal Property, free and clear of liens, interests, and encumbrances. The Court authorized the Debtor to sell Property consisting of 2020 Ford F-350 Truck for no less than $32,928. In connection with such sale transaction, the DIP is authorized and empowered to execute and deliver all deeds, instruments, and documents and to take all other actions that may be reasonably necessary or desirable to consummate the transactions contemplated by the sale agreement. All proceeds remaining after paying expenses, taxes, commissions, fees, costs, lien of First Foundation Bank, or other charges will be retained by the DIP. The DIP is authorized to take all actions necessary to effectuate the relief granted. About G Fab Inc. G Fab Inc. is a specialty contractor that serves the White City, Oregon area and specializes in structural steel. G Fab sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 24-62739) on December 12, 2024, with $1 million to $10 million in both assets and liabilities. Tracey Glenn, resident of G Fab, signed the petition. Judge Thomas M. Renn handles the case. The Debtor is represented by Keith Y. Boyd, Esq., at Keith Y Boyd, PC. GET SPIFFY: Trinity Capital Marks $9 Million Loan at 15% Off ------------------------------------------------------------ Trinity Capital Inc. has marked its $9,046,000 loan extended to Get Spiffy, Inc. to market at $7,713,000 or 85% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to Get Spiffy, Inc. The loan accrues interest at a rate of variable interest rate Prime + 4.5% or Floor rate 12.3%; EOT 6.0% per annum. The loan matures on January 14, 2028. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Get Spiffy, Inc. Get Spiffy, Inc.is engaged in the design and development of on-demand car cleaning technology and services with the mission to redefine the car washing experience everywhere. GIRARDI & KEESE: Tom Sentenced to More Than 7 Yrs for Client Fraud ------------------------------------------------------------------ Craig Clough of Law360 reports that disbarred attorney Tom Girardi was sentenced to more than seven years in prison for wire fraud by a California federal judge on June 3, 2025. The judge issued a sentence below the recommended guidelines, taking into account Girardi's age and poor health, as the sentencing coincided with his 86th birthday. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GREATER LIGHT: Seeks Continued Cash Collateral Access ----------------------------------------------------- Greater Light Baptist Church of Sacramento asked the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to continue using cash collateral from July 1 through Dec. 31. The cash collateral primarily consists of rental income from commercial properties at 7240 and 7245 E. Southgate Dr., Sacramento, totaling $11,900 per month. The church has no business income aside from rental proceeds and does not consider congregational donations or past property sale proceeds to be part of the collateral at issue. Everest Business Funding, Union Home Loan Inc., and U.S. Bank National Association, may assert interests in the rental income, although the Debtor believes none of them holds enforceable claims on the current cash collateral. Nonetheless, in an abundance of caution, the Debtor proposed to grant protection to all three, including replacement liens and monthly payments. This request follows two previously approved cash collateral motions that covered operations through June 30. The Debtor emphasized that it has remained in compliance with all prior payments and seeks continued use of funds to pay for necessities such as insurance and vendor services, as outlined in its budget, with a 15% variance allowance. A hearing on the matter is set for June 23. Union Home Loan is represented by: Jeffrey B. Smith, Esq. Curd, Galindo & Smith, LLP 301 E. Ocean Blvd., Suite 1700 Long Beach, CA 90802 Phone: (562) 624-1177 Fax: (562) 624-1178 U.S. Bank is represented by: Dane W. Exnowski, Esq. McCalla Raymer Liebert Pierce, LLP 301 E. Ocean Blvd., Suite 1720 Long Beach, CA 90802 Phone: 562-661-5060 BK.CA@mccalla.com About Greater Light Baptist Church of Sacramento Greater Light Baptist Church of Sacramento is a tax-exempt religious organization in Sacramento, Calif. Greater Light Baptist Church filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Cal. Case No. 23-24467) on Dec. 13, 2023, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Pastor O.J. Swanigan, president of Greater Light Baptist Church, signed the petition. Judge Fredrick E. Clement oversees the case. The Law Offices of Gabriel Liberman, APC serves as the Debtor's bankruptcy counsel. HANDLOS CUSTOM: Seeks to Hire SC&H Group as Investment Banker ------------------------------------------------------------- Handlos Custom Farming LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ SC&H Group, Inc. as investment banker. The firm will provide these services: (a) familiarize itself with the business, operations, assets, financial condition, and prospects of the Debtor; (b) advise the Debtor in analyzing its strategic alternatives, structuring, and effecting the financial aspects of any transaction; (c) design the appropriate process to effect and initiate any transaction; (d) prepare an information memorandum or other materials about the Debtor and its businesses for consideration by potential counterparties; (e) contact potential counterparties in connection with a transaction and require potential counterparties to execute confidentiality agreements in favor of the Debtor, unless it has instructed SC&H to do otherwise; (f) facilitate the development of a Virtual Data Room (VDR) with appropriate diligence materials for review by potential counterparties; (g) circulate any information memorandum and marketing materials, provide access to the VDR, or send materials to potential counterparties, after completing confidentiality documents; (h) coordinate diligence with potential counterparties and negotiate with and solicit offers from potential counterparties. Advise the Debtor in structuring a transaction and make recommendations as to whether or not a particular transaction offer should be accepted; (i) in connection with a bankruptcy proceeding governing a potential transaction, provide any relevant testimony and if necessary, provide assistance with the submission of bid procedures to this court and conduct any auction that may result therefrom; (j) if required by the Debtor, negotiate with various stakeholders of the Debtor; and (k) coordinate with the Debtor's legal counsel regarding matters related to the closing of a transaction. The firm will be paid with these fees: (a) Monthly Fee of $15,000 (b) Transaction Fees: (i) in the event the company completes a sale, a fee to be paid upon the Closing of any Sale equal to 2.5 percent of the total consideration; (ii) in the event the company completes a financing, a fee to be paid upon the Closing of any Financing, equal to the sum of: (1) 1.25 percent of the gross amount of funded or committed indebtedness that is (i) secured by a first lien; (ii) secured by a second or more junior lien; (iii) unsecured; and/or, (iv) subordinated; plus (2) 5 percent of the gross amount of any funded or committed preferred or common equity, convertible, or otherwise equity-linked securities or obligations; and, (3) in the event a third party acquires the c restructures those debt obligations in a way that is not a sale, such transaction shall be treated as a debt financing and SC&H will earn and be paid a financing fee, provided such party was contacted by SC&H or had been a participant in the SC&H marketing process to finance the company. (iii) in the event the company completes a restructuring, a fee equal to $75,000, payable upon the closing of the restructuring; (iv) the parties acknowledge that more than one of a sale fee, a financing fee, and a restructuring fee may be earned and payable to SC&H pursuant to the provisions herein; (v) 100 percent of any sale fee earned, paid to and received by SC&H on account of a loan sale transaction shall be credited against any subsequent sale fee; (vi) 50 percent percent of any restructuring fee earned, paid to, and received by SC&H shall be credited against any subsequent financing fee. 33 percent of any sale fee earned, paid to and received by SC&H on account of a sale that is not a loan sale transaction shall be credited against any subsequent financing fee; and, (vii) the company agrees that in no event shall the sum of any (a) Sale Fees; (b) Financing Fee; and, (c) Restructuring Fee be less than $650,000 and if such aggregate fees are less than the transaction minimum fee, the company shall pay the difference in connection with the last closing. In addition, the firm will seek reimbursement for expenses incurred. The firm received gross, pre-petition funds totaling $99,692.55 on behalf of the Debtor and all of the affiliated Chapter 11 cases. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: SC&H Group, Inc. 910 Ridgebrook Rd. Sparks, MD 21152 Telephone: (410) 403-1500 About Handlos Custom Farming Handlos Custom Farming LLC performs contract planting, cultivation and harvesting for the Handlos group's hog-feeding operations in Audubon, Iowa. Handlos Custom Farming sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00670) on April 23, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS CUSTOM: Seeks to Tap Aurora Management Partners as Advisor ------------------------------------------------------------------ Handlos Custom Farming LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Aurora Management Partners, LLC as financial and restructuring advisor. The firm will render these services: (a) assist the Debtor and counsel in preparation for Chapter 11 petition; (b) assist the Debtor and counsel in strategy and negotiation with secured lender; (c) assist counsel in first day hearing as requested; (d) assist the Debtor in communication with customer, vendors, employees, and other constituents; (e) assist in communication with any official committees; (f) assist in cash management; (g) as requested, assist counsel and investment banker in refinancing process; (h) assist/prepare monthly court reporting; and (i) as requested, assist counsel in preparation of the disclosure statement for Plan of Reorganization. The firm will be paid at these hourly rates: Managing Director/Director/Principal/Sr. Advisor $500 - $820 Director/Associate Director $375 - $500 Consultant/Senior Consultant $250 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments summing $50,000 as a retainer in connection with preparing for and conducting the filing of this Chapter 11 case. David Baker, a member at Aurora Management Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Handlos Custom Farming Handlos Custom Farming LLC performs contract planting, cultivation and harvesting for the Handlos group's hog-feeding operations in Audubon, Iowa. Handlos Custom Farming sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00670) on April 23, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FAMILY: Seeks to Hire SC&H Group as Investment Banker ------------------------------------------------------------- Handlos Family Farms LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ SC&H Group, Inc. as investment banker. The firm will provide these services: (a) familiarize itself with the business, operations, assets, financial condition, and prospects of the Debtor; (b) advise the Debtor in analyzing its strategic alternatives, structuring, and effecting the financial aspects of any transaction; (c) design the appropriate process to effect and initiate any transaction; (d) prepare an information memorandum or other materials about the Debtor and its businesses for consideration by potential counterparties; (e) contact potential counterparties in connection with a transaction and require potential counterparties to execute confidentiality agreements in favor of the Debtor, unless it has instructed SC&H to do otherwise; (f) facilitate the development of a Virtual Data Room (VDR) with appropriate diligence materials for review by potential counterparties; (g) circulate any information memorandum and marketing materials, provide access to the VDR, or send materials to potential counterparties, after completing confidentiality documents; (h) coordinate diligence with potential counterparties and negotiate with and solicit offers from potential counterparties. Advise the Debtor in structuring a transaction and make recommendations as to whether or not a particular transaction offer should be accepted; (i) in connection with a bankruptcy proceeding governing a potential transaction, provide any relevant testimony and if necessary, provide assistance with the submission of bid procedures to this court and conduct any auction that may result therefrom; (j) if required by the Debtor, negotiate with various stakeholders of the Debtor; and (k) coordinate with the Debtor's legal counsel regarding matters related to the closing of a transaction. The firm will be paid with these fees: (a) Monthly Fee of $15,000 (b) Transaction Fees: (i) in the event the company completes a sale, a fee to be paid upon the Closing of any Sale equal to 2.5 percent of the total consideration; (ii) in the event the company completes a financing, a fee to be paid upon the Closing of any Financing, equal to the sum of: (1) 1.25 percent of the gross amount of funded or committed indebtedness that is (i) secured by a first lien; (ii) secured by a second or more junior lien; (iii) unsecured; and/or, (iv) subordinated; plus (2) 5 percent of the gross amount of any funded or committed preferred or common equity, convertible, or otherwise equity-linked securities or obligations; and, (3) in the event a third party acquires the c restructures those debt obligations in a way that is not a sale, such transaction shall be treated as a debt financing and SC&H will earn and be paid a financing fee, provided such party was contacted by SC&H or had been a participant in the SC&H marketing process to finance the company. (iii) in the event the company completes a restructuring, a fee equal to $75,000, payable upon the closing of the restructuring; (iv) the parties acknowledge that more than one of a sale fee, a financing fee, and a restructuring fee may be earned and payable to SC&H pursuant to the provisions herein; (v) 100 percent of any sale fee earned, paid to and received by SC&H on account of a loan sale transaction shall be credited against any subsequent sale fee; (vi) 50 percent percent of any restructuring fee earned, paid to, and received by SC&H shall be credited against any subsequent financing fee. 33 percent of any sale fee earned, paid to and received by SC&H on account of a sale that is not a loan sale transaction shall be credited against any subsequent financing fee; and, (vii) the company agrees that in no event shall the sum of any (a) Sale Fees; (b) Financing Fee; and, (c) Restructuring Fee be less than $650,000 and if such aggregate fees are less than the transaction minimum fee, the company shall pay the difference in connection with the last closing. In addition, the firm will seek reimbursement for expenses incurred. The firm received gross, pre-petition funds totaling $99,692.55 on behalf of the Debtor and all of the affiliated Chapter 11 cases. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: SC&H Group, Inc. 910 Ridgebrook Rd. Sparks, MD 21152 Telephone: (410) 403-1500 About Handlos Family Farms Handlos Family Farms LLC operates row-crop acreage and a 3,500-head swine facility in Audubon, Iowa, supporting the Handlos group's vertically integrated pork business. The Company supplies feed grains and housing for hogs that move through affiliated farrowing, finishing and manure-handling units. Handlos Family Farms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00671) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FAMILY: Seeks to Tap Aurora Management Partners as Advisor ------------------------------------------------------------------ Handlos Family Farms, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Aurora Management Partners, LLC as financial and restructuring advisor. The firm will render these services: (a) assist the Debtor and counsel in preparation for Chapter 11 petition; (b) assist the Debtor and counsel in strategy and negotiation with secured lender; (c) assist counsel in first day hearing as requested; (d) assist the Debtor in communication with customer, vendors, employees, and other constituents; (e) assist in communication with any official committees; (f) assist in cash management; (g) as requested, assist counsel and investment banker in refinancing process; (h) assist/prepare monthly court reporting; and (i) as requested, assist counsel in preparation of the disclosure statement for Plan of Reorganization. The firm will be paid at these hourly rates: Managing Director/Director/Principal/Sr. Advisor $500 - $820 Director/Associate Director $375 - $500 Consultant/Senior Consultant $250 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments summing $50,000 as a retainer in connection with preparing for and conducting the filing of this Chapter 11 case. David Baker, a member at Aurora Management Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Handlos Family Farms Handlos Family Farms LLC operates row-crop acreage and a 3,500-head swine facility in Audubon, Iowa, supporting the Handlos group's vertically integrated pork business. The Company supplies feed grains and housing for hogs that move through affiliated farrowing, finishing and manure-handling units. Handlos Family Farms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00671) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FARROWING: Hires Aurora Management as Financial Advisor --------------------------------------------------------------- Handlos Farrowing, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Aurora Management Partners, LLC as financial and restructuring advisor. The firm will render these services: (a) assist the Debtor and counsel in preparation for Chapter 11 petition; (b) assist the Debtor and counsel in strategy and negotiation with secured lender; (c) assist counsel in first day hearing as requested; (d) assist the Debtor in communication with customer, vendors, employees, and other constituents; (e) assist in communication with any official committees; (f) assist in cash management; (g) as requested, assist counsel and investment banker in refinancing process; (h) assist/prepare monthly court reporting; and (i) as requested, assist counsel in preparation of the disclosure statement for Plan of Reorganization. The firm will be paid at these hourly rates: Managing Director/Director/Principal/Sr. Advisor $500 - $820 Director/Associate Director $375 - $500 Consultant/Senior Consultant $250 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments summing $50,000 as a retainer in connection with preparing for and conducting the filing of this Chapter 11 case. David Baker, a member at Aurora Management Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Handlos Farrowing Handlos Farrowing, LLC is a livestock producer that specializes in pig-farrowing (breeding and raising newborn hogs) for the pork supply chain. The family-run operation serves hog growers across western Iowa. Handlos Farrowing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00674) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $50 million to $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FARROWING: Hires Aurora Management Partners as Advisor -------------------------------------------------------------- Handlos Farrowing - Jacksonville LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Aurora Management Partners, LLC as financial and restructuring advisor. The firm will render these services: (a) assist the Debtor and counsel in preparation for Chapter 11 petition; (b) assist the Debtor and counsel in strategy and negotiation with secured lender; (c) assist counsel in first day hearing as requested; (d) assist the Debtor in communication with customer, vendors, employees, and other constituents; (e) assist in communication with any official committees; (f) assist in cash management; (g) as requested, assist counsel and investment banker in refinancing process; (h) assist/prepare monthly court reporting; and (i) as requested, assist counsel in preparation of the disclosure statement for Plan of Reorganization. The firm will be paid at these hourly rates: Managing Director/Director/Principal/Sr. Advisor $500 - $820 Director/Associate Director $375 - $500 Consultant/Senior Consultant $250 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments summing $50,000 as a retainer in connection with preparing for and conducting the filing of this Chapter 11 case. David Baker, a member at Aurora Management Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Handlos Farrowing - Jacksonville Handlos Farrowing - Jacksonville LLC runs sow barns near Audubon, Iowa, producing piglets for the Handlos group's pork-production chain. The subsidiary supplies weaned pigs to affiliated finishing sites and relies on the group's feed-crop and manure-handling units. Handlos Farrowing - Jacksonville LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00672) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FARROWING: Seeks to Hire Aurora Management as Advisor ------------------------------------------------------------- Handlos Farrowing - South LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Aurora Management Partners, LLC as financial and restructuring advisor. The firm will render these services: (a) assist the Debtor and counsel in preparation for Chapter 11 petition; (b) assist the Debtor and counsel in strategy and negotiation with secured lender; (c) assist counsel in first day hearing as requested; (d) assist the Debtor in communication with customer, vendors, employees, and other constituents; (e) assist in communication with any official committees; (f) assist in cash management; (g) as requested, assist counsel and investment banker in refinancing process; (h) assist/prepare monthly court reporting; and (i) as requested, assist counsel in preparation of the disclosure statement for Plan of Reorganization. The firm will be paid at these hourly rates: Managing Director/Director/Principal/Sr. Advisor $500 - $820 Director/Associate Director $375 - $500 Consultant/Senior Consultant $250 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments summing $50,000 as a retainer in connection with preparing for and conducting the filing of this Chapter 11 case. David Baker, a member at Aurora Management Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Handlos Farrowing - South Handlos Farrowing - South LLC operates a pig farrowing facility in Audubon, Iowa. Handlos Farrowing - South sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00673) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FARROWING: Seeks to Hire SC&H Group as Investment Banker ---------------------------------------------------------------- Handlos Farrowing LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ SC&H Group, Inc. as investment banker. The firm will provide these services: (a) familiarize itself with the business, operations, assets, financial condition, and prospects of the Debtor; (b) advise the Debtor in analyzing its strategic alternatives, structuring, and effecting the financial aspects of any transaction; (c) design the appropriate process to effect and initiate any transaction; (d) prepare an information memorandum or other materials about the Debtor and its businesses for consideration by potential counterparties; (e) contact potential counterparties in connection with a transaction and require potential counterparties to execute confidentiality agreements in favor of the Debtor, unless it has instructed SC&H to do otherwise; (f) facilitate the development of a Virtual Data Room (VDR) with appropriate diligence materials for review by potential counterparties; (g) circulate any information memorandum and marketing materials, provide access to the VDR, or send materials to potential counterparties, after completing confidentiality documents; (h) coordinate diligence with potential counterparties and negotiate with and solicit offers from potential counterparties. Advise the Debtor in structuring a transaction and make recommendations as to whether or not a particular transaction offer should be accepted; (i) in connection with a bankruptcy proceeding governing a potential transaction, provide any relevant testimony and if necessary, provide assistance with the submission of bid procedures to this court and conduct any auction that may result therefrom; (j) if required by the Debtor, negotiate with various stakeholders of the Debtor; and (k) coordinate with the Debtor's legal counsel regarding matters related to the closing of a transaction. The firm will be paid with these fees: (a) Monthly Fee of $15,000 (b) Transaction Fees: (i) in the event the company completes a sale, a fee to be paid upon the Closing of any Sale equal to 2.5 percent of the total consideration; (ii) in the event the company completes a financing, a fee to be paid upon the Closing of any Financing, equal to the sum of: (1) 1.25 percent of the gross amount of funded or committed indebtedness that is (i) secured by a first lien; (ii) secured by a second or more junior lien; (iii) unsecured; and/or, (iv) subordinated; plus (2) 5 percent of the gross amount of any funded or committed preferred or common equity, convertible, or otherwise equity-linked securities or obligations; and, (3) in the event a third party acquires the c restructures those debt obligations in a way that is not a sale, such transaction shall be treated as a debt financing and SC&H will earn and be paid a financing fee, provided such party was contacted by SC&H or had been a participant in the SC&H marketing process to finance the company. (iii) in the event the company completes a restructuring, a fee equal to $75,000, payable upon the closing of the restructuring; (iv) the parties acknowledge that more than one of a sale fee, a financing fee, and a restructuring fee may be earned and payable to SC&H pursuant to the provisions herein; (v) 100 percent of any sale fee earned, paid to and received by SC&H on account of a loan sale transaction shall be credited against any subsequent sale fee; (vi) 50 percent percent of any restructuring fee earned, paid to, and received by SC&H shall be credited against any subsequent financing fee. 33 percent of any sale fee earned, paid to and received by SC&H on account of a sale that is not a loan sale transaction shall be credited against any subsequent financing fee; and, (vii) the company agrees that in no event shall the sum of any (a) Sale Fees; (b) Financing Fee; and, (c) Restructuring Fee be less than $650,000 and if such aggregate fees are less than the transaction minimum fee, the company shall pay the difference in connection with the last closing. In addition, the firm will seek reimbursement for expenses incurred. The firm received gross, pre-petition funds totaling $99,692.55 on behalf of the Debtor and all of the affiliated Chapter 11 cases. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: SC&H Group, Inc. 910 Ridgebrook Rd. Sparks, MD 21152 Telephone: (410) 403-1500 About Handlos Farrowing Handlos Farrowing, LLC is a livestock producer that specializes in pig-farrowing (breeding and raising newborn hogs) for the pork supply chain. The family-run operation serves hog growers across western Iowa. Handlos Farrowing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00674) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $50 million to $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FARROWING: Seeks to Hire SC&H Group as Investment Banker ---------------------------------------------------------------- Handlos Farrowing – Jacksonville LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ SC&H Group, Inc. as investment banker. The firm will provide these services: (a) familiarize itself with the business, operations, assets, financial condition, and prospects of the Debtor; (b) advise the Debtor in analyzing its strategic alternatives, structuring, and effecting the financial aspects of any transaction; (c) design the appropriate process to effect and initiate any transaction; (d) prepare an information memorandum or other materials about the Debtor and its businesses for consideration by potential counterparties; (e) contact potential counterparties in connection with a transaction and require potential counterparties to execute confidentiality agreements in favor of the Debtor, unless it has instructed SC&H to do otherwise; (f) facilitate the development of a Virtual Data Room (VDR) with appropriate diligence materials for review by potential counterparties; (g) circulate any information memorandum and marketing materials, provide access to the VDR, or send materials to potential counterparties, after completing confidentiality documents; (h) coordinate diligence with potential counterparties and negotiate with and solicit offers from potential counterparties. Advise the Debtor in structuring a transaction and make recommendations as to whether or not a particular transaction offer should be accepted; (i) in connection with a bankruptcy proceeding governing a potential transaction, provide any relevant testimony and if necessary, provide assistance with the submission of bid procedures to this court and conduct any auction that may result therefrom; (j) if required by the Debtor, negotiate with various stakeholders of the Debtor; and (k) coordinate with the Debtor's legal counsel regarding matters related to the closing of a transaction. The firm will be paid with these fees: (a) Monthly Fee of $15,000 (b) Transaction Fees: (i) in the event the company completes a sale, a fee to be paid upon the Closing of any Sale equal to 2.5 percent of the total consideration; (ii) in the event the company completes a financing, a fee to be paid upon the Closing of any Financing, equal to the sum of: (1) 1.25 percent of the gross amount of funded or committed indebtedness that is (i) secured by a first lien; (ii) secured by a second or more junior lien; (iii) unsecured; and/or, (iv) subordinated; plus (2) 5 percent of the gross amount of any funded or committed preferred or common equity, convertible, or otherwise equity-linked securities or obligations; and, (3) in the event a third party acquires the c restructures those debt obligations in a way that is not a sale, such transaction shall be treated as a debt financing and SC&H will earn and be paid a financing fee, provided such party was contacted by SC&H or had been a participant in the SC&H marketing process to finance the company. (iii) in the event the company completes a restructuring, a fee equal to $75,000, payable upon the closing of the restructuring; (iv) the parties acknowledge that more than one of a sale fee, a financing fee, and a restructuring fee may be earned and payable to SC&H pursuant to the provisions herein; (v) 100 percent of any sale fee earned, paid to and received by SC&H on account of a loan sale transaction shall be credited against any subsequent sale fee; (vi) 50 percent percent of any restructuring fee earned, paid to, and received by SC&H shall be credited against any subsequent financing fee. 33 percent of any sale fee earned, paid to and received by SC&H on account of a sale that is not a loan sale transaction shall be credited against any subsequent financing fee; and, (vii) the company agrees that in no event shall the sum of any (a) Sale Fees; (b) Financing Fee; and, (c) Restructuring Fee be less than $650,000 and if such aggregate fees are less than the transaction minimum fee, the company shall pay the difference in connection with the last closing. In addition, the firm will seek reimbursement for expenses incurred. The firm received gross, pre-petition funds totaling $99,692.55 on behalf of the Debtor and all of the affiliated Chapter 11 cases. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: SC&H Group, Inc. 910 Ridgebrook Rd. Sparks, MD 21152 Telephone: (410) 403-1500 About Handlos Farrowing - Jacksonville Handlos Farrowing - Jacksonville LLC runs sow barns near Audubon, Iowa, producing piglets for the Handlos group's pork-production chain. The subsidiary supplies weaned pigs to affiliated finishing sites and relies on the group's feed-crop and manure-handling units. Handlos Farrowing - Jacksonville LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00672) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FARROWING: Seeks to Hire SC&H Group as Investment Banker ---------------------------------------------------------------- Handlos Farrowing - South LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ SC&H Group, Inc. as investment banker. The firm will provide these services: (a) familiarize itself with the business, operations, assets, financial condition, and prospects of the Debtor; (b) advise the Debtor in analyzing its strategic alternatives, structuring, and effecting the financial aspects of any transaction; (c) design the appropriate process to effect and initiate any transaction; (d) prepare an information memorandum or other materials about the Debtor and its businesses for consideration by potential counterparties; (e) contact potential counterparties in connection with a transaction and require potential counterparties to execute confidentiality agreements in favor of the Debtor, unless it has instructed SC&H to do otherwise; (f) facilitate the development of a Virtual Data Room (VDR) with appropriate diligence materials for review by potential counterparties; (g) circulate any information memorandum and marketing materials, provide access to the VDR, or send materials to potential counterparties, after completing confidentiality documents; (h) coordinate diligence with potential counterparties and negotiate with and solicit offers from potential counterparties. Advise the Debtor in structuring a transaction and make recommendations as to whether or not a particular transaction offer should be accepted; (i) in connection with a bankruptcy proceeding governing a potential transaction, provide any relevant testimony and if necessary, provide assistance with the submission of bid procedures to this court and conduct any auction that may result therefrom; (j) if required by the Debtor, negotiate with various stakeholders of the Debtor; and (k) coordinate with the Debtor's legal counsel regarding matters related to the closing of a transaction. The firm will be paid with these following fees: (a) Monthly Fee of $15,000 (b) Transaction Fees: (i) in the event the company completes a sale, a fee to be paid upon the Closing of any Sale equal to 2.5 percent of the total consideration; (ii) in the event the company completes a financing, a fee to be paid upon the Closing of any Financing, equal to the sum of: (1) 1.25 percent of the gross amount of funded or committed indebtedness that is (i) secured by a first lien; (ii) secured by a second or more junior lien; (iii) unsecured; and/or, (iv) subordinated; plus (2) 5 percent of the gross amount of any funded or committed preferred or common equity, convertible, or otherwise equity-linked securities or obligations; and, (3) in the event a third party acquires the c restructures those debt obligations in a way that is not a sale, such transaction shall be treated as a debt financing and SC&H will earn and be paid a financing fee, provided such party was contacted by SC&H or had been a participant in the SC&H marketing process to finance the company. (iii) in the event the company completes a restructuring, a fee equal to $75,000, payable upon the closing of the restructuring; (iv) the parties acknowledge that more than one of a sale fee, a financing fee, and a restructuring fee may be earned and payable to SC&H pursuant to the provisions herein; (v) 100 percent of any sale fee earned, paid to and received by SC&H on account of a loan sale transaction shall be credited against any subsequent sale fee; (vi) 50 percent percent of any restructuring fee earned, paid to, and received by SC&H shall be credited against any subsequent financing fee. 33 percent of any sale fee earned, paid to and received by SC&H on account of a sale that is not a loan sale transaction shall be credited against any subsequent financing fee; and, (vii) the company agrees that in no event shall the sum of any (a) Sale Fees; (b) Financing Fee; and, (c) Restructuring Fee be less than $650,000 and if such aggregate fees are less than the transaction minimum fee, the company shall pay the difference in connection with the last closing. In addition, the firm will seek reimbursement for expenses incurred. The firm received gross, pre-petition funds totaling $99,692.55 on behalf of the Debtor and all of the affiliated Chapter 11 cases. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: SC&H Group, Inc. 910 Ridgebrook Rd. Sparks, MD 21152 Telephone: (410) 403-1500 About Handlos Farrowing - South Handlos Farrowing - South LLC operates a pig farrowing facility in Audubon, Iowa. Handlos Farrowing - South sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00673) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FEED: Seeks Approval to Tap SC&H Group as Investment Banker ------------------------------------------------------------------- Handlos Feed Mill LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ SC&H Group, Inc. as investment banker. The firm will provide these services: (a) familiarize itself with the business, operations, assets, financial condition, and prospects of the Debtor; (b) advise the Debtor in analyzing its strategic alternatives, structuring, and effecting the financial aspects of any transaction; (c) design the appropriate process to effect and initiate any transaction; (d) prepare an information memorandum or other materials about the Debtor and its businesses for consideration by potential counterparties; (e) contact potential counterparties in connection with a transaction and require potential counterparties to execute confidentiality agreements in favor of the Debtor, unless it has instructed SC&H to do otherwise; (f) facilitate the development of a Virtual Data Room (VDR) with appropriate diligence materials for review by potential counterparties; (g) circulate any information memorandum and marketing materials, provide access to the VDR, or send materials to potential counterparties, after completing confidentiality documents; (h) coordinate diligence with potential counterparties and negotiate with and solicit offers from potential counterparties. Advise the Debtor in structuring a transaction and make recommendations as to whether or not a particular transaction offer should be accepted; (i) in connection with a bankruptcy proceeding governing a potential transaction, provide any relevant testimony and if necessary, provide assistance with the submission of bid procedures to this court and conduct any auction that may result therefrom; (j) if required by the Debtor, negotiate with various stakeholders of the Debtor; and (k) coordinate with the Debtor's legal counsel regarding matters related to the closing of a transaction. The firm will be paid with these fees: (a) Monthly Fee of $15,000 (b) Transaction Fees: (i) in the event the company completes a sale, a fee to be paid upon the Closing of any Sale equal to 2.5 percent of the total consideration; (ii) in the event the company completes a financing, a fee to be paid upon the Closing of any Financing, equal to the sum of: (1) 1.25 percent of the gross amount of funded or committed indebtedness that is (i) secured by a first lien; (ii) secured by a second or more junior lien; (iii) unsecured; and/or, (iv) subordinated; plus (2) 5 percent of the gross amount of any funded or committed preferred or common equity, convertible, or otherwise equity-linked securities or obligations; and, (3) in the event a third party acquires the c restructures those debt obligations in a way that is not a sale, such transaction shall be treated as a debt financing and SC&H will earn and be paid a financing fee, provided such party was contacted by SC&H or had been a participant in the SC&H marketing process to finance the company. (iii) in the event the company completes a restructuring, a fee equal to $75,000, payable upon the closing of the restructuring; (iv) the parties acknowledge that more than one of a sale fee, a financing fee, and a restructuring fee may be earned and payable to SC&H pursuant to the provisions herein; (v) 100 percent of any sale fee earned, paid to and received by SC&H on account of a loan sale transaction shall be credited against any subsequent sale fee; (vi) 50 percent percent of any restructuring fee earned, paid to, and received by SC&H shall be credited against any subsequent financing fee. 33 percent of any sale fee earned, paid to and received by SC&H on account of a sale that is not a loan sale transaction shall be credited against any subsequent financing fee; and, (vii) the company agrees that in no event shall the sum of any (a) Sale Fees; (b) Financing Fee; and, (c) Restructuring Fee be less than $650,000 and if such aggregate fees are less than the transaction minimum fee, the company shall pay the difference in connection with the last closing. In addition, the firm will seek reimbursement for expenses incurred. The firm received gross, pre-petition funds totaling $99,692.55 on behalf of the Debtor and all of the affiliated Chapter 11 cases. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: SC&H Group, Inc. 910 Ridgebrook Rd. Sparks, MD 21152 Telephone: (410) 403-1500 About Handlos Feed Mill Handlos Feed Mill LLC manufactures and wholesales livestock feed products from its facility in Audubon, Iowa. The privately held company, in operation for roughly two decades, serves local farmers. Handlos Feed Mill sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00675) on April 23, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FEED: Taps Aurora Management Partners as Financial Advisor ------------------------------------------------------------------ Handlos Feed Mill LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Aurora Management Partners, LLC as financial and restructuring advisor. The firm will render these services: (a) assist the Debtor and counsel in preparation for Chapter 11 petition; (b) assist the Debtor and counsel in strategy and negotiation with secured lender; (c) assist counsel in first day hearing as requested; (d) assist the Debtor in communication with customer, vendors, employees, and other constituents; (e) assist in communication with any official committees; (f) assist in cash management; (g) as requested, assist counsel and investment banker in refinancing process; (h) assist/prepare monthly court reporting; and (i) as requested, assist counsel in preparation of the disclosure statement for Plan of Reorganization. The firm will be paid at these hourly rates: Managing Director/Director/Principal/Sr. Advisor $500 - $820 Director/Associate Director $375 - $500 Consultant/Senior Consultant $250 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments summing $50,000 as a retainer in connection with preparing for and conducting the filing of this Chapter 11 case. David Baker, a member at Aurora Management Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Handlos Feed Mill Handlos Feed Mill LLC manufactures and wholesales livestock feed products from its facility in Audubon, Iowa. The privately held company, in operation for roughly two decades, serves local farmers. Handlos Feed Mill sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00675) on April 23, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FINISHING: Hires Aurora Management Partners as Advisor -------------------------------------------------------------- Handlos Finishing, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Aurora Management Partners, LLC as financial and restructuring advisor. The firm will render these services: (a) assist the Debtor and counsel in preparation for Chapter 11 petition; (b) assist the Debtor and counsel in strategy and negotiation with secured lender; (c) assist counsel in first day hearing as requested; (d) assist the Debtor in communication with customer, vendors, employees, and other constituents; (e) assist in communication with any official committees; (f) assist in cash management; (g) as requested, assist counsel and investment banker in refinancing process; (h) assist/prepare monthly court reporting; and (i) as requested, assist counsel in preparation of the disclosure statement for Plan of Reorganization. The firm will be paid at these hourly rates: Managing Director/Director/Principal/Sr. Advisor $500 - $820 Director/Associate Director $375 - $500 Consultant/Senior Consultant $250 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments summing $50,000 as a retainer in connection with preparing for and conducting the filing of this Chapter 11 case. David Baker, a member at Aurora Management Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Handlos Finishing Handlos Finishing, LLC is part of a family-owned pork producer in Audubon, Iowa, that raises hogs from farrowing through finishing and provides custom manure-handling services. The vertically integrated operation also farms grain and feed crops that support its swine units. Handlos Finishing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00669) on April 23, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS FINISHING: Seeks to Hire SC&H Group as Investment Banker ---------------------------------------------------------------- Handlos Finishing, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ SC&H Group, Inc. as investment banker. The firm will provide these services: (a) familiarize itself with the business, operations, assets, financial condition, and prospects of the Debtor; (b) advise the Debtor in analyzing its strategic alternatives, structuring, and effecting the financial aspects of any transaction; (c) design the appropriate process to effect and initiate any transaction; (d) prepare an information memorandum or other materials about the Debtor and its businesses for consideration by potential counterparties; (e) contact potential counterparties in connection with a transaction and require potential counterparties to execute confidentiality agreements in favor of the Debtor, unless it has instructed SC&H to do otherwise; (f) facilitate the development of a Virtual Data Room (VDR) with appropriate diligence materials for review by potential counterparties; (g) circulate any information memorandum and marketing materials, provide access to the VDR, or send materials to potential counterparties, after completing confidentiality documents; (h) coordinate diligence with potential counterparties and negotiate with and solicit offers from potential counterparties. Advise the Debtor in structuring a transaction and make recommendations as to whether or not a particular transaction offer should be accepted; (i) in connection with a bankruptcy proceeding governing a potential transaction, provide any relevant testimony and if necessary, provide assistance with the submission of bid procedures to this court and conduct any auction that may result therefrom; (j) if required by the Debtor, negotiate with various stakeholders of the Debtor; and (k) coordinate with the Debtor's legal counsel regarding matters related to the closing of a transaction. The firm will be paid with these fees: (a) Monthly Fee of $15,000 (b) Transaction Fees: (i) in the event the company completes a sale, a fee to be paid upon the Closing of any Sale equal to 2.5 percent of the total consideration; (ii) in the event the company completes a financing, a fee to be paid upon the Closing of any Financing, equal to the sum of: (1) 1.25 percent of the gross amount of funded or committed indebtedness that is (i) secured by a first lien; (ii) secured by a second or more junior lien; (iii) unsecured; and/or, (iv) subordinated; plus (2) 5 percent of the gross amount of any funded or committed preferred or common equity, convertible, or otherwise equity-linked securities or obligations; and, (3) in the event a third party acquires the c restructures those debt obligations in a way that is not a sale, such transaction shall be treated as a debt financing and SC&H will earn and be paid a financing fee, provided such party was contacted by SC&H or had been a participant in the SC&H marketing process to finance the company. (iii) in the event the company completes a restructuring, a fee equal to $75,000, payable upon the closing of the restructuring; (iv) the parties acknowledge that more than one of a sale fee, a financing fee, and a restructuring fee may be earned and payable to SC&H pursuant to the provisions herein; (v) 100 percent of any sale fee earned, paid to and received by SC&H on account of a loan sale transaction shall be credited against any subsequent sale fee; (vi) 50 percent percent of any restructuring fee earned, paid to, and received by SC&H shall be credited against any subsequent financing fee. 33 percent of any sale fee earned, paid to and received by SC&H on account of a sale that is not a loan sale transaction shall be credited against any subsequent financing fee; and, (vii) the company agrees that in no event shall the sum of any (a) Sale Fees; (b) Financing Fee; and, (c) Restructuring Fee be less than $650,000 and if such aggregate fees are less than the transaction minimum fee, the company shall pay the difference in connection with the last closing. In addition, the firm will seek reimbursement for expenses incurred. The firm received gross, pre-petition funds totaling $99,692.55 on behalf of the Debtor and all of the affiliated Chapter 11 cases. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: SC&H Group, Inc. 910 Ridgebrook Rd. Sparks, MD 21152 Telephone: (410) 403-1500 About Handlos Finishing Handlos Finishing, LLC is part of a family-owned pork producer in Audubon, Iowa, that raises hogs from farrowing through finishing and provides custom manure-handling services. The vertically integrated operation also farms grain and feed crops that support its swine units. Handlos Finishing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00669) on April 23, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS MANURE: Seeks to Hire SC&H Group as Investment Banker ------------------------------------------------------------- Handlos Manure Hauling LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ SC&H Group, Inc. as investment banker. The firm will provide these services: (a) familiarize itself with the business, operations, assets, financial condition, and prospects of the Debtor; (b) advise the Debtor in analyzing its strategic alternatives, structuring, and effecting the financial aspects of any transaction; (c) design the appropriate process to effect and initiate any transaction; (d) prepare an information memorandum or other materials about the Debtor and its businesses for consideration by potential counterparties; (e) contact potential counterparties in connection with a transaction and require potential counterparties to execute confidentiality agreements in favor of the Debtor, unless it has instructed SC&H to do otherwise; (f) facilitate the development of a Virtual Data Room (VDR) with appropriate diligence materials for review by potential counterparties; (g) circulate any information memorandum and marketing materials, provide access to the VDR, or send materials to potential counterparties, after completing confidentiality documents; (h) coordinate diligence with potential counterparties and negotiate with and solicit offers from potential counterparties. Advise the Debtor in structuring a transaction and make recommendations as to whether or not a particular transaction offer should be accepted; (i) in connection with a bankruptcy proceeding governing a potential transaction, provide any relevant testimony and if necessary, provide assistance with the submission of bid procedures to this court and conduct any auction that may result therefrom; (j) if required by the Debtor, negotiate with various stakeholders of the Debtor; and (k) coordinate with the Debtor's legal counsel regarding matters related to the closing of a transaction. The firm will be paid with these fees: (a) Monthly Fee of $15,000 (b) Transaction Fees: (i) in the event the company completes a sale, a fee to be paid upon the Closing of any Sale equal to 2.5 percent of the total consideration; (ii) in the event the company completes a financing, a fee to be paid upon the Closing of any Financing, equal to the sum of: (1) 1.25 percent of the gross amount of funded or committed indebtedness that is (i) secured by a first lien; (ii) secured by a second or more junior lien; (iii) unsecured; and/or, (iv) subordinated; plus (2) 5 percent of the gross amount of any funded or committed preferred or common equity, convertible, or otherwise equity-linked securities or obligations; and, (3) in the event a third party acquires the c restructures those debt obligations in a way that is not a sale, such transaction shall be treated as a debt financing and SC&H will earn and be paid a financing fee, provided such party was contacted by SC&H or had been a participant in the SC&H marketing process to finance the company. (iii) in the event the company completes a restructuring, a fee equal to $75,000, payable upon the closing of the restructuring; (iv) the parties acknowledge that more than one of a sale fee, a financing fee, and a restructuring fee may be earned and payable to SC&H pursuant to the provisions herein; (v) 100 percent of any sale fee earned, paid to and received by SC&H on account of a loan sale transaction shall be credited against any subsequent sale fee; (vi) 50 percent percent of any restructuring fee earned, paid to, and received by SC&H shall be credited against any subsequent financing fee. 33 percent of any sale fee earned, paid to and received by SC&H on account of a sale that is not a loan sale transaction shall be credited against any subsequent financing fee; and, (vii) the company agrees that in no event shall the sum of any (a) Sale Fees; (b) Financing Fee; and, (c) Restructuring Fee be less than $650,000 and if such aggregate fees are less than the transaction minimum fee, the company shall pay the difference in connection with the last closing. In addition, the firm will seek reimbursement for expenses incurred. The firm received gross, pre-petition funds totaling $99,692.55 on behalf of the Debtor and all of the affiliated Chapter 11 cases. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: SC&H Group, Inc. 910 Ridgebrook Rd. Sparks, MD 21152 Telephone: (410) 403-1500 About Handlos Manure Hauling Handlos Manure Hauling LLC provides commercial manure hauling and land-application services for livestock producers in and around Audubon, Iowa. Handlos Manure Hauling sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00676) on April 23, 2025. In its petition, the Debtor reports estimated assets between $100,000 to $500,000 and estimated liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HANDLOS MANURE: Seeks to Tap Aurora Management as Financial Advisor ------------------------------------------------------------------- Handlos Manure Hauling LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Aurora Management Partners, LLC as financial and restructuring advisor. The firm will render these services: (a) assist the Debtor and counsel in preparation for Chapter 11 petition; (b) assist the Debtor and counsel in strategy and negotiation with secured lender; (c) assist counsel in first day hearing as requested; (d) assist the Debtor in communication with customer, vendors, employees, and other constituents; (e) assist in communication with any official committees; (f) assist in cash management; (g) as requested, assist counsel and investment banker in refinancing process; (h) assist/prepare monthly court reporting; and (i) as requested, assist counsel in preparation of the disclosure statement for Plan of Reorganization. The firm will be paid at these hourly rates: Managing Director/Director/Principal/Sr. Advisor $500 - $820 Director/Associate Director $375 - $500 Consultant/Senior Consultant $250 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments summing $50,000 as a retainer in connection with preparing for and conducting the filing of this Chapter 11 case. David Baker, a member at Aurora Management Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Handlos Manure Hauling Handlos Manure Hauling LLC provides commercial manure hauling and land-application services for livestock producers in and around Audubon, Iowa. Handlos Manure Hauling sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00676) on April 23, 2025. In its petition, the Debtor reports estimated assets between $100,000 to $500,000 and estimated liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. HEADWAY WORKFORCE: Seeks to Sell Assets in Auction -------------------------------------------------- Headway Workforce Solutions Inc. and its affiliates seek permission from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to sell Assets in an Auction, free and clear of liens, interests, and encumbrances. The Debtor operates as a staffing agency. The Debtor's operations were funded by Midcap Funding IV Trust, a Delaware statutory trust. The Debtors and Noor Staffing Group, LLC are parties to that certain Revolving Loan Promissory Note, dated February 23, 2025, that certain Continuing Security Agreement effective as of February 23, 2025 between Debtors and Noor, and certain UCC Financing Statements filed by Noor as secured party. Debtors, MidCap and Noor entered into a Memorandum of Understanding whereby Noor agreed to, inter alia, to advance the certain funds to the Debtors to employ and cover the costs and expense of the Debtors' employees and other mutually agreed upon operational costs. The Debtors current financial situation has significantly limited its ability to conduct an extensive marketing process for the Primed Assets. The Debtors have determined that implementing the Bidding Procedures and an Auction is the best method to obtain bids for the Primed Assets that will maximize the value of the Debtors estates. The Debtors believe it is important to establish a floor price for their assets. The Debtors have secured a stalking horse bid from the Noor and/or its designee as a Stalking Horse Bidder. The parties anticipate entering into a stalking horse asset purchase agreement providing for, among other things, consideration in the form of: a total purchase price of $1,500,000 consisting of a credit bid in the amount of the DIP Loan, currently anticipated to be up to a maximum principal amount of $1,230,000 plus interest and fees and cash consideration in an amount up to the total purchase price of $1,500,000, and the assumption of certain liabilities. The Stalking Horse Agreement will require the Debtors to pay the Break-Up Fee of up to 4% of the purchase price included in any Stalking Horse Agreement, and the Expense Reimbursement Amount of up to $100,000 for the actual reasonable and documented out-of pocket third-party expenses actually incurred by the Stalking Horse Bidder in connection with the negotiation of, and transactions contemplated by, the Stalking Horse Agreement but will not require the Debtors to pay a break-up fee or other forms of bid protections. The Debtors desire to receive the greatest value for the Primed Assets. Although the Debtors believe the proposed Stalking Horse Bid is fair and reasonable, consistent with the Bidding Procedures, the Debtors nevertheless intend to offer the Primed Assets for sale pursuant to a value-maximizing section 363 sale process designed at achieving higher or otherwise better bids. A bid from a Qualifying Bidder satisfying all of the requirements, as determined by the Debtors, will constitute a Qualifying Bid. If the Debtors receive one or more timely Qualifying Bids then the Debtors shall conduct the Auction. The Debtors believe that the timeline set forth in the Bidding Procedures will provide parties with sufficient time to obtain information necessary to formulate a competitive bid, maximizing the prospect that the Debtors will receive offers that will benefit the Debtors’ estates and their stakeholders. The Debtors submit that the sale process is reasonable in time and scope, and will permit sufficient time for any interested bidders to conduct their due diligence with respect to the Primed Assets and formulate bids on the Primed Assets. About Headway Workforce Solutions Inc. Headway Workforce Solutions, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by Pamela P. Keenan, Esq., at Kirschbaum, Nanney, Keenan & Griffin, P.A. HERITAGE GRILL: Case Summary & 15 Unsecured Creditors ----------------------------------------------------- Debtor: The Heritage Grille & Wine Bar, LLC d/b/a The Heritage Grille & Wine Barrel 1228 Heritage Links Drive, Suite 104 Wake Forest, NC 27587 Business Description: The Heritage Grille & Wine Bar, LLC, doing business as The Heritage Grille & Wine Barrel, is a fine dining restaurant based in Wake Forest, North Carolina. It serves French-inspired cuisine and offers a curated wine selection. The establishment includes a formal dining room, a speakeasy-style bar, and a bottle shop. Chapter 11 Petition Date: May 30, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-02019 Judge: Hon. David M Warren Debtor's Counsel: Joseph Z. Frost, Esq. BUCKMILLER & FROST, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 Email: jfrost@bbflawfirm.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million John B. Thomas signed the petition as managing member. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/COJ6MIQ/The_Heritage_Grille__Wine_Bar__ncebke-25-02019__0001.0.pdf?mcid=tGE4TAMA HERTZ CORP: Moody's Affirms 'B2' CFR, Outlook Negative ------------------------------------------------------ Moody's Ratings affirmed the ratings of The Hertz Corporation (Hertz), including the B2 corporate family rating and the B2-PD probability of default rating. Moody's also confirmed the Ba3 rating on the senior secured revolving credit facility, the senior secured term loan B and the senior secured term loan C, the Ba3 rating on the senior secured first lien notes, the B3 rating on the senior secured second lien notes, and the Caa1 rating on the senior unsecured notes. The outlook remains negative. The speculative grade liquidity rating remains SGL-3. The affirmation of the ratings reflects Moody's expectations that the accelerated rotation of Hertz' fleet will considerably lower depreciation expense, helping to restore profitability. In addition, the heightened focus on initiatives to improve liquidity allow the company more time to address other challenges that Hertz contends with, including ongoing declines in revenue per day, high operating costs and high interest expense. RATINGS RATIONALE The B2 corporate family rating reflects Hertz' position as one of three leading players in the North American car rental sector. Despite its oligopolistic nature, the sector is highly competitive and has been prone to price pressure in the event of imbalances between industry fleet levels and customer demand. Hertz is also heavily reliant on capital markets to fund annual fleet purchases. Unfavorable conditions in the car rental market continue weighing on Hertz' earnings due to lower revenue per day and high depreciation on costly vehicles purchased in prior years. High operating cost and interest expense pose a further drag on earnings. Furthermore, prospects for robust travel demand are uncertain. An accelerated rotation of Hertz vehicle fleet will lower depreciation expense in 2025 considerably. This will help restore profitability but Moody's do not expect the pre-tax income margin to turn positive before 2026, later than previously expected. The execution of other earnings enhancing measures, including initiatives to lower operating cost, appear to be taking more time. The ability of Hertz to successfully implement actions to increase revenue per vehicle and lower operating cost will be critical to turn the pre-tax income margin positive in 2026. Debt/EBITDA, calculated including vehicle debt, will exceed 5.5 times in 2025 before moderating to less than 5.5 times in 2026, Moody's estimates. The negative outlook reflects the reliance on the successful implementation of a number of initiatives to improve earnings and liquidity. The limited progress in improving operating results to date leaves very little cushion for missteps or for dealing with additional challenges at the current rating level. Weaker travel demand could further slow down the improvement in Hertz' earnings. Moody's expects liquidity to remain adequate (SGL-3) with an aggregate balance of cash and committed availability under the revolving credit facility of at least $1 billion. Moody's believes management is intensely focused on improving liquidity, including by seeking alternative sources of liquidity to replace the $335 million reduction in committed amount of the revolving credit facility, effective in June 2026. Hertz' funding needs include a litigation payment of more than $300 million or potential settlement in relation to this litigation, as well as the $500 million principal amount of senior unsecured notes due December 2026. The risk of a cash collateral call from Hertz' fleet funding program subsided following a recent increase in used vehicle prices. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with evidence that Hertz is executing its strategy successfully, including a disciplined approach to fleet size, maintaining fleet utilization above 75 percent and a sustained improvement in financial performance. Metrics that would reflect this improvement include pre-tax income as a percent of sales of at least 5%; EBITA/average assets of more than 5%; and debt/EBITDA of less than 4.5 times. Good liquidity that comfortably covers seasonal fleet expansion is also important for an upgrade. The ratings could be downgraded if Hertz is unable to demonstrate clear progress in improving its earnings through lower depreciation expense from fleet rotation as well as cost and revenue enhancing initiatives. The ratings could also be downgraded if the year-on-year decline in rental rates does not abate, or if there is a steep drop in used vehicle prices that requires Hertz to increase collateral under its vehicle financing programs. Metrics that would contribute to a rating downgrade include a lack of progress in restoring pre-tax income as a percent of sales to 2.5% or more, or debt/EBITDA sustained above 5.5 times. The ratings could also be downgraded if liquidity weakens, including an inability to timely address upcoming maturities, litigation or other obligations, or if evidence emerges that Hertz' pursues policies that favor the interest of its controlling shareholders. The principal methodology used in these ratings was Equipment and Transportation Rental published in December 2024. The Hertz Corporation is one of the world's leading car rental companies, operating under the Hertz, Dollar and Thrifty brands. Revenue was $8.8 billion in the 12 months ended March 31, 2025. HERTZ GLOBAL: SC Seeks Govt's Advice on $320MM Bond Case -------------------------------------------------------- Greg Stohr and Jill R. Shah of Bloomberg News report that the Supreme Court has requested input from the Trump administration regarding Hertz's bid to avoid paying over $320 million in interest to bondholders tied to its 2020 bankruptcy case. Hertz is challenging a federal appeals court ruling that awarded bondholders interest at the contractual rate instead of the lower federal judgment rate. The decision leaves the company potentially responsible for $328 million in make-whole premiums and post-petition interest, the report states. About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HOMES NOW: Section 341(a) Meeting of Creditors on June 25 --------------------------------------------------------- On May 29, 2025, Homes Now LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 25, 2025 at 09:45 AM via Telephonic Dial-In Information at https://www.txeb.uscourts.gov/341info. About Homes Now LLC Homes Now LLC operates as a lessor of real estate, engaging in the rental and leasing of residential, commercial, and industrial properties. Homes Now LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex.Case No. 25-41516) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by John Paul Stanford, Esq. at QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. HOPEMAN BROTHERS: Future Claimants' Rep Hires Bankruptcy Counsel ---------------------------------------------------------------- Marla Rosoff Eskin, Esq., the future claimants' representative appointed in the Chapter 11 case of Hopeman Brothers, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Campbell & Levine, LLC as counsel. The firm will provide these services: (a) prepare all necessary legal documents; (b) assist and advise the future claimants' representative with respect to her power and duties and with respect to the Debtor's proposed plan; (c) attend meetings and negotiate with all parties on before of the future claimants' representative; (d) represent the future claimants' representative in all matters before this court and any appellate courts; (e) represent the future claimants' representative in maximizing the Debtor's estate for the benefit of future claimants; (f) review and analyze the Debtor's Chapter 11 plan, applications, motions, and requests of all parties, and advise the future claimants' representative as to the effect of such requests for relief on future claimants; and (g) perform all other legal services necessary to advise the future claimants' representative in this case. The firm will be paid at these hourly rates: David Salzman, Member $825 Kathryn Harrison, Member $450 Douglas Campbell, Member $900 Kathleen Campbell Davis, Member $800 Stanley Levine, Senior Counsel $725 Philip Milch, Member $800 Paul Cordaro, Member $625 Jeanne Lofgren, Counsel $600 Shannon Clougherty, Member $550 Frederick D. Rapone, Jr., Counsel $475 Katherine Hemming, Associate $500 Joseph Bacharach, Associate $275 Michael Pritzker, Paralegal $200 Heather Penn, Paralegal $155 Theresa Matiasic, Paralegal $140 Kaitlan Monahan, Paralegal $120 Jeffrey Quinn, Paralegal $225 Julie Forrest, Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. Mr. Salzman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David B. Salzman, Esq. Campbell & Levine, LLC 310 Grant Street, Suite 1700 Pittsburgh, PA 15219 Telephone: (412) 261-0310 Facsimile: (412) 261-5066 Email: dsalzman@camlev.com About Hopeman Brothers During the 1980s, Hopeman Brothers, Inc. transitioned its business away from ship joining and into manufacturing check-out counters used in commercial retail stores such as Walmart. In 2002, Hopeman spun off its cabinet-making business into Cinnabar Solutions, Inc. In 2003, Hopeman sold substantially all of its remaining shipbuilding-related assets to an unrelated party, US Joiner LLC, pursuant to an asset purchase agreement, dated as of December 23, 2003. Since the asset sale in 2003, Hopeman has had no business operations and exists solely to defend and, when appropriate, settle asbestos-related claims. Hopeman Brothers filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 24-32428) on June 30, 2024, with $50 million to $100 million in both assets and liabilities. The Debtor tapped Hunton Andrews Kurth, LLP as bankruptcy counsel; Blank Rome, LLP as special insurance counsel; Courington, Kiefer, Sommers, Marullo & Matherne, LLC as special asbestos counsel; Kutak Rock LLP as special conflicts counsel; and Stout Risius Ross, LLC as financial advisor. Kurtzman Carson Consultants, LLC is the claims and noticing agent. Marla Rosoff Eskin, Esq., is appointed as the future claimants' representative in this Chapter 11 case. She tapped Campbell & Levine, LLC as her counsel. IDEAL PROPERTY: Gets Final OK to Use Cash Collateral Until Sept. 30 ------------------------------------------------------------------- Ideal Property Investments, LLC received a four-month extension from the U.S. Bankruptcy Court for the Eastern District of Washington to use cash collateral. The court's order authorized the company to use cash collateral, on a final basis, through Sept. 30 to pay professional fees and business expenses, subject to the approved budget. The budget shows total projected operational expenses of $1,929,909.67 for the period from June to September. These expenses include "adequate protection" cash payments of $35,342.20 to Socotra; $31,731.84 to Avatar; and $41,528.96 to Cadence. The final order authorized Ideal Property Investments to grant replacement liens to secured lenders on assets acquired by the company after the petition date that are similar to their pre-bankruptcy collateral. About Ideal Property Investments Ideal Property Investments, LLC is primarily engaged in renting and leasing real estate properties. The company is based in Everett, Wash. Ideal Property Investments filed Chapter 11 petition (Bankr. E.D. Wash. Case No. 24-01421) on September 5, 2024, with $50 million to $100 million in assets and $100 million to $500 million in liabilities. Judge Frederick P. Corbit oversees the case. Laurie Thornton, Esq., at DBS Law is the Debtor's bankruptcy counsel. IMMERSIVE ART: Case Summary & 13 Unsecured Creditors ---------------------------------------------------- Debtor: Immersive Art Space LP 108 West Germania Place Chicago IL 60610 Business Description: Immersive Art Space LP operates Lighthouse ArtSpace Chicago, a venue specializing in immersive digital art exhibitions. Located in the historic Germania Club Building in Chicago, the space hosts large-scale experiences such as Immersive Van Gogh, combining visual projections with music and narrative. The venue also offers facilities for private events and spans approximately 22,000 square feet. Chapter 11 Petition Date: May 30, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-10977 Judge: Hon. Laurie Selber Silverstein Debtor's Counsel: Karen M. Grivner, Esq. CLARK HILL PLC 824 N. Market Street, Suite 710 Wilmington DE 19801 Tel: 302-250-4750 Fax: 302-421-9439 Email: kgrivner@clarkhill.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Willets as authorized agent. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q2Q4IQA/Immersive_Art_Space_LP__debke-25-10977__0001.0.pdf?mcid=tGE4TAMA INFORMATICA INC: Moody's Puts 'Ba3' CFR on Review for Upgrade ------------------------------------------------------------- Moody's Ratings has placed the credit ratings of Informatica Inc.'s (Informatica) on review for upgrade, including the Ba3 corporate family rating, Ba3-PD probability of default rating, and Ba3 ratings on the backed senior secured first lien bank credit facilities issued by Informatica LLC. Previously, the outlook for both issuers were stable. The speculative grade liquidity rating (SGL) of Informatica remains unchanged at SGL-1. The rating action follows Salesforce, Inc.'s (Salesforce, A1 stable) announcement that it plans to acquire Informatica for about $8 billion in equity value, net of Salesforce's current investments in Informatica. The transaction is expected to close early in Salesforce's fiscal year 2027 (January fiscal year end), subject to regulatory clearance and other customary closing conditions. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Informatica's ratings were placed on review for upgrade based on its potential 100% ownership by Salesforce, which has a much stronger credit profile, substantial operating scale, and greater financial resources. Salesforce will receive Informatica's data catalog, data integration, governance, quality and privacy, metadata management, and Master Data Management services that will establish a unified architecture for agentic AI. If Informatica's debt remains outstanding and is legally assumed or guaranteed by Salesforce, then the ratings would be upgraded to Salesforce's ratings level. If Informatica were to become an unguaranteed subsidiary of Salesforce post-acquisition and continue to provide separate audited financial statements going forward, then its ratings would likely be upgraded based on the level of parental support. In the event that Informatica's debt is fully repaid in connection with the closing of the acquisition, Moody's will withdraw all of Informatica's ratings upon extinguishment of its debt. Informatica Inc. (NYSE: INFA) is the indirect parent of Informatica LLC, the borrower of the bank credit facilities. The company is the leading independent provider of enterprise data integration and management software products and services. On October 27, 2021, Informatica completed an initial public offering of its common stock and used net proceeds to repay debt. Funds affiliated with Permira Advisers LLC and Canada Pension Plan Investment Board maintain a combined voting control of approximately 63% as of March 31, 2025. The principal methodology used in these ratings was Software published in June 2022. IQVIA INC: S&P Rates Proposed $2BB Senior Unsecured Notes 'BB' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '5' recovery rating to IQVIA Inc.'s proposed $2 billion senior unsecured notes due in 2032. The '5' recovery rating indicates S&P's expectation for modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default. S&P said, "We expect the company will use the proceeds to repay the outstanding balance on its revolver, related fees, and expenses. "Given the proposed decline in the proportion of secured debt in the capital structure, we expect recovery prospects on IQVIA's secured debt to modestly improve but remain consistent with our '2' recovery rating, which indicates our expectation of substantial (70%-90%; rounded estimate: 80%) recovery. "Our 'BB+' long-term issuer credit rating and stable outlook on IQVIA Holdings Inc. are unchanged. Our ratings reflect the company's sizable scale ($15.4 billion of revenue for the fiscal year ended Dec. 31, 2024) and strong market positions in its two segments: technology and analytics solutions, which provides data and analytics to almost every significant pharmaceutical company, and research and development solutions, which provides outsourced clinical research and trial services. "We expect the company's S&P Global Ratings-adjusted debt to EBITDA will be in the 3.5x-4x area this year, but our ratings incorporate our belief that IQVIA would be willing to consider acquisitions that take leverage above 4x." IRB HOLDING: Moody's Affirms 'B2' CFR & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings affirmed IRB Holding Corp.'s (IRB) ratings including its B2 corporate family rating, B2-PD probability of default rating and B2 rating on its backed senior secured bank credit facilities. At the same time, Moody's changed IRB's outlook to stable from negative. The affirmation and outlook change to stable reflects governance considerations, including IRB's consistent use of excess cash to repay $1.25 billion of debt and reduce leverage over the past two years. It also reflects that IRB has continued to generate solid free cash flow despite the challenging consumer spending environment that has pressured same store sales and profit growth. However, despite the debt repayment, Moody's-adjusted Debt/EBITDA remains high at around 8.0x, down from over 9.5x as of July 2022. Moody's expects that IRB's metrics will show further improvement over the next 12-18 months through further debt reduction and modest profit growth. The stable outlook also reflects Moody's expectations that IRB will maintain good liquidity, supported by balance sheet cash, ample excess revolver availability and solid positive free cash flow. The stable outlook also reflects that IRB will successfully extend its debt maturity profile in a timely and economic manner given the significant debt maturities that begin in 2026 and 2027. RATINGS RATIONALE IRB's B2 CFR reflects governance risks, particularly an aggressive financial policy and private equity ownership. Leverage is very high as a result of a series of large debt financed acquisitions that culminated with the acquisition of Dunkin Brands in 2020 for around $11.3 billion and a $1.5 billion debt financed shareholder return in 2021. Moody's adjusted debt/EBITDA remains high at around 8.0x for the LTM period ended March 31, 2025 but has significantly improved from 9.6x at the end of fiscal 2022 because of debt reduction and EBITDA growth. Free cash flow to debt has improved to around 3.5% and EBITA/interest expense remains solid at around 2.0x. However, consumer willingness and ability to maintain spending on food away from home in the face a difficult consumer spending environment also remain a concern, as it could constrain the company's ability to further improve metrics over the near-to-intermediate term. Industry traffic levels have been negative for the few years, and while having eased, labor and commodity inflation remain ongoing. IRB benefits from its material scale and market position as one of the largest restaurant companies in the US based on number of system-wide restaurants. The company has a diverse portfolio of six well-recognized national brands, with diverse product offerings and day parts, national geographic reach and an off-premise franchised focused business model that will enable it to operate through drive-thrus, delivery and curbside pickup. IRB's liquidity is good, supported by unrestricted balance sheet cash, strong free cash flow and ample excess borrowing capacity under its revolving credit facility and various securitized variable funding notes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the company's very high leverage, a higher rating over the near term is unlikely. However, the ratings could be upgraded with sustained organic improvement in operating performance along with a more moderate financial policy that resulted in a sustained strengthening of credit metrics with debt/EBITDA approaching 5.25x and EBITA/interest of over 2.0x. A higher rating would also require very good liquidity. Ratings could be downgraded if the company were to adopt a more aggressive financial policy such as returning cash to shareholders, or suspend using its excess cash for debt reduction. A deterioration in operating performance or liquidity could also lead to a ratings downgrade. Specific metrics include Moody's adjusted debt/EBITDA not continuing to improve further toward 7x, EBITA/interest falling below 1.5x or free cash flow to debt remaining below 4%. IRB is the parent holding company of Arby's, Buffalo Wild Wings, Sonic Drive-In, Jimmy John's, Dunkin' and Baskin-Robbins. Revenue (excluding advertising revenue) was roughly $5.8 billion for the twelve month period ended March 30, 2025. IRB's systemwide sales exceed $32.5 billion and over 33,200 restaurant locations operate under its brand names. IRB is a subsidiary of Mavericks, Inc., a wholly owned subsidiary of Inspire Brands, Inc. ("Inspire"), which is owned by Roark Capital Group. The principal methodology used in these ratings was Restaurants published in August 2021. JAMES HARDIE: S&P Affirms 'BB+' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed its 'BB+' issuer credit rating on global fiber cement siding and backer board manufacturer James Hardie International Group Ltd. The outlook is stable. At the same time, S&P assigned its 'BBB-' issue-level rating and '2' recovery rating to the proposed $1.7 billion senior secured notes. S&P also lowered its rating on James Hardie's unsecured debt including its $400 million unsecured notes due in 2028 and Euro 400 million notes due 2026 to 'BB' from 'BB+' and revised the recovery rating to '5' from '3'. S&P said, "The stable outlook reflects our view that pro forma leverage will increase with anticipated debt to EBITDA above 3x in fiscal 2026, with the expectation that leverage will return closer to what we expect for fiscal 2027 (below 3x) as the company benefits from a full year of earnings and cash flow from Azek." James Hardie International Group Ltd. Is buying The Azek Group LLC, a U.S. manufacturer of outdoor living and building products. The total consideration at the time of the announcement was f $8.75 billion and will be funded by a $4.4 billion equity contribution and $3.5 billion senior secured credit facility consisting of a $1 billion cash flow revolver; $1.75 billion, five-year term loan A, and $750 million, three-year term loan A; and $1.7 billion senior secured notes. S&P said, "We expect leverage to increase to 3x-3.5x in fiscal 2026 (March year-end) before improving below 3x in fiscal 2027 . We expect the acquisition to close in the second half of calendar 2025, during James Hardie's fiscal 2026. The additional debt to fund the acquisition elevates debt to EBITDA above 3x from about 1x at fiscal 2025 year-end. Despite the meaningful increase in debt (of up to $3.9 billion depending on final transaction amount), we have historically maintained a long-term leverage tolerance up to 3x at the 'BB+' rating. We expect leverage to breach this in fiscal 2026 but believe it will decline after the company has a full year of earnings from Azek and uses free operating cash flow (FOCF) toward debt reduction. In addition, we believe James Hardie's financial policy supports the rating, including a public commitment to return leverage below 2x by the end of fiscal 2027. "We expect EBITDA margins to remain above average in fiscal years 2026 and 2027 . Azek had EBITDA margins of nearly 26% for the trailing-12-months ended March 31, 2025, while James Hardie ended fiscal 2025 at 28%. We anticipate EBITDA margins in the 27%-28% range over our forecast as the company works to integrate Azek. There could be revenue and cost synergies that may improve EBITDA growth beyond our base-case forecast. However, with such a large acquisition, integration may be prolonged and growth expectations could slow in this macroeconomic environment. "S&P Global Ratings expects GDP growth to slow to 1.5% in 2025 and 1.7% in 2026 from 2.8% in 2024. We also anticipate residential construction will decline 1% in 2025 before improving 2.6% in 2026, down from 4.2% growth in 2024. We peg the probability of a recession starting within the next 12 months at 35%. "The acquisition expands James Hardie's scale, scope, and product offering. We maintain our assessment of the company's competitive position given integration risk amid a weaker economic environment, incorporating its leading market share in fiber cement, low-cost operations, and good margins, offset by high substitution risk and lower product penetration. James Hardie is North America's leading manufacturer of fiber cement siding, with about 90% market share. It has an increasing but smaller share (about 25%) of the broader and highly fragmented siding market partly due to the higher price of its product. The company also competes against lower-priced and more widely used vinyl and wood siding, brick, stucco, and engineered wood products from peers such as Cornerstone Building Brands Inc. and Louisiana-Pacific Corp. "Similarly, Azek sells premium low-maintenance decking, trim, and other outdoor products that we view as high-quality alternatives to traditional building materials such as lumber. During economic weakness, consumers might use alternative products at a lower price. The combined entity will generate 70% of revenues from repair and remodeling spending, which has been relatively sluggish as high interest rates cause consumers to defer large home improvement projects. Azek adds high-margin products to James Hardie's portfolio. The combined entity had about $5.4 billion in revenues and $1.48 billion in EBITDA as of March 31, 2025. The transaction is subject to regulatory approval and Azek shareholder approval. "The stable outlook reflects our view that James Hardie's pro forma leverage will increase, with anticipated debt to EBITDA above 3x in fiscal 2026 and return closer to our expectation in fiscal 2027 (below 3x) as the company benefits from a full year of earnings from Azek." S&P could lower its rating on James Hardie over the next 12-24 months if debt to EBITDA fails to improve below 3x. This could occur if: -- The integration and deleveraging of the Azek acquisition takes longer than anticipated; or -- Macroeconomic conditions weaken materially from our expectations. Although unlikely, given its higher leverage, S&P could raise its rating on James Hardie over the next 24 months if: -- S&P expects it to sustain leverage below 3x through most market conditions and the company commits to maintaining it there; and -- It maintains FOCF to debt above 15%; or -- S&P has a more favorable view of the business prospects of the combined entity that leads to it to reassess the business risk profile. KAST MEDIA: Emerges From Chapter 11 With 85% Creditor Support ------------------------------------------------------------- Kast Media announces the confirmation of its Chapter 11 plan of restructuring with approximately 85% approval by both claim value and number of creditors voting in favor. "This marks a major milestone for Kast," said Colin Thomson, founder of Kast Media. "We walked through a challenging time. The Chapter 11 process was heavily scrutinized. We welcomed the scrutiny. We've learned a lot, and we're better for it." "We're tremendously grateful to our partners and stakeholders for their unwavering support, and we're now entering the next phase with clarity, momentum, and new content already underway." Despite the complexity of the process, Kast's streamlined operations continued to perform throughout the bankruptcy, and the company maintained operational profitability net of restructuring costs during the period. The company's content and advertising business remains strong and growing, with new projects and partnerships already growing revenue, productions in development with major streaming platforms, and a robust slate of new content in the pipeline. With the reorganization behind it, Kast is entering a new phase focused on creator-service innovation, expansion, and delivering industry-leading storytelling. About Kast Media Kast Media, Inc. is a dynamic podcast production company. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10396) on March 13, 2024, with $699,789 in assets and $6,395,239 in liabilities. Colin Thomson, chief executive officer, signed the petition. Judge Martin R. Barash oversees the case. Leslie A. Cohen, Esq., at Leslie Cohen Law, PC represents the Debtor as bankruptcy counsel. KLE EQUIPMENT: Seeks Cash Collateral Access, DIP Loan ----------------------------------------------------- KLE Equipment Leasing, LLC and affiliates asked the U.S. Bankruptcy Court for the Eastern District of Wisconsin for authority to use cash collateral and obtain debtor-in-possession financing. Secured creditors including WEX Capital (formerly Pathward/MetaBank), BMO Harris Bank, and De Lage Landen Financial Services hold perfected liens on the Debtors' assets, including cash, receivables, and equipment. The Debtors proposed to use cash collateral for ongoing operations and offer replacement liens, adequate protection payments, and continued insurance coverage to safeguard the interests of secured parties. ECI, Inc. and Elite Carriers, LLC, KLE's affiliates which operate logistics businesses, factor all their receivables with WEX, which advances 95% of the invoice value and retains a fee of 0.56% to 0.90%. WEX holds a first-priority lien on the factored receivables. BMO and De Lage also hold liens on other assets, such as trucks, trailers, and real estate. The Debtors requested that WEX continue to finance post-petition receivables on the same terms, as no other financing is available due to the Debtors' financial condition and Chapter 11 filings. The Debtors argued that DIP financing and use of cash collateral are critical to sustaining operations. ECI and Elite rely on daily cash flow to pay contract drivers and vendors. Without access to these funds, the businesses would immediately collapse, putting the broader reorganization at risk. KLE and its two other affiliates, Wausau Office Space, LLC and Olson Equipment Leasing, LLC, which hold real estate and lease equipment to related parties, also require funds to cover insurance, taxes, and other carrying costs. The Debtors argued that the proposed adequate protection in the form of replacement liens, continued insurance, reporting requirements, and contractual payments meets the requirements under the Bankruptcy Code. About KLE Equipment Leasing KLE Equipment Leasing, LLC is a Wisconsin-based equipment leasing company headquartered in Neenah. KLE Equipment Leasing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-22922) on May 21, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge G. Michael Halfenger handles the case. The Debtor is represented by Nicholas Kerkman, Esq. and Jerome R. Kerkman, Esq., at Kerkman & Dunn. KNOCKAWAY INC: Trinity Capital Marks $23.6 Million Loan at 17% Off ------------------------------------------------------------------ Trinity Capital Inc. has marked its $23,644,000 loan extended to Knockaway, Inc. to market at $19,576,000 or 83% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to Knockaway, Inc. The loan accrues interest at a rate of fixed interest rate 10.2%; EOT 0.0% per annum. The loan matures on September 1, 2028. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Knockaway, Inc. Knockaway, Inc., doing business as Knock, provides tech-enabled lending solutions. The Company focuses on buying and selling of homes. Knock serves customers in the United States. KPSI INNOVATION: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 18 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of KPSI Innovation, Inc. About KPSI Innovation Inc. KPSI Innovation, Inc. is a company specializing in the manufacture and sale of fire-blocking head-of-wall products. The company offers a range of fire-rated gasket products designed for use in construction applications, particularly to prevent the spread of fire and smoke through structural gaps. KPSI Innovation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11068) on April 21, 2025. In its petition, the Debtor reported total assets of $1,455,439 and total liabilities of $3,883,37. Judge Timothy W. Dore oversees the case. The Debtor is represented by Faye C. Rasch, Esq., at Wenokur Riordan, PLLC. LEISURE INVESTMENTS: Cooley & Landis File Rule 2019 Statement ------------------------------------------------------------- The law firms of Cooley LLP and Landis Rath & Cobb LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Leisure Investments Holdings LLC and affiliates, the firms represent Directors and Shareholders. John Olson, Donna Kassewitz, Stafford Burrowes, and Michael Wood (the "Individual Shareholders") collectively own approximately 57.5% of the membership interests of TDC Leisure Holdings, LLC ("Holdings"). John Olson, Scott Olson, Donna Kassewitz, Stafford Burrowes, and Michael Wood (collectively, the "Individual Parent Directors/Shareholders") hold five of seven Manager seats on the board of managers of Holdings (the "Holdings Board"). Cooley and Landis Rath represent only the Individual Parent Directors/Shareholders in their individual capacities, and do not represent or purport to represent any entities or individuals other than the Individual Parent Directors/Shareholders in connection with these chapter 11 cases. Pursuant to that certain Limited Liability Company Agreement, dated as of March 14, 2022, by and among Holdings and certain members thereto setting forth the governance of Holdings (as amended and restated by that certain Amended and Restated Limited Liability Company Agreement, dated as of June 27, 2022, the "LLC Agreement") and that certain Action by Written Consent of the Board of Managers of TDC Leisure Holdings LLC, dated as of March 29, 2025, each Individual Parent Director/Shareholder holds claims against the Debtors arising out of obligations to reimburse each Individual Parent Director/Shareholder for certain fees, costs or expenses, including for (a) certain reasonable out-of-pocket costs and expenses incurred by the Individual Parent Directors/Shareholders in connection with his or her duties as managers that were preapproved by the Holdings Board and (b) certain reasonable out-of-pocket fees, costs, and expenses incurred by the Individual Parent Directors/Shareholders in connection with the operation of the Holding's business, including but not limited to in connection with "any proceeding with respect to the bankruptcy, reorganization, insolvency, dissolution or liquidation of [Holdings] or any Subsidiary" (collectively, the "Reimbursement Obligations"). Cooley and Landis Rath do not own, nor have they ever owned, any claims against the Debtors. The Directors/Shareholders' disclosable economic interests held in relation to the Debtors are: 1. John Olson * Each of the Individual Parent Directors/Shareholders has claims related to the Reimbursement Obligations. Additionally, Mr. John Olson has a claim related to a prepetition loan provided by Mr. Olson to the Debtors, in the approximate amount of $1,800,000. 2. Scott Olson * Each of the Individual Parent Directors/Shareholders has claims related to the Reimbursement Obligations. 3. Donna Kassewitz * Each of the Individual Parent Directors/Shareholders has claims related to the Reimbursement Obligations. 4. Stafford Burrowes * Each of the Individual Parent Directors/Shareholders has claims related to the Reimbursement Obligations. 5. Michael Wood * Each of the Individual Parent Directors/Shareholders has claims related to the Reimbursement Obligations. Counsel to the Individual Parent Directors/Shareholders: LANDIS RATH & COBB LLP Adam G. Landis, Esq. Matthew B. McGuire, Esq. Katherine S. Dute, Esq. 919 Market Street, Suite 1800 Wilmington, Delaware 19801 Telephone: (302) 467-4400 Facsimile: (302) 467-4450 Email: landis@lrclaw.com mcguire@lrclaw.com dute@lrclaw.com -and- COOLEY LLP Michael S. Neumeister, Esq. Teresa Michaud, Esq. 355 S. Grand Avenue Suite 900 Los Angeles, CA 90071 Telephone: (213) 561-3250 Email: mneumeister@cooley.com tmichaud@cooley.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Riveron Management Services, LLC as restructuring advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims & noticing agent. LSF COACHING: Claims to be Paid from Business Cash Flow ------------------------------------------------------- LSF Coaching Corporation, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Arkansas a Plan of Reorganization for Small Business. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $5,667.71 monthly with the payment being 12,000.00 each November starting in 2025. The final Plan payment is expected to be paid on June 2032. Class 3 consists of all non-priority unsecured claims. Non-priority unsecured creditors include Bitty Advance 2 LLC, Alpha Equity Fund, Bibeck Business Insurance, Black Rok LLC, Chase, Cloudfund, Diesel Funding, Family Funding, Honest Funding, Truist Bank. Class 3 is impaired, and each holder of a Class Unsecured Claim will be paid its claim over 72 months Bitty Advance 2 LLC and be paid $169.71 per month. Class 3 is impaired, and the Equity Security Holder of the Debtor will receive dividends only after payments have been made under the Plan. Upon confirmation, the Debtor shall be charged with administration of the case. Darrell Holland will continue to perform his current position as president of the Debtor and payments for the plan will be made from cash flow from this business. The Debtor may maintain bank accounts under the confirmed Plan in the ordinary course of business. The Debtor may also pay ordinary and necessary expenses of the administration of the Plan in due course. A full-text copy of the Plan of Reorganization dated May 12, 2025 is available at https://urlcurt.com/u?l=81PJ9j from PacerMonitor.com at no charge. Counsel to the Debtor: Kyle W. Havner, Esq. Havner Law Firm, P.A. PO Box 21539 White Hall, AR 71612 Phone: (870) 534-1803 Fax: (501) 712-1235 Email: havnerlaw@gmail.com About LSF Coaching Corporation LSF Coaching Corporation, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-10435) on February 11, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Phyllis M. Jones presides over the case. Kyle Havner, Esq., at Havner Law Firm, PA, represents the Debtor as bankruptcy counsel. MAJAB DEVELOPMENT: Michael Markham Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Majab Development, LLC. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Email: Mikem@jpfirm.com About Majab Development LLC Majab Development, LLC is a Florida-based construction and real estate development company, primarily focusing on land subdivision and heavy civil engineering projects. Founded in 2015, the company operates in the Naples, Florida area and has been involved in various residential developments. Majab Development sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00835) on May 8, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Caryl E. Delano handles the case. The Debtor is represented by Kathleen L. DiSanto, Esq., at Bush Ross, P.A. MC AUTOMOTIVES: Seeks to Hire Bickham Law Practice as Legal Counsel ------------------------------------------------------------------- MC Automotives, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Bickham Law Practice LLC as counsel. The firm will provide these services: (a) advise with respect to the Debtor's powers and duties in the continued management and operation of its businesses and properties; (b) attend meetings with representatives of the Debtor's creditors and other parties in interest; (c) take all necessary action to protect and preserve the estate of the Debtor; (d) prepare on behalf of the Debtor legal papers necessary to the administration of its estates; (e) take any necessary action on behalf of the Debtor to obtain confirmation of its plan; (f) appear before this court to protect the interests of the Debtor before this court; (g) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case; (h) represent the Debtor in connection with obtaining post-petition financing, if any; (i) advise the Debtor concerning and assist in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; (j) investigate the nature and validity of liens asserted against the property of the Debtor, and advise the Debtor concerning the enforceability of said liens; (k) investigate and advise the Debtor concerning, and take such action as may be necessary to collect, income and assets in accordance with applicable law, and the recovery of property for the benefit of the estates of the Debtor; (l) advise and assist the Debtor in connection with any potential property dispositions; (m) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring and recharacterizations; (n) assist the Debtor in reviewing, estimating and resolving claims asserted against the estate; (o) commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the Chapter 11 estate or otherwise further the goal of completing the successful reorganization of it; and (p) perform all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these hourly rates: Ralph Bickham, Attorney $350 Paralegals $85 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $2,100 from the Debtor. Mr. Bickham disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ralph Bickham, Esq. Bickham Law Practice LLC 650 Poydras St. New Orleans, LA 70130 Telephone: (504) 584-5730 About MC Automotives MC Automotives, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-11014) on May 19, 2025, listing under $1 million in both assets and liabilities. The Debtor tapped Ralph Bickham, Esq., at Bickham Law Practice LLC as counsel. MEATHEADZ LLC: Seeks Cash Collateral Access ------------------------------------------- Meatheadz, LLC asked the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral. The Debtor operates a restaurant at a leased location in Lawrence Township, New Jersey. Its secured creditor, Bancorp Bank, holds a perfected lien on the Debtor's assets including inventory and accounts receivable pursuant to a 2018 loan agreement. As of the petition date, the Debtor owed Bancorp approximately $64,096. The Debtor has no sufficient unencumbered funds and asserts it must use the cash collateral to pay ongoing business expenses such as wages, insurance, inventory, and supplies to avoid immediate and irreparable harm. The Debtor asked for permission to use the cash collateral on an interim basis according to a proposed budget, while offering adequate protection to Bancorp Bank. This includes monthly adequate protection payments of $1,900 and granting Bancorp a post-petition replacement lien on the Debtor's assets with the same priority as its pre-bankruptcy lien. The Debtor also proposed to pay $1,500 per month to the State of New Jersey to protect its interests. A hearing on the matter is set for June 17. About Meatheadz LLC Meatheadz, LLC is a food service business located in Lawrence Township, N.J. Meatheadz sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15120) on May 13, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. Judge Christine M. Gravelle handles the case. The Debtor is represented by Joseph Casello, Esq., at Collins, Vella & Casello. MULBERRY GROUP: Seeks to Hire Hungeling-Grace CPA as Accountant --------------------------------------------------------------- The Mulberry Group, LLC seeks approval from the U.S. Bankruptcy Court for Northern District of Georgia to employ Hungeling-Grace CPA as accountant. The firm will provide these services: (a) prepare financial statements and monthly operating reports; (b) prepare tax returns; and (c) perform such other accounting services as the Debtor may require. The hourly rates of the firm's counsel and staff are as follows: Dennis Scheidt, Jr., CPA $380 Rick Patel, CPA $140 Biniyam Terfe, CPA $140 Mr. Scheidt 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: Dennis Scheidt Jr., CPA Hungeling-Grace CPA 29 Lenox Pointe Atlanta, GA 30324 About The Mulberry Group LLC The Mulberry Group LLC operates as a real estate investment firm, providing rental properties and related property management services. The Mulberry Group LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20508) on April 13, 2025, listing $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. The petition was signed by S. Roger Cahoon as managing member. The Debtor tapped John A. Christy, Esq. at Schreeder, Wheeler & Flint, LLP as counsel and Hungeling-Grace CPA as accountant. MULTI PIG: Hires Aurora Management Partners as Financial Advisor ---------------------------------------------------------------- Multi Pig, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Aurora Management Partners, LLC as financial and restructuring advisor. The firm will render these services: (a) assist the Debtor and counsel in preparation for Chapter 11 petition; (b) assist the Debtor and counsel in strategy and negotiation with secured lender; (c) assist counsel in first day hearing as requested; (d) assist the Debtor in communication with customer, vendors, employees, and other constituents; (e) assist in communication with any official committees; (f) assist in cash management; (g) as requested, assist counsel and investment banker in refinancing process; (h) assist/prepare monthly court reporting; and (i) as requested, assist counsel in preparation of the disclosure statement for Plan of Reorganization. The firm will be paid at these hourly rates: Managing Director/Director/Principal/Sr. Advisor $500 - $820 Director/Associate Director $375 - $500 Consultant/Senior Consultant $250 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments summing $50,000 as a retainer in connection with preparing for and conducting the filing of this Chapter 11 case. David Baker, a member at Aurora Management Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Multi Pig Inc. Multi Pig Inc. is a livestock producer based in Audubon, Iowa, specializing in the breeding and raising of hogs for the commercial pork market. Founded in 1974, the Company operates within the U.S. agricultural-livestock sector and employs a small team. Multi Pig Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00678) on April 23, 2025. In its petition, the Debtor reports estimated assets of $1 million and $10 million and estimated liabilities of $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. MULTI PIG: Seeks Approval to Tap SC&H Group as Investment Banker ---------------------------------------------------------------- Multi Pig Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ SC&H Group, Inc. as investment banker. The firm will provide these services: (a) familiarize itself with the business, operations, assets, financial condition, and prospects of the Debtor; (b) advise the Debtor in analyzing its strategic alternatives, structuring, and effecting the financial aspects of any transaction; (c) design the appropriate process to effect and initiate any transaction; (d) prepare an information memorandum or other materials about the Debtor and its businesses for consideration by potential counterparties; (e) contact potential counterparties in connection with a transaction and require potential counterparties to execute confidentiality agreements in favor of the Debtor, unless it has instructed SC&H to do otherwise; (f) facilitate the development of a Virtual Data Room (VDR) with appropriate diligence materials for review by potential counterparties; (g) circulate any information memorandum and marketing materials, provide access to the VDR, or send materials to potential counterparties, after completing confidentiality documents; (h) coordinate diligence with potential counterparties and negotiate with and solicit offers from potential counterparties. Advise the Debtor in structuring a transaction and make recommendations as to whether or not a particular transaction offer should be accepted; (i) in connection with a bankruptcy proceeding governing a potential transaction, provide any relevant testimony and if necessary, provide assistance with the submission of bid procedures to this court and conduct any auction that may result therefrom; (j) if required by the Debtor, negotiate with various stakeholders of the Debtor; and (k) coordinate with the Debtor's legal counsel regarding matters related to the closing of a transaction. The firm will be paid with these fees: (a) Monthly Fee of $15,000 (b) Transaction Fees: (i) in the event the company completes a sale, a fee to be paid upon the Closing of any Sale equal to 2.5 percent of the total consideration; (ii) in the event the company completes a financing, a fee to be paid upon the Closing of any Financing, equal to the sum of: (1) 1.25 percent of the gross amount of funded or committed indebtedness that is (i) secured by a first lien; (ii) secured by a second or more junior lien; (iii) unsecured; and/or, (iv) subordinated; plus (2) 5 percent of the gross amount of any funded or committed preferred or common equity, convertible, or otherwise equity-linked securities or obligations; and, (3) in the event a third party acquires the c restructures those debt obligations in a way that is not a sale, such transaction shall be treated as a debt financing and SC&H will earn and be paid a financing fee, provided such party was contacted by SC&H or had been a participant in the SC&H marketing process to finance the company. (iii) in the event the company completes a restructuring, a fee equal to $75,000, payable upon the closing of the restructuring; (iv) the parties acknowledge that more than one of a sale fee, a financing fee, and a restructuring fee may be earned and payable to SC&H pursuant to the provisions herein; (v) 100 percent of any sale fee earned, paid to and received by SC&H on account of a loan sale transaction shall be credited against any subsequent sale fee; (vi) 50 percent percent of any restructuring fee earned, paid to, and received by SC&H shall be credited against any subsequent financing fee. 33 percent of any sale fee earned, paid to and received by SC&H on account of a sale that is not a loan sale transaction shall be credited against any subsequent financing fee; and, (vii) the company agrees that in no event shall the sum of any (a) Sale Fees; (b) Financing Fee; and, (c) Restructuring Fee be less than $650,000 and if such aggregate fees are less than the transaction minimum fee, the company shall pay the difference in connection with the last closing. In addition, the firm will seek reimbursement for expenses incurred. The firm received gross, pre-petition funds totaling $99,692.55 on behalf of the Debtor and all of the affiliated Chapter 11 cases. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: SC&H Group, Inc. 910 Ridgebrook Rd. Sparks, MD 21152 Telephone: (410) 403-1500 About Multi Pig Inc. Multi Pig Inc. is a livestock producer based in Audubon, Iowa, specializing in the breeding and raising of hogs for the commercial pork market. Founded in 1974, the Company operates within the U.S. agricultural-livestock sector and employs a small team. Multi Pig Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00678) on April 23, 2025. In its petition, the Debtor reports estimated assets of $1 million and $10 million and estimated liabilities of $50 million and $100 million. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. NEW GREATER: Case Summary & 15 Unsecured Creditors -------------------------------------------------- Debtor: New Greater Generation Family Funeral Group, LLC Eternal Rest Funeral Chapel 1400 N. Hampton Road Desoto, TX 75115 Business Description: New Greater Generation Family Funeral Group, LLC operates funeral and cremation services under the name Eternal Rest Funeral Chapel in DeSoto, Texas. The Company is part of a broader network with locations in Dallas, Plano, and Ennis. Chapter 11 Petition Date: May 31, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-32027 Judge: Hon. Stacey G Jernigan Debtor's Counsel: Marilyn D Garner, Esq. LAW OFFICE OF MARILYN D. GARNER 2001 E. Lamar Blvd. Suite 200 Arlington TX 76006 E-mail: mgarner@marilyndgarner.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gerald Weatherall as managing member. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FDEKXEY/New_Greater_Generation_Family__txnbke-25-32027__0001.0.pdf?mcid=tGE4TAMA NEXT HOLDING: Trinity Capital Marks $2.2MM Loan at 72% Off ---------------------------------------------------------- Trinity Capital Inc. has marked its $2,274,000 loan extended to NextCar Holding Company, Inc. to market at $631,000 or 28% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to NextCar Holding Company, Inc. The loan accrues interest at a rate of variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan matures on June 30, 2025. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About NextCar Holding Company, Inc. NextCar Holding Company, Inc is a Santa Monica-based company that specializes in offering short-term vehicle subscriptions. It acquired the Autonomy.com domain name and related intellectual property from Micro Focus International in England on undisclosed terms. NEXT HOLDING: Trinity Capital Marks $2.7MM Loan at 72% Off ---------------------------------------------------------- Trinity Capital Inc. has marked its $2,728,000 loan extended to NextCar Holding Company, Inc. to market at $754,000 or 28% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to NextCar Holding Company, Inc. The loan accrues interest at a rate of variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan matures on June 30, 2025. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About NextCar Holding Company, Inc. NextCar Holding Company, Inc is a Santa Monica-based company that specializes in offering short-term vehicle subscriptions. It acquired the Autonomy.com domain name and related intellectual property from Micro Focus International in England on undisclosed terms. NEXT HOLDING: Trinity Capital Marks $2.8MM Loan at 72% Off ---------------------------------------------------------- Trinity Capital Inc. has marked its $2,843,000 loan extended to NextCar Holding Company, Inc. to market at $789,000 or 28% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to NextCar Holding Company, Inc. The loan accrues interest at a rate of variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan matures on June 30, 2025. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About NextCar Holding Company, Inc. NextCar Holding Company, Inc is a Santa Monica-based company that specializes in offering short-term vehicle subscriptions. It acquired the Autonomy.com domain name and related intellectual property from Micro Focus International in England on undisclosed terms. NEXT HOLDING: Trinity Capital Marks $3.4MM Loan at 72% Off ---------------------------------------------------------- Trinity Capital Inc. has marked its $3,411,000 loan extended to NextCar Holding Company, Inc. to market at $946,000 or 28% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to NextCar Holding Company, Inc. The loan accrues interest at a rate of variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan matures on June 30, 2025. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About NextCar Holding Company, Inc. NextCar Holding Company, Inc is a Santa Monica-based company that specializes in offering short-term vehicle subscriptions. It acquired the Autonomy.com domain name and related intellectual property from Micro Focus International in England on undisclosed terms. NEXT HOLDING: Trinity Capital Marks $65.6MM Loan at 72% Off ----------------------------------------------------------- Trinity Capital Inc. has marked its $5,685,000 loan extended to NextCar Holding Company, Inc. to market at $1,577,000 or 28% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to NextCar Holding Company, Inc. The loan accrues interest at a rate of variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan matures on June 30, 2025. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About NextCar Holding Company, Inc. NextCar Holding Company, Inc is a Santa Monica-based company that specializes in offering short-term vehicle subscriptions. It acquired the Autonomy.com domain name and related intellectual property from Micro Focus International in England on undisclosed terms. NIGEL LAUGHTON: Trustee Hires Borah Goldstein as Special Counsel ---------------------------------------------------------------- Jonathan Flaxer, the trustee appointed in the Chapter 11 case of Nigel Laughton LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Borah, Goldstein, Altschuler, Nahins & Goidel, PC as special landlord-tenant counsel. The firm will render services requested by the trustee relating to landlord-tenant issues arising from the estate's ownership and operation of property in Brooklyn, New York. The firm will be paid at these hourly rates: Court Appearance (Residential) Per Hour Non-Payment and Holdover: Senior Partner $375 Junior Partner $300 Associate $275 Court Appearance (Commercial) Per Hour Non-Payment and Holdover: Senior Partner $475 Junior Partner $400 Associate $300 In addition, the firm will seek reimbursement for expenses incurred. Todd Nahins, Esq., a member at Borah, Goldstein, Altschuler, Nahins & Goidel, 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: Todd Nahins, Esq. Borah, Goldstein, Altschuler, Nahins & Goidel PC 377 Broadway New York, NY 10013 About Nigel Laughton Nigel Laughton LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40082) on January 8, 2025, listing up to $50,000 in both assets and liabilities. Judge Elizabeth S. Stong presides over the case. Michael S. Weinstein, Esq., at Golenbock Eiseman Assor Bell & Peskoe LLP serves as the Debtor's counsel. Jonathan Flaxer is appointed as trustee in this Chapter 11 case. He tapped Borah, Goldstein, Altschuler, Nahins & Goidel, PC as special landlord-tenant counsel. NOBLE GOODNESS: Seeks Chapter 11 Bankruptcy in Arizona ------------------------------------------------------ On May 29, 2025, Noble Goodness LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filing, the Debtor reports $3,330,219 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Noble Goodness LLC Noble Goodness LLC and affiliates operate a bakery and eatery business in Phoenix, Arizona. Noble Goodness, under the name Noble Bread, supplies artisanal baked goods to local retailers, restaurants, and farmers markets, while Noble Eats, doing business as Noble Eatery, runs a deli serving lunch and catering services. Noble Productions, Noble Rex, and Noble Projects own the real estate, facilities, and equipment supporting the bakery operations. Noble Goodness LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Lead Case No.25-04874) on May 29, 2025. In its petition, the Debtor reports total assets as of May 28, 2025 amounting to $1,304,464 and total liabilities as of May 28, 2025 of $3,330,219. The Debtors are represented by Wesley D. Ray, Esq. and Philip R. Rudd, Esq. at SACKS TIERNEY P.A. NORTHWEST GRADING: Seeks Cash Collateral Access ----------------------------------------------- Northwest Grading, Inc. asked the U.S. Bankruptcy Court for the District of Idaho for authority to use cash collateral. The Debtor intends to use cash in which several secured creditors may have interests including the U.S. Small Business Administration, Merchants National Bonding Inc., Washington Trust Bank, and three unidentified parties referenced in UCC-1 filings. The funds at issue include nearly all of the Debtor's cash and deposits, particularly proceeds from accounts receivable and other operational income. Because this cash is pledged as collateral for secured loans, the Debtor proposed to offer these lenders adequate protection in the form of: 1. Replacement liens on post-petition assets of similar kind and value to the original pre-bankruptcy collateral; 2. Access to ongoing financial reporting and continued insurance coverage; and 3. The possibility of adequate protection payments, as outlined in the Debtor's budget. The Debtor argued that use of this cash is critical to maintain operations, pay payroll and vendors, and fund the administrative costs of the Chapter 11 case. Without access to this cash, the business would likely suffer immediate and irreparable harm, putting any chance of successful reorganization at risk. The Debtor projects $850,000 in total cash receipts and $900,141 in total cash disbursements for July. About Northwest Grading Inc. Northwest Grading, Inc. is a heavy civil contractor in Hauser, Idaho, specializing in infrastructure, water and sewer facilities. Northwest Grading filed Chapter 11 petition (Bankr. D. Idaho Case No. 24-20429) on December 20, 2024, listing between $1 million and $10 million in both assets and liabilities. William J. Krick, president of Northwest Grading, signed the petition. Judge Noah G. Hillen oversees the case. The Debtor is represented by Matthew T. Christensen, Esq., at Johnson May, PLLC. OLIN CORP: Moody's Affirms 'Ba1' CFR, Outlook Stable ---------------------------------------------------- Moody's Ratings affirmed Olin Corporation's (Olin's) ratings including the Ba1 Corporate Family Rating, Ba1 senior unsecured ratings and Ba1-PD Probability of Default Rating. Olin's Speculative Grade Liquidity (SGL) Rating remains unchanged at SGL-1. The outlook is stable. "Similar to other commodity chemical companies, Olin is experiencing a trough in financial performance that should slowly improve over the next year allowing the company to generate financial metrics that are more supportive of the rating; however, the potential for new capacity is a concern," stated John Rogers Moody's Ratings' Senior Vice President and lead analyst for Olin Corporation. RATINGS RATIONALE Olin's Ba1 rating reflects its position as the largest supplier of chlor-alkali in North America, supported by access to low-cost energy that provides a meaningful cost advantage for its operations. The rating is also supported by excellent liquidity and management's relatively conservative financial policies, which target a Net Debt/EBITDA ratio of 2.0x over the cycle. The company's refinancing transaction earlier this year extended its nearest debt maturity to 2029, providing the company with more financial flexibility. Olin's credit metrics are largely tied to the performance of its largest segment, Chlor Alkali Products and Vinyls (CAPV). This business continues to demonstrate cyclical performance that periodically stresses credit metrics, despite changes to its marketing strategy that have significantly increased profitability over the cycle. Olin's second largest business, Winchester, provides limited diversification due to its size and profitability at the current time. However, it could grow large enough, through acquisitions and increased military spending, to provide a sustained and meaningful credit benefit. Olin's Epoxy business generates limited profitability at the current time due to global overcapacity and limited anti-dumping duties in the US Profitability in this business is expected to remain challenged. Olin changed its marketing strategy for chlor alkali back in 2020, limiting its production to keep prices at more reasonable levels over the cycle and increasing the company's profitability significantly. The company has closed a number of facilities, and reduced production at others, to try to keep the market balanced. It has also become an active reseller of competitor's caustic soda to maintain its merchant market share. This strategy worked until the end of 2023 when demand started to decline faster than anticipated, and market prices continued to fall in 2024. Prices remain at fairly low levels in 2025 and are likely to remain depressed until the US industrial economy rebounds. Moody's main concern for the rating is potential new capacity that could enter the market later in 2026 or 2027 and in 2028. If the US industrial economy doesn't rebound prior to this new capacity coming on-stream, it could lead to an extended trough in profits and a longer period of weak credit metrics than is currently incorporated into Olin's rating, which would cause us to change the outlook to negative or consider the appropriateness of a lower rating. Olin's credit metrics remain stressed at the current time with Moody's adjusted Debt/EBITDA of 4.6x and Retained Cash Flow/Debt at 12.3% for the last twelve months ended March 31, 2025. Credit metrics are expected to improve into 2026 on the back of modest increases in chlor-alkali (chlorine and caustic soda) pricing. The company is expected to generate $100 to $200 million of free cash flow (after dividends) giving the company some financial flexibility during this downturn. LIQUIDTY Olin has excellent liquidity. The SGL-1 Speculative Grade Liquidity Rating is supported by roughly $174 million in cash on hand, Moody's expectations meaningful free cash flow generation and almost full availability under its $1.2 billion unrated revolving credit facility that matures in 2030. Olin also has access to a $500 million unrated accounts receivable facility maturing in November 2027, of which $461 million was utilized as of March 31, 2025. The expected cushion of compliance under financial maintenance covenants (including a net leverage ratio test and an interest coverage ratio test) will remain sufficient. RATINGS OUTLOOK The stable outlook reflects Moody's expectations that Olin's credit metrics will begin to improve in 2025 and that metrics will strengthen to levels that more adequately support the rating by the end of 2026. It also incorporates the expectation that new chlor alkali capacity will not come on-stream before the US economy rebounds, thereby preventing an extended trough in Olin's financial performance. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the rating if the company can meaningfully and sustainably increase the earnings of its non-chlor alkali businesses (Winchester, Epoxy and products downstream of chlorine and caustic soda production) while maintaining Debt/EBITDA below 2.5x and Retained Cash Flow/Debt above 25% over the vast majority of the cycle. Moody's could downgrade the rating with expectations for adjusted financial leverage sustained above 3.5x (Debt/EBITDA), Retained Cash Flow/Debt (RCF/Debt) sustained below 15%, or a substantive deterioration in liquidity. Olin Corporation is a Clayton, Missouri-based manufacturer and distributor of commodity chemicals and a manufacturer of small caliber firearm ammunition. The company operates through three main segments: (i) Chlor Alkali Products and Vinyls whose primary products include chlorine and caustic soda, hydrochloric acid, vinyl chloride, sodium hypochlorite (bleach), and potassium hydroxide; (ii) Epoxy, which produces and sells a full range of epoxy materials, including allyl chloride, epichlorohydrin, liquid epoxy resins and downstream products such as converted epoxy resins and additives; and (iii) Winchester, whose primary focus is the manufacture and sale of small caliber, firearm sporting and military ammunition. Annual sales can range from $6 -10 billion depending on commodity prices. The principal methodology used in these ratings was Chemicals published in October 2023. OPEN ARMS: Unsecured Creditors to Split $72K over 3 Years --------------------------------------------------------- Open Arms Health Systems LLC submitted a First Amended Plan of Reorganization dated May 12, 2025. This Plan is being proposed by the Debtor for approval by the Court as to the restructuring of the Debtor's financial affairs. The Debtor's business operations have not changed in any material way since the filing of the Debtor's Case except for renewed efforts to increase the number of Clients. Because the Debtor does expect to increase the number of Clients and because the Debtor does not anticipate that its operating expenses will increase significantly even as Clients are added, the Debtor projects that its net cash flow prior to plan payments for the twelve months after the confirmation of the Plan will be sufficient to allow the Debtor to make the projected Plan payments. Class 2.10 consists of the Secured Claim of Choice Express. The Choice Express Claim is secured by a lien on a 2015 Ford E450 that is titled in the name of Allison but that is used by the Debtor in its business activities. Choice Express will be Allowed a Secured Claim in the Amount of $23,000. The Allowed Secured Claim will be paid in full together with interest at the rate of 6% per annum in monthly installments of $1,000 to be paid by the Debtor and in the amount of $1,000 to be paid by Allison for a period of approximately twenty-four months. Choice Express will retain its liens on the collateral securing its Claim. When the Allowed Secured Claim of Choice Express has been fully paid Choice Express will release Its lien on the certificate of title to the Collateral and send the lien release to Allison within twenty days. Allison will then transfer the titled to the Collateral to the Debtor. Class 2.11 consists of the Secured Claim of Targeted Lending LLC. M1 is owned by Allison and it is no longer operating. M1 purchased certain equipment ("M1 Equipment") and financed the purchase of the M1 Equipment by a loan from Targeted Lending. The Targeted Lending loan was secured by a purchase money security Interest in the M1 Equipment. The Debtor guaranteed the Targeted Lending loan and the Debtor has possession of the M1 Equipment and uses the M1 Equipment in the Debtor's business. Targeted Lending will be Allowed a Secured Claim in the Amount of $15,000. The Allowed Secured Claim will be paid in full together with interest at the rate of 6% per annum in monthly installments of $456.33 for a period of 36 months. Targeted Lending will retain its lien on the M1 Equipment. When the Allowed Secured Claim of Targeted Lending has been fully paid Targeted Lending will release Its lien on the M1 Equipment and send the lien release to the Debtor within twenty days. When the Targeted Lending lien on the M1 Equipment has been released M1 will convey the M1 Equipment to the Debtor. Class 3 is the class for General Unsecured Claims. The Debtor will make monthly payments of $2,000 for the benefit of General Unsecured Creditors. Each holder of an Allowed General Unsecured Claim will receive a prorated share of the monthly payment. The proposed Class 3 Distribution will be the same regardless of whether the Plan is confirmed on a consensual or nonconsensual basis. This treatment will pay a total of $72,000 to General Unsecured Creditors over the three-year commitment period. No interest will be paid on Class 3 Claims. Class 3 is impaired. Payments to be made under this Plan will be made from the funds of the Debtor existing as of the Effective Date, as well as funds generated after the Effective Date from operations of the Debtor's business. Funds may also be available from the Debtor's pursuit of any avoidance actions available to it under Chapter 5 of the Bankruptcy Code, if any, should the Debtor choose to pursue any such claims. A full-text copy of the First Amended Plan dated May 12, 2025 is available at https://urlcurt.com/u?l=xMKQPs from PacerMonitor.com at no charge. Counsel to the Debtor: David M. Whittaker Esq. Isaac Wiles & Burkholder LLC Two Miranova Place, Suite 700 Columbus, OH 43215 Phone: (614) 221-2121 Direct line: (614) 340-7431 Fax: (614) 365-9516 Email: dwhittaker@isaacwiles.com About Open Arms Health Systems Open Arms Health Systems, LLC -- https://www.oaohio.com/ -- is a health care business (as defined in 11 U.S.C. Sec. 101(27A)). Open Arms Health Systems sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 24-54305) on October 25, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Christopher W. Allison, a member of Open Arms Health Systems, signed the petition. Judge Mina Nami Khorrami oversees the case. The Debtor is represented by David M. Whittaker, Esq., at Isaac Wiles. OUTLAW STEAKBURGERS: Hearing to Use Cash Collateral Set for June 5 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Texas, Tyler Division, is set to hold a hearing on June 5 to consider final approval of Outlaw Steakburgers, LLC's motion to use cash collateral. The company's authority to use cash collateral pursuant to the court's May 23 second interim order expires on June 6. About Outlaw Steakburgers Outlaw Steakburgers, LLC filed Chapter 11 petition (Bankr. E.D. Texas Case No. 25-60236) on April 22, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Esther Yeager, corporate representative, signed the petition. Judge Joshua P. Searcy oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. PARAGON INDUSTRIES: Court OKs DIP Loan From Wachob Trust -------------------------------------------------------- Paragon Industries, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to obtain post-petition financing to get through bankruptcy. The court's interim order authorized the Debtor to borrow up to $170,906.04 from Derek Wachob, as trustee of the Wachob Irrevocable Trust, for salary and wages, taxes and withholding, and premiums for employee health benefits. The loan has an interest rate of 8.5% per annum and a maturity of up to two years. In exchange for the loan, the Wachob trust will have an administrative expense claim for all amounts advanced pursuant to the interim order. The Debtor is a capital-intensive manufacturing company that relies on liquidity to purchase raw materials and fulfill customer orders. The financing would come from the Wachob trust, an affiliate and the Debtor's primary pre-bankruptcy lender, which has agreed to lend up to $3 million under favorable terms that the Debtor believes would be unlikely to be available from third-party lenders. The financing includes a comprehensive list of potential events of default, such as payment failures, material misrepresentations, or significant adverse court rulings. The Debtor previously borrowed funds from the Wachob trust, which includes an original $80 million secured promissory note issued in 2012, amended over the years, with more than $77.7 million outstanding as of the petition date. The trust's security interest was perfected through multiple UCC filings. Additionally, the Debtor has outstanding obligations to Byline Bank totaling over $18.9 million, secured by real estate and equipment. About Paragon Industries Inc. Paragon Industries, Inc. manufactures steel pipe products used in the oil and gas, construction, and fire protection industries. Based in Sapulpa, Okla., the company offers services such as heat treatment, threading, and fabrication. Its product range includes mechanical, sprinkler, line pipe, OCTG, and construction pipes, with a customer base extending across North and South America. Paragon Industries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21, 2025. In its petition, the Debtor reported between $100 million and $500 million in both assets and liabilities. Clayton D. Ketter, Esq., at Phillips Murrah, P.C. is the Debtor's legal counsel. Wachob Irrevocable Trust, as DIP lender, is represented by: J. Clay Christensen, Esq. Christensen Law Group, P.L.L.C. The Parkway Building 3401 N.W. 63rd Street, Suite 600 Oklahoma City, OK 73116 Telephone: (405) 232-2020 Facsimile: (405) 228-1113 clay@christensenlawgroup.com PBF HOLDING: Moody's Cuts CFR to Ba3, Outlook Remains Negative -------------------------------------------------------------- Moody's Ratings downgraded PBF Holding Company LLC's (PBF) Corporate Family Rating to Ba3 from Ba2, Probability of Default Rating to Ba3-PD from Ba2-PD, and senior unsecured notes ratings to B1 from Ba3. The Speculative Grade Liquidity (SGL) rating was downgraded to SGL-3 from SGL-2. The outlook remains negative. "The downgrade of PBF's ratings reflects greater than anticipated increases to debt from negative free cash flow and heightened risk that debt and financial leverage remains elevated for much longer than expected," commented Jonathan Teitel, a Moody's Vice President. RATINGS RATIONALE PBF's Ba3 CFR reflects its volatile cash flow and leverage profile, offset by its large refining scale. Macroeconomic uncertainties and slowing economic growth present a challenging environment for refining margins. Against this backdrop, in 2025, PBF has turnarounds at four of its six refineries, which require significant capital spending; two of these turnarounds were completed. The company has a geographically diversified footprint across the US, with six refineries located on the East Coast, Gulf Coast, Mid-Continent, and West Coast, collectively with over one million barrels per day in throughput capacity, thereby achieving economies of scale. However, PBF faces heightened regulatory risks and uncertainties at its two California refineries. In February 2025, the fire at PBF's Martinez refinery caused significant damage, leading to an extended shutdown. Partial operations resumed in April and the company plans to restart the remaining units in the fourth quarter of 2025. PBF anticipates substantial insurance recovery. The claims process could be protracted, exerting pressure on liquidity as expenses are incurred upfront, though PBF will receive an initial installment in the second quarter of 2025 and is negotiating for interim payments. In a separate incident, in mid-March, PBF's Torrance refinery in California was shut down for about a month due to weather-related events, adversely affecting operations. Moody's forecasts that debt will continue to increase at a slower rate for the remainder of 2025, and that EBITDA should improve in 2026 reducing leverage (Debt/EBITDA) to around 3x in 2026, but with limited prospects for debt reduction absent a much stronger than anticipated rebound in refining margins. Given the inherent volatility of refining margins, macroeconomic uncertainties, and operational challenges there is a wide range of uncertainty in Moody's financial forecasts. PBF Energy Inc. (PBF Energy), the parent company of PBF, also owns PBF Logistics LP (PBF Logistics), which primarily operates midstream infrastructure associated with PBF's refineries. PBF Logistics, being debt-free, has the capacity to distribute cash to PBF Energy to support its dividends to its shareholders or to fund PBF's requirements. In April 2025, PBF Logistics agreed to sell two refined products terminal facilities located in Pennsylvania and Tennessee for $175 million, with the transaction expected to close in the second half of the year, subject to customary closing conditions and certain regulatory approvals. Additionally, PBF Energy aims to achieve over $200 million in run-rate cost savings across its refining and midstream businesses by the end of the year, which would increase EBITDA. The PBF Energy dividend continues to be a call on cash flow in a weak margin environment. PBF's SGL-3 rating reflects expectations of adequate liquidity through mid-2026. As of March 31, 2025, PBF held $443 million in cash and had a $3.5 billion ABL revolving credit facility with approximately $2.0 billion in borrowing availability on the facility. As of March 31, 2025, PBF had $200 million in outstanding borrowings on the facility and $167 million in letters of credit. The revolver matures in August 2028; however, the borrowing base will be reduced by the $802 million in senior notes due February 2028 if they remain outstanding three months before maturity. The revolver includes a springing minimum fixed charge coverage ratio of 1.0x, activated if excess availability drops below the greater of (1) 10% of the lesser of the borrowing base and lender commitments and (2) $100 million. Moody's do not anticipate this covenant being triggered through mid-2026. The company's senior notes mature in 2028 and 2030. PBF's senior unsecured notes are rated B1, one notch below the CFR, due to their effective subordination to the senior secured revolving credit facility. Due to the large size of the revolver, the notes ratings could be pressured if revolver borrowings are larger than anticipated or if the committed capacity is substantially increased. These notes are not guaranteed by PBF Energy or PBF Logistics. The negative outlook highlights risks from the challenging operating environment and ongoing uncertainties resulting from the Martinez refinery fire and continued turnaround activities, that could result in greater than expected negative free cash flow and increases in debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to a downgrade include operating performance or negative free cash flow that is worse than anticipated or likely to persist for longer than expected; a greater than expected increase in debt; or further deterioration in liquidity. More aggressive financial policies such as with respect to shareholder returns could also pressure ratings. Factors that could lead to an upgrade include improved operating performance; consistent generation of positive free cash flow; and substantial debt reduction that supports maintenance of lower leverage through the cycle. More conservative financial policies, such as ensuring a pace of shareholder returns that preserves a substantial cash balance and strong liquidity through the cycle, are crucial for supporting a ratings upgrade. PBF, headquartered in Parsippany, NJ, is a subsidiary of the publicly traded company PBF Energy. It owns and operates six refineries across the US. Additionally, PBF Energy owns PBF Logistics. The principal methodology used in these ratings was Refining and Marketing published in August 2021. PEMBINA PIPELINE: S&P Assigns 'BB+' Rating on Sub Notes Series 2 ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' rating to Pembina Pipeline Corp.'s (Pembina) $200 million, fixed-to-fixed rate subordinated notes series 2 due June 6, 2055. The company intends to use the net proceeds of this offering to fund the redemption of the outstanding Series 19 Class A preferred shares and for general corporate purposes. The notes are rated two notches below long-term issuer credit rating (ICR) to reflect the instrument's subordination and interest deferability features. S&P said, "We classify the notes as having intermediate equity content because of subordination (they will rank junior to all existing and future senior debt), the length of time the instruments could be available on the balance sheet (approximately 30 years to maturity with no ability to call before March 8, 2035, except under rating or tax events), and optional deferability features. Interest is deferrable for up to five consecutive years, which is the minimum length of time consistent with intermediate equity content under the criteria, with no limit on the number of times deferral periods occur over the life of the instrument, as long as the deferral does not extend the maturity of the notes. As a result, the proposed notes will receive 50% equity treatment for the calculation of credit metrics. "While the subordinated notes mature in 30 years, we expect to no longer recognize the notes as having intermediate equity content after June 6, 2035, because the remaining term until their effective maturity will be less than 20 years. "Although we assign intermediate equity credit to the notes, we view the coupon floor feature of the notes as providing less protection from some interest rate and refinancing scenarios than equivalent hybrids that don't have a floor and therefore a higher incentive for the company to redeem them. The floor exposes Pembina to the potential for higher interest while also limiting the benefit of lower interest rates in the future. However, we expect that Pembina would replace this instrument with an equivalent or stronger form of equity before potential redemption to maintain a similar layer of capital that can absorb losses or conserve cash when needed. Redeeming the notes without replacing with an equivalent or stronger form of equity would put the company's existing equity credit at risk and likely preclude future equity credit all else being equal." The issuer credit rating on Pembina is 'BBB', and the outlook is stable. PIZZA VOLTA: Paul Jordan of NP3 Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 19 appointed Paul Jordan of NP3 LLC as Subchapter V trustee for Pizza Volta SH, LLC. Mr. Jordan will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jordan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paul A. Jordan, P.E. NP3 LLC - Energy Advisory & Interim Management 5 Tamarade De. Littleton, CO. 80127 (303) 809-1273 About Pizza Volta SH Pizza Volta SH, LLC was a restaurant located at 120 N. Cache Street, #1137, Jackson, Wyo., offering handcrafted pizzas, fresh salads, and house-made desserts. The establishment focused on using organic, locally sourced ingredients and supported the community through its "Pizza for a Purpose" initiative, donating a portion of sales to local nonprofits. Pizza Volta SH sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20188) on May 9, 2025. In its petition, the Debtor reported total assets of $306,580 and total liabilities of $1,835,681. Judge Cathleen D. Parker handles the case. The Debtor is represented by Stephen R. Winship, Esq. at Winship & Winship, PC. PRESCART CORP: Gets Interim OK to Use Cash Collateral Until June 24 ------------------------------------------------------------------- PresCart Corp. got the green light from the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to use cash collateral to pay its expenses. The court's order authorized the Debtor's interim use of cash collateral for the period from May 16 to June 24. As protection for the use of their cash collateral, the lenders Stearns Bank, Simmons Bank, and Parafin, Inc. were granted security interests in, and liens on all post- petition payment intangibles of the Debtor. A final hearing is set for June 24. Objections must be received by the court no later than three business days prior to the final hearing. As of the filing date, the Debtor's assets included about $11,000 in customer deposits, $6,100 in pending credit card payments, and $28,000 in equipment and supplies. Stearns Bank holds a first-priority lien securing a debt of $196,279, while Simmons Bank and Parafin, Inc. assert subordinate liens for $245,000 and $70,000, respectively. The Debtor notes that Simmons and Parafin may be unsecured and reserves the right to challenge the validity of any liens at a later time. About PresCart Corp. PresCart Corp., d/b/a The Lash Lounge, provides eyelash and eyebrow services through personalized treatments such as lash extensions, lash lifts, tinting, and threading. Operating with a focus on customization and detail, the Company offers multiple lash extension styles including classic, volume, hybrid, and mega volume. Each service is performed by trained stylists aiming to enhance clients' appearance without the need for daily makeup. PresCart Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-30503) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The Debtors are represented by Richard S. Wright, Esq. at MOON WRIGHT & HOUSTON, PLLC. PRIVATE LENDER: Gets Court OK to Use Cash Collateral Until June 15 ------------------------------------------------------------------ Private Lender Network, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral from May 23 to June 15 to pay the operating expenses set forth in its budget. Any creditor with a security interest in the cash collateral will be granted a replacement lien on all cash the Debtor acquires or generates after the petition date, to the same extent and priority as its pre-bankruptcy lien. A final hearing is set for June 16. The Debtor believes that use of the funds is vital to support continued operations during the reorganization process. The Debtor outlines its need to use these funds in accordance with its budget. While there are three known UCC financing statements filed against the Debtor's assets, the Debtor believes they do not apply to current cash holdings. About Private Lender Network Private Lender Network, LLC operates in the credit intermediation sector, providing financing solutions for fix-and-flip, new construction, and multifamily projects, along with bridge loan services. Headquartered in Austin, Texas, the company primarily functions as a wholesale lender, partnering with brokers and leveraging investor capital to fund loans. Private Lender Network sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10742) on May 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by Ron Satija, Esq., at Hayward, PLLC. PUBLISHERS CLEARING: Committee Seeks to Hire Rimon as Counsel ------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 case of Publishers Clearing House LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Rimon PC as counsel. The firm will render these services: (a) advise the committee with respect to its rights, duties, and power in the bankruptcy case; (b) review, analyze and respond, as necessary, to all applications, orders, statements, and schedules filed with the court; (c) review, analyze and respond, as necessary, to any and all liens asserted against the Debtor's assets; (d) assist the committee in its consultations with the Debtor relative to the administration of the bankruptcy case; (e) assist with the committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor; (f) assist the committee in its analysis and negotiations with the Debtor or any third party concerning matters related to the realization by creditors of a recovery on claims and other means of realizing value in the bankruptcy case; (g) review with the committee whether a Chapter 11 plan should be filed by the committee or some other third party and, if necessary, draft a plan and disclosure statement; (h) assist the committee with respect to consideration by the Bankruptcy Court of any disclosure statement or plan prepared or filed pursuant to sections 1125 or 1121 of the Bankruptcy Code; (i) assist and advise the committee with regard to its communications to the general creditor body regarding its recommendations on any proposed Chapter 11 plan or other significant matters in the bankruptcy case; (j) represent the committee at all hearings and other proceedings; (k) assist the committee in its analysis of matters relating to the legal rights and obligations of the Debtor in respect of various agreements and applicable laws; (l) review and analyze all applications, orders, statements, and schedules filed with the Bankruptcy Court and advise the committee as to their propriety; and (m) assist the committee in preparing pleadings and applications as may be necessary in furtherance of its interests and objectives. The hourly rates of the firm's counsel and staff are: Attorneys $375 - $850 Paraprofessionals $175 - $275 The firm will seek reimbursement for expenses incurred. Brian Powers, Esq., a partner at Rimon, 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: Brian Powers, Esq. Rimon, P.C. 100 Jericho Quadrangle, Suite 300 Jericho, NY 11753 Telephone: (516) 479-6300 About Publishers Clearing House Publishers Clearing House LLC is a direct-to-consumer company offering free-to-play digital entertainment. Through its PCH/Media division, PCH helps brands and advertisers connect with qualified, responsive audiences across its extensive chance-to-win gaming platforms. PCH has evolved into a multi-channel media company, combining digital entertainment, direct-to-consumer marketing, and commerce to create compelling experiences for users and brands alike. Publishers Clearing House filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending before the Honorable Martin Glenn. Klestadt Winters Jureller Southard & Stevens, LLP is serving as legal advisor, William H. Henrich and Laurence Sax from Getzler Henrich & Associates LLC are serving as co-chief restructuring officers, SSG Capital Advisors, LLC, is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Omni Agent Solutions is the claims agent. On April 24, 2025, the Office of the United States Trustee for the Southern District of New York appointed an official committee of unsecured creditors appointed in this Chapter 11 case. The committee tapped Rimon PC as counsel. QT HAU LLC: Seeks Chapter 11 Bankruptcy in Maryland --------------------------------------------------- On May 29, 2025, QT Hau LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About QT Hau LLC QT Hau LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). QT Hau LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by David S. Musgrave, Esq. at GORDON FEINBLATT LLC. QUADRA FS: Seeks to Hire Kurcias Jaffe & Company as Accountant -------------------------------------------------------------- Quadra FS Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Kurcias, Jaffe & Company LLP as accountant. The Debtor needs an accountant to prepare all 2024 corporate tax returns. Any returns requiring amendment will also be prepared. The firm will be compensated $15,000 to prepare all 2024 corporate tax returns and $12,000 estimate for returns requiring amendment per year. Victor Gomez, chief financial officer at Kurcias, Jaffe & Company, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Victor Gomez Kurcias, Jaffe & Company LLP 1400 Old Country Rd Ste 309 Westbury, NY 11590 Telephone: (516) 482-7777 About Quadra FS Inc. Quadra FS Inc., doing business as Quadra Furniture Solutions and Quadra Furniture & Spaces, is a luxury staging and furniture rental company offering bespoke design solutions to elevate the value and appeal of properties. With over two decades of expertise, the Company is committed to providing a customized approach to staging that delivers faster sales and higher prices for real estate owners. Quadra FS Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-12162) on March 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Stacey L. Meisel oversees the case. The Debtor tapped the Law Offices of Kenneth L. Baum, LLC as counsel and Kurcias, Jaffe & Company LLP as accountant. QUEST SOFTWARE: Secures $350MM Fresh Funding, Overhauls Debt ------------------------------------------------------------ Reshmi Basu of Bloomberg News reports that the Supreme Court has called on the Trump administration to weigh in on Hertz's effort to avoid a $328 million payout to bondholders stemming from its 2020 bankruptcy. Hertz is asking the Court to review a federal appeals court decision that entitles bondholders to interest at the higher contract rate rather than the lower federal judgment rate. If upheld, the ruling would require the company to pay $328 million in make-whole premiums and post-petition interest, according to Bloomberg News. About Quest Software Inc. Quest Software, also known as Quest, is a privately held software company headquartered in Aliso Viejo, California States. Quest provides cloud management, software as a service, security, workforce mobility, and backup & recovery. R & L HANDYMAN: Ruediger Mueller of TCMI Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for R & L Handyman, Inc. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About R & L Handyman R & L Handyman Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03055) on May 9, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Catherine Peek Mcewen presides over the case. Matthew J. Kovschak, Esq., at Debra J. Sutton, P.A. represents the Debtor as legal counsel. R2 MARKETING: Court Extends Cash Collateral Access to Aug. 21 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California extended R2 Marketing and Consulting, LLC's authority to use cash collateral until Aug. 21. The court's order authorized the company's interim use of cash collateral to pay the expenses set forth in its budget, with a 10% variance allowed. The terms of stipulation between R2 and the U.S. Small Business Administration are incorporated into the court order, which require the company to grant replacement liens and make monthly payments of $2,515 to SBA as protection. A final hearing is scheduled for Aug. 20. About R2 Marketing & Consulting R2 Marketing & Consulting, LLC is a full-service non-emergency medical transportation company operating throughout Orange County and surrounding areas, providing safe and reliable transport for patients to various medical appointments. The Company's services include transportation for doctor's visits, physical therapy, hospice care, assisted living, and more. R2 Marketing & Consulting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10631) on March 12, 2025. In its petition, the Debtor reported total assets of $5,354 and total liabilities of $2,285,519. Judge Scott C. Clarkson oversees the case. Michael R. Totaro, Esq., at Totaro and Shanahan, LLP, represents the Debtor as legal counsel. REBEL STEEL: Hires Vantage Point Advisory as Insolvency Expert -------------------------------------------------------------- Rebel Steel Ventures and Erect, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Vantage Point Advisory, Inc. as insolvency expert. The firm will conduct the required insolvency analysis for the Debtor. It may also be required to provide expert testimony if the avoidance actions are litigated. The firm will be paid at these hourly rates: Partners $495 Staff $295 - $450 The firm received a post-petition retainer of $10,000 from the Debtor. Mark Smith, Esq., a partner at Vantage Point Advisory, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark A. Smith, CFA Vantage Point Advisory Inc. 691 John Wesley Dobbs Ave. NE-Suite V142 Atlanta, GA 30312 Telephone: (404) 643-8410 Email: mark.smith@vantagepointadvisory.com About Rebel Steel Ventures and Erect Rebel Steel Ventures and Erect, Inc. filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 24-20535) on May 7, 2024, listing under $1 million in both assets and liabilities. Judge James R. Sacca oversees the case. The Debtor tapped Rountree Leitman Klein & Geer, LLC as counsel and Vantage Point Advisory, Inc. as insolvency expert. RENASCENCE INC: George Oliver Named Subchapter V Trustee -------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed George Mason Oliver as Subchapter V trustee for Renascence Inc. About Renascence Inc. Renascence Inc., d/b/a PIP Printing, operates a commercial printing business based in Greenville, Pitt County, North Carolina. Founded in 1997, the Company runs under a franchise agreement with Postal Instant Press, Inc. (PIP Printing), offering services such as copying, publishing, mailing, embroidery, and signage. It also sells office supplies and serves both individual and business customers in Pitt County and nearby areas. Renascence Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01764) on May 12, 2025. In its petition, the Debtor reports total assets of $111,445 and total liabilities of $1,480,810. Honorable Bankruptcy Judge Pamela W. McAfee handles the case. The Debtor is represented by C. Scott Kirk, Attorney At Law, PLLC. RINCHEM COMPANY: Moody's Cuts CFR to Caa1, Outlook Remains Negative ------------------------------------------------------------------- Moody's Ratings has downgraded Rinchem Company, LLC's ("Rinchem") Corporate Family Rating to Caa1 from B3, Probability of Default Rating to Caa1-PD from B3-PD and the ratings on the company's senior secured first lien bank credit facilities to Caa1 from B3. The outlook remains negative. Environmental, social and governance factors are a key driver of rating action. Rinchem's credit impact score is revised to CIS-5 from CIS-4, reflecting the company's aggressive debt leverage under private equity ownership and poor performance track record in recent years. RATINGS RATIONALE The rating downgrade reflects Rinchem's slow earnings recovery and persistently high debt leverage despite cost-saving initiatives and asset divestures. Credit risk is increasing with negative free cash flow, deteriorating liquidity and revolver maturity in less than two years. Operating challenges persist for Rinchem, as the semiconductor market outside of the high end AI chips remains in a weak state and one of its major customers is restructuring business and delaying new growth projects. Its effort to grow into adjacencies like life science will take time to achieve. Against a weak macroeconomic backdrop, Rinchem's EBITDA is unlikely to cover interest payments and capital expenditures, potentially leading to a drawdown of its revolver over the next several quarters. Adjusted debt/EBITDA will remain high at about 10x based on Moody's projections including lease adjustments and excluding expected cost savings and new contracts. Rinchem reported $11 million cash on hand and $35 million undrawn revolver as of March 31, 2025. The company freed up its revolver capacity through a sale-leaseback transaction in Taiwan that provided $35 million proceeds in May 2024. In the past 10 months, cash balance declined by $12 million due to negative free cash flow, partly assoicated with business restructuring and one-off payments. The $35 million revolving credit facility, which will be due in March 2027, will be sufficient to cover near-term cash needs. Rinchem only manages the supply chain without taking the ownership of inventory. The revolver has a springing financial covenant— a maximum First Lien Net Leverage Ratio of 9.0x, which will be tested if the outstanding amount exceeds the greater of $14 million and 40% of the revolver's principal. The calculation of this covenant allows the addition of run-rate cost savings and EBITDA projected for new contracts. Moody's expects the company will carefully manage spending to preserve liquidity and potentially resort to its sponsor for additional funding support, such as the $45 million incremental Pay-in-Kind term loan it signed in December 2023. However, such funding increased its gross debt. Rinchem's rating is supported by its long-term contracts with blue-chip customers and growth potential in supply chain solutions to semiconductor manufacturers. Accounts receivable risk is low given the investment-grade ratings of its major customers. Long-term demand looks promising, as major semiconductor manufacturers including Intel, Samsung and TSMC invest in new chip manufacturing facilities in the US, despite delays. Rinchem's rating is constrained by its small business scale, concentrated customer base, as well as potentially large capital expenditures. The company is focused on specialty chemicals' supply chain solutions and generates nearly half of sales from one major customer. Its ambition to grow its warehouses and logistic networks to serve semiconductor customers will entail large capital expenditure with operational challenges. The negative outlook reflects the challenging operating environment, expected modest earnings improvement and continuing cash consumption in the next 12-18 months. ESG CONSIDERATIONS Rinchem's credit impact score of CIS-5, revised from CIS-4 in the past, mainly reflects the very high governance risks, i.e. aggressive debt leverage under the private equity ownership and poor performance track record in recent years. Limited financial disclosure as a private company also weighs on governance score. The company faces environmental and social risks such as the handling of hazardous specialty chemicals and gases in its warehouses and during transportation. The construction of new chip factories in the US signals long-term growth potential; however, more sophisticated risk management is required given the company's relatively small scale, business concentration among a few large semiconductor clients, and its expansion of warehouse and logistics operations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade the ratings, if the company's liquidity deteriorates or it makes an exchange offer to the detriment of debtholders. Failure to grow its earnings, stem cash consumption and lower debt leverage could also result in a downgrade. Moody's could upgrade the ratings, if the company improves earnings and cash flow generation, and reduces its debt leverage towards 6 times. A larger business scale, broader customer base and business diversity would also be supportive to the ratings. Rinchem is a specialized supply chain solutions provider to semiconductor manufacturing, pharmaceuticals and biotechnology. It warehouses and transports high-value, high purity chemicals and specialty gases for the complex semiconductor manufacturing process. The company is owned by investment vehicles affiliated with Stonepeak Infrastructure Partners. The principal methodology used in these ratings was Chemicals published in October 2023. RSTZ TRANSPORT: To Sell Tractor to William Robinson --------------------------------------------------- RSTZ Transport Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, sell tractor, free and clear of liens, interests, and encumbrances. The Debtor wants to sell the 2020 Peterbilt 389 Sleeper Tractor. The Debtor is a Georgia corporation and operates an over-the-road trucking business. The Debtor's President, Richard Bethune, operates the business. Flagstar Financial and Leasing has a lien against the Property for an amount not less than $83,582.61. The Debtor estimated the fair market value of the Assets at approximately $90,000 at the time the case was filed. The Debtor listed the asset for sale on Truck Trader, an independent commercial truck and trailer listing service for $95,000. William Robinson expresses interest in buying the Asset. The Debtor asserts that by selling the Asset directly to the Purchaser, the Debtor will save the cost of sale including but not limited to commissions, and will be receiving fair market value, which will directly benefit its creditors. The Debtor believes that the sale will produce a value that is fair and reasonable for the bankruptcy estate. About RSTZ Transport Inc. RSTZ Transport Inc. is a Georgia-based corporation operating in the general freight trucking industry. RSTZ Transport filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-20123) on January 31, 2025, listing total assets of $3,464,462 and total liabilities of $4,588,041. Judge James R. Sacca oversees the case. Ian Falcone, Esq., at The Falcone Law Firm, PC is the Debtor's bankruptcy counsel. SEDALIA AESTHETICS: To Sell Saline Property to Michael Carey ------------------------------------------------------------ Sedalia Aesthetics, LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Missouri, to sell Property located at 9 North Lafayette Street, Marshall, Saline County, Missouri, free and clear of liens, interests, and encumbrances. The Debtor owns a commercial building at 9 North Lafayette Street, in Marshall, Saline County, Missouri and desires to sell said Property to Michael Carey for the sum of $105,000. Wood & Huston Bank claims a perfected Deed of Trust lien against the Property. The Debtor has agreed that upon the sale of the Property, all of the net proceeds from the sale shall be paid to W&H. The Debtor respectfully proposes to sell the commercial building at 9 Lafayette Street, Marshall, Saline County, Missouri, free and clear of all liens, and encumbrances or interests. The Listing Agreement had originally listed the Property for sale at $110,000. The offer made by Michael Carey was $105,000, which was a fair and reasonable offer. W&H has a Deed of Trust on the commercial building where Debtor operates its Sedalia business. Said building is valued at $500,000 and is owed by a related company Bassett Holdings, LLC. There is sufficient value in the Sedalia building to secure the remaining debt owed to W&H. About Sedalia Aesthetics, LLC Sedalia Aesthetics, LLC, doing business as The Beauty Bar, The Beauty Bar of Jefferson City, and The Beauty Bar of Marshall, is the owner of a building located at 9 North Lafayette, Marshall, Mo., valued at $110,000. Sedalia Aesthetics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-20453) on Oct. 21, 2024, with total assets of $311,684 and total liabilities of $3,017,192. Michelle Bassett, managing member, signed the petition. Judge Cynthia A. Norton oversees the case. The Debtor is represented by Erlene W. Krigel, Esq., at Krigel Nugent + Moore, P.C. SHAIK'S LLC: Matthew Brash Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Shaik's LLC. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Shaik's LLC Shaik's LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06976) on May 6, 2025, listing under $1 million in both assets and liabilities. Judge Timothy A. Barnes oversees the case. The Debtor is represented by the Law Offices of David Freydin, PC. SIERRA ENTERPRISES: Moody's Withdraws 'Caa1' CFR on Debt Repayment ------------------------------------------------------------------ Moody's Ratings has withdrawn Sierra Enterprises LLC's ("Sierra"; owner of Lyons Magnus, LLC) ratings including the Caa1 Corporate Family Rating, the Caa1-PD Probability of Default Rating, and the B3 ratings on the company's backed senior secured first lien revolving credit facility due February 2027, and backed senior secured first lien term loan B2 due May 2027. The rating action follows Sierra's full repayment of its previously rated senior secured debt. Prior to the withdrawal, the rating outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the ratings as a result of the repayment of the rated term loan credit facility due in 2027 and the first lien term loans maturing in 2027 and 2028. Headquartered in Fresno, California, Sierra Enterprises LLC is the owner of Lyons Magnus, LLC. The company produces beverage syrups, toppings, sauces, food ingredients, frozen desserts, and nutritional beverages. Sierra's customers are primarily food manufacturers and food service companies located in the US. The company also has some branded direct-to-retail products such as sauces, juices, and nutritional drinks. Sierra is majority owned and controlled by private equity firm Paine Schwartz Partners since the 2017 acquisition. The company does not publicly disclose financial information. Sierra Enterprises generates annual revenues of approximately $800 million. SJ HOLDINGS: Nathaniel Wasserstein Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Nathaniel Wasserstein, Esq., at Lindenwood Associates, LLC as Subchapter V trustee for SJ Holdings Group, LLC. Mr. Wasserstein will be paid an hourly fee of $485 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Wasserstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nat Wasserstein, Esq. Lindenwood Associates, LLC 328 North Broadway, 2nd Floor Upper Nyack, New York 10960 Telephone: (845) 398-9825 Facsimile: (212) 208-4436 Email: nat@lindenwoodassociates.com About SJ Holdings Group SJ Holdings Group, LLC, doing business as Walden Pointe Apartments, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42207) on May 7, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. SPACE PERSPECTIVE: Trinity Capital Marks $2.8MM Loan at 65% Off --------------------------------------------------------------- Trinity Capital Inc. has marked its $2,854,000 loan extended to Space Perspective, Inc. to market at $1,009,000 or 35% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to Space Perspective, Inc. The loan accrues interest at a rate of variable interest rate Prime + 7.8% or Floor rate 11.0%; EOT 5.0% per annum. The loan matures on July 1, 2026. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Space Perspective, Inc. Space Perspective is a private American aerospace manufacturer which is building crewed high-altitude balloons for near space tourism. The company, headquartered in Titusville, Florida, is developing Spaceship Neptune, a pressurized gondola lofted by a SpaceBallon, a large hydrogen high-altitude balloon. STEWARD HEALTH: Gets Okay to Take New Loan to Fund Clawback Suit ---------------------------------------------------------------- Soma Biswas of The Wall Street Journal reports that a bankruptcy judge approved a settlement between Steward Health Care and its top-tier lenders Friday, May 30, 2025, under which the company will take on an additional $127 million loan from the lenders to fund litigation against former insiders of the hospital chain. With the ruling, Judge Christopher Lopez of the U.S. Bankruptcy Court in Houston overruled objections that the new loan would award the bulk of the litigation recoveries to Steward's top lenders, leaving less for other creditors, including those with essential bills for goods they supplied to Steward's bankrupt hospitals, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STONEYBROOK FAMILY: Updates Unsecureds & United Secured Claims Pay ------------------------------------------------------------------ Stoneybrook Family Dentistry, P.A. d/b/a Wholistic Dental, Stoneybrook Dental, submitted a Second Amended Subchapter V Plan of Reorganization dated May 12, 2025. Stoneybrook was established in 2007 by Dr. Wendi K. Wardlaw and is a private dental practice serving patients in Winter Garden, Florida. Stoneybrook delivers traditional dental care in addition to holistic care that includes sleep apnea therapy. Pursuant to section 1122 of the Bankruptcy Code, sections 3.02 and 3.03 herein set forth a designation of classes of claims and interests. A Claim or interest is classified in a particular class only to the extent that the claim or interest qualifies within the description of the class and is classified in a different class to the extent the Claim or interest qualifies within the description of that different class. Class 1 consists of the Secured Claim of United Community Bank. The holder of this Allowed Secured Claim in the amount of $2,289,471 shall retain its lien and receive monthly payments of $18,440.08 on its Secured Claim on or before the fifth day of the month at 8.5% interest rate over a 25-year amortization for a period of 60 months (the "Payment Term"), with payments commencing the month following the Effective date Class 1 is impaired. On October 4, 2024, an Agreed Final Judgment of Foreclosure and Replevin (the "Judgment") was entered in the Circuit Court of the Ninth Judicial Circuit, Orange County, Florida, Case Number 2023 CA 16721-O (the "State Court Case") in favor of UCB and against the Debtor. If the Debtor defaults in any Plan payments to UCB and fails to make payment within 10 days after receiving written notice from UCB to the Debtor and its counsel (a "Default"), then UCB may file in the State Court Case and serve on the Debtor and its counsel an affidavit of Default identifying the payment Default and the balance remaining under the Plan. The Debtor will then have five days in which to file an opposing affidavit contesting the Default and attach proof that the disputed payment was paid. If Debtor fails to timely file an opposing affidavit, then UCB shall be entitled to the immediate entry of an Amended Final Judgment of Foreclosure and Replevin for the balance stated in the UCB affidavit. If Debtor timely files an opposing affidavit, then the parties will set a hearing in the State Court Case for a determination as to whether there has been a Default under the Plan and the amounts owing under the Plan. UCB shall be enjoined from pursuing any claim against Wendi Wardlaw individually during the term of the Plan so long as the Debtor is not in default under its Plan obligations to UCB. Notwithstanding that the Debtor's Plan provides for a three-year plan period, the Debtor may continue to make the prior plan payments to UCB for an additional two years and then existing principal balance will be due and owing at the end of the Payment Term. The Debtor may prepay the amount due and owing UCB for its Claim at any time without any pre-payment penalty. Class 5 consists of General Unsecured Claims. Class 5 is impaired The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Subject to the requirements of the Plan, the Bankruptcy Code, or a Final Order, Holders of General Unsecured Claims shall receive quarterly approximately a Pro Rata Share of the net sum of the Projected Disposable Income over a three-year plan period beginning on the Effective Date, after making payment of Allowed Administrative Expense Claims, Fee Claims, and Priority Tax Claims in accordance with the terms of the Plan. Holders of Class 2 claims shall be paid directly by the Debtor. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee’s then current allowable blended rate. On and after the Effective Date, the holders of the Equity Interests shall retain their interests in the Debtor. Class 6 is unimpaired. The Plan contemplates that the Reorganized Debtor will continue to operate the business of the Debtor. The Reorganized Debtor believes that the continued earnings through the operation of the Debtor will be sufficient to fund the payments required to be made under the Plan. A full-text copy of the Second Amended Plan dated May 12, 2025 is available at https://urlcurt.com/u?l=lI4187 from PacerMonitor.com at no charge. About Stoneybrook Family Dentistry Stoneybrook Family Dentistry, P.A., specializes in cosmetic dentistry, Invisalign, dental implants, pediatric dentistry, root canal therapy, and smile makeovers. Stoneybrook filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-bk-00604) on Jan. 8, 2024, listing up to $500,000 in assets and up to $10 million in liabilities. Wendi K. Wardlaw, president of Stoneybrook, signed the petition. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Paul N. Mascia, Esq. Nardella & Nardella, PLLC Tel: 407-966-2680 Email: pmascia@nardellalaw.com STUDENT TRANSPORTATION: S&P Assigns 'B+' ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issuer credit rating to Student Transportation of America Holdings Inc. (STA), a provider of student transportation in North America, and its 'B+' issue-level and '3' recovery rating (rounded estimate: 55%) to the proposed term loan. S&P does not rate the new revolver and DDTL. S&P said, "The stable outlook indicates our expectation that STA's credit metrics will remain steady through our forecast period based on multi-year contracts with strong renewals, supported by its market share and consistent demand for student transportation, with funds from operations (FFO) to debt in the mid-teens percentage area. "We view STA as one of the market leaders in the highly fragmented student transportation industry. The outsourced student transportation industry in North America consists of four major players, led by First Student (Recess Holdco) who holds about 25% market share, followed by STA who holds over 10% market share. Our fair business risk assessment also reflects STA's well-diversified customer base with its largest customer accounting for less than 2.5% of revenue and nearly 80% of customers being public, fully government-funded schools. STA's customer contracts are typically three to five years and it has maintained consistent annual retention rates of over 95%, providing strong recurring revenue and visibility. Additionally, its contracts include pricing escalators either based on fixed annual price increase or tied to CPI increases to mitigate against inflationary pressures. While a moderate portion of the revenue base, STA's other services (e.g. employee transportation, charter services, paratransit) could provide some margin upside as the company continues to diversify its revenue beyond core student transportation. "We view STA's operations as having less exposure to macroeconomic cyclicality than many of its peers in the transportation industry given the nature of the student transportation business. Demand for STA's service is typically more correlated with size of the school age population, school board budgets, and outsourcing trends for privately run transportation services, all of which we expect to be relatively stable over our forecast period. While student transportation was severely impacted by extensive school closures through the COVID-19 pandemic and subsequent driver shortage amid widespread return to in-person schooling, we note that STA has largely recovered its driver staffing and restored its route network to pre-pandemic levels. "We do not expect the company to be materially affected by current macroeconomic volatility and uncertainty around federal spending. The majority of K-12 education budgets are sourced from state and local budgets, and student transportation is mandated as an essential service. In addition, while potential tariffs on imported auto parts could increase the cost of manufacturing and maintaining school buses, we believe STA will be able to pass along these increases due to its long-term relationship with customers and nondiscretionary nature of its services. "Despite the capital-intensive nature of its business, we assume STA has flexibility in managing its capital spending depending on the operating environment. The company operates a relatively younger fleet with average age of about seven years, versus industry standard of nine years. STA expects to replace about 8% of its fleet every year, which accounts for the majority of maintenance capital spending requirements, with additional growth capital spending to meet new contracts. However, we believe the company can defer some of its maintenance spending based on targeted average fleet age, as well as relocating vehicles around districts based on demand. "We expect credit metrics to improve gradually over our forecast period through modest topline growth in the low- to mid-single-digit percentage area and stable S&P Global Ratings-adjusted EBITDA margins of about 15%-17%. We project S&P Global Ratings-adjusted leverage pro forma for the transaction to be about mid-4x at close and to remain in the 4x-5x area through 2026, with adjusted FFO to debt in the 15%-17% area. Notably, our adjusted metrics exclude the shareholder note and associated cash or paid-in-kind (PIK) interest expense. In our view, the controlling shareholder financing exhibits equity-like qualities, including contractual subordination to senior debt obligations, no cross-default or cross-acceleration of maturity provisions, with permitted restricted payments governed under the proposed senior term loan agreement, which we deem to be not detrimental to STA's credit profile. "Our assessment of STA's financial risk profile reflects its financial sponsor ownership as well as STA's historically acquisitive nature. We note the sponsors' (CDPQ and Ullico) investment horizon and return targets are less aggressive than those of a typical private-equity investor and that they have provided support via multiple equity injections since their acquisition of STA in 2018. Nevertheless, STA has made seven acquisitions in the last 12 months, and we expect acquisitions will remain a key growth strategy as the company builds regional density in a highly fragmented market. While the DDTL is expected to be undrawn at close, we do not preclude future utilization to support acquisitions or growth capital expenditure (capex). Our assessment also considers the presence of the shareholder note at the parent company level, which could trigger cash payments (though not incorporated in our current base-case). "The stable outlook on STA reflects our expectation that consistent demand, driven by its market share in the student transportation space with multi-year contracts with strong renewals will support its operating performance. We expect revenue to grow in the low-single-digit area driven by steady price increases and new bids won, with stable S&P Global Ratings-adjusted EBITDA margins, allowing FFO/debt to be in the mid-teens percentage area over the next two years." S&P could lower its ratings on STA over the next 12 months if S&P expects FFO to debt to decline below 12%, FOCF generation to be negative, or if leverage is above 5x on a sustained basis. This could occur if: -- There are significant changes in the company's strategy or the operating environment constrains its competitive position, earnings, or cash flow; -- The company undertakes large debt-financed acquisition; or -- The sponsors' financial policy is more aggressive than we currently anticipate. S&P said, "We could raise our ratings on STA if it considerably expands its scale while free operating cash flow (FOCF) to debt remains well above 5% and FFO to debt continues to exceed 12% on a sustained basis. We would also need the company's sponsor to commit to maintaining improved ratios through acquisitions, before raising our rating." SUNNOVA TEP: Seeks Chapter 11 Bankruptcy as Troubles Increased -------------------------------------------------------------- Mark Chediak and Dorothy Ma of Bloomberg News reports that a Texas-based subsidiary of Sunnova Energy International Inc. has filed for bankruptcy amid the parent company's struggle to gain creditor support for an out-of-court restructuring effort. Sunnova TEP Developer LLC filed for Chapter 11 protection on June 1, 2025, according to documents submitted to the U.S. Bankruptcy Court for the Southern District of Texas. The filing lists the company’s assets and liabilities as each ranging between $100 million and $500 million. Bloomberg reported in late May 2025 that Sunnova Energy was preparing for a possible bankruptcy filing in the near term. About Sunnova TEP Developer LLC Sunnova TEP is a Houston-based subsidiary of the Sunnova group specializes in renewable energy, with a focus on electric power generation, transmission, and distribution. Primarily active in the solar energy sector, the company is likely involved in developing solar projects and creating financing solutions for solar installations. Its main office is located at 20 East Greenway Plaza, Houston, Texas. Sunnova TEP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90153) on June 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SURVWEST LLC: Court Defers Ruling on Bid to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado is set to hold another status hearing on Sept. 4 in connection with SurvWest, LLC's use of cash collateral. At the status hearing held on May 29, the court deferred ruling on the cash collateral motion filed on March 28 by the company's Chapter 11 trustee pending the filing of a motion to enter agreed order authorizing use of cash collateral, along with a budget. SurvWest originally filed for Chapter 11 protection on Sept. 5, 2024, and over the following months, the court entered four interim orders authorizing the temporary use of cash collateral. On Jan. 6, the court approved the company's cash collateral agreement with TBK Bank and the U.S. Small Business Administration, which included terms for adequate protection and was supported by individual guarantor Mathew Barr. Shortly after his appointment as Chapter 11 trustee in February, Ken Yager filed a motion in March to continue using cash collateral and to schedule a final hearing on the matter. The court granted this request on April 30 and set the final hearing for May 29 while requiring the trustee to submit a revised budget by May 12. The trustee complied by submitting and serving the final budget on that date. About SurvWest LLC SurvWest LLC, formerly known as SurvTech Solutions LLC, is a diversified engineering firm specializing in surveying and mapping; subsurface utility engineering (SUE); and utility coordination for clients across the United States. SurvWest filed Chapter 11 petition (Bankr. D. Colo. Case No. 24-15214) on September 6, 2024, with total assets of $7,301,456 and total liabilities of $9,447,402. Mathew Barr, president of SurvWest, signed the petition. Judge Thomas B. Mcnamara handles the case. The Debtor is represented by David Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C. TECHNO TOY: Walter Dahl Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 17 appointed Walter Dahl, Esq., a partner at Dahl Law, as Subchapter V trustee for Techno Toy Tuning, LLC. Mr. Dahl will be compensated at $485 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. In court filings, Mr. Dahl declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Walter R. Dahl Dahl Law 2304 "N" Street Sacramento, CA 95816-5716 Telephone: (916) 446-8800 Telecopier: (916) 741-3346 Email: wdahl@dahllaw.net 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 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22317) on May 10, 2025, listing $398,243 in assets and $2,538,539 in liabilities. Gabriel Tyler, chief executive officer of Techno Toy Tuning, signed the petition. Judge Christopher M. Klein oversees the case. Arasto Farsad, Esq., at Farsad Law Office, P.C., represents the Debtor as bankruptcy counsel. TERRA DOLCI: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Terra Dolci, LLC d/b/a Chef Adrianne's Vineyard Restaurant and Bar 11715 Sherri Lane Miami FL 33183 Business Description: Terra Dolci, operating as Chef Adrianne's Vineyard Restaurant and Bar in Miami, offers Napa Valley-inspired fine dining with a focus on bold flavors. The menu features family-style beef short ribs slow-braised for 24 hours, a signature French onion soup rich with caramelized onions and melted cheese, indulgent white and dark chocolate bread puddings, and oversized cinnamon rolls. It is managed by chef and restaurateur Adrianne Calvo. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-16293 Judge: Hon. Laurel M. Isicoff Debtor's Counsel: Robert Charbonneau, Esq. AGENTIS PLLC 45 Almeria Avenue Coral Gabes FL 33134 Tel: (305) 722-2002 Email: rpc@agentislaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Adrianne Calvo as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5BHTPZY/Terra_Dolci_LLC__flsbke-25-16293__0001.0.pdf?mcid=tGE4TAMA TEXAS REIT: Trustee Seeks to Tap Streusand Landon as Legal Counsel ------------------------------------------------------------------ Dawn Ragan, the trustee appointed in the Chapter 11 case of Texas REIT, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Streusand, Landon, Ozburn & Lemmon, LLP to perform legal services in connection with her duties as trustee of the estate. The firm will be paid at these hourly rates: Stephen Lemmon, Attorney $750 Rhonda Mates, Attorney $525 Paraprofessional $150 - $205 In addition, the firm will seek reimbursement for expenses incurred. Mr. Lemmon disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen W. Lemmon, Esq. Streusand, Landon, Ozburn & Lemmon LLP 1801 S. MoPac Expressway, Suite 320 Austin, TX 78746 Telephone: (512) 236-9900 Facsimile: (512) 236-9904 Email: lemmon@slollp.com About Texas REIT LLC Texas REIT, LLC owns a strip center in Houston, Texas located at 8050-8098 Westheimer. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10120) on February 6, 2024. In the petition signed by Drew Dennett, authorized representative, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, PC, represents the Debtor as legal counsel. Dawn M. Ragan is appointed as trustee in this Chapter 11 case. She tapped Streusand, Landon, Ozburn & Lemmon, LLP as her counsel. TRINET GROUP: Moody's Affirms Ba1 CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings affirmed TriNet Group, Inc.'s (TriNet) Ba1 corporate family rating and Ba1-PD probability of default rating. Moody's also affirmed TriNet's senior unsecured notes ($500 million due 2029, $400 million due 2031) at Ba2. The speculative grade liquidity rating is SGL-1. The outlook was changed to negative from stable. TriNet is a professional employer organization (PEO) which provides outsourced human resource functions, including payroll, benefits acquisition and regulatory compliance management to small and mid-sized businesses (SMBs). The affirmation of the Ba1 CFR and outlook change to negative from stable follow both the increase in debt leverage and a notable decline in EBITDA margins over the twelve months ended March 31, 2025. "If TriNet does not execute efficiently on its transformation strategy, rationalize its business lines, expand its sales efforts and better manage insurance claims volatility and pricing, as well as manage hiring uncertainty within its SMB customer focus, financial leverage could remain elevated, pressuring the Ba1 CFR," said Michael Aroian, Moody's Ratings Vice President - Senior Analyst. ESG risk considerations, specifically governance risk from Moody's expectations for the company to maintain its capital policy of opportunistic shareholder friendliness through dividend distributions and share buybacks given its concentrated ownership, with the possibility of occasional debt funded acquisitions, were a key driver of the rating action and outlook change. RATINGS RATIONALE The Ba1 rating is pressured by increased, albeit still only moderate, financial leverage, with debt/EBITDA of 2.6x for the twelve months ended March 31, 2025 that Moody's anticipates may not decline until after 2025. Trinet's credit profile is negatively impacted by exposure to economic cyclicality as periods of high unemployment typically weigh on operating performance trends due to prospective declines in the company's base of worksite employees (WSE). A TriNet WSE is an employee who benefits from HR services and benefits provided by TriNet, while working under the direction of TriNet's client company. Fluctuations in WSEs have a direct impact on TriNet's topline as they have an employee per month (PEPM) pricing model. Additionally, periods of volatility in TriNet's insurance services segment, particularly in the event of elevated medical insurance claims expenses, present uncertainty. Both these factors have recently weighted on profit margins, as higher medical and pharmaceutical costs drove higher insurance claims in recent quarters and caused leverage as measured by debt/EBITDA to increase by almost one turn over the 12 months ended March 31, 2025. Revenue size is small compared to most other services issuers also rated in the Ba1 category. All financial metrics cited reflect Moody's standard adjustments. The company's Ba1 rating is supported by good business predictability from a recurring revenue business model, healthy longer term revenue growth prospects and modest capital expenditures, which support the company's good free cash flow which should exceed 10% of its debt in 2025. The company's business model has historically demonstrated resiliency through macroeconomic cycles and the coronavirus outbreak. TriNet's credit profile is negatively affected by corporate governance risks, particularly with respect to highly concentrated control of the company's stock by Atairos Group, Inc. and the company's management. Since 2022, the company has raised debt financing to partially fund share repurchases; and a quarterly shareholder dividend was established in 2024. Moody's expects the company to maintain its capital policy of opportunistic shareholder friendliness through dividend distributions and share buybacks given its concentrated ownership with the possibility of occasional debt funded acquisitions. The Ba2 senior unsecured note ratings are one notch below the CFR of Ba1 given the senior ranking and priority of subsidiary TriNet USA, Inc's unrated, $700 million senior secured revolving credit facility expiring 2028 in the capital structure relative to the rated notes. Moody's views TriNet's liquidity as very good, as reflected in the SGL-1 liquidity rating, with a cash balance of $349 million as of March 31, 2025. Moody's expects the company to generate close to $100 million of annual free cash flow (before WSE working capital fluctuations) over the next 12 to 15 months, corresponding to free cash flow/debt of at least 10%. However, pressure on the company's profit margins profile and elevated medical claim costs that have pushed up its insurance cost ratio (ICR) highlight risk to Moody's free cash flow expectations. The availability from the $700 million revolver, with only $90 million drawn as of March 31, 2025, also supports liquidity. The revolver might be needed to fund seasonal cash needs and potential acquisitions. The revolver is subject to a financial covenant based on a maximum net leverage ratio test of 4.0x. Moody's expects that the company would be able to maintain an ample cushion under its financial covenant if it is tested over the next 12 to 15 months. The negative outlook reflects Moody's concerns that TriNet may not achieve lower financial leverage on a debt/EBITDA basis and higher profitability via increased EBITDA margins over the next 12 to 18 months. The outlook could be revised to stable if Moody's anticipates the company will reduce and maintain debt/EBITDA below 2.5x, underpinned by a rebound in EBITDA margins to a low teens percentage range. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, an upgrade is not likely in the near term. Over the longer term, the ratings could be upgraded if TriNet increases its scale, expands profit margins, and diversifies its business profile to less volatile customer segments. An upgrade would also require debt/EBITDA sustained below 2.0x, EBITDA margins maintained over 15% and very good liquidity, including a strong cash position. The company would also be expected to maintain a disciplined financial policy, including a largely unsecured debt capital structure. The ratings could be downgraded if the company experiences weak operating performance, including organic revenue declines or contracting profit margins, which results in debt/EBITDA sustained above 2.5x, EBITDA margins remaining below 10% and a further decline in free cash flow generation, coupled with lower cash balances. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. TriNet (NYSE: TNET), headquartered in Dublin, CA, and publicly traded with concentrated ownership by Atairos Group, Inc., is a PEO which provides outsourced human resource functions, including payroll, benefits acquisition, and regulatory compliance management to small and mid-sized businesses. Moody's expects TriNet to generate net (of insurance costs) service revenues of about $1.4 billion in 2025. TRINITAS ADVANTAGED: Seeks to Sell Property Remaining Assets ------------------------------------------------------------ Trinitas Advantaged Agriculture Partners IV, L.P. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to sell remaining farm equipment and personal property in a public auction, free and clear of liens, claims, encumbrances and interests. The Debtors operate 17 almond ranches, which collectively covered 7,856 planted acres. The Debtors have sold all of their real property through Court-approved sales, the last of which closed in late 2024. The Assets include over two hundred pieces of farm equipment and personal property that are owned or leased by the Debtors, including, inter alia, trucks, tractors, spreaders, mowers, sprayers, tanks, trailers, fumigators, tillage equipment, all-terrain vehicles, utility terrain vehicles, rough terrain vehicles, sweepers, shakers, harvesters, backhoes, levelers, conveyors, and other equipment essential to farming operations. The Debtors' properties were operated by non-debtor Pomona Farming, LLC under an Amended and Restated Farm Services Agreement. The Debtors negotiated with Pomona for some time in hopes that Pomona would make an offer to purchase the Assets. Unfortunately, Pomona was only willing to buy ten individual items, which require the Debtors to continue to pay storage costs for the hundreds of pieces of equipment that remained. The Debtors also began discussions with Onyx Asset Advisors, LLC to serve, in partnership with Martella & Black Auction Co., as the Debtors' sale agent to potentially sell the Assets via a negotiated sale and/or public auction. The Debtors also gave Pomona a final opportunity to make an offer to purchase all of the Assets, as an outright sale to Pomona would eliminate the need to transport the equipment and would minimize the time required of the Debtors' professionals to effect the sale of the Assets. The Debtors received one offer from a third party to purchase the Assets outright, for a total price of $350,000. Subsequently, on April 25, 2025, Pomona informed the Debtors that it would not be making an offer to purchase all of the Assets. Pomona also informed the Debtors that it was no longer willing to store the Assets on its property (which it had been doing pursuant to the now-terminated Amended and Restated Farm Services Agreement) and requested that the Debtors remove the equipment from Pomona's property, with transport from Pomona's property to be handled by Pomona, at the Debtors' expense. On April 25, 2025, the Debtors arranged with the Sale Agent to store the equipment at Martella & Black's facility in Hanford, California. The Sale Agent will sell the Assets either through a negotiated sale process, a public auction, or a combination of the two. Should the Assets be sold via auction, the Debtors and the Sale Agent anticipate that such auction will be conducted partially or exclusively online (at the Sale Agent's discretion) and will be scheduled to close on or around July 16, 2025. The Debtors' prepetition and post-petition secured lender, Rabo Agrifinance, LLC received liens on the Assets in connection with debtor-in-possession financing provided by Rabo Ag. The Debtor proposes to sell the Property free and clear of liens, claims, encumbrances, or interests to maximize the value of the Debtors' assets. The Debtors submit that holders of liens, claims, encumbrances, or interests, if any, will be adequately protected by the availability of the proceeds of the sale to satisfy their liens, claims, encumbrances, or interests. About Trinitas Advantaged Agriculture Partners IV, L.P. Trinitas Advantaged Agriculture Partners IV, LP (TAAP IV) is an investment vehicle that was organized in 2015 to acquire, develop, cultivate, and operate primarily almond ranches in the Central Valley of California. TAAP IV owns and, through Trinitas Farming LLC, operates 17 almond ranches, each of which is held by a separate subsidiary, covering 7,856 planted acres in Solano, Contra Costa, San Joaquin, Fresno, and Tulare Counties. Trinitas and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Calif. Lead Case No. 24-50211) on Feb. 19, 2024. At the time of the filing, Trinitas reported $100 million to $500 million in both assets and liabilities. Judge Dennis Montali oversees the cases. The Debtors tapped Keller Benvenutti Kim, LLP as legal counsel; Arch & Beam Global, LLC as financial advisor; and Moss Adams, LLP as tax advisor. Donlin, Recano & Company, Inc. is the claims and noticing agent. TRINITY AUTOMOTIVE: Seeks to Hire Thomsen Law Group as Counsel -------------------------------------------------------------- Trinity Automotive Service Center, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Thomsen Law Group, LLC as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation of its businesses and management of its properties; (b) represent the Debtor in connection with any adversary proceedings which are instituted within this case; (c) prepare on behalf of the Debtor necessary schedules, petition, applications, motions, answers, orders, reports, objections, disclosure statement and plan of reorganization and other legal documentation in connection with this case; (d) advise the Debtor with respect to, and assist in the negotiation and documentation of, cash collateral orders and related transactions; (e) review the nature and validity of any liens asserted against property of the Debtor and advise concerning the enforceability of such liens; (f) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (g) counsel the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; (h) advise and assist the Debtor in connection with any potential property disposition; (i) advise the Debtor concerning executory contracts and unexpired lease assumptions, assignments, rejections, lease restructuring and recharacterization; (j) assist the Debtor in reviewing, estimating, and resolving claims asserted by or against its estate; (k) commence and conduct any and all litigation necessary and appropriate to assert rights held by the Debtor, protect assets of its estate, or otherwise further the goal of completing its successful reorganization; (l) provide general corporate, litigation and other legal services for the Debtor as requested; and (m) perform all other necessary and appropriate legal services in connection with this Chapter 11 case for and on behalf of the Debtor. The firm will be paid at these hourly rates: Ira Thomsen, Attorney $450 Denis Blasius, Attorney $375 Darlene Fierle, Attorney $375 Administrative $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $7,500 plus $1,738 for the filing fee. Ms. Thomsen 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: Ira H. Thomsen, Esq. Thomsen Law Group, LLC 140 North Main Street, Suite A Springboro, OH 45066 Telephone: (937) 748-5001 Facsimile: (937) 404-6630 About Trinity Automotive Service Center Trinity Automotive Service Center, LLC operates as an AAMCO franchise in Cincinnati, Ohio, specializing in transmission repairs and comprehensive automotive services. Located at 370 Northland Blvd. Trinity Automotive Service Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-11009) on April 29, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Beth A. Buchanan handles the case. Ira H. Thomsen, Esq., at Thomsen Law Group, LLC serves as the Debtor's counsel. TRUDELL DOCTOR: Seeks Subchapter V Bankruptcy in Florida -------------------------------------------------------- On May 5, 2025, Trudell Doctor, MD and Associates LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $1,066,428 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Trudell Doctor, MD and Associates LLC Trudell Doctor, MD and Associates LLC is a family medicine clinic based in Boynton Beach, Florida. It provides primary care services to patients aged 16 and older, including in-person and telehealth visits. The practice offers treatments in women's health, hormone therapy, geriatric and adult medicine, sports medicine, and aesthetics. Trudell Doctor, MD and Associates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16054) on May 5, 2025. In its petition, the Debtor reports total assets of $540,710 and total liabilities of $1,066,428. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtors are represented by Alan R Crane, Esq. at FURR & COHEN. VEREGY INTERMEDIATE: Moody's Withdraws 'B3' CFR on Debt Repayment ----------------------------------------------------------------- Moody's Ratings has withdrawn all ratings of Veregy Intermediate, Inc., and Veregy Consolidated, Inc. ("Veregy") including the company's B3 corporate family rating, B3-PD probability of default rating, and senior secured credit facilities. The outlooks for both entities have also been withdrawn. RATINGS RATIONALE Moody's have decided to withdraw all ratings following the repayment of all of the company's outstanding rated debt in conjunction with a refinancing of its capital structure. The company terminated the existing credit agreements and all indebtedness outstanding thereunder was paid off and all commitments under the credit facilities were terminated. Phoenix, AZ headquartered Veregy provides energy efficiency design and implementation services for customers largely in the municipals space. VISUAL TECHNOLOGY: Unsecureds to Get $104K per Quarter for 3 Years ------------------------------------------------------------------ Visual Technology Innovations Inc. filed with the U.S. Bankruptcy Court for the District of Nevada a Disclosure Statement describing Plan of Reorganization dated May 9, 2025. Visual Technology Innovations, Inc., a Nevada corporation, proposes this plan of reorganization for the resolution of its outstanding Claims and Equity Securities. The Company's chapter 11 filings sought to neutralize a takeover scheme by a group of shareholders, some of whom held or hold convertible secured debt in Stream (the "Voided Takeover Attempt"). The takeover scheme consisted of a private foreclosure which the Delaware Supreme Court held was invalid because it was not authorized under Stream's corporate charter as required by long standing Delaware corporate law. The Company's business has been negatively impacted by the cloud of litigation initiated and prolonged by SeeCubic and associated parties, and the resulting attendant delays in SeeCubic's compliance with the Delaware Supreme Court mandate to return assets to the Company and cease using the Company's assets. During the pendency of the Company's bankruptcy, Stream generated renewed customer confidence which resulted in two significant purchase orders with Visual Semiconductor, Inc. ("VSI"). VSI is also a shareholder in Stream, and Mathu Rajan ("Mr. Rajan") founded it as well. Class 3 consists of Allowed Unsecured Vendor Claims. Except to the extent that a Creditor with an Allowed Unsecured Vendor Claim agrees to less favorable treatment, Holders of Class 3 Allowed Claims shall be paid in full with interest as set forth herein by receiving their Pro Rata share of the sum of $104,000 per quarter, commencing on the 15th of the month following the Effective Date, and continuing at the same rate by such date each and every three months thereafter until paid in full, and shall be paid in full within five years of the Effective Date. Class 3 is Impaired under the Plan. Class 4 consists of Allowed Unsecured Litigation Claims. Except to the extent that a Creditor with an Allowed Unsecured Litigation Claim agrees to less favorable treatment, Holders of Class 4 Allowed Claims shall be paid in full with interest upon the Effective Date. Class 4 is Unimpaired under the Plan. Class 5 consists of Allowed Punitive Damages Claims. Except to the extent that a Creditor with an Allowed Punitive Damages Claim agrees to less favorable treatment, Holders of Class 5 Allowed Claims shall be paid in full with interest as set forth herein, by receiving their Pro Rata share of the sum of $156,000 per quarter, commencing on the 5th year anniversary following the Effective Date, and continuing at the same rate by the 1st of each month each and every three months thereafter until paid in full, and shall be paid in full within fifteen years of the Effective Date. Class 5 is Impaired under the Plan. Class 6 consists of Holders of Equity Interests in the Debtor. Holders of Class 6 Equity Interests shall receive no distributions of cash pursuant to the Plan, and on the Effective Date, shall lose all legal interest, including their Equity Interests, in the Debtor. Class 6 is Impaired under the Plan. The Debtor is a holding company that holds shares in Stream as its only asset and thus could only raise money to pay its creditors by either selling or leveraging those shares and/or obtaining funding from a third party. In the case at hand, the Debtor sought financing from VSI because (i) VSI believes the shares of Stream will eventually be proven to be very valuable, subject to the appeals pending before the Pennsylvania District Court, among other matters, and and (ii) VSI is leading the charge in those appeals in the Stream cases. VSI was and is the only entity placing value in the Debtor's primary asset. VSI, which has committed to funding the Plan, was acquired in April 2025 by a company publicly traded on the Vienna Stock Exchange (Wiener Börse). Through its new parent company, VSI has the required resources to meet all financial obligations of the Plan. Upon the Effective Date, all Holders of Equity Interests in the Debtor shall lose legal interest in such holdings, including their Equity Interests. VSI, as Plan sponsor providing funds to support the Plan, shall own 100% of the Equity Interests in the Reorganized Debtor upon the Effective Date. A full-text copy of the Disclosure Statement dated May 9, 2025 is available at https://urlcurt.com/u?l=1mpl35 from PacerMonitor.com at no charge. The firm can be reached through: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: (702) 382-1170 Fax: (702) 382-1169 Email: mzirzow@lzlawnv.com About Visual Technology Innovations Inc. Visual Technology Innovations Inc. is committed to delivering impactful and immersive viewing experiences to a global audience through cutting-edge technologies. From smartphones and tablets to laptops and televisions, consumers continuously seek improvements that enhance their overall experience. VTI aims to develop and implement innovative solutions that provide enhanced viewing and user engagement, utilizing glasses-free and other advanced technologies. Visual Technology Innovations sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-10024) on January 6, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million each. Judge August B. Landis handles the case. Matthew C. Zirzow, and Zachariah Larson, at Larson & Zirzow LLC, represent the Debtor as counsel. VWS HOLDCO: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- VWS Holdco, Inc. (Lead Case) 25-10979 11520 Iron Bridge Road Chester VA 23831 Shoosmith Bros., Inc. 25-10980 11520 Iron Bridge Road Chester VA 23831 Business Description: Shoosmith Bros., Inc., a Virginia-based company, owns and operates the Shoosmith Landfill, which spans a 506-acre permitted area known as the Waste Management Unit Boundary. Within this area, 374 acres comprise the landfill footprint, and the site includes a former rock quarry previously run by Vulcan Materials, designated to provide approximately 30 million tons of municipal solid waste disposal capacity. The landfill emits methane and other gases, which are subject to federal capture or flaring regulations. Shoosmith Bros., Inc. is wholly owned by VWS Holdco, Inc. Chapter 11 Petition Date: June 1, 2025 Court: United States Bankruptcy Court District of Delaware Judge: Hon. J Kate Stickles Debtors' Counsel: John W. Weiss, Esq. Richard W. Riley, Esq. PASHMAN STEIN WALDER HAYDEN, P.C. 824 North Market Street, Suite 800 Wilmington, DE 19801 Tel: (302) 592-6496 Email: jweiss@pashmanstein.com rriley@pashmanstein.com - and - Leah M. Eisenberg, Esq. David E. Sklar, Esq. Court Plaza South, East Wing 21 Main Street, Suite 200 Hackensack, NJ 07601 Tel: (201) 488-8200 Email: leisenberg@pashmanstein.com dsklar@pashmanstein.com Debtors' CRO Provider: CARL MARKS ADVISORY GROUP LLC Debtors' Investment Banker: TENEO SECURITIES LLC Debtors' Special Counsel: TROUTMAN PEPPER LOCKE LLP VWS Holdco's Total Assets: $0 to $50,000 VWS Holdco's Total Liabilities: $100 million to $500 million Shoosmith Bros's Total Assets: $10 million to $50 million Shoosmith Bros' Total Liabilities: $100 million to $500 million The petitions were signed by Fred Nichols as president. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/QPLIW6Y/VWS_Holdco_Inc__debke-25-10979__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/QT3VAYA/Shoosmith_Bros_Inc__debke-25-10980__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Shamrock Environmental Trade $755,461 6106 Corporate Park Drive Browns Summitt, NC 27214 Phone: (336) 375-1989 Email: Receivables@Shamrockenviro.com 2. Archaea Energy Trade $506,728 5200 Anthony Road Sandston, VA 23150 Phone: (804) 649-2064 Email: cmaida@archaea.energy 3. Shoosmith Construction Trade $395,565 11800 Lewis Road Chester, VA 23831 Phone: (804) 748-5823 Email: lstech@shoosmith.com 4. SCS Engineers Trade $322,734 1881 Campus Commons Drive Suite 450 Reston, VA 20191 Phone: (804) 486-1912 Email: schweizerdick@scsengineers.com 5. Mr. Bults, Inc. Trade $243,087 2627 East 139th Street Burnham, IL 60633 Phone: (708) 868-0059 Email: msandridge@mrbults.com 6. Troutman Pepper Locke LLP Legal Services $184,512 1001 Haxall Point Richmond, VA 23219 Phone: (804) 697-1406 Email: Andrea.wortzel@Troutman.com 7. One Environmental Group Trade $167,192 100 Walton Park Lane Midlothian, VA 23114 Phone: (804) 303-8784 Email: kmcavoy@Oneenv.com 8. Rain for Rent Virginia Trade $73,803 23025 Airpark Drive Petersburg, VA 23803 Phone: (804) 732-6914 Email: Eclary@rainforrent.com 9. Integrity Environmental Trade $63,086 1127 Curtis Street, Suite 100 Monroe, NC 28112 Phone: (704) 283-9765 Email: AR@integrityenvsol.com 10. Engineering, Design & Devel Trade $59,003 6411 Rigsby Road Richmond, VA 23226 Phone: (804) 285-2176 Email: Eddinc@comcast.net 11. Labella Associates Trade $45,964 1604 Ownby Lane Richmond, VA 23220 Phone: (804) 355-4520 Email: billing1@labellapc.com 12. Bowman Trade $39,918 P.O. Box 748548 Atlanta, GA 30374 Phone: (757) 383-8137 Email: mmassey@bowman.com 13. James River Equipment Trade $23,491 11047 Leadbetter Road Ashland, VA 23005 Phone: (804) 798-6601 Email: areceivable@jamesriverequipment.com 14. Chesterfield, VA Government $21,125 Rebecca Longnaker, Treasurer P.O. Box 70 Chesterfield, VA 23832 Phone: (804) 748-1201 Email: Treasurer@chesterfield.gov 15. TRC Companies, Inc. Trade $12,791 TRC Lockbox 249 Western Avenue Augusta, ME 04330 Phone: (207) 620-3747 Email: klemelin@trccompanies.com 16. Ace Hydroseeding, Inc. Trade $12,500 5639 S. Laburnum Avenue Henrico, VA 23231 Phone: (804) 716-2785 Email: acehydroseeding@comcast.net 17. Dominion Energy Virginia Trade $11,804 P.O. Box 26543 Richmond, VA 23290 Phone: (866) 366-4357 18. Vamac, Inc. Trade $7,375 3411 Speeks Drive Midlothian, VA 23112 Phone: (804) 745-0081 Email: jlambert@vamac.com 19. Keiter Trade $6,215 4401 Dominion Boulevard Glen Allen, VA 23060 Phone: (804) 747-0000 Email: oragland@keitercpa.com 20. Colony Tire Corporation Trade $3,921 2900 Deepwater Terminal Richmond, VA 23234 Phone: (804) 433-4525 Email: msteinburg@colonytire.com WALLACE STEGNER: S&P Affirms 'BB+' Revenue Bond Long-Term Rating ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on the Utah Charter School Finance Authority's series 2022 charter school revenue bonds, issued for Wallace Stegner Academy (WSA). The outlook is stable. S&P views environmental, social, and governance factors as neutral in its credit rating analysis. The stable outlook reflects our expectation that over the one-year outlook period, WSA will sustain financial metrics in line with recent levels while maintaining a stable-to-growing demand profile and margins to support the additional debt issuance. S&P said, "We could consider a negative rating action if the school does not execute on its expansion growth plans or demonstrates a trend of declining liquidity, deficit operations, or weakened lease-adjusted MADS coverage. Furthermore, a material debt issuance could result in a negative rating action. "Given the school's high leverage and need to grow into its debt, we consider a positive rating action unlikely over the outlook period. We could consider such an action over a longer time frame if WSA completes its expansion with enrollment growth while strengthening pro forma lease-adjusted MADS coverage and liquidity." WASPY'S - TEMPLETON: Hires Aurora Management as Financial Advisor ----------------------------------------------------------------- Waspy's - Templeton, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Aurora Management Partners, LLC as financial and restructuring advisor. The firm will render these services: (a) assist the Debtor and counsel in preparation for Chapter 11 petition; (b) assist the Debtor and counsel in strategy and negotiation with secured lender; (c) assist counsel in first day hearing as requested; (d) assist the Debtor in communication with customer, vendors, employees, and other constituents; (e) assist in communication with any official committees; (f) assist in cash management; (g) as requested, assist counsel and investment banker in refinancing process; (h) assist/prepare monthly court reporting; and (i) as requested, assist counsel in preparation of the disclosure statement for Plan of Reorganization. The firm will be paid at these hourly rates: Managing Director/Director/Principal/Sr. Advisor $500 - $820 Director/Associate Director $375 - $500 Consultant/Senior Consultant $250 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments summing $50,000 as a retainer in connection with preparing for and conducting the filing of this Chapter 11 case. David Baker, a member at Aurora Management Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Waspy's - Templeton LLC Waspy's - Templeton LLC operates a family-owned truck stop and convenience complex in Templeton, Iowa, offering fuel, parking, food service and a car-wash to highway motorists. Waspy's - Templeton LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00679) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. WASPY'S - TEMPLETON: Seeks to Tap SC&H Group as Investment Banker ----------------------------------------------------------------- Waspy's - Templeton LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ SC&H Group, Inc. as investment banker. The firm will provide these services: (a) familiarize itself with the business, operations, assets, financial condition, and prospects of the Debtor; (b) advise the Debtor in analyzing its strategic alternatives, structuring, and effecting the financial aspects of any transaction; (c) design the appropriate process to effect and initiate any transaction; (d) prepare an information memorandum or other materials about the Debtor and its businesses for consideration by potential counterparties; (e) contact potential counterparties in connection with a transaction and require potential counterparties to execute confidentiality agreements in favor of the Debtor, unless it has instructed SC&H to do otherwise; (f) facilitate the development of a Virtual Data Room (VDR) with appropriate diligence materials for review by potential counterparties; (g) circulate any information memorandum and marketing materials, provide access to the VDR, or send materials to potential counterparties, after completing confidentiality documents; (h) coordinate diligence with potential counterparties and negotiate with and solicit offers from potential counterparties. Advise the Debtor in structuring a transaction and make recommendations as to whether or not a particular transaction offer should be accepted; (i) in connection with a bankruptcy proceeding governing a potential transaction, provide any relevant testimony and if necessary, provide assistance with the submission of bid procedures to this court and conduct any auction that may result therefrom; (j) if required by the Debtor, negotiate with various stakeholders of the Debtor; and (k) coordinate with the Debtor's legal counsel regarding matters related to the closing of a transaction. The firm will be paid with these fees: (a) Monthly Fee of $15,000 (b) Transaction Fees: (i) in the event the company completes a sale, a fee to be paid upon the Closing of any Sale equal to 2.5 percent of the total consideration; (ii) in the event the company completes a financing, a fee to be paid upon the Closing of any Financing, equal to the sum of: (1) 1.25 percent of the gross amount of funded or committed indebtedness that is (i) secured by a first lien; (ii) secured by a second or more junior lien; (iii) unsecured; and/or, (iv) subordinated; plus (2) 5 percent of the gross amount of any funded or committed preferred or common equity, convertible, or otherwise equity-linked securities or obligations; and, (3) in the event a third party acquires the c restructures those debt obligations in a way that is not a sale, such transaction shall be treated as a debt financing and SC&H will earn and be paid a financing fee, provided such party was contacted by SC&H or had been a participant in the SC&H marketing process to finance the company. (iii) in the event the company completes a restructuring, a fee equal to $75,000, payable upon the closing of the restructuring; (iv) the parties acknowledge that more than one of a sale fee, a financing fee, and a restructuring fee may be earned and payable to SC&H pursuant to the provisions herein; (v) 100 percent of any sale fee earned, paid to and received by SC&H on account of a loan sale transaction shall be credited against any subsequent sale fee; (vi) 50 percent percent of any restructuring fee earned, paid to, and received by SC&H shall be credited against any subsequent financing fee. 33 percent of any sale fee earned, paid to and received by SC&H on account of a sale that is not a loan sale transaction shall be credited against any subsequent financing fee; and, (vii) the company agrees that in no event shall the sum of any (a) Sale Fees; (b) Financing Fee; and, (c) Restructuring Fee be less than $650,000 and if such aggregate fees are less than the transaction minimum fee, the company shall pay the difference in connection with the last closing. In addition, the firm will seek reimbursement for expenses incurred. The firm received gross, pre-petition funds totaling $99,692.55 on behalf of the Debtor and all of the affiliated Chapter 11 cases. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: SC&H Group, Inc. 910 Ridgebrook Rd. Sparks, MD 21152 Telephone: (410) 403-1500 About Waspy's - Templeton LLC Waspy's - Templeton LLC operates a family-owned truck stop and convenience complex in Templeton, Iowa, offering fuel, parking, food service and a car-wash to highway motorists. Waspy's - Templeton LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00679) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Judge Lee M. Jackwig oversees the case. The Debtor tapped Jeffrey D. Goetz, Esq. at Dickinson, Bradshaw, Fowler & Hagen, PC as counsel; Aurora Management Partners, LLC as financial and restructuring advisor; and SC&H Group, Inc. as investment banker. WE LOVE DOGS: Nathan Smith Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for We Love Dogs, LLC. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About We Love Dogs We Love Dogs, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50420) on May 8, 2025, listing under $1 million in both assets and liabilities. Kevin A. Darby, Esq., at Darby Law Practice, Ltd. serves as the Debtor's counsel. WEBB FAMILY: Kimberly Strong Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Kimberly Strong, audit director at Harper, Rains, Knight & Company, P.A., as Subchapter V trustee for Webb Family Medical Clinic, PLLC. Ms. Strong will be paid an hourly fee of $250 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Strong declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kimberly Strong Harper, Rains, Knight & Company, P.A. 1052 Highland Colony Pwky, Suite 100 Ridgeland, MS 39157 Phone: (601) 605-0542 Email: kstrong@hrkcpa.com About Webb Family Medical Clinic Webb Family Medical Clinic, PLLC sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11479) on May 8, 2025, listing under $1 million in both assets and liabilities. The Law Offices of Craig M. Geno, PLLC serves as the Debtor's counsel. WEST COUNSELING: Seeks to Tap Essex Richards as Bankruptcy Counsel ------------------------------------------------------------------ West Counseling, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Essex Richards, PA as bankruptcy counsel. The firm will render these services: (a) provide legal advice concerning the Debtor's responsibilities and the continued management of its business; (b) negotiate, prepare, and pursue confirmation of a Chapter 11 plan and approval of disclosure statement, and all related reorganization agreements and/or documents; (c) prepare all necessary motions, applications, reports, orders, objections and the like associated with prosecuting the Chapter 11 case; (d) perform all other legal services for the Debtor which may become necessary in this Chapter 11 case; and (e) prosecute and defend the Debtor in all adversary proceedings related to the base case. The firm will be paid at these hourly rates: John Woodman, Attorney $400 Paralegal $200 Staff $65 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000 from Debtor. Mr. Woodman 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: John Woodman, Esq. Essex Richards, PA 1701 South Blvd. Charlotte, NC 28203 Telephone: (704) 377-4300 About West Counseling West Counseling, PLLC sought relief 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, member, the Debtor disclosed under $1 million in both assets and liabilities. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The Debtor is represented by John Woodman, Esq., at Essex Richards, PA. WT REPAIR: Court OKs Equipment Sale to Multiple Buyers ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Kansas, at Kansas City, has approved WT Repair LLC, to sell equipment, free and clear of liens and other encumbrances. The Debtor's nature of business is involved in buying and selling farm equipment. The Court has authorized the Debtor to sell the 9250 Combine yr 21 SNYLG243628 to Owen Weinheimer for $349,000; the 9250 Combine yr 21 SNYLG243628 to Brad Nitzel for $280,000 plus the trade-in of 2 2588 Case IH Combines; and the Case IH 2588 to Leon Brohoff for $68,000. The Debtor is permitted to sell the remaining 2588 Case IH Combine for no less than $50,000.00 and that 50% of the sale proceeds shall be remitted to First National Bank and Trust. About WT Repair LLC WT Repair, LLC is engaged in buying and selling farm equipment. WT Repair sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan.) on May15, 2025. Judge Dale L. Somers presides over the case. Colin N. Gotham at Evans & Mullinix, P.A. represents the Debtor as legal counsel. WW INTERNATIONAL: Submits Revised Plan to Bankruptcy Court ---------------------------------------------------------- Robert Lavelle of Bloomberg News reports that WeightWatchers will issue its new takeback debt as senior secured term loans. All other provisions of the Restructuring Support Agreement (RSA) remain fully in effect, the report states. On May 7, 2025, WeightWatchers filed for bankruptcy amid rising adoption of GLP-1 drugs. About WW International Inc. WW International, Inc. provides weight control programs. It offers subscriptions for commitment plans that give their clients access to meetings and online subscriptions and give their members guidance and access to a supportive community to help enable them for healthy habits. WW International filed Chapter 11 petition (Bankr. D. Del. Case No. 25-10829) on May 6, 2025. In the petition signed by Felicia DellaFortuna, chief financial officer, the Debtor disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by Christin Cho, Esq. and Simon Franzini, Esq., at Dovel & Luner, LLP. ZILLOW GROUP: Awaits Ruling in Securities Suit Certification Appeal ------------------------------------------------------------------- Zillow Group, Inc., is awaiting ruling from the United States Court of Appeals for the Ninth Circuit on the appeal from the class certification order in the securities class suit, according to the Company's Form 10-Q for the quarterly period ended March 31, 2025 filed with the U.S. Securities and Exchange Commission. On November 16, 2021, November 19, 2021 and January 6, 2022, three purported class action lawsuits were filed against us and certain of the Company's executive officers, alleging, among other things, violations of federal securities laws on behalf of a class of those who purchased the Company's stock between August 7, 2020 and November 2, 2021. The three purported class action lawsuits, captioned Barua v. Zillow Group, Inc. et al., Silverberg v. Zillow Group, et al. and Hillier v. Zillow Group, Inc. et al. were brought in the Court and were consolidated on February 16, 2022 (the "Federal Securities Suit"). On May 12, 2022, the plaintiffs filed their amended consolidated complaint which alleges, among other things, that the Company issued materially false and misleading statements regarding the Company's Zillow Offers business. The complaints seek to recover, among other things, alleged damages sustained by the purported class members as a result of the alleged misconduct. On December 7, 2022, the Court rendered its decision granting the Company's previously filed motion to dismiss, in part, and denying the motion, in part. On January 23, 2023, the Company filed the Company's answer to the consolidated complaint. On March 14, 2024, plaintiffs filed a motion for class certification, which was granted on August 23, 2024. On September 6, 2024, the Company filed a petition for permission to appeal the class certification order, on September 16, 2024, plaintiffs filed their opposition to the Company's petition, and on September 23, 2024, the Company filed the Company's reply in further support of the petition. On October 24, 2024, the Ninth Circuit issued an order granting Zillow permission to appeal. On January 8, 2025, the Company filed the Company's opening brief in the appeal. On March 10, 2025, plaintiffs filed their response brief, and on April 30, 2025, the Company filed the Company's reply brief. On November 1, 2024, the Court issued an order staying the Federal Securities Suit pending the outcome of the appeal. "There is a reasonable possibility that a loss may be incurred related to this matter; however, the possible loss or range of loss is not estimable. "The Company deny the allegations of any wrongdoing and intend to vigorously defend the claims in this consolidated lawsuit," the Company stated. [] Cole Schotz Opens Miami Office, Adds Salazar Law Team -------------------------------------------------------- Cole Schotz announced the opening of a Miami office with the addition of three lawyers from the boutique litigation firm Salazar Law LLP. Luis Salazar, who began his law firm career at Cole Schotz, and Jose Ceide join as members and Lorenzo Lorenzo Jr. as an associate. Alexander L. Ortiz, who recently joined the firm as a real estate associate, rounds out the firm's Miami office. "Luis and his team are known for their relentless advocacy for their clients and their success in helping companies navigate bet-the-company disputes," said Warren A. Usatine, co-managing partner and co-chair of the firm's Litigation department. "Having previously worked with Luis early in our careers, I've seen his legal prowess first-hand. As we continue our strategic expansion in Florida, I can think of no one better to lead our entry into the Miami market." A nationally recognized litigator and trusted advisor to companies in crisis, Mr. Salazar has a reputation for delivering results in high-stakes litigation, as well as leading complex financial restructurings for national and international corporations. Previously, he worked as an associate at Cole Schotz from 1992 to 1997 before serving as a senior shareholder at Greenberg Traurig. Mr. Salazar has spent the past 14 years as founder and managing partner of Salazar Law. "Returning to Cole Schotz with my talented colleagues from Salazar Law is a powerful next step -- one that strengthens our team's position as a litigation force in the South Florida market," said Luis Salazar. "We're proud to launch this next phase of our careers at a firm that reflects our values, shares our commitment to client service, and embraces the creative, solutions-oriented approach that has always defined Salazar Law. Miami is a dynamic, fast-growing economy, and our team looks forward to expanding Cole Schotz's presence and impact in this thriving region." Mr. Ceide has deep experience creating and managing global litigation strategies for multinational corporations and individuals with international business interests. He has a strong background in handling bet-the-company commercial litigation, and his practice also has a focus on helping clients navigate the evolving regulatory and compliance landscape in the cryptocurrency industry. With offices already established in Boca Raton and Palm Beach, the Miami office marks Cole Schotz' expansion in the South Florida market and reinforces its presence in high-stakes litigation, financial restructuring, and corporate and real estate transactions across the Southeast. It also follows the firm's recent Washington, D.C. office opening in early April with the arrival of former Acting U.S. Attorney for the District of Maryland Phil Selden, Jeffrey Saltman and Alexa Reed. Mr. Salazar earned his J.D. from Columbia Law School, an M.B.A. from the University of Miami Herbert Business School and a B.A. from Drew University. Mr. Ceide earned his J.D. from Florida International University School of Law and a B.A. from the University of Miami. The Salazar Law team joining Cole Schotz also includes paralegal Ali-Marcelle Lee-Sin. About Cole Schotz Cole Schotz is a law firm with over 180 attorneys. The firm works with businesses, large and small, as well as select individuals. As an AmLaw 200 firm with nationwide representations and a global reach, it represent clients in connection with an array of legal matters. [] May 2025 Commercial Bankruptcy Filings Rose 62% -------------------------------------------------- Epiq AACER reports that commercial Chapter 11 bankruptcy filings reached 733 in May 2025, a 62% increase from 453 in April 2025", according to data from Epiq AACER, a leading source for U.S. bankruptcy statistics. Total commercial filings rose 8% month-over-month, from 2,489 in April to 2,695 in May. Subchapter V filings for small businesses also saw a modest 3% increase, rising to 228 from 223. Total U.S. bankruptcy filings in May stood at 48,218-- a 3% decrease from April's 49,610. Noncommercial filings also declined 3%, falling to 45,523 from 47,121. Chapter 7 consumer bankruptcies dropped 7% to 28,716, while Chapter 13 filings rose 3% to 16,694. "The sharp rise in commercial Chapter 11 filings highlights the ongoing financial challenges businesses face due to high borrowing costs, tariff concerns, and geopolitical instability," said Michael Hunter, Vice President at Epiq AACER. "Although consumer filings remain below pre-pandemic levels, the return of student loan repayments and the end of FHA modification programs are expected to drive further increases later this year and into 2026." Compared to May 2024, commercial filings in May 2025 increased slightly by 1%, rising from 2,664. However, Chapter 11 filings declined 4% year-over-year, down from 765. Overall bankruptcy filings grew 7% from 45,025 in May 2024, while noncommercial filings also rose 7% to 45,523. Chapter 7 consumer filings jumped 11%, and Chapter 13 filings edged up 1%, the report states. "The financial environment remains challenging for both businesses and consumers, with persistent inflation, rising debt levels, and global uncertainty," said Amy Quackenboss, Executive Director of the American Bankruptcy Institute. "Bankruptcy continues to offer a reliable path to financial stability and a fresh start." [] May Chapter 11 Bankruptcies Jump 62% Over April Total -------------------------------------------------------- Commercial chapter 11 filings totaled 733 in May, an increase of 62 percent over the 453 filings in April, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. The overall May commercial filing total of 2,695 represented an 8 percent increase from the April 2025 commercial filing total of 2,489. Small business filings, captured as subchapter V elections within chapter 11, increased 3 percent to 228 in May 2025 from 223 the previous month. May's 48,218 total bankruptcy filings represented a 3 percent decrease from April's filing total of 49,610. The 45,523 noncommercial filings in May also represented a 3 percent decrease from the April 2025 noncommercial filing total of 47,121. Consumer chapter 7 filings decreased 7 percent to 28,716 from the 30,823 chapter 7s filed in April 2025, while chapter 13 filings increased 3 percent to 16,694 over the 16,198 filings in April. "The sharp uptick in overall commercial chapter 11 filings in May 2025 underscores the ongoing economic pressures businesses face, from elevated borrower costs, potential tariff impacts and geopolitical uncertainty," said Michael Hunter, vice president of Epiq AACER. "Meanwhile, consumer filings continue to climb yet remain below pre-pandemic levels; however, the resumption of student loan collections and the expiration of the FHA modification programs are likely to drive further increases in filings, particularly through the end of 2025 and into 2026." Overall commercial filings registered a slight increase of 1 percent in May 2025 to 2,695 from the 2,664 commercial filings in May 2024. Commercial chapter 11 filings decreased also, as the 733 filings in May 2025 represented a 4 percent decline from the 765 filings reported in May 2024. The 48,218 total U.S. bankruptcy filings in May 2025 increased 7 percent from the May 2024 total of 45,025. Noncommercial bankruptcy filings also registered a 7 percent increase, to 45,523 in May 2025 from the May 2024 noncommercial total of 42,361. The number of consumers filing for chapter 7 increased 11 percent to 28,716 in May 2025 from the 25,773 who filed for chapter 7 last year, while chapter 13 filings increased 1 percent to 16,694 in May 2025 from the 16,507 chapter 13 filings in May 2024. "The current financial landscape presents struggling businesses and consumers with additional challenges of elevated prices, higher borrowing costs and uncertain geopolitical events," said ABI Executive Director Amy Quackenboss. "Bankruptcy provides a proven process to a financial fresh start for distressed businesses and families." Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com. About Epiq Epiq, a global technology-enabled services leader to the legal industry and corporations, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at https://www.epiqglobal.com. About ABI ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events. [] O'Melveny Adds Two New Partners to Corporate Finance Practice ---------------------------------------------------------------- O'Melveny announced that a duo of leading structured finance and securitization specialists -- Howard Goldwasser and Skanthan Vivekananda -- have joined the firm's New York and Los Angeles offices as partners in the Corporate Finance Practice Group. Messrs. Goldwasser and Vivekananda, who have worked together for nearly 15 years, have built one of the market's top structured finance and collateralized loan obligation (CLO) practices, representing arrangers, lenders, asset managers, sponsors, investors, and rating agencies in CLOs and other complex structured financings. They bring a long track record of innovation in the space, pioneering "CLO 2.0" transactions in the wake of the 2008-09 financial crisis and structuring deals across a wide array of traditional and esoteric asset classes, including: credit cards and consumer loans; trade, telecom, and energy-related receivables; repo-backed note issuances; and music and pharmaceutical royalties. The duo come to O'Melveny from the New York and Los Angeles offices of Orrick, where they practiced together in that firm's Structured Finance Group. Their arrival bolsters O'Melveny's rapidly expanding Corporate Finance Practice, which has grown from three to 16 partners in just five years. And the firm's broad finance platform now comprises award-winning capabilities in aviation, energy, infrastructure, music and entertainment, and real estate finance, as well as private credit and bank finance. "Continuing to expand our finance offerings is a key priority for our firm, and we are delighted to welcome Howard and Skanthan to the team," said O'Melveny chair Bradley J. Butwin. "They are tremendously creative, innovative, and respected lawyers with a track record of creating novel transaction structures for an array of sophisticated clients. Our bank and financial services clients, in particular, will be well served by Howard's and Skanthan's structured finance and securitization experience. It is a pleasure to welcome them aboard." "We're confident that O'Melveny will be a great fit for our practice and our clients," said Mr. Goldwasser. "We were impressed by the firm's demonstrated commitment to developing a strong, broad-based finance offering, with an increasingly robust, end-to-end credit platform. We're excited to bring our expertise and experience to the fast-growing O'Melveny team, and to provide our clients with all of O'Melveny's signature, industry-leading benefits." "O'Melveny's distinctive culture was another draw for us," added Mr. Vivekananda. "We were impressed by the firm's cross-practice integration, as well as the partners' genuine focus on collegiality and collaboration across offices and platforms. We're delighted to call O'Melveny our new professional ‘home.'" The addition of Goldwasser and Vivekananda accelerates O'Melveny's continued strategic growth, with 38 lateral partners joining the firm since 2023—including 23 corporate partners based in the firm's New York, Los Angeles, Century City, Dallas, Houston, Singapore, and London offices. About Howard Goldwasser Based in New York, Howard Goldwasser is ranked among the nation's premier securitization lawyers by Chambers USA and the Legal 500 US. For more than three decades, he has advised many of the most active participants in the securitization arena on a broad range of structured finance securitization transactions of both traditional and non-traditional asset classes, including CLOs and CDOs, fintech assets, and covered bonds, as well as receivables from credit cards, consumer loans, airline tickets, pharmaceutical royalties, and music royalties. Mr. Goldwasser earned his J.D. from Columbia Law School and his B.A., magna cum laude, from New York University. About Skanthan Vivekananda Based in Los Angeles, Skanthan Vivekananda has more than 20 years of experience advising clients on structured finance, derivatives, and investment management. He focuses his practice on the formation and structuring of cash and synthetic CLOs and other securitization vehicles, as well as other credit-focused investment funds. He is ranked among the leading securitization lawyers in the US by Chambers USA. Mr. Vivekananda earned his J.D., cum laude, from the University of Michigan Law School and his B.A. from the University of California, Berkeley. [] Rich Stieglitz Joins Mayer Brown's Restructuring Practice ------------------------------------------------------------ Mayer Brown announced that Rich Stieglitz has joined the firm as a partner and co-leader of its Restructuring practice in New York. He brings a wealth of deal experience advising on many of the most complex and groundbreaking bankruptcy and restructuring matters. He joins from Cahill Gordon & Reindel LLP. "Mayer Brown's commitment to attracting top-tier talent and investing in its restructuring offerings is evident by Rich's arrival," said Matt Wargin, co-leader of Mayer Brown's Restructuring practice. "Rich is a force in the restructuring industry and his reputation as a trusted advisor to lenders and creditors, as well as company-side entities and debtors is widely recognized. I'm confident that our clients will benefit immediately from his experience and deep knowledge." Mr. Stieglitz represents prominent lenders and/or agents in bankruptcy cases, including with DIP and exit financings, out-of-court restructurings, liability management exercises, and bankruptcy litigations. He also represents companies in addressing financial distress and related issues and has represented a variety of debtors through Chapter 11 bankruptcy cases from the board room to the court room, and with all types of outcomes, such as debt for equity exchanges and related non-bankruptcy reorganizations, consensual plans of reorganization, non-consensual plans, and 363 sales. Additionally, he has extensive experience in advising companies and boards of directors and individual directors and management in distressed acquisitions, defending bankruptcy-related claims and causes of action, and in structuring and effectuating both healthy and distressed transactions. "A true full-service law firm with a global platform, Mayer Brown is one of the few firms that has both the breadth of offering and the international platform to provide the highest quality advice on restructurings and bankruptcies in today's volatile financial markets and complex legal landscape," said Mr. Stieglitz. "I am thrilled to join the team and have the opportunity to work with the firm's top-tier, market leading lawyers to protect clients' interests with both out-of-court and in-court challenges." "We have been actively growing our New York office and are delighted to welcome Rich, who will be a leader and important pillar of our Restructuring practice," said Allison Aviki, managing partner of Mayer Brown's New York Office. "Rich's arrival amplifies our commitment to being a leading firm for complex financial restructuring, meeting the needs of our clients both in New York and across our global platform." ********* 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 ***