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250605.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, June 5, 2025, Vol. 29, No. 155 Headlines 1060 NEPPERHAN: Seeks $22MM DIP Loan From 3650 REIT 1291 BRITAIN DR: Hires Scroggins Williamson & Ray as Attorney 1708 S. RACINE: Seeks Chapter 11 Bankruptcy in Illinois 210 8TH ST: Inks Deal to Access Academy Bank's Cash Collateral 215 PAPER MILL: Hires Scroggins Williamson & Ray as Attorney 23ANDME HOLDING: Canadian Clients Agree to Pause Data Breach Suits 51 PARK PLACE: Seeks to Hire Michael L. Previto as Counsel 95 MARKET STREET: Seeks Subchapter V Bankruptcy in New Jersey ABP AVENTURA: Unsecureds Will Get 5% in 3 Years in Consensual Plan ACTION IMPORTS: Case Summary & 20 Largest Unsecured Creditors ALEXA HOLDINGS: Unsecureds Will Get 3% of Claims over 60 Months ALL AMERICAN: Seeks to Sell Yacht in Auction AMERICAN 24 LLC: Hires Real Estate Investors as Counsel AMERICAN FORKLIFT: Andrew Layden Named Subchapter V Trustee AMERICAN ROCK: Palmer Square Marks $2.7MM 2L Loan at 31% Off AMERICAN ROCK: Palmer Square Marks $5.7MM 1L Loan at 17% Off ANALIA HOME: Amends Plan to Include McKesson Secured Claim Pay ARTEX TELECOMMUNICATIONS: Contined Operations to Fund Plan ASHER HOMES: Seeks to Extend Plan Filing Deadline to June 20 ASHLEY SELMAN: Seeks to Extend Plan Exclusivity to July 14 ATHLETICO MANAGEMENT: Palmer Square Marks $7MM 1L Loan at 22% Off AUTOKINITON US: S&P Alters Outlook to Negative, Affirms 'B' ICR AZORRA AVIATION: Fitch Alters Outlook on 'BB-' IDR to Positive AZUL SA: Cleary Gottlieb Represents Bondholders in Chapter 11 AZUL SA: Davis Polk Advises on Chapter 11 Restructuring B2 UNITED: Claims to be Paid from Continued Operations BAKERY PROCESS: Seeks Chapter 11 Bankruptcy in New York BARRACUDA NETWORKS: Palmer Square Marks $4MM 2L Loan at 30% Off BLACKBRUSH INVESTMENTS: Hires United Realty as Real Estate Broker BLUE DUCK: Case Summary & Seven Unsecured Creditors BW HOLDING: S&P Downgrades ICR to 'CCC-', Alters Outlook to Neg. CALVIN 1 LLC: Kimberly Ross Clayson Named Subchapter V Trustee CAREPOINT HEALTH: Hires K&L Gates LLP as Special Counsel CAROLINA'S CONTRACTING: Gets Extension to Access Cash Collateral CASTLE US: Palmer Square Marks $1.9 Million 1L Loan at 38% Off CASTLE US: Palmer Square Marks $3.6 Million 1L Loan at 38% Off CENTRAL HOUSEWARES: Unsecureds to Get Share of Income for 36 Months CFMS TEXAS: Case Summary & Two Unsecured Creditors CITI CONNECT: Hires Withum Smith+Brown PC as Accountant CIVITAS RESOURCES: Fitch Assigns BB+ Rating on New Unsecured Notes CLARIOS GLOBAL: S&P Rates New EUR800MM Senior Secured Notes 'BB-' CMM OFFROAD: Unsecured Creditors to Split $140K over 60 Months COMMODITIES INTERNATIONAL: Hires Walton Law Group LLC as Counsel CONCRETE CUSTOM: Hires Thompson Law Group as Counsel CONN'S INC: US Trustee Says Chapter 11 Plan Releases Inappropriate CONROE LOCAL: S&P Cuts 2021B Sub Second-Lien Rev Bonds to 'CCC' CONSOLIDATED BURGER: To Sell Restaurant Business to Phoenix Holding COVIAN ENTERPRISES: Seeks Subchapter V Bankruptcy in Texas CROSSWIND RANCH: Seeks Chapter 11 Bankruptcy in Texas D & D HOUSING: Case Summary & Six Unsecured Creditors D AND B PHARMACY: Samuel Dawidowicz Named Subchapter V Trustee DANG LA CONSTRUCTION: Asset Sale Proceeds to Fund Plan DEDICATION & EVERLASTING: Court OKs Interim Use of Cash Collateral DELSHAH 60 NINTH: Enters $9.25M Sale Agreement with Record Store DELTA TOPCO: S&P Affirms 'B-' ICR on Proposed Debt Issuance DOS LAGOS: Seeks Chapter 11 Bankruptcy in California DOVGAL EXPRESS: Hires Expert Equipment Appraisal as Appraiser E.L. SERVICES: Claims to be Paid from Continued Operations EEGEE'S LLC: Has New Owner After Bankruptcy Exit ELETSON HOLDING: Court Orders Transfer of Microsoft Acct. in Ch. 11 ELITE SCHOOL: Court Extends Cash Collateral Access to June 30 ENDURANCE INTERNATIONAL: Palmer Square Marks $1.9M Loan at 32% Off EVERYTHING CREATIVE: Jeanne Goddard Named Subchapter V Trustee FLUID MARKET: Seeks to Extend Plan Exclusivity to August 12 FOREST GOOD: Section 341(a) Meeting of Creditors on June 26 FTX TRADING: Tam Loses Bid to Sever Claims in Genesis Block Case GARAGE LOCO: Unsecured Creditors Will Get 2% of Claims in Plan GENESIS ENERGY: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable GIL & RIVERA: Unsecureds Will Get 4% of Claims over 60 Months GIP II BLUE: S&P Withdraws 'BB-' Issuer Credit Rating GOODYEAR TIRE: Fitch Rates Proposed Unsec. Notes 'BB-' GRIDDY ENERGY: Court Narrows Claims in ERC Adversary Proceeding HALL LABS: Unsecureds to Get Share of Vanderhall Stock HAPPY HOME: Voluntary Chapter 11 Case Summary HELP/SYSTEMS HOLDINGS: Palmer Square Marks $3.6MM Loan at 30% Off HERITAGE GRILL: Seeks Subchapter V Bankruptcy in North Carolina HURRICANE GLASS: Gets OK to Use Up to $7,500 in Cash Collateral ICORECONNECT INC: Voluntary Chapter 11 Case Summary IMMERSIVE ART: Seeks Chapter 11 Bankruptcy in Delaware IMPACT CHURCH: Voluntary Chapter 11 Case Summary IVANTI SOFTWARE: Palmer Square Marks $3MM 2L Loan at 57% Off IVANTI SOFTWARE: Palmer Square Marks $8.7MM 1L Loan at 28% Off IVANTI SOFTWARE: Palmer Square Marks $960,000 1L Loan at 29% Off JGA DEVELOPMENT: To Sell Jersey Property to Titan Investment JONES REAL: Paul Levine of Emery Named Subchapter V Trustee JUAN M MARTINEZ: Hires HomeSmart Encore as Real Estate Broker KAST MEDIA: Gets Chapter 11 Plan Confirmation, Taps New CEO LAFORTUNE REAL: Hires E. Christopher Amos as Bankruptcy Counsel LIFESCAN GLOBAL: Palmer Square Marks $3.7MM 1L Loan at 36% Off LIKELIHOOD LLC: Gets Final OK to Use Cash Collateral LODGING ENTERPRISES: Plan Exclusivity Period Extended to Sept. 23 LOGMELN INC: Palmer Square Marks $4 Million 1L Loan at 53% Off LSR TANGLEWOOD: Amends Comal County & TXN Bank Secured Claims Pay LV OPPORTUNITY: Seeks to Hire Michael J Harker as Counsel MAGENTA SECURITY: Palmer Square Marks $1.1MM 1L Loan at 48% Off MAGENTA SECURITY: Palmer Square Marks $6.1MM 1L Loan at 71% Off MARATHON DEVELOPMENT: Seeks to Extend Plan Exclusivity to June 16 MARINE WHOLESALE: Court Rules on Claim Objection Phase III Issues MISTER CHIMNEY: Taps Law Offices of Ryan C. Wood as Counsel NATURE COAST: Reaches Settlement Agreement; Files Amended Plan NEW GREATER: Seeks Chapter 11 Bankruptcy in Texas NORTH AMERICAN: Hires Joyce W. Lindauer as Bankruptcy Counsel OMRAADHI LLC: Hires Keller Williams as Real Estate Broker ORACLES CAPITAL: Hires Auction Advisors LLC as Broker ORACLES CAPITAL: Jeffrey Schwendeman Named Subchapter V Trustee ORCHID MERGER: Palmer Square Marks $3.7 Million 1L Loan at 39% Off PACKERS HOLDINGS: S&P Upgrades ICR to 'CCC', Outlook Negative PARAGON MOVING: Steven Nosek Named Subchapter V Trustee PERATON CORP: Palmer Square Marks $2.8MM 2L Loan at 24% Off PIVOT OPERATIONS: Court OKs Deal to Use CCB's Cash Collateral PLASKOLITE PPC: S&P Raises ICR to 'CCC+' Then Withdraws Rating POOLE FUNERAL: Hires RMR Legal PLLC as Legal Counsel POTTSVILLE OPERATIONS: Seeks to Extend Plan Exclusivity to July 18 PRETIUM PKG: Palmer Square Marks $2-Mil. 2L Loan at 77% Off PRETIUM PKG: Palmer Square Marks $5.6MM 1L Loan at 42% Off PROPERTY ADVOCATES: Updates Unsecured Claims Pay Details PURDUE PHARMA: Accord Asks Supreme Court to Toss Oxy IP Dispute PVKG INVESTMENT: Palmer Square Marks $1.7MM 1L Loan at 34% Off RE4 GEORGIA: Voluntary Chapter 11 Case Summary RED RIVER: J&J Renews Bid to Bar Beasley Allen From NJ Talc Suits REDSTONE HOLDCO: Palmer Square Marks $4.8MM 1L Loan at 46% Off RELIABLE HEALTHCARE: Available Cash & Capital Infusion to Fund Plan REMEMBER ME: Hires Pioneer Consulting as Financial Consultant RENE'S TRUCKING: Gets Interim OK to Use Cash Collateral RITE AID: Chapter 11 Filing Doesn't Block Plan Appeal, Md. Says RIVER ROCK: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable ROCKET COS: S&P Assigns 'BB' Long-Term ICR, Outlook Positive ROCKRIDGE2016 LLC: Hires Pope Law Firm as Legal Counsel RV SALES: Loses Bid to Disqualify Stearns as Trustee's Counsel S.E.E.K. ARIZONA: Files Emergency Bid to Use Cash Collateral SAIPRASAD LLC: Hires Keller Williams as Real Estate Broker SHIELDS NURSING: Court Extends Cash Collateral Access to July 11 SILVERROCK DEVELOPMENT: Hires Wilson Sonsini as Co-Counsel SINOBEC GROUP: Chapter 15 Case Summary SITEL GROUP: Palmer Square Marks $2.9 Million 1L Loan at 40% Off SITIO ROYALTIES: S&P Places 'B' ICR on CreditWatch Positive SPECIALTY CARTRIDGE: Selling Stamping Machine to Grandeur Fastener STEPHENS GARAGE: Plan Exclusivity Period Extended to June 16 STONE DELUXE: Gets Interim OK to Use Cash Collateral Thru July 16 SYNTHEGO CORP: Gets Court Okay for $25MM DIP Financing SYNTHEGO CORP: Gets Final OK for $25MM DIP Loan From Perceptive SYSOREX GOVERNMENT: Court OKs $2.3MM DIP Loan From Southstar TALKING ROCK: Gets OK to Use Cash Collateral Until July 25 TERRA DOLCI: Seeks Chapter 11 Bankruptcy in Florida TOSCA SERVICES: Palmer Square Marks $6.9MM 1L Loan at 14% Off UNIVERSITY PARK: S&P Raises Revenue Bond Rating to 'BB' V820JACKSON LLC: Hires Property Valuation Advisors as Appraiser V820JACKSON LLC: Hires Weissberg and Associates as Counsel V850JACKSON LLC: Hires Property Valuation Advisors as Appraiser VERACODE: Palmer Square Marks $8.5 Million 1L Loan at 15% Off VIA MIZNER: Seeks to Extend Plan Exclusivity to July 14 VIAVI SOLUTIONS: S&P Assigns Prelim 'BB' Rating on Sr Secured Debt VISTA PARTNERS: Hires James G. Murphy Co. Inc. as Auctioneer VSG GROUP: Unsecured Creditors to be Paid in Full in Plan WELLPATH HOLDINGS: Palmer Square Marks $2.3MM 1L Loan at 68% Off WHITESTAR DISTRIBUTORS: Hires Joyce W. Lindauer as Counsel ZUNIGA 23732: Amends Plan to Include Dan-Son Air Secured Claim Pay [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1060 NEPPERHAN: Seeks $22MM DIP Loan From 3650 REIT --------------------------------------------------- 1060 Nepperhan Ave, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of New York for authority to, among other things, obtain post-petition financing to continue operating and complete the development of a self-storage facility. The Debtors consist of KCT, a New York corporation, and 1060, a Delaware LLC wholly owned and managed by KCT. 1060 owns real property at 1060 Nepperhan Avenue in Yonkers, N.Y., where it has been constructing a 949-unit CubeSmart-branded storage facility since March 2023. To fund the development, 1060 previously entered into an $18.3 million loan agreement with Parkview Financial REIT, LP, which matured on May 1, 2024, leaving $8.84 million in principal outstanding. After an alleged default, Parkview initiated foreclosure proceedings, prompting the bankruptcy filings to prevent the auction of KCTs interest in 1060. The Debtors requested approval to obtain up to $22 million in DIP financing from 3650 REIT Investment Management, LLC and its managed funds. The proposed loan would be secured by a first-priority priming lien on all of the Debtors' assets, subject to a carve-out for certain administrative expenses. The loan has a 36-month term, an interest rate of 1-month SOFR plus 7% (reduced to 6.25% if the project achieves a 7% debt yield), and includes standard fees such as a $25,000 application fee, 1% origination, exit, and extension fees, a $100,000 break-up fee, and a prepayment penalty requiring a minimum interest return of 20% of the loan amount. The Debtors said that this financing is essential because they currently lack operational income and cannot continue development or reorganize without access to capital. The Debtors believe that their pre-bankruptcy lender, Parkview, is adequately protected. Parkview will receive $3.8 million in payments from the DIP loan, and the property securing the loan has an equity cushion of at least 37%, which is expected to grow to 71% upon project completion. Courts have recognized that such equity cushions can constitute adequate protection under the Bankruptcy Code. Moreover, the Debtors said that resuming construction and enhancing the property's value further protects Parkview's interests. A court hearing is set for June 11. About 1060 Nepperhan Ave 1060 Nepperhan Ave, LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 1060 Nepperhan Ave sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22056) on January 23, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by Mark S. Lichtenstein, Esq., at Akerman, LLP. Parkview Financial REIT, LP, as lender, is represented by: Patrick Collins, Esq. Farrell Fritz, P.C. 400 RXR Plaza Uniondale, NY 11556 Telephone: (516) 227-0700 pcollins@farrellfritz.com 1291 BRITAIN DR: Hires Scroggins Williamson & Ray as Attorney ------------------------------------------------------------- 1291 Britain Dr PCPRE, LLC d/b/a Britain Village seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Scroggins, Williamson & Ray, P.C. as attorney. The firm will provide these services: a. prepare pleadings and applications; b. conduct of examinations; c. advise the Debtors of their rights, duties and obligations as debtors-in-possession; d. consult with the Debtors and representing the Debtors with respect to a Subchapter V plan; e. perform legal services incidental and necessary to the day-to-day operation of the Debtors' affairs, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business and corporate legal advice and assistance; and f. take any and all other action incidental to the proper preservation and administration of the Debtors' estates. The firm will be paid at these rates: Attorneys $565 to $625 per hour Paralegals $135 to $195 per hour Prior to the petition date, the Debtor provided the firm a retainer of $51,738. Scroggins, Williamson & Ray will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ray disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: J. Robert Williamson, Esq. Ashley R. Ray, Esq. Scroggins, Williamson & Ray, P.C. 4401 Northside Parkway Suite 230 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 Email: rwilliamson@swlawfirm.com aray@swlawfirm.com About 1291 Britain Dr PCPRE, LLC d/b/a Britain Village 1291 Britain Dr PCPRE LLC, operates Britain Village Apartments, a residential complex located at 1291 Britain Drive in Lawrenceville, Georgia. The property offers two-and three-bedroom units with standard amenities and is managed by Premier Living US. 1291 Britain Dr PCPRE LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54940) on May 5, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ashley Reynolds Ray, Esq. at SCROGGINS, WILLIAMSON & RAY, P.C. 1708 S. RACINE: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------- On June 2, 2025, 1708 S. Racine LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1708 S. Racine LLC 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. 1708 S. Racine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08445) on June 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtors are represented by Ariel Weissberg, Esq. at WEISBERG AND ASSOCIATES, LTD. 210 8TH ST: Inks Deal to Access Academy Bank's Cash Collateral -------------------------------------------------------------- 210 8th St, LLC and Academy Bank, N.A. advised the U.S. Bankruptcy Court for the District of Colorado that they have reached an agreement regarding the use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. Academy holds a first-priority, perfected security interest in the property and related assets, including rents, improvements, equipment, and intangibles. This interest is secured through a series of loan documents, including a 2019 Promissory Note originally valued at $955,255. Subsequent modifications in 2020 and 2021 adjusted the secured balance to $530,697. Academy's secured claim is senior to that of B:Side Capital, a secondary lender, as confirmed by a Third Party Lender Agreement, though certain default charges are subordinated. Since April 2025, the Debtor has collected monthly rent of $5,000 from Okane Mochi Inc., a tenant that shares ownership ties with the Debtor. Starting August 2025, the tenant also began paying additional rent to cover arrears from before April 2025. While Academy had previously enforced its right to collect rents under the Assignment of Rents, it has now agreed to permit the Debtor's use of some rental income in the ordinary course of business in exchange for monthly interest-only payments. Under the Bankruptcy Code, specifically 11 U.S.C. section 362(d)(3), the Debtor must either file a feasible reorganization plan within 90 days of the petition date or begin making interest payments to secured creditors. Additionally, under 11 U.S.C. section 363, the Debtor may use cash collateral only with creditor consent or by providing adequate protection. Academy and the Debtor have negotiated a mutually agreeable arrangement in which the Debtor will pay $1,833 in 30-day months and $1,894 in 31-day months -- amounts representing non-default contract interest on Academy's loan. A copy of the motion is available at https://urlcurt.com/u?l=FkTv20 from PacerMonitor.com. About 210 8th St LLC 210 8th St, LLC is a real estate debtor with a single asset, as described in 11 U.S.C. Section 101(51B). The Debtor holds full ownership of the property situated at 210 8th St., Colorado Springs, Colo., which is appraised at a market value of $1.4 million. 210 8th St sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-11653) on March 28, 2025. In its petition, the Debtor reported total assets of $1,455,000 and total liabilities of $1,453,420. Judge Michael E. Romero handles the case. The Debtor is represented by David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. Academy Bank, N.A., as lender, is represented by: Lucas L. Schneider, Esq. Stinson LLP 1144 15th Street Suite 2400 Denver, CO 80202 Telephone: (303) 376-8414 lucas.schneider@stinson.com 215 PAPER MILL: Hires Scroggins Williamson & Ray as Attorney ------------------------------------------------------------ 215 Paper Mill Rd PCPRE, LLC d/b/a The Carolina seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Scroggins, Williamson & Ray, P.C. as attorney. The firm will provide these services: a. prepare pleadings and applications; b. conduct of examinations; c. advise the Debtors of their rights, duties and obligations as debtors-in-possession; d. consult with the Debtors and representing the Debtors with respect to a Subchapter V plan; e. perform legal services incidental and necessary to the day-to-day operation of the Debtors' affairs, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business and corporate legal advice and assistance; and f. take any and all other action incidental to the proper preservation and administration of the Debtors' estates. The firm will be paid at these rates: Attorneys $565 to $625 per hour Paralegals $135 to $195 per hour Prior to the petition date, the Debtor provided the firm a retainer of $51,738. Scroggins, Williamson & Ray will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ray disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: J. Robert Williamson, Esq. Ashley R. Ray, Esq. Scroggins, Williamson & Ray, P.C. 4401 Northside Parkway Suite 230 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 Email: rwilliamson@swlawfirm.com aray@swlawfirm.com About 215 Paper Mill Rd PCPRE, LLC d/b/a The Carolina 215 Paper Mill Rd PCPRE LLC d/b/a The Carolina, which operates an apartment complex in Lawrenceville, Georgia. 215 Paper Mill Rd PCPRE LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54943) on May 5, 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 Lisa Ritchey Craig handles the case. The Debtor is represented by Ashley Reynolds Ray, Esq. at Scroggins, Williamson & Ray, P.C. 23ANDME HOLDING: Canadian Clients Agree to Pause Data Breach Suits ------------------------------------------------------------------ Clara Geoghegan of Law360 reports that on Tuesday, June 3, 2025, 23andMe and Canadian customers suing over a data breach agreed to pause litigation against non-bankrupt third parties for up to six months while the DNA testing company's Chapter 11 case proceeds in Missouri. 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. 51 PARK PLACE: Seeks to Hire Michael L. Previto as Counsel ---------------------------------------------------------- 51 Park Place Owners seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Michael L. Previto, Esq. as counsel. Mr. Previto will provide these services: a. advise the Debtor with respect to his powers and duties as a Debtor in Possession in the operation and management of financial reorganization of the estate; b. attend meeting and negotiates with creditors and their representatives, Trustee and others; c. take all actions to protect the Debtor's estate, including litigating on the Debtor's behalf and negotiating where applicable; d. prepare all motions, applications, answers, orders, reports, and papers necessary for the administration of the estate; e. assist and represent the Debtor in obtaining Debtor's financing, if applicable; f. prepare a Chapter 11 plan or plans and disclosure statement and take any action to obtain confirmation of that plan; g. represent the Debtor's interest in any sale of property or assets; h. appear in Court to protect his interests; and i. perform all other legal services and provide such advice as is necessary to assist Debtor. Mr. Previto will be paid at 250 per hour. The Debtor paid Mr. Previto a retainer of $6,000. He will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Previto disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. He can be reached at: Michael L. Previto, Esq. 150 Motor Parkway, Suite 401 Hauppauge, NY 11788 Tel: (631) 379-0837 About 51 Park Place Owners The Debtor is a single-asset real estate entity that owns the property at 51 Park Place in Brooklyn, New York. 51 Park Place Owners LLC in Brooklyn, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 25-41680) on April 4, 2025, listing $6,000,000 in assets and $5,700,000 in liabilities. Lloyd Babb as owner or manager, signed the petition. Judge Nancy Hershey Lord oversees the case. MICHAEL L. PREVITO ESQ. serve as the Debtor's legal counsel. 95 MARKET STREET: Seeks Subchapter V Bankruptcy in New Jersey ------------------------------------------------------------- On May 30, 2025, 95 Market Street LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 95 Market Street LLC 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. 95 Market Street LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15710) on May 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtors are represented by Brett Silverman, Esq. at SILVERMAN LAW PLLC. ABP AVENTURA: Unsecureds Will Get 5% in 3 Years in Consensual Plan ------------------------------------------------------------------ ABP Aventura, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization under Subchapter V dated May 12, 2025. Charles Keyser and Ernest Jordan are the founders, principal owners, vice president and president of the Debtor. The Debtor is in the business of the retail sale of ergonomic furniture and back support products. In recent years, due in part to declining foot traffic, interest rate increases and housing market declines, the Debtor's sales and revenues stagnated while its costs and expenses continued to rise. Nonetheless, the Debtor was at or near profitable. The Debtor's business was negatively impacted by the poor performance of 7 stores. Five of those stores were closed in early 2024, two more in early 2025. While most of the landlords walked away or settled reasonably, one refused to do either and pursued a large judgment against the Debtor. In addition, the Debtor's franchisor instituted a "point of sale" program which never functioned properly and very negatively impacted the Debtor's business. These factors led the Debtor file the instant bankruptcy under Subchapter 5 of Chapter 11 of the Bankruptcy Code (the "Case"). This Plan of Reorganization under chapter 11 of the Bankruptcy Code Subchapter 5 proposes to pay creditors from the Debtor's post confirmation revenues. This Plan provides for: unclassified and administrative expense claims, two classes of secured claims; one class of priority unsecured claims, the unsecured claims of "Relax the Back" franchisor, and one class of non-priority unsecured claims, insider claims, and the claims of ownership interests. Class 4 consists of Unsecured non-priority claims of Relax the Back. Class 4 claims of Relax the Back consists of two components. First, unpaid royalties and charges as of the Petition Date. These will be allowed as unsecured claims and treated as unsecured claims. Second, phantom royalties both pre and post-petition shall be estimated pursuant to Section 502(c) of the Code, or by agreement of the parties, and thereupon they will be treated as part of the Relax the Back unsecured claim. Class 4 claims are impaired by the Plan. Class 5 consists of General Unsecure Claims. Class 5 GUC’s shall be treated as one of the following options. * Option One. If the Plan is consensual, each holder of a non-priority unsecured claim shall receive 5 % of its allowed claim over a three-year payout, quarterly, and without interest. * Option Two. If the Plan is not consensual, then holders of Class 5 claims will receive their pro-rata share of the Debtor's projected disposable income as defined by Section 1191(d) of the Bankruptcy Code. It is expected that these disposable income payments will be less than 5%. Payments under Option Two shall be made on a quarterly basis over a period of three years, commencing three months after the Effective Date. The Debtor retains the option under either Option to obtain financing or a loan to satisfy such claims in an aggregate amount up to the projected disposable income during such period. Class 5 Claims are impaired under the Plan. Class 6 claims of insiders, if any shall be subordinated to all other claims and receive no distribution under the Plan until all other claims are paid as indicated in the Plan or Order Confirming the Plan. Class 6 Claims are impaired under the Plan. Class 7 interests shall retain their ownership interests in the Debtor but shall receive no other distributions under the Plan until all other claims are paid as indicated in the Plan or Order Confirming the Plan. Payments required under the Plan will be funded from (i) existing cash on hand on the Effective Date, (ii) revenues generated by continued operations. The Debtor reserves the right to obtain a loan or financing to satisfy unsecured creditors in the amounts projected from aggregate net disposable income over the life of the Plan. A full-text copy of the Plan of Reorganization dated May 12, 2025 is available at https://urlcurt.com/u?l=e943ht from PacerMonitor.com at no charge. Counsel to the Debtor: David R. Softness, Esq. David R. Softness PA 201 South Biscayne Boulevard, Suite 2740 Miami, FL 33131 Telephone: (305) 341-3111 Email: david@softnesslaw.com About ABP Aventura Inc. ABP Aventura Inc., operating under the name Relax The Back, specializes in ergonomic products aimed at alleviating neck and back pain. It offers items like ergonomic office furniture, Tempur-Pedic mattresses, fitness tools, and massage products. With over 70 stores in North America and its website RelaxTheBack.com, the company combines personalized service with a holistic wellness approach. ABP Aventura filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12901) on March 18, 2025, listing total assets of $3,358,190 and total liabilities of $1,704,840. Tarek Kiem, Esq., at Kiem Law, PLLC serves as Subchapter V trustee. Judge Laurel M. Isicoff handles the case. The Debtor is represented by David R. Softness, Esq., at David R. Softness, PA. ACTION IMPORTS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Action Imports, LP 1100 Ave S Grand Prairie TX 75050 Business Description: Action Imports, L.P. is a wholesale distributor based in Grand Prairie, Texas, offering a broad range of products including candy, toys, electronics, purses, and collectibles. The Company serves retail clients across the United States and provides various merchandising solutions such as countertop displays, shippers, and gondolas. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-42025 Judge: Hon. Mark X. Mullin Debtor's Counsel: Craig D. Davis, Esq. DAVIS, ERMIS & ROBERTS, P.C. 2000 E. Lamar, Suite 780 Arlington TX 76006 Tel: (817) 265-8832 Email: davisdavisandroberts@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rick Alexander as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q7JCZXI/Action_Imports_LP__txnbke-25-42025__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WCM7U4Y/Action_Imports_LP__txnbke-25-42025__0001.0.pdf?mcid=tGE4TAMA ALEXA HOLDINGS: Unsecureds Will Get 3% of Claims over 60 Months --------------------------------------------------------------- Alexa Holdings, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement describing Chapter 11 Plan dated May 14, 2025. The Debtor is a North Carolina corporation owned by Charles and Helen Alexander and their son Guy Wavra. The Debtor operates two restaurants known as "Moonrunners Saloon" one in Garner, North Carolina and the other in Dunn, North Carolina. The company was established in 2009. The Debtor previously operated a third restaurant in Garner, but closed that location in March 2025 due to continued losses and the impending expiration of its premises lease. The Debtor filed this case in an attempt to cram down its unsecured loans and to pay a reasonable dividend to unsecured creditors and fund those payments from the ongoing profitable operations of its remaining restaurants. Since the petition date, the Debtor has taken steps to reduce staff and overhead. The Debtor has worked to ensure it has reduced all of its overhead and ongoing operation expenses as far as possible to maintain operations and free up as much revenue as possible to make payments to its creditors under its Plan. The Debtor has focused on reducing overhead costs as well as increasing operating efficiency. The Debtor hired bankruptcy counsel and has worked with counsel to prosecute this Chapter 11 proceeding. Class 3 consists of General Unsecured Claims. The Debtor believes that Allowed General Unsecured Claims total $2,028,883.46, including the bifurcated amount of secured claims, but not including the unsecured debts owed to insiders, which will be subordinated to all other claims. The Debtor proposes to satisfy this class by paying a total of $60,000.00. This amount will pay Allowed General Unsecured Claims approximately 3% of each claim. Said payments shall be made in equal quarterly installments of $3,000.00, over five years, on a pro rata basis, with the first quarterly installment due on July 1, 2025 and the final quarterly installment due on April 1, 2030. Class 4 consists of Charles and Helen Alexander, and Guy Wavra's equity interest in the Estate. Title to and ownership of all property of the estate will vest in the Debtor upon Confirmation of the Plan, subject to all valid liens of Secured Creditors under the Confirmed Plan. Liens of bifurcated Claims will be valid only to the extent of the Allowed Secured Amount of the Claim. To the extent that Class 3 does not accept the Plan, Charles and Helen Alexander and Guy Wavra ("Equity Owners"), will offer $5,000.00 of New Value for the purchase of their equity interests in the estate. In the event that any party desires o offer an amount in excess of $5,000.00 for the purchase of said equity interest, they must do so in writing the Debtor's counsel no later than the court-established deadline for balloting on this plan. The Debtor expects to receive average gross monthly receipts in the amount of $345,000.00 for the next several months. The Debtor expects revenues to increase over time, such that it will always generate at least as much net revenue to fund this Plan as when the Plan is filed. A full-text copy of the Disclosure Statement dated May 14, 2025 is available at https://urlcurt.com/u?l=fP5s6Y from PacerMonitor.com at no charge. Counsel to the Debtor: Danny Bradford, Esq. Bradford Law Offices 455 Swiftside Drive, #106 Cary, NC 27518 Telephone: (919) 758-8879 Email: dbradford@bradford-law.com About Alexa Holdings Alexa Holdings Inc. owns MoonRunners Saloon, a Prohibition-era themed restaurant and bar based in Garner, North Carolina, known for its Southern-style cuisine and distinctive moonshine-focused drink menu. The establishment rose to prominence after being featured on the reality TV show Bar Rescue, which helped revamp its brand and operations. With locations in Garner and Dunn, the saloon continues to attract patrons with its creative cocktails, hearty dishes, and nostalgic ambiance. Alexa Holdings filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01347), listing up $231,831 in total assets and $2,884,529 in total liabilities. Judge Joseph N. Callaway oversees the case. Bradford Law Offices serves as the Debtor's counsel. ALL AMERICAN: Seeks to Sell Yacht in Auction -------------------------------------------- All American Holdings LLC and its affiliates, along with Applicable Debtor, All American Holdings LLC, seek permission from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell Riva Yacht, free and clear of liens, interests and encumbrances. The Debtors' primary secured creditor is Seacoast Bank in connection with a Preferred Vessel Mortgage in the approximate amount of $636,328.82. The Lender filed UCC-1 financing statements asserting a security interest in a 2003 Riva 90 Opera Super Yacht including its tender and inventory together with her engines, boilers, machinery, masts, bowsprits, boats, anchors, cables, rigging, tackle, apparel equipment, furniture, gear and all electronic, navigational and fishing equipment (Offered Assets) and all appurtenances thereunto appertaining and belonging, all whether on board or ashore, and all additions, improvements, and replacements hereafter made in or to the said vessel or any parts or appurtenances or equipment. The Debtors seek approval of the Bid Procedures and Auction Procedures of the Yacht and Offered Assets to a stalking horse bidder, including establishing a break-up fee with such stalking horse bidder; and procedures for the assumption and/or assignment by the Debtors of certain executory contracts and unexpired leases. In order to ensure the highest possible recovery for the Debtors' estate, the Debtors propose a competitive auction for the sale of the Offered Assets. The Debtors have been engaged in and continues to be engaged in efforts to market the Offered Assets. Any proposed sale is subject to higher and better offers which will ensure that the price is fair and reasonable. About All American Holdings LLC All American Holdings LLC is a limited liability company. All American Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02066) on April 1, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Harry E. Riedel, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. AMERICAN 24 LLC: Hires Real Estate Investors as Counsel ------------------------------------------------------- American 24, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ The Real Estate Investors Law Firm, LLC as its counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties in the continued operation and management of its business; b. preparing and pursuing confirmation of a plan of reorganization and approval of a disclosure statement; c. preparing necessary applications, motions, answers, proposed orders, other pleadings, notices and reviewing all financial and other reports; d. advising the Debtor concerning and preparing responses to applications, motions, pleadings, notices and other documents which may be filed by other parties; e. appearing in Court to protect the interests of the Debtor; f. representing the Debtor in connection with use of cash collateral ad/or obtaining post-petition financing; g. advising and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; h. investigation the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; i. investigating and advising the Debtor concerning, and taking such action as may be necessary to collect, income and assets in accordance with applicable law, and the recovery if property for the benefit of the Debtor's estate; j. advising and assisting the Debtor in connection with any potential property dispositions; k. advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring and re-characterizations; l. assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; m. commencing and conducting litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtors' estate or otherwise further the goal of completing the Debtor's successful reorganization; and n. performing all other legal services for the Debtor which may be necessary and proper in this Chapter 11 Case. The compensation of the firm's attorneys and paraprofessionals are proposed at varying rates per hour currently ranging from $75 per hour to $300 per hour. Joseph Urtuzuastegui, Esq., a partner at The Real Estate Investors Law Firm, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph G. Urtuzuastegui III, Esq. The Real Estate Investor Law Firm, LLC 4535 E. McKellips Rd., Suite 1093 Mesa, AZ 85215 Tel: (480) 660-6250 Email: filings@reilawfirm.com About American 24, LLC American 24 LLC is a limited liability company. American 24 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04328) on May 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtors are represented by Joseph G. Urtuzuastegui III, Esq. at REI LAW FIRM. AMERICAN FORKLIFT: Andrew Layden Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for American Forklift Rental & Supply, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About American Forklift Rental & Supply American Forklift Rental & Supply, LLC provides forklift rentals, sales, parts, service, and safety training across Central Florida, including Orlando, Tampa, and surrounding counties. The company offers new and used forklifts in various fuel types and sizes, with flexible rental terms and included maintenance. Headquartered in Orlando, American Forklift Rental & Supply has served the region for over 25 years and remains owner-operated to ensure personalized customer support. American Forklift Rental & Supply sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02765) on May 5, 2025. In its petition, the Debtor reported total assets of $1,280,342 and total liabilities of $890,93. Judge Lori V. Vaughan handles the case. The Debtor is represented by Melissa Youngman, Esq., at Winter Park Estate Plans & ReOrgs. AMERICAN ROCK: Palmer Square Marks $2.7MM 2L Loan at 31% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. (PSBD) has marked its $2,750,000 loan extended to American Rock Salt Company LLC to market at $1,886,046 or 69% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a Second Lien Senior Secured Loan to American Rock Salt Company LLC. The loan accrues interest at a rate of 11.69% (S + 7.25%) per annum. The loan matures on June 4, 2029. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About American Rock Salt Company LLC American Rock Salt Company LLC produces highway deicing rock salt. The company operates a single mine in upstate New York and sells primarily to state and local government agencies in the northeastern United States. The firm is a wholly owned subsidiary of American Rock Salt Holdings LLC, which is closely held by private investors including some members of management. The company does not publicly disclose its financial statements. Headquartered in Retsof, NY, American Rock Salt generated approximately $154 million in revenue for the twelve months ended June 30, 2024. AMERICAN ROCK: Palmer Square Marks $5.7MM 1L Loan at 17% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. (PSBD) has marked its $5,779,837 loan extended to American Rock Salt Company LLC to market at $4,782,746 or 83% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to American Rock Salt Company LLC. The loan accrues interest at a rate of 8.44% (S + CSA + 4.00%) per annum. The loan matures on June 9, 2028. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About American Rock Salt Company LLC American Rock Salt Company LLC produces highway deicing rock salt. The company operates a single mine in upstate New York and sells primarily to state and local government agencies in the northeastern United States. The firm is a wholly owned subsidiary of American Rock Salt Holdings LLC, which is closely held by private investors including some members of management. The company does not publicly disclose its financial statements. Headquartered in Retsof, NY, American Rock Salt generated approximately $154 million in revenue for the twelve months ended June 30, 2024. ANALIA HOME: Amends Plan to Include McKesson Secured Claim Pay -------------------------------------------------------------- Analia Home Health Care Service, LLC, submitted a Second Amended Plan of Reorganization dated May 13, 2025. The Debtor's income is based on health care services provided to its clients, and related insurance payments including through the Medicaid program. The net disposable income generated from this revenue shall be used to fund this Plan of Reorganization. The Plan shall be for a 36-month term. Debtor shall remit any disposable income to creditors in accordance with Section 1191(c) and (d) of the Bankruptcy Code and as described in this Plan until creditors are paid in full. Nothing shall prevent Debtor from making any or all Plan payments quicker than set forth herein, if financial circumstances make such payments possible. This Plan proposes to pay creditors of Debtor from Debtor's future projected monthly income. Non-priority unsecured creditors holding allowed claims will receive distributions greater than the liquidation value of Debtor's assets. This Plan also provides for the payment of administrative and priority claims in full. Class 2 consists of the secured claim of AmeriCredit Financial Services, Inc. d/b/a GM Financial. Debtor contends that the only secured claim in this case belongs to AmeriCredit Financial Services, Inc. d/b/a GM Financial. Pursuant to the terms of a prior Consent Order agreed to by AmeriCredit and Debtor, Debtor shall maintain ongoing contractual payments it has with AmeriCredit in the amount of $349.50 per month through the life of this Plan. The Debtor shall also maintain full comprehension and collision insurance covering for AmeriCredit's collateral, which is a 2019 Nissan Med Duty NV15000, with AmeriCredit listed as payee on such insurance coverage. In the event of a default of payment, AmeriCredit shall comply with the terms of the default provisions herein for notice of such default. If the default is not cured within ten days, AmeriCredit is authorized to exercise is state court collection rights without seeking further leave from the Court. Class 3 consists of all remaining secured claims. Debtor contends it has no such claims. The only other claimant that may be secured is McKesson, to the extent of Debtor's unencumbered pre-petition collateral in the value of $1,405.94. Debtor proposes to pay this amount in the first quarter after the effective date of the Plan. McKesson Medical-Surgical Minnesota Supply, Inc. contends it is secured by substantially all of Debtor's assets, which Debtor contends are minimal. If McKesson, or any other creditor, has a secured claim allowed by the Court at the confirmation hearing on this Plan, it would be paid (a) over 36 months, (b) to the extent of the value of the property securing the claim, and (c) with the secured creditor to retain its lien on the property securing the claim until paid the full value of that property. Class 4 consists of unsecured non-priority claims, which shall be paid the projected net disposable income of Debtor as shown on the attachment to this Plan, after payment of the Class 1 priority claims, for 36 months. The Debtor will fund the plan payments through its future income, as more fully described in this Plan of Reorganization. Debtor has filed financial projections with this Plan showing that the proposed monthly payments are feasible based on projected income and expenses. The Debtor will retain its current owner, Ms. Kathy Michel, and its current officers, Ms. Kathy Michel and Mr. Jean Michel to effectuate the terms of this Plan. A full-text copy of the Second Amended Plan dated May 13, 2025 is available at https://urlcurt.com/u?l=SyGXl7 from PacerMonitor.com at no charge. Attorneys for the Debtor: Michael D. Robl, Esq. Maxwell W. Bowen, Esq. Robl Law Group, LLC 3754 Lavista Road, Suite 250 Tucker, GA 30084 Tel: (404) 373-5153 Fax: (404) 537-1761 Email: michael@roblgroup.com max@roblgroup.com About Analia Home Health Care Service Analia Home Health Care Services, LLC operates as a home health care services company, providing home health care for children and adults with a specialization in caring for medically fragile children and adults. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-52233) on March 1, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Michael D. Robl, Esq., at Robl Law Group, LLC, is serving as the Debtor's bankruptcy counsel. ARTEX TELECOMMUNICATIONS: Contined Operations to Fund Plan ---------------------------------------------------------- Artex Telecommunications LLC filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization dated May 12, 2025. The Debtor is a Texas corporation that sells nutritional and health products and supplements in the multi-level marketing channel. LaCore Enterprises, LLC is a separate Texas limited liability company that supports startup business and provides certain legal, accounting, and business services pursuant to a contractual services agreement signed by the parties. LaCore Growth Partners, Inc., as assignee of the rights and obligations under an Inventory Financing Agreement, provides inventory financing to Artex Telecommunications LLC for the purchase of its nutritional and health supplements and products from various manufacturers. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of Allowed Non-priority Unsecured Claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $1,000.00 per month for the first 2 quarters and $2,500.00 per month for remaining 18 quarters. Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed 5 years (20 quarterly payments) and the first quarterly payment wil be due on the 20th day of the first full calendar month following the last day of the first quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims approximates $500,000.00 based upon the Debtor's review of the Court's claim register, the Debtor's bankruptcy schedules, and anticipated Claim objections. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 interest shall retain their interests in the Reorganized Debtor. From and after the Effective Date, in accordance with the terms of this Plan and the Confirmation Order, the Reorganized Debtor shall perform all obligations under all executory contracts and unexpired leases assumed in accordance with Article 6 of this Plan. A full-text copy of the Plan of Reorganization dated May 12, 2025 is available at https://urlcurt.com/u?l=73vFTD from PacerMonitor.com at no charge. Counsel to the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Artex Telecommunications LLC Artex Telecommunications LLC is a telecommunications company operating in the telephone services industry. In addition to its core services, Artex Telecommunications LLC is also involved in various construction projects, including the installation of underground cables and utility systems. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40361) on February 10, 2025. In the petition signed by Eric Shaffer, managing member, the Debtor disclosed $142,200 in assets and $2,606,260 in liabilities. Judge Brenda T. Rhoades oversees the case. Robert T DeMarco, Esq., at DEMARCO MITCHELL, PLLC, represents the Debtor as legal counsel. ASHER HOMES: Seeks to Extend Plan Filing Deadline to June 20 ------------------------------------------------------------ Asher Homes, LLC asked the U.S. Bankruptcy Court for the Northern District of Oklahoma to extend its period to file plan of reorganization and disclosure statement to June 20, 2025. The Debtor explains that a large portion of its assets are new construction homes and 8 of them are pledged to Mabrey Bank. Debtor intends to sell these properties to partially fund a Plan. Mabrey Bank filed a Motion for Relief from Stay which was litigated via an evidentiary hearing on April 22, 2025. The court has set a telephonic hearing for May 19, 2025 to issue a bench ruling on the Motion for Relief from Stay. The Debtor claims that it will need to develop and file Plan only 1 day after the court rules on the Motion for Relief from Stay. Debtor will need more than 1 day to put together a proposed Plan according to the result of the court's ruling. Further, the Debtor's representative is meeting with a group of Colorado investors on May 19, 2025 who will likely be providing an offer to purchase the bulk of Debtor's assets. Debtor would like to know the result of that meeting before filing a plan. Asher Homes LLC is represented by: Ron D. Brown, Esq. Brown Law Firm, PC 1609 East 4th Street Tulsa, OK 74120 Telephone: (918) 585-9500 Facsimile: (866) 552-4874 Email: ron@ronbrownlaw.com About Asher Homes LLC Asher Homes LLC specializes in owning and managing real estate properties, including subdivision lots in Broken Arrow, Tulsa, Jenks, Bixby, and Owasso, Oklahoma, with a total current value of $12.72 million. Asher Homes filed its voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Okla. Case No. 24-10067) on January 20, 2025. In the petition signed by Daniel Ruhl, president, the Debtor disclosed $12,736,760 in total assets and $11,688,091 in total liabilities. Judge Terrence L. Michael oversees the case. Ron D. Brown, Esq., at Brown Law Firm, PC serves as the Debtor's counsel. ASHLEY SELMAN: Seeks to Extend Plan Exclusivity to July 14 ---------------------------------------------------------- Ashley Selman Farms Partnership asked the U.S. Bankruptcy Court for the Northern District of Mississippi to extend its exclusivity periods to file its disclosure statement and plan to July 14, 2025. The Debtor is required to file its disclosure statement and plan of reorganization on or before May 15, 2025. The Debtor and its counsel have diligently attempted to gather the information necessary to complete this document and file it in a timely manner. The Debtor's counsel has formulated drafts of the disclosure statement and plan, but because of the extent of the information involved, the drafts have not yet been finalized. In addition, although the Debtor has planted its crops year 2025, it is too early for Debtor to assess the possibilities this year's crop may have with respect to yields. Without a better idea of the crop yields, any disclosure statement and plan filed by the Debtor will be speculative and will likely need substantial amendments resulting in additional and unnecessary costs, fees and expenses. Ashley Selman Farms Partnership: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 601 Renaissance Way, Suite A Ridgeland, MS 39157 Telephone: (601) 27-0048 Facsimile: (601) 427-0050 Email: cmgenocmgenolaw.com About Ashley Selman Farms Partnership Ashley Selman Farms Partnership is a privately-held company operating in the oilseed and grain farming industry. Ashley Selman Farms Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-10118) on Jan. 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Law Offices of Craig M. Geno, PLLC, is the Debtor's counsel. ATHLETICO MANAGEMENT: Palmer Square Marks $7MM 1L Loan at 22% Off ----------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $7,026,313 loan extended to Athletico Management, LLC to market at $5,504,940 or 78% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Athletico Management, LLC. The loan accrues interest at a rate of 8.70% (S + CSA + 4.25%) per annum. The loan matures on February 2, 2029. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Athletico Management, LLC Athletico Management, LLC provides health care services. The Company offers athletic training, pain management, pediatric, physical, pelvic health, and occupational therapy, athletic training, pain management, and other treatments. Athletico Management serves customers in the United States. AUTOKINITON US: S&P Alters Outlook to Negative, Affirms 'B' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on Autokiniton US Holdings Inc. to negative from stable and affirmed the 'B' issuer credit rating. At the same time, S&P affirmed its 'B' issue-level rating on the company's senior secured debt. S&P said, "The negative outlook reflects the at least one-in-three chance we will lower our ratings on Autokiniton if it is unable to generate a stronger operating performance to support improved credit metrics in line with our expectations for the current rating." Autokiniton generated stagnant revenue on contracting margins in 2024 due to lower original equipment manufacturer (OEM) production volumes and cost inflation. S&P expects the company's production volumes will remain pressured in 2025 which leads it to forecast further revenue declines and margin compression. Autokiniton's margins contracted in 2024, with a further decline in the first quarter of 2025, because of lower OEM production volumes. The company generated an S&P Global Ratings-adjusted EBTIDA margin of 12.4% in 2024, which represents a decline of approximately 140 basis points (bps) on a year-over-year basis. Following the release of its first-quarter results, Autokiniton's margin for the last-12-months (LTM) dropped to 12.0%. The compression of the company's margins primarily stems from lower OEM production volumes, as its customers work to manage the inventory levels of certain vehicles, as well as supply chain challenges that reduced the production of certain models and a slower ramp of electric vehicle production than management had originally expected. Additionally, Autokiniton's operating costs increased during the year due to equipment breakdowns during the second quarter that required it to outsource some parts of the production process at a higher cost, as well as elevated launch costs to support its new programs. The company's revenue declined by approximately 0.3% year over year in 2024 and its first-quarter 2025 revenue was down 7.4% relative to the first quarter of 2024. The decline in Autokiniton's revenue mainly reflects weaker North American light-vehicle production volumes, which it partially offset with successful pricing negotiations. The decline in the company's revenue, coupled with its shrinking margin, led it to generate lower nominal EBITDA in 2024, with a continued decline in the first quarter of 2025. Therefore, the company's S&P Global Ratings-adjusted debt to EBITDA increased to 5.1x as of the end of 2024 and 5.4x on a LTM basis as of the end of the first quarter of 2025, which exceeds our 5.0x downside threshold for the current rating. S&O said, "The negative outlook reflects our expectation that Autokiniton's leverage could remain above 5.0x in 2025 and 2026 because of continued pressure on OEM production levels as higher vehicle prices, stemming from the implementation of tariffs, reduce U.S. auto demand. We do not expect tariffs will have a large direct impact on the company's margins due to its largely U.S.-based footprint and likely ability to pass on any direct tariff costs to its OEM customers. That said, we believe the indirect effects of the tariffs, including lower volumes and elevated production volatility, will be material for Autokiniton. We expect the company's revenue will decline by 3%-4% in 2025 and 2026 due to lower production volumes, which incorporates our forecast for U.S. light-vehicle sales of 15.2 million-15.5 million in 2025 and 15.0 million in 2026." Autokiniton's lower expected volumes will continue to pressure its margin in 2025, particularly if its selling, general, and administrative (SG&A) expenses remains elevated, causing its forecast S&P Global Ratings-adjusted EBTIDA margin to decline to the 11.5%-12.0% range. S&P said, "In 2026, we expect a modest rebound in the company's margin to the mid-12% level as its works to negotiate improved pricing with its OEM customers, which will be partially offset by its continued lower volumes. As such, we expect Autokiniton's leverage could remain in the mid-5.0x level in 2025 and 2026. However, we note that the company is actively working on pricing recoveries for the reduced volumes from its OEM customers that could provide some upside to our margin forecast in 2025 such that it's able to return its leverage below our current 5.0x trigger." The negative outlook reflects the risk that these recoveries do not materialize, causing the company's leverage to remain above 5.0x downside threshold for the current rating. S&P said, "Autokiniton generated solid free operating cash flow (FOCF) in 2024, though we expect its FOCF generation will decline in 2025 and 2026 due to its lower forecast earnings and continued elevated capital expenditures (capex). The company reported S&P Global Ratings-adjusted FOCF of $142 million in 2024, which marks an increase of $86 million compared with 2023, primarily due to significant working capital inflows that were partially offset by its lower earnings and higher capex. Because of this, Autokiniton S&P Global Ratings-adjusted FOCF to debt was 10.5% in 2024. In 2025, we expect the company will benefit from a more-modest level of working capital inflows (in the $5 million-$15 million range) and a capex to revenue ratio in the mid- to high-4% range. Paired with our expectation for lower earnings, we expect the company's FOCF to debt will be in the 2.5%-3.5% range in 2025. While this expectation also falls below our 5% downside trigger, we expect Autokiniton's FOCF to debt will likely exceed the 5% level if it realizes material pricing recoveries. "In 2026, we expect the company will improve its FOCF generation as it expands its margin on pricing improvements, which will be partially offset by its continued elevated capex (in the high 4% of revenue area) as it starts ramping up its preparation for the 2028 launch of a large contract it recently won. "We expect the company will maintain sufficient sources of liquidity over the next couple of years. Autokiniton ended the first quarter of 2025 with total liquidity of approximately $256 million, which comprised $64 million of balance sheet cash and $192 million of availability under its asset-based lending (ABL; net $9 million for letters of credit) revolver. We note that the company's ABL facility expires in April 2026, though we expect it will address this in the near term by extending the facility. We believe these sources of liquidity will be sufficient to fund Autokiniton's projected capex spending and any intra-year working capital requirements. Outside of the ABL maturity, the company has no near-term maturities until its first-lien term loan matures in April 2028. "The negative outlook reflects the at least one-in-three chance we will lower our ratings on Autokiniton if it is unable to generate a stronger operating performance to support improved credit metrics in line with our expectations for the current rating." S&P could lower its rating on Autokiniton if: -- It sustains leverage of more than 5.0x; or -- Its FOCF to debt falls below 5% on a sustained basis. S&P believes this could occur if the company's margins or revenue continue to be pressured by lower OEM production volumes in the wake of tariff and macroeconomic uncertainty. This could also occur if Autokiniton pursues aggressive financial policies that increase its leverage, including debt-financed mergers and acquisitions or a dividend recapitalization. S&P could revise its outlook on Autokiniton to stable if: -- It sustainably improves its margins; -- The company generates S&P Global Ratings-adjusted FOCF such that it sustains FOCF to debt of more than 5%; and -- It maintains leverage below 5.0x. AZORRA AVIATION: Fitch Alters Outlook on 'BB-' IDR to Positive -------------------------------------------------------------- Fitch Ratings has affirmed Azorra Aviation Holdings, LLC's Long-Term Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook has been revised to Positive from Stable. Fitch has also affirmed Azorra Finance Limited's senior unsecured debt rating at 'BB-' and Azorra's SOAR TLB Finance Limited's secured long-term debt rating at 'BB'. Key Rating Drivers Enhanced Scale and Strategic Execution: The Positive Outlook reflects Azorra's enhanced scale and franchise following the completed acquisition of 49 aircraft and two engines from Dubai Aerospace Enterprise (DAE) in May 2025. The acquisition is expected to increase Azorra's owned aircraft by 43% and 16% in net book value (NBV), respectively. The acquired portfolio includes current generation Embraer E-Jet family aircraft (two E170; four E175; 36 E190 and seven E195), which aligns with Azorra's strategic focus on regional and small narrowbody aircraft. The acquisition will be financed through existing bank facilities, but Fitch expects Azorra to term-out acquisition financing in the unsecured bond market in the near term, subject to market conditions. Fitch anticipates Azorra will realize tangible financial benefits from its expanded scale and strengthened franchise, solidifying its position as a leading lessor in the regional and small narrowbody market. Potential One-Notch Upgrade: A one-notch upgrade of the rating over the outlook horizon could be supported by the successful acquisition completion and integration. This includes novating newly acquired leases, accessing unsecured capital markets to term-out acquisition financing and achieving stated financial targets aligned with management forecasts. Key targets include sustained net spread profitability above 7% and maintaining balance sheet leverage below 3x. Improved Franchise: Azorra's ratings continue to reflect its strengthened market position as a global lessor focused on regional and small narrowbody aircraft. The ratings also reflect its appropriate leverage appetite, absence of any meaningful near-term debt maturities, solid liquidity metrics, senior management's expertise and track record in managing aviation assets and the ownership benefits from Oaktree Capital Management, L.P., which provides investment expertise and capital commitment to support planned fleet growth. Regional Aircraft Focus: The ratings are constrained by portfolio concentrations in regional and small narrowbody aircraft, and execution risks linked to ambitious growth and financial targets, although Fitch notes execution has been well-managed thus far. Additional constraints include a limited standalone operating track record, reliance on secured wholesale funding, orderbook placement risk, key person risk related to founder and CEO John Evans, and governance risks from limited board independence and majority ownership by fixed-life fund structures. Sector Constraints: Rating constraints for the aircraft leasing industry more broadly include the monoline nature of the business, vulnerability to exogenous shocks, and sensitivity to higher oil prices, inflation and unemployment, which negatively impact travel demand. Additionally, there is potential exposure to residual value risks, reliance on wholesale funding sources, and significant competition. These constraints are further influenced by Fitch's expectation of a less favorable operating environment, including moderated travel demand due to dampening global economic growth. Moderate Portfolio Concentration: As of Dec. 31, 2024, Azorra's portfolio had a NBV of $2.5 billion and an orderbook of 48 aircraft. The portfolio is more concentrated than peers and consists of less liquid tier 2 (81%) and tier 3 aircraft (19%), as categorized by Fitch. The portfolio's average age and average remaining lease term for aircraft were 5.4 years and 6.7 years, respectively. Proforma for the recent acquisition, NBV will increase to approximately $3.0 billion. The average age is expected to increase to around 6.6 years, while average remaining lease term will remain around 6.4 years. Solid Asset Quality: Azorra has demonstrated solid asset quality performance to date. In 2024, Azorra recognized impairments to average aircraft of 0.7%, related to lease terminations and sales transactions, consistent with historical periods. The firm's ability to purchase aircraft at attractive prices and its relatively conservative depreciation policies should help contain impairment risk over time. Adequate Profitability: Net spread (lease yield - funding costs) was 6.9% for 2024, in line with the average of 6.9% from 2022-2024. Fitch anticipates that the portfolio acquisition from DAE will be accretive in the medium term, as higher funding costs are more than offset by growth in lease income. Fitch expects spreads will remain within the 'bbb' benchmark range of 5%-15% for aircraft lessors with a sector risk operating environment (SROE) score in the 'bbb' category over the Outlook horizon. Appropriate Leverage: Fitch's calculated leverage (gross debt to tangible equity), which treats Azorra's Series A preferred shares as 100% equity, was 2.0x as of Dec. 31, 2024. The company's leverage target on a gross debt-to-equity basis is 2.0x-2.5x, which is approximately 2.5x-3.0x based on Fitch's core leverage benchmark metric. Proforma for the acquisition, leverage will increase to 2.3x, which Fitch believes is commensurate with the firm's business profile evolution and in line with management's long-term business plan. Reliance on Secured Funding: Historically, Azorra has relied solely on secured wholesale borrowings for funding. In 4Q24, the company completed its inaugural $550 million senior unsecured debt issuance, increasing unsecured debt to 29% of total debt as of Dec. 31, 2024, as the proceeds were primarily used to pay down secured debt. This funding mix aligns with Fitch's 'bb' category benchmark ratio for unsecured debt to total debt of 10%-35% for balance sheet-intensive finance and leasing companies with an SROE in the 'bbb' category. Since the portfolio acquisition was initially funded through a combination of equity and draws on the firm's secured revolving credit facility, the proportion of unsecured debt declined to 25% of total debt on a proforma basis. Over the near to medium term, Fitch expects unsecured debt to approach 40% of total debt, as acquisition financing and near-term secured debt maturities are refinanced in the unsecured market. Sound Liquidity: Proforma for the acquisition, liquidity resources include $130 million of unrestricted cash and $1.1 billion of currently available capacity under its committed debt and revolving credit facilities. Combined with expected operating cash flows over the next 12 months, Fitch expects liquidity coverage of $1.5 billion of contracted aircraft purchases and upcoming debt maturities over the next 12 months to be around 1.4x. Fitch believes refinance risk is limited, given the modest level of debt maturities in the near term. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The Outlook could be revised to Stable if operational challenges arise from integrating newly acquired assets and lessees into the existing portfolio, particularly if this results in a significant deterioration in the impairment ratio, a sustained decline in net spreads below 6%, or an inability to convert acquisition financing into unsecured debt. A downgrade of the ratings could be driven by: - Erosion of earnings such that net spreads decline below 5%, an increase in leverage above 3.0x and/or liquidity coverage below 1.0x; - Macroeconomic and/or geopolitical driven headwinds that pressure airlines and lead to lease restructurings, rejections, lessee defaults and increased losses would also be rating negative; - Azorra's ownership by fixed-life private funds could also contribute to negative rating action if it leads to elevated capital extractions, or if a forced sale of the company at fund maturity impairs Azorra's financial profile, franchise or long-term strategic direction; - Any key person event involving CEO and Chairman John Evans would not lead to an immediate downgrade of Azorra's ratings. However, Fitch would evaluate the event's impact on the firm's strategic direction and industry relationships before taking any rating actions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A one-notch upgrade over the outlook horizon would depend on successful execution of novating newly acquired leases, particularly if this leads to an enhanced business profile, sustained net spreads above 7%, unsecured debt exceeding 35%, and liquidity coverage remaining above 1.2x. - Solid execution of planned growth targets and long-term strategic financial objectives, including maintenance of leverage within the targeted range; - Increased lessee diversification, reduced exposure to weaker airlines, maintenance of low impairment ratios, and reduction in the proportion of tier 3 aircraft; - Rating upside remains subject to Fitch's view on governance and conflict of interest risks associated with Azorra's externally managed business model, limited board independence and ownership by a fixed-life private equity fund. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior secured debt rating is one-notch above Azorra's Long-Term IDR and reflects the aircraft collateral backing the obligations, which suggests good recovery prospects. The senior unsecured debt rating is equalized with Azorra's Long-Term IDR and reflects expectations for average recovery prospects in a stress scenario, given the availability of unencumbered assets. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior secured debt rating is primarily sensitive to changes in Azorra's Long-Term IDR and secondarily to the relative recovery prospects of the instruments. The senior unsecured debt rating is primarily sensitive to changes in Azorra's Long-Term IDR and the relative recovery prospects of the instruments. A decline in unencumbered asset coverage, combined with a material increase in secured debt, relative to Azorra's business plan, could result in the notching of the unsecured debt down from the Long-Term IDR. ADJUSTMENTS The Standalone Credit Profile has been assigned in line with the implied Standalone Credit Profile. The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Concentrations; asset performance (negative); Risk profile and business model (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). ESG Considerations Azorra has an ESG Relevance Score of '4' for Management Strategy due to the execution risk associated with the operational implementation of the company's outlined strategy. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Azorra has an ESG Relevance Score of '4' for Governance Structure due to the potential governance and conflict of interests associate with Azorra's externally-managed business model, and ownership by a fixed-life private fund structure. This also reflects key man risk related to its CEO and Chairman John Evans, who is leading the growth and strategic direction of the company. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Azorra Aviation Holdings, LLC LT IDR BB- Affirmed BB- Azorra Finance Limited senior unsecured LT BB- Affirmed BB- Azorra SOAR TLB Finance Limited senior secured LT BB Affirmed BB AZUL SA: Cleary Gottlieb Represents Bondholders in Chapter 11 ------------------------------------------------------------- Cleary Gottlieb is representing an ad hoc cross-holder group of secured bondholders of Azul S.A., the largest airline in Brazil by number of cities served, in the restructuring of Azul'ss debt under Chapter 11 protection in the United States. The group represents more than 65% of Azul's total secured debt. The ad hoc group, ultimately comprised of more than 20 leading financial institutions and some of the largest U.S.-based hedge funds, is a cross-holder group consisting of holders of Azul's first-lien notes, second-lien notes, secured bridge notes, super senior notes and secured convertible debentures. This restructuring follows Cleary's work representing Azul creditors in two previous out-of-court restructurings in which creditors reshaped the Company's balance sheet and provided over $750 million of new funding to the Company. Despite those efforts, the Company found itself unable to meet its ongoing liquidity challenges in April 2025 and in less than a month, Cleary, along with other bondholder advisors, helped structure, negotiate, and implement a comprehensive in-court restructuring. The in-court Chapter 11 prearranged capital solution and restructuring included arrangements for: * Supporting a plan of reorganization that contemplates the equitization of all of the first-lien and second-lien debt of the company; * Providing approximately US$1.6 billion in debtor-in-possession (DIP) financing, which will repay Azul's most senior debt and provide Azul with approximately US$670 million of new capital to bolster liquidity during the restructuring process; * Backstopping an equity rights offering of US$650 million, which will be open to all equitizing first-lien and second-lien creditors at a 30% discount to plan value; * Negotiating a potential DIP-to-Exit financing of between approximately $650 million to $1,000,000 to ensure Azul's ability to exit Chapter 11 successfully; * Implementing comprehensive governance reforms and new management incentive plans; and * Facilitating a potential equity investment of up to US$300 million from United Airlines and American Airlines in Azul. Upon emergence from Chapter 11, it is anticipated that Azul's creditors will own a substantial majority of the equity of the reorganized Azul, reflecting their critical role in facilitating the restructuring and recapitalization of the company. Cleary's work with Azul on these groundbreaking transactions are the most recent examples of the firm's deep experience in helping stakeholders navigate the ups and downs of the aviation sector. Since the onset of the COVID-19 pandemic, Cleary has played a leading role in the restructurings (or other transformative transactions) of LATAM Airlines, Aeromexico, GOL, Garuda, SAS AB, Nordic Aviation, Asiana Air, Jet Blue, and the U.S. Treasury in connection with its Payroll Support Program and Rescue Plan, providing over $30 billion across 13 different financings for U.S. airlines. The Cleary restructuring and corporate teams included partners Rich Cooper, Francisco Cestero, Tom Kessler, and Carina Wallance, and associates James Armshaw, Tom Lynch, Richard Minott, Jennifer Pollan, Josefina Griot, and Lucas Davidenco. The Cleary finance team included partner Duane McLaughlin, counsel Victor Chiu, associates Silvia Fittipaldi, Nicholas Pokas, Adrienne Lewis, Zhiyuan (Andy) Xie, and David Rubinstein, law clerk Cosmo Albrecht, and international lawyer Victor Barone. Partner Matthew Brigham and associate Nathaniel Pribil advised on tax matters. Partner Julia Petty advised on executive compensation and benefits matters. About Azul SA Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020 Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before the honorable Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. AZUL SA: Davis Polk Advises on Chapter 11 Restructuring ------------------------------------------------------- Davis Polk is advising Azul S.A. and its subsidiaries in connection with their restructuring under chapter 11 of the United States Bankruptcy Code. Azul intends to use the chapter 11 process to implement a comprehensive restructuring that will significantly deleverage its balance sheet by eliminating over $2 billion of debt, rationalize its fleet and position the company for long-term operational and financial success. Azul has entered into restructuring support agreements with its key stakeholders, including its existing bondholders; its largest lessor, AerCap, representing the majority of the company's lease obligations; and strategic partners United Airlines and American Airlines. Azul also secured commitments for a debtor-in-possession (DIP) financing facility that will provide Azul with approximately $670 million of new liquidity and equity financing of up to $950 million upon emergence from bankruptcy. On May 28, 2025, Azul filed voluntary petitions for relief under chapter 11 in the United States Bankruptcy Court for the Southern District of New York. At a hearing held on May 29, 2025, Judge Sean H. Lane approved all of Azul's first-day requests for relief, including the authority to pay employees and certain critical vendors and to continue operations in the ordinary course. Judge Lane also approved Azul's DIP facility on an interim basis, providing Azul with immediate access to $250 million of liquidity. Azul is the largest airline in Brazil measured by departures and cities served, with approximately 900 daily departures to 137 destinations in Brazil. With a fleet of 226 aircraft and more than 16,000 crewmembers, Azul operates approximately 300 direct routes. Azul's flight network also includes select international destinations, including in the United States, Portugal, France, Spain, Argentina, Uruguay, Paraguay and Curaçao. The Davis Polk restructuring team includes partners Marshall S. Huebner and Timothy Graulich, counsel Joshua Y. Sturm, Jarret Erickson and Richard J. Steinberg and associates Andrew Frisoli, Motty (Mordechai) Rivkin, Benjamin Weissler and Jacob Goldberger. The finance team includes partner James A. Florack and counsel Yuko Sin. The capital markets team includes partner Manuel Garciadiaz. Members of the Davis Polk team are based in the New York and São Paulo offices. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Azul SA Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020 Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before the honorable Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. B2 UNITED: Claims to be Paid from Continued Operations ------------------------------------------------------ B2 United LLC d/b/a Grab N Go filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization under Subchapter V dated May 12, 2025. The Debtor engages in the business of a convenience store and gas station located in Arlington, Texas. The Debtor began operation in 2013. Mr. Malkiet Kataria has been the sole owner and operator of the Debtor since he acquired the Debtor in 2019. The Debtor employs three people: Mr. Kataria, his wife, and one other W-2 employee. The Debtor's primary creditor, IOU Central Inc., holds a security interest in certain assets of the Debtor, including cash, inventory, and accounts receivable, as evidenced by the Promissory Note and Personal Guaranty Agreement. Class 4 consists of General Unsecured Claims. Includes Mariam Thresia LLC (lease rejection claim, if any) and any deficiency from Class 2. This Class will receive pro rata share of $0. This Class will receive a distribution of $0 of their allowed claims. This Class is impaired. Class 5 consists of Equity Interest Holders (Malkiat Kataria). The equity interest retained but subordinate to creditor payments. The Debtor will fund the Plan from continued operations (as evidenced by the approved Final Budget). Debtor is authorized to continue using cash collateral subject to the final order, including monthly reporting and budget compliance. A full-text copy of the Plan of Reorganization dated May 12, 2025 is available at https://urlcurt.com/u?l=hBKMlL from PacerMonitor.com at no charge. About B2 United LLC B2 United, LLC operates a convenience store and gas station in Arlington, Texas. B2 United filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-40492) on February 10, 2025, listing up to $500,000 in both assets and liabilities. Katharine Battaia Clark of Thompson Coburn, LLP serves as Subchapter V trustee. Judge Mark X. Mullin oversees the case. The Debtor is Represented By: Warren V. Norred, Esq. Norred Law, PLLC Tel: 817-704-3984 Email: warren@norredlaw.com BAKERY PROCESS: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- On May 29, 2025, Bakery Process Solutions Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $1,392,346 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Bakery Process Solutions Inc. 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. Bakery Process Solutions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72089) on May 29, 2025. In its petition, the Debtor reports total assets of $970,725 and total liabilities of $1,392,346. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtors are represented by Heath S. Berger, Esq. at BFSNG LAW GROUP, LLP. BARRACUDA NETWORKS: Palmer Square Marks $4MM 2L Loan at 30% Off --------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $4,000,000 loan extended to Barracuda Networks, Inc. to market at $2,800,000 or 70% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a Second Lien Senior Secured Loan to Barracuda Networks, Inc. The loan accrues interest at a rate of 11.29% (S + 7.00%) per annum. The loan matures on August 15, 2030. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Barracuda Networks, Inc. Barracuda Networks, Inc. (NYSE: CUDA), designs and delivers security and data protection solutions. The Company maintains its headquarters in Campbell, California. BLACKBRUSH INVESTMENTS: Hires United Realty as Real Estate Broker ----------------------------------------------------------------- Blackbrush Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ United Realty Group of Texas as real estate broker. The firm will market and sell the Debtor's commercial property located in San Antonio, TX. The firm will be paid a commission of 6 percent of the sales price of the property. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Tiffany Gaitan United Realty Group of Texas 1150 N Loop 1604 W Ste 122 San Antonio, TX 78248 Tel: (210) 201-0930 About Blackbrush Investments, LLC Blackbrush Investments LLC is a limited liability company. Blackbrush Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11092) on March 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by: J. Seth Moore, Esq. SNELL & WILMER 2501 N Harwood Street, Suite 1850 Dallas, Texas 75201 Tel: (214) 305-7320 E-mail: semoore@swlaw.com BLUE DUCK: Case Summary & Seven Unsecured Creditors --------------------------------------------------- Debtor: Blue Duck Energy MVR, LLC c/o Jason Rae, CRO Lain, Faulkner & Co., P.C. 400 N. St. Paul St., Ste. 600 Dallas, TX 75201 Business Description: Blue Duck Energy MVR, LLC operates in the oil and gas extraction industry in Texas. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-20131 Debtor's Counsel: Thomas D. Berghman, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard St., Ste. 4000 Dallas, TX 75201 Tel: 214-855-7500 Email: tberghman@munsch.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jason A. Rae as chief restructuring officer. A copy of the Debtor's list of seven unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YJISGWA/Blue_Duck_Energy_MVR_LLC__txnbke-25-20131__0008.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RBALRVA/Blue_Duck_Energy_MVR_LLC__txnbke-25-20131__0001.0.pdf?mcid=tGE4TAMA BW HOLDING: S&P Downgrades ICR to 'CCC-', Alters Outlook to Neg. ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on BW Holding Inc. (BW) to 'CCC-' from 'CCC+'. The outlook is negative. At the same time, S&P lowered its issue-level rating on the company's first-lien credit facilities to 'CCC-' from 'CCC+'. The recovery rating remains '3'. The negative outlook reflects BW's continued liquidity deterioration and S&P's view that the company could default or pursue a distressed exchange or restructuring that it views as tantamount to default. S&P said, "We believe BW's continued negative free operating cash flow (FOCF) generation and liquidity deterioration elevates the risk of a default event. The company has reported a FOCF deficit in eight out the past nine quarters, driven mainly by margin contraction and top-line underperformance. We expect the direct and indirect impacts of tariffs will limit consumer disposable income, constraining demand in the discretionary markets BW operates within, such as premium beverage, personal care, and health care, resulting in continued negative FOCF generation over the next few quarters. Although the company has implemented cost savings initiatives and pricing actions, as well as reduced operating costs from a recent site closure, we do not anticipate this will be sufficient to reverse negative FOCF as interest expense continues to consume nearly all EBITDA." To partially offset the company's diminishing liquidity, in December 2024 it sold production equipment for approximately $15 million of cash and entered into sale-leaseback agreements. BW's higher-than-expected cash burn continued in the first quarter of 2025 with a $21 million FOCF deficit, forcing the company to fully draw on its $50 million revolving credit facility and decrease its cash balance by roughly $10 million, resulting in only $17.5 million of liquidity from cash on its balance as of March 31, 2025. BW's next quarterly cash interest payment of approximately $20 million is due on May 31, 2025. S&P said, "Given our expectations for continued cash flow deficits, we believe there is a likelihood the company could complete a distressed debt exchange or restructuring, or could have difficulty meeting its debt obligations, over the next six months if the company is unable to meet our base case projections or does not receive further support from its financial sponsor. We note that the sponsor has been supportive in the past, including a $150 million injection in 2023 for acquisitions and ensuring the company can meet its financial obligations. In addition, in the latest audit report the financial sponsor has stated intent to support BW going forward." The negative outlook reflects BW Holdings' weak liquidity from continued cash flow deficits and both top-line and margin underperformance. S&P believes the company is currently vulnerable to nonpayment of its debt obligations and dependent upon favorable business, financial, and economic conditions or another cash injection from its financial sponsor to meet its financial obligations. S&P could lower its rating on BW Holding if it pursued a distressed restructuring or defaults on its debt obligation. S&P could raise its rating on BW Holding if: -- It increases its revenue and expands its EBITDA margins and we expect its business fundamentals will improve over the upcoming 12 months; and -- The company is able to generate positive free cash flow to meet its debt service requirements and be positioned to refinance its debt in a manner we would not consider a distressed exchange or restructuring. CALVIN 1 LLC: Kimberly Ross Clayson Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Kimberly Ross Clayson, Esq., as Subchapter V trustee for Calvin1, LLC. Ms. Clayson, an attorney at Taft Stettinius & Hollister, LLP, will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clayson 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 Ross Clayson, Esq. Taft Stettinius & Hollister, LLP 27777 Franklin Rd., Ste. 2500 Southfield, MI 48034 Phone: (248) 727.1635 Email: kclayson@taftlaw.com About Calvin1 LLC Calvin1, LLC is a franchisee of Happy's Pizza operating a single location in Dayton, Ohio. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-44852) on May 12, 2025. In the petition signed by Waleed Fadheel, authorized member, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Mark A. Randon oversees the case. Alexander J. Berry-Santoro, Esq., at Maxwell Dunn PLC, represents the Debtor as legal counsel. CAREPOINT HEALTH: Hires K&L Gates LLP as Special Counsel -------------------------------------------------------- CarePoint Health Systems Inc. d/b/a Just Health Foundation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ K&L Gates LLP as special counsel. The Debtor needs the firm's legal assistance in connection with a case (Case No. 2:22-CV-04964-ES-JBC) filed in the United States District Court for the District of New Jersey. The case is pending appeal (Case No. 24-2830) with the United States Third Circuit Court of Appeals. The firm will be paid at these rates: Partners/Counsel $705 to $930 per hour Associates $475 per hour Paralegals/Analysts $310 to $355 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm has a claim for pre- and post-Petition Date fees up to and through the date of retention in the amount of $519,897.89 ($433,323.89 pre-Petition Date and $86,574 post-Petition Date). Mr. Barbatsuly disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: George P. Barbatsuly, Esq. K&L Gates LLP One Newark Center 10th Floor Newark, NJ 07102 Tel: (973) 848-4000 Fax: (973) 848-4001 About CarePoint Health Systems Inc. d/b/a Just Health Foundation CarePoint Health brings quality, patient-focused health care to Hudson County. Combining the resources of three area hospitals, Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken University Medical Center, CarePoint Health provides a new approach to deliver health care that puts the patient front and center. CarePoint Health leverages a network of top doctors, nurses, and other medical professionals whose expertise and attentiveness work together to provide complete coordination of care, from the doctor's office to the hospital to the home. Patients benefit from the expertise and capabilities of a broad network of leading specialists and specialized technology. At CarePoint Health, all medical professionals emphasize preventive medicine and focus on educating patients to make healthy life choices. For more information on its facilities, partners and services, visit www.carepointhealth.org. CarePoint Health Systems Inc., doing business as Just Health Foundation, and its affiliates filed voluntary petitions for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12534) on Nov. 3, 2024, with up to $1 million in assets and up to $50,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Dilworth Paxson LLP as legal counsel, Ankura Consulting as financial advisor, and Epiq Corporate Restructuring, LLC as claims and noticing agent and administrative advisor. CAROLINA'S CONTRACTING: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Carolina's Contracting, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of North Carolina to use the cash collateral of Kalamata Capital Group and Libertas Funding, LLC. The order penned by Judge Lena James authorized the company's interim use of cash collateral pursuant to its budget until July 10 or until the occurrence of a so-called termination event, whichever comes first. The budget shows total operational expenses of $580,739.39 for June; $589,195.59 for July; and $707,249.04 for August. As protection for the use of their cash collateral, the secured creditors were granted post-petition replacement liens on Carolina's' post-petition property. In addition, Kalamata and Libertas will receive monthly payments of $339 and $1,274.58, respectively, starting this month. Carolina's owes $42,909 and $161,000 to Kalamata and Libertas, respectively. Both creditors assert interest in assets of the company including, but are not limited to, bank accounts and accounts receivable valued at $9.77 million. These assets may constitute the secured creditors' cash collateral. A further hearing is scheduled for July 9. About Carolina's Contracting Carolina's Contracting LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reported total assets of $31,405,291 and total liabilities of $25,942,522. Judge Lena M. James oversees the case. The Debtor is represented by: Dirk W. Siegmund, Esq. Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP Tel: 336-274-4658 dws@iveymcclellan.com CASTLE US: Palmer Square Marks $1.9 Million 1L Loan at 38% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $1,936,842 loan extended to Castle US Holding Corporation to market at $1,202,808 or 62% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Castle US Holding Corporation. The loan accrues interest at a rate of 8.32% (S + 3.75%) per annum. The loan matures on January 27, 2027. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Castle US Holding Corporation Castle US Holding Corporation provides database tools and software to public relations and communications professionals. CASTLE US: Palmer Square Marks $3.6 Million 1L Loan at 38% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $3,642,251 loan extended to Castle US Holding Corporation to market at $5,504,940 or 62% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Castle US Holding Corporation. The loan accrues interest at a rate of 8.57% (S + CSA + 4.00%) per annum. The loan matures on January 31, 2027. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Castle US Holding Corporation Castle US Holding Corporation provides database tools and software to public relations and communications professionals. CENTRAL HOUSEWARES: Unsecureds to Get Share of Income for 36 Months ------------------------------------------------------------------- Central Housewares, Inc., d/b/a The Pool People, filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a First Amended Plan of Reorganization dated May 13, 2025. The Debtor has been in business since 1976 and is currently a retailer of pools, spas, outdoor living equipment, as well as billiards and other table games with four leased storefronts throughout Wisconsin located in Appleton, Stevens Point, Schofield, and Rhinelander. In 2017, Jeffrey J. Desing acquired the Debtor from family ownership that owned the business for nearly 40 years. After the acquisition, Mr. Desing began implementing various internal controls, business processes, IT, and purchasing systems. The business emerged from that transition period with a strong managerial and financial reporting system in place and improved supply chain relationships and internal controls. But like nearly every business, the COVID pandemic seriously impacted the debtor's business operations. At the onset of the pandemic, the debtor's business grew explosively as a result of consumers staying at home and spending money on home improvement. From June 2020 to June 2022, the Debtor's gross revenue increased from approximately $2.8 million to $7 million. This increased demand for Debtor's products required substantial increases in staff and inventory. In the summer of 2024, faced with the loss of conventional financing options, and awaiting a commitment for expected long term financing, the Debtor turned to various internet lenders who offered short term financing on high interest terms while it negotiated SBA-backed lending for more permanent financing. On January 27, 2025, the Debtor filed for bankruptcy relief to reorganize its business unable to meet the immediate debt service requirements. The debtor was in its comparatively idle winter selling season at a low point in revenue in January. This Plan proposes to pay creditors with operating income from the business. Class 5 consists of Nonpriority unsecured claims. The Debtor will make a pro rata distribution at least annually to each non-priority unsecured creditor holding an allowed claim on or before September 15th of 2026, 2027, and 2028, of its projected disposable income. Based upon the debtor's calculation, as set forth in the projections attached hereto, the total 36 month projected disposable income will be $135,000 over the applicable period. This amount exceeds the amount available to the unsecured creditors under the debtor's liquidation test ($87,850). It is incumbent upon each Class 5 claimant to verify the amount of its claim as stated in the debtor's schedules, or to file a claim on the docket setting forth the claim amount and the calculations it is based on. In the event any payment made to any of the Class 5 claimants is returned for any reason, or left uncashed after 90 days, those funds shall be re disbursed pro-rata to the other claimants in the case in order of priority. This Class is impaired. Class 6 consists of the Debtor's ownership interest in estate property. If this Plan is confirmed under Section 1191(a) of the Bankruptcy Code, then property of the estate shall be revested in the Debtor as of the Confirmation Date, subject to the terms and conditions of this Plan. If this Plan is confirmed under Section 1191(b) of the Bankruptcy Code, then in accordance with Section 1186 of the Bankruptcy Code, property of the estate shall be revested in the Debtor upon completion of payments under the Plan and the closing of this proceeding. The Debtor will continue to operate its business and generate income from ongoing sales of its inventory, under the control of existing ownership and management. Income derived from operations will fund the ongoing expenses of operating the business and paying employees as well as funding payments to creditors. A full-text copy of the First Amended Plan dated May 13, 2025 is available at https://urlcurt.com/u?l=eptMjg from PacerMonitor.com at no charge. Counsel to the Debtor: Paul Swanson, Esq. Michael C. Jurkash, Esq. Swanson Sweet LLP 107 Church Ave. Oshkosh, WI 54901 Telephone: (920) 633-3397 Email: pswanson@swansonsweet.com About Central Housewares Inc. Central Housewares, Inc. is a retailer of pools, spas, outdoor living equipment, as well as billiards and other table games. Central Housewares sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 25-20408) on Jan. 27, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Jeffrey Desing, president of Central Housewares, signed the petition. Judge Katherine M. Perhach oversees the case. Paul G. Swanson, Esq., at Swanson Sweet, LLP, is the Debtor's legal counsel. CFMS TEXAS: Case Summary & Two Unsecured Creditors -------------------------------------------------- Debtor: CFMS Texas Properties, LLC 5435 N. Garland Ave., Suite 140 Garland, TX 75040 Business Description: CFMS Texas Properties, LLC is a single-asset real estate company whose principal asset is located at 6001 Tension Drive, Fort Worth, TX 76112. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-42027 Judge: Hon. Mark X Mullin Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Jose Felix Silva as officer. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CQPKNPY/CFMS_Texas_Properties_LLC__txnbke-25-42027__0001.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CQPKNPY/CFMS_Texas_Properties_LLC__txnbke-25-42027__0001.0.pdf?mcid=tGE4TAMA CITI CONNECT: Hires Withum Smith+Brown PC as Accountant ------------------------------------------------------- Citi Connect, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Withum Smith+Brown, PC as accountant. The firm's services include: a. preparing Debtor's tax returns; b. assisting the Debtor in the preparation of the required monthly operating reports in the bankruptcy case; c. rendering such assistance as the Debtor may deem desirable or necessary in the bankruptcy case, including assistance relating to the Debtor's cash projections and its plans for settlement with its creditors; d. appearing before the bankruptcy court, if needed, with respect to the acts, conduct and property of the Debtor; and e. attending conferences with the Debtor, creditors, attorneys, and with federal, state, and local taxing authorities. The firm will be paid at these rates: Partners/Principals $475 to $1,010 per hour Supervisors/Managers $270 to $700 per hour Seniors $230 to $335 per hour Staffs $190 to $270 per hour Paraprofessionals $175 to $275 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Malfettano disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph Malfettano Withum Smith+Brown, PC 1411 Broadway 23rd Floor New York, NY 10018 Tel: (212) 751-9100 About Citi Connect, LLC Citi Connect LLC is a full-service turnkey contractor specializing in the design, engineering, construction, installation, and testing of communication systems. The Company offers a comprehensive range of services, including fiber and wireless solutions, aerial and underground construction, and telecommunications installations across various industries. Their solutions cover voice and data services, data centers, cell sites, as well as both inside and outside plant installations. Citi Connect LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10369) on February 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by: Nicholas A. Pasalides, Esq. ECKERT SEAMANS CHERIN & MELLOTT, LLC 10 Bank Street, Suite 700 White Plains, NY 10606 Tel: (914) 286-2851 Fax: (914) 949-5424 E-mail: npasalides@eckertseamans.com CIVITAS RESOURCES: Fitch Assigns BB+ Rating on New Unsecured Notes ------------------------------------------------------------------ Fitch Ratings has assigned a 'BB+' rating with a Recovery Ratings of 'RR4' to Civitas Resources, Inc.'s proposed senior unsecured notes issuance. Proceeds from the notes are expected to be used to repay a portion of borrowings under the credit facility. The notes contain standard covenant language including change of control provisions. Civitas' ratings reflect its increased production scale and diversification outside of the DJ Basin following earlier Permian acquisitions. The ratings also reflect the company's positive FCF, low leverage, and a supportive hedging strategy. Rating concerns include Colorado regulatory risk, high RBL utilization, and a limited track record of operating the business at its current scale with a demonstrated commitment to a conservative financial policy. Key Rating Drivers Scale and Diversification Enhancing Acquisitions: The recently integrated Permian acquisitions add material scale and meaningful diversification to Civitas' asset profile by balancing production between the DJ and Permian basins. Fitch views the company's entry into the Permian Basin positively, as it is a more regulatory-friendly environment compared to the DJ Basin. Historically, regulatory risks in Colorado have been a constraint on Civitas' rating. Debt-Funded M&A; High RBL Utilization: Fitch views the company's strategy of largely debt-funded acquisitions as aggressive, given the significant initial increase in gross debt. Utilization remains high on the RBL, with approximately $1.05 billion outstanding as of 1Q25, before accounting for the proposed transaction. While Fitch-calculated gross debt now stands at just under $5.2 billion, Civitas' leverage remains low at 1.5x, with forecast mid-cycle EBITDA leverage at or below 2.0x. Fitch would view any continued debt funded acquisitions or a shift in financial policy away from debt reduction negatively. Strong FCF; Flexible Shareholder Returns: Civitas' strong FCF is supported by its scale and high liquids mix of over 70%. Under Fitch's base case, Civitas is expected to generate substantial post dividend FCF, which Fitch anticipates will be used for debt reduction as well as other priorities, including development activities or further shareholder returns. The company is targeting $4.5 billion in net debt. The company's $100 million cost reduction plan, along with asset divestitures could accelerate the timing of debt reduction, but are subject to execution risk. Colorado Regulatory Risk: Fitch considers Colorado's regulatory risk high compared to other hydrocarbon-producing states. However, a compromise between operators and the Colorado government has introduced a fee on all oil and gas production while pausing new drilling-related ballot measures, providing clarity on DJ operations through 2027, and reducing near-term regulatory risk. Fitch views the compromise favorably and expects minimal impact on Civitas' EBITDA. Civitas has a strong track record of securing drilling permits in the DJ at least six months in advance. Fitch believes the permitting process is challenging but navigable for producers. Supportive Hedging Policy: Civitas' hedging policy aims to cover a substantial portion of its target oil volumes. As of Q1, nearly half of planned oil production for FY 2025 was hedged, and a portion of Waha gas basis volumes were hedged. Fitch views this strategy positively as it reduces near-term pricing risk, supports FCF generation, and aids in reducing RBL borrowings. Peer Analysis Civitas is the largest producer within Fitch's 'BB' rating category with FY 2024 production of 345kboe/d. This compares to Permian Resources Corporation (BB+/Stable; 344kboe/d), Murphy Oil Corporation (BB+/Stable; 184kboe/d), Matador Resources Company (BB/Stable; 171kboe/d), and SM Energy Company (BB/Stable; 171kboe/d). Civitas is smaller than its 'BBB' range peers, which include APA Corporation (BBB-/Stable: 455kboe/d), Diamondback Energy, Inc. (BBB+/Stable; 598kboe/d), Ovintiv Inc. (BBB-/Positive; 585kboe/d), and Occidental Petroleum Corp. (BBB-/Positive; 1,328kboe/d). Civitas' 2024 Fitch-calculated unhedged cash netback of $25.70/barrels of equivalent oil (boe) is comparable to 'BB' range peers Murphy Oil Corporation ($24.40/boe), Permian Resources Corporation ($26.50/boe), and SM Energy Company ($28.70/boe); but is lower than 'BBB' peers APA Corporation ($30.30/boe, and Diamondback Energy, Inc.($34.40/boe). Civitas had Fitch-calculated leverage of 1.4x at YE 2024 and Fitch expects additional gross balance sheet deleveraging in 2025 and 2026. Key Assumptions - WTI (USD/barrels) of $60 for 2025-2027, and $57 thereafter; - Henry Hub (USD/thousand cubic feet) of $3.25 in 2025, $3.00 in 2026, and $2.75 thereafter; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflects current SOFR forward curve; - Total production of around 330kboepd edges down to 325kboepd by the end of the forecast; - Midstream operations in line with historical results; - Capex in line with management expectations; - Debt declines to just over $4.6 billion by 2027. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Change in financial policy leading to trend of gross debt increases and lower liquidity; - Material loss of operational momentum leading to lower than expected production volumes over a sustained period; - A regulatory change that affects permitting, unit economics, or visibility on future operations; - Midcycle EBITDA Leverage sustained over 2.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Established track record of a conservative financial policy including debt repayment, RBL reduction, and equity-funded M&A; - Continued track record of operating the business at its current scale and production mix; - Maintenance of economic drilling inventory, reserve life, and netbacks; - Midcycle EBITDA leverage sustained at or below 1.5x. Liquidity and Debt Structure Civitas' liquidity was reasonable as of 1Q25 and included cash on the balance sheet of $20 million and availability of $1.3 billion on its the RBL. As of March 31, 2025, the borrowing base and elected commitments under the credit facility were $3.4 billion and $2.5 billion, respectively. Proforma for the notes on offer and use of net proceeds, the company expects to have around $1.9 billion in availability. Civitas received a waiver to issue the unsecured notes without a corresponding reduction in borrowing base of the facility. Civitas also generates strong FCF which further enhances liquidity. Issuer Profile Civitas Resources, Inc. is an independent exploration and production company focused on the development and production of crude oil, natural gas and NGLs in the DJ Basin in Colorado and the Permian Basin in Texas and New Mexico. Date of Relevant Committee 06-Aug-2024 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Civitas Resources, Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to the oil and gas sector regulatory environment in Colorado and its exposure to social resistance, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Civitas Resources, Inc. senior unsecured LT BB+ New Rating RR4 CLARIOS GLOBAL: S&P Rates New EUR800MM Senior Secured Notes 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Clarios Global L.P.'s proposed EUR800 million senior secured notes due 2031. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery for the senior secured lenders in the event of a payment default. The proposed $300 million fungible add-on to the 6.75% senior secured notes due 2030 doesn't affect its 'BB-' issue level and '3' recovery rating (50%-70%; rounded estimate: 55%) on the senior secured debt. S&P's 'B' issue-level rating and '6' recovery rating on the company's existing senior unsecured debt are unchanged. The '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery for the unsecured lenders in the event of a payment default. Clarios plans to use the proceeds from the new senior secured notes and notes add-on to repay the Euro and USD senior secured notes due 2026 and for general corporate purposes. While there is a minor increase in gross debt because of the transaction, it doesn't materially affect our view of the company's credit metrics. S&P said, "Therefore, our assessment of Clarios' credit metrics is unchanged. We continue to expect the company to maintain leverage of below 5x and FOCF to debt above 5% over the next 12 months inclusive of the 45X benefits. Given the substantial magnitude of the 45X benefits, we would likely immediately lower our ratings on the company if the benefits it receives materially decline or end (perhaps due to a change in government policy)." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's hypothetical default scenario contemplates a default occurring in 2029 because the company faces issues regarding filing orders and aggressive competition from new and existing competitors that cause its customers to procure their batteries from other aftermarket suppliers. -- S&P believes that if Clarios defaults, it would still have a viable business model because of the continued demand for its batteries, its global network of locations, and its strong brand awareness. For this reason, S&P expects the company would reorganize and emerge as a smaller entity while retaining significant value. In addition, it would not expect its foreign operations to be included in any potential reorganization. -- S&P said, "We have valued the company on an enterprise-value basis and estimated an emergence EBITDA of about $1.46 billion. We then applied a 5.5x EBITDA multiple, which is half a turn above what we use for most auto suppliers, to arrive at a gross enterprise value of about $8.03 billion at emergence. We chose a higher multiple to reflect Clarios' stronger business risk profile compared with those of its peers. In our view, the company is well positioned to benefit from the growing demand for electric vehicles, which rely more on advanced batteries that feature higher margins." Simulated default assumptions -- Year of default: 2029 -- EBITDA at emergence: $1.46 billion -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $7.62 billion -- Valuation split (obligors/nonobligors): 87%/13% -- Priority claims: $789.3 million -- Value available to first-lien debt claims (collateral/noncollateral): $6.49 billion -- Secured first-lien debt claims: $11.67 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) -- Total value available to unsecured claims: $346.9 million -- Senior unsecured debt/pari passu secured/non-debt unsecured claims: $1.66 billion/$5.18 billion/$543 million --Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. Collateral value equals assets pledged from obligors after priority claims plus equity pledged from nonobligors after nonobligor debt. CMM OFFROAD: Unsecured Creditors to Split $140K over 60 Months -------------------------------------------------------------- CMM Offroad, LLC, submitted a Second Amended Plan of Reorganization under Subchapter V dated May 12, 2025. This Plan of Reorganization proposes to pay the creditors of the Debtor from future income of the Debtor. This Plan provides for the following classes: Administrative Claims, Priority Claims, Secured Claims, Priority Unsecured Claims, Non Priority Unsecured Claims, and the interest of the Debtor and/or the Equity Security Holders. Non-priority unsecured creditors holding allowed claims, if any, will receive pro rata distributions from the ongoing cash flow of the debtor. Class No. 1 consists of the Secured Claim of US Bank Equipment Finance. US Bank Equipment Finance has an allowed secured claim in the amount of $200,202.00, secured by a UCC-1 on a 2023 Haas VF2 SSYT with 5 Axis rotary which is valued at $155,255.00. The Debtor shall value the secured claim at $155,255.00 in accordance with Section 506 of the Code, and make monthly payments of $3,129.47 per month at 7.75% interest for a period of 60 months to commence on the Effective Date. The unsecured split claim in the amount of $44,947.00 shall be paid under Class No. 5 herein. Class No. 2 consists of the Secured Claim of Tristar Bank. TriStar Bank has an allowed secured claim in the amount of $134,270.69, secured by a UCC-1 on various machinery and equipment which is valued at $291,189.00. The Debtor shall pay the claim in full in the amount of $134,270.69 in accordance with Section 506 of the Code, and make monthly payments of $2,706.49 per month at 7.75% interest for a period of 60 months to commence on the Effective Date. Class No. 3 consists of the Secured Claim of Highland Capital Corporation. Highland Capital Corporation has an allowed secured claim in the amount of $187,992.00, secured by a UCC-1 on a 2023 Haas ST-20Y which shall be valued at $187,992,00. The Debtor shall pay the claim in full in the amount of $187,992.00 in accordance with Section 506 of the Code, and make monthly payments of $3,789.35 per month at 7.75% interest for a period of 60 months to commence on the Effective Date. Class No. 4 consists of the Secured Claim of Arena Funding Source, LLC. Arena Funding Source, LLC, has an allowed secured claim in the amount of $30,111.78, secured by a UCC-1 on virtually all business assets which are valued at $291,189.00. The Debtor shall pay the claim in full in the amount of $30,111.78 in accordance with Section 506 of the Code and shall make monthly payments of $606.96 per month at 7.75% interest for a period of 60 months to commence on the Effective Date. Class No. 5 consists of All Allowed Unsecured Claims. The Debtor shall pay allowed unsecured claims a pro-rata distribution on or before the 60th month from the Effective Date in the amount of $140,000.00. The disbursing agent is free to make interim distributions to the general unsecured creditors in Class 5 at his or her discretion. The allowed unsecured claims total $326,339.26. This Class will receive a distribution of $140,000.00 of their allowed claims. The Debtor anticipates the funds to meet the plan payments shall come from the daily operations of the Debtor’s business. A full-text copy of the Second Amended Plan dated May 12, 2025 is available at https://urlcurt.com/u?l=BwEttw from PacerMonitor.com at no charge. Attorney for the Debtor: Jay R. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC 908 Harpeth Valley Place Nashville, TN 37221 Tel: (615) 256-8300 Fax: (615) 255-4516 Email: jlefkovitz@lefkovitz.com About CMM Offroad CMM Offroad, LLC is a limited liability corporation formed in 2019. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. M.D. Tenn. Case No. 24-03493) on Sept. 11, 2024, with $500,001 to $1 million in both assets and liabilities. Judge Randal S. Mashburn oversees the case. The Debtor is represented by Lefkovitz & Lefkovitz. COMMODITIES INTERNATIONAL: Hires Walton Law Group LLC as Counsel ---------------------------------------------------------------- Commodities International Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Walton Law Group, LLC as counsel. The firm will render these services: (a) prepare and file all necessary bankruptcy pleadings on behalf of the Debtor; (b) negotiate with secured creditors regarding post-petition payments and a Chapter 11 Plan; (c) represent with respect to adversary and other proceedings in connection with the bankruptcy; (d) prepare the Debtor's status reports, disclosure statement, and plan of reorganization; (e) prepare and respond to any and all necessary pleadings and requests from the court, trustee, creditors, and any other interested party; and (f) advise the Debtor with respect to powers and duties as a debtor in continued and future financial affairs. The firm will be paid at these rates: Charles E. Walton $375 per hour Senior Associates $275 per hour Junior Associates $200 per hour Paralegal $125 per hour Financial Analysis $75 per hour Charles Walton, Esq., an attorney at Walton Law Group, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles E. Walton, Esq. Walton Law Group, LLC 10905 Fort Washington Road, Suite 201 Fort Washington, MD 20744 Telephone: (301) 233-0607 Facsimile: (202) 595-9121 Email: cwalton@cwaltonlaw.com About Commodities International Real Estate, LLC Commodities International Real Estate, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 25-10378) on Jan. 15, 2025, disclosing under $1 million in both assets and liabilities. The Debtor is represented by WALTON LAW GROUP. CONCRETE CUSTOM: Hires Thompson Law Group as Counsel ---------------------------------------------------- Concrete Custom Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Thompson Law Group as its attorneys. The firm will provide these services: (a) give legal advice with respect to the Debtor's powers and duties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare all necessary legal papers in connection with the administration of the Debtor's estate; (d) perform any and all other legal services for the Debtor in connection with its Chapter 11 case; and (e) perform such legal services as the Debtor may request with respect to any matter appropriate in assisting its effort to reorganize. The firm will be paid at these rates: Attorney $350 per hour Paralegals $90 per hour In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer of $5,000 from the Debtor. Brian Thompson, Esq., an attorney at Thompson Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian C. Thompson, Esq. Thompson Law Group, PC 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Tel: (724) 799-8404 Fax: (724) 799-8409 Email: bthompson@thompsonattorney.com About Concrete Custom Solutions, LLC Concrete Custom Solutions, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 25-21226-GLT) on May 12, 2025. The Debtor hires Thompson Law Group as counsel. CONN'S INC: US Trustee Says Chapter 11 Plan Releases Inappropriate ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that the U.S. Trustee has raised an objection to Conn's Chapter 11 disclosure statement, arguing that its use of third-party releases with an opt-out mechanism violates the Supreme Court's decision in Harrington v. Purdue Pharma. About Conn's, Inc. Conn's, Inc., is a retailer of home goods and furniture in The Woodlands, Texas. Conn's and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-33357) on July 23, 2024. In its petition, Conn's reported $1 billion to $10 billion in both assets and liabilities. Judge Jeffrey P. Norman oversees the cases. The Debtors tapped Duston K. McFaul, Esq., at Sidley Austin, LLP as legal counsel; Houlihan Lokey, Inc. as investment banker; and BRG Capital Advisors, LLC, as interim management services provider. Epiq Corporate Restructuring, LLC, is the Debtors' notice and claims agent. CONROE LOCAL: S&P Cuts 2021B Sub Second-Lien Rev Bonds to 'CCC' --------------------------------------------------------------- S&P Global Ratings lowered the rating on Conroe Local Government Corp.'s (CLGC) series 2021B subordinate second-lien hotel revenue bonds by one notch to 'CCC' from 'CCC+'. S&P said, "Absent any material future improvement of the hotel's operational and financial performance outperforming our base case, we anticipate a default on the subordinate debt in April 2026. "We affirmed our 'B' rating on CLGC's series 2021A senior first-lien hotel revenue bonds, supported by hotel's recent performance that tracked in line with our base case." The negative outlook on the senior and subordinate bond ratings reflects ongoing risk of demand and operating costs before the hotel stabilizes, or the fact that it will stabilize at a much lower revenue per available room (RevPAR) than originally expected. The CLGC, a political subdivision of the State of Texas and City of Conroe, Texas, issued $28.715 million of first-lien hotel revenue bonds series 2021A, $27.16 million of second-lien hotel revenue bonds series 2021B, and $21.215 million of third-lien hotel revenue and subordinated contract revenue bonds series 2021C. The series 2021C is backed by the city's sales tax and not rated by S&P Global Ratings. S&P said, "We lowered the second-lien subordinate debt rating to 'CCC' because the project's liquidity dedicated to second-lien subordinate debt is only sufficient to cover its debt service payment in September 2025, and we expect a default on the second-lien debt in April 2026. The project has been draining its liquidity to pay second-lien debt service since the hotel opened in 2023. For fiscal year (FY) 2025, the project needs to pay $1.85 million second-lien debt service, which will be covered by draws from its second-lien debt service reserve account (DSRA). The second-lien DSRA balance is then expected to drop to about $15,379 after paying the September second-lien debt service. By April 2026, $632,965 of second-lien interest will be due. Under our base-case forecast, CLGC will default on that payment by depleting its second-lien DSRA, given that it will need more than 25% of our expected RevPAR to avoid a default, or rely on external funding. Weaker-then-expected hotel performance leads to zero hotel operating net cash flowing into the second-lien debt tranche in our 2025 and 2026 projection, which then causes a material depletion of the second-lien DSRA. Therefore, we envision a specific default scenario over the next 12 month due to a liquidity crisis, which maps the second-lien subordinate debt rating to 'CCC'. Hyatt Regency Conroe's year-to-date (YTD) occupancy and average daily rate (ADR) tracked closely to our lastly revised base-case forecast, and its profit margin improved. During October 2024 to March 2025 (the first seven months of FY 2025), the hotel reported 52.1% occupancy and $164 ADR, in line with our base-case 51% occupancy and $165 ADR forecasts for the year. It is worth noting that when we assigned the rating in 2021, expected occupancy was above 60%. About 60% of the hotel's demand was attributable to transient demand. S&P said, "Compared with targeted peers in The Woodlands, where the competitive set achieved over 70% occupancy and $230 ADR for the same period, we believe the Hyatt Regency Conroe is still facing material challenge to capture enough market share as expected in its original value proposition. The hotel has shifted its strategy to focus on gaining share from the Conroe local market. By discounting ADR, the hotel could benefit from a short-term rise in demand with guests seeking higher value. YTD gross operating profit (GOP) margin rose to 28.7%, higher than our 20.6% base case. Higher profit on food and beverage due to more weddings and banquets and lower operating costs contributed to the margin improvement. "However, given the hotel's current ADR discounting strategy, we believe the GOP margin may not be sustainable over the long term given the costs of maintaining a high-quality product in Conroe market. We maintained our base-case forecast and slightly adjusted it by S&P Global Ratings' most recent CPI forecast published on May 1, 2025. Our senior debt rating is affirmed at 'B', supported by the hotel's recent performance and our expectation that although in 2025 draws from the DSRA will be needed, we expect 2026 operating cash flows to be enough to cover senior debt service. "The negative outlook on CLGC's senior debt reflects our concern that the hotel could face prolonged demand pressure if the original value proposition does not materialize to attack demand from The Woodlands market. The negative outlook on subordinate debt reflects that we could lower the rating to 'CCC-' after October 2025. For senior debt, although the recent performance improved due to profit margins, the fundamental risk of weak demand could be detrimental to the hotel's competitiveness in the long term. For subordinate debt, the debt service payment deficiency is as large as about $1.7 million for FY 2026. To fully cover this deficiency, the project would need double its net cash flow under our base-case forecast. Absent of materially stronger demand growth in the next 12 months, we view the project will default on subordinate debt. "The negative outlook on CLGC's senior and subordinate debt reflects the hotel's operational and financial risk with respect to demand and profit margin as it continues to ramp up. For fiscal 2025, we anticipate the senior DSCR will be below 1x and the project will need to draw about 9% of its first-lien debt service reserve to make debt service payments. We expect a senior debt service coverage ratio (DSCR) above 1x in fiscal 2026. "For subordinate debt, without positive developments in hotel performance, we anticipate a default on April 1, 2026, under our base case, when we project the subordinate DSRA would be depleted. "We could lower the senior debt rating if the hotel underperforms our base-case occupancy and ADR forecast or incurs significantly higher-than-expected costs that lead to additional draws from its first-lien DSRA under our base case. "Absent a favorable performance, we could lower the subordinate debt rating to 'CCC-' after Oct. 1, 2025. "We could revise outlook on CLGC's senior debt to stable if the hotel meets our base-case forecast and draws no more than we expect under our base case, also expecting that 2026 operating cash flows will be able to cover senior debt service. We could also raise the senior debt rating if the hotel ramps up significantly better than our base-case forecast, leading to a minimum base-case senior DSCR well above 1x. "The subordinated debt rating could be upgraded in case we don't envision a liquidity shortfall, which would need the net operating cash flows of the hotel to almost double our base-case forecast in 2026." CONSOLIDATED BURGER: To Sell Restaurant Business to Phoenix Holding ------------------------------------------------------------------- Consolidated Burger Holdings LLC and its affiliates, Consolidated Burger A LLC, and Consolidated Burger B, LLC, seek permission from the U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division, to sell Assets and the assumption and assignment of certain assigned contracts and unexpired leases, free and clear of liens, interests, and encumbrances. The Debtors operate several restaurants. The Debtors seeks permission for the sale and marketing process of all of the Debtors' assets and to secure approval of and consummate one or more going concern sales of such assets. The Debtors received approval of their Bidding Procedures on May 2, 2025 in which the Stalking Horse Bid provides for a purchase price of $4.5 million for the Assets, and with a Breakup Fee in the amount of $90,000, and an Expense Reimbursement in the amount of $50,000. The Final DIP Order requires the Debtors to comply with certain deadlines during the sale process, including a deadline of June 12, 2025. The Debtors believe in an exercise of their sound business judgment that the Stalking Horse Bid represents the highest or otherwise best offer received with respect to the purchase of the Assets in accordance with the Bidding Procedures Order. Phoenix Holdings of South Florida, LLC is the purchaser of the Asserts in the amount of $4,500,000.00. The Debtor received $450,000.00 as deposit. The Debtors propose that the sale of the assets will be free and clear of all liens, claims, interests, and encumbrances. About Consolidated Burger Holdings LLC Consolidated Burger Holdings LLC and affiliates are among the largest franchisees of Burger King, the world's second-largest fast food hamburger chain. As of the Petition Date, they operated 57 Burger King restaurants across prime markets in Florida and Southern Georgia. These restaurants are informally grouped into three geographic clusters: (i) Tallahassee and Southern Georgia, comprising 18 locations; (ii) South Florida, with 19 locations; and (iii) the Florida Panhandle, with 20 locations. Debtor Consolidated Holdings is the sole member and 100% equity owner of both Consolidated A and Consolidated B. Consolidated Burger Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40162) on April 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Paul Steven Singerman, Esq., Jordi Guso, Esq., Christopher Andrew Jarvinen, Esq., and Brian G. Rich, Esq. at BERGER SINGERMAN LLP. DEVELOPMENT SPECIALISTS, INC., is the Debtors' Restructuring Advisor. PEAK FRANCHISE CAPITAL LLC is the Debtors' Investment Banker. OMNI AGENT SOLUTIONS, INC. is the Debtors' Notice & Claims Agent. COVIAN ENTERPRISES: Seeks Subchapter V Bankruptcy in Texas ---------------------------------------------------------- On May 28, 2025, Covian Enterprises Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports $2,443,431 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Covian Enterprises Inc. Covian Enterprises Inc. operates DECO Window Fashions, a company that provides custom window treatments including blinds, shades, shutters, and drapery. Based in Austin, Texas, the business serves both residential and commercial clients and is an authorized Hunter Douglas Gallery Dealer. The Company also operates DECO Flooring, which offers a range of flooring solutions such as hardwood, luxury vinyl, laminate, carpet, and tile, with professional installation services across the Austin area. Covian Enterprises Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10783) on May 28, 2025. In its petition, the Debtor reports total assets of $107,430 and total liabilities of $2,443,431. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtors are represented by Stephen W Sather, Esq. at BARRON & NEWBURGER, P.C. CROSSWIND RANCH: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------- On May 5, 2025, Crosswinds Ranch Enterprises LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filing, the Debtor reports $825,500 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Crosswinds Ranch Enterprises LLC Crosswinds Ranch Enterprises LLC owns an unimproved real property located in Bonham, Texas, valued at approximately $1.1 million. Crosswinds Ranch Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-41583) on May 5, 2025. In its petition, the Debtor reports total assets of $1,320,000 and total liabilities of $825,500. The Debtors are represented by Robert T. DeMarco, Esq. at DEMARCO MITCHELL, PLLC. D & D HOUSING: Case Summary & Six Unsecured Creditors ----------------------------------------------------- Debtor: D & D Housing Solutions, LLC 8110 Howton St. Houston, TX 77028 Business Description: D & D Housing Solutions, LLC owns four real properties in Houston, Texas, with a combined current value of $1.34 million. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-33164 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Vicky M. Fealy, Esq. THE FEALY LAW FIRM, PC 1235 North Loop West Suite 1120 Houston TX 77008 Tel: (713) 526-5220 Email: vfealy@fealylawfirm.com Total Assets: $1,338,112 Total Liabilities: $1,423,403 The petition was signed by Darwin Pasley as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IF42SUI/D__D_Housing_Solutions_LLC__txsbke-25-33164__0001.0.pdf?mcid=tGE4TAMA D AND B PHARMACY: Samuel Dawidowicz Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as Subchapter V trustee for D and B Pharmacy Corporation. Mr. Dawidowicz will be paid an hourly fee of $565 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dawidowicz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samuel Dawidowicz 215 East 68th Street New York, NY 10065 Phone: (917) 679-0382 About D and B Pharmacy Corporation D and B Pharmacy Corporation, operating as Paul's Pharmacy, provides prescription services, over-the-counter medications, and medical equipment at its location in South Salem, New York. The pharmacy serves the Vista, Lewisboro, and surrounding communities, offering additional services such as FedEx Drop, NYC Lotto, lab testing, and UPS shipping. It also carries gifts and home goods, emphasizing personalized customer care and accepting most major insurance plans. D and B Pharmacy Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-22402) on May 9, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Kyu Young Paek handles the case. The Debtor is represented by Anne Penachio, Esq. at Penachio Malara, LLP. DANG LA CONSTRUCTION: Asset Sale Proceeds to Fund Plan ------------------------------------------------------ Dang La Construction and Associates LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization under Subchapter V dated May 14, 2025. The Debtor is a Texas limited liability company formed on March 3, 2010. The Debtor is a construction and consultant company located in Houston, Texas and serves the Houston, Katy, Richmond Rosenberg, Pearland, Missouri City, and Pasadena areas of Texas. The filing of the lawsuit was prompted by a lawsuit filed in the 61st Judicial District of Harris County, Texas styled Angel Cabellero v. NCSL Associates LP et al (the "Cabellero Litigation") where the Debtor was named as a defendant and cross defendant. As part of the Cabellero Litigation, Angel Cabellero alleged sustaining injuries while employed by defendant NY2 Enterprises, a roofing company hired by the Debtor, to perform roofing work on a shopping center owned by defendant NCSL Associates. Cabellero alleges he was working under the direction of both Debtor and defendant NY2 Enterprises when he sustained injuries and asserts a negligence and gross negligence claim as to Debtor and other defendants. As a result of the Cabellero Litigation, the Debtor temporarily ceased operations as it was unable to fund continued projects and the Debtor sought bankruptcy relief to stay the Cabellero Litigation and to reorganize its financial affairs. Class 3 shall consist of all Allowed General Unsecured Claims. In full satisfaction, on or before ninety days from the Effective Date, Holders of Allowed General Unsecured Claims shall receive Pro Rata Cash payments of the then remaining proceeds from the Sale, after closing costs, and payments to Classes 1 and 2. Class 3 is impaired under the Plan and entitled to vote to accept or reject the Plan. In the event of any failure of the Wind-Down Debtor to timely make its required plan payments to Claimants in Class 3, it shall send Notice of Default to the Wind-Down Debtor. If the default is not cured within thirty days of the date of such notice, the Claimants in Class 3 may proceed to collect all amounts owed pursuant to state law without further recourse to the Bankruptcy Court. Claimants in Class 3 are only required to send two notices of default, and upon the third event of default, Claimants in this Class may proceed to collect all amounts owed under state law without recourse to the Bankruptcy Court and without further notice. The following Allowed Unsecured Claims are as follows: Angel Cabellero: $1,000,000,00.00 Anette Ramierz: $598.57 NCSL Associates, LP: $1,000,000,00.00 NY2 Enterprises, LLC: $144,064.80 Sea Pretty: $70,000.00 Tiffany La and Liem Dang: $80,000.00 The Debtor scheduled a claim in the amount of $1,000,000 to Cabellero with the basis of the claim being a potential judgment (the "Cabellero Claim"). On April 25, 2025, Cabellero timely filed its Proof of Claim No. 5 as an "unliquidated" with no damage model being provided as part of the Claim. As the Debtor is not currently operating and proposes to sell its assets and wind down and does not anticipate a substantial recovery to holders of general unsecured claims, the Debtor proposes to treat the Cabellero Claim as a general unsecured claim in the amount of $1,000,000.00, the scheduled amount of its claim. Such treatment of the Cabellero Claim will minimize litigation and expedite the administration of the bankruptcy estate as the estate does not have sufficient funds to engage in a claims estimation proceeding nor retain counsel to continue the Cabellero Litigation. The equity interest holder of this Plan shall retain his equity interest until consummation of the Sale occurs where the Debtor intends on winding down operations and terminating its existence with the Texas Secretary of State. The payments contemplated in this Plan shall be funded from the Sale. The Debtor has been engaged in marketing a sale of its assets and is in the process with finalizing an asset purchase agreement with a prospective buyer. The Debtor anticipates closing on the Sale by the Effective Date. A full-text copy of the Disclosure Statement dated May 14, 2025 is available at https://urlcurt.com/u?l=vQdpZu from PacerMonitor.com at no charge. About Dang La Construction and Associates Dang La Construction and Associates, LLC, a Houston-based company, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-30853) on February 14, 2025. In its petition, the Debtor reported total assets of $60,305 and total liabilities of $1,212,340. Judge Alfredo R. Perez handles the case. The Debtor is represented by: Susan Tran Adams, Esq Tran Singh, LLP 2502 La Branch St. Houston, TX 77004 Email: stran@ts-llp.com DEDICATION & EVERLASTING: Court OKs Interim Use of Cash Collateral ------------------------------------------------------------------ Todd Frealy, the Chapter 11 trustee for Dedication & Everlasting Love To Animals, got the green light from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court's order authorized the interim use of cash collateral pending the final hearing scheduled for June 17. The interim order authorized the trustee to pay, at his discretion, only those pre-bankruptcy expenses entitled to priority. The trustee is not authorized to pay any other alleged "critical vendor" claims. U.S. Bank was ordered to immediately release any freeze or hold on the Debtor's cash in any of its accounts held at the bank and turn over to the trustee any such cash upon his request. The bank was also instructed to release any freeze or hold on any credit cards of the Debtor. The deadline for filing objections is on June 10. The Debtor filed for bankruptcy on May 9 largely due to a $2.9 million judgment from a former employee and the resulting collection efforts, which led to freezes on its bank and credit card accounts. The trustee is working to stabilize operations and preserve donor confidence while formulating a broader plan for the estate. With over $13 million in available assets (cash and investments) and real estate holdings believed to be unencumbered, the trustee believes that the estate is solvent and the primary secured creditor -- the judgment creditor -- is adequately protected. About Dedication & Everlasting Love To Animals Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue) operates a no-kill, care-for-life animal sanctuary in Acton, Calif. Founded in 1979, the organization rescues abandoned dogs and cats, providing lifelong shelter and medical care across a 115-acre facility. It is privately funded and not open to the public. Dedication & Everlasting Love To Animals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13881) on May 9, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Neil W. Bason handles the case. The Debtor is represented by William R. Hess, Esq., at the Law Offices of William R. Hess. DELSHAH 60 NINTH: Enters $9.25M Sale Agreement with Record Store ---------------------------------------------------------------- Delshah 60 Ninth LLC and Delshah Gansevoort 69, LLC submitted a First Amended Disclosure Statement describing Plan of Reorganization dated May 14, 2025. The Gansevoort Debtor, as seller, has entered into an Agreement of Purchase and Sale, dated May 5, 2025, with Record Store Life Management LLC, (the "Gansevoort Purchaser"), pursuant to which the Ganesvoort Debtor has agreed to sell the Gansevoort Property to the Gansevoort Purchaser in exchange for a purchase price of $9,250,000.00 under the Plan. The Gansevoort Purchaser has delivered a deposit in the amount of $925,000.00 to Core Title Services, LLC. The Gansevoort Debtor believes that the Gansevoort Purchase Price represents the fair market value of the Gansevoort Property. In July 2024, the Noteholder initiated a foreclosure action ("Foreclosure Action") which is presently pending in the Supreme Court of New York County. Absent the consensual resolution embodied in the Plan Support Agreement and the Plan, the Noteholder would sell the Property in the Foreclosure Action with no distribution to any other creditor except to the City of New York. The Debtors engaged in a robust prepetition marketing process for the sale of the Properties, resulting in a contract to sell the 60 Ninth Property to the Ninthview Purchaser and the contract to sell the Gansevoort Property to the Gansevoort Purchaser. As a result, the Debtors believe that the respective purchase prices reflect fair market value for the Properties, and since the Noteholder consents, the Debtors submit that no further marketing is necessary. The Plan provides for payment to general unsecured creditors despite the fact that they are subordinate to the Allowed Secured Claim of the Noteholder and the proceeds from the sales of the Properties is projected to be insufficient to pay the Allowed Secured Claim of Noteholder in full. Like in the prior iteration of the Plan, projected Allowed General Unsecured Claims total approximately $150,239, including 60 Ninth vendors of $11,604, Avison Young Mechanics lien of $146,666, and Gansevoort vendors of $1,134. Payment in full in Cash plus interest through the payment date. Obligations under the Plan will be satisfied from the proceeds of the sale of the 60 Ninth Property under 60 Ninth Sale Contract, the sale of the Gansevoort Property under the Gansevoort Sale Contract, and the Free People Litigation Proceeds. To the extent the Debtors lack the funds to make the required payments and distributions under the Plan as and when due, Michael Shah and Delshah Capital LLC will provide the Debtors with the funds necessary to make such payments and distributions as and when due, even in the event that one or both Properties are transferred to Noteholder in exchange for a credit bid. Under the Plan Support Agreement, if the Ninthview Purchaser has not closed within 60 days of the Confirmation Date, the 60 Ninth Debtor shall market 60 Ninth Property through a Broker and sell the 60 Ninth Property, subject to Bankruptcy Court approval, under the Bidding and Auction Procedures substantially in the form attached to the Plan as Exhibit C, provided, however, before moving forward with such sale, the Debtors shall obtain Bankruptcy Court approval for the dates, amounts and other terms necessary and or helpful to complete such Bidding and Auction Procedures. A full-text copy of the First Amended Disclosure Statement dated May 14, 2025 is available at https://urlcurt.com/u?l=e6JKkq from PacerMonitor.com at no charge. Counsel to the Debtor: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Telephone: (212) 593-1100 About Delshah 60 Ninth LLC Delshah 60 Ninth LLC is a real estate development company that specializes in commercial and residential properties. Delshah 60 Ninth sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.Y Case no. 25-10950 (PB)) on May 8, 2025. Judge Philip Bentley presides over the case. Mark A. Frankel of Backenroth Frankel & Krinsky, LLP, is the legal counsel of the Debtor. DELTA TOPCO: S&P Affirms 'B-' ICR on Proposed Debt Issuance ----------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on U.S.-based provider of network automation solutions, Delta Topco Inc. (dba Infoblox), its 'B-' issue-level rating on the company's existing first-lien facilities, and its 'CCC' issue-level rating on the company's existing second-lien term loan. Simultaneously, S&P assigned its 'B-' rating to the proposed incremental $425 million first-lien term loan. S&P said, "The stable outlook on Infoblox reflects our view that despite the dividend recapitalization the company will generate positive free cash flow over the next 12 months with free operating cash flow (FOCF) to debt improving to 5% at the end of fiscal 2026. We expect the company's revenues to grow in the 10%-15% range and EBITDA margins to be stable in the mid-30% area as the company benefits from its renewal flywheel. In addition, we expect Infoblox will maintain its leadership position in the DDI market and continue to increase the portfolio of subscription-based offerings in its DDI and DNS security segments." Delta Topco Inc. is planning to issue a $425 million incremental first-lien term loan and use the proceeds to fund a shareholder distribution. Despite the incremental debt issuance, S&P expects Infoblox's S&P Global Ratings-adjusted leverage to improve to the low-7x area and free cash flow to debt to improve to about 5% in fiscal 2026 (ending July 2026), driven by strong revenue and EBITDA growth over the upcoming 12 months. S&P said, "Infoblox's proposed dividend recapitalization increases leverage by more than 1x, but we still expect positive free cash flow over the next 12 months. Management is capitalizing on improved business performance and expanding margins by executing a dividend recapitalization--its second in two years. The transaction increases our S&P Global Ratings-adjusted debt to EBITDA expectations to about 8x for fiscal 2025, improving to the low-7x area in fiscal 2026. We expect additional annual interest expense of about $30 million due to the incremental debt issuance. Nonetheless, we project FOCF to debt of about 5% in fiscal 2026 despite incremental interest expense costs. "The stable outlook on Infoblox reflects our view that, despite the dividend recapitalization, the company will generate positive free cash flow over the next 12 months and improve FOCF to debt to 5% at the end of fiscal 2026. We expect the company's revenues to grow in the 10%-15% range and EBITDA margins to be stable in the mid-30% area as the company benefits from its renewal flywheel. In addition, we expect Infoblox will maintain its leadership position in the DDI market and continue to increase the portfolio of subscription-based offerings in its DDI and DNS security segments." S&P could lower its rating on Infoblox if: -- It faces lower-than-expected renewal rates and weaker product sales due to increasing competition and pricing pressure in its core DDI offering such that FOCF materially declines; and -- S&P views its capital structure as unsustainable. S&P could consider raising its rating on Infoblox over the long term if it continues annual recurring revenue growth, improving profitability, and these metrics: -- S&P Global Ratings-adjusted leverage below the mid-7x area; -- Reported FOCF to debt of more than 5%; and -- Maintains them through future M&A and shareholder returns. DOS LAGOS: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------- On June 2, 2025, Dos Lagos Center 2 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Dos Lagos Center 2 LLC 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. Dos Lagos Center 2 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13642) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtors are represented by Derrick Talerico, Esq. at WEINTRAUB, ZOLKIN TALERICO & SELTH LLP. DOVGAL EXPRESS: Hires Expert Equipment Appraisal as Appraiser ------------------------------------------------------------- Dovgal Express, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Expert Equipment Appraisal, LLC as appraiser. The firm will assist in appraising the Debtor's trucks and trailers. The firm will be paid a retainer of $5,000, of which $2,000 will be considered earned or the appraisal and should evidentiary hearing be required on an hourly basis at the rate of $250, per hour and shall be reimbursed for its costs. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brandi L. Rodgers Expert Equipment Appraisal, LLC 3456 N Citrus Ave Crystal River, FL 34428 Tel: (800) 785-6061 About Dovgal Express, Inc. Dovgal Express, Inc. is a transportation services provider specializing in dry van truckload, less-than-truckload, and refrigerated shipments. Dovgal Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18991) on Dec. 20, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Oleksandr Dovgal, president of Dovgal Express, signed the petition. Judge Timothy A. Barnes handles the case. The Debtor is represented by: O Allan Fridman, Esq. Law Office Of O. Allan Fridman Tel: (847) 412-0788 Email: allanfridman@gmail.com E.L. SERVICES: Claims to be Paid from Continued Operations ---------------------------------------------------------- E.L. Services, Inc., filed with the U.S. Bankruptcy Court for the Northern District of California a Combined Plan of Reorganization and Disclosure Statement dated May 14, 2025. The Debtor is a landscape and maintenance company primarily specializing in landscaping, providing landscaping services for commercial, residential and public entities. Prior to this case, on May 5, 2020, the Debtor the Debtor purchased the assets of Enviroscapes, Inc. through a General Assignment for the Benefit of Creditors ("ABC"). At the time of the ABC, Enviroscapes owed past due taxes, interest and penalties to the Internal Revenue Service with said taxes, interest and penalties subject to numerous tax liens recorded against Enviroscapes, Steven Baca and property owned by a trust of which Mr. Baca was a beneficiary. Although the Debtor disputed that the IRS has a valid lien against the Debtor's assets, the collection actions taken by the Internal Revenue Service were disrupting the Debtor's business operations and cutting off the Debtor's revenue. As a result, the Debtor filed this bankruptcy case to provide relief from the collection actions of the Internal Revenue Service and provide a forum to resolve the asserted tax liabilities of the Internal Revenue Service. Since the Debtor filed this bankruptcy case, the Debtor has operated as a Debtor in Possession and has continued to operate its business as a going concern. The bankruptcy was filed to resolve the tax liabilities asserted by the Internal Revenue Service. If the Plan is confirmed, the payments promised in the Plan constitute new contractual obligations that replace the Debtor's pre-confirmation debts. Creditors may not seize their collateral or enforce their pre-confirmation debts so long as Debtor performs all obligations under the Plan unless inconsistent with the specific treatment of any creditor set forth in the Plan. Class 3 consists of Unsecured Non-Priority Claims. There are no remaining non-subordinated, general unsecured claims against the Debtor. The Debtor listed in its schedule a disputed unsecured claim in the amount of $229,343 of Wells Fargo Bank arising from a loan under the Payroll Protection Program. Wells Fargo filed a proof of claim in the amount of $229,343. This PPP loan has been forgiven under the provisions of the applicable Payroll Protection Program. Class 4 consists of the subordinated, unsecured claim of Steven Baca in the amount of $300,000. The creditor in this class shall not receive any distributions under the Plan until all creditors have received all distributions provided for the Plan. The holders of interests in Debtor shall retain their interests, but shall not receive any property under the Plan on account of such equity interests until all creditors have received all distributions provided for the Plan. Creditors in those classes may not repossess or dispose of their collateral so long as the Reorganized Debtor is not in material default under the Plan. The Debtor will continue to operate as a going concern to generate revenue to make the distributions under this plan. In addition, the Debtor's general manager and co debtor relating to the IRS Claim, has agreed to sell real property bot owned by the Debtor. The two properties are: (1) 5511 Lanai Court, Discovery Bay, California; and (2) 43150 Starr Street, Fremont, California ("Properties"). The Debtor anticipates the net proceeds from the sale of the Properties will range from $1,000,000 to $1,100,000, all of which will be used to pay the IRS Claim. A full-text copy of the Combined Plan and Disclosure Statement dated May 14, 2025 is available at https://urlcurt.com/u?l=cC8bKz from PacerMonitor.com at no charge. About E.L. Services Inc. E.L. Services, Inc. is a landscape and maintenance company located in Dublin, Calif. E.L. Services filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 21-41087) on August 25, 2021, listing between $50,000 and $100,000 in assets and between $1 million and $10 million in liabilities. The petition was signed by Steven P. Baca, general manager. Judge William J. Lafferty oversees the case. The Debtor is represented by: Chris D. Kuhner, Esq. Kornfield Nyberg Bendes Kuhner & Little Tel: 510-763-1000 Email: c.kuhner@kornfieldlaw.com EEGEE'S LLC: Has New Owner After Bankruptcy Exit ------------------------------------------------ Cathalena E. Burch of tucson.com reports that Tucson's beloved fast-food chain Eegee's has found a new owner six months after filing for bankruptcy. According to the report, in late April 2025, Eegee Acquisition Corp., a subsidiary of Gladstone Capital based in McLean, Virginia, completed the purchase of the chain, which includes 25 locations -- 20 in Tucson, one in Casa Grande, and four in the Phoenix metro area. The previous owner, Eegee's LLC, affiliated with New York's 39 North Capital, filed for Chapter 11 bankruptcy last December 2024, revealing nearly $2.8 million in debts to 20 creditors, including local supplier Merit Foods, according to tucson.com. Gladstone Capital, a lender to 39 North Capital, assumed control of Eegee's after the private equity firm defaulted. This transition allowed Gladstone to acquire the company through the bankruptcy process, said CEO Chris Westcott. Although the company is still working through creditor settlements, expected to take 90 to 120 days, Westcott stated that the bankruptcy case is nearing completion. Following the bankruptcy filing, Eegee's closed five restaurants—four in Tucson and one in Phoenix. Westcott confirmed no additional closures are planned. "We reviewed every location and identified 25 stable restaurants that will continue operating," he said. "Our priority is to move beyond bankruptcy and reassure Tucson residents that Eegee's remains a community staple." Westcott, who was appointed CEO two weeks before the bankruptcy filing, shared plans for menu updates this fall, including new hot soups, toasted sandwiches, and an enhanced kids' menu. Despite the parent company’s Washington, D.C., area base, Westcott stressed Eegee's local identity and operations. "Our headquarters are located on East Broadway Boulevard, and our 550 employees are part of the local community," he said. "Ownership location doesn't change our commitment. Eegee's is, and will remain, a Tucson institution." Since its founding in 1971 by Edmund Irving and Bob Greenberg—who started by selling frozen lemon drinks from a truck near local schools and events—Eegee’s has grown into a Tucson staple. The company operated 35 locations at its peak in 2022. About Eegee's, LLC Eegee's, LLC owns and operates a fast food restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-10470) on December 6, 2024. In the petition signed by Christopher Westcott, CEO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda K Martin oversees the case. Patrick Keery, Esq., at KEERY MCCUE, PLLC, represents the Debtor as legal counsel. ELETSON HOLDING: Court Orders Transfer of Microsoft Acct. in Ch. 11 ------------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on Monday, June 2, 2025, a New York bankruptcy judge directed Microsoft to shut down all accounts linked to Eletson Holdings' former owners and managers and to provide the new owners with access to the associated books and records. The order is the latest move in a protracted battle over control of the restructured shipping company, the report states. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Derek J. Baker, Esq., represents the Debtors as bankruptcy counsel. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel. ELITE SCHOOL: Court Extends Cash Collateral Access to June 30 ------------------------------------------------------------- Elite School Bus Company, LLC received fourth interim approval from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to use cash collateral. The fourth interim order signed by Judge David Rice authorized the company to use cash collateral to pay its expenses for the period from June 1 to 30. The company projects total operational expenses of $43,508.95 for the week ending June 7; $26,055.95 for the week ending June 14; $74,576.00 for the week ending June 21; $5,932.08 for the week ending June 28; and $41,152.68 for the period from June 29 to 30. The U.S. Small Business Administration and the company's junior lien creditors assert interest in the cash collateral, which consists of accounts receivables. As protection, the SBA and the junior lien creditors were granted a replacement lien on and security interest in the company's post-petition cash collateral. In addition, the SBA will receive a monthly payment of $2,481. A further hearing is scheduled for June 25. About Elite School Bus Company Elite School Bus Company, LLC operates a school bus company that provides services primarily to Cecil County public schools. With 23 bus routes, the company is responsible for transporting children on 23 buses to and from school. Elite School Bus Company filed Chapter 11 petition (Bankr. D. Md. Case No. 25-11526) on February 25, 2025, listing up to 10 million in both assets and liabilities. Rebecca Minks, manager of Elite School Bus Company, signed the petition. Judge David E. Rice oversees the case. Mary Fran Ebersole, Esq., at Tydings & Rosenberg LLP, represents the Debtor as legal counsel. ENDURANCE INTERNATIONAL: Palmer Square Marks $1.9M Loan at 32% Off ------------------------------------------------------------------ Palmer Square Capital BDC Inc. (PSBD) has marked its $4,591,024 loan extended to The Endurance International Group, Inc. to market at $3,112,071 or 68% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to The Endurance International Group, Inc. The loan accrues interest at a rate of 7.93% (S + CSA + 3.50%) per annum. The loan matures on February 10, 2028. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About The Endurance International Group, Inc. Headquartered in Burlington, MA, EIG is a leading provider of web hosting and other online services primarily to small and medium- sized businesses. EVERYTHING CREATIVE: Jeanne Goddard Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed Jeanne Goddard, a certified public accountant at NGS, LLP, as Subchapter V trustee for Everything Creative, Inc. Ms. Goddard will be paid an hourly fee of $260 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goddard declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanne Goddard, CPA, CFE, CIRA NGS, LLP 6120 Paseo Del Norte Suite A-1 Carlsbad, CA 92011 Phone: (760) 930-0282 Email: jgoddard@NGSLLP.com About Everything Creative Inc. Everything Creative, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01937) on May 12, 2025. In the petition signed by Carol Kaplan, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Gustavo E. Bravo, Esq., at Bravo Law APC, represents the Debtor as legal counsel. FLUID MARKET: Seeks to Extend Plan Exclusivity to August 12 ----------------------------------------------------------- Fluid Market Inc. and Fluid Fleet Services, LLC, asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 12 and October 14, 2025, respectively. The Debtors operated and managed a technology-based, peer-to-peer truck-sharing platform across the United States with a fleet of nearly 5,500 vehicles owned by their nondebtor affiliates or third-party owners who elected to put their vehicles on the Debtors' platform. Here, causes exists to extend the Exclusive Periods. First, the Debtors continue to make good-faith progress. Early on in these cases, the Debtors obtained first day relief to ensure a smooth transition into chapter 11 and filed their schedules of assets and liabilities and statements of financial affairs, among other tasks. The Debtors have also conducted a sale process that resulted in entry of the Sale Order approving the Sale to Kingbee, with the sale closing effective as of December 20, 2024. Since the Sale Hearing, and as contemplated by the Global Settlement, the Debtors have been working with the Committee and Kingbee to complete a reconciliation and proposed distribution process for certain segregated funds and future proceeds received. The Debtors anticipate filing a motion seeking Court approval of the proposed process in the near term. Continued exclusivity will permit the Debtors to maintain flexibility. All stakeholders will benefit from such continued stability and predictability. Second, the requested extensions have a legitimate purpose and will not pressure creditors to accede to the Debtors' demands. The Debtors are not seeking to delay these chapter 11 cases by requesting the relief sought herein. Continued exclusivity will permit the Debtors to maintain flexibility so that a plan by a third party does not derail the parties' efforts towards effectuating the Global Settlement. All stakeholders will benefit from such continued stability and predictability. Lastly, creditors will not be prejudiced by extending the Exclusive Periods. The Debtors' request for an extension of the Exclusive Periods is only the Debtors' second such request. As discussed, during the tenure of these cases, the Debtors have accomplished a great deal: they closed the Sale to Kingbee, are working to effectuate the Global Settlement, are continuing to explore the disposition of their other remaining assets. The Debtors have thus far been able to focus their efforts upon maximizing value and obtaining approval of the Sale of the Debtors' assets and the Global Settlement. Given the limited extension requested and the circumstances described herein, extending the Exclusive Periods would not adversely affect any of the Debtors' creditors or other stakeholders. Accordingly, the Debtors believe that it is reasonable to request an extension of the Exclusive Periods by a period of 90 days, in light of the substantial progress the Debtors have made in these chapter 11 cases. Counsel to the Debtors: Laura Davis Jones, Esq. David M. Bertenthal, Esq. Timothy P. Cairns, Esq. Pachulski Stang Ziehl & Jones LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899 Telephone: (302) 652-4100 Facsimile: (302) 652-4400 Email: ljones@pszjlaw.com dbertenthal@pszjlaw.com tcairns@pszjlaw.com About Fluid Market Fluid Market, Inc., et al., operate and manage a technology-based, peer-to-peer truck-sharing platform across the United States with a fleet of nearly 5,500 vehicles owned by their non-Debtor affiliates or third-party owners who have elected to put their vehicles on the Debtors' platform, https://www.fluidtruck.com. Customers have quick and easy access to the right vehicle whenever they need it via the Debtors' mobile app and website. Fluid Market Inc. and Fluid Fleet Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12363) on Oct. 16, 2024. In the bankruptcy petition, Fluid Market reported $50 million to $100 million in assets and liabilities. The petition was signed by T. Scott Avila as chief executive officer. Pachulski Stang Ziehl & Jones LLP serves as the Debtors' counsel. Paladin Management Group, LLC acts as the Debtors' restructuring advisor; SSG Capital Advisors, LLC acts as investment banker to the Debtors; and Epiq Corporate Restructuring LLC is claims and noticing agent to the Debtors. FOREST GOOD: Section 341(a) Meeting of Creditors on June 26 ----------------------------------------------------------- On May 30, 2025, Forest Good Eats LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of North Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 26, 2025 at 10:00 AM at Raleigh 341 Meeting Room. About Forest Good Eats LLC 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. Forest Good Eats LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02018) on May 30, 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 David M. Warren handles the case. The Debtors are represented by Joseph Z. Frost, Esq. at BUCKMILLER & FROST, PLLC. FTX TRADING: Tam Loses Bid to Sever Claims in Genesis Block Case ---------------------------------------------------------------- Judge Karen B. Owens of the United States Bankruptcy Court for the District of Delaware denied the motion of Leslie Tam to sever claims and grant related relief in the adversary proceeding captioned as FTX RECOVERY TRUST, Plaintiff, v. GENESIS BLOCK LTD, et al., Defendants, Adv. Proc. No. 24-50185 (Bankr. D. Del.). Plaintiff commenced the adversary in November 2024 by filing a 26-count Complaint against Tam and fourteen other individuals and entities. On Jan. 29, 2025, Tam moved to dismiss the five counts of the Complaint applicable to him. Approximately two months later, on April 2, 2025, Tam filed the Motion seeking entry of an order severing the claims against him so that adjudication and discovery occur separate from the remainder of the claims of the Complaint. He also seeks a stay of pending discovery propounded by or against him pending resolution of the motion to dismiss. Alternatively, he seeks an order compelling Plaintiff to respond to his outstanding First Set of Interrogatories. Plaintiff opposes Tam's requested relief. The Court concludes Tam's request to sever must be denied as moot. Judge Owens explains, "While briefing on the Motion was underway, Plaintiff filed its First Amended Complaint. Tam did not acknowledge this change of circumstance in his later-filed reply brief except to note in a footnote that the amended complaint adds a few words. This is a mischaracterization. The First Amended Complaint expands the total amount of counts against Tam from five to thirteen and enlarges their nature and scope. This is material considering the analysis the Court must undergo to decide whether severance is appropriate. Tam may file a new request to sever, after which Plaintiff will have the opportunity to respond." Tam also asks that the Court stay discovery propounded by or against him pending resolution of his motion to dismiss. Tam's January motion to dismiss was mooted by the First Amended Complaint, and he has not yet requested dismissal of the First Amended Complaint. Therefore, his request to stay discovery is premature, the Court finds. Tam alternatively requests that the Court compel Plaintiff to respond to his pending Interrogatories. This is not properly before the Court. Tam has neither moved for relief under the appropriate Federal and Bankruptcy Rules11 nor made the required certifications. A copy of the Court's decision dated May 27, 2025, is available at https://urlcurt.com/u?l=VjDRZM from PacerMonitor.com. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GARAGE LOCO: Unsecured Creditors Will Get 2% of Claims in Plan -------------------------------------------------------------- Garage Loco, Inc., filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Plan of Reorganization for Small Business dated May 14, 2025. The Debtor is in the business of providing custom construction services throughout the greater Pittsburgh area. Sarita Wells is the CEO and sole shareholder. The Debtor's financial distress was caused by a series of customer change order and disputes, which resulted in cessation of payments in some instances and interfered with its ability to meet its obligation as they come due. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 2% will be paid on account of general unsecured claims pursuant to the Plan. Class 4 consists of General Unsecured Claims. Class 4 is impaired. * Sunbelt Rentals: Pro rata distribution 2% of allowed claim ($61.48, est.). * American Express National Bank: Pro rata distribution 2% of allowed claim ($49.97, est.). * Highway Equipment Rentals: Pro rata distribution 2% of allowed claim ($189.08, est.). * Eckert Seamans Cherin & Mellot, LLC: Pro rata distribution 2% of allowed claim ($884.88, est.). * Channel Partners Capital, LLC: Pro rata distribution 2% of allowed claim ($810.17, est.). * David Munoz: Pro rata distribution 2% of allowed claim ($26,850.54, est.). * Cox Excavation: Pro rata distribution 2% of allowed claim ($905.65, est.). * Todd Cavalier: Pro rata distribution 2% of allowed claim ($53,561.97, est.). * Elana Bastin: Pro rata distribution 2% of allowed claim ($143.73, est.). * Mark Stephanian: Pro rata distribution 2% of allowed claim ($672.68, est.). * Brad Wilson and Rachel Wilson: Pro rata distribution 2% of allowed claim ($130.10, est.). The Plan will be funded from revenue from the Debtor’s ongoing business operations. A full-text copy of the Plan of Reorganization dated May 14, 2025 is available at https://urlcurt.com/u?l=SfBktZ from PacerMonitor.com at no charge. Counsel to the Debtor: Aurelius P. Robleto, Esq. Robleto Kuruce, PLLC 3706 Butler Street Pittsburgh, PA 15201 Tel: (412) 925-8194 Fax: (412) 346-1035 Email: apr@robletolaw.com rmk@robletolaw.com About Garage Loco, Inc. Garage Loco, Inc., is in the business of providing custom construction services throughout the greater Pittsburgh area. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 25-20353) on Feb. 13, 2025, disclosing under $1 million in both assets and liabilities. The Debtor is represented by ROBLETO KURUCE PLLC. GENESIS ENERGY: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned Genesis Energy, L.P. a 'BB-' Long-Term Issuer Default Rating (IDR) and a senior unsecured debt instrument rating of 'BB-' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. The rating reflects expected improvements to Genesis' financial profile, such as reduced leverage and easing refinancing risks. These enhancements are supported by a relatively stable cash flow profile characterized by mainly fixed-fee contracts, meaningful free cash flow (FCF) generation, and a capital allocation policy focused on debt reduction. Concerns include significant volumetric exposure and a leverage and interest coverage profile that, despite expected improvements, remains at the higher end for leverage and the lower end for interest coverage within the rating category. The Stable Outlook reflects Genesis' business diversity, long-term relationships with strong counterparties, and the relatively supportive production economics in the Gulf of Mexico (Gulf of America). Key Rating Drivers Improving Financial Profile: Fitch anticipates Genesis' leverage to decrease from around 6.5x in 2025 to between 5.5x and 5.8x over the forecast period through debt reduction and EBITDA growth. In 1Q25, Genesis sold its soda ash business for over $1 billion. The proceeds were used to repay debt, which included settling revolver borrowings, redeeming the 2027 notes, and reducing the outstanding class A preferred units by $250 million. Genesis recently completed two new offshore pipeline expansions which are expected to boost EBITDA in mid- to late 2025. Although leverage is expected to improve, it remains high for the rating category. Refinancing and repaying near-term debt, along with near-complete revolver availability and strong FCF expectations, have reduced refinancing risks and improved financial flexibility. However, Genesis' high debt costs, including the preferreds, keep coverage metrics near the lower end for the rating category. Stability of Cash Flow Profile: Nearly 90% of Genesis' run-rate EBITDA is expected from fixed-fee acreage and/or volume-dedicated contracts with creditworthy counterparties. Around 15%-20% is expected from revenue assurance type minimum volume commitment (MVC) contracts, leaving Genesis largely exposed to volumetric risks. However, Genesis' business diversity and presence in the Gulf will lead to lower volume volatility. About 10% will come from commodity price-exposed activities, most of which will contain short-term hedges. The soda ash business added cash flow variability due to volume and price exposure, despite hedging efforts, and faced thin profitability in some quarters. Its sale improves Genesis' cash flow profile. While the business provided diversity away from oil and gas operations, the enhanced cash flow profile outweighs the loss of size and diversity. Business Line Diversity: Genesis primarily operates offshore oil pipelines which drive nearly 65% of the EBITDA. Its marine transportation business along the U.S. Gulf Coast drives 20%. The rest comes from onshore transportation and sulfur services, including pipelines, terminals, storage, and sour gas processing. Offshore pipelines are driven by Gulf oil production, while other segments are driven by PADD 3 refinery utilization rates. The somewhat differing drivers of these segments reduce the likelihood of simultaneous adverse impacts, lowering overall business risk. Capital Allocation Policy: Genesis plans to use FCF mainly for debt repayment, focusing on the 11.24% class A preferred units. Consistent paydown of preferreds will reduce cost of capital and accelerate FCF generation, aiding further deleveraging. Genesis is unlikely to pursue capital-intensive growth projects, M&A or asset sales, focusing instead on modest tie backs to existing fields. This will support earnings stability and FCF generation. Fitch expects Genesis to prioritize balance sheet strength over shareholder returns. Supportive Business Fundamentals: The offshore Gulf includes conventional wells including HPHT wells with lower decline rates than shale and low operating costs. These developments are capital-intensive, require extensive expertise and have long lead times, creating high barriers to entry. E&P companies plan offshore developments based on long-term commodity prices, ensuring volume resiliency to short-term price disruptions. Genesis' middle-aged marine fleet is expected to have strong day rates due to the scarcity of Jones Act vessels plus high utilization rates across marine transportation and any remaining businesses due to robust PADD 3 refinery utilization rates. Relationship with Customers: Most of Genesis' customers are highly creditworthy, and Genesis has maintained long-term relationships with them. The top 10, mostly investment-grade offshore pipeline customers, contribute over 75% of segment margins and have life-of-lease acreage dedications spanning over 30 years with Genesis. The capital intensity and technical expertise required for deepwater offshore development ensure E&P companies in the region are well-capitalized and creditworthy, minimizing their vulnerability to short-term price disruptions and industry downturns. Customers in other businesses also have high creditworthiness and long-term relationships with Genesis. Peer Analysis In the context of regionally focused midstream companies with business driven by crude oil production dynamics, high volumetric exposure, but low volume volatility, Kinetik Holdings, L.P. (Kinetik; BB+/Stable), a Permian-focused midstream issuer, is the peer most comparable to Genesis. Genesis is smaller in size but is slightly more diversified. The Permian offers low breakeven costs and production resiliency but has higher decline rates, requiring frequent drilling. Conversely, the Gulf has higher new development costs and longer lead times but benefits from lower decline rates and longer well life. Kinetik's robust hedging program ensures up to 85% of cash flows from fixed-fee contracts with mostly investment-grade customers. While most of Kinetik's business is exposed to volumetric risks, its long-haul pipelines provide meaningful revenue assurance through long-term take-or-pay contracts. Kinetik's leverage, expected to range between 4.0x and 4.3x, is lower than Genesis'. Genesis' smaller size, cash flow profile with relatively modest long-term MVCs, basin economics of the Gulf versus the Permian, and higher leverage results in two-notch lower rating. Summit Midstream Corp. (B-/Positive) is a smaller and less business line diverse peer, with half its operations being crude oil oriented. Despite regional diversification, Summit faces challenges due to exposure to mature declining basins. Although 85% of its cash flows are from fixed-fee contracts, they are primarily with high-yield counterparties. Despite Summit's lower leverage, expected under 4.0x, Genesis' larger size, business diversity, better cash flow profile, lower volume volatility, and superior customer profile result in a higher rating. Key Assumptions - Fitch's oil and gas price deck; - Base interest rate for the credit facilities reflects Fitch's "Global Economic Outlook"; - Oil and gas activity levels on the U.S. Gulf Coast and in the Gulf consistent with Fitch's base case for oil and gas prices; - Net distributions from joint ventures and minority interests received in accordance with the partnership agreement; - Common unit distributions remain consistent with the current levels and no material unit repurchases for most of the forecast years; - No additional M&A, asset divestitures, business exits, or large growth projects over the forecast period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to sustain above 5.8x; - Sustained high capital expenditures or a change in financial policy that reduces Genesis' credit quality; - M&A, asset sales, or large growth projects not funded in a balanced manner and/or meaningfully increase the overall business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is not expected in the near term given Genesis' high cost of capital. However, a positive rating action/upgrade could occur if Genesis' cost of debt reduces significantly and EBITDA leverage sustains below 4.8x; - Meaningful improvements in business risk including significant reduction in volume exposure due to, but not limited to, material growth in the proportion of cash flows derived from long-term revenue assurance type take-or-pay or MVC contracts. Liquidity and Debt Structure As of March 31, 2025, Genesis had about $1.173 billion of liquidity available consisting of roughly $377 million cash and $796 million available under its $800 million senior secured credit facility (net of letters of credit), subject to covenant compliance. Genesis can increase the revolver size by $150 million subject to certain conditions. The revolver matures on Sept. 1, 2028, subject to extension at Genesis' request for one additional year on up to two occasions and subject to certain conditions. The revolver has a springing maturity if more than $150 million of the 7.750% senior unsecured notes, due Feb. 1, 2028, remain outstanding as of Nov. 2, 2027. If this condition is met, the revolver will mature on Nov. 2, 2027. The covenants on the credit facility permit a maximum consolidated leverage ratio of 5.75x through Sept. 30, 2025, and 5.5x thereafter, a senior secured leverage ratio of 2.5x, and a minimum interest coverage ratio of 2.0x through Dec. 31, 2025, 2.25x for the fiscal quarters ending March 31, 2026, through Dec. 31, 2026, and 2.5x thereafter. As of March 31, 2025, Genesis was compliant with all the covenants, and Fitch expects the company to remain compliant with the covenants throughout the forecast period. Issuer Profile Genesis Energy, L.P. is a publicly traded master limited partnership which owns and operates offshore crude oil and natural gas pipelines in the Gulf, along with marine transportation and other onshore midstream assets along the U.S. Gulf Coast. Summary of Financial Adjustments According to Fitch's "Corporate Hybrids Treatment and Notching Criteria," Fitch considers Genesis' class A convertible preferred units as 100% debt, which is included in the leverage calculation. Fitch acknowledges there is a first-lien secured credit facility at one of Genesis' joint ventures, Poseidon Oil Pipeline Company, LLC, in which Genesis has 64% ownership interest. The debt is non-recourse to the owners, and due to certain conditions in the joint venture agreement involving major decision it is not consolidated in Genesis' financial statements. Fitch has excluded this debt from its leverage calculations. Fitch's calculation of adjusted EBITDA excludes equity in earnings from unconsolidated affiliates and includes cash distributions from those unconsolidated affiliates. The values in the above sensitivities and other metric values in this press release calculated by Fitch are different from management's and the bank's calculations. Date of Relevant Committee 15 May 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Genesis Energy, L.P. LT IDR BB- New Rating senior unsecured LT BB- New Rating RR4 GIL & RIVERA: Unsecureds Will Get 4% of Claims over 60 Months ------------------------------------------------------------- Gil & Rivera, LLC filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement describing Chapter 11 Plan dated May 14, 2025. The Debtor is a North Carolina limited liability company owed by Daniel and Maria Gil. The Debtor operates a commercial and residential fence installation and repair contractor in the Rocky Mount, North Carolina area. The company was established in 2018. The Debtor fled this case in an attempt to cram down its unsecured loans and to pay a reasonable dividend to unsecured creditors and fund those payments from the ongoing profitable operations of its commercial and residential fencing business. Since the petition date, the Debtor has taken steps to reduce staff and overhead. The Debtor has worked to ensure it has reduced all of its overhead and ongoing operation expenses as far as possible to maintain operations and free up as much revenue as possible to make payments to its creditors under its Plan. The Debtor has focused on reducing overhead costs as well as increasing operating efficiency. The Debtor hired bankruptcy counsel and has worked with counsel to prosecute this Chapter 11 proceeding. Class 3 consists of General Unsecured Claims. The Debtor believes that Allowed General Unsecured Claims total $1,635,211.10, including the bifurcated amount of secured claims, but not including the unsecured debts owed to insiders, which will be subordinated to all other claims. The Debtor proposes to satisfy this class by paying a total of $60,000.00. This amount will pay Allowed General Unsecured Claims approximately 4% of each claim. Said payments shall be made in equal quarterly installments of $3,000.00, over five years, on a pro rata basis, with the first quarterly installment due on July 1, 2025 and the final quarterly installment due on April 1, 2030. This Class is impaired. Class 4 consists of Daniel & Maria Gil's equity interest in the Estate. Title to and ownership of all property of the estate will vest in the Debtor upon Confirmation of the Plan, subject to all valid liens of Secured Creditors under the Confirmed Plan. Liens of bifurcated Claims will be valid only to the extent of the Allowed Secured Amount of the Claim. To the extent that Class 3 does not accept the Plan, Daniel and Maria Gil ("Equity Owners"), will offer $3,000.00 of New Value for the purchase of their equity interests in the estate. In the event that any party desires to offer an amount in excess of $3,000.00 for the purchase of said equity interest, they must do so in writing to Debtor's counsel no later than the court-established deadline for balloting on this plan. The Debtor expects to receive average gross monthly receipts in the amount of $345,000.00 for the next several months. The Debtor expects revenues to increase over time, such that it will always generate at least as much net revenue to fund this Plan as when the Plan is filed. A full-text copy of the Disclosure Statement dated May 14, 2025 is available at https://urlcurt.com/u?l=kXWxYp from PacerMonitor.com at no charge. Counsel to the Debtor: Danny Bradford, Esq. Bradford Law Offices 455 Swiftside Drive, #106 Cary, NC 27518 Tel: (919) 758-8879 Email: dbradford@bradford-law.com About Gil & Rivera, LLC Gil & Rivera, LLC, operates a commercial and residential fence installation and repair contractor in the Rocky Mount, North Carolina area. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.C. Case No. 25-01470-5) on April 24, 2025. The Debtor hired Bradford Law Offices as counsel. GIP II BLUE: S&P Withdraws 'BB-' Issuer Credit Rating ----------------------------------------------------- S&P Global Ratings withdrew all its ratings on GIP II Blue Holding L.P., including its 'BB-' issuer credit rating and 'BB-' issue-level rating, following the company's full repayment of its rated debt. At the time of the withdrawal, its outlook on GIP II Blue Holding L.P. was stable. GOODYEAR TIRE: Fitch Rates Proposed Unsec. Notes 'BB-' ------------------------------------------------------ Fitch Ratings has assigned a rating of 'BB-' with a Recovery Rating of 'RR4' to The Goodyear Tire & Rubber Company's (Goodyear) proposed issuance of senior unsecured notes. Goodyear's Long-Term Issuer Default Rating (IDR) is 'BB-' and the Rating Outlook is Negative. Goodyear's ratings incorporate Fitch's expectation that the Goodyear Forward strategic plan will bring the company's credit metrics back in line with its 'BB-' IDR. The Negative Outlook reflects the substantial cash usage required to implement these initiatives. However, the benefits of Goodyear Forward are on track, alleviating the risk of a downgrade. Fitch could revise the Outlook to Stable if the company continues achieve its objectives, including its deleveraging plans. Key Rating Drivers Proposed Notes: Goodyear plans to use proceeds from the proposed notes to refinance a portion of its $900 million of 5.0% senior unsecured notes due 2026. The refinancing is consistent with Goodyear's deleveraging plan and follows the company's decision to repay its $500 million of 9.5% senior unsecured notes due 2025 earlier this year. Goodyear Forward Plan Progressing: The Goodyear Forward strategic plan originally aimed to reduce costs by about $1.0 billion while also realizing $300 million of benefits from adjusting tire offerings. Goodyear also targeted over $2.0 billion of gross proceeds from selling its chemical and off-the-road (OTR) tire businesses, as well as the Dunlop brand. Cash from the divestitures would be used to repay debt and cover certain restructuring costs, reducing Goodyear's net leverage to a target range of 2.0x-2.5x by YE 2025 (based on the company's calculations). Since the plan began, Goodyear has sold its OTR business and Dunlop brand, and it recently entered into an agreement to sell most of its chemical business. The company has been reducing debt, and cost savings appear to be coming in ahead of its original expectations. Cash costs also are running below original expectations. Goodyear's EBITDA margin grew 200 bps between 2023 and 2024, despite a revenue decline, and Fitch expects further margin improvement going forward. Tariff Effects: Fitch expects Goodyear to be able to manage the effects of tariffs without any significant negative effects on its credit profile. It has a relatively advantaged production footprint, with substantial U.S. manufacturing capacity, and Fitch expects it will be able to adjust pricing, if necessary, particularly in the replacement market. Tire industry sales volumes also tend to be relatively resilient to macroeconomic changes, although higher-end sales can be more affected than value brands. Declining Leverage: Goodyear's EBITDA leverage (including off-balance sheet factoring) ended YE 2024 at 4.3x, above the downgrade sensitivity. However, Fitch expects the company's leverage to decline over the near term as the company uses proceeds from asset sales to pay down debt. Fitch expects gross leverage (including factoring) to run in the low-3x range by YE 2025. Gross leverage could decline closer to the mid-2x range by YE 2026 as EBITDA grows. Improving Long-Term FCF: Fitch expects Goodyear's near-term FCF will be pressured as the company implements the Goodyear Forward plan. Beyond 2025, Fitch expects Goodyear's FCF margins to run in the 2.0%-2.5% range once the Goodyear Forward benefits have been fully achieved. Peer Analysis Goodyear has a relatively strong competitive position as the third-largest global tire manufacturer, with highly recognized brands and a focus on higher-margin, large-rim diameter premium tires. The company's geographic diversification continues to grow, particularly in the Asia-Pacific region, as rising incomes in emerging markets lead to increased demand for premium tires. With about 75% of the company's tire volume going into the global replacement tire market, Goodyear's unit sales are somewhat insulated from economic volatility. This is like other large global tire manufacturers, such as Compagnie Generale des Etablissements Michelin (A/Stable), Continental AG (BBB/Positive) and Pirelli & C. S.p.A. (BBB/Stable), or vehicle aftermarket suppliers such as Clarios International Inc. (B/Stable) and First Brands Group LLC (B+/Stable). Goodyear's margins have recently been lower than those of the other large Fitch-rated tire manufacturers, Michelin, Continental and Pirelli, and Goodyear's EBITDA leverage is higher, particularly when compared with Michelin and Continental, whose EBITDA leverage tends to run in the low-1.0x range. Goodyear's EBITDA margins are in line with 'BB' category auto-related issuers, but FCF margins can be affected by seasonal working capital swings that lead to more variability in FCF over the course of a typical year. Goodyear's FCF margins are also highly sensitive to raw material costs and capex. Key Assumptions - Organic revenue growth over the next several years is primarily driven by flat to low-single-digit tire demand growth, positive pricing and favorable mix; - Goodyear divests its OTR, chemical and Dunlop businesses by YE 2025, leading to a decline in overall revenue; - Goodyear Forward results in EBITDA margins rising to the low-teens level in 2025 and beyond; - FCF is pressured in the near term by cash costs to implement Goodyear Forward. Beyond 2025, FCF margins run in the low-single-digit range; - Capex as a percentage of revenue runs in the 6.5%-7.0% range as the company invests in modernizing its plants as part of Goodyear Forward; - The company uses proceeds from divestitures to reduce debt by about $1.5 billion by YE 2025; - The company maintains a solid liquidity position, including cash and credit facility availability; - Other than debt that is repaid as part of the Goodyear Forward plan, most debt is assumed to be refinanced prior to maturity at rates based on a SOFR curve of 4.01% in 2025, 3.62% in 2026 and 3.55% in 2027. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Clear evidence that the Goodyear Forward plan will not result in the expected improvements in profitability and leverage; - A significant step-down in demand for the company's tires without a commensurate decrease in costs or an unexpected increase in costs, particularly related to raw materials, that cannot be offset with higher pricing; - A decline in the company's consolidated cash below $700 million for several quarters; - Sustained break-even FCF margin; - Sustained gross EBITDA leverage above 4.0x. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Growth in tire unit volumes, market share and pricing; - Sustained FCF margins of 1.5%; - Sustained gross EBITDA leverage below 3.0x. Liquidity and Debt Structure Fitch expects Goodyear's liquidity to remain adequate. As of March 31, 2025, the company had $902 million of cash and cash equivalents, excluding Fitch's adjustments for not readily available cash, and $2.6 billion available on its various global credit agreements, including $1.9 billion available on its primary U.S. and European revolvers. Once it addresses the 2026 note maturity, Goodyear's next significant maturity is in 2027. Goodyear's debt structure primarily consists of a mix of secured bank credit facilities and senior unsecured notes. As of March 31, 2025, Goodyear had $4.3 billion of senior unsecured notes outstanding and $1.4 billion of borrowings outstanding on its first-lien secured ABL revolver. Goodyear also has various borrowings outstanding at certain non-U.S. operations, including credit facilities in Mexico and China. Goodyear Europe B.V.'s debt structure at March 31, 2025, included $432 million of senior unsecured notes, $194 million of revolver borrowings and $130 million of on-balance sheet accounts receivable securitization borrowings. In addition to Goodyear's on-balance sheet debt, Fitch treated $771 million of off-balance sheet factoring as debt at March 31, 2025. Issuer Profile Goodyear is the third-largest global tire manufacturer. The company manufactures tires for passenger, commercial and off-highway vehicles, as well as aircraft. In addition to tires, Goodyear manufactures rubber-related chemicals and operates tire retail and service outlets. Date of Relevant Committee June 10, 2024 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Goodyear Tire & Rubber Company (The) senior unsecured LT BB- New Rating RR4 GRIDDY ENERGY: Court Narrows Claims in ERC Adversary Proceeding --------------------------------------------------------------- Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas dismissed the unjust enrichment claim and equitable subordination claim in the adversary proceeding case captioned as RUSSELL F. NELMS, Plaintiff, VS. ELECTRIC RELIABILITY COUNCIL OF TEXAS, INC., Defendant, ADVERSARY NO. 22-3315 (Bankr. S.D. Tex.). Electric Reliability Council of Texas, Inc. ("ERCOT") is a Texas corporation that operates Texas' electrical grid. The grid supplies power to more than 25 million Texas customers. ERCOT is overseen by the Public Utilities Commission of Texas. Griddy Energy LLC was a Retail Electric Provider in Texas between 2016 and 2021. It purchased electricity from ERCOT and provided customers with access to electricity at wholesale prices for a monthly subscription fee of $9.99. Its participation in the market was governed by a Standard Form Market Participant Agreement and ERCOT Protocols. In February 2021, Winter Storm Uri brought record snowfall and low temperatures to Texas. On the morning of Feb. 15, 2021, the electrical grid was on the brink of collapse. ERCOT declared its highest state of emergency, Emergency Energy Alert Level 3, and started mandatory rolling blackouts. Griddy invoiced its customers for electricity they purchased during Winter Storm Uri. Due to the price increase, many customers failed to pay the invoices. On Feb. 22, 2021, ERCOT sent Griddy a Notice of Material Breach and Payment Breach for its (a) failure to satisfy collateral calls issued by ERCOT to Griddy in the amount of about $3.2 million, and (b) failure to pay settlement invoices in the amount of about $2.5 million. On the same day, Griddy responded to ERCOT stating that it had fully paid the unpaid invoices and contributed $601,580.83 towards the outstanding collateral amount. Griddy's email further states that Winter Storm Uri was a Force Majeure Event under section 8(C) of the SFA. On Feb. 26, 2021, ERCOT provided Griddy with official notice that it was terminating Griddy as a Market Participant and transitioning Griddy's customers to a Provider of Last Resort under ERCOT Protocol Section 16.11.6.1.6(1). Russell F. Nelms, Griddy's plan administrator, sues ERCOT seeking damages and equitable relief. Nelms pleads that Winter Storm Uri was a force majeure event that prevented ERCOT from exercising its remedies against Griddy. Nelms' amended complaint asserts six causes of action: (1) Disallowance of ERCOT's administrative claim, (2) Avoidance of Preference, (3) Recovery for Breach of Contract, (4) Disallowance of Claim per 11 U.S.C. Sec. 502(d), (5) Equitable Subordination of Claim under 11 U.S.C. Sec. 510(c), and (6) Unjust Enrichment. The parties have entered a stipulation rendering Count I moot. For the remaining Counts, ERCOT asserts that the Court should abstain under the Burford-abstention doctrine. ERCOT seeks dismissal of all claims. Nelms' claims depend on the issue of whether ERCOT wrongfully exercised its discretion in terminating Griddy's Market Participant rights and initiating a mass transition of Griddy's customers considering the events of Winter Storm Uri. The Fifth Circuit has articulated a five-factor test to guide courts in determining whether to abstain under Burford. Federal courts should consider: (1) whether the plaintiff raises state or federal clams, (2) whether the case involves unsettled state law or detailed local facts, (3) the importance of the state's interest in the litigation, (4) the state's need for a coherent policy in the area, and (5) whether there is a special state forum for judicial review. For the breach of contract and unjust enrichment causes of action, all five factors favor abstention, the Court finds. The contract claim is stayed pending resolution of state proceedings on the force majeure issue. The unjust enrichment claim is dismissed. In weighing its decision, the Court finds the third factor particularly important. The SFA and ERCOT protocols are part of the state's pervasive regulatory scheme. The Supreme Court of Texas has held that the PUC, which oversees the regulatory scheme, has exclusive jurisdiction over a Market Participant's claim against ERCOT. Adjudicating these claims in this case would only pose a threat to Texas' complex state administrative process that Burford is meant to protect against. The state court is a more appropriate forum for these claims. For Nelms' equitable subordination claim, three of five factors favor abstention. It is dismissed because it seeks equitable relief and does not state a plausible claim, the Court states. None of the factors favor abstention for the preference action and disallowance of claim. According to the Court, abstention is not warranted for these claims. Bankruptcy Claims Count II seeks to avoid preferential transfers in the amount of $3,088,547.28, which ERCOT allegedly collected from Griddy's account. Count IV seeks disallowance of ERCOT's claim under Sec. 502(d) based on ERCOT's failure to return the preferential transfer. ERCOT asserts that these payments are not avoidable as preferential transfers because the earmark doctrine applies. ERCOT alleges that because Griddy merely passes through wholesale electricity costs to subscribers, any payment is earmarked to ERCOT and is unavoidable. The Court finds the allegations do not show that ERCOT had any control over Griddy's account where payments from its customers were deposited. There is also no express agreement that Griddy would use customers' payments to satisfy ERCOT's collateral calls. Count V seeks equitable subordination of ERCOT's claim under Sec. 510(c). Nelms alleges that ERCOT's wrongful conduct directly caused Griddy's collapse and insolvency. The basis of the wrongful conduct is the alleged breach of contract and the mass transition of Griddy's customers. Equitable subordination hinges on whether ERCOT exercised control over Griddy to the disadvantage of other creditors. Nelms' only factual basis for asserting that ERCOT controlled Griddy is that it breached its contractual obligations and wrongfully exercised its Payment Breach remedies, the Court notes. The Court finds that the allegations, even if accepted as true, would not establish that ERCOT acted with bad faith or with inequitable conduct in connection to its contractual obligations. ERCOT exercised its prescribed remedies under the Protocols. Without more, there is no indication that ERCOT acted in bad faith to the detriment of other creditors. The equitable subordination claim is dismissed without prejudice, the Court holds. A copy of the Court's decision dated May 28, 2025, is available at https://urlcurt.com/u?l=g5qW8h from PacerMonitor.com. About Griddy Energy California startup Griddy Energy, LLC is a power retailer that formerly sold energy to people in the state of Texas at wholesale prices for a $9.99 monthly membership fee and had approximately 29,000 members. Griddy was a feature of Texas' unusual, deregulated system for electric power. The vast majority of Texans -- and Americans -- pay a fixed rate for electric power and get predictable monthly bills. However, Griddy works by connecting customers to the wholesale market for electricity, which can change by the minute and is more volatile, for a monthly fee of $9.99. During the winter storm in February 2021 in Texas, power generators failed and demand for heating shot up. In response, ERCOT raised the price of electricity to the legal limit of $9 per kilowatt-hour and kept it there for several days. Griddy customers who didn't lose power were hit with massive electric bills that were auto-debited from their bank accounts. State grid operator ERCOT at the end of February 2020 cut off Griddy's access to customers for unpaid bills following the Texas freeze. The Texas attorney general also said it is suing Griddy, saying it engaged in deceptive trade practices by issuing excessive bills. Griddy Energy filed a Chapter 11 bankruptcy petition (Bankr. S.D. Texas Case No. 21-30923) on Mar. 15, 2021. Roop Bhullar, chief financial officer, signed the petition. At the time of the filing, the Debtor disclosed $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Marvin Isgur oversees the case. The Debtor tapped Baker Botts LLP as legal counsel and Crestline Solutions, LLC and Scott PLLC as public affairs advisors. Stretto is the claims agent. On March 31, 2021, the U.S. Trustee for Region 7 appointed an official committee of unsecured creditors. The committee tapped McDermott Will & Emery, LLP as legal counsel and Province, LLC as financial advisor. HALL LABS: Unsecureds to Get Share of Vanderhall Stock ------------------------------------------------------ Hall Labs, LLC filed with the U.S. Bankruptcy Court for the District of Utah a Disclosure Statement describing Chapter 11 Plan dated May 12, 2025. The Debtor was organized as a limited liability company under the laws of the State of Utah on March 30, 2015, under the name "New Vistas, LLC." The Debtor's name was changed to "Hall Labs, LLC" by the filing of an amendment to the Debtor's Certificate of Organization on December 21, 2016. The Debtor is engaged in research, development, business incubation, and other legal activities. The Debtor creates projects to develop technologies in various fields. The Debtor was formed in anticipation of the Schlumberger transaction. Prior to the consummation of the transaction, Novatek transferred to the Debtor and HPH all projects and assets that Schlumberger did not want Novatek to retain. The Plan contemplates that most claims in the bankruptcy will be satisfied by an in-kind distribution of Vanderhall Stock, which will be valued according to the Carta Valuation. The Carta Valuation assumes a commercially reasonable approach to the sale of Vanderhall Stock. The Plan recognizes that the only assets that realistically can be used to satisfy creditors' claims are the Vanderhall Stock, the Bacon Stock, and the HOF1 Interest. The Debtor will cause HPH and DRHH to complete sales of Real Property to satisfy the Real Property Claims. Any net proceeds from such transactions may be distributed to the Debtor or used to cover administrative expenses. After disposal of the Real Property, HPH and DRHH will be shut down. Class 5 contains the Non-Contingent Unsecured Claims. The Non-Contingent Unsecured Claims in Class 5 include (i) a claim by LEAF Capital Group, LLC in the amount of $206,413; (ii) a claim by NewCo Capital Group, LLC in the amount of $219,758; and (iii) a claim by Hillcrest Bank for $675,726 (secured by equipment of HPH that has no value). All Class 5 claims will be satisfied by an in-kind distribution of each creditor's pro-rata share of Distributable Vanderhall Stock based on the final claims or Adjusted Final Claims, as applicable, of creditors in Classes 5 and 6B. Class 6A contains the Contingent Unsecured Claims that will not be paid. The Plan does not provide for payment of any claims in Class 6A, beacause the applicable contingencies have not been satisfied. Class 6B contains the Contingent Unsecured Claims that will be paid. These include (i) the contingent claim of Emily Brimhall in the amount of $5,000,000; and (ii) the claims of holders of Contingent Bonus Commitments associated with Vanderhall Stock in the amount of $4,390,502. All Class 6B claims will be satisfied by an in-kind distribution of each creditor's pro-rat share of Distributable Vanderhall Stock based on the final claims or Adjusted Final Claims, as applicable, of creditors in Classes 5 and Class 6B. As of the effective date of the Plan, the reorganized Debtor will operate its current business. For clarity, the Debtor's "current business" while the Plan is in effect is limited to administrative functions, actions related to restructuring, settlement or establishment of claims, preservation of the value of the Debtor's existing assets, winding down SmarterHome, and sales of HPH and DRHH assets. A full-text copy of the Disclosure Statement dated May 12, 2025 is available at https://urlcurt.com/u?l=AFoaS5 from PacerMonitor.com at no charge. Counsel to the Debtor: Andres Diaz, Esq. Diaz & Larsen 757 East South Temple, Suite 201 Salt Lake City, UT 84102 Telephone: (801) 596-1661 Facsimile: (801) 359-6803 Email: courtmail@adexpresslaw.com About Hall Labs LLC Hall Labs LLC focuses on developing and monetizing intellectual property across various industries by bringing together scientists and engineers to solve complex problems. After prototyping and market validation, Hall Labs licenses its technologies to newly-formed entities, which then commercialize and further develop the innovations. The Company generates revenue through the sale of technologies, patents, and company interests, while its portfolio companies become self-sustaining and progress toward an exit. Hall Labs LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21038) on March 5, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. Andres Diaz, Esq., at Diaz & Larsen serves as the Debtor's counsel. HAPPY HOME: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Happy Home Builder, LLC 207 Verde Blf San Antonio, TX 78258-2624 Business Description: Happy Home Builder, LLC operates as Stay at Canyon Lake, offering event hosting services for graduations, special occasions, corporate retreats, conferences, workshops, reunions, weddings, retirements, family gatherings, and team-building events. The venue is pet-friendly and accommodates up to 100 guests. Located in the Texas Hill Country, Canyon Lake provides a scenic setting for outdoor activities and a diverse dining scene featuring Italian and American cuisine. The area also hosts a variety of community events, making it a popular destination for both recreation and celebrations. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-51268 Judge: Hon. Craig A Gargotta Debtor's Counsel: Paul Steven Hacker, Esq. HACKER LAW FIRM, PLLC 3355 Cherry Ridge Ste. 214 San Antonio TX 78230 Tel: (210) 595-2045 Email: steve@hackerlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Estrella Carolina McKinney signed the petition as the authorized representative of the Debtor. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T3CITRA/Happy_Home_Builder_LLC__txwbke-25-51268__0001.0.pdf?mcid=tGE4TAMA HELP/SYSTEMS HOLDINGS: Palmer Square Marks $3.6MM Loan at 30% Off ----------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $3,656,217 loan extended to Help/Systems Holdings, Inc. to market at $2,547,158 or 70% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a Second Lien Senior Secured Loan to Help/Systems Holdings, Inc. The loan accrues interest at a rate of 11.14% (S + CSA + 6.75%) per annum. The loan matures on November 19, 2027. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Help/Systems Holdings, Inc. Help/Systems Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides information technology services for commercial companies. HERITAGE GRILL: Seeks Subchapter V Bankruptcy in North Carolina --------------------------------------------------------------- On May 30, 2025, Heritage Grille & Wine Bar LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of North Carolina. 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 Heritage Grille & Wine Bar LLC 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. Heritage Grille & Wine Bar LLCsought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02019) on June 2, 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 David M. Warren handles the case. The Debtors are represented by Joseph Z. Frost, Esq. at BUCKMILLER & FROST, PLLC. HURRICANE GLASS: Gets OK to Use Up to $7,500 in Cash Collateral --------------------------------------------------------------- Hurricane Glass, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of Texas to use additional cash collateral. The court's order authorized the company to use an additional $7,500 in cash collateral for labor and materials. This is in addition to the $113,429.08 previously authorized on April 22. The use of additional cash collateral is subject to the terms and conditions set forth in the April 22 order. Any party claiming an interest in cash collateral that believes its interests are not adequately protected may file a motion seeking further hearing or reconsideration. About Hurricane Glass Inc. Hurricane Glass, Inc. operates a residential and commercial glass company. Hurricane Glass filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-31809) on March 31, 2025, listing up to $100,0000 in assets and up to $1 million in liabilities. Todd Carter, president of Hurricane Glass, signed the petition. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. Itria Ventures is represented by: Constantine Z. Pamphilis, Esq. Sara E. Wolfe, Esq. Kasowitz Benson Torres, LLP 1415 Louisiana Street, Suite 2100 Houston, TX 77002 Phone: (713) 220-8800 Fax: (713) 222-0843 DPamphilis@kasowitz.com SWolfe@kasowitz.com ICORECONNECT INC: Voluntary Chapter 11 Case Summary --------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- iCoreConnect, Inc. 25-03390 529 E. Crown Point Rd., Suite 250 Ocoee, FL 34761 iCore Midco, Inc. 25-03391 529 E. Crown Point Rd., Suite 250 Ocoee, FL 34761 Business Description: iCoreConnect, Inc. provides cloud-based software solutions for the healthcare sector across the United States. Its SaaS offerings support functions such as ePrescribing, insurance verification, claims management, analytics, and HIPAA-compliant communication and backup. The Company is headquartered in Ocoee, Florida. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Middle District of Florida Judge: Hon. Grace E Robson (25-03390) Hon. Lori V Vaughan (25-03391) Debtors' Counsel: Amy Denton Mayer, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: 813-229-0144 Email: amayer@srbp.com iCoreConnect, Inc.'s Estimated Assets: $1 million to $10 million iCoreConnect, Inc.'s Estimated Liabilities: $1 million to $10 million iCore Midco's Estimated Assets: $1 million to $10 million iCore Midco's Estimated Liabilities: $1 million to $10 million The petitions were signed by Archit Shah as chief financial officer of iCoreConnect and treasurer of iCore Midco. The Debtors did not submit the required lists of their 20 largest unsecured creditors when filing the petitions. Full-text copies of the petition are available for free on PacerMonitor at: https://www.pacermonitor.com/view/7LMHOMQ/iCoreConnect_Inc__flmbke-25-03390__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/7RRMAMQ/iCore_Midco_Inc__flmbke-25-03391__0001.0.pdf?mcid=tGE4TAMA IMMERSIVE ART: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------ On June 2, 2025, Immersive Art Space LP filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. 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 Immersive Art Space LP 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. Immersive Art Space LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10977) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors are represented by Karen M. Grivner, Esq. at CLARK HILL PLC. IMPACT CHURCH: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Impact Church of Houston 16310 Chimney Rock Rd Houston, TX 77053-4213 Business Description: Impact Church of Houston is a non- denominational Christian church based in Houston, Texas. It offers in-person Sunday services and online Bible studies. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-33180 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Russell Van Beustring, Esq. RUSSELL VAN BEUSTRING, P.C. 5110 Waterbeck St Fulshear TX 77441-4100 Tel: (713) 973-6650 E-mail: russell@beustring.com Total Assets: $3,535,841 Total Liabilities: $902,573 The petition was signed by Douglas Wray, Jr. as pastor/president. The Debtor submitted a list of its 20 largest unsecured creditors, but the entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EFC5NZQ/Impact_Church_of_Houston__txsbke-25-33180__0001.0.pdf?mcid=tGE4TAMA IVANTI SOFTWARE: Palmer Square Marks $3MM 2L Loan at 57% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. (PSBD) has marked its $3,000,000 loan extended to Ivanti Software, Inc. to market at $1,292,340 or 43% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a Second Lien Senior Secured Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 11.82% (S + 7.25%) per annum. The loan matures on December 1, 2028. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Ivanti Software, Inc. Ivanti is an information technology (IT) and software company headquartered in South Jordan, Utah. It produces software for IT Security, IT Service Management, IT Asset Management, Unified Endpoint Management, Identity Management and supply chain management. IVANTI SOFTWARE: Palmer Square Marks $8.7MM 1L Loan at 28% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $8,740,305 loan extended to Ivanti Software, Inc. to market at $6,317,623 or 72% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 8.82% (S + CSA + 4.25%) per annum. The loan matures on December 1, 2027. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Ivanti Software, Inc. Ivanti is an information technology (IT) and software company headquartered in South Jordan, Utah. It produces software for IT Security, IT Service Management, IT Asset Management, Unified Endpoint Management, Identity Management and supply chain management. IVANTI SOFTWARE: Palmer Square Marks $960,000 1L Loan at 29% Off ---------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $960,000 loan extended to Ivanti Software, Inc. to market at $685,502 or 71% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 8.55% (S + CSA + 4.00%) per annum. The loan matures on December 1, 2027. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Ivanti Software, Inc. Ivanti is an information technology (IT) and software company headquartered in South Jordan, Utah. It produces software for IT Security, IT Service Management, IT Asset Management, Unified Endpoint Management, Identity Management and supply chain management. JGA DEVELOPMENT: To Sell Jersey Property to Titan Investment ------------------------------------------------------------ JGA Development, LLC, seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property located at 276 3rd Street, Jersey City, NJ 07302, free and clear of liens, interests, and encumbrances. The Real Property is a 4-unit residential real estate parcel, currently uninhabitable and requiring rehabilitation. The Debtor operates a real estate development company. The Debtor's core business operations consist of acquiring distressed properties, improving them, and reselling them. The Debtor's financial distress is rooted in the economic side-effects of the COVID19 pandemic – construction and material costs significantly increased from original projections and the timeframe to complete jobs significantly increased as well. The Debtor wants to sell the Property to Titan Investment Group, LLC (or Kevin Mohr, principal, or a to-be-formed LLC, Corporation or Trust) in the purchase price of $1,900,000. The realty commission will be 6%, to be split between seller’s realtor and buyer's realtor. The Property is subject secured debt in favor of Residential Investment Trust IV, which is secured by a Mortgage and Assignment of Rents, Leases, and Rights. About JGA Development, LLC JGA Development, LLC, a real estate investment and development company in Vineland, N.J., filed Chapter 11 petition (Bankr. D.N.J. Case No. 24-16864) on July 9, 2024. At the time of the filing, the Debtor disclosed $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg, Jr. oversees the case. The Debtor tapped the Law Offices of Daniel Reinganum as bankruptcy counsel and Michele Zelina, Esq., as special counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. JONES REAL: Paul Levine of Emery Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Paul Levine, Esq., at Emery Greisler, LLC as Subchapter V trustee for Jones Real Estate Properties, LLC. Mr. Levine will be paid an hourly fee of $470 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Levine 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. Levine, Esq. Emery Greisler, LLC 677 Broadway, 8th Floor Albany, New York 12207 Tel: (518) 433-8800 x313 | Email: plevine@lemerygreisler.com About Jones Real Estate Properties Jones Real Estate Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30378) on May 12, 2025, listing under $1 million in both assets and liabilities. Judge Wendy A. Kinsella oversees the case. Peter A. Orville, Esq., at Orville & McDonald Law PC serves as the Debtor's counsel. JUAN M MARTINEZ: Hires HomeSmart Encore as Real Estate Broker ------------------------------------------------------------- Juan M Martinez LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ HomeSmart Encore Las Vegas as real estate broker. The firm will market and sell the Debtor's real property located at 7590 Rancho Destino Road, Las Vegas, NV. The firm will be paid a commission of 5 percent of the sales price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert J. Sluys HomeSmart Encore Las Vegas 6630 Arroyo Springs Dr #1200 Las Vegas, NV 89113 Tel: (702) 575-2821 Email: goranrealtor@gmail.com About Juan M Martinez LLC Juan M. Martinez LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Debtor holds an equitable interest in the property located at 7590 Rancho Destino Rd, valued at $1.31 million. Juan M Martinez LLC in Aurora, IL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Nev. Case No. 25-11217) on March 5, 2025, listing $1,320,000 in assets and $1,097,385 in liabilities. Richard Costello as manager/member, signed the petition. DAVID WINTERTON & ASSOCIATES, LTD. serve as the Debtor's legal counsel. KAST MEDIA: Gets Chapter 11 Plan Confirmation, Taps New CEO ----------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that a California bankruptcy court has approved Kast Media’s Chapter 11 reorganization plan, which received support from around 85% of its creditors. The podcast network also announced on Tuesday, June 3, 2025, that it has named a new CEO. 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. LAFORTUNE REAL: Hires E. Christopher Amos as Bankruptcy Counsel --------------------------------------------------------------- LaFortune Real Estate Development, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Law Office of E. Christopher Amos, P.C. as counsel. The firm will provide these services: a. prepare and file all necessary bankruptcy pleadings on behalf of the Debtor; b. negotiate with creditors; c. represent Debtor to adversary and other proceedings in connection with the bankruptcy; d. prepare Debtor's disclosure statement and plan of reorganization; and e. provide any other matters related to the bankruptcy and the Debtor's reorganization. The firm will be paid at the rate of $300 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Amos disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: E. Christopher Amos, Esq. Law Office of E. Christopher Amos, P.C. 1014 W. 36th St. Ste. 507 Baltimore, MD 21211 Tel: (240) 676-6813 Email: echrisamos@gmail.com About LaFortune Real Estate Development, LLC LaFortune Real Estate Development LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.D.C. Case No. 24-00420) on December 10, 2024, disclosing under $1 million in both assets and liabilities. The Debtor is represented by LAW OFFICE OF E. CHRISTOPHER AMOS, P.C. LIFESCAN GLOBAL: Palmer Square Marks $3.7MM 1L Loan at 36% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $3,774,532 loan extended to Lifescan Global Corporation to market at $2,434,573 or 64% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Lifescan Global Corporation. The loan accrues interest at a rate of 10.92% (S + CSA + 6.50%) per annum. The loan matures on December 31, 2026. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Lifescan Global Corporation LifeScan Global Corporation is a provider of blood glucose monitoring systems for home and hospital use. LIKELIHOOD LLC: Gets Final OK to Use Cash Collateral ---------------------------------------------------- Likelihood, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of Washington to use cash collateral. The final order authorized the company's use of cash collateral until Aug. 29 pursuant to its budget. As protection, secured lenders including KeyBank, National Association and CFT Clear Finance Technology Corp. were granted replacement liens on all post-petition collateral and proceeds thereof, with the same priority as their pre-bankruptcy liens. As additional protection, Likelihood was ordered to pay $1,280 per week to KeyBank and $250 per week to CFT. The $5,000 budget for professional fees will be held in Bush Kornfeld, LLP's trust account pending further court order. About Likelihood LLC Likelihood, LLC is a retail company in Seattle, Wash., specializing in footwear, apparel, accessories, and home goods. Some of its products include Maison Mihara Yasuhiro, Black Comme des Garcons, Converse, Martine Rose, Crystal Haze, Reebok, and Teddy Vonranson. Likelihood filed Chapter 11 petition (Bankr. E.D. Wash. Case No. 25-00202) on January 31, 2025, listing total assets of $382,721 and total liabilities of $5,058,663. Jason Wax, Esq., at Bush Kornfeld, LLP is the Debtor's legal counsel. KeyBank, National Association, as secured lender, is represented by: Michael M. Sperry, Esq. 575 S. Michigan Street Seattle, WA 98108 Phone: 206-381-0133 michaels@shweetlaw.com LODGING ENTERPRISES: Plan Exclusivity Period Extended to Sept. 23 ----------------------------------------------------------------- Judge Dale Somers of the U.S. Bankruptcy Court for the District of Kansas extended Lodging Enterprises, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 23 and November 19, 2025, respectively. In a court filing, the Debtor contends that good grounds exist for approval of an extension of exclusivity in order to maintain a framework conducive to an orderly, efficient and cost-effective resolution of this case on a consensual basis. Debtor submits that it has not engaged in any pattern of delay in this case and is not seeking this extension as a negotiating tactic to impede the conclusion of the case or leverage creditors with an unreasonable plan of reorganization. The Debtor has shown good faith progress towards a successful conclusion to this case. Pursuant to the settlement achieved with Lender and establishment of a purposeful process to implement the portfolio sale, Debtor has achieved substantial progress towards a consensual resolution of the bankruptcy case. Thus, Debtor is not engaging in any delay, let alone unreasonable delay. Further, Debtor has addressed and, to some extent, continues to address various issues. Debtor has successfully engaged with its major creditor constituencies (i.e. the Lender and the Committee) in establishing a firm basis for post-petition business operations through consensual budgets and corresponding authorization for the use of cash collateral. In particular, the Court entered a consensual order for ongoing use of cash collateral through December 31, 2025 and Debtor continues to pay its postpetition obligations. Lodging Enterprises, LLC is represented by: Jonathan Margolies, Esq. SEIGFREID & BINGHAM, P.C. 2323 Grand Boulevard Suite 1000 Kansas City, MO 64108 Tel: (816) 265-4195 Fax: (816) 474-3447 Email: jmargolies@sb-kc.com - and - Timothy A. ("Tad") Davidson II, Esq. Brandon Bell, Esq. Kaleb Bailey, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Phone: (713) 220-4200 Email: taddavidson@HuntonAK.com bbell@HuntonAK.com kbailey@HuntonAK.com - and - Jason W. Harbour, Esq. HUNTON ANDREWS KURTH LLP Riverfront Plaza, East Tower 951 East Byrd Street Richmond, Virginia 23219 Phone: (804) 788-8200 Email: jharbour@HuntonAK.com About Lodging Enterprises Founded in 1984, Lodging Enterprises, LLC, a company in Wichita, Kansas, offers a full suite of crew accommodations, specializing in 24-hour food, lodging and hospitality services. A large segment of the company's clientele are composed of railroad, and other transportation-industry workers for whom it is essential that lodging is available. The company owns and operates 44 Wyndham branded hotels and 27 restaurants located in 23 states across the country. Lodging Enterprises filed a Chapter 11 petition (Bankr. D. Kan. Case No. 24-40423) on June 26, 2024, with $100 million to $500 million in both assets and liabilities. Jonathan Margolies, Esq., at SEIGFREID & BINGHAM, P.C., is the Debtor's counsel. LOGMELN INC: Palmer Square Marks $4 Million 1L Loan at 53% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $4,099,806 loan extended to LogMeIn, Inc. to market at $1,926,909 or 47% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to LogMeIn, Inc. The loan accrues interest at a rate of 9.19% (S + CSA + 4.75%) per annum. The loan matures on April 28, 2028. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About LogMeIn, Inc. LogMeIn Inc is a flexible-work provider of software as a service and loud-based remote work tools for collaboration and IT management. LSR TANGLEWOOD: Amends Comal County & TXN Bank Secured Claims Pay ----------------------------------------------------------------- LSR Tanglewood, LLC and LSR Canyon, LLC submitted an Amended Disclosure Statement describing Amended Joint Plan of Reorganization dated May 12, 2025. The Debtors' income and expenses are projected to be stable going forward, with normal adjustments for inflation going forward. The income to make the payments required under the Joint Plan will come from Rocky Reagan. The Class 1 claims consist of the secured claims of Comal County Tax Assessor/Collector. Comal County filed its Proof of Claim on November 4, 2024 in the amount of $11,018.38. The Debtor scheduled Comal County with a secured claim in the amount of $11,018.38. The claim of Comal County is secured by the Debtor's real property, 2682 Colleen Dr, Canyon Lake, TX. The allowed claim of Comal County will be paid in full through equal monthly payments of principal and interest (12%) over a term of 5 years, beginning on the first day of the month following the effective date of the Plan, in the amount of $245.10 each. The Class 1 claim is unimpaired under the Debtor's Amended Joint Plan of Reorganization. The Class 2 claim consists of the secured claim of TXN Bank. TXN timely filed a claim in this case on January 9, 2025 in the amount of $346,771.83. The Debtor scheduled the claim of TXN in the amount of $347,000.00. The claim is secured by the real property and improvements with a combined value far exceeding the amount of the debt. The allowed claim of TXN will be paid in full pursuant to the terms of the Agreed Order Granting TX Bank's Motion for Relief From Stay Against Property Per to Section 362(d) of the Bankruptcy Code and Local Rule 4001 and For Adequate Protection. The Class 2 claim is impaired. The Joint Plan is feasible as a result of the income being generated by the Debtors from the contribution of Rocky Reagan. The income is projected to be sufficient to service the debts of the Debtors for the foreseeable future. The feasibility of the Debtors' Joint Plan is effected by the values and interest rates set by the Court. A full-text copy of the Amended Disclosure Statement dated May 12, 2025 is available at https://urlcurt.com/u?l=dTsrK6 from PacerMonitor.com at no charge. Counsel to the Debtors: William R. Davis Jr., Esq. Langley & Banack, Inc. 745 E. Mulberry, Suite 700 San Antonio, TX 78212 Telephone: (210) 736-6600 Facsimile: (210) 735-6889 Email: wrdavis@langleybanack.com About LSR Tanglewood LSR Tanglewood, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52213) on Nov. 1, 2024, listing $100,001 to $500,000 in both assets and liabilities. Brad Odell, Esq., at Mullin Hoard & Brown, LLP, serves as Subchapter V trustee. Judge Craig A Gargotta presides over the case. William R. Davis, Jr., Esq., at Langley & Banack, Inc., is the Debtor's legal counsel. LV OPPORTUNITY: Seeks to Hire Michael J Harker as Counsel --------------------------------------------------------- LV Opportunity Zone LLC, Series 5 seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ The Law Offices of Michael J Harker as counsel. The firm's services include: a. advising the Debtor of the rights and remedies of the estate with respect to its assets and with respect to the secured, priority and general claims of creditors; b. advising and representing the Debtor in connection with financial and business matters, including the sale of any assets; c. advising and representing the Debtor in connection with the investigation of potential causes of action against persons or entities, including, avoidance actions and the litigation thereof if warranted; d. representing the Debtor in any proceeding or hearing in the bankruptcy court, and in any action in other courts in which the rights of the estate may be litigated or affected; e. conducting examinations of witnesses, claimants, or adverse parties, and preparing reports and legal documents; f. advising and representing the Debtor in the negotiation, formulation, and drafting of any plan of reorganization and disclosure statement; g. advising and representing the Debtor in the performance of its duties and exercise of its powers under U.S. bankruptcy laws and the U.S. Trustee Guidelines; and h. providing other necessary legal services in connection with the Debtor's Chapter 11 case. The firm will be paid at these rates: Attorneys $425 per hour Associates $275 per hour Paraprofessionals $175 per hour In addition, the firm will be reimbursed for its out-of-pocket expenses. The retainer fee is $7,500. Michael Harker, Esq., a partner at The Law Offices of Michael J. Harker, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael J. Harker, Esq. The Law Offices of Michael J. Harker 2901 El Camino Ave., Suite 200 Las Vegas, NV 89101 Tel: (702) 248-3000 Email: Mharker@harkerlawfirm.com About LV Opportunity Zone LLC, Series 5 LV Opportunity Zone LLC, Series 5 filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 22-14100) on Nov. 16, 2022, with as much as $1 million in both assets and liabilities. Judge Mike K. Nakagawa oversees the case. The Debtor is represented by Steven L. Yarmy, Esq., a practicing attorney in Las Vegas. MAGENTA SECURITY: Palmer Square Marks $1.1MM 1L Loan at 48% Off --------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $1,171,843 loan extended to Magenta Security Holdings LLC to market at $608,187 or 52% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.55% (S +CSA + 7.00% incl. 6.25% PIK) per annum. The loan matures on July 27, 2028. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Magenta Security Holdings LLC Magenta Security Holdings LLC operates as a holdings company that was formed to hold a substantial portion of the overall Magenta Buyer LLC's collateral. MAGENTA SECURITY: Palmer Square Marks $6.1MM 1L Loan at 71% Off --------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $6,173,849 loan extended to Magenta Security Holdings LLC to market at $1,769,826 or 29% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.30% (S +CSA + 7.00% incl. 5.50% PIK) per annum. The loan matures on July 27, 2028. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Magenta Security Holdings LLC Magenta Security Holdings LLC operates as a holdings company that was formed to hold a substantial portion of the overall Magenta Buyer LLC's collateral. MARATHON DEVELOPMENT: Seeks to Extend Plan Exclusivity to June 16 ----------------------------------------------------------------- Marathon Development Partners, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 16 and August 14, 2025, respectively. The Debtor is a real estate development business and owns seven investment real properties located in Monroe County, Florida (the "Properties"). The Debtor has secured an agreement which would provide the Debtor with the capital needed to pay off the property taxes owed to Monroe County in full, the first position mortgage holder in full, and the principal balance of $750,000.00 to its second position mortgage holder. In this case, "cause" exists for extending the exclusivity and solicitation periods, as follows: * This case is moderately complex due to the number of creditors, amounts owed to creditors, and the uniqueness of securing funding for a debtor in possession with no current cash flow. * Additional time is necessary for the Court to hear the Debtor's Motion to Dismiss. * There exists good faith progress toward payment in full to all creditors. * The Debtor has made substantial progress in obtaining funding to pay its creditors in full. * This case has only been pending for approximately four months. * The Debtor is not seeking an extension of exclusivity in order to pressure creditors to submit to the Debtor's reorganization demands. Rather, the Debtor requires the additional time for the Court to allow for a voluntary dismissal of the case in order for it to secure the funding it requires to pay its creditors in full. * Unresolved contingencies exist. Marathon Development Partners LLC is represented by: Christian Somodevilla, Esq. LSS Law 2 South Biscayne Boulevard, Suite 2200 Miami, FL 33131 Telephone: (305) 894-6163 Facsimile: (305) 503-9447 Email: cs@lss.law About Marathon Development Partners LLC Marathon Development Partners LLC operates as a real estate development company based in Marathon, Florida. Marathon Development Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10467) on January 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. Christian Somodevilla, Esq., at LSS Law serves as the Debtor's counsel. MARINE WHOLESALE: Court Rules on Claim Objection Phase III Issues ----------------------------------------------------------------- Judge Sheri Bluebond of the United States Bankruptcy Court for the Central District of California entered an order resolving Phase III issues in the March 26, 2025 scheduling order in the litigation with respect to objection to Claim No. 5-1 in the bankruptcy case of Marine Wholesale & Warehouse Co. The Debtor continues to insist that it was not then and is not now liable for any taxes on the tobacco products in question. On May 14, 2025, the Court conducted a hearing on the following Phase III issues: 1. Whether 26 U.S.C. Sec. 5761(c) can itself be the basis for the imposition of tax liability (as distinguished from liability for the payment of a penalty) or whether this section only creates liability for the payment of penalties; 2. Whether a TTB Form 5220.4 qualifies as a "return" within the meaning of 26 U.S.C. Sec. 6501; and 3. Whether a tax assessment be sustained on any applicable basis even if that basis is not set forth in the assessment, or whether an assessment must specify the correct code section(s) that is/are the basis for the tax liability in order for an assessment to be valid. The Court rules as follows: 1. 26 U.S.C. Sec. 5761(c) does not itself provide an independent basis for the imposition of tax liability, but rather relates to the imposition of penalties; 2. TTB Form 5220.4 does not qualify as a "return" within the meaning of 26 U.S.C. Sec. 6501 and therefore will not trigger the running of the applicable statute of limitations; and 3. A tax assessment may be sustained on any applicable basis, whether or not the specific basis is set forth in the assessment, so long as the assessment otherwise complies with the relevant rules and regulations. The Court finds that any liability that the Debtor may have for excise taxes on tobacco products must arise from a code section other than section 5761(c). According to the Court, the reports submitted by Debtor does not purport to be a tax return, and it does not contain all the information necessary for the Alcohol and Tobacco Tax and Trade Bureau to calculate the Debtor's tax liability. Judge Bluebond explains, "The Debtor did not submit these reports for the purpose or with the intent of submitting a tax return. The form is primarily used for inventory tracking and does not provide the comprehensive financial information required for tax assessment purposes. The form does not require the Debtor to identify outstanding tax liability and does not reflect any calculation of taxes. It does not put the TTB on notice that taxes were going to be or should have been assessed." The Court also finds the applicable rules and regulations do not require the TTB to specify a particular code section in the assessment, nor do they render an assessment invalid if it cites an incorrect code section. As long as the assessment identifies the taxpayer, the type of tax or penalty assessed, the taxable period, and the amount of the assessment, it is valid. Therefore, if the TTB can demonstrate that the Debtor should be held liable for the taxes that it assessed under any code section, the assessment can be upheld, even if the TTB specified the wrong code section or sections in its assessments, the Court concludes. A copy of the Court's decision dated May 27, 2025, is available at https://urlcurt.com/u?l=XLGcxc from PacerMonitor.com. About Marine Wholesale and Warehouse Co. Marine Wholesale and Warehouse Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-13785) on July 12, 2022. In the petition signed by Jennifer Hartry, vice president and secretary, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Sheri Bluebond oversees the case. David R. Haberbush, Esq., at Haberbush, LLP is the Debtor's counsel. MISTER CHIMNEY: Taps Law Offices of Ryan C. Wood as Counsel ----------------------------------------------------------- Mister Chimney Cleaning and Repairs, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ the Law Offices of Ryan C. Wood, Inc. to handle its Chapter 11 bankruptcy case. The firm will be compensated at $450 per hour and will be reimbursed for out-of-pocket expenses incurred. Ryan Wood, Esq., a partner at the Law Offices of Ryan C. Wood, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ryan C. Wood, Esq. Law Offices of Ryan C. Wood, Inc. 611 Veterans Blvd. Ste. 218 Redwood City, CA 94063 Tel: (650) 366-4858 Fax: (650) 366-4875 Email: Ryan@WestCoastBK.com About Mister Chimney Cleaning and Repairs, Inc. Mister Chimney Cleaning and Repairs, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30283) on April 10, 2025. In the petition signed by Martin Nava-Mendoza, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Dennis Montali oversees the case. Ryan C. Wood, Esq., at Law Offices of Ryan C. Wood, Inc., represents the Debtor as legal counsel. NATURE COAST: Reaches Settlement Agreement; Files Amended Plan -------------------------------------------------------------- Nature Coast Development Group, LLC, submitted a First Amended Plan of Reorganization and Disclosure Statement dated May 13, 2025. This Plan implements a thorough, conclusive mediated global settlement reached among the Debtor, Seacoast, and the Surety. On May 13, 2025, the Parties executed a Final Mediated Settlement Agreement (the "Settlement Agreement") resolving all pending litigation in state and federal court, and all claims between and amongst the parties. Under the Plan: * The Surety will contribute $2,750,000.00 to a segregated escrow account. * The Debtor will contribute $2,900,000.00 to a separate escrow at a title company. * From these combined funds, Seacoast will receive a lump sum of $5,650,000.00. * All liens, guarantees, and litigation will be released and dismissed. * Administrative expenses, including professional fees, will be paid in full as a condition to effectiveness. Class 1 consists of the Priority Claims against the Debtor. On the Effective Date, holders of Allowed Class 1 Priority Claims will receive payment in full, with interest at the rate of six percent or the applicable statutory rate (whichever is higher) in equal quarterly installments beginning 30 days after the Effective Date and concluding no later than 2 years after the Effective Date. Class 2 consists of Seacoast National Bank Secured Claims. Seacoast shall receive a single, lump-sum cash payment of $5,650,000.00 on the Plan Effective Date but in no event later than July 31, 2025 (the "Seacoast Payment"). The Seacoast Payment shall be made from the proceeds of settlement contributions made by or on behalf of (i) U.S. Specialty (from the Surety Escrow) and (ii) the Debtor (from the Nature Coast Escrow). Upon receipt of the Seacoast Payment, Seacoast shall: * execute and deliver any documents necessary to cancel or release all mortgages, liens, pledges, guarantees, assignments, security interests, and claims made or assertable regarding the subject of the Foreclosure Action or the Project held against the Debtor, Villasis, and each of the guarantors; * File a notice of satisfaction of claim in the Official Records of Gilchrist County and withdrawal of its proof of claim(s) and lis pendens; * Be deemed fully satisfied for all purposes of the Plan and Bankruptcy Code with respect to all claims made the subject of the Foreclosure Action, with no further rights to participate in plan distributions; and * Within five business days after the later of (i) the occurrence of the confirmed Plan Effective Date, and (ii) Seacoast's timely receipt referenced $5,650,000.00 payment, the Foreclosure Action shall be dismissed with prejudice. Class 3 consists of the Claims of Holders of Unsecured Claims. To the extent funds remain after payment of administrative expenses and the Seacoast payment, holders of allowed general unsecured claims will receive a pro rata distribution. Class 3 is an Impaired Class and Holders of Class 3 Claims are entitled to vote to accept or reject the Plan. Upon the Effective Date or as soon thereafter as practicable, all litigation between the Parties shall be dismissed with prejudice. The Seacoast Payment shall be made on the Effective Date by payment of $5,650,000.00. The Plan shall not become Effective unless and until all allowed administrative expenses have been paid in full and the Seacoast Payment has been made in full. A full-text copy of the First Amended Plan dated May 13, 2025 is available at https://urlcurt.com/u?l=vdYApu from PacerMonitor.com at no charge. Counsel to the Debtor: Michael H. Moody, Esq. Michael H. Moody Law, P.A. 1350 Market Street, Ste. 224 Tallahassee, FL 32312 Telephone: (850) 739-6970 Facsimile: (850) 739-6970 Email: Michael.Moody@MichaelHMoodyLaw.com About Nature Coast Development Group Nature Coast Development Group, LLC is the owner of four parcels of real property in Gilchrest County, Florida. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-10201) on Oct. 7, 2024. In the petition signed by Marites Padot, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Michael H. Moody Law, PA, serves as the Debtor's counsel. NEW GREATER: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------- On May 31, 2025, New Greater Generation Family Funeral Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About New Greater Generation Family Funeral Group LLC 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. New Greater Generation Family Funeral Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32027) on May 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors are represented by Marilyn D. Garner, Esq. at LAW OFFICE OF MARILYN D. GARNER. NORTH AMERICAN: Hires Joyce W. Lindauer as Bankruptcy Counsel ------------------------------------------------------------- North American Sealing Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Joyce W. Lindauer Attorney, PLLC to handle its Chapter 11 case. The firm will be paid at these rates: Joyce W. Lindauer $595 per hour Laurance Boyd $295 per hour Paralegals $125 to $250 per hour The firm received from the Debtor a retainer of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer Attorney, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503 4033 Fax: (972) 503-4034 About North American Sealing Solutions, LLC North American Sealing Solutions, LLC is a manufacturer based in Fort Worth, Texas, specializing in sealing products and machined components for industries like oil and gas. Founded in 2010 by Tom Oswald, the Company produces items such as O-rings, seals, rubber products, and rebuild kits. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41374) on April 18, 2025. In the petition signed by Thomas Oswald, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Edward L. Morris oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as bankruptcy counsel. OMRAADHI LLC: Hires Keller Williams as Real Estate Broker --------------------------------------------------------- Omraadhi, LLC d/b/a Econo Lodge Inn & Suites seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Keller Williams City View as real estate broker. The firm will market and sell the Debtor's hotel known as the Econo Lodge Inn & Suites located at 2755 N. Panam Express Way, San Antonio, Texas 78208. The firm will be paid a commission of 4 percent of the sale price of the property, to be discounted to 3 percent if the buyer is not represented by another broker. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph H. Sloan III Keller Williams City View 15510 Vance Jackson Road Suite 101 San Antonio, TX 78249 Tel: (201) 849-2175 Email: Rav@SinghCommercialGroup.com About Omraadhi, LLC d/b/a Econo Lodge Inn & Suites Omraadhi, LLC owns and operates the Econo Lodge Inn & Suites in San Antonio, Texas, offering affordable lodging accommodations and rental services for travelers visiting the city. Omraadhi sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50704) on March 1, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. ORACLES CAPITAL: Hires Auction Advisors LLC as Broker ----------------------------------------------------- Oracles Capital Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Auction Advisors LLC as broker. The firm will market and sell these assets: Asset Category Description / Location Brand Intellectual Property Tre Sorelle (Primaterra, Quattro Mani, La Maialin Brand Intellectual Property Lido Limone Brand Intellectual Property VERDAY Brand Intellectual Property ASM Whiskey Brand Intellectual Property Assorted IP Investment Chapel Gate Irish Whiskey Investment Oracles Imports, LLC (Federal Basic Import Permit Real Assets Wine Inventory Real Assets VERDAY Inventory Real Assets Lido Limone Inventory The firm will be paid as follows: (a) With respect to the Wine Assets, the Auctioneer Fee shall be equal to the greater of (i) $25,000, and (ii) 10% of the gross sale proceeds realized upon the sale of the Wine Assets; provided, however, the Auctioneer Fee shall be capped (as set forth in the following sentence of this paragraph 5(a) in the event a sale is to any of the three pre-identified buyers or an entity under common ownership and control therewith (the "Stalking Horse Wine Buyer"), AND such sale is pursuant to a firm agreement (a "Stalking Horse Wine Agreement") entered into either (a) on or before the Court approves this Agreement, or (b) no less than 5 business days before the auction. In the case of (a), the Auctioneer Fee shall be capped at $10,000 plus 15% of any raise beyond the purchase price set forth in the Stalking Horse Wine Agreement; and in the case of (b), the Auctioneer Fee shall be capped at $20,000 plus 15% of any raise beyond the purchase price set forth in the Stalking Horse Wine Agreement. (b) With respect to the Lido Limone Assets, the Auctioneer Fee shall be equal to the greater of (i) $10,000, and (ii) 15% of the gross sale proceeds realized upon the sale of the Lido Limone Assets; provided, however, the Auctioneer Fee shall be capped in the event a sale is to any buyer pursuant to a firm agreement (a "Stalking Horse Lido Limone Agreement") entered into either on or before the Court approves this Agreement, at $5,000 plus 15% of any raise beyond the purchase price set forth in the Stalking Horse Lido Limone Agreement. (c) With respect to the Other Assets, the Auctioneer Fee shall be equal to the greater of (i) $10,000, and (ii) 15% of the gross sale proceeds realized upon the sale of the Other Assets. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Auction Advisors LLC 1350 Avenue of Americas, 2nd Floor New York, NY 10019 Tel: (800) 862-4348 About Oracles Capital Inc. Oracles Capital Inc., through Oracles Craft Brands, imports, distributes, and supplies beer, wine, and distilled spirits across the United States. The Company owns a portfolio of brands and supports its distribution partners with a national sales team to strengthen market presence and brand longevity. Oracles Capital Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10870) on May 11, 2025. In its petition, the Debtor reports total assets of $1,254,476 and total liabilities of $245,221. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors are represented by Ronald S. Gellert, Esq. at GELLERT SEITZ BUSENKELL & BROWN, LLC. ORACLES CAPITAL: Jeffrey Schwendeman Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Jeffrey Schwendeman of RPA Advisors, LLC as Subchapter V trustee for Oracles Capital, Inc. Mr. Schwendeman will charge $425 per hour for his services as Subchapter V trustee and will seek reimbursement for work-related expenses incurred. Mr. Schwendeman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeffrey Schwendeman RPA Advisors, LLC 45 Eisenhower Drive Paramus, NJ 07652 (201) 527-6661 Email: jschwendeman@rpaadvisors.com About Oracles Capital Inc. Oracles Capital Inc., through Oracles Craft Brands, imports, distributes, and supplies beer, wine, and distilled spirits across the United States. The Company owns a portfolio of brands and supports its distribution partners with a national sales team to strengthen market presence and brand longevity. Oracles Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10870) on May 11, 2025. In its petition, the Debtor reports total assets of $1,254,476 and total liabilities of $245,221. Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown, LLC. ORCHID MERGER: Palmer Square Marks $3.7 Million 1L Loan at 39% Off ------------------------------------------------------------------ Palmer Square Capital BDC Inc. (PSBD) has marked its $3,764,419 loan extended to Orchid Merger Sub II, LLC to market at $2,289,256 or 61% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Orchid Merger Sub II, LLC. The loan accrues interest at a rate of 9.21% (S + 4.75%) per annum. The loan matures on July 27, 2027. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Orchid Merger Sub II, LLC Orchid Merger Sub II LLC provides information technology services. PACKERS HOLDINGS: S&P Upgrades ICR to 'CCC', Outlook Negative ------------------------------------------------------------- S&P Global Ratings raised our issuer credit rating on Packers Holdings LLC (dba Fortrex) to 'CCC' from 'CCC-' and removed it from CreditWatch. S&P said, "Concurrently, we revised our recovery rating to '4' from '3' because of reduced recovery prospects for its first-lien debt following its December 2024 restructuring that increased priority and secured debt claims. The '4' recovery rating indicates our expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of a default." The negative outlook reflects the risk the company could default on its debt or pursue a restructuring in the coming 12 months if its turnaround efforts do not gain significant traction. Fortrex continues to grapple with a slow-moving turnaround following the fallout of its department of labor violations, and S&P does not believe its current levels of profitability can sustain its capital structure in the long term. S&P said, "However, we do not foresee a default or distressed exchange occurring within the next six months based on its liquidity position. "Our rating reflects the risk of a default or distressed debt exchange within the next 12 months amid weak liquidity and looming revolver maturity. The company has moved past an amplified first quarter free operating cash flow (FOCF) burn of $35 million, which was elevated by one-time costs including rebranding, debt-restructuring, and legal fees. Still, we project it will continue burning about $20 million of free cash flow through the remainder of the year, despite utilizing its option to pay interest in-kind (PIK) rather than in cash for the first-lien incremental and sidecar facilities. We think its liquidity position will be insufficient to absorb its March 2026 revolver maturity if it faces difficulty securing an extension, which is a risk we view as material based on current market sentiment reflected in debt trading levels. "Fortrex's liquidity at the end of the first quarter of 2025 consisted of about $29.7 million of cash on hand and $25 million of availability under its accounts receivable (AR) facility. Its $54 million revolver is fully utilized with issued letters of credit and about $12 million drawn. We believe its roughly $55 million of liquidity provides sufficient cushion to avoid a shortfall at least over the next six months. "We expect recent struggling performance will continue through 2025, as Fortrex finishes off its turnaround. The company is still grappling with the fallout from its late-2022 department of labor violations, which led to a prolonged period of contract losses. Revenue declined for the three- and 12-month periods ended March 31, 2025, by 12.1% and by 12.6%, respectively, compared to the same periods the previous year. To partially reclaim the lost revenue, Fortrex has been aggressively pursuing opportunities to add new business, with some success. These new wins could help the company reach an inflection point and return to growth, but each new plant will have upfront costs such as surveying new locations, hiring and training, and the transportation and housing of temporary out-of-area employees. With those high initial costs weighing on profitability, we project still-limited S&P Global Ratings adjusted EBITDA margin of about 7.7% for 2025. Although this reflects a 200 basis points (bps) margin improvement from 2024, it falls well short of the company's historical mid teens percent margins prior to the contract losses. We believe it is imperative for the company to make further strides in profitability to begin generating positive free operating cash flow (FOCF) again. "The negative outlook reflects our expectation for weak performance, continued cash flow deficits, and its weak liquidity position with looming revolver maturity. These could lead to refinancing challenges and increased risk of a distressed exchange or default. "We could lower our ratings on Fortrex if we anticipate a heightened risk for a distressed debt restructuring or payment default over the next six months. "We could raise our ratings if Fortrex is able to address the revolver maturity and demonstrates improvement in its operating performance such that we view a distressed restructuring or payment default as less likely to occur within the next 12 months. For this to occur, we would expect revenue and profitability growth toward historical levels, leading to sustained improvement in EBITDA margins and FOCF." PARAGON MOVING: Steven Nosek Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for Paragon Moving & Storage Inc. Mr. Nosek will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.com About Paragon Moving & Storage Inc. Paragon Moving & Storage Inc. offers residential, commercial, and international moving services, along with designer logistics and storage solutions. Founded in 1989, the company operates a 55,000-square-foot, temperature-controlled warehouse in the Twin Cities area, providing secure storage for military and civilian clients. Paragon partners with Wheaton World Wide Moving for interstate and global relocations. Paragon sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41513) on May 12, 2025. In its petition, the Debtor reported total assets of $267,899 and total liabilities of $1,022,870. The Debtor is represented by Jeffrey Butwinick, Esq., at Butwinick Law Office. PERATON CORP: Palmer Square Marks $2.8MM 2L Loan at 24% Off ----------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $2,898,876 loan extended to Peraton Corp. to market at $2,201,349 or 76% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a Second Lien Senior Secured Loan to Peraton Corp. The loan accrues interest at a rate of 12.18% (S + 7.75%) per annum. The loan matures on February 26, 2029. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Peraton Corp. Peraton Corp., headquartered in Reston, Virginia, is a provider of communications networks and systems, enterprise IT and mission support for federal agencies. The company is owned by Veritas Capital. PIVOT OPERATIONS: Court OKs Deal to Use CCB's Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Idaho approved a stipulation between PIVOT Operations, LLC and Citizens Community Bank regarding the use of cash collateral. Under the stipulation, CCB agrees to the Debtor's use of cash collateral (income generated from the use of secured assets) under the following conditions: 1. The Debtor must deposit all cash collateral into a segregated trust account and keep it separate from other funds. 2. Cash collateral may only be used for ordinary and necessary business expenses. 3. The Debtor must make monthly adequate protection payments equal to pre-petition loan payments, starting the first of each month. These will be applied toward principal, interest, and fees under existing loan terms. 4. CCB retains a lien on all pre-bankruptcy and post-petition income from collateral, including business proceeds, contract payments, and any future income tied to the secured assets. Prior to its Chapter 11 filing, the Debtor received two loans from CCB: Loan 0917 for $500,000 and Loan 0805 for $200,000. Both loans are secured by liens on nearly all of the Debtor's business assets, including equipment, inventory, accounts, and general intangibles. The Debtor's total debt to CCB as of May 9 is $333,581 for Loan 0917 and $97,570 for Loan 0805, with interest and legal fees continuing to accrue. The Debtor waives any right to dispute the validity or enforceability of these obligations unless modified by a confirmed bankruptcy plan. A copy of the stipulation is available at https://urlcurt.com/u?l=CNMY3s from PacerMonitor.com. About PIVOT Operations PIVOT Operations, LLC filed Chapter 11 petition (Bankr. D. Idaho Case No. 25-00331) on May 7, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Joseph Savola, manager of PIVOT Operations, signed the petition. Judge Whitman L. Holt oversees the case. Matthew Christensen, Esq., at Johnson May, represents the Debtor as legal counsel. PLASKOLITE PPC: S&P Raises ICR to 'CCC+' Then Withdraws Rating -------------------------------------------------------------- S&P Global Ratings removed all its ratings on Plaskolite PPC Intermediate II LLC, including its issuer-credit rating, from CreditWatch, where S&P placed them with developing implications on Feb. 7, 2025. At the same time, S&P raised its issuer credit rating on the company to 'CCC+'. The outlook is stable. S&P subsequently withdrew all its ratings on the company at its request. The CreditWatch removal and ratings upgrade on Plaskolite followed the company's refinancing of its capital structure. S&P said, "The stable outlook reflects our view that the company's credit metrics will remain in the highly leveraged range as demand for its products remains tepid across the next 12 months. With the extended debt maturity, we do not expect a liquidity crisis occurring over the next 12 months, however we continue to view the company's capital structure as unsustainable." S&P withdrew all its ratings on the company at the issuer's request. POOLE FUNERAL: Hires RMR Legal PLLC as Legal Counsel ---------------------------------------------------- Poole Funeral Home Real Estate, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ RMR Legal PLLC as counsel. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; b. advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e. preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. representing the Debtors in connection with obtaining authority to continue using cash collateral and postpetition financing; g. advising the Debtors in connection with any potential sale of assets; h. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; i. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and j. performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors' assets; and (iii) advising the Debtors on corporate and litigation matters. The firm will be paid at these rates: The firm will be paid at these rates: Partners $275 per hour Paraprofessionals $125 per hour The Debtors paid the firm a retainer of $35,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Roman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Roy Michael Roman, Esq. RMR Legal PLLC 70 N. Ocoee Street Cleveland, TN 37311 Tel: (423) 528-8484 E-mail: Roymichael@rmrlegal.com About Poole Funeral Home Real Estate, LLC Poole Funeral Home Real Estate, LLC operates Poole Funeral Homes at Woodstock, a locally owned funeral facility in North Georgia. The Company offers burial, cremation, veteran, green burial, and personalization services, along with caskets and urns. It emphasizes community-focused service, positioning itself as an alternative to corporately owned funeral providers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11197) on May 12, 2025. In the petition signed by Brian K. Poole, CEO, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. Roy Michael Roman, Esq., at RMR Legal PLLC, represents the Debtor as bankruptcy counsel. POTTSVILLE OPERATIONS: Seeks to Extend Plan Exclusivity to July 18 ------------------------------------------------------------------ The Care Pavilion Debtors, affiliates of Pottsville Operations, LLC, asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 18 and September 16, 2025, respectively. The requested extension of Exclusive Periods by this Motion is the second such extension requested in the Care Pavilion Cases. The Debtors have been in Chapter 11 for less than six months and are making good faith efforts to advance the bankruptcy case in a manner that will maximize the return for the estate. The Debtors explain that they have been focused on resolving any objections to the Sale, gaining approval of the Sale, and obtaining financing to fund the Debtors' operations through the Closing. Now the Debtors are focused on Closing the Sale by June 1, 2025, and attending to the tasks required by the OTAs. The Debtors' requested extension of the Exclusive Periods will allow the Debtors to close the Sale and then turn its attention towards a chapter 11 plan. Additionally, the Care Pavilion Debtors and other interested parties, including the Care Pavilion Committee, are still in the process of discussing the terms of a chapter 11 plan and need additional time to work out the details. Extending the Exclusive Periods will benefit creditors by avoiding the drain on estate assets attendant to a competing chapter 11 plan. The Debtors claim that they have been working to pay undisputed post-petition bills and are current on payments to the U.S. Trustee on account of quarterly fees. Moreover, the Debtors have sufficient liquidity in accordance with the recently filed budget to meet those post-petition obligations. Thus, the requested extension of the Exclusive Periods will not jeopardize the rights of creditors and other parties who do business with the Debtors during the Chapter 11 Case. The Debtors' Counsel: Elizabeth A. Green, Esq. Andrew V. Layden, Esq. BAKER & HOSTETLER LLP SunTrust Center, Suite 2300 200 South Orange Avenue Orlando, Florida 32801-3432 Tel: (407) 540-7920 Fax: (407) 841-0168 E-mail: egreen@bakerlaw.com E-mail: alayden@bakerlaw.com The Debtors' Local Counsel: Daniel R. Schimizzi, Esq. Mark A. Lindsay, Esq. Harry A. Readshaw, Esq. Jordan N. Kelly, Esq. Sarah E. Wenrich, Esq. RAINES FELDMAN LITTRELL, LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 Tel: 412-899-6474 E-mail: dschimizzi@raineslaw.com mlindsay@raineslaw.com hreadshaw@raineslaw.com jkelly@raineslaw.com swenrich@raineslaw.com About Pottsville Operations Pottsville Operations LLC and its affiliates own and operates six skilled nursing facilities in Pennsylvania. Collectively, Pottsville has 925 beds across the six facilities, and 759 residents currently at the Facilities as of the Petition Date. Pottsville acquired the facilities in May of 2021. Pottsville Operations and its 10 affiliates sought relief under sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition signed by Neil Luria, as chief restructuring officer, Pottsville reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Jeffery A Deller handles the cases. The Debtors tapped Baker & Hostetler, LLP as general bankruptcy counsel; and RAaines Feldman Littrell, LLP as local counsel. SOLIC Capital Advisors LLC is serving as financial advisor, and Solic's Neil Luria has been tapped as CRO of the Debtors. Stretto, Inc. is the claims agent. Margaret Barajas is the patient care ombudsman appointed in the Debtors' cases. PRETIUM PKG: Palmer Square Marks $2-Mil. 2L Loan at 77% Off ----------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $2,000,000 loan extended to Pretium PKG Holdings, Inc. to market at $467,750 or 23% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a Second Lien Senior Secured Loan to Pretium PKG Holdings, Inc. The loan accrues interest at a rate of 11.31% (S + 6.75%) per annum. The loan matures on September 30, 2029. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Pretium PKG Holdings, Inc. Pretium PKG Holdings, Inc. is a manufacturer of rigid plastic containers for variety of end markets, including food and beverage, chemicals, healthcare, wellness and personal care. Pretium PKG Holdings, Inc. is a portfolio company of Clearlake since January 2020. PRETIUM PKG: Palmer Square Marks $5.6MM 1L Loan at 42% Off ---------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $5,610,492 loan extended to Pretium PKG Holdings, Inc. to market at $3,234,224 or 58% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Pretium PKG Holdings, Inc. The loan accrues interest at a rate of 8.19% (S +CSA + 4.60% incl. 0.70% PIK) per annum. The loan matures on October 2, 2028. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Pretium PKG Holdings, Inc. Pretium PKG Holdings, Inc. is a manufacturer of rigid plastic containers for variety of end markets, including food and beverage, chemicals, healthcare, wellness and personal care. Pretium PKG Holdings, Inc. is a portfolio company of Clearlake since January 2020. PROPERTY ADVOCATES: Updates Unsecured Claims Pay Details -------------------------------------------------------- The Property Advocates, P.A., submitted a Fourth Amended Disclosure Statement in connection with the Fourth Amended Plan of Reorganization dated May 14, 2025. Soon after filing for relief under Chapter 11, the Debtor moved to reject two real property leases and two parking arrangements. As part of the Debtor's restructuring, it has closed those two offices in Tampa and Orlando. This resulted in significant long-term savings for the Debtor on lease expenses, which would be otherwise unavailable outside of chapter 11. After filing for relief under Chapter 11, the Debtor has continued its operations in the ordinary course of business. From operations, Debtor has increased its cash reserves to $4,689,426.74. Debtor anticipates continued revenues from its existing case load and accounts receivable. The Debtor is operating under a final cash collateral order. The Plan provides for the liquidation of the Debtor and the orderly payment of Allowed Claims. This Plan proposes an orderly liquidation of the Debtor. Post confirmation, the Debtor will continue to operate, working through its current case load and any new cases which the Debtor obtains post-confirmation. The Plan provides for treatment of all Allowed Claims. Importantly, the Plan provides for the appointment of a Litigation Agent, who will be responsible for litigating all remaining issues including those related to Strems and the Debtor's insiders. These recoveries, if any, will be for the benefit of the Estate. Class VIII consists of the unsecured claim of JP Morgan Chase Bank, N.A. Chase is the lender to Debtor for a loan to Debtor under the Paycheck Protection Program ("PPP") and in the amount of $1,219,750.00. The Small Business Administration (the "SBA") has made an initial determination that the Debtor is ineligible for loan forgiveness at this time. Debtor has appealed that determination, which is ongoing. Debtor shall continue the appeal process with the Office of Hearings and Appeals and will file an objection to the claim. Debtor believes with the proper paperwork submitted, the loan will be forgiven. If the loan is forgiven and/or the objection sustained, this Class shall be paid nothing. To the extent all or a part of this claim is ineligible for forgiveness or the objection is overruled, that ineligible portion shall be paid in full on the 1st day of the quarter beginning subsequent to either the later of the (a) the Effective Date, (b) the date upon which the Claim is determined to be an Allowed Claim, or (c) the date a full and final determination is made on forgiveness. Class IX consists of Allowed Unsecured Claims. All holders of other Allowed Unsecured Claims shall receive on account of such Claims 100% of the amount due. Such amounts shall be payable in full to each holder due on the 1st day of the quarter beginning subsequent to either the later of the (a) sixty days after the Effective Date, or (b) the date upon which the Claim is determined to be an Allowed Claim. This Class is unimpaired. Class X consists of the equity interests of Patterson and Narchet, who each individually hold 50% of the outstanding common stock of the Debtor, or 6000 shares each. This Class also consists of the subordinated claim of Strems, which is to be treated on par with holders of common stock. Patterson and Narchet shall subordinate their right to any distribution of any Eventual Equity Distributions to the claim of Strems, but shall share in equal portions any Eventual Equity Distributions if and only if the Allowed Subordinated Interest of Strems is paid in full. All shares, by whomever held, whether treasury or other unoutstanding shares of the Debtor, if any, shall be cancelled and extinguished. Strems shall not be entitled to any common stock of the Debtor but will instead receive, in full satisfaction of his Subordinated Interest, all Eventual Equity Distributions. No Eventual Equity Distributions shall be made until (a) all payments are made in full to all holders of Allowed Claims in Classes I-IX, and (b) the Litigation Agent has completed all his or her investigation, litigation, and/or claims objections in his her or her scope and all such funds have been collected, if any, after deducting for the compensation, costs, and expenses of the Litigation Agent. This Plan proposes an orderly liquidation of the Debtor. Post Confirmation but prior to the Effective Date, the Debtor will cease to operate, except as necessary to meet its ethical obligations to maintain its current cases as such cases are assigned to other law firms or the firm and its attorneys have legally withdrawn. The Debtor anticipates this will take no more than ninety days during which time the Debtor will pay only those expenses necessary to fulfill its ethical obligations, including without limitation the salaries and compensations structures for the personnel already in place at the time of Confirmation. A full-text copy of the Fourth Amended Disclosure Statement dated May 14, 2025 is available at https://urlcurt.com/u?l=0rNJN3 from PacerMonitor.com at no charge. Attorneys for the Debtor: Michael A. Nardella, Esq. Frank Wolff, Esq. Paul N. Mascia, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd., Suite 300 Orlando, FL 32801 Tel: (407) 966-2680 E-mail: mnardella@nardellalaw.com fwolff@nardellalaw.com pmascia@nardellalaw.com klynch@nardellalaw.com About The Property Advocates The Property Advocates, P.A., is a law firm specializing in Florida first-party property insurance issues. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-16797-RAM) on Aug. 25, 2023. In the petition signed by Hunter Patterson, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Robert A. Mark oversees the case. Paul N. Mascia, Esq., at Nardella & Nardella, PLLC, is the Debtor's legal counsel. PURDUE PHARMA: Accord Asks Supreme Court to Toss Oxy IP Dispute --------------------------------------------------------------- Adam Lidgett of Law360 reports that Accord Healthcare Inc. is calling on the U.S. Supreme Court to reject Purdue Pharma LP's effort to reinstate a patent dispute aimed at stopping the release of a competing "crush-resistant" generic painkiller, arguing that the bankrupt OxyContin maker should not be allowed to proceed with the case. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. PVKG INVESTMENT: Palmer Square Marks $1.7MM 1L Loan at 34% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $1,737,165 loan extended to PVKG Investment Holdings Inc. to market at $1,142,186 or 66% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to PVKG Investment Holdings Inc. The loan accrues interest at a rate of 10.07% (S + 5.75%) per annum. The loan matures on June 4, 2030. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About PVKG Investment Holdings Inc. PVKG Intermediate Holdings Inc. operates as an investment holding company. The Company serves clients in the United States. RE4 GEORGIA: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: RE4 Georgia, LLC 6595 Roswell Rd Ste G PMB 4150 Atlanta GA 30328 Business Description: RE4 Georgia, LLC leases residential, commercial, and self-storage properties, operating primarily as a property lessor in the real estate sector. Chapter 11 Petition Date: June 2, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-56171 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 Email: wrountree@rlkglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Luis Pailles as authorized representative. The Debtor submitted a list of its 20 largest unsecured creditors, but no names were included in the filing. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2TCOJFQ/RE4_Georgia_LLC__ganbke-25-56171__0001.0.pdf?mcid=tGE4TAMA RED RIVER: J&J Renews Bid to Bar Beasley Allen From NJ Talc Suits ----------------------------------------------------------------- George Woolston of Law360 reports that Johnson & Johnson has filed an objection to a New Jersey talc claimant's bid to admit two attorneys from Beasley Allen on a pro hac vice basis, arguing their conduct in the talc unit's, Red River Talc LLC, bankruptcy case justifies denial of the motion. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REDSTONE HOLDCO: Palmer Square Marks $4.8MM 1L Loan at 46% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $4,892,258 loan extended to Redstone Holdco 2 LP to market at $2,665,131 or 54% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Redstone Holdco 2 LP. The loan accrues interest at a rate of 9.30% (S + CSA + 4.75%) per annum. The loan matures on April 14, 2028. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Redstone Holdco 2 LP Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of the buyout of the RSA Security business from Dell Inc. RELIABLE HEALTHCARE: Available Cash & Capital Infusion to Fund Plan ------------------------------------------------------------------- Reliable Healthcare Logistics, LLC (the "Debtor" or "RHL"), and Trusted Partner Pharma Logistics, LLC ("TPPL") filed with the U.S. Bankruptcy Court for the Western District of Tennessee a Joint Disclosure Statement describing Competing Plans of Reorganization dated May 12, 2025. RHL, a Delaware corporation, is engaged in providing third party logistics services to customers in the healthcare industry, including, but not limited to manufacturers and distributors of pharmaceuticals and durable healthcare supplies and equipment. RHL's headquarters are based in Memphis, Tennessee and it operates its business at five warehouses located in Sugarland, Texas, Boca Raton, Florida, Pompano Beach Florida and Lockbourne, Ohio and Dayton, New Jersey. As a third-party logistics provider, RHL warehouses its customer's inventory and fills orders to its customer's customers. TPPL is fully funded and has enough liquid assets to clear most of the creditors as listed, and its principals have 15 years' experience operating generic pharmaceutical 3PLs. TPPL has $4,000,000.00 funds available for payments under the TPPL Plan and will provide such proof at hearing on confirmation. All funds are currently in an account under the name of TPPL. Since the filing of the case, the Debtor has sold certain equipment located at 750 NW 33rd St., Pompano Beach, Florida and abandoned certain personal property at its former warehouse locations in San Antonio, Texas and Reno, Nevada. Class 10 consists of all allowed General Unsecured Non-Priority Claims who have not been provided for in another class, including, but not limited to, pre-petition trade creditors, unsecured creditors whose claims are listed in the Debtor's schedules but are not listed as disputed, contingent, or unliquidated and unsecured creditors who have filed proofs of claim for which no objections have been filed. Class 10 claims aggregate approximately $9,804,301.54. The Debtor reserves the right to object to any claim. Class 10 creditors, along with allowed Class 6, 7, and 8 claims, shall receive quarterly pro rata payments from the Debtor's net cash flow and/or sale of assets. Such payments will commence the first quarter following satisfaction of rent arrearages owed to Classes 1 through 4 and after ongoing rent arrearage payments to Class 5. Such quarterly payments shall continue for the earlier of (a) 84 months following the Effective Date or (b) until the aggregate payments to Classes 6, 7, 8 and 10 equals $3.500,000. Class 10 is impaired. Class 11 consists of the interests of Reliable Healthcare Logistics Investments, LLC, the sole member of the Debtor. Reliable Healthcare Logistics Investments, LLC's pre-petition membership interest shall be extinguished on the Effective Date. Reliable Healthcare Logistics Investments, LLC shall contribute new capital to the reorganized Debtor in the amount of $500,000 in exchange for one hundred percent of the membership interest in the reorganized Debtor. The capital contribution shall be paid in twelve equal monthly installments of $ 41,667 until such amount has been paid in full. On the Effective Date, the Debtor shall continue to operate its business. Mike Kattawar, Jr. shall remain as President and Chief Executive Officer of the Reorganized Debtor. The Debtor shall make payments to each class of creditors to the extent required under the Debtor's Plan out of its existing cash, future Cash Flow, and capital infusions, if any, made to Debtor by a third party as necessary to satisfy Debtor's Plan payments. The Debtor shall retain the right to market and sell the assets of the Reorganized Debtor during the term of the Debtor's Plan. If the Debtor liquidates the remaining assets of the business, the net proceeds of sale shall be distributed in accordance with the Debtor's Plan. TPPL's Plan will pay all classes within less than a year. The TPPL Plan will implement the TPPL Plan and all equity shares will be cancelled and upon Entry of Order of Confirmation TPPL will become sole shareholder and responsible for TPPL Plan and its provisions. TPPL will fund the company with TPPL acting as management under the confirmed TPPL Plan. TPPL will provide proof at the confirmation hearing of the available funds needed for confirmation and payments. TPPL is investor-backed, with over $3 million in the company bank account, healthcare focused and can move the company forward with Troy Blodgett, who has over 20 years' experience in pharmaceutical 3PL work, and Ben Maizel with over 40 years' experience in pharmaceutical manufacturing, wholesaling and 3PL distribution. A full-text copy of the Joint Disclosure Statement dated May 12, 2025 is available at https://urlcurt.com/u?l=KK7DfG from PacerMonitor.com at no charge. Reliable Healthcare Logistics is represented by: Michael P. Coury, Esq. Ricky L. Hutchens, Esq. GLANKLER BROWN, PLLC Suite 400, 6000 Poplar Avenue Memphis, TN 38119 Tel: (901) 576-1886 Email: mcoury@glankler.com Attorney for TPPL: LAW OFFICE OF TONI CAMPBELL PARKER Toni Campbell Parker, Esq. 45 North Third, Ste. 201 MEMPHIS, TENNESSEE 38103 Phone: (901) 483-1020 Email: tparker002@att.net About Reliable Healthcare Logistics Reliable Healthcare Logistics, LLC is an independent 3PL recognized for developing cost effective, innovative supply chain solutions for complex logistics requirements in regulated industries. With over 650,000 total square feet, its 9 Reliable facility locations are dedicated to the secure and proper storage of pharmaceutical products, including prescription and over-the counter-medications, as well as providing services for medical device manufactures, cosmetics, human and animal health and wellness companies. The company is based in Memphis, Tenn. Reliable Healthcare Logistics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. 24-20252) on Jan. 19, 2024, with $1 million to $10 million in both assets and liabilities. Mike Kattawar, Sr., chief strategic officer, signed the petition. Judge Jennie D. Latta oversees the case. Michael P. Coury, Esq., at Glankler Brown, PLLC, is the Debtor's legal counsel. REMEMBER ME: Hires Pioneer Consulting as Financial Consultant ------------------------------------------------------------- Remember Me Senior Care, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Pioneer Consulting, LLC as financial consultant. The firm will provide bookkeeping and accounting services related to the operations of the Debtors. The firm will be paid $5,000 per month. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michelle Holcombe Pioneer Consulting, LLC 651 East 4th Street, Suite 604 Chattanooga, TN 37403 Tel: (423) 777-5519 About Remember Me Senior Care, LLC Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by: Jeffrey W. Maddux, Esq. Chambliss, Bahner & Stophel P.C. Liberty Tower 605 Chestnut Street, Ste. 1700 Chattanooga, TN 37450 Tel: (423) 757-0296 Fax: (423) 508-1296 Email: jmaddux@chamblisslaw.com RENE'S TRUCKING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Rene's Trucking, Inc. 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 allows the Debtor to use cash collateral from May 29 until the final hearing scheduled for June 25 if it maintains a cash and receivables balance of not less than $17,700 as of the petition date. As protection, secured lenders with liens on cash and receivables will receive replacement liens of the same type and with the same priority as their pre-bankruptcy liens. The Debtor was ordered to make a monthly payment of $675 to Wells Fargo/U.S. Small Business Administration until confirmation of its Chapter 11 plan. The deadline for filing objections to the Debtor's use of cash collateral is on June 23. Formed in 2007, the Debtor transports fuel in the Houston area and is managed by its sole owner, Jose Martinez. The Debtor operates three trucks and employs three W-2 drivers. Its revenue declined significantly during the COVID-19 pandemic, prompting it to take out several loans, including a $190,000 SBA loan through Wells Fargo (secured by all assets), a $500,000 Economic Injury Disaster Loan (secured by a second lien), and a $25,000 SBA Disaster Loan (unsecured). Recent flood damage and the loss of a key customer further destabilized its financial position, leading to the bankruptcy filing on May 26, 2025. About Rene's Trucking Inc. Rene's Trucking, Inc. transports fuel in the Houston, Texas area. Rene's Trucking filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-32881) on May 26, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Jose Eduardo Martinez, president and manager, signed the petition. Lloyd A. Lim, Esq., at Kean Miller LLP, represents the Debtor as legal counsel. RITE AID: Chapter 11 Filing Doesn't Block Plan Appeal, Md. Says --------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that the state of Maryland is contesting Rite Aid's effort to apply the automatic stay from its second Chapter 11 case to block the state's appeal of a confirmed plan from the earlier bankruptcy, arguing that the appeal is fully briefed and poses no risk to the debtor. About Rite Aid Corp. Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's pharmacy benefits and services company, consists of accredited mail and specialty pharmacies, prescription discount programs and an industry leading adjudication platform to offer superior member experience and cost savings. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs more than 6,100 pharmacists and operates more than 2,100 retail pharmacy locations across 17 states. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In the petition signed by Jeffrey S. Stein, chief executive officer and chief restructuring officer, Rite Aid disclosed $7,650,418,000 in total assets and $8,597,866,000 in total liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Cole Schotz, P.C., as local bankruptcy counsel, Guggenheim Partners as investment banker, Alvarez & Marsal North America, LLC as financial, tax and restructuring advisor, and Kroll Restructuring Administration as claims and noticing agent. 2nd Attempt Rite Aid Corp. and subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-14861) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Michael B. Kaplan oversees the case. The Debtor is represented by Michael D. Sirota, Esq., Warren A. Usatine, Esq., Felice R. Yudkin, Esq., and Seth Van Aalten, Esq. at COLE SCHOTZ P.C. and Andrew N. Rosenberg, Esq., Alice Belisle Eaton, Esq., Christopher Hopkins, Esq., and Sean A. Mitchell, Esq. at PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP. Advisors to the Company include Paul, Weiss, Rifkind, Wharton & Garrison LLP (legal), Guggenheim Securities, LLC (investment banking), Alvarez & Marsal (financial), and Joele Frank, Wilkinson Brimmer Katcher (strategic communications). A&G REALTY PARTNERS, LLC is the Debtor's Real Estate Advisory Services Provider and KROLL RESTRUCTURING ADMINISTRATION LLC as Claims & Noticing Agent. RIVER ROCK: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to River Rock Entertainment Authority. At the same time, S&P assigned its 'B-' issue-level rating to River Rock Entertainment Authority's (RREA) senior secured credit facility. S&P said, "The stable outlook reflects our view that the Authority has adequate funding in place to complete the expansion of its casino. Our outlook also reflects our expectation that the casino will open on time and on budget and ramp up successfully to generate sufficient cash flow to cover debt service by the end of its interest reserve period. "The 'B-' issuer credit rating reflects the highly competitive nature of the northern California gaming market, the risks in ramping up a new development, and the potential for additional competition over the long term. RREA currently operates a sprung structure casino with approximately 900 slots, 11 tables, and minimal amenities. It plans to rebrand its existing River Rock casino to a Caesars Republic and expand its current casino located in Sonoma County with the addition of 150 slot machines, 17 tables, a 100 key hotel, and new amenities to enhance the property's quality and appeal to a better customer demographic. We anticipate the expanded casino will draw visitors from the broader northern California region, a highly competitive and saturated gaming market, when including Sacramento. RREA plans to begin construction on the permanent facility in the third quarter of 2025. We do not expect existing operations will be disrupted during construction, and the opening of new facilities will likely increase gaming capacity and EBITDA once completed." There are 20 casinos within an approximate three-hour drive of River Rock, creating significant competitive pressures on the property. Furthermore, there are additional planned casinos and expansions, which could increase competition over the longer term. In particular, the U.S. Department of the Interior recently approved the Koi Nation's proposal to build a casino in Santa Rosa and the Scotts Valley's request to place land into federal trust for gaming purposes. However, these projects face high legal and regulatory hurdles before they can be built. The Koi Nation's project faces legal challenges from the Dry Creek Rancheria Band of Pomo Indians, neighboring tribes, the state of California, Sonoma County, and the town of Windsor; also, the U.S. Department of the Interior temporarily rescinded its gaming eligibility determination for the Scotts Valley project. S&P does not expect the construction of either project to be completed during our forecast period. S&P said, "Despite significant competition, we expect the new development will benefit from improved asset quality and the Caesars brand partnership. While there are many casinos within a few hours' drive, we believe RREA's expanded property will be able to compete effectively through its partnership with Caesars, which has a substantial member database and brand recognition that will help promote visitation and revenue. Upon opening, the casino will be branded under the Caesars Republic banner and join the Caesars Rewards network, which has a sizable number of active players within a 150-mile radius of the property. RREA currently only has one direct branded competitor (Hard Rock Sacramento, an approximate 2.5-hour drive from River Rock). We expect the expanded casino will be higher quality relative to most of its peers, which in addition to the new hotel, will position the property as an attractive destination for wealthy customers who are visiting wine country. We expect the casino will draw an increased number of its customers from the San Francisco Bay and San Jose areas compared to the local customers the existing casino has traditionally served. Compared to the Sacramento area, the San Francisco Bay area is less saturated, with fewer gaming positions per 1,000 adults. "The 'B-' issuer credit rating also reflects construction and development risks associated with the expansion project. We believe construction and development risks, and risks associated with ramping up operations and cash flow generation can strain liquidity. In addition, the Authority will pay an annual priority distribution to the tribe, various expenses related to gaming and surveillance fees, and a monthly development fee to Caesars, which could further pressure liquidity during construction. However, in our view, liquidity risk during the construction period is somewhat mitigated by a guaranteed maximum price contract on 100% of the project's hard costs, funded contingencies representing approximately 22% of hard costs (which is line with other gaming projects), and modest cash flow generated by the current casino's operations. While there is a funded interest reserve for the full construction period, we expect it will only cover five months of interest after the projected opening; this creates a short timeline to ramp up cash flow from operations to cover interest expense and mandatory term loan amortization." This could pressure liquidity because the casino operates in a highly competitive market and will also have to allocate resources to marketing and promotions to ramp-up operations. In addition, reliance on a single asset to service its debt heightens event risks such as severe weather and exposes it to regional economic weakness. Nevertheless, S&P believes Caesars' experience in developing and managing tribal casinos and its ability to leverage its sizeable database to market Caesars Republic to its existing customers will support the ramp-up period and allow the casino to generate sufficient cash flow to cover debt service needs once the interest reserve is depleted. RREA's highly leveraged financial risk profile reflects our expectation for very high leverage during the construction period and through the expansion's opening in 2027. S&P said, "In our base-case forecast, we expect S&P Global Ratings-adjusted leverage will be around 30x in 2025 and increase further in 2026 as RREA begins drawing on its $180 million delayed draw term loan. We anticipate leverage will remain very high through the first half of 2027 as RREA completes construction of the permanent casino and fully utilizes its $180 million delayed draw term loan over that time. We subtract management fees and priority tribal distributions from S&P Global Ratings-adjusted EBITDA because we view these as operating expenses. We expect that as the permanent casino opens and operations ramp up, RREA will be able to reduce leverage through incremental EBITDA and debt reduction from mandatory amortization and a required excess cash flow sweep. We forecast leverage will improve to around 8.5x-9.0x by the end of 2027. We anticipate leverage could potentially improve to under 5x in 2028 as RREA benefits from a full year of its expansion." S&P said, "The stable outlook reflects our view that RREA has adequate funding in place to complete the expansion of its casino. Our outlook also reflects our expectation that the casino will open on time and on budget and ramp up successfully to generate sufficient cash flow to cover debt service by the end of its interest reserve period. "We would consider lowering the rating if construction delays or other unexpected events lead to a deterioration in liquidity. We could also lower the rating if operating performance, upon opening the expansion, is weaker than expected such that the Authority is unable to cover its fixed charges. "We are unlikely to raise our rating until after the casino has opened and is able to meet our operating performance expectations. We could raise the rating if leverage is sustained under 5x, and EBITDA interest coverage is greater than 2x." ROCKET COS: S&P Assigns 'BB' Long-Term ICR, Outlook Positive ------------------------------------------------------------ On June 3, 2025, S&P Global Ratings assigned its long-term 'BB' issuer credit rating to Rocket Cos. Inc. (Rocket)--in line with its rating on the company's indirect subsidiary Rocket Mortgage LLC and the group credit profile. S&P also assigned 'BB' issue-level ratings and '3' recovery ratings to Rocket's planned issuances of senior notes due in 2030 and 2033. The outlook on the issuer credit rating is positive, reflecting the potential benefits the Mr. Cooper acquisition could bring to Rocket's diversification, market position, earnings, and stability. Rocket plans to issue $4 billion of senior unsecured notes to refinance the debt of Mr. Cooper when it closes its acquisition of that company. S&P said, "Our ratings on Rocket and its planned senior notes issuance are at the same level as the company's 'bb' group credit profile and our existing 'BB' rating on its indirect subsidiary Rocket Mortgage." Rocket plans to issue $4 billion of senior unsecured notes--including $2 billion each due in 2030 and 2033. The company will use the proceeds to refinance the senior debt of Mr. Cooper (B/Watch Pos/--) when it closes its acquisition of that company. Following the new issuances, Rocket will have senior debt outstanding at both the parent (Rocket Cos.) and Rocket Mortgage. S&P views the issuances as having equivalent creditworthiness, partly since Rocket Cos. and Rocket Mortgage will cross-guarantee the debt. Rocket expects to close the acquisition in the fourth quarter of this year. Until then, it will hold the proceeds of the offering as cash and liquid assets. If the deal fails to close, Rocket will repay the new issuance of notes at par with accrued interest. S&P said, "The positive outlook on our ratings on Rocket reflects our view that the acquisition has the potential to significantly improve its diversification, market position, earnings, and stability. We think the acquisition will reduce Rocket's dependence on origination volumes, particularly for refinancings, likely leading to greater stability in its revenue and EBITDA." The acquisition announcement came three weeks after Rocket said it would acquire Redfin (not rated), a digital real estate broker, as it aims to play a larger role in the end-to-end process of buying and selling homes. The Mr. Cooper acquisition would accelerate that strategy, increasing Rocket's servicing clients to almost 10 million, accounting for about one out of every six mortgages in the U.S. S&P said, "We also placed our ratings on Mr. Cooper and its debt on CreditWatch with positive implications on April 1, shortly after the acquisition was announced. "Rocket's EBITDA improved in 2024 from previous years, and we expect it to strengthen further. As we calculate on a stand-alone basis, Rocket's EBITDA improved in 2024 to almost $1 billion from cyclically low levels in 2022 and 2023, though still well below the more than $6 billion it generated in 2021. The EBITDA increase benefited its debt-to-EBITDA ratio--which we measure on a weighted average basis of 3x-4x--and we think leverage will likely to improve further." The positive outlooks on Rocket and Rocket Mortgage reflect the potential benefits the Mr. Cooper acquisition could bring to the group's diversification, market position, earnings, and stability. S&P could revise the outlooks back to stable if Rocket: -- Is unable to complete the acquisition of Mr. Cooper; -- Faces significant integration challenges; -- Manages its balance sheet less conservatively, for instance if balance-sheet leverage rises above 1.25x or liquidity deteriorates; or -- Reports a meaningful increase in debt to EBITDA, perhaps due to weaker industry conditions or a rise in debt. S&P could raise the ratings in the next two years if Rocket: -- Successfully integrates Mr. Cooper without significant operational or financial challenges and achieves the $500 million in expense and revenue synergies it has forecast for 2026 and 2027; -- Reduces its debt to EBITDA (as we calculate it) to comfortably below 4x on a sustained basis, perhaps due to a combination of financial benefits from the acquisition and improved industry conditions; and -- Maintains conservative balance sheet metrics with robust liquidity and net debt (excluding funding debt) to tangible equity of 1.1x or lower. ROCKRIDGE2016 LLC: Hires Pope Law Firm as Legal Counsel ------------------------------------------------------- Rockridge2016 LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Pope Law Firm as legal counsel. The firm's services include: a. providing analysis of the financial situation, and rendering advice and assistance to the Debtor; advising the Debtor with respect to its duties as a debtor; b. preparing and filing of all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers; c. representing the Debtor at the first meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; d. representing the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; e. preparing and filing of a Chapter 11 Plan of Reorganization; and f. assisting the Debtor in any matters relating to or arising out of the captioned case. The firm will be paid at the rate of $400 per hour. The firm received $16,730 from Fercan Kalkan on April 14, 2025 as initial retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. James Q, Pope, Esq., a partner at Pope 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 at: James Q, Pope Pope Law Firm 6161 Savoy Drive, Suite 1125 Houston, TX 77036 Tel: (713) 449-4481 About Rockridge2016 LLC Rockridge2016, LLC owns and operates Rockridge Place Apartments located at 16818 City View Place in Houston, Texas. Rockridge2016 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.: 25-32047) on April 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by James Q. Pope, Esq. at The Pope Law Firm. RV SALES: Loses Bid to Disqualify Stearns as Trustee's Counsel -------------------------------------------------------------- Judge Peter D. Russin of the United States Bankruptcy Court for the Southern District of Florida denied the motion filed by Gigi Stetler, principal of RV Sales of Broward, Inc., to disqualify Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. as counsel for the Chapter 7 Trustee. The events giving rise to the disqualification motion trace back not only to the Debtor's and Ms. Stetler's decade-old litigation with General Electric Commercial Finance but also to the unfolding procedural history in this bankruptcy case. RV Sales filed a voluntary petition for Chapter 11 relief on Jan. 26, 2024. Less than five months later, on June 20, 2024, the case was converted to Chapter 7, and Kenneth Welt was appointed as the Chapter 7 Trustee. Shortly after conversion, on June 24, 2024, the Trustee filed an application to retain Eric Silver of Stearns Weaver as general counsel. Silver has been with the firm since 2010 and has significant experience in bankruptcy and commercial litigation. The application was served on the Debtor and Debtor's counsel, and the Court approved it the following day without a hearing. The Rule 2014 declaration submitted with the application made no reference to any prior representation of Ms. Stetler or RV Sales. On July 22, 2024, Silver filed a Supplemental Declaration acknowledging that more than 10 years earlier, the firm had represented Ms. Stetler in a dispute with GE. The matter involved a replevin action through which GE seized RV Sales' entire inventory, including consigned units. Stearns Weaver, through attorneys Bonnie Navin and Paul Regensdorf, represented the Debtor and Ms. Stetler in that litigation and an ensuing arbitration concerning title issues and enforcement of an alleged settlement agreement. Silver disclosed that both Navin and Regensdorf had long since left the firm and that no current attorneys had participated in or had access to those prior engagements. He concluded that the earlier representation did not impair the firm's disinterestedness. On Jan. 16, 2025 -- more than six months after the supplemental disclosure -- Ms. Stetler filed the Motion to Disqualify. She argued that the firm had acquired confidential information about her business structure and financial practices in connection with the GE litigation and was now using that information against her. At a subsequent hearing on Feb. 13, 2025, she reiterated these concerns. She described the corporate separation between RV Sales and Broward RV Rentals as one that had been advised by Stearns Weaver. She argued that the Trustee's legal theory -- that she had improperly diverted estate proceeds -- relied on confidential insights originally shared with the firm more than a decade ago. She offered no specific documents to support this assertion but claimed that she had voiced her concerns about a conflict both formally and informally from the outset, including communications with the U.S. Trustee. She further alleged that Mr. Silver had misrepresented material facts to the Court and that the firm's failure to disclose its prior relationship in the original Rule 2014 disclosure -- despite eventually correcting it -- had irreparably compromised her ability to defend herself. In this case, the Court is persuaded that the two matters -- the GE litigation a decade ago and the Trustee's current efforts in this Chapter 7 case -- are not substantially related. The former involved GE's exercise of rights under a floorplan financing agreement and a replevin action targeting RV Sales' entire inventory. It was a prepetition secured creditor enforcement action resolved through arbitration and litigation. The present case, by contrast, centers on postpetition conduct -- specifically, the alleged diversion of RV sale proceeds and the Debtor's compliance with turnover obligations under the Bankruptcy Code. The factual record supporting the Trustee's claims stems from post-conversion discovery and forensic analysis of recent bank records and estate property. That the Debtor's business structure -- particularly the relationship between RV Sales and Broward RV Rentals -- is implicated in both contexts does not, by itself, make the matters substantially related, the Court notes. Similar themes or repeated factual patterns do not equate to identity of subject matter. The question is not whether the Trustee's arguments resemble those made by GE but whether confidential information acquired during the firm's prior engagement with Ms. Stetler is now being used to her detriment. The Court finds that it is not. Judge Russin concludes, "Stearns Weaver satisfies the requirements of Sec. 327(a) and is a disinterested person under Sec. 101(14). The record does not establish a substantial relationship with the prior matter under Rule 4-1.9 or demonstrate the use or risk of misuse of confidential information. The motion raised legitimate questions, but the evidentiary record tells a different story -- one of separation and independent discovery. Disqualification under these circumstances is not appropriate." A copy of the Court's decision dated May 28, 2025, is available at https://urlcurt.com/u?l=eDeUwh from PacerMonitor.com. About RV Sales of Broward RV Sales of Broward, Inc., has been in the RV sales, service and rental business since 1999. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-10741) on January 26, 2024, with $500,001 to $1 million in both assets and liabilities. Judge Peter D. Russin oversees the case. Brian S. Behar, Esq., was the Debtor's legal counsel. The case was converted to Chapter 7 on June 20, 2024. Kenneth Welt is the Chapter 7 Trustee. S.E.E.K. ARIZONA: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------ S.E.E.K. Arizona, LLC asked the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral from May 28 to June 30 to maintain operations while negotiating longer-term arrangements with National Loan Investors, L.P. and other secured creditors. The Debtor argued that without access to cash collateral, it cannot meet payroll, pay operating expenses, or continue delivering essential services such as life-saving medications. The Debtor proposed to protect secured creditors by offering adequate protection, including replacement liens on post-petition assets and detailed tracking of collateral use. S.E.E.K. Arizona owes approximately $192,000 on the NLI loan and $560,000 on a U.S. Small Business Administration Economic Injury Disaster Loan. Other secured creditors also hold collateral on specific equipment. About S.E.E.K. Arizona S.E.E.K. Arizona, LLC provides behavioral health services including Applied Behavior Analysis (ABA) and counseling for individuals of all ages. The company operates in Arizona, with its primary facility located in Mesa. Its services focus on supporting clients in developing positive behavior, emotional regulation, and communication skills. S.E.E.K. Arizona sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04625) on May 21, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by LaShawn D. Jenkins, Esq., at Jenkins Law Firm, PLLC. SAIPRASAD LLC: Hires Keller Williams as Real Estate Broker ---------------------------------------------------------- Saiprasad, LLC d/b/a Lotus Inn seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Keller Williams City View as real estate broker. The firm will market and sell the Debtor's hotel known as the Fireside Inn located at 1259 Austin Highway, San Antonio, TX 78209. The firm will be paid a commission of 4 percent of the sale price of the property, to be discounted to 3 percent if the buyer is not represented by another broker. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph H. Sloan III Keller Williams City View 15510 Vance Jackson Road Suite 101 San Antonio, TX 78249 Tel: (201) 849-2175 Email: Rav@SinghCommercialGroup.com About Saiprasad, LLC d/b/a Lotus Inn Saiprasad, LLC is a hospitality company that owns and operates the Lotus Inn (Fireside Inn), a budget-friendly motel located in San Antonio, Texas. Saiprasad LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50705) on March 31, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. SHIELDS NURSING: Court Extends Cash Collateral Access to July 11 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, Oakland Division, granted Shields Nursing Centers, Inc. authorization to continue using cash collateral through July 11. The company was authorized to use the cash collateral of its secured creditors to make payments as outlined in its projected budget. The secured creditors' liens on the cash collateral will attach to the receivables collected and to be collected between the petition date and July 11. The next hearing is scheduled for July 11. About Shields Nursing Centers Shields Nursing Centers, Inc. owns and operates a skilled nursing facility in Hercules, Calif., which offers rehabilitation programs including physical, occupational and speech therapy. Shields Nursing Centers filed its voluntary Chapter 11 petition (Bankr. N.D. Calif. Case No. 23-41201) on Sept. 20, 2023, with $1,726,970 in assets and $13,504,710 in liabilities. William M. Shields Jr., chief executive officer, signed the petition. Judge Charles Novack oversees the case. The Law Offices of Michael Jay Berger serves as the Debtor's bankruptcy counsel. SILVERROCK DEVELOPMENT: Hires Wilson Sonsini as Co-Counsel ---------------------------------------------------------- Silverrock Development Company, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Wilson Sonsini Goodrich & Rosati, P.C. as bankruptcy co-counsel. The firm's services include: a. providing legal advice and services regarding the Local Rules and substantive and strategic advice to effectuate the Debtors' goals; b. drafting, reviewing, and commenting on drafts of documents to be filed with the Court to ensure compliance with Local Rules, practices, and procedures; c. appearing in Court and at any meetings with the U.S. Trustee or meeting of creditors on behalf of the Debtors and assisting and advising the Debtors in its consultation with the other parties in interest and the U.S. Trustee relative to the administration of these chapter 11 cases; d. compiling and coordinating delivery of information to the Court and the U.S. Trustee as required by the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, and any applicable U.S. Trustee Guidelines; e. drafting, filing, and serving documents as requested by the Debtors; f. monitoring the case docket and other matters impacting the Debtors; g. participating in calls with the Debtors; h. handling inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of these chapter 11 cases; and i. performing all other services assigned by the Debtors as co-counsel to the Debtors. The firm will be paid at these rates: Partners $1,470 to $3,025 per hour Counsels $1,230 to $2,230 per hour Associates $695 to $1,470 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Erin R. Fay, Esq., a partner at Wilson Sonsini Goodrich & Rosati P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erin R. Fay, Esq. Wilson Sonsini Goodrich & Rosati P.C. 222 Delaware Avenue, Suite 800 Wilmington, DE 19801-5225 Direct: (302) 502-8404 Email: efay@wsgr.com About Silverrock Development Company, LLC SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, Esq., at Armstrong Teasdale. SINOBEC GROUP: Chapter 15 Case Summary -------------------------------------- Lead Debtor: Sinobec Group Inc. 4455 rue Cousens Montreal, Quebec H4S 1X5 Canada Business Description: The Debtors are a privately held North American suppliers of niche aluminum and related products, operating from their headquarters in St-Laurent, Quebec, with assets across Canada and the United States. They source and distribute aluminum sheets, coils, billets, ingots, extrusions, stainless steel, and other industrial components to over 600 customers in sectors such as aerospace, transportation, construction, and renewable energy. A small share of revenue comes from B2B retail distribution of sanitary ware and aluminum- based building products. Foreign Proceeding: Superior Court of Quebec (Commercial Division), District of Montreal Chapter 15 Petition Date: May 26, 2025 Court: United States Bankruptcy Court Northern District of Illinois Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Sinobec Group Inc. (Lead Case) 25-80689 Sinobec Resources LLC 25-80688 Sinometal Resources Inc. 25-80690 9184872 Canada Inc. 25-80691 Canadian Metal Service Center Inc. 25-80692 Marquis Metal Material Inc. 25-80693 Icon Best Shower and Railings USA, Inc. 25-80694 Sinobec Trading Inc. 25-80695 Icon Best Shower Enclosures and Railings Inc. 25-80696 Icon Best Product Solutions USA Inc. 25-80697 Foreign Representative: PricewaterhouseCoopers Inc. 1250, Boulevard Rene-Levesque Quest Suite 2500 Montreal, Quebec H3B 4Y1 Canada Signed by: Philippe Jordan Foreign Representative's Counsel: David A. Agay, Esq. MCDONALD HOPKINS LLC 300 N. LaSalle Street, Suite 1400 Chicago Illinois 60654 Tel: (312) 642-2217 Email: dagay@mcdonaldhopkins.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Lead Debtor's Chapter 15 is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/UN3WKNY/Sinobec_Group_Inc__ilnbke-25-80689__0001.0.pdf?mcid=tGE4TAMA SITEL GROUP: Palmer Square Marks $2.9 Million 1L Loan at 40% Off ---------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $2,976,864 loan extended to Sitel Group SA to market at $1,793,248 or 60% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Sitel Group AS. The loan accrues interest at a rate of 8.18% (S + 3.75%) per annum. The loan matures on August 28, 2028. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Sitel Group SA Sitel Group S.A, domiciled in Luxembourg but with a US-based headquarters and management team based in Miami, Florida, is a leading global provider of CX products and solutions. SITIO ROYALTIES: S&P Places 'B' ICR on CreditWatch Positive ----------------------------------------------------------- S&P Global Ratings placed all its ratings on Sitio Royalties Corp., including its 'B' issuer credit rating and 'B' issue-level rating, on CreditWatch with positive implications. On June 3, 2025, U.S.-based oil and gas mineral and royalty company Viper Energy Inc. announced a definitive agreement to acquire publicly traded royalty peer Sitio Royalties Corp. for $4.1 billion, funded with $3 billion of equity and including the assumption of $1.1 billion of debt. S&P said, "The CreditWatch positive placement reflects the likelihood we will raise our ratings on Sitio following the close of the acquisition, which we expect in the third quarter of 2025, subject to the satisfaction of customary closing conditions. "We placed all our 'B' issuer credit and debt ratings on Sitio on CreditWatch with positive implications. This reflects the likelihood we would raise our ratings on Sitio following close of the transaction to equalize them with the ratings on Viper (BBB-/Stable/--). The transaction values Sitio at $4.1 billion, including the assumption of about $1.1 billion in net debt as of March 31, 2025. We expect Viper will retire Sitio's outstanding debt at closing. "We estimate Viper is offering a 12% premium to Sitio's stock price as of close of business on June 2, 2025. Following the transaction, Viper shareholders will own 80% and Sitio's shareholders 20% of the combined entity. Viper parent Diamondback Energy (BBB/Stable/--) will hold about 41% of the pro forma company. "The transaction is subject to customary closing conditions and regulatory approvals. We expect to resolve the CreditWatch when the acquisition closes. "Given its distinctive characteristics as a mineral and royalty interest company, we rate Sitio using our Principles of Credit Ratings criteria in conjunction with our Corporate Methodology criteria. Like our approach in assessing traditional exploration and production companies, we consider Sitio's size, scale, and diversity, along with the inherent volatility of crude oil and natural gas prices, as key determinants of its business risk profile. To assess Sitio's competitive position, we incorporate the diversity and quality of operators on its acreage, ongoing motivation for operators to drill on its acreage, and our assessment of its ability to continue to acquire mineral interests at favorable costs. For more details, see our research update, published Sept. 26, 2023. "The CreditWatch positive reflects the likelihood that we will raise our ratings on Sitio to equalize them with our ratings on Viper upon close of the transaction--which we anticipate in the third quarter of 2025--and assuming the transaction is completed as proposed." SPECIALTY CARTRIDGE: Selling Stamping Machine to Grandeur Fastener ------------------------------------------------------------------ Specialty Cartridge, Inc., d/b/a Atlanta Arms, seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Arkansas Equipment, free and clear of liens, interests, and encumbrances. Debtor is engaged in the business of manufacturing ammunition and ammunition related components such as projectiles and casings, and contract ammunition loading services for other manufacturers. Certain equipment identified as a Formax 36M Stamping Machine, a Formax 36M-R Stamping Machine, and Jen Fab Hot Wash located at a contract manufacturing facility operated by Grandeur Fasteners, Inc. at 18796 East State Highway 10, Danville, AR 72833. The Pinnacle Bank asserts a security interest in and to the Formax 36M Stamping Machine and Formax 36M-R Stamping Machine. Grandeur is owed approximately $343,7641 for materials provided prior to the Petition Date. The Prepetition Debt is not contingent, unliquidated, or disputed. The Debtor asserts claims against Grandeur for unpaid rent on the Arkansas Equipment in the amount of $45,000. Grandeur desires to acquire, and Debtor desires to sell, the Arkansas Equipment. Grandeur set a price of $1,962,000 for the Formax 36M-R Stamping Machine and $1,568,600 for the Formax 36M Stamping Machine. The total price for the Formax Machines is $3,530,600, which is sufficient to pay in full the secured claim owed Pinnacle Bank secured by the Formax Machines. In addition, Debtor desires to sell to Grandeur the Jen Fab Hot Wash for the price of $35,000. Accordingly, the total consideration to be paid for the Arkansas Equipment is $3,565,600. As part of the consideration for the sale of the Arkansas Equipment, the portion of the Purchase Price in excess of the amount to be paid Pinnacle Bank on account of its secured claim (approximately $303,875) will be applied towards satisfaction of the Prepetition Debt. The remaining balance of the Prepetition Debt will be offset by the Rent Claim, such that following the sale neither Debtor not Grandeur will have any claims against each other. The Debtor has determined that it is in the best interest of creditors and the estate that Debtor focus on its core business of projectiles and ammunition manufacturing. The Debtor also proposes to sell the Equipment, free and clear of liens, claims, and encumbrances. About Specialty Cartridge, Inc. Specialty Cartridge Inc., doing business as Atlanta Arms, manufactures precision ammunition for handguns and rifles. Based in Covington, Georgia, the Company supplies law enforcement agencies, military clients, and shooting sports professionals. It operates out of a 20,000-square-foot climate-controlled facility. Specialty Cartridge Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55193) on May 7, 2025. In its petition, the Debtor reports total assets of $15,065,301 and total liabilities of $8,137,719. The Debtor is represented by G. Frank Nason, IV, Esq., at Lamberth, Cifelli, Ellis & Nason, PA. STEPHENS GARAGE: Plan Exclusivity Period Extended to June 16 ------------------------------------------------------------ Judge Meredith S. Grabill of the U.S. Bankruptcy Court for the Eastern District of Louisiana extended Stephens Garage Building, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 16 and August 15, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that with the consent of parties in interest, including the Debtor's pre-petition secured lender, BDS III LA THE GARAGE LLC ("Lender"), the Court has entered an interim cash collateral order ("ICCO"), amended on March 25, 2025 setting forth reorganization milestones in this case, as agreed between Debtor and Lender. Among other things, the ICCO provides that there shall have been entry of an order approving a sale transaction or refinancing in a form and substance acceptable to the Lender as of May 14, 2025, and a consummation of the sale transaction or refinancing as of June 7, 2025. The Debtor seeks these extensions to allow the Debtor time to complete an orderly exit process to maximize the estate for the benefit of parties in interest and all creditors. With the help of its investment banker and financial advisor, Chaffe & Associates, Inc., the Debtor is currently conducting a competitive process for a sale and/or refinancing transaction to facilitate the Debtor's exit from this chapter 11 case. The Debtor claims that the consummation of a transaction formulated through Debtor's process may ultimately be best realized principally through a chapter 11 plan of reorganization, a sale pursuant to Section 363 of the Bankruptcy Code, or other means appropriate under the Bankruptcy Code. The Debtor seeks a modest extension of the Exclusivity Periods so that Chaffe and the Debtor can complete the exit process, which will inform the Debtor in formulating and drafting a reorganization plan. About Stephens Garage Building Stephens Garage Building, LLC filed Chapter 11 petition (Bankr. E.D. La. Case No. 24-12467) on December 18, 2024, listing between $10 million and $50 million in both assets and liabilities. Marcel Wisznia, manager and managing member, signed the petition. Judge Meredith S. Grabill handles the case. The Debtor is represented by: Stewart Peck, Esq. Lugenbuhl Wheaton Peck Rankin & Hubbard Tel: 504-568-1990 Email: speck@lawla.com STONE DELUXE: Gets Interim OK to Use Cash Collateral Thru July 16 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division granted Stone Deluxe Inc. interim authorization to use cash collateral. The company was authorized to use cash collateral through July 16 to pay ordinary and necessary business expenses as set forth in its budget, with a 10% variance allowed. As protection, the U.S. Small Business Administration will receive replacement liens equal to those held pre-bankruptcy. In addition, Stone Deluxe must continue its regular $2,509 monthly payment to SBA. A final hearing is scheduled for July 16. About Stone Deluxe Inc. Stone Deluxe Inc., operating as Stone Deluxe Tile, is a specialized design services company focusing on stone and tile products. Stone Deluxe sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11348) on May 20, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Scott C. Clarkson handles the case. The Debtor is represented by Andy C. Warshaw, Esq. SYNTHEGO CORP: Gets Court Okay for $25MM DIP Financing ------------------------------------------------------ Yun Park of Law360 Bankruptcy Authority reports that on Tuesday, May 3, 2025, a Delaware bankruptcy judge approved California-based gene-editing company Synthego Corp.'s request to access $25 million in debtor-in-possession financing, following a settlement reached with its lender and the U.S. Trustee’s Office. About Synthego Corp. Synthego Corp. supplier of gene-editing tools to drug developers and researchers. Synthego Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10823) on May 5, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by James E O'Neill, Esq. at Pachulski Stang Ziehl & Jones LLP. SYNTHEGO CORP: Gets Final OK for $25MM DIP Loan From Perceptive --------------------------------------------------------------- Synthego Corporation received final approval from the U.S. Bankruptcy Court for the District of Delaware for its $25 million debtor-in-possession financing from Perceptive Credit Holdings III, LP. The final order signed by Judge Mary Walrath on June 3 authorized the Debtor to borrow up to $15 million (inclusive of the initial DIP loan previously approved under the court's interim order). The Debtor previously obtained up to $5 million in initial DIP loan and $10 million in DIP roll-up loans, which the court approved on an interim basis on May 9. Perceptive, the administrative agent under the DIP credit agreement, will be granted post-petition security interests in and liens on all property of the Debtor's estate as protection. As further protection, the lenders under the DIP credit agreement are entitled to receive superpriority administrative expense claims. The court's final order also approved the Debtor's use of cash collateral and granted the lenders post-petition security interests in and liens on their collateral. In addition, the lenders are entitled to receive superpriority administrative expense claims. About Synthego Corp. Synthego Corp. is a supplier of gene-editing tools to drug developers and researcher. It is based in Redwood City, Calif. Synthego sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10823) on May 5, 2025. In its petition, the Debtor reported estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge Mary F. Walrath handles the case. The Debtor is represented by James E O'Neill, Esq. at Pachulski Stang Ziehl & Jones LLP. Perceptive Credit Holdings III, LP, as DIP lender, is represented by Potter Anderson & Corroon, LLP and Morrison & Foerster, LLP. SYSOREX GOVERNMENT: Court OKs $2.3MM DIP Loan From Southstar ------------------------------------------------------------ Sysorex Government Services, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to obtain post-petition financing from Southstar Financial, LLC. The interim order penned by Judge John Mastando III authorized the Debtor to obtain post-petition financing of $2.3 million to fund two purchase orders issued to its vendor Carahsoft. The purchase orders are essential for the Debtor's contract with the USDA. As security for the financing, Southstar was granted valid liens on and security interests in its collateral. The hearing to consider final approval of the post-petition financing is scheduled for June 13. The Debtor previously utilized a factoring agreement with Southstar, where Southstar would finance up to 85% of approved accounts receivable. While there are no outstanding factored accounts before the bankruptcy filing, Southstar held a first-priority security interest in substantially all of the Debtor's assets related to this agreement. The critical Carahsoft orders, totaling over $2.3 million in purchase amount, were accepted by Southstar pre-bankruptcy, with shipments to the USDA scheduled for late May and early June 2025. However, Carahsoft operates on a pre-payment basis and requires payment before shipping. Southstar is now unwilling to finance these orders without a court order. Missing the USDA's delivery windows would likely cause significant delays, potentially over 30 days, and could jeopardize the Debtor's relationship with a key client and delay crucial revenue. Furthermore, Dell, a supplier for part of the order, may reallocate the ordered goods if shipment is not timely. About Sysorex Government Services Sysorex Government Services, Inc. is a government IT solutions provider in Herndon, Va. Sysorex filed Chapter 11 petition (Bankr. S.D. N.Y. Case No. 25-10920) on May 5, 2025, listing up to $10 million in assets and up to $50 million in liabilities. A. Zaman Khan, president of Sysorex, signed the petition. Judge John P. Mastando III oversees the case. Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the Debtor as legal counsel. TALKING ROCK: Gets OK to Use Cash Collateral Until July 25 ---------------------------------------------------------- Talking Rock Land, LLC got the green light from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. The court's order authorized the company to use cash collateral until July 25 to pay the expenses set forth in its budget. Talking Rock Land may reimburse out-of-pocket costs and expenses incurred by its affiliated management company, Symmetry Companies, LLC, consistent with the budget but is prohibited from paying Symmetry any management fees during the interim period. The company may not make any payments to Principal Resources, LLC during the period. All secured creditors retain their rights to seek additional protection or seek a claim under section 507(b) for any diminution in the value of their collateral resulting from the company's use of their cash collateral. The company's authority to use cash collateral may be extended beyond July 25 without further court order upon agreement by the parties. About Talking Rock Land Talking Rock Land, LLC develops and manages Talking Rock, a private residential community in Prescott, Ariz. The development includes luxury homes, a golf course, and club amenities. Talking Rock Land filed Chapter 11 petition (Bankr. D. Ariz. Case No. 25-03438) on April 18, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge Daniel P. Collins handles the case. The Debtor is represented by Scott B. Cohen, Esq., at Engelman Berger, PC. TERRA DOLCI: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On June 2, 2025, Terra Dolci LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Terra Dolci LLC Terra Dolci LLC, 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. Terra Dolci LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16293) on June 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtors are represented by Robert Charbonneau, Esq. at AGENTIS PLLC. TOSCA SERVICES: Palmer Square Marks $6.9MM 1L Loan at 14% Off ------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $6,908,251 loan extended to Tosca Services, LLC to market at $5,915,190 or 86% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Tosca Services, LLC. The loan accrues interest at a rate of 9.17% (S +CSA + 4.25%/S +CSA + 4.75% incl. 1.50% PIK) per annum. The loan matures on November 30, 2028. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Tosca Services, LLC Headquartered in Atlanta, Georgia, Tosca Services, LLC manages, refurbishes and rents reusable plastic containers for the perishable food industry including case ready meat, eggs, cheese, poultry, seafood, and produce. Tosca has been owned by funds advised by the private equity firm Apax Partners since 2017. Revenue for the last twelve months ended June 30, 2024 was $497 million. UNIVERSITY PARK: S&P Raises Revenue Bond Rating to 'BB' ------------------------------------------------------- S&P Global Ratings raised its long-term rating to 'BB' from 'BB-' on University Park at Evansdale LLC (UPE), W.Va.'s series 2013 taxable revenue bonds. The outlook is stable. S&P said, "The rating action reflects our view of sustained improved occupancy at the UPE student housing project, which has led to improved debt service coverage (DSC) at or near the covenanted level for fiscal years 2023 and 2024 that is expected to continue in fiscal 2025. "We believe UPE is exposed to elevated social capital risks given pressured state demographic trends, which have resulted in enrollment declines at the university, and weakening overall demand for the project. We view environmental and governance factors as neutral in our credit rating analysis. "The stable outlook reflects our expectation that project occupancy will hold such that the covenanted 1.2x DSC will be achievable with project-generated revenue. "We could consider a negative rating action if occupancy rates decline such that 1.2x DSC is not met with project-generated revenue, necessitating a draw on reserves or supplemental support from the university. "We could consider a positive rating action if strong occupancy is sustained and if DSC improves and remains well above the covenanted 1.2x." V820JACKSON LLC: Hires Property Valuation Advisors as Appraiser --------------------------------------------------------------- V820Jackson, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Property Valuation Advisors, Inc. as appraiser. The firm will assist the Debtor in appraising the value of Debtor's real property commonly known as 820 West Jackson, Chicago, Illinois 60607. The firm will be paid $10,000 to prepare the Property Appraisal, which fee will include the firm's appearance for five hours of examination preparation and appearance at an examination, either at a deposition or evidentiary hearing. After those five hours of allotted time, the firm will be paid by the Debtor at $400 per hour for examination preparation and the firm's appearance at an examination. Mr. Flanagan disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian D. Flanagan Property Valuation Advisors, Inc. 321 N. Loomis Street Chicago, IL 60607 Tel: (312) 455-1220 About V820Jackson, LLC V820Jackson, LLC is classified as a single-asset real estate debtor under the definition set forth in Section 101(51B) of the U.S. Bankruptcy Code. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07228) on May 12, 2025. In the petition signed by Andrew P. Vaccaro, manager, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Michael B .Slade oversees the case. Ariel Weissberg, Esq., at Weissberg and Associates, Ltd., represents the Debtor as legal counsel. V820JACKSON LLC: Hires Weissberg and Associates as Counsel ---------------------------------------------------------- V820Jackson, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Weissberg and Associates, Ltd. as counsel. The firm will render these services: (a) advise and assist the Debtor with respect to its powers and duties; (b) assist the Debtor in the negotiation, formulation and drafting of a Plan of Reorganization and Disclosure Statement and represent it in the confirmation process; (c) examine claims asserted against the Debtor; (d) take such action as may be necessary with reference to claims that may be asserted against the Debtor, and prepare, on behalf it, such legal papers as may be necessary in connection with this proceeding and perform all other legal services which may be required; (e) assist and represent the Debtor in all adversary proceedings and contested matters; (f) represent the Debtor in its dealings with the Office of the United States Trustee and with creditors of the estate; and (g) assist and represent the Debtor in litigation in the State and Federal courts, where it is a party or seeking to become a party, or otherwise become involved to protect its interests and rights. The firm will be paid at an hourly rate of $475. The firm received a pre-petition advanced payment retainer in the amount of $18,000 from the Debtor. Ariel Weissberg, Esq., an attorney at Weissberg and Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ariel Weissberg, Esq. Weissberg and Associates Ltd. 125 South Wacker Drive, Suite 300 Chicago, IL 60606 Tel: (312) 663-0004 Fax: (312) 663-1514 Email: ariel@weissberglaw.com About V820Jackson, LLC V820Jackson, LLC is classified as a single-asset real estate debtor under the definition set forth in Section 101(51B) of the U.S. Bankruptcy Code. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07228) on May 12, 2025. In the petition signed by Andrew P. Vaccaro, manager, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Michael B .Slade oversees the case. Ariel Weissberg, Esq., at Weissberg and Associates, Ltd., represents the Debtor as legal counsel. V850JACKSON LLC: Hires Property Valuation Advisors as Appraiser --------------------------------------------------------------- V850Jackson, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Property Valuation Advisors, Inc. as appraiser. The firm will assist the Debtor in appraising the value of Debtor's real property commonly known as 850 West Jackson, Chicago, Illinois 60607. The firm will be paid $10,000 to prepare the Property Appraisal, which fee will include the firm's appearance for five hours of examination preparation and appearance at an examination, either at a deposition or evidentiary hearing. After those five hours of allotted time, the firm will be paid by the Debtor at $400 per hour for examination preparation and the firm's appearance at an examination. Mr. Flanagan disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian D. Flanagan Property Valuation Advisors, Inc. 321 N. Loomis Street Chicago, IL 60607 Tel: (312) 455-1220 About V850Jackson, LLC V850Jackson, LLC is engaged in real estate investment and development. The company focuses on acquiring, managing, and leasing commercial properties such as office buildings and retail spaces. V850Jackson sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06934) on May 5, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Janet S. Baer handles the case. The Debtor is represented by Ariel Weissberg, Esq., at Weissberg and Associates, Ltd. VERACODE: Palmer Square Marks $8.5 Million 1L Loan at 15% Off ------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $8,580,000 loan extended to Veracode to market at $7,293,000 or 85% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Veracode. The loan accrues interest at a rate of 8.89% (S + CSA + 4.50%) per annum. The loan matures on April 20, 2029. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Veracode Veracode is an application security company based in Burlington, Massachusetts. Founded in 2006, it provides SaaS application security that integrates application analysis into development pipelines. VIA MIZNER: Seeks to Extend Plan Exclusivity to July 14 ------------------------------------------------------- Via Mizner Owner I, LLC ("VMO") and Via Mizner Pledgor I, LLC ("VMP") asked the U.S. Bankruptcy Court for the Southern District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 14 and September 12, 2025, respectively. VMO owns and operates an apartment building known as 101 Via Mizner located at 101 E. Camino Real, Boca Raton, FL 33432 (the "Property"). VMP owns the equity interests in VMO. On April 28, 2025, the Court entered an order approving bid procedures for the sale of the Property. Pursuant to that order and the bid procedures, VMO will conduct an auction for the property on June 16, 2025. VMO, with the services of its broker, is actively engaged in the marketing of the Property. The results of the sale of the Property will determine the Debtors' next steps in these cases and the contours of any chapter 11 plan. The Debtors explain that they have only been in bankruptcy for four months. Rather than seeking extensions to pressure creditors, the Debtors seek an extension to allow the sale process to unfold without distraction with the goal of paying all creditors in full. This is also a large case, as the Debtors have over $200 million in debt. The Debtors expect to be able to propose a viable plan for distributing the proceeds of the sale, and the sale is an unresolved contingency necessary to propose a viable plan. Counsel to the Debtors: Bradley S. Shraiberg, Esq. Shraiberg Page, PA 2385 NW Executive Center Dr., Ste. 300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 Email: bss@slp.law About Via Mizner Owner I LLC Via Mizner Owner I LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Via Mizner Owner I sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10369) on January 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor tapped Bradley S. Shraiberg, Esq., at Shraiberg Page, PA as bankruptcy counsel and Bruce Rosetto, Esq., at Greenberg Traurig, PA as special counsel. VIAVI SOLUTIONS: S&P Assigns Prelim 'BB' Rating on Sr Secured Debt ------------------------------------------------------------------ S&P Global Ratings assigned a preliminary 'BB' issue-level rating to Viavi Solutions Inc.'s proposed term loan, based on a preliminary '1' recovery rating. S&P expects to lower its issue level ratings on Viavi's existing unsecured debt to 'B' from 'BB' given the increase in higher-ranking first-lien debt. S&P will likely revise the recovery rating to '5' from '3'. S&P expects to resolve the CreditWatch and finalize the ratings upon close of the acquisition. S&P said, "Our ratings on Viavi and its senior unsecured debt remain on CreditWatch negative. This reflects the company's pending acquisition of Spirent's high-speed ethernet and network security business lines, contingent on Keysight's initial acquisition of Spirent. We believe Keysight continues to work with relevant authorities to receive necessary regulatory approval to close its acquisition by the third quarter of 2025. Given Viavi's debt funding is subject to the acquisition closing, we assigned a preliminary 'BB' rating to its new senior secured debt. If the Keysight acquisition fails to close, Viavi's acquisition of the Spirent assets would be affected and its proposed term loan would be extinguished. "If the transaction closes as planned, we expect to lower our rating on Viavi to 'B+' to reflect the increased burden from the incremental debt raise. The company announced that it will raise $600 million in new term loan debt. We expect S&P Global Ratings-adjusted debt of $1.35 billion at transaction close expected in July 2025. The term loan nearly doubles Viavi's funded debt balance from fiscal 2024. As a result, we forecast S&P Global Ratings-adjusted debt to EBITDA to deteriorate to about 6.1x pro forma for the rolling 12 months as of March 29, 2025 from 4.9x at the end of fiscal 2024. This is about 2.1x higher than our current 4x downgrade trigger." Viavi's leverage will remain elevated in the next 12-18 months as it integrates recent acquisitions, including the Spirent assets, and faces uncertain macroeconomic and industry conditions. S&P said, "Our adjusted debt calculation includes the $175 million earnout obligation related to the Inertial Labs acquisition payable over four years, though it is offset by balance sheet cash that we believe may be used to service payments on the liability. While we anticipate additional earnings following the integration of the Inertial Labs and Spirent assets will strengthen EBITDA, we believe S&P Global Ratings-adjusted debt to EBITDA will remain around 6x over the next 12 – 18 months. We view such leverage as in line with a 'B+' issuer credit rating." S&P said, "We do not view the Spirent asset acquisition as transformational, although it increases Viavi's scale and scope. Through the Spirent asset acquisition, Viavi acquires a portfolio of high-speed ethernet test and network security products. While the new assets complement Viavi's portfolio, extending its networking test capabilities and increasing exposure to fast-expanding AI data center end markets, this acquisition doesn't materially change our view of the company's business risk. We expect the acquired assets will provide an additional $180 million in top-line benefit in fiscal 2026, and forecast 4.3% growth on a pro forma basis. Despite the acquired revenue and high gross margins for hardware companies of above 60%, we view Viavi's earnings at the lower end of the range for similarly rated peers, with levels most comparable to Lumentum Holdings Inc. (B/Negative). "We expect higher cost of goods sold from tariffs will temporarily offset EBITDA margin growth. The Inertial Labs and Spirent assets have a relatively stronger margin profile than the Viavi stand-alone business. All else equal, we expect the acquired assets would expand margins to about 18% from 15% historically. With the recently announced tariffs, we expect a slight increase to cost of goods sold that would neutralize this margin benefit over the next 12 months. Management estimates up to 15% of Viavi's total revenue may be subject to tariffs. We believe a 10% base line tariff would increase cost of goods sold modestly in the low single digit percent in fiscal 2026, although the resumption of higher reciprocal tariffs could increase the cost impact and slow margin expansion. Viavi anticipates that it will be able to pass increased costs to customers and realign its supply chain within six months so to alleviate some tariff impact, though we have not yet considered these strategies in our forecast. "We believe Viavi may prioritize deleveraging in the near term. Our forecast assumes most of the deleveraging will stem from the incremental full-year earnings benefit, slight cost savings from the Inertial Labs and Spirent assets, and only mandatory debt repayment. Further leverage improvement could come from higher-than-expected earnings and diversion of excess cash flow for opportunistic debt paydown. In its third quarter fiscal 2025 earnings call, Viavi stated its intent to operate at less than 4x gross leverage and well below 3x net leverage long term. We believe the company's higher pro forma leverage position relative to its long-term target signals that deleveraging post-acquisition will be a priority. We believe that to bridge this gap, the company may prioritize a good portion of its free cash flow toward debt reduction. It may shift its capital allocation priorities, at least over the next 12 months, away from more typical uses like share repurchases and mergers and acquisitions (especially as it focuses on integration of the Spirent assets). We do not factor opportunistic debt paydown into our model, though note that this would support upside to our base-case expectations." Viavi's strong liquidity position provides a rating uplift. Historically, Viavi has maintained a significant cash balance of $450 million-$550 million. To fund the Inertial Labs acquisition, the company reduced its cash and short term investments to an atypically low $396.8 million as of March 29, 2025. S&P said, "With the excess proceeds from the new term loan raise, we expect cash to restore to more than $500 million at close and remain there throughout the forecast period. Our credit metrics do not include 100% cash netting, and we believe Viavi's good liquidity position provides some cushion at the rating. We view Viavi's liquidity assessment as strong because of this large cash cushion." S&P said, "The CreditWatch negative reflects the likelihood we would lower our ratings on Viavi up to two notches at acquisition close. It considers our expectation of pro forma S&P Global Ratings-adjusted debt to EBITDA of about 6.1x and elevated leverage over the next 12 months. The incremental revenues from the Spirent assets and the early recovery in customer demand will support earnings growth over the next 12 months. The higher debt balance will weigh on Viavi's credit metrics and deteriorate the cash cushion that we previously forecast. "We intend to resolve the CreditWatch upon transaction close, at which point we will likely lower the issuer credit rating to 'B+' from 'BB'. However, if the acquisition does not close, we will reassess the stand-alone company's credit profile." VISTA PARTNERS: Hires James G. Murphy Co. Inc. as Auctioneer ------------------------------------------------------------ Vista Partners, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ James G. Murphy Co., Inc. as auctioneer. The firm will market and auction the Debtor's real property located at 10 N. Seneca Road, Eugene, OR 97402. The firm will be paid 13 percent buyer's premium. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Colin Murphy James G. Murphy Co., Inc. 3803 136th St NE Marysville, WA 98271 Tel: (425) 486-1246 About Vista Partners, Inc. Vista Partners Inc., doing business as Petersen - Arne, PA Distribution, Accent Design, Leisure Arts, and Newood MFG, provides a comprehensive multi-service solution for the sewing and crafting industry's distribution, shipping, and fulfillment needs. Founded in 1959, the Company is the only major craft distributor on the West Coast, perfectly positioned to distribute product originating from a global market to a wide variety of retailers. Offering a diverse selection of products, PA Distribution covers everything from essential creative supplies to trending seasonal and holiday items. The Company's services are tailored to meet the unique demands of the crafting and sewing industry, ensuring reliable inventory management and supply chain solutions. Vista Partners Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-60597) on March 5, 2025. In its petition, the Debtor reports total assets of $35,932,947 and total liabilities of $3,651,251. Honorable Bankruptcy Judge Thomas M. Renn handles the case. The Debtor is represented by Joseph A.G. Sakay, Esq., at Buchalter, A Professional Corp. VSG GROUP: Unsecured Creditors to be Paid in Full in Plan --------------------------------------------------------- VSG Group LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Combined Plan of Reorganization and Disclosure Statement dated May 13, 2025. The Debtor operates in the e-commerce space through the website www.vanitysetglow.com (the "Website") where the Debtor sells high end smart vanity sets to customers across the country under the name "Vanity Set Glow" (the "Business"). The Debtor is a limited liability company incorporated on June 7, 2024 under the laws of the State of Wyoming (filing ID 2024 001470666). The Debtor is operated by its managing members Sion "Brian" Sung and Antonella Pelligrino (collectively, the "Managing Members") who each hold a fifty percent membership interest in the Debtor. The Debtor currently uses 3PL Center LLC (NJ Entity ID 0400394980) (the "Vendor") as the Debtor's third-party logistics ("3PL") vendor, which provides its 3PL services to the Debtor from a facility located at 10 Applegate Dr., Robbinsville, NJ 08691 (the "Premises"). In or about August 2024, the Managing Members invested their personal savings into the Debtor and took on significant financial risks to build the Debtor's Business operations. As part of the Debtor's launch of the Business, the Debtor placed large inventory orders to support its sales and ensure smooth operations. To manage logistics, the Debtor entered into an agreement with the Vendor, which is responsible for, among other things, storing the Debtor's inventory and fulfilling customer orders on behalf of the Debtor (the "3PL Agreement"). Although the Debtor's Business operations have been growing since its launch, those operations were abruptly halted because of the Vendor's failures to uphold its responsibilities under the 3PL Agreement including, but not limited to, unresolved claims against the Vendor's shipping vendor arising from damage to the Debtor's Inventory and issues arising from the Vendor's lack of transparency in its billing practices. Despite the Debtor's pre petition attempts to consensually resolve these foregoing issues, the Vendor abruptly stopped processing shipments for the Debtor and placed its account on hold. This situation necessitated the Debtor seeking reorganization through this Chapter 11 case. Through this Plan, the Debtor seeks to keep its Business operating so that the Debtor can fulfill its obligations to its customers and continue to operate successfully into the future. Class 5 consists of General Unsecured Claims. The Debtor proposes to pay allowed general unsecured claims in full at no interest within thirty days of the Effective Date. Class 6 consists of Equity Interest Holders. The Debtor is a limited liability company and the Managing Members hold the Debtor's membership interests. The Managing Members shall retain their equity interests in the Debtor. The Plan provides for all the Debtor's assets to revest in the Debtor post-confirmation pursuant to Section 1141 of the Bankruptcy Code. The Debtor will implement the Plan through continued operation of its Business and the disposable income generated by the Business. The Plan Proponent has provided projected financial information. The Plan Proponent's financial projections show that the Debtor will have disposable income, after paying operating expenses and postconfirmation taxes, of $257,751.00 in the period of June 1, 2025 to May 31, 2026. Further, and to the extent necessary the Debtor will also rely upon contributions from its Managing Members to ensure that the Debtor consummates the Plan. A full-text copy of the Combined Plan and Disclosure Statement dated May 13, 2025 is available at https://urlcurt.com/u?l=i1RkJI from PacerMonitor.com at no charge. Counsel to the Debtor: MIDDLEBROOKS SHAPIRO, P.C. Joseph M. Shapiro, Esq. P.O. Box 1630 Belmar, New Jersey 07719-1630 (973) 218-6877 About VSG Group LLC VSG Group LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-13161) on March 27, 2025, listing up to $50,000 in both assets and liabilities. Judge Michael B Kaplan presides over the case. Melinda D. Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., is the Debtor's counsel. WELLPATH HOLDINGS: Palmer Square Marks $2.3MM 1L Loan at 68% Off ---------------------------------------------------------------- Palmer Square Capital BDC Inc. (PSBD) has marked its $2,397,530 loan extended to Wellpath Holdings (CCS-CMGC Holdings, Inc.) to market at $779,197 or 32% of the outstanding amount, according to PSBD's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. PSBD is a participant in a First Lien Senior Secured Loan to Wellpath (CCS-CMGC Holdings, Inc.). The loan accrues interest at a rate of 14.00% (S + CSA + 7.50%) per annum. The loan matures on October 1, 2025. PSBD is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. PSBD's investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. PSBD is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Stacy Brice Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 66205 Telephone: (816) 994-3200 About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. WHITESTAR DISTRIBUTORS: Hires Joyce W. Lindauer as Counsel ---------------------------------------------------------- Whitestar Distributors, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Joyce W. Lindauer Attorney, PLLC to handle its Chapter 11 case. The firm will be paid at these rates: Joyce W. Lindauer $595 per hour Laurance Boyd $295 per hour Paralegals $125 to $250 per hour The firm received from the Debtor a retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer Attorney, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503 4033 Fax: (972) 503-4034 About Whitestar Distributors, Inc. Whitestar Distributors Inc. is a Texas-based distribution company headquartered in Garland. Whitestar Distributors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41573) on May 2, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Edward L. Morris handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. ZUNIGA 23732: Amends Plan to Include Dan-Son Air Secured Claim Pay ------------------------------------------------------------------ Zuniga 23732, LLC submitted a Disclosure Statement describing Third Amended Plan of Reorganization dated May 14, 2025. This is a plan which provides for Debtor to reorganize through obtaining a refinance of its residential loan to partially pay the secured debt on the residence and to pay the remaining balances of the loans over a reasonable period of time with a reasonable rate of interest. The Debtor was in the process of refinancing the property but the 1st TD added some disputed fees and charges to the balance which caused the payoff amount to exceed the amount of the new loan. The estimated value of the property is approximately $9,000,000.00 based on a current appraisal. Class 1e consists of the Secured Claim of Dan-Son Air, Inc. Class 1e was paid in full postpetition. This Class is not impaired. Like in the prior iteration of the Plan, Franchise Tax Board's unsecured claim shall be paid in monthly installments and paid in full within 60 months of plan confirmation. Zurich's claim will not be paid unless there is a default in the monthly contractual payments for insurance. If an event occurs which creates an unsecured claim for Zurich, Debtor will pay the claim in full within 60 months of plan confirmation. No distribution will be made to any Class 3 creditor until after priority claims have been paid in full. Upon confirmation of this Plan, the existing equity interest holders of Debtor shall retain their equity interest in the reorganized Debtor with the same ownership percentage as held on the petition date, subject to the terms and conditions of this Plan. The Plan will be funded primarily through the refinance of the Property. Once the majority of claims are paid through the refinance, the plan will be funded with Debtor's rental income as well as continued capital contributions from Debtor's managing member as needed. A full-text copy of the Disclosure Statement dated May 14, 2025 is available at https://urlcurt.com/u?l=rrOKQD from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Telephone: (213) 202-6070 Facsimile: (213) 202-6075 Email: tom@urelawfirm.com About Zuniga 23732 Zuniga 23732, LLC in Calabasas, CA, filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 24-10704) on April 29, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Roberta Koehl as managing member, signed the petition. URE LAW FIRM serves as the Debtor's legal counsel. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Steven Layne Properties, LLC Bankr. W.D. Ark. Case No. 25-70880 Chapter 11 Petition filed May 27, 2025 See https://www.pacermonitor.com/view/TBO7AUA/Steven_Layne_Properties_LLC__arwbke-25-70880__0001.0.pdf?mcid=tGE4TAMA represented by: Joel G. Hargis, Esq. CADDELL REYNOLDS LAW FIRM E-mail: jhargis@caddellreynolds.com In re Estate of Nancy McNerney Bankr. E.D. Cal. Case No. 25-11722 Chapter 11 Petition filed May 27, 2025 See https://www.pacermonitor.com/view/DHZ2LZA/Estate_of_Nancy_McNerney__caebke-25-11722__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Admire Care, LLC Bankr. M.D. Fla. Case No. 25-03163 Chapter 11 Petition filed May 27, 2025 See https://www.pacermonitor.com/view/XXAPFXA/Admire_Care_LLC__flmbke-25-03163__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Mayfield Medical Services Inc Bankr. S.D. Ill. Case No. 25-30400 Chapter 11 Petition filed May 27, 2025 See https://www.pacermonitor.com/view/JEL5V7I/Mayfield_Medical_Services_Inc__ilsbke-25-30400__0001.0.pdf?mcid=tGE4TAMA represented by: J. D. Graham, Esq. J.D. GRAHAM, PC E-mail: jd@jdgrahamlaw.com In re William Brett Kulick Bankr. E.D. La. Case No. 25-11071 Chapter 11 Petition filed May 27, 2025 represented by: Robin DeLeo, Esq. In re Skin Health Partners, LLC Bankr. E.D. Mich. Case No. 25-31145 Chapter 11 Petition filed May 27, 2025 See https://www.pacermonitor.com/view/QEEI5RY/Skin_Health_Partners_LLC__miebke-25-31145__0001.0.pdf?mcid=tGE4TAMA represented by: Robert N. Bassel, Esq. E-mail: bbassel@gmail.com In re Myrtle Burger Urway LLC Bankr. E.D.N.Y. Case No. 25-42591 Chapter 11 Petition filed May 27, 2025 See https://www.pacermonitor.com/view/KYTMP4Y/Myrtle_Burger_Urway_LLC__nyebke-25-42591__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Phorjay's LLC Bankr. E.D.N.Y. Case No. 25-42567 Chapter 11 Petition filed May 27, 2025 See https://www.pacermonitor.com/view/IXEOGSY/Phorjays_LLC__nyebke-25-42567__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Gold Package LLC Bankr. N.D. Tex. Case No. 25-41877 Chapter 11 Petition filed May 27, 2025 See https://www.pacermonitor.com/view/FKNIIAA/Gold_Package_LLC__txnbke-25-41877__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re Pink Visions LLC Bankr. C.D. Cal. Case No. 25-13489 Chapter 11 Petition filed May 28, 2025 See https://www.pacermonitor.com/view/JDV76GI/Pink_Visions_LLC__cacbke-25-13489__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Tina Petrossian Bankr. C.D. Cal. Case No. 25-11422 Chapter 11 Petition filed May 28, 2025 In re Nellie Davidovna Gagloeva Bankr. C.D. Cal. Case No. 25-14429 Chapter 11 Petition filed May 28, 2025 represented by: Anthony Egbase, Esq. In re Angus James Gavin Bankr. N.D. Cal. Case No. 25-50787 Chapter 11 Petition filed May 28, 2025 represented by: Arasto Farsad, Esq. In re 7847 S Essex LLC Bankr. N.D. Ill. Case No. 25-08075 Chapter 11 Petition filed May 28, 2025 See https://www.pacermonitor.com/view/L2Q7G7Q/7847_S_Essex_LLC__ilnbke-25-08075__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 1836-1838 West Marquette Ave LLC Bankr. N.D. Ill. Case No. 25-08080 Chapter 11 Petition filed May 28, 2025 See https://www.pacermonitor.com/view/C6A6SFQ/1836-1838_West_Marquette_Ave_LLC__ilnbke-25-08080__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re From Start 2 Flip Chicago LLC Bankr. N.D. Ill. Case No. 25-08079 Chapter 11 Petition filed May 28, 2025 See https://www.pacermonitor.com/view/CRFAODA/From_Start_2_Flip_Chicago_LLC__ilnbke-25-08079__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Worthy's Run Furniture, LLC Bankr. D. Md. Case No. 25-14820 Chapter 11 Petition filed May 28, 2025 See https://www.pacermonitor.com/view/KDN2S3A/Worthys_Run_Furniture_LLC__mdbke-25-14820__0001.0.pdf?mcid=tGE4TAMA represented by: David Cahn, Esq. LAW OFFICE OF DAVID CAHN, LLC E-mail: david@cahnlawoffice.com In re Nortex Redimix, LLC Bankr. E.D. Tex. Case No. 25-41505 Chapter 11 Petition filed May 28, 2025 See https://www.pacermonitor.com/view/2SABTFY/Nortex_Redimix_LLC__txebke-25-41505__0001.0.pdf?mcid=tGE4TAMA represented by: Howard Marc Spector, Esq. SPECTOR & COX, PLLC E-mail: hms7@cornell.edu In re James Edward Wesley, Jr. Bankr. C.D. Cal. Case No. 25-14488 Chapter 11 Petition filed May 29, 2025 represented by: Michael Berger, Esq. In re Mohammad Minhaj Khokhar Bankr. N.D. Cal. Case No. 25-50800 Chapter 11 Petition filed May 29, 2025 In re John A Fuentes Bankr. M.D. Fla. Case No. 25-00999 Chapter 11 Petition filed May 29, 2025 represented by: Michael Dal Lago, Esq. In re J. Paul Holdings, LLC Bankr. E.D. La. Case No. 25-11099 Chapter 11 Petition filed May 29, 2025 See https://www.pacermonitor.com/view/4O2QKRA/J_Paul_Holdings_LLC__laebke-25-11099__0001.0.pdf?mcid=tGE4TAMA represented by: Derek Russ, Esq. DEREK T. RUSS E-mail: russlawfirmllc@gmail.com In re Assured Acquisitions LLC Bankr. D. Nev. Case No. 25-13042 Chapter 11 Petition filed May 29, 2025 See https://www.pacermonitor.com/view/XJKH62Y/ASSURED_ACQUISITIONS_LLC__nvbke-25-13042__0001.0.pdf?mcid=tGE4TAMA represented by: David A. Riggi, Esq. RIGGI LAW FIRM E-mail: riggilaw@gmail.com In re Acquazur Castlegate, LLC Bankr. E.D.N.Y. Case No. 25-42648 Chapter 11 Petition filed May 29, 2025 See https://www.pacermonitor.com/view/O67S5QQ/Acquazur_Castlegate_LLC__nyebke-25-42648__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Trident Equities LLC Bankr. E.D.N.Y. Case No. 25-72085 Chapter 11 Petition filed May 29, 2025 See https://www.pacermonitor.com/view/4KIRTAI/Trident_Equities_LLC__nyebke-25-72085__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Alon Dayan Bankr. S.D.N.Y. Case No. 25-22475 Chapter 11 Petition filed May 29, 2025 represented by: Brent Bush, Esq. In re Mendel Hendel Bankr. S.D.N.Y. Case No. 25-35570 Chapter 11 Petition filed May 29, 2025 represented by: Linda DuBois, Esq. In re Delta X1, LLC Bankr. D.P.R. Case No. 25-02413 Chapter 11 Petition filed May 29, 2025 See https://www.pacermonitor.com/view/TOAU5NI/DELTA_X1_LLC__prbke-25-02413__0001.0.pdf?mcid=tGE4TAMA represented by: Juan C Bigas, Esq. JUAN C. BIGAS LAW Email: cortequiebra@yahoo.com In re Optimus Service Group Bankr. D.P.R. Case No. 25-02414 Chapter 11 Petition filed May 29, 2025 See https://www.pacermonitor.com/view/RMPICBA/OPTIMUS_SERVICE_GROUP__prbke-25-02414__0001.0.pdf?mcid=tGE4TAMA represented by: Juan C Bigas, Esq. JUAN C. BIGAS LAW E-mail: cortequiebra@yahoo.com In re Turner Paving & Construction, Inc. Bankr. S.D. Tex. Case No. 25-32996 Chapter 11 Petition filed May 29, 2025 See https://www.pacermonitor.com/view/BERS26I/Turner_Paving__Construction_Inc__txsbke-25-32996__0001.0.pdf?mcid=tGE4TAMA represented by: Bennett G. Fisher, Esq. LEWIS BRISBOIS BISGAARD & SMITH LLP E-mail: Bennett.Fisher@lewisbrisbois.com In re MAD Belly Ventures, LLC Bankr. E.D. Va. Case No. 25-32132 Chapter 11 Petition filed May 29, 2025 See https://www.pacermonitor.com/view/OUB2S4A/MAD_Belly_Ventures_LLC__vaebke-25-32132__0001.0.pdf?mcid=tGE4TAMA represented by: Kollin G. Bender, Esq. HIRSCHLER FLEISCHER, P.C. E-mail: kbender@hirschlerlaw.com In re Richmond Belly Ventures, LLC Bankr. E.D. Va. Case No. 25-32131 Chapter 11 Petition filed May 29, 2025 See https://www.pacermonitor.com/view/NQOT4ZI/Richmond_Belly_Ventures_LLC__vaebke-25-32131__0001.0.pdf?mcid=tGE4TAMA represented by: Kollin G. Bender, Esq. HIRSCHLER FLEISCHER, P.C. E-mail: kbender@hirschlerlaw.com In re Scotts Belly Ventures, LLC Bankr. E.D. Va. Case No. 25-32133 Chapter 11 Petition filed May 29, 2025 See https://www.pacermonitor.com/view/O2THZMI/Scotts_Belly_Ventures_LLC__vaebke-25-32133__0001.0.pdf?mcid=tGE4TAMA represented by: Kollin G. Bender, Esq. HIRSCHLER FLEISCHER, P.C. E-mail: kbender@hirschlerlaw.com In re Robert Loren Dickinson and Lara Jackle Dickinson Bankr. N.D. Cal. Case No. 25-40955 Chapter 11 Petition filed May 30, 2025 represented by: Chris Kuhner, Esq. In re Remax Marine Construction LLC Bankr. M.D. Fla. Case No. 25-03299 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/KLJ2XLI/Remax_Marine_Construction_LLC__flmbke-25-03299__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Remax Construction LLC Bankr. M.D. Fla. Case No. 25-03336 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/NUUDXAQ/Remax_Construction_LLC__flmbke-25-03336__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Estate of Betty Rosa Bankr. S.D. Fla. Case No. 25-16081 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/UABSAYI/Estate_of_Betty_Rosa__flsbke-25-16081__0001.0.pdf?mcid=tGE4TAMA represented by: Owei Z Belleh, Esq. THE BELLEH LAW GROUP, PLLC E-mail: bankruptcy@bellehlaw.com In re David Cummings Forkey Bankr. S.D. Fla. Case No. 25-16186 Chapter 11 Petition filed May 30, 2025 represented by: Aaron Wernick, Esq. In re Himanshu S. Singh Bankr. S.D. Fla. Case No. 25-16195 Chapter 11 Petition filed May 30, 2025 represented by: Alan Crane, Esq. In re Aziz Lokhandwala Bankr. N.D. Ga. Case No. 25-20755 Chapter 11 Petition filed May 30, 2025 represented by: William A. Rountree, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC In re Sherita Cherry Beauty Institute, Inc. Bankr. N.D. Ga. Case No. 25-55996 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/TZCLCPI/Sherita_Cherry_Beauty_Institute__ganbke-25-55996__0001.0.pdf?mcid=tGE4TAMA represented by: Kenneth Mitchell, Esq. GIDDENS MITCHELL & ASSOCIATES P.C. E-mail: gmapclaw@gmail.com In re Wilcov Holdings Inc. Bankr. N.D. Ga. Case No. 25-55970 Chapter 11 Petition filed May 30, 2025 Filed Pro Se In re That's The One Realty Group LLC Bankr. N.D. Ill. Case No. 25-08281 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/5YNLPHA/Thats_The_One_Realty_Group_LLC__ilnbke-25-08281__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jason Ward Varnado Bankr. W.D. La. Case No. 25-50474 Chapter 11 Petition filed May 30, 2025 represented by: Thomas St. Germain, Esq. In re 83-85 Madison St LLC Bankr. D.N.J. Case No. 25-15717 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/SEVQWRI/83-85_Madison_St_LLC__njbke-25-15717__0001.0.pdf?mcid=tGE4TAMA represented by: Brett Silverman, Esq. SILVERMAN LAW PLLC E-mail: bsilverman@silvermanpllc.com In re The Boza Group LLC Bankr. D.N.J. Case No. 25-15713 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/5FP3FXA/The_Boza_Group_LLC__njbke-25-15713__0001.0.pdf?mcid=tGE4TAMA represented by: Brett Silverman, Esq. SILVERMAN LAW PLLC E-mail: bsilverman@silvermanpllc.com In re 267 6th Ave LLC Bankr. D.N.J. Case No. 25-15714 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/NYGZBOQ/267_6th_Ave_LLC__njbke-25-15714__0001.0.pdf?mcid=tGE4TAMA represented by: Brett Silverman, Esq. SILVERMAN LAW PLLC E-mail: bsilverman@silvermanpllc.com In re 189-191 Park Ave LLC Bankr. D.N.J. Case No. 25-15712 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/4YAJWBA/189-191_Park_Ave_LLC__njbke-25-15712__0001.0.pdf?mcid=tGE4TAMA represented by: Brett Silverman, Esq. SILVERMAN LAW PLLC E-mail: bsilverman@silvermanpllc.com In re Park Plaza Restaurant Inc Bankr. E.D.N.Y. Case No. 25-42682 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/C5VWTYQ/Park_Plaza_Restaurant_Inc__nyebke-25-42682__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Tu Casa #4 Restaurant Corp Bankr. E.D.N.Y. Case No. 1:25-bk-42680 Chapter 11 Petition filed See https://www.pacermonitor.com/view/CBESKJY/Tu_Casa_4_Restaurant_Corp__nyebke-25-42680__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Tu Casa #3 Restaurant Corp Bankr. E.D.N.Y. Case No. 25-42679 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/5ULKP6A/Tu_Casa_3_Restaurant_Corp__nyebke-25-42679__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Tu Casa Restaurant Corp Bankr. E.D.N.Y. Case No. 25-42677 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/43D5YWA/Tu_Casa_Restaurant_Corp__nyebke-25-42677__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Ferrell Holdings, LLC Bankr. W.D. Pa. Case No. 25-21429 Chapter 11 Petition filed May 30, 2025 See https://www.pacermonitor.com/view/IMT66JY/Ferrell_Holdings_LLC__pawbke-25-21429__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Your Maid Majestic LLC Bankr. D. Ariz. Case No. 25-05019 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/CJMI74Y/Your_Maid_Majestic_LLC__azbke-25-05019__0001.0.pdf?mcid=tGE4TAMA represented by: Ronald J. Ellett, Esq. ELLETT LAW OFFICES, P.C. E-mail: rjellett@ellettlaw.com In re Ekroop. LLC Bankr. E.D. Ark. Case No. 25-11861 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/BIMOWQI/Ekroop_LLC__arebke-25-11861__0001.0.pdf?mcid=tGE4TAMA represented by: Joel G. Hargis, Esq. CADDELL REYNOLDS LAW FIRM E-mail: jhargis@caddellreynolds.com In re Curry & Currys Investment Group, LLC Bankr. S.D. Fla. Case No. 25-16269 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/42J7WKA/Curry__Currys_Investment_Group__flsbke-25-16269__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher Lee Hixson, Esq. HIXSON LAW GROUP E-mail: chris@hixlawgroup.com In re Hand Homes LLC Bankr. N.D. Ga. Case No. 25-10813 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/IFRL4KA/Hand_Homes_LLC__ganbke-25-10813__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re HKG Management LLC Bankr. N.D. Ga. Case No. 25-56109 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/DDE4BLQ/HKG_Management_LLC__ganbke-25-56109__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Vintage Restoration Services, LLC Bankr. N.D. Tex. Case No. 25-42010 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/4655MAY/Vintage_Restoration_Services_LLC__txnbke-25-42010__0001.0.pdf?mcid=tGE4TAMA represented by: Marilyn D Garner, Esq. LAW OFFICES OF MARILYN D. GARNER E-mail: mgarner@marilyndgarner.net ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. 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