250606.mbx

250606.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, June 6, 2025, Vol. 29, No. 156 Headlines 1001 WL LLC: Trustee Taps Balance Companies as Insurance Adjustor 123DENTIST INC: T. Rowe Marks $5.9 Million 1L Loan at 71% Off 123DENTIST INC: T. Rowe Marks $955,000 1L Loan at 31% Off 23ANDME HOLDING: Judge Questions Scope of Proposed New Auction 4069-4089 MINNESOTA: Trustee Taps Century 21 as Real Estate Agent 437 88 LLC: Seeks to Extend Plan Exclusivity to August 15 7847 S ESSEX: Seeks Chapter 11 Bankruptcy in Illinois A.E. SCHLUETER: Hires Jones & Walden LLC as Bankruptcy Counsel ACCELERATE DIAGNOSTICS: Hires Ordinary Course Professionals ACCELERATE DIAGNOSTICS: Taps Fried Frank Harris as Co-Counsel ACCELERATE DIAGNOSTICS: Taps Morris Nichols Arsh as Co-Counsel ACCELERATE DIAGNOSTICS: Taps Perella Weinberg as Investment Banker ACCELERATE DIAGNOSTICS: Taps SOLIC Capital as Financial Advisor ACCELERATE DIAGNOSTICS: Taps Stretto Inc. as Administrative Advisor ACTION IMPORTS: Seeks Subchapter V Bankruptcy in Texas ADAMS HOMES: S&P Downgrades ICR to 'B', Outlook Stable ADVANCE AUTO: Moody's Affirms Ba1 CFR & Alters Outlook to Negative AGILITY TRADE: Unsecureds Will Get 2% to 3% over 5 Years AIO US: Plan Confirmation Hearing Set for July 21 AIO US: Unsecured Creditors to Get 47% Under Amended Plan ALAMO BEER: Gets Final OK to Use Cash Collateral ALL AMERICAN: Erik Johanson Updates List of Creditors ALLECOM CORP: Seeks to Hire Munshi CPA P.C. as Accountant AMPLIFYBIO LLC: Hires Epiq Corporate as Claims and Noticing Agent ANTIGONE SKOULAS: Unsecureds to Split $45.9K via Quarterly Payments APOLLO COMMERCIAL: Moody's Gives Ba3 Rating to New Term Loan B ARTEAGA DENTAL: No Decline in Patient Care, 2nd PCO Report Says ARTIFICIAL INTELLIGENCE: Expands in $50 Billion Security Market ASSOCIATIONS INC: T. Rowe Marks $775,000 1L Loan at 26% Off ASSOCIATIONS INC: T. Rowe Marks $966,000 1L Loan at 75% Off ATARA BIOTHERAPEUTICS: Panacea Innovation Holds 19.99% Stake BANYAN SOFTWARE: T. Rowe Marks $8.1 Million 1L Loan at 62% Off BAUSCH HEALTH: Icahn Partners and Affiliates Hold 9.4% Stake BAUSCH HEALTH: Inks Letter Agreements With Icahn, 2 Others BAUSCH HEALTH: Paulson & Co. Holds 7.1% Equity Stake BCPE HIPH: T. Rowe Marks $2.3 Million 1L Loan at 14% Off BCPE VENUS: Moody's Lowers CFR to Caa2 & Alters Outlook to Negative BEACON POINTE: T. Rowe Marks $9.9 Million 1L Loan at 78% Off BELLEVUE HOSPITAL: Quality of Care Maintained, 3rd PCO Report Says BEN FACKLER: Seeks to Hire Fox Law as General Bankruptcy Counsel BINGO HOLDINGS: S&P Assigns 'B' ICR, Outlook Stable BIO GYMNASTICS: Gary Murphey Named Subchapter V Trustee BLH TOPCO: Seeks to Hire Stretto Inc. as Administrative Advisor BLUE DUCK: Seeks Subchapter V Bankruptcy in Texas BLUM HOLDINGS: Expands via Planned Acquisition of Cookies Stake BREWER MACHINE: Taps Harlin Parker Attorneys as Bankruptcy Counsel BW HOLDING: Moody's Cuts CFR to Caa2, Outlook Remains Negative CAJOTA CONTRACTING: Seeks to Hire Fuchs Law Office as Counsel CATHETER PRECISION: Registers 12.86M Shares for Offer and Resale CBRM REALTY: Seeks to Tap Verita Global as Claims & Noticing Agent CCP MEZZANINE: Redwood To Hold Public Auction on July 1 CHART INDUSTRIES: S&P Places 'BB-' ICR on CreditWatch Positive CHASE INTERMEDIATE: T. Rowe Marks $17.7 Million 1L Loan at 30% Off CHASE INTERMEDIATE: T. Rowe Marks $890,000 1L Loan at 89% Off CHICKEN SHACK: Unsecured Creditors to Split $7K in Plan CLASSIC CONSTRUCTION: Gets Interim OK to Use Cash Collateral CNSI HOLDINGS: T. Rowe Marks $2.9 Million 1L Loan at 74% Off COMPASS MINERALS: Moody's Rates New $600MM Unsecured Notes 'B3' CONSOLIDATED COMMUNICATIONS: S&P Withdraws 'B-' ICR COVIAN ENTERPRISES: Gets Interim OK to Use Cash Collateral CSAT SOLUTIONS: T. Rowe Marks $1.1 Million 1L Loan at 49% Off CUSTOM CONCRETE: Seeks Cash Collateral Access D & D HOUSING: Seeks Subchapter V Bankruptcy in Texas DAVIS AUTO: Plan Exclusivity Period Extended to June 18 DCA OUTDOOR: Seeks to Extend Plan Exclusivity to October 20 DEL MONTE: Seeks to Hire Walker Law Office as Bankruptcy Counsel DELTA TOPCO: $400MM Term Loan Add-on No Impact on Moody's 'B3' CFR DENTSPLY SIRONA: S&P Rates $500MM Junior Subordinated Notes 'BB' DITECH HOLDING: Court Tosses Ellison, et al. Adversary Proceeding DOTDASH MEREDITH: S&P Rates Proposed Senior Secured Notes 'BB-' DW TRUMP: Files Amendment to Disclosure Statement EASTERN POWER: S&P Affirms 'B' Secured Debt Rating, Outlook Stable ENCINO ACQUISITION: Moody's Puts 'B2' CFR on Review for Upgrade ENDO INT'L: Court Upholds Order in Anderson Personal Injury Claim ENVELOPE MART: Seeks to Hire Steel & Company Law Firm as Attorney EVERBRIDGE HOLDINGS: T. Rowe Marks $3.9 Million 1L Loan at 61% Off EXACTECH INC: Committee Taps Vascular Sciences as Consulting Expert F.I.A. LLC: Hires Gold Weems Bruser Sues & Rundell as Counsel FULLER'S SERVICE: Seeks to Extend Plan Exclusivity to August 4 GLOBAL CONCESSIONS: Committee Taps Jones & Walden LLC as Counsel GLOBALSTAR INC: All Proposals Passed at 2025 Annual Meeting GLORY BOUND: Daniel Freeland Named Subchapter V Trustee HAPPY HOME: Seeks Subchapter V Bankruptcy in Texas HEART 2 HEART: Quality of Care Maintained, 1st PCO Report Says HOPEMAN BROTHERS: July 1 Disclosure & Plan Combine Hearing Set ICORECONNECT INC: Seeks Chapter 11 Bankruptcy in Florida INSTITUTO DE EDUCACION: Hires C. Conde & Assoc. as Counsel IVANTI SOFTWARE: S&P Upgrades ICR to 'CCC+' on Debt Restructuring IYA FOODS: Seeks to Extend Plan Exclusivity to July 14 JH NORTH AMERICA: Moody's Rates New $1.7BB Secured Notes 'Ba1' JJ PFISTER: Seeks to Hire New Mill Capital as Broker/Auctioneer JJ PFISTER: Seeks to Hire Reynolds Law as Bankruptcy Co-Counsel JSP MANAGEMENT: Seeks to Hire Cohen Legal Services as Counsel KIDDE-FENWAL: Judge Presses Co. Over Missing Disclosure Information KTRV LLC: Committee Taps Frost Brown Todd LLP as Counsel KTRV LLC: Committee Taps Landis Rath & Cobb LLP as Co-Counsel LA NOTTE VENTURES: Court Extends Cash Collateral Access to July 2 LASERSHIP INC: T. Rowe Marks $26.3 Million 1L Loan at 37% Off LAVIE CARE: No Decline in Resident Care, PCO Report Says LEFLO 4 CONDOS: Seeks to Hire Mark S. Roher as Legal Counsel LIGADO NETWORKS: Plan Exclusivity Period Extended to August 4 LUXURY TIME: Taps Brian T Kelly CPA & Associates as Accountant MALCOLM CURTIS: 9th Cir. Affirms Court Ruling in IRS Lawsuit MAPLE BANK: KPMG Gets Court Approval to Wind-Up Assets MAVENCRUX I LLC: Seeks to Hire Iowa Appraisal as Valuation Expert MENORAH CAMPUS: No Resident Safety Concern, 1st PCO Report Says MIRAMAR TOWNHOMES: Gets Extension to Access Cash Collateral MISSION POINT: Gets Final OK to Use Cash Collateral MOLECULAR TEMPLATES: July 1 Disclosure & Plan Combined Hearing Set MOLECULAR TEMPLATES: June 30 Claims Filing Deadline Set MOLECULAR TEMPLATES: Revised Disclosure Approved on Interim MOM CA INVESTOR: Seeks to Triple DIP Financing to $19.5MM MRI SOFTWARE: T. Rowe Marks $2.6 Million 1L Loan at 95% Off MRI SOFTWARE: T. Rowe Marks $2.9 Million 1L Loan at 70% Off NCWS INTERMEDIATE: T. Rowe Marks $4.1 Million 1L Loan at 94% Off NCWS INTERMEDIATE: T. Rowe Marks $6.9 Million 1L Loan at 79% Off NEDCHC INC: Seeks Chapter 11 Bankruptcy in Colorado NEW FORTRESS: S&P Downgrades ICR to 'B-', Outlook Negative NOVELIS CORP: Moody's Rates New $400MM 2025A Disposal Bonds 'B1' NUTRACAP HOLDINGS: Plan Exclusivity Period Extended to June 30 ODYSSEY LOGISTICS: S&P Downgrades ICR to 'B-', Outlook Stable OHIO TRANSMISSION: T. Rowe Marks $1.3 Million 1L Loan at 65% Off OHIO TRANSMISSION: T. Rowe Marks $2 Million 1L Loan at 44% Off OPEN RANGE: Plan Exclusivity Period Extended to July 28 ORIGINAL MOWBRAY'S: Gets Final OK to Use Cash Collateral PARK RIVER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable PARTY CITY: Committee Taps Ask LLP as Special Counsel PATAGONIA HOLDCO: Moody's Puts 'B1' CFR on Review for Downgrade PAWLUS DENTAL: Andrew Kight Named Subchapter V Trustee PDI TA HOLDINGS: T. Rowe Marks $317,000 1L Loan at 87% Off PINSEEKERS DEFOREST: Seeks to Extend Plan Exclusivity to Sept. 16 POLY-WOOD LLC: T. Rowe Marks $3.1 Million 1L Loan at 71% Off PPV INTERMEDIATE: T. Rowe Marks $10 Million 1L Loan at 61% Off PRESBYTERIAN HOMES: No Resident Complaints, 2nd PCO Report Says PROSPECT MEDICAL: Gets Court Approval to Sell Assets to Astrana QUEST SOFTWARE: S&P Cuts ICR to 'SD' on Distressed Debt Exchange QVC GROUP: Fitch Lowers LongTerm IDR to 'CCC+' RAINBOW PRODUCTION: Plan Exclusivity Period Extended to July 7 REENVISION AESTHETICS: No Supply Concerns, 1st PCO Report Says REVALIZE INC: T. Rowe Marks $306,000 1L Loan at 44% Off RITE AID: Hires Cole Schotz as Bankruptcy Co-Counsel RITE AID: Hires Ordinary Course Professionals RITE AID: Taps A&G Realty Partners as Real Estate Consultant RITE AID: Taps Alvarez & Marsal North as Financial Advisor ROCK STAR: T. Rowe Marks $2.1 Million 1L Loan at 86% Off RSC ACQUISITION: T. Rowe Marks $20 Million 1L Loan at 96% Off S.E.E.K ARIZONA: Seeks to Hire Jenkins Law Firm as Legal Counsel SAINT MARY'S COLLEGE: S&P Lowers Revenue Bond Rating to 'BB+' SC HEALTHCARE: Close to Reaching Deal to Avoid Ch. 7 Liquidation SC SJ HOLDINGS: Mediation Not Appropriate in Brightspire Cases SC SJ: Mediation Not Appropriate in San Jose, Accor Dispute SCOOPIE LLC: Seeks Subchapter V Bankruptcy in Texas SEARS HOLDINGS: Seeks Millions in Lost Revenue from Mall of America SEATON INVESTMENTS: Has Deal on Cash Collateral Access SHENANDOAH MEDICAL: Unsecured Creditors to Split $72K in Plan SOUND INPATIENT: Moody's Ups CFR to Caa2, Outlook Stable SOUTHWEST FT WORTH: Taps Joyce W. Lindauer as Bankruptcy Counsel SPECIALTY CARTRIDGE: Lender Seeks to Prohibit Cash Collateral Use SPECTRUM GROUP: S&P Upgrades ICR to 'CCC+', Outlook Positive STOLI GROUP: Court Extends Cash Collateral Access to June 13 STS AVIATION: T. Rowe Marks $440,000 1L Loan at 42% Off SUPERIOR CONTRACT: Can't Stay Enforcement of QWS Claim SWEET TRUCKING: Gets Court OK to Use Cash Collateral Until June 30 SWEET TRUCKING: Hires Clark & Washington as Bankruptcy Counsel TELESAT CANADA: S&P Downgrades ICR to 'CCC-', Outlook Negative TERWILLIGER PLAZA: Fitch Affirms 'BB+' IDR, Outlook Stable THRASIO LLC: Moody's Cuts CFR to 'Ca', Outlook Negative TRINITY LEGACY: Seeks Cash Collateral Access Until Aug. 31 TRUCK-LITE CO: T. Rowe Marks $4.1 Million 1L Loan at 36% Off TRUCK-LITE CO: T. Rowe Marks $4.1 Million 1L Loan at 93% Off TWENTY EIGHT: Gets OK to Use Cash Collateral Until June 30 VISTA PARTNERS: Seeks to Hire James G. Murphy Co as Auctioneer WASSERMAN MEDIA: S&P Assigns 'BB-' ICR, Outlook Stable WATER'S EDGE: Plan Exclusivity Period Extended to July 21 WEST PROPERTIES: Hires Newman & Newman as Bankruptcy Counsel WILLIAM H. ZIEGENBALG: Gets Extension to Access Cash Collateral WORTHY'S RUN: Seeks Cash Collateral Access WT REPAIR: Seeks to Hire Evans & Mullinix as Bankruptcy Counsel WW INTERNATIONAL: Court Approves Common Stock Transfer Protocol WYATT RESTAURANT: Unsecureds Owed $970K to Get 2% over 3 Years [] BOOK REVIEW: Dynamics of Institutional Change [] Hilco Adds Two Executives to Cybersecurity & Geopolitical Units ********* 1001 WL LLC: Trustee Taps Balance Companies as Insurance Adjustor ----------------------------------------------------------------- John Patrick Lowe, the Trustee for 1001 WL, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Balance Companies, LLC as public insurance adjuster. Balance has agreed to provide the services under the tiered compensation structure: a. 10 percent from the proceeds of the Partial Check; b. 5 percent from Insurance Claims proceeds between $500,000.01 (the amount of the Partial Check) and $1,500,000. c. 6 percent from Insurance Claims proceeds between $1,500,000.01 and $2,499.999.99; d. 7 percent from Insurance Claims proceeds between $2,500,000 and $3,499,999.99; e. 8 percent from Insurance Claims proceeds between $3,500,000 and $4,499,999.99; f. 10 percent from Insurance Claims proceeds in excess of $4,499,999.99. Balance will provide services relating to insurance claims to be made regarding substantial damage done to the Real Property during a hurricane. Allen Vise, founder of Balance Companies, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Allen J. Vise Balance Companies, LLC 5005 Hidalgo St., Ste. 505 Houston, TX 77056 Telephone: (713) 622-1972 Email: info@balancecompanies.com About 1001 WL, LLC 1001 WL, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10119) on Feb. 6, 2024. In the petition signed by Drew Dennett, authorized signatory, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger PC represents the Debtor as counsel. 123DENTIST INC: T. Rowe Marks $5.9 Million 1L Loan at 71% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $5,990,000 loan extended to 123Dentist Inc. to market at $1,753,000 or 29% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to 123Dentist Inc. The loan accrues interest at a rate of 7.72% per annum. The loan matures on August 9, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About 123Dentist Inc. 123Dentist Inc. provides health care facilities. The Company offers various kinds of dental treatments. 123Dentist serves patients in Canada. 123DENTIST INC: T. Rowe Marks $955,000 1L Loan at 31% Off --------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $955,000 loan extended to 123Dentist Inc. to market at $660,000 or 69% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to 123Dentist Inc. The loan accrues interest at a rate of 7.72% per annum. The loan matures on August 9, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About 123Dentist Inc. 123Dentist Inc. provides health care facilities. The Company offers various kinds of dental treatments. 123Dentist serves patients in Canada. 23ANDME HOLDING: Judge Questions Scope of Proposed New Auction -------------------------------------------------------------- Steven Church of Bloomberg News reports that the judge presiding over 23andMe's bankruptcy raised questions about the proposed restrictions for a second auction intended to surpass Regeneron Pharmaceuticals' current $256 million bid for the genetic-testing company. U.S. Bankruptcy Judge Brian Walsh asked lawyers for both Regeneron and 23andMe to justify the auction limits they support -- limits that have been challenged by the only other bidder, a California-based research institute backed by former 23andMe CEO Anne Wojcicki. Judge Walsh must decide whether to impose auction rules that would allow Regeneron a final bidding chance while potentially excluding Wojcicki and her group, the report states. About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC, as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 4069-4089 MINNESOTA: Trustee Taps Century 21 as Real Estate Agent ----------------------------------------------------------------- H. Jason Gold, the duly appointed Chapter 11 trustee for 4069 - 4089 Minnesota Ave NE, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Century 21 Commercial New Millennium as his real estate agent and broker. The agent will receive a commission at these fees: (i) a brokerage fee of 3.5 percent of the gross purchase price, and (ii) an additional brokerage fee of 2 percent of the gross purchase price. CENTURY 21 is disinterested within the meaning of 11 U.S.C. 101(14) and has no conflicts, according to court filings. The firm can be reached through: Stephen Karbelk CENTURY 21 Commercial New Millennium 6631 Old Dominion Drive McLean, VA 22101 Phone: (571) 481-1037 Email: stephen.karbelk@c21nm.com About 4069 - 4089 Minnesota Ave NE, LLC 4069 - 4089 Minnesota Ave is a debtor with a single real estate asset, as outlined in 11 U.S.C. Section 101(51B). 4069 - 4089 Minnesota Ave, NE, LLC in Washington, DC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-00070) on Feb. 27, 2025, listing as much as $10 million to 50 million in both assets and liabilities. Oscar Portillo as managing member, signed the petition. Judge Elizabeth L Gunn oversees the case. LAW OFFICES OF RICHARD B. ROSENBLATT, PC serve as the Debtor's legal counsel. 437 88 LLC: Seeks to Extend Plan Exclusivity to August 15 --------------------------------------------------------- 437 88 LLC asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity periods to file a plan of reorganization to August 15, 2025. The Debtor acquired real property located at 437 88th Street in the Bay Ridge section of Brooklyn (the "Property") in 2018. At that time, the Property was improved by a two-story structure. In the years that followed, the Property was completely redesigned and underwent a so-called "ground-up redevelopment" to construct a Class A modern medical office building containing 48,092 square feet of rentable space. To date, the Debtor has invested approximately $20 million in connection with the project, including the mortgage financing originally issued by Dime Savings Bank which was renewed several times, before Dime sold the loan last year. The principal balance under the mortgage loan is $12,253,264.05. For a significant period of time, the Debtor operated under a forbearance and was disheartened to learn that, rather than extending the forbearance, Dime sold the note to a private note buyer known as BD 43788 LLC (the "Note Buyer"). The Note Buyer quickly commenced foreclosure proceedings and just recently obtained the appointment of a Receiver. Accordingly, the Debtor made the decision to seek Chapter 11 relief to preserve the status quo and preserve and protect more than five years of time and capital invested in this redevelopment project. The Debtor explains that its efforts to deal with these various claims and litigation are active, but still in the opening stages. In the meantime, the Debtor is hereby seeking an extension of the 120-day exclusivity period in which only the Debtor may file a plan of reorganization for an additional 90 days to preserve the status quo while the plan process unfolds. The Debtor explains that it has a number of complex issues which are being addressed as part of this reorganization. As noted, the Debtor has removed and is litigating its major damage claim. The Debtor is also moving to retain special counsel to pursue its insurance claim, and is moving for approval of an amendment to its current lease with New York University, a major tenant at the Property. More time is needed to pursue these matters before a plan can be formulated and proposed. This is the Debtor's first request for an extension of exclusivity and, thus, the Debtor has not abused the privilege of extending exclusivity on multiple occasions. The firm can be reached through: Kevin J. Nash, Esq. Goldberg Weprin Finkel Goldstein LLP 125 Park Ave., Floor 12 New York, NY 10017 Telephone: (212) 221-5700 About 437 88 LLC 437 88, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40269) on January 17, 2025, listing under $1 million in both asset and liabilities. Judge Elizabeth S. Stong oversees the case. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP serves as the Debtor's counsel. 7847 S ESSEX: Seeks Chapter 11 Bankruptcy in Illinois ----------------------------------------------------- On May 28, 2025, 7847 S Essex 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 7847 S Essex LLC 7847 S Essex LLC is a single asset real estate entity that owns and manages property at 7847 S Essex Avenue in Chicago, Illinois. 7847 S Essex LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08075) on May 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. A.E. SCHLUETER: Hires Jones & Walden LLC as Bankruptcy Counsel -------------------------------------------------------------- A.E. Schlueter Pipe Organ Sales and Service Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Jones & Walden LLC as its counsel. The firm will provide these services: a. preparing pleadings and applications; b. conducting of examination; c. advising the Debtor of its rights, duties and obligations as a debtor-in-possession; d. consulting and representing the Debtor with respect to a Chapter 11 plan; e. performing those legal services incidental and necessary to the day-to-day operations of the Debtor's business, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business legal advice and assistance; and f. taking any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these rates: Attorneys $350 to $500 per hour Paralegals and law clerks $150 to $250 per hour The firm holds a retainer in the amount of $23,657. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas McClendon, Esq., a partner at Jones & Walden LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas T. McClendon, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: TMcClendon@joneswalden.com About A.E. Schlueter Pipe Organ Sales and Service A.E. Schlueter Pipe Organ Sales and Service Inc. designs, builds, restores, and maintains pipe organs primarily in the Southeastern United States. Founded in Lithonia, Georgia, the Company provides custom pipe organ construction, tuning, and repair services. A.E. Schlueter Pipe Organ Sales and Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55514) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Thomas T. McClendon, Esq. at JONES & WALDEN LLC. ACCELERATE DIAGNOSTICS: Hires Ordinary Course Professionals ----------------------------------------------------------- Accelerate Diagnostics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to this Chapter 11 case. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Wood Herron & Evans LLP --Legal Services - Intellectual Property Counsel KBF CPAs LLP --Accounting Services - Tax Advisors Snell & Wilmer --Legal Services - Securities Counsel About Accelerate Diagnostics Accelerate Diagnostics, Inc. is an in vitro diagnostics company that develops systems for the rapid identification of pathogens and antibiotic susceptibility, with a focus on serious infections such as sepsis. Its products, including the Accelerate Pheno and Arc systems, are used in hospitals and clinical laboratories to improve treatment precision and reduce healthcare costs. The Company has submitted its WAVE system for FDA clearance, with a commercial launch expected in early 2026. Accelerate Diagnostics Inc. and Accelerate Diagnostics Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Case No. 25-10837) on May 8, 2025. In the petition signed by Jack Phillips as president and chief executive officer, the Debtors disclosed total assets of $28,556,000 and total debts of $84,596,000 as of December 31, 2024. The Hon. Karen B. Owens oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Shriver & Jacobson LLP as bankruptcy counsels. Solic Capital Advisors LLC serves as restructuring advisor to the Debtors; Perella Weinberg Partners LP acts as investment banker; and Stretto Inc. serves as claims and noticing agent. ACCELERATE DIAGNOSTICS: Taps Fried Frank Harris as Co-Counsel ------------------------------------------------------------- Accelerate Diagnostics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Fried, Frank, Harris, Shriver & Jacobson LLP as co-counsel. The firm will render these services: (a) prepare, on behalf of the Debtors, all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of these Chapter 11 Cases; (b) counsel the Debtors with regard to their rights and obligations as debtors in possession in the continued operation of their business and the management of their estates; (c) represent and advise the Debtors in the sale of their business through these Chapter 11 Cases; (d) represent and advise the Debtors in connection with the process for confirming their proposed chapter 11 plan; (e) represent the Debtors and prepare all necessary documents on behalf of the Debtors in the areas of corporate finance, employee benefits, real estate, tax, and bankruptcy law, and commercial litigation, debt restructuring, and asset dispositions in connection with these Chapter 11 Cases; (g) advise the Debtors with respect to actions to protect and preserve the Debtors' estates during the pendency of these Chapter 11 Cases, including the prosecution of actions by the Debtors, the defense of actions commenced against the Debtors, negotiations concerning litigation in which the Debtors are involved, and objections to claims filed against the estates; and (h) perform all other necessary or requested legal services in connection with these Chapter 11 Cases. The firm will be paid at these rates: Partners $1,680 to $2,550 Associates $905 to $1,590 Paraprofessionals $450 to $665 The following is provided in response to the request for additional information set forth in paragraph D.1 of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customer billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition period. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Prior to the Petition Date, Fried Frank agreed to provide the Debtors with a fifteen percent discount until the earlier of (i) the first two months of the engagement or (ii) the commencement of the Chapter 11 Cases. Prior to the Petition Date, the Debtors and Fried Frank entered into a new Engagement Letter whereby the parties agreed that Fried Frank will receive compensation at its standard full rates for these Chapter 11 Cases in accordance with the terms of the Engagement Letter. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period? Response: Yes. The Debtors have approved a budget and staffing plan for the period of May 8, 2025 through August 2, 2025. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Fried Frank is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates, according to court filings. The firm can be reached through: Andrew S. Mordkoff, Esq. Fried, Frank, Harris, Shriver & Jacobson LLP One New York Plaza New York, NY 10004 Tel: (212) 859-8928 Email: Andrew.Mordkoff@friedfrank.com About Accelerate Diagnostics Accelerate Diagnostics, Inc. is an in vitro diagnostics company that develops systems for the rapid identification of pathogens and antibiotic susceptibility, with a focus on serious infections such as sepsis. Its products, including the Accelerate Pheno and Arc systems, are used in hospitals and clinical laboratories to improve treatment precision and reduce healthcare costs. The Company has submitted its WAVE system for FDA clearance, with a commercial launch expected in early 2026. Accelerate Diagnostics Inc. and Accelerate Diagnostics Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Case No. 25-10837) on May 8, 2025. In the petition signed by Jack Phillips as president and chief executive officer, the Debtors disclosed total assets of $28,556,000 and total debts of $84,596,000 as of December 31, 2024. The Hon. Karen B. Owens oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Shriver & Jacobson LLP as bankruptcy counsels. Solic Capital Advisors LLC serves as restructuring advisor to the Debtors; Perella Weinberg Partners LP acts as investment banker; and Stretto Inc. serves as claims and noticing agent. ACCELERATE DIAGNOSTICS: Taps Morris Nichols Arsh as Co-Counsel -------------------------------------------------------------- Accelerate Diagnostics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Morris, Nichols, Arsht & Tunnell LLP as bankruptcy co-counsel. The firm will render these services: a. perform all necessary services as the Debtors' bankruptcy co-counsel, including, without limitation, providing the Debtors with advice, representing the Debtors, and preparing necessary documents on behalf of the Debtors in the areas of restructuring and bankruptcy; b. take all necessary actions to protect and preserve the Debtors' estates during these Chapter 11 Cases, including the prosecution of actions by the Debtors, the defense of any actions commenced against the Debtors, negotiations concerning litigation in which the Debtors are involved and objecting to claims filed against the estates; c. prepare or coordinate preparation on behalf of the Debtors, as debtors in possession, necessary motions, applications, answers, orders, reports and papers in connection with the administration of these Chapter 11 Cases; d. counsel the Debtors with regard to their rights and obligations as debtors in possession; e. coordinate with the Debtors' other professionals in representing the Debtors in connection with these cases; and f. perform all other necessary legal services. The firm will be paid at these hourly rates: Partners $1,005 to $1,895 Associates and Special Counsel $625 to $1,120 Paraprofessionals $395 to $435 Case Clerks $385 The firm will seek reimbursement for reasonable out-of-pocket expenses incurred. On the Petition Date, Morris Nichols held an advance payment balance of $100,000. Morris Nichols provides the following statements in response to the request for additional information set forth in Part D.1. of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post petition, explain the difference and the reasons for the difference. Response: Morris Nichols agreed to provide a fifteen percent discount on all fees incurred prior to the Petition Date. The Debtors and Morris Nichols further agreed that, in the event of a chapter 11 bankruptcy filing, Morris Nichols's rates would revert the firm's standard rates as of the Petition Date. For work performed for the Debtors in 2025, Morris Nichols's standard hourly rates are as follows: Partners $1,005 to 1,895 Associates and Special Counsel $625 to 1,120 Paraprofessionals $395 to 435 Case Clerks $385 Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Morris Nichols and the Debtors have agreed on a budget and staffing plan for the chapter 11 cases. Andrew Remming, a partner at Morris, 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: Andrew R. Remming, Sr. Morris, Nichols, Arsht & Tunnell LLP 1201 North Market Street, 16th Floor PO Box 1347 Wilmington, DE 19899-1347 Email: aremming@morrisnichols.com Tel: (302) 351-9353 Fax: (302) 658-3989 About Accelerate Diagnostics Accelerate Diagnostics, Inc. is an in vitro diagnostics company that develops systems for the rapid identification of pathogens and antibiotic susceptibility, with a focus on serious infections such as sepsis. Its products, including the Accelerate Pheno and Arc systems, are used in hospitals and clinical laboratories to improve treatment precision and reduce healthcare costs. The Company has submitted its WAVE system for FDA clearance, with a commercial launch expected in early 2026. Accelerate Diagnostics Inc. and Accelerate Diagnostics Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Case No. 25-10837) on May 8, 2025. In the petition signed by Jack Phillips as president and chief executive officer, the Debtors disclosed total assets of $28,556,000 and total debts of $84,596,000 as of December 31, 2024. The Hon. Karen B. Owens oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Shriver & Jacobson LLP as bankruptcy counsels. Solic Capital Advisors LLC serves as restructuring advisor to the Debtors; Perella Weinberg Partners LP acts as investment banker; and Stretto Inc. serves as claims and noticing agent. ACCELERATE DIAGNOSTICS: Taps Perella Weinberg as Investment Banker ------------------------------------------------------------------ Accelerate Diagnostics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Perella Weinberg Partners LP as investment banker. The firm will render these services: General Financial Advisory and Investment Banking Services (a) familiarize itself with the business, operations, properties, financial condition, and prospects of the Debtors; (b) review the Debtors' financial condition and outlook; (c) assist in the development of financial data and presentations to the Debtors' board of directors, various creditors, and other parties; (d) analyze the Debtors' financial liquidity and evaluate alternatives to improve such liquidity; (e) evaluate the Debtors' debt capacity and alternative capital structures; (f) provide expert testimony during the Chapter 11 Cases to the extent reasonable and appropriate; (g) participate in negotiations among the Debtors and their creditors, suppliers, lessors, and other interested parties with respect to any of the transactions contemplated by the Engagement Letter; (h) advise the Debtors and negotiate with lenders with respect to potential waivers or amendments of the Debtors' various credit facilities; and (i) provide such other advisory services as are customarily provided in connection with the analysis and negotiation of any of the transactions contemplated by the Engagement Letter, as requested and mutually agreed. Restructuring Services (a) analyze various Restructuring scenarios and the potential impact of these scenarios on the value of the Debtors and the recoveries of those stakeholders impacted by the Restructuring; (b) provide strategic advice with regard to restructuring or refinancing the Debtors' obligations; (c) provide financial advice and assistance to the Debtors in developing a Restructuring; (d) in connection therewith, provide financial advice and assistance to the Debtors in structuring any new securities to be issued under a Restructuring; and (e) assist the Debtors and/or participate in negotiations with entities or groups affected by the Restructuring. Financing Services (a) provide financial advice to the Debtors in structuring and effecting a Financing, identify potential Investors, and at the Debtors' request, contact and solicit such Investors; and (b) assist in the arranging of a Financing, including identifying potential sources of capital, assisting in the due diligence process, and negotiating the terms of any proposed Financing, as requested. Sale Services (a) provide financial advice to the Debtors in structuring, evaluating, and effecting a Sale, identify potential acquirers, and at the Debtors' request, contact and solicit potential acquirers; (b) assist in arranging and executing a Sale, including identifying potential buyers or parties in interest, assisting in the due diligence process, and negotiating the terms of any proposed Sale, as requested; and (c) in the case of a Sale effectuated out of court, if requested by the Debtors' board of directors, PWP would undertake a study to consider the fairness, from a financial point of view, of the consideration to be received in a Sale, for the purpose of rendering an opinion to the Debtors' board of directors (the "Opinion"). The nature of the study undertaken by PWP, and the scope of PWP analysis and investigation, as well as the form and substance of the Opinion, will be such as PWP would deem appropriate under the circumstances. If an Opinion is requested by the Debtors' board of directors, PWP's Opinion would be delivered in writing. The firm will receive compensation as at these rates: (a) Monthly Retainer Fee. A monthly financial advisory fee (the "Monthly Retainer Fee") for each month of the Engagement (as defined in the Engagement Letter), payable in advance on the first day of each month during the Engagement, equal to $125,000; provided that 50 percent of the Monthly Retainer Fees paid (to the extent paid and without duplication) over the course of the Engagement after the first six Monthly Retainer Fees are fully paid shall be credited against and subtracted once from any Restructuring Fee, Sale Fee, or Financing Fee that becomes payable pursuant to the Engagement Letter (but such subtraction shall in no event result in a fee of less than zero). (b) Restructuring Fee. In the case of a Restructuring (as defined in the Engagement Letter), a fee (the "Restructuring Fee") equal to $2,000,000, payable promptly upon consummation of a Restructuring; provided, however, that in the event the Company contemplates filing a "prepackaged" or "pre-arranged" Restructuring, then (x) to the extent funds are available, up to 50 percent of the Restructuring Fee shall be payable at the earlier of (i) execution by the Debtors of a restructuring support agreement, lock-up agreement or similar agreement and (ii) the launch of a solicitation of votes for a prepackaged reorganization plan, and (y) the remaining unpaid portion of the Restructuring Fee shall be payable promptly upon consummation of the Restructuring. (c) Financing Fee. In the case of a Financing, a fee (a "Financing Fee") equal toto the sum of (x) 1.5 percent of the face amount of any senior secured debt raised (including, but not limited to, debtor-in-possession financing), and (y) 3.0 percent of the face amount of any junior secured or unsecured debt raised, in each case payable promptly upon consummation of any Financing; provided, however, that with respect to any debtor-in-possession financing raised by PWP in the Chapter 11 Cases, PWP shall only be entitled to a Financing Fee associated with the "new money" component of such Financing; provided that if an Indaba Capital Management, L.P. ("Indaba") credit bid is selected, the Financing Fee shall be fully creditable (to the extent paid and without duplication) against a Sale Fee. (d) Sale Fee. In the case of a Sale, a fee (a "Sale Fee") equal to the sum of (i) 5.0 percent of the first $60,000,000 of Transaction Value associated with such Sale plus (ii) 7.5 percent of the portion of Transaction Value associated with such Sale in excess of $60,000,000, payable promptly upon consummation of a Sale directly from the proceeds of such Sale but subject to a minimum Sale Fee in the amount of $2,000,000; provided that if an Indaba credit bid is selected, the Sale Fee will be reduced to $1,750,000. In addition, the firm will seek reimbursement for expenses incurred. John Cesarz, a partner at Perella Weinberg Partners, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John Cesarz Perella Weinberg Partners LP 767 Fifth Avenue New York, NY 10153 Telephone: (212) 287-3200 About Accelerate Diagnostics Accelerate Diagnostics, Inc. is an in vitro diagnostics company that develops systems for the rapid identification of pathogens and antibiotic susceptibility, with a focus on serious infections such as sepsis. Its products, including the Accelerate Pheno and Arc systems, are used in hospitals and clinical laboratories to improve treatment precision and reduce healthcare costs. The Company has submitted its WAVE system for FDA clearance, with a commercial launch expected in early 2026. Accelerate Diagnostics Inc. and Accelerate Diagnostics Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Case No. 25-10837) on May 8, 2025. In the petition signed by Jack Phillips as president and chief executive officer, the Debtors disclosed total assets of $28,556,000 and total debts of $84,596,000 as of December 31, 2024. The Hon. Karen B. Owens oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Shriver & Jacobson LLP as bankruptcy counsels. Solic Capital Advisors LLC serves as restructuring advisor to the Debtors; Perella Weinberg Partners LP acts as investment banker; and Stretto Inc. serves as claims and noticing agent. ACCELERATE DIAGNOSTICS: Taps SOLIC Capital as Financial Advisor --------------------------------------------------------------- Accelerate Diagnostics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire SOLIC Capital Advisors, LLC as financial advisor. The firm will render these services: a. review of Company-prepared cash reports and reports prepared by any third-party consultant regarding historical cash activities; b. support of various liquidity management activities as requested by the Company to maintain adequate liquidity, including effectiveness of liquidity stabilization initiatives; c. assess and validate the Company's cash and financial projections, including assumptions of weekly cash forecast projections; d. assist with the preparation of a revised 13-week cash forecast with relevant support documentation for key inputs and related assumptions, including the review of weekly cash flow projections as prepared by prior consultants, as available; e. contingency planning, and execution support for potential strategic alternatives including one or more of the sale of the Company's assets under Section 363 of the United States Bankruptcy Code, an in-court plan of reorganization or plan of liquidation; f. bankruptcy preparations and bankruptcy administration including assistance to counsel and the Company's claims agent in development of a Debtor-in-Possession budget, first day motions and bankruptcy schedules; At the request of the Company, assist management and the Company's legal counsel in the review of any threatened or unforeseen litigation, contingent liabilities, and regulatory related or submission requirements; g. engage in communication and discussion with secured lenders related to the Company's cash flows and financials, performance; and h. other services at the request of the Company which are consistent with SOLIC's experience. SOLIC's standard hourly rates are: Senior Managing Director $975 to 1,400 Managing Directors $775 to 995 Directors $695 to 825 Vice Presidents $545 to 675 Senior Associates $450 to 545 Associates/Analysts $350 to 450 Paraprofessionals $200 to 300 The firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. SOLIC can be reached through: Raoul Nowitz SOLIC Capital Advisors, LLC 150 North Wacker Drive, Suite 3000 Chicago, IL 60606 Phone: (847) 583-1618 Email: info@soliccapital.com About Accelerate Diagnostics Accelerate Diagnostics, Inc. is an in vitro diagnostics company that develops systems for the rapid identification of pathogens and antibiotic susceptibility, with a focus on serious infections such as sepsis. Its products, including the Accelerate Pheno and Arc systems, are used in hospitals and clinical laboratories to improve treatment precision and reduce healthcare costs. The Company has submitted its WAVE system for FDA clearance, with a commercial launch expected in early 2026. Accelerate Diagnostics Inc. and Accelerate Diagnostics Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Case No. 25-10837) on May 8, 2025. In the petition signed by Jack Phillips as president and chief executive officer, the Debtors disclosed total assets of $28,556,000 and total debts of $84,596,000 as of December 31, 2024. The Hon. Karen B. Owens oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Shriver & Jacobson LLP as bankruptcy counsels. Solic Capital Advisors LLC serves as restructuring advisor to the Debtors; Perella Weinberg Partners LP acts as investment banker; and Stretto Inc. serves as claims and noticing agent. ACCELERATE DIAGNOSTICS: Taps Stretto Inc. as Administrative Advisor ------------------------------------------------------------------- Accelerate Diagnostics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Stretto, Inc. as administrative advisor. The firm will provide these services: a. assist with, among other things, solicitation, balloting, and tabulation of votes; prepare any related reports, as required in support of confirmation of a chapter 11 plan; b. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c. assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; d. assist with the preparation of the Debtors' monthly operating reports and gather data in conjunction therewith; e. provide a confidential data room; f. manage and coordinate any distributions pursuant to a chapter 11 plan if designated as distribution agent under such plan; and g. provide claims analysis and reconciliation, case research, depository management, treasury services, confidential online workspaces or data rooms, and any related services otherwise required by applicable law, governmental regulations, or court rules or orders in connection with these Chapter 11 Cases. Prior to the Petition Date, the Debtors paid Stretto with an advance retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sheryl Betance, a partner at Stretto, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About Accelerate Diagnostics Accelerate Diagnostics, Inc. is an in vitro diagnostics company that develops systems for the rapid identification of pathogens and antibiotic susceptibility, with a focus on serious infections such as sepsis. Its products, including the Accelerate Pheno and Arc systems, are used in hospitals and clinical laboratories to improve treatment precision and reduce healthcare costs. The Company has submitted its WAVE system for FDA clearance, with a commercial launch expected in early 2026. Accelerate Diagnostics Inc. and Accelerate Diagnostics Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Case No. 25-10837) on May 8, 2025. In the petition signed by Jack Phillips as president and chief executive officer, the Debtors disclosed total assets of $28,556,000 and total debts of $84,596,000 as of December 31, 2024. The Hon. Karen B. Owens oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Shriver & Jacobson LLP as bankruptcy counsels. Solic Capital Advisors LLC serves as restructuring advisor to the Debtors; Perella Weinberg Partners LP acts as investment banker; and Stretto Inc. serves as claims and noticing agent. ACTION IMPORTS: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------ On June 2, 2025, Action Imports LP 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 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Action Imports LP Action Imports LP 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. Action Imports LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42025) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtors are represented by Craig D. Davis, Esq. at DAVIS, ERMIS & ROBERTS, P.C. ADAMS HOMES: S&P Downgrades ICR to 'B', Outlook Stable ------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S. homebuilder Adams Homes Inc. and its rating on the company's $400 million senior unsecured notes due 2028 to 'B' from 'B+'. The recovery rating remains '3'. At the same time, S&P revised its outlook to stable from negative. The stable outlook reflects our expectation for Adams' S&P Global Ratings-adjusted debt to EBITDA to remain 3x-4x over the next 12 months. While our base-case scenario assumes softer but still favorable conditions for the next year or so, our forecast credit ratios have some cushion for deterioration if demand for homes drops moderately in Florida and other markets in the region. Adams Homes Inc.'s earnings were weaker than expected in recent quarters coupled with a higher debt level, which caused leverage metrics to deteriorate. Further, based on macroeconomic and business conditions, S&P believes the company's credit metrics could remain elevated over the next few quarters. S&P said, "The downgrade reflects our expectations that Adams will sustain elevated leverage of 3x-4x over the next 12 months, compared with our prior expectation for below 3x. The company's S&P Global Ratings-adjusted leverage is at the upper end of the 3x-4x range for the 12 months ended March 31, 2025, and we believe it could stay within this range over the next 12 months. As such, we now expect S&P Global Ratings-adjusted EBITDA of below $195 million and EBITDA margins of 14%-15% in 2025 and 2026, which is a modest decline from our previous expectation for margins of 15%-17%. The revision is primarily driven by pressured margins from continued elevated price concessions and closing cost incentives, timing of community count growth along with closings, and increased share of speculative (spec) home closings, which generally have lower margins and increased competition in key markets. Nonetheless, we expect the company to maintain its focus on generating returns from previously invested capital while continuing its trajectory as a high-volume speculative builder. "We continue to view Adams' liquidity position as adequate considering its positive free operating cash flow (FOCF) despite weaker operating results. As of March 2025, the company had a cash balance of $143 million. In addition, we expect $90 million-$100 million of funds from operations (FFO) in the next 12 months. Although its liquidity has remained adequate, we expect the company's FOCF to be pressured slightly in the near term, generating $5 million-$10 million by the end of 2025, from our prior expectation of about $150 million for the same period. We do not anticipate any dividend payments through the forecast period, and there are no near-term debt maturities." Adams has significant geographic concentration. Adams sold about 3,215 homes over the past 12 months ended March 2025 and is among the 30 largest homebuilders in the country based on 2024 closings. However, it strategically targets a lower price point, so its $1.1 billion of revenue in the 12 months ended March 2025 rank as the third lowest among rated peers. In addition, all of its closings occurred in six southeastern U.S. states and Texas, with about 65% occurring in Florida. Florida, in particular, has been prone to boom-and-bust real estate cycles that S&P expects will recur in the future and could potentially have a more adverse impact on this regional homebuilder. S&P said, "The stable outlook reflects our expectation for S&P Global Ratings-adjusted debt to EBITDA to remain 3x-4x over the next 12 months. While our base-case scenario assumes softer but still favorable conditions for the next year or so, our forecast credit ratios have some cushion for deterioration if demand for homes drops moderately in Florida and other markets in the region. "We could lower the rating if Adams' debt to EBITDA approaches our downgrade threshold of 5x. This could occur if EBITDA margins fall more than 400 basis points because the company offers generous incentives to move inventory and generate cash. "Although unlikely, we could upgrade Adams if its debt to EBITDA strengthens to and remains well below 3x through most market conditions, and we anticipate management would commit to that leverage profile." ADVANCE AUTO: Moody's Affirms Ba1 CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings changed Advance Auto Parts, Inc.'s (Advance Auto) outlook to negative from stable. At the same time, Moody's affirmed Advance Auto's Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 backed senior unsecured notes and senior unsecured notes ratings. The SGL-2 speculative grade liquidity rating (SGL) remains unchanged. The change in outlook reflects Moody's views that leverage could be higher than Moody's initially expected over the next 12-18 months as the company responds to the complex and uncertain tariff environment and focuses on building liquidity through its turnaround. It also reflects Advance Auto's much weaker than expected credit metrics as of the LTM period ending April 19, 2025 with lease-adjusted debt/EBITDA of 8.6x and EBITA/interest of -1.4x due to higher than expected restructuring costs that were incurred during Q4 2024 and Q1 2025. In addition, the negative outlook reflects the potential, in Moody's views, of risks to the company's supply chain finance program ($3.2 billion outstanding as of Q1 2025) should participating banks reduce their exposure to Advance Auto. This scenario would put funding pressure on the company's $1.7 billion cash liquidity position and potentially its $1.0 billion undrawn revolver as of Q1 2025 leading to further weakness in debt/EBITDA and EBITA/interest. Also, while comparable sales were positive and in the low single digits range on the commercial side of the business in Q1 2025 with good prospects for continued growth, sales to the DIY consumer have been sluggish and down in the low single digits range in Q1 2025. DIY comparable store sales performance reflect not only the difficult consumer spending environment but also competitor encroachment in Moody's views. Risk of continued weakness beyond Moody's expectations primarily as a result of tariff-related uncertainty is also reflected in the negative outlook. However, the affirmation of the Ba1 CFR reflects Advance Auto's good liquidity including sizable cash balances, which Moody's believes will grow, and Moody's expectations that credit metrics will improve in short order as the company puts the restructuring costs behind them and demonstrates growth in GAAP earnings. RATINGS RATIONALE Advance Auto's Ba1 CFR is supported by its sizeable market position in the expanding US commercial auto parts segment as well as the auto parts sector's favorable industry fundamentals, including increasing total vehicle miles driven in the US, growth in total number of registered vehicles and the increasing age of vehicles, which is now over 12.8 years. Given the increasing complexity of vehicles on the road and the increasing severity of maintenance that comes with an aging fleet, commercial auto parts demand is expected to outpace do-it-yourself retail auto parts demand. Advance Auto's Ba1 CFR is also supported by the company's good liquidity and financial policy that includes maintaining its significantly reduced dividend, a cessation of share repurchases and high balance sheet cash. As of Q1 2025 ending April 19, Advance Auto's lease-adjusted debt/EBITDA was very high at 8.6x while EBITA/interest coverage was very low at -1.4x reflecting significant restructuring costs that were incurred during Q4 2024 and Q1 2025. Should Advance Auto perform in line with current expectations, debt/EBITDA could improve to 4.5x while EBITA/interest coverage could rise to about 1.0x by year-end 2025 as restructuring expenses roll off and earnings improve supported by improved parts availability, time to deliver, and sourcing and supply chain efficiencies. The Ba1 CFR reflects Moody's baseline expectations that this level of weakness in credit metrics is temporary and that both metrics will continue to improve in 2026 to levels more in line with a Ba rating as targeted earnings and margins are achieved translating into lease-adjusted debt/EBITDA in the low 3x range and EBITA/interest coverage of nearly 3.0x. Moody's model the recovery in credit metrics assuming the 2026 $300 million senior unsecured notes maturity is refinanced at a higher rate, but do not incorporate potential for risks to the supply chain finance program. Advance Auto's SGL-2 reflects good liquidity, supported by material balance sheet cash levels which Moody's expects to be in the $1.7-$1.8 billion range over the next 12-18 months, the company's $1.0 billion senior unsecured revolving credit facility (RCF) expiring November 2027 which Moody's expects to remain undrawn and the company's commitment to not raise its modest $15 million quarterly dividend and not resume share repurchases. Current cash on the balance sheet of $1.7 billion as of Q1 2025 is significantly higher than Moody's initially expected driven by better than expected after-tax proceeds from the sale of the Worldpac business in Q4 2024 and lower than expected cash restructuring costs. Cash on the balance sheet could eclipse $2.0 billion by 2027. Debt maturities are well-laddered through 2032 with upcoming debt maturities consisting of $300 million of senior unsecured notes due March 2026 and $350 million of senior unsecured notes due October 2027, providing runway to execute on the restructuring plan. While the company's supply chain finance program is stable at this time with continued key vendor and bank participation reported by Advance Auto, the company's liquidity profile depends on continued stability within the supply chain finance program. A sudden withdrawal of key vendor or bank participation would put pressure on free cash flow and liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook and the current weakness in credit metrics an upgrade is currently not likely. Over time, the ratings could be upgraded if the company's restructuring plan results in a sustained improvement in operating performance including organic revenue and operating income growth with significant margin expansion. An upgrade will also require maintaining conservative financial policies including good liquidity and lower debt and leverage levels. Quantitatively, the ratings could be upgraded if lease-adjusted debt/EBITDA is sustained below 3.5x and if EBITA/interest is sustained above 4.5x. The negative outlook could be returned to stable over the next 12-18 months should the company demonstrate operating performance improvement with meaningful improvement in credit metrics. The ratings could be downgraded if the company's restructuring plan fails to result in improved operating performance in short order including organic revenue and operating income growth along with margin expansion and if leverage remains elevated or interest coverage remains weak. Quantitatively, the ratings could be downgraded if lease-adjusted debt/EBITDA remains above 4.5x and if EBITA/interest remains below 3.5x. A downgrade could also occur if liquidity were to weaken, including from any disruption in the supply chain finance program. Headquartered in Raleigh, North Carolina, Advance Auto Parts, Inc. is an automotive aftermarket retailer in North America. As of April 19, 2025, Advance Auto operated 4,285 stores primarily within the US, with additional locations in Canada, Puerto Rico and the US Virgin Islands. The company also served 881 independently-owned Carquest branded stores across these geographies in addition to Mexico and various Caribbean islands. Revenue pro-forma for the Worldpac asset sale and store closures/exits is about $8.5 billion. The principal methodology used in these ratings was Retail and Apparel published in November 2023. AGILITY TRADE: Unsecureds Will Get 2% to 3% over 5 Years -------------------------------------------------------- Agility Trade LLC filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Modified Second Amended Subchapter V Plan of Reorganization dated May 9, 2025. Agility Trade LLC was founded in January 2020. The company started as a small trucking operator, offering freight and supply chain logistics to its customers. By mid-2021, Agility Trade expanded its fleet and workforce. Under the Plan the Debtor is assuming the Integral leases and the Debtor is retaining all of its vehicles in order to serve the Integral leases. The Plan provides that all administrative creditors will be paid in full on the Effective Date of the Plan (which is 30 days after the Order confirming the Plan is a final Order) unless otherwise agreed. Priority tax claims will receive 100% of their allowed claims over the period of the Plan term (5 years). Secured Creditors will be paid 100% of their secured claims under Class 1 of the Plan to the extent of their allowed secured claims. Allowed Class 2 general unsecured creditors will receive a pro rata share of the Unsecured Creditor Payment over a period of 5 years, which shall equal approximately 2% to 3% distribution on their claims. Class 3 Claims of Equity Holders will not receive a distribution unless all other classes of creditors receive payment in full. Class 2 consists of Allowed Unsecured Claims. Holders of allowed unsecured claims shall receive a pro rata share of the Unsecured Creditor Payments on an annual basis for a period of 5 years beginning on the 1st anniversary of the Effective Date of the Plan, and continuing yearly for another 4 years. The Unsecured Creditor Payments shall equal $25,000 in the aggregate and each yearly payment shall be $5,000 for five payments. Based upon the unsecured claims (which includes deficiency claims of secured creditors), the estimated distribution to unsecured creditors is 2% to 3%. No distribution will be made for unsecured claims which were (i) scheduled as disputed; and (ii) no timely proof of claim was filed. Class 3 consists of Equity Security Holders. Equity security holders shall retain their interests in the Debtor. In addition, the principal of the Debtor will be entitled to a salary for his work on behalf of the Debtor. The Plan will be funded from income of the Debtor. The Debtor will be the disbursing agent and will be responsible for making all of the payments under the Plan. The principal of the Debtor, Pavlin Panev, will continue to serve as President of the Debtor, and will be responsible for effectuating all the Plan payments and provisions on behalf of the Debtor. A full-text copy of the Disclosure Statement dated May 9, 2025 is available at https://urlcurt.com/u?l=srNxac from PacerMonitor.com at no charge. Counsel to the Debtor: David Freydin, Esq. Law Offices of David Freydin 8707 Skokie Blvd., Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Agility Trade LLC Agility Trade LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-13939) on Sept. 20, 2024, listing $542,600 in assets and $1,439,549 in liabilities. The petition was signed by Pavlin Panev as president. Judge Deborah L Thorne oversees the case. David Freydin, Esq., at LAW OFFICES OF DAVID FREYDIN, is the Debtor's counsel. AIO US: Plan Confirmation Hearing Set for July 21 ------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware will hold a hearing on July 21, 2025, at 10:00 a.m. (prevailing Eastern Time) to confirm the second amended joint Chapter 11 plan of liquidation of AIO US Inc. and its debtor-affiliates before the Hon. Craig T. Goldblatt of the U.S. Bankruptcy Court, 824 North Market Street, 3rd Floor, Courtroom 7, Wilmington, Delaware 19801. Objection to the confirmation of the Debtors' amended joint plan, if any, must be filed no later than 5:00 p.m. (prevailing Eastern Time) on July 1, 2025. About AIO US and Avon Products AIO US Inc., Avon Products Inc, and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. AIO US: Unsecured Creditors to Get 47% Under Amended Plan --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved the adequacy of the disclosure statement explaining the second amended joint Chapter 11 plan of liquidation of AIO US Inc. and its debtor-affiliates pursuant to Section 1125 of the U.S. Bankruptcy Code. Deadline to vote to accept or reject the Debtors' amended joint Chapter 11 plan is June 20, 2025, at 5:00 p.m. (Prevailing Eastern Time). The Debtors said they support confirmation of the Plan and urge all holders of Claims entitled to vote on the Plan to vote to accept the Plan. The Debtors noted that they believe the Plan provides the highest and best recovery for all creditors and is in the best interests of creditors. In addition, the Official Committee of Unsecured Creditors appointed in the Debtors' chapter 11 cases also supports confirmation of the Plan and urges all holders of claims entitled to vote on the Plan to vote to accept the Plan. The Creditors' Committee believes that the Plan provides the highest and best recovery for all unsecured creditors and is in the best interests of unsecured creditors. The Plan provides for the creation of a trust to administer the Debtors' assets and claims after the Effective Date. The Avon Liquidation Trust will be administered by the Liquidating Trustee. The initial Liquidating Trustee will be the Hon. Melanie L. Cyganowski (Ret.). More information concerning Judge Cyganowski is provided in Section 1.6 of this Disclosure Statement. Amended Joint Chapter 11 Plan The Plan sets aside funds to operate the Avon Liquidation Trust, establishes reserves for certain types of Claims that are required to be paid in full, specifically, Allowed Administrative Expense Claims, Other Priority Claims, and Secured Claims, and provides for the payment of the Unsecured 2043 Notes Fees and Expenses.4 The Debtors' remaining assets will be divided, in the manner described below, between their two primary remaining creditor classes, which are the Voting Classes entitled to vote to accept or reject the Plan: a) Class 3 - General Unsecured Claims: This class includes all non-priority, non- subordinated, unsecured claims against the Debtors other than Talc Claims. For example, noteholders (holders of Unsecured 2043 Notes Claims), trade creditors and other vendors, former employees, and contract counterparties are included in this class. b) Class 4 - Talc Claims: This class generally includes personal injury claims against the Debtors arising out of talc in the Debtors' former products. The Plan provides for the treatment of claims in those creditor classes as follows: a) Class 3 - General Unsecured Claims: A fund in the initial amount of $14,000,000 is being set aside to pay i) Allowed General Unsecured Claims (except those that make the election described below) and (ii) any unpaid Unsecured 2043 Notes Fees and Expenses payable from the GUC Recovery Fund in accordance with Section 12.16(ii) of the Plan. The GUC Recovery Fund Amount will be reduced by $1 for every $1 by which (i) the Debtors’ Effective Date Available Cash is lower than $29,000,000 or ii) the Effective Date Available Cash is insufficient to fund the ALT Operating Reserve by at least $15,000,000, whichever is greater. Thus, if there is insufficient Effective Date Available Cash to fund the ALT Operating Reserve by at least $15,000,000, the funds in the GUC Recovery Fund will be lower. As such, it is possible, though unlikely based on current assumptions, that there will not be any Cash to fund the GUC Recovery Fund, resulting in no recovery to holders of Class 3 Non-Electing General Unsecured Claims. In addition, although it is expected that most Unsecured 2043 Notes Fees and Expenses will be paid from Effective Date Available Cash, the Avon Liquidation Trust will pay any unpaid Unsecured 2043 Notes Fees and Expenses a) first, from such ALT Operating Reserve amounts above $15,000,000 initially funded pursuant to Section 5.10(i) of the Plan; b) second, from the GUC Recovery Fund; and c) third, from the ALT Operating Reserve. It is, therefore, possible that the payment of those Unsecured 2043 Notes Fees and Expenses will reduce the amounts available in the fund to pay Allowed General Unsecured Claims. Each holder of an Allowed General Unsecured Claim (except those that make the election described below) will receive Cash from the GUC Recovery Fund equal to the lower of: (i) the Claim's Pro Rata share of the GUC Recovery Fund after the payment of any Unsecured 2043 Notes Fees and Expenses payable from the GUC Recovery Fund in accordance with Section 12.16(ii) of the Plan and (ii) 37.5% of the amount of the Claim. "Pro Rata" means the same percentage recovery based on the Allowed amount of their respective Claims. While some distributions to General Unsecured Claims may be delayed while the Avon Liquidation Trust reconciles all General Unsecured Claims, it is expected that distributions of Cash to General Unsecured Creditors will be finalized within 6-12 months of the Effective Date. The Plan provides an election for holders of General Unsecured Claims, which allows them to elect to give up their recovery from the GUC Recovery Fund and instead receive treatment similar to Class 4 Talc Claims and recover from a separate fund, which will primarily contain Cash proceeds resulting from Insurance Rights and Retained Causes of Action. General Unsecured Claims that elect to receive treatment from the Special Electing GUC Recovery Fund are "Electing General Unsecured Claims." In contrast, those General Unsecured Claims that do not make the election and recover instead from the GUC Recovery Fund are "Non-Electing General Unsecured Claims." To become an Electing General Unsecured Claim, the holder of the Claim must affirmatively elect that treatment by either (a) for an Unsecured 2043 Notes Claim, timely submitting a completed optional election form to the bank or broker holding its Unsecured 2043 Notes, or (b) for a General Unsecured Claim other than an Unsecured 2043 Notes Claim, making the election on a timely received ballot. The GUC Election Procedures are described further in the Solicitation Packages provided to known creditors, including the Solicitation Procedures Order. Holders of General Unsecured Claims that fail to timely indicate their election will have their Claims treated as Non-Electing General Unsecured Claims and recover from the GUC Recovery Fund. As described below in Section 1.5 of this Disclosure Statement, the recovery for Electing General Unsecured Claims is subject to more uncertainty and it may be years before holders of Allowed Electing General Unsecured Claims receive any recovery; however, there is a possibility for a greater recovery. After all General Unsecured Claims are reconciled and all Allowed Non-Electing General Unsecured Claims receive payment of all amounts to which they are entitled, the Cash still remaining in the GUC Recovery Fund will be equal to the portion of the fund (i) allocable to Allowed Electing General Unsecured Claims on account of their Pro Rata share of the GUC Recovery Fund and (ii) that would be allocable to Allowed Non-Electing General Unsecured Claims on account of their Pro Rata share of the GUC Recovery Fund but is in excess of the recovery cap on those Claims, in each case after the payment of any Unsecured 2043 Notes Fees and Expenses payable from the GUC Recovery Fund in accordance with Section 12.16(ii) of the Plan. That remaining Cash will become "Post-Effective Date Available Cash," as specified in Section 5.4 of the Plan, and will be allocated to the Priority Reserve, the ALT Operating Reserve, or the TC Recovery Fund and the Special Electing GUC Recovery Fund in accordance with the allocation procedure specified in Section 5.10(ii) of the Plan, as further discussed below. For Electing General Unsecured Claims, the recoveries from the Special Electing GUC Recovery Fund are intended to match recoveries for Allowed Talc Claims from the TC Recovery Fund, both in terms of percentage recovery and timeline for payment. Holders of General Unsecured Claims should review the descriptions of the TC Recovery Fund and the Trust Distribution Procedures (as defined below) in this Disclosure Statement to learn more information about the Special Electing GUC Recovery Fund. b) Class 4 – Talc Claims: Under the Plan, holders of Talc Claims will receive their share of a fund administered by the Avon Liquidation Trust, which will primarily contain Cash proceeds resulting from Insurance Rights and Retained Causes of Action. These assets, which are discussed in more detail below in Section 6.6 of this Disclosure Statement, will be pursued by the Avon Liquidation Trust after the Effective Date. The recovery to holders of Allowed Talc Claims and Electing General Unsecured Claims will depend primarily on the Avon Liquidation Trust's results from pursuing and liquidating such assets through settlement negotiations and/or litigation. Talc Claims will be Allowed and the TC Recovery Fund's distributions will be made pursuant to the Avon Liquidation Trust’s distribution procedures. As a result of the sale and Natura Settlement, the Debtors hold various assets they are using to administer the chapter 11 cases and that will be used to administer the Avon Liquidation Trust, with the rest being available for distribution to holders of Allowed Claims in accordance with the Plan, including holders of Allowed General Unsecured Claims and Allowed Talc Claims. The assets expected to be available on the Effective Date, and estimated values of such assets (which may be materially higher or lower), are set forth below: -- cash in an estimated amount of approximately $30.3 million8 as of the Debtors' anticipated Effective Date of July 31, 2025; -- the Debtors' Insurance Rights; -- potential unliquidated claims and causes of action against certain parties on account of Retained Causes of Action; and -- unliquidated assets of de minimis value (if any) that remain unsold as of the Effective Date (see Section 6.6). Under the Plan, on the Effective Date, all assets of the Debtors and/or the Liquidating Debtors will vest in the Avon Liquidation Trust. The Avon Liquidation Trust will own such Assets free and clear of all Claims, Interests, Liens, other encumbrances, and liabilities of any kind. There are risks inherent in liquidating the litigation and insurance assets through settlement or judgment. As such, the ability of the Avon Liquidation Trust to liquidate and collect such unliquidated assets is uncertain. As a result, it is impossible to place a precise value on the Avon Liquidation Trust's anticipated assets as of the Effective Date or how much holders of Allowed Claims may recover from those assets. It is expected, however, that the Avon Liquidation Trust's assets will be insufficient to satisfy all creditors in full. Treatment of Claims Type of Estimated Estimated Cl. Claim Impairment Recovery Claim --- ------- ---------- ---------- ---------- 1 Other Unimpaired 100% $0 Priority 2 Secured Unimpaired 100% $0 3 Gen. Impaired 29.3%-37% $37.8-47.7 Unsec. million 4 Talc Impaired N/A Unknown 5 Subor. Impaired 0% Unknown Claim 6 Inter- Unimpaired N/A Unknown company Claim 7 Inter- Unimpaired N/A N/A company Interest 8 Parent Impaired 0% N/A Interest A full-text copy of the disclosure statement is available for free at https://tinyurl.com/4fbvkw3n A full-text copy of amended joint Chapter 11 plan is available for free at https://tinyurl.com/4fbvkw3n About AIO US and Avon Products AIO US Inc., Avon Products Inc, and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. ALAMO BEER: Gets Final OK to Use Cash Collateral ------------------------------------------------ Alamo Beer Company, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Texas to use cash collateral. Alamo Beer Company was ordered to follow its budget in using the cash collateral, including a 10% weekly variance in spending. The company projects total expenses of $3,708 for week 1; $20,142 for week 2; $23,375 for week 3; $5,869 for week 4; $6,301 for week 5; $17,631 for week 6; $20,375 for week 7; $15,869 for week 8; $2,801 for week 9; $17,631 for week 10; and $20,375 for week 11. Bexar County, Texas, and PlainsCapital Bank, N.A. may assert security interests in the cash collateral. As protection, both secured creditors were granted a replacement lien on all of the company's post-petition accounts, receivables and proceeds thereof. Alamo Beer Company was ordered to pay a $5,000 post-petition retainer to the Law Offices of William B. Kingman, P.C., which will be held until the firm's professional fees are approved by the court. About Alamo Beer Company Alamo Beer Company, LLC is a beverage manufacturer in San Antonio, Texas. Alamo Beer Company filed Chapter 11 petition (Bankr. W.D. Texas Case No. 25-50245) on February 3, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by William B. Kingman, Esq., at the Law Offices of William B. Kingman. PlainsCapital Bank, LLC, as lender, is represented by: Michael P. Menton, Esq. Danika Lopez, Esq. SettlePou 3333 Lee Parkway, Eighth Floor Dallas, Texas 75219 Phone: (214) 520-3300 Fax:(214) 526-4145 mmenton@settlepou.com dlopez@settlepou.com ALL AMERICAN: Erik Johanson Updates List of Creditors ----------------------------------------------------- The law firm of Erik Johanson PLLC ("EJ PLLC") filed an amended verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure in the Chapter 11 cases of All American Holdings LLC and its affiliates. EJ PLLC represents the following five creditors with respect to the bankruptcy cases: Name Nature of Economic Amount Interest Claim -------------- ---------------- ------ Christine Sanko Tort claims, c/o Florin Roebig, P.A. FDUTPA violations, 777 Alderman Road and related causes of Palm Harbor, FL 34686 action $191,689.00 Mark Blackson Tort claims, c/o Florin Roebig, P.A. FDUTPA violations, 777 Alderman Road and related causes of Palm Harbor, FL 34686 action $25,000,000.00 Timothy Turner Tort claims, c/o Florin Roebig, P.A. FDUTPA violations, 777 Alderman Road and related causes of Palm Harbor, FL 34686 action $25,000,000.00 Ronald and Mary Venters Tort claims, c/o Florin Roebig, P.A. FDUTPA violations, 777 Alderman Road and related causes of Palm Harbor, FL 34686 action $25,000,000.00 Peter Engasser Tort claims, c/o Czelusta Law FDUTPA violations, 7231 Little Road, Ste A and related causes of New Port Richey, FL action 34654 $25,000,000.00 Each of the creditors has engaged EJ PLLC as legal counsel in these bankruptcy cases. The terms of the representation are memorialized in a separate written agreement for legal representation. EJ PLLC has no power to act on behalf of these creditors except as legal counsel in these bankruptcy cases. EJ PLLC has no claims in this case. The law firm can be reached at: Erik Johanson, Esq. Joseph R. Boyd, Esq. ERIK JOHANSON PLLC 3414 W Bay to Bay Blvd Suite 300 Tampa, FL 33629 Tel: (813) 210-9442 Email: erik@johanson.law ecf@johanson.law 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. ALLECOM CORP: Seeks to Hire Munshi CPA P.C. as Accountant --------------------------------------------------------- Allecom Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Munshi CPA, P.C. as accountant. Munshi will provide payroll related services, monthly bookkeeping, monthly financial reports, tax return preparation services and related services. The firm will be paid as follows: (i) $1,200 for tax returns; (ii) $700 monthly rate for bookkeeping and weekly payroll processing; (iii) $200 for monthly or quarterly operating reports; (iv) for ADP processing fees for regular payroll run: $63 and between $169 to $195 before taxes for fees per pay period and sales tax. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Imtiaz Munshi, a partner at Munshi CPA, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Imtiaz Munshi Munshi CPA, P.C. 1600 Highway 6 South, Suite 250, Sugar Land, TX 77478 Tel: (281) 547-0001 Email: imunshi@munshicpa.com About Allecom Corp. Allecom Corp. is a subcontractor for FedEx, providing specialized services to support its operations. Allecom sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31569) on March 24, 2025. In its petition, the Debtor reported total assets of $306,082 and total debts of $3,310,215. Judge Eduardo V. Rodriguez oversees the case. Anabel King, Esq., at Wauson King serves as the Debtor's counsel. AMPLIFYBIO LLC: Hires Epiq Corporate as Claims and Noticing Agent ----------------------------------------------------------------- Amplifybio, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Epiq Corporate Restructuring LLC as the official claims and noticing agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will be paid at these hourly rates: Executive Vice President, Solicitation $190 Solicitation Consultant $190 Project Managers/Consultants/Directors $165 - $190 Case Managers $80 - $180 IT/Programming $55 - $75 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, Epiq received a retainer of $25,000 from the Debtors. Kate Mailloux, a senior director at Epiq, 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: Kate Mailloux Epiq Corporate Restructuring LLC 777 3rd Ave., Fl. 12 New York, NY 10017 Telephone: (646) 282-2532 Email: kmailloux@epiqglobal.com About AmplifyBio LLC AmplifyBio LLC is a preclinical contract research and manufacturing organization based in Ohio that offers integrated services for therapeutic development, including R&D, preclinical testing, and scalable manufacturing for advanced therapies such as cell and gene therapies, mRNA, and non-viral gene editing platforms. Formed as a 2021 spinout from Battelle Memorial Institute, the Company has expanded through acquisitions and facility investments, including a 350,000-square-foot cGMP manufacturing site in New Albany. Its wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into its operations and participates in scientific, operational, and financial activities. AmplifyBio LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 25-52140) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Scott N. Opincar, Esq. and Maria G. Carr, Esq. at MCDONALD HOPKINS LLC. HUTCHISON PLLC is the Debtor's co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Notice, Claims and Balloting Agent. ANTIGONE SKOULAS: Unsecureds to Split $45.9K via Quarterly Payments ------------------------------------------------------------------- Antigone Skoulas D.D.S., Inc., filed with the U.S. Bankruptcy Court for the Northern District of California a Small Business Plan of Reorganization under Subchapter V dated May 9, 2025. The Debtor is a California corporation. Since 2015, the Debtor has been in the business of operating a cosmetic and veneer dental practice. When moving its practice to San Francisco, the Debtor financed the purchase of an established dental practice, which was funded in large part with a $900,000.00 loan. Additionally, the Debtor was also required to purchase new equipment for the new practice, which was secured with purchase money security interest. The significant cost of servicing this secured debt, among other secured and unsecured, along with pending litigation substantially impacted the Debtor's ability to successfully operate, and a result, the Debtor sought relief under Title 11, Chapter 11, Sub Chapter V of the United States Code to reorganize its business affairs. The Debtor's financial projections show that the Debtor will have projected disposable income of $45,900.00. The Debtor expects to fund the full payments required under the Plan within 36 months after the Plan is confirmed. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 77.94 cents on the dollar, consistent with the liquidation analysis and projected disposable income. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. All allowed non priority non-disputed general unsecured claims shall receive a pro-rata share of a fund totaling $45,900.00, created by Debtor's payment of $3,825.00 per quarter for a period of twelve quarters, starting in the subsequent quarter following the Effective Date, due on the 15th day of the first month of each quarter. Pro-rata shall mean the entire amount of the fund divided by the entire amount owed to creditors with allowed claims in Class 3. The allowed unsecured claims total $1,131,911.03. This Class is impaired. The holders of equity (shares) interest in the Debtor will not receive any distributions under the Plan. However, this Plan does not cancel any shares of the Debtor, all shareholders shall retain their shares, and all shareholders shall retain any and all legal, equitable, and contractual rights provided for in all agreements with the Debtor under applicable non-bankruptcy law. After confirmation of the Plan, the Debtor will continue business as a cosmetic dental veneer practice and the Debtor will also maintain possession, custody, and control of all essential assets for continuation of normal business operations. As set forth in Exhibit A, as of March 31, 2025, the Debtor has available cash on hand of $70,653.73 that will be used to make all payments due on the Effective Date, which are currently estimated to be $36,800.00. Further, to the extent necessary, counsel for the Debtor (Meyer Law Group, LLP) will agree to accept payment of its allowed administrative claim (estimated at $25,000.00) over the term of the Plan to ensure feasibility on the Effective Date. As forth in Exhibit B, the Debtor projects to receive net revenue of at least $85,000.00 on a monthly basis. From this net revenue, the Debtor is projected to have sufficient monthly cash to fund quarterly distributions ($3,825.00) to general unsecured creditors in Class 3. Further, in the unlikely event that the Debtor experiences a shortfall in any given month, the Debtor anticipates having sufficient cash reserves (either from available cash on hand or receipt of accounts receivable) to ensure that all payments to Class 3 are made in a timely manner, or the Debtor's sole shareholder and officer (Antigone Skoulas) will personally advance funds to the Debtor to make all required payments under the terms of the Plan. A full-text copy of the Plan of Reorganization dated May 9, 2025 is available at https://urlcurt.com/u?l=l71GOX from PacerMonitor.com at no charge. Counsel to the Debtor: Brent D. Meyer, Esq. Meyer Law Group LLP 268 Bush Street #3639 San Francisco, CA 94104 Tel: (415) 765-1588 Fax: (415) 762-5277 Email: brent@meyerllp.com About Antigone Skoulas D.D.S. Inc. Antigone Skoulas D.D.S. Inc. is a dental practice in San Francisco specializing in cosmetic and restorative dentistry, offering services like implant restorations, Invisalign, dentures, and TMJ treatment. With a focus on advanced digital technology and artistic expertise, the practice provides compassionate care and exceptional results to help patients achieve their best smiles. Antigone filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 25-30100) on February 9, 2025, listing total assets of $133,991 and total liabilities of $1,568,196. Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by Brent D. Meyer, Esq., at Meyer Law Group, LLP. APOLLO COMMERCIAL: Moody's Gives Ba3 Rating to New Term Loan B -------------------------------------------------------------- Moody's Ratings has assigned a Ba3 rating to Apollo Commercial Real Estate Finance, Inc.'s (ARI) proposed backed senior secured term loan B. Moody's have also affirmed ARI's Ba3 long-term corporate family rating and existing Ba3 senior secured notes and senior secured bank credit facility ratings, and changed ARI's outlook to stable from negative. RATINGS RATIONALE The assignment of a Ba3 senior secured credit facility rating to ARI's proposed term loan B reflects the term loan's position in the company's overall capital hierarchy. Net proceeds will be used to refinance ARI's $471 million senior secured term loan due in May 2026 and $288 million senior secured term loan due March 2028. The proposed refinancing will improve ARI's funding and liquidity profiles by extending the term loan's maturity to 2030, a key driver of the change in outlook to stable from negative. The stable outlook also reflects Moody's expectations that ARI's capital position will remain stable over the next 12-18 months, although challenges may persist given the company's troubled Manhattan residential property and legacy office loans. The Ba3 CFR reflects ARI's improved funding and liquidity profiles, steady capitalization and reserve coverage, and the strength of its competitive position resulting from its affiliation with external manager Apollo Global Management, LLC. The rating also reflects the risks from ARI's concentration in commercial real estate (CRE) lending, its elevated problem loans, and its significant reliance on confidence-sensitive secured funding, which reduces the availability of unencumbered assets, limiting access to alternative funding sources. ARI maintains adequate liquidity, with a cash balance of $170 million and $48 million of availability on its secured debt facilities as of March 31, 2025. Nevertheless, the company is highly reliant on various secured borrowing facilities with $5.2 billion outstanding. Although ARI has extended the maturities of several of its borrowing facilities, $1.2 billion remains up for renewal in less than a year. ARI's capitalization, measured by tangible common equity to tangible managed assets, was sound at 21.2% as of March 31, 2025. However, the ratio declined by 110 basis points in the first quarter as new funded commitments and gross add-on fundings outpaced loan repayments. While the lower capitalization is a drawback, the boost in earnings from an expanding loan portfolio, which had previously been shrinking, is credit positive because these earnings serve as a first line of defense to absorb future credit losses. ARI's allowance as a percentage of gross loans, a capital buffer for future losses, was 4.7% as of March 31, 2025. Apart from a significant loss on a hospital loan last year, which ARI is currently contesting in court, the company's asset quality has shown signs of stabilization over the last four quarters. Total risk rated "5" and "4" assets were $125 million and $289 million, respectively, as of March 31, 2025. ARI also reported significant progress in reducing its $378 million exposure to 111 West 57th Street, a troubled Manhattan residential property that is risk-rated "3" after a restructuring last year, through unit sales. ARI also has initiated the marketing process to sell its Ohio-based retail asset, which holds a risk rating of "5" and has a carrying value of $97 million. Nevertheless, the company still has significant exposure to office loans maturing in the next two to three years, which may face challenges in securing takeout financing. ARI has six performing office loans (risk rated "2" or "3") with a combined amortized cost of $1.4 billion, located in New York City, London, Milan and Chicago. These properties do not have substantial reserves for future credit losses, as they are currently performing. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade ARI's ratings if the company: 1) further diversifies its funding sources to include additional senior unsecured debt and lower reliance on market-sensitive repurchase facilities; 2) maintains strong, stable profitability and low credit losses; 3) reduces its loan-level concentrations, and 4) maintains a strong capital position. ARI's ratings could be downgraded if the company: 1) experiences further deterioration in asset quality that leads to declining profitability; 2) weakens its capital position; 3) increases exposure to volatile funding sources or otherwise encounters material liquidity challenges; or 4) rapidly accelerates growth. The principal methodology used in these ratings was Finance Companies published in July 2024. ARTEAGA DENTAL: No Decline in Patient Care, 2nd PCO Report Says --------------------------------------------------------------- Tamar Terzian, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California her second interim report regarding the quality of patient care provided by Arteaga Dental Corporation. The ombudsman report covers the period from Feb. 18 to April 18. The PCO noted that the patient records are securely maintained, are complete and are also electronic. Each record shows the signature of the patient who has received Privacy Policy information, Patient Rights information, as well as a Dental Fact sheet explaining the reasons and effects of the visit. The PCO cited responsive and helpful interactions between patients in reception, on phone, and in rooms. It is reported that the business treats families, including children. Ms. Terzian noted that the office is clean, well-stocked with proper covers and supplies. Cleaning services are nightly. The equipment is maintained per schedule and repairs or services are logged. Arteaga Dental is compliant with OSHA standards. The PCO finds that all care provided to patients by Arteaga Dental is within the standard of care. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=hV3BSE from PacerMonitor.com. The PCO may be reached at: Tamar Terzian, Esq. tterzian@hansonbridgett.com Hanson Bridgett, LLP 601 W. 5th Street Suite 300 Los Angeles, CA 90071 Tel: (323) 210-7747 About Arteaga Dental Corporation Arteaga Dental Corporation is primarily engaged in the private or group practice of general or specialized dentistry or dental surgery. Arteaga Dental Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-16441) on October 28, 2024, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Anamaria Arteaga, chief executive officer of Arteaga Dental Corporation, signed the petition. Judge Wayne E. Johnson oversees the case. Lewis R. Landau, Esq., serves as the Debtor's bankruptcy counsel. ARTIFICIAL INTELLIGENCE: Expands in $50 Billion Security Market --------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. issued a strategic update spotlighting the Company's accelerating growth, expanding deployments, and growing influence across the $50 billion security services market1. While many startups continue to speculate about the future of AI, AITX is actively delivering it, with nearly a thousand autonomous devices deployed and a rapidly scaling base of recurring monthly revenue. Earlier this year, AITX reported unaudited fiscal 2025 revenues of $6.13 million, a 275% increase over the prior year. This performance reflects accelerating adoption of its wholly owned subsidiary Robotic Assistance Devices, Inc. (RAD-I's), autonomous devices and continued expansion of the Company's recurring monthly revenue base. AITX will be filing its audited Form 10-K and has projected fiscal 2026 revenues in the range of $12 million to $18 million. AITX's suite of autonomous solutions, delivered through RAD-I, is now active across a wide range of industries including healthcare, education, logistics, retail, and residential security. With proven deployments in corporate campuses, construction sites, hospital networks, and urban districts, the Company's AI-powered devices are not theoretical concepts. They are working assets in the field, reducing incidents, improving safety, and replacing costly human guard services. The Company's growth is anchored by its expanding base of recurring monthly revenue, generated through the deployment of RAD-I's devices and platforms. Each unit placed in service contributes to a subscription-based revenue model that offers financial stability and long-term client retention. The Company has reported two consecutive years of triple-digit revenue growth and continues to advance toward its operational profitability target and stated goal of a NASDAQ uplisting by 2028. Unlike legacy security providers and software-only startups, AITX controls the entire technology stack across hardware, software, and AI. Through its vertically integrated structure and innovation-driven subsidiaries, the Company delivers real-time autonomous engagement, not just passive alerts or analytics. Solutions like ROAMEO, ROSA, RIO, AVA, and RADCam all operate on the same AI backbone, enabling consistent performance, rapid deployment, and cost-effective scalability. As part of its commitment to openness and direct engagement, the Company will host an Ask Me Anything (AMA) session on Saturday, June 8, 2025. The event, featuring Steve Reinharz, founder, CEO and CTO of AITX, will provide an unfiltered look at AITX's strategy, progress, and vision. Open to the public, the session reflects the Company's belief that accountability, curiosity, and communication are vital as it continues to scale and lead in the AI security space. "We've built this Company on execution, not speculation," commented Reinharz. "While others are still pitching ideas or waiting for capital, we're shipping product, earning revenue, and scaling real-world deployments. We believe our disciplined approach, combined with relentless innovation, is exactly what this market needs and what the public should be watching closely." With over one thousand devices deployed or awaiting deployment, a robust pipeline of new opportunities, and a proven model for replacing outdated security infrastructure, AITX is establishing itself as a force in the transformation of physical security. As organizations across sectors look to automate, reduce costs, and improve response times, AITX and RAD-I continue to demonstrate how intelligent, autonomous solutions can meet the moment. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ASSOCIATIONS INC: T. Rowe Marks $775,000 1L Loan at 26% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $775,000 loan extended to Associations, Inc. to market at $573,000 or 74% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Associations, Inc. The loan accrues interest at a rate of 11.08% per annum. The loan matures on July 3, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Associations, Inc. Headquartered in Des Moines, Iowa, Associations Inc. represents clients in a variety of media platforms across the Midwest and beyond. We bring extensive experience and professionalism to every project and customize our support to each client’s unique needs. ASSOCIATIONS INC: T. Rowe Marks $966,000 1L Loan at 75% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $966,000 loan extended to Associations, Inc. to market at $240,000 or 25% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Associations, Inc. The loan accrues interest at a rate of 11.06% per annum. The loan matures on July 3, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Associations, Inc. Headquartered in Des Moines, Iowa, Associations Inc. represents clients in a variety of media platforms across the Midwest and beyond. We bring extensive experience and professionalism to every project and customize our support to each client’s unique needs. ATARA BIOTHERAPEUTICS: Panacea Innovation Holds 19.99% Stake ------------------------------------------------------------ Panacea Innovation Limited, and its affiliates -- Panacea Venture Healthcare Fund II, L.P., Panacea Venture Healthcare Fund II GP Company, Ltd., Panacea Opportunity Fund I, L.P., Panacea Opportunity Fund I GP Company, Ltd., and James Huang -- disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of May 16, 2025, they beneficially owned an aggregate of 1,638,565 shares of Atara Biotherapeutics, Inc.'s common stock. This total includes 1,330,665 shares held directly by Panacea Venture Healthcare Fund II, L.P. and 307,900 warrants to purchase common stock held by Panacea Opportunity Fund I, L.P., which are immediately exercisable but subject to a 19.99% ownership cap. The shares represent approximately 19.99% of Atara Biotherapeutics, Inc.'s 6,795,628 outstanding shares. Panacea Innovation Limited and the affiliated reporting persons may be reached through: James Huang Panacea Venture No. 5, Lane 1350, Fuxing Middle Road Xuhui District, Shanghai, F4, 200031 Tel: (86-21) 6176-1101 A full-text copy of the SEC filing is available at: https://tinyurl.com/2j5xa89b About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 7, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recurring losses from operations raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Atara Biotherapeutics had $109.1 million in total assets, $206.4 million in total liabilities, and a total stockholders' deficit of $97.28 million. BANYAN SOFTWARE: T. Rowe Marks $8.1 Million 1L Loan at 62% Off -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $8,152,000 loan extended to Banyan Software Holdings LLC to market at $3,127,000 or 38% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Banyan Software Holdings LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on January 2, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Banyan Software Holdings LLC Banyan Software Holdings LLC provides the best permanent home for successful enterprise software businesses, their employees, and customers. BAUSCH HEALTH: Icahn Partners and Affiliates Hold 9.4% Stake ------------------------------------------------------------ Carl C. Icahn disclosed in a Schedule 13D filed with the SEC that as of May 20, 2025, he beneficially owned 34,721,118 shares of Bausch Health Companies Inc. common stock, representing approximately 9.4% of the outstanding shares. This ownership is held through multiple affiliated entities including Icahn Partners Master Fund LP, Icahn Offshore LP, Icahn Partners LP, Icahn Onshore LP, Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings L.P., Icahn Enterprises G.P. Inc., and Beckton Corp. Icahn Group may be reached through: Jesse Lynn, Esq. 16690 Collins Avenue, Suite PH-1 Sunny Isles Beach, FL 33160 Phone: (305) 422-4100 A full-text copy of Mr. Icahn's SEC report is available at: https://tinyurl.com/s8vajtsm About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) (collectively, BHC) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. Fitch has subsequently withdrawn all ratings due to commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Bausch. BAUSCH HEALTH: Inks Letter Agreements With Icahn, 2 Others ---------------------------------------------------------- Bausch Health Companies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into respective letter agreements with each of: (i) Carl Icahn and the other members of the Icahn Group (as such term is defined in the Director Appointment and Nomination Agreement dated February 23, 2021 between the Company and the persons and entities listed on Schedule A thereto (the "Company DANA")), (ii) John Paulson and his affiliates (the "Paulson Group") and (iii) Sarah Kavanagh and her affiliates (the "Kavanagh Group", and each of the Icahn Group, the Paulson Group and the Kavanagh Group, a "Group"), as overlapping directors on the Board of Directors of the Company (the "BHC Board") and the Board of Directors of Bausch + Lomb Corporation ("B+L" and the Board, the "B+L Board"). Pursuant to the respective Letter Agreements, each of the Groups, respectively, have agreed that, if such Group engages in a "Specified Action" then such Group shall immediately tender their resignations from the BHC Board and the B+L Board, and in respect of the Icahn Group Letter Agreement, the Icahn Group shall irrevocably waive its rights under specified provisions of the Amended and Restated Director Appointment and Nomination Agreement dated June 21, 2022 between B+L and certain members of the Icahn Group (the "B+L DANA"), including the right to designate a Replacement Designee (as such term is defined in the B+L DANA). In addition, under each Letter Agreement, respectively, so long as no member of such Group has engaged in a Specified Action, the Company has agreed: (i) if such person or member of such Group (each a "Group Designee") is named as a management nominee for election to the B+L Board at any meeting of shareholders of B+L, then the Company shall vote (or cause to be voted) all voting securities of B+L owned or controlled by the Company for each such Group Designee, and (ii) such Group Designee will also have the right to be appointed to any newly-created committees of the BHC Board, absent actual conflicts of interest. As used in each Letter Agreement, "Specified Actions" include any of the following: (i) knowingly instigating or supporting any proxy contest against the Company regarding any matter; (ii) presenting (or requesting to present) at any meeting of the Company's shareholders any proposal for consideration for action by shareholders or engaging in any solicitation of proxies or consents; (iii) granting any proxy, consent or other authority to vote with respect to any matters or depositing any voting securities in a voting trust or subjecting them to a voting agreement (subject to certain exceptions); (iv) seeking, or encouraging any person, to submit nominations in furtherance of a contested solicitation for the election or removal of directors of the Company; or (v) acquiring, offering or proposing to acquire any voting securities or rights to acquire any voting securities that would result in the Icahn Group beneficially owning more than 19.99% of then outstanding common shares of the Company (subject to certain exceptions). The foregoing description of the Letter Agreements is qualified in its entirety by reference to the full text of each Letter Agreement, a copy of which is attached as an exhibit and incorporated by reference into the Company's Report on Form 8-K, available at: https://tinyurl.com/yscum4z8 About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) (collectively, BHC) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. Fitch has subsequently withdrawn all ratings due to commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Bausch. BAUSCH HEALTH: Paulson & Co. Holds 7.1% Equity Stake ---------------------------------------------------- Paulson & Co. Inc. disclosed in a Schedule 13D (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of May 20, 2025, it beneficially owned 26,439,035 common shares, representing approximately 7.1% of Bausch Health Companies Inc.'s outstanding shares (based on approximately 367,933,897 shares outstanding as of February 14, 2025). Paulson & Co. Inc. may be reached through: Stuart L. Merzer General Counsel & Chief Compliance Officer 15 Exchange Place Jersey City, NJ 07302 Tel: 212-956-2221 A full-text copy of Paulson & Co.'s SEC report is available at: https://tinyurl.com/mhcpykrx About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) (collectively, BHC) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. Fitch has subsequently withdrawn all ratings due to commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Bausch. BCPE HIPH: T. Rowe Marks $2.3 Million 1L Loan at 14% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,323,000 loan extended to BCPE HIPH Parent, Inc. to market at $1,991,000 or 86% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to BCPE HIPH Parent, Inc. The loan accrues interest at a rate of 10.07% per annum. The loan matures on October 7, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About BCPE HIPH Parent, Inc. BCPE HIPH Parent, Inc. is engaged in the manufacture and distribution of chemicals, plastics and rubber products. BCPE VENUS: Moody's Lowers CFR to Caa2 & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings downgraded BCPE Venus Cayman Bidco's ("VXI", d/b/a "VXI Global Solutions") corporate family rating to Caa2 from Caa1 as well as the company's probability of default rating to Caa2-PD from Caa1-PD. Concurrently, Moody's downgraded the ratings of the backed senior secured first lien term loan and revolver of the company's Mars US Holdco, L.L.C. ("Mars US") subsidiary to Caa2 from Caa1. The ratings outlooks for VXI and Mars US were changed to negative from stable. VXI is a worldwide provider of outsourced contact center and related customer relationship management services and software solutions. The rating actions reflect the company's weakened operating performance, evidenced by a modest reduction in revenues in 2024 as two of VXI's largest customers significantly reduced consumption volumes in 2024. Concurrently, Moody's expects the company's liquidity to weaken as adjusted debt-to-EBITDA (including Moody's adjustments) remains elevated at 8.2x in 2025, presenting refinancing risk as maturities begin to mount in May 2027. The rating actions are also driven by Moody's concerns that VXI's capital structure may be unsustainable, which is indicative of very aggressive financial strategies, a key ESG governance consideration. RATINGS RATIONALE The Caa2 CFR is constrained by the company's elevated financial leverage with debt-to-EBITDA of 8.2x (including Moody's adjustments) for 2024 as well as weakening liquidity fueled by Moody's expectations of free cash flow deficits in 2025. VXI's credit profile is also negatively impacted by corporate governance risks related to the company's concentrated ownership and a complex organizational structure as well as the potential for debt financed acquisitions or dividends which could lead to further increases in financial leverage. Additional credit risk stems from the highly competitive nature of the customer management contact center industry in which VXI operates, including potential pressure from larger rivals. VXI's material customer concentration given a narrow vertical market focus largely on the media, telecommunications, and technology sectors and the potential for technological disruption from Artificial Intelligence and related technologies also presents uncertainties. VXI's credit profile benefits from the company's large, global operating scope, a particularly strong market presence in China (approximately 27% of revenue excluding Symbio) for customer management contact center solutions, and the differentiation provided by VXI's Symbio software suite, which is complementary to the company's core service offerings. Additional credit strengths include a recurring revenue base and high client retention rates, which collectively support top-line visibility. Moody's expects VXI to have weak liquidity during the 12-15 months from December 2024. The company's liquidity is supported by a cash balance of $60 million as of December 31, 2024, but Moody's anticipates that the company will incur free cash flow deficits in 2025. These deficits will reduce cash availability and could necessitate reliance upon VXI's $75 million revolving credit facility expiring May 2027 (approximately $60 million drawn as of December 31, 2024) for liquidity support. The company's term loans are not subject to financial covenants, but the revolving credit facility includes a springing 8.1x maximum net senior secured first lien leverage ratio covenant, which will be applicable when the revolver is drawn by 35% ($26.3 million) or greater of the $75 million total facility size. Moody's expects VXI to remain in compliance with this financial covenant over the next 12-15 months. The negative outlook reflects Moody's expectations that VXI's liquidity will continue to deteriorate, heightening the risk of an unsustainable capital structure. Moody's expects VXI's revenue will increase on an organic basis by a low-single-digit percentage annual rate over the coming 12-18 months, but pricing pressure will continue to weigh on EBITDA margins. Moody's also expects the company to only reduce leverage modestly with debt-to-EBITDA (including Moody's adjustments) remaining at around 8x during this period. The outlook can be changed to stable if VXI is able to generate sustained positive free cash flow and improve liquidity materially. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade is unlikely in the near term given the negative outlook. Over time, the ratings could be upgraded if VXI meaningfully increases revenue and margins, improves its business and customer diversification, sustains positive free cash flow, materially improves liquidity, reduces refinancing risk, and lowers debt-to-EBITDA meaningfully. The ratings could be downgraded if VXI's operating performance declines materially due to major customer losses or other competitive pressures, causing an increase in debt-to-EBITDA from current levels or the incurrence of sustained free cash flow deficits and further deterioration of liquidity. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. VXI, headquartered in Los Angeles, California and owned by affiliates of Bain Capital Private Equity Asia ("BCPE") and VXI's founder, is a worldwide provider of outsourced contact center and related customer relationship management services and software solutions principally to clients in the media, telecommunications, and technology sectors. VXI generated sales of $760 million in 2024. BEACON POINTE: T. Rowe Marks $9.9 Million 1L Loan at 78% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $9,989,000 loan extended to Beacon Pointe Advisors, LLC to market at $2,164,000 or 22% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Beacon Pointe Advisors, LLC. The loan accrues interest at a rate of 9.20% per annum. The loan matures on December 29, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Beacon Pointe Advisors, LLC Beacon Pointe is a registered investment advisory firm that works with institutions, defined contribution plans, high-net-worth individuals and families. BELLEVUE HOSPITAL: Quality of Care Maintained, 3rd PCO Report Says ------------------------------------------------------------------ Deborah L. Fish, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of Ohio her third and final report regarding the quality of patient care provided by The Bellevue Hospital. In her report, which covers the period from April 23 to May 15, 2025, the PCO receives daily census, staffing reports, and has an open line of communication with the hospital to monitor the quality of care. The PCO noted that Pursuant to Section 333 (b) (3), the quality of patient care provided to patients of the debtor has been maintained post-petition, is not being materially compromised, patients' needs are met, staffing is sufficient, and quality of care is significantly above average. The ombudsman may be reached at: Deborah L. Fish 211 West Fort Street, Suite 705 Detroit, MI 48226 Phone: 313.309.3171 Email: dfish@allardfishpc.com About The Bellevue Hospital The Bellevue Hospital is a healthcare provider offering a range of services, including cancer care, cardiac and pulmonary rehab, diagnostic imaging, emergency care, and surgery. It serves residents of Bellevue, Clyde, Fremont, and surrounding areas, providing care 24/7. The organization is governed by a board of trustees and operates as a not-for-profit corporation. Bellevue Hospital was founded in 1914 and has interests in several subsidiary entities, including The Bellevue Hospital Foundation, Bellevue Professional Services, Inc., Bellevue Hospital Pain Management, LLC, Prairie Ridge, LLC, and Bellevue Hospital Medical Holdings, LLC. Bellevue Hospital filed Chapter 11 petition (Bankr. N.D. Ohio Case No. 25-30191) on February 5, 2025, listing between $10 million and $50 million in both assets and liabilities. Sara K. Brokaw, chief executive officer of Bellevue Hospital, signed the petition. Judge Mary Ann Whipple oversees the case. Richard K. Stovall, Esq., at Allen Stovall Neuman & Ashton LLP, represents the Debtor as legal counsel. Fifth Third Bank, as senior secured creditor, and Firelands Regional Health System, as DIP lender, are represented by Carrie M. Brosius, Esq. at Vorys, Sater, Seymour and Pease, LLP and Ellen Arvin Kennedy. Esq. at Dinsmore & Shohl, LLP, respectively. Deborah L. Fish is the patient care ombudsman appointed in the Debtor's Chapter 11 case. BEN FACKLER: Seeks to Hire Fox Law as General Bankruptcy Counsel ---------------------------------------------------------------- Ben Fackler Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire The Fox Law Corporation as general bankruptcy counsel. The firm will provide these services: a. advise the Debtor with respect to its powers and duties as a debtor-in-possession and the management of the property of the estate and to assist the Debtor in performing the duties required of it as a debtor-in-possession; b. draft and confirm a plan of reorganization and to attend hearings before this Court in connection with disclosure statements and plans of reorganization, and to conduct examinations of interested parties if necessary and to advise the Debtor concerning any plan; c. examine filed claims to determine their nature, extent, validity and priority; d. advise the Debtor in connection with the collection of assets, the sale of assets, or the refinancing of same to implement a plan which might be confirmed; e. protect the properties of the estate from seizure or other proceedings pending confirmation and consummation of a plan; f. advise the Debtor with respect to the rejection or assumption of executory contracts and leases; g. advise and assist the Debtor in fulfilling its obligations in this case; h. prepare all necessary pleadings pertaining to matters of bankruptcy law before the Court; i. prepare such applications and reports as are necessary and for which the services of an attorney are required including responding to the compliance requirements of the U.S. Trustee; j. render other legal services for the Debtor for which the services of a bankruptcy attorney may be necessary during the pendency of this case; and k. all legal services required to assist the Debtor in fulfilling its duties under 11 U.S.C. Sec. 1106 and 1107, including all contested matters but excluding tax and securities related services. The firm will be paid at these hourly rates: Steven Fox, Principal $650 Associates $600 Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $60,000. Mr. Fox 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: Steven R. Fox, Esq. The Fox Law Corporation Inc. 17835 Ventura Blvd., Ste. 306 Encino, CA 91316 Telephone. (818) 774-3545 Facsimile: (818) 774-3707 Email: Srfox@Foxlaw.com About Ben Fackler Construction Ben Fackler Construction Inc., doing business as Fackler Construction Company, provides commercial and residential construction services in the Portland, Oregon metro area, including McMinnville and nearby communities. It offers a range of services from remodeling to custom design-build projects. Founded and led by Ben Fackler for over 25 years, the business operates as a family-run enterprise. Ben Fackler Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-31621) on May 15, 2025. In its petition, the Debtor reported total assets of $641,841 and total liabilities of $5,832,743. Judge Peter C. Mckittrick handles the case. The Debtor is represented by Keith Y. Boyd, Esq., at Keith Y. Boyd, P.C. BINGO HOLDINGS: S&P Assigns 'B' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned Bingo Holdings I LLC (doing business as AGS) its 'B' issuer credit rating with a stable outlook. S&P said, "At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's proposed revolving credit facility and term loan B. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. "The stable outlook reflects our expectation that AGS will organically grow its EBITDA base over the next year stemming from continued demand for its gaming equipment and its expansion of online real-money gaming products, such that pro forma leverage decreases to the low-4x area in 2025." Bingo Holdings I LLC is being created by private-equity sponsor Brightstar Capital Partners L.P. to acquire U.S.-based gaming equipment provider PLAYAGS Inc. The company is proposing to issue debt and equity to fund the transaction. The proposed debt financing will consist of a $100 million revolving credit facility and $775 million term loan B. S&P said. "Our 'B' issuer credit rating primarily reflects AGS' financial-sponsor ownership despite our forecast for S&P Global Ratings-adjusted leverage of about 4.0x-4.5x in 2025. We expect continued high demand for AGS' newer cabinets and popular game titles will support long-term organic revenue and EBITDA growth as AGS replaces lower-performing units in the installed base with new units to drive higher revenue per unit. In addition, we believe the company will accelerate top-line growth by penetrating new markets in each of its electronic gaming machine (EGM), table, and interactive product segments. "We expect the company's interactive segment to report growth through North American market share gains and expansion into new product categories. We forecast EBITDA growth of about 8%-10% in 2025 and 2026 due to increased revenue and lower expenses as a percent of revenue, partially stemming from accelerating growth in the higher-margin interactive segment and growth in the premium EGM installed base." However, following the acquisition, private equity sponsor Brightstar Capital Partners will own the majority of the common equity of PLAYAGS. Therefore, S&P's assessment of AGS' financial risk reflects the company's financial-sponsor ownership, board control, and ability to dictate its strategy and cash flows. This could lead the company to adopt a more-aggressive financial policy, potentially by pursuing debt-financed acquisitions or shareholder distributions, which would likely weaken its credit measures. S&P said, "We expect AGS to generate positive free operating cash flow (FOCF) in 2025, which could be prioritized for acquisitions and business investments over debt repayment. In addition, while our base-case scenario does not include any acquisitions, we believe the company may pursue debt-funded acquisitions that will allow it to potentially enter new gaming adjacencies and increase its market share." AGS faces a high degree of competition in the gaming equipment supplier industry. Market share is concentrated among the three largest suppliers--Aristocrat Leisure Ltd., Light & Wonder Inc., and International Game Technology PLC (IGT)--which together comprise more than 70% share of unit sales in North America. AGS maintains a relatively small market position and generates significantly less cash flow compared with peers that have higher cash flow bases to support higher R&D spending for new products and content. Product and content introductions and innovation are key competitive advantages in the gaming equipment space because operators demand popular titles and new technology that resonate with their gaming customers. As a result, gaming equipment suppliers, including AGS, lack flexibility to reduce R&D investments because these investments drive organic revenue and are necessary to stay competitive in the industry. Furthermore, AGS has less geographic diversity than its peers, with some concentration in the Oklahoma market. This exposes the company to risks such as local economic disruptions and inclement weather that impairs the level of play on its machines. AGS's installed base of leased EGMs and table products provide good revenue visibility. AGS' leased installed base of approximately 23,000 EGMs and 5,800 table products accounted for more than half of the company's revenues in the first quarter of 2025. These revenue streams can provide good revenue visibility and help mitigate the volatility of EGM unit and table products sales. Demand for gaming machines can be somewhat unpredictable and depend in part on new casino openings or expansions each year as well as gaming operators' capital budgets, which may be constrained during economic downturns or periods of volatility. Notwithstanding these risks, AGS benefits from relatively high EBITDA margins—S&P forecasts low-40% area in 2025 and 2026--compared with many leisure peers and large recurring revenues, with about 68% of its revenue recurring for the quarter ended Mar. 31, 2025. AGS' gaming operations segment generates either a fixed fee or a percentage of gross gaming revenue from its installed base of gaming machines and table products, some of which are under participation agreements ranging from one to three years. In a stable economic environment, revenue per unit is generally stable, if not growing. The company shares in a percentage of the revenue that some of the leased machines generate, which flows through EBITDA once the machine's fixed cost has been absorbed and supports the company's relatively high EBITDA margins. The stable outlook reflects our expectation that AGS will organically grow its EBITDA base over the next year, stemming from continued demand for its gaming equipment and its expansion of online real-money gaming products, such that pro forma leverage decreases to the low-4x area in 2025. S&P said, "We could lower our ratings if we expect AGS to sustain adjusted leverage above 6.5x and FOCF to debt below 5%. Given that our forecast leverage provides significant cushion relative to our downgrade threshold, this could result from more aggressive financial policy decisions than we expect, including leveraging acquisitions or shareholder returns." This could be exacerbated by: -- AGS underperforming our base case; -- Increased competitive pressures that result in lost market share; or -- A significant decline in demand for gaming machines due to a reduction in gaming operators' capital budgets during an economic downturn. S&P could raise its credit rating by one notch if the company: -- Sustains its S&P Global Ratings-adjusted leverage well below 5x and FOCF to debt comfortably above 5%; and -- Exhibits a track record of conservative financial policy that leads S&P to believe that S&P Global Ratings-adjusted leverage would sustain below 5x. BIO GYMNASTICS: Gary Murphey Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 21 appointed Gary Murphey of Resurgence Financial Services, LLC as Subchapter V trustee for BIO Gymnastics and Athletics Unlimited, LLC. Mr. Murphey 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. Murphey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gary Murphey Resurgence Financial Services, LLC 3330 Cumberland Blvd., Suite 500 Atlanta, GA 30330 Tel: (770) 933-6855 Email: Murphey@RFSLimited.com About BIO Gymnastics and Athletics Unlimited BIO Gymnastics and Athletics Unlimited, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20676) on May 14, 2025. Judge James R. Sacca presides over the case. BLH TOPCO: Seeks to Hire Stretto Inc. as Administrative Advisor --------------------------------------------------------------- BLH TopCo, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as administrative advisor. The firm will provide these services: a. assist with, among other things, solicitation, balloting, and tabulation of votes; prepare any related reports, as required in support of confirmation of a chapter 11 plan; b. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c. assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; d. assist with the preparation of the Debtors' monthly operating reports and gather data in conjunction therewith; e. provide a confidential data room; f. manage and coordinate any distributions pursuant to a chapter 11 plan if designated as distribution agent under such plan; and g. provide claims analysis and reconciliation, case research, depository management, treasury services, confidential online workspaces or data rooms, and any related services otherwise required by applicable law, governmental regulations, or court rules or orders in connection with these Chapter 11 Cases. Prior to the Petition Date, the Debtors paid Stretto with an advance retainer in the amount of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sheryl Betance, a partner at Stretto, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About BLH TopCo BLH TopCo, LLC is the operator and franchisor of locally themed, social gastrobars under the "Bar Louie" brand. Bar Louie is an upscale neighborhood bar and eatery. Established in 1991 in Chicago, Ill., BLH TopCo and its affiliates currently operate 31 locations, franchise an additional 17, and employ roughly 1,400 individuals across 19 states. Bar Louie restaurants are situated in various settings, such as lifestyle centers, conventional shopping malls, event venues, central business districts, and other unique standalone locations. BLH TopCo and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-10576) on March 26, 2025. In its petition, BLH TopCo reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Craig T. Goldblatt handles the cases. The Debtors are represented by Thomas J. Francella, Jr., Esq., and Mark W. Eckard, Esq., attorneys at Raines Feldman Littrell, LLP. Bankruptcy Management Solutions, Inc., doing business as Stretto, serves as the Debtors' claims and noticing agent. BLUE DUCK: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------- On June 2, 2025, Blue Duck Energy MVR 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 Blue Duck Energy MVR LLC Blue Duck Energy MVR LLC operates in the oil and gas extraction industry in Texas. Blue Duck Energy MVR LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-20131) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Thomas D. Berghman, Esq. at MUNSCH HARDT KOPF & HARR, P.C. BLUM HOLDINGS: Expands via Planned Acquisition of Cookies Stake --------------------------------------------------------------- Blum Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Blum Management Holdings, Inc., a wholly owned subsidiary of the Company, entered into a Management Service Agreement with a licensed commercial cannabis retail operator located in the Bay Area (the "Target") pursuant to that certain Amended and Restated Binding Letter of Intent dated May 13, 2025. The Target holds a non-controlling equity interest in Cookies Creative Consulting & Promotions, Inc., a leading brand in the cannabis space. Under the MSA, Blum Management has been granted exclusive operational and economic control of the Target's licensed retail cannabis business, while the Target remains the license holder of record. In consideration for these management services, Blum Management shall receive 100% of the economic benefit of the business, and is responsible for the payment of all operating expenses, including rent, payroll, insurance, inventory, and taxes. The MSA provides the Company with full authority to operate the business in compliance with state and local law, manage bank accounts, oversee staffing and inventory, and administer all day-to-day operations. The agreement includes standard representations, warranties, and indemnification provisions and may be terminated under certain conditions, including consummation of a stock acquisition of the Target by the Company. The execution of the MSA triggered the release of $800,000 in cash consideration to the seller as outlined by the A&R LOI. This payment was made in connection with the grant of operational control under the MSA and will be credited toward the total consideration in the contemplated stock acquisition of the Target by a newly formed subsidiary of the Company ("Blum Acquisition Co."). The Company has determined that, as a result of the MSA, it has acquired a controlling financial interest in the Target under the Variable Interest Entity model set forth in ASC 810. Accordingly, the Company will consolidate the Target's operations into its financial statements effective as of May 15, 2025. Although no equity interests have been acquired to date, the Company has obtained the rights and responsibilities necessary to control the Target's operations and financial outcomes under U.S. GAAP. "This is a meaningful step in Blum's long-term strategy to increase our economic exposure to the biggest brands in Cannabis through key strategic relationships," said Sabas Carrillo, CEO of Blum Holdings, Inc. "These recent transactions provide exposure to equity value not yet fully visible in Blum's public float, including our retail dispensary roll-up portfolio, our Cookies-branded flagship store, and Cookies interests from MTVII and Mesh Ventures. Together, these transactions position Blum to unlock institutional-quality optionality and enhance alignment with Cookies, one of the industry's most recognized brands." The transaction is expected to close upon the completion of definitive agreements and customary closing conditions. Closing is targeted for Q3 2025. No assurances can be provided that definitive agreements will be successfully negotiated, executed, or closed, or that necessary regulatory approvals will be obtained. About Blum Holdings Headquartered in Downey, California, Blum Holdings, Inc. -- www.blumholdings.com -- is a publicly listed parent company with operations across California, dedicated to delivering top-tier medical and recreational cannabis products and associated services. The Company is home to Korova, a brand of high potency products across multiple product categories, currently available in California. The Company formerly operated Blum Santa Ana, a premier cannabis dispensary in Orange County, California, which was sold in June 2024. The Company previously owned dispensaries in California which operated as Blum in Oakland and Blum in San Leandro, which were sold in November 2024. In May 2024, the Company began operating the retail store, Cookies Sacramento, and providing consulting services for two additional dispensaries located in Northern California. The Company is organized into two reportable segments: (i) Cannabis Retail – Includes cannabis-focused retail, both physical stores and non-store front delivery; and (ii) Cannabis Distribution – Includes cannabis distribution operations. Costa Mesa, California-based GuzmanGray, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Blum Holdings had $24.82 million in total assets, $29.56 million in total liabilities, $2.01 million in mezzanine equity, and a total stockholders' deficit of $6.75 million. As of Dec. 31, 2024, the Company had $1.04 million of cash and cash equivalents. BREWER MACHINE: Taps Harlin Parker Attorneys as Bankruptcy Counsel ------------------------------------------------------------------ Brewer Machine & Parts LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to hire Harlin Parker Attorneys at Law as counsel. The firm will provide these services: a. give legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued operation of the estate's business and management of its assets; b. take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning all litigation which the Debtor is involved, if any, and objecting to claims filed against the Debtor's estate; c. prepare on behalf of the Debtor all necessary motions, answers, orders, reports, and other legal papers in connection with the administration of the Debtor's estate; and d. perform any and all other legal services for the Debtor in connection with the Chapter 11 case and the formulation implementation of the Debtor's Chapter 11 Plan. The firm will be paid at these rates: Robert C. Chaudoin $325 per hour Justin L. Duncan $325 per hour Cade Snodgrass $250 per hour Teresa L. Story, Paralegal $150 per hour The Debtor paid the firm an advance retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert C. Chaudoin, Esq., a partner at Harlin Parker Attorneys at Law, 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 C. Chaudoin, Esq. HARLIN PARKER ATTORNEYS AT LAW 519 E. 10th Street PO Box 390 Bowling Green, KY 42102 Tel: (270) 842-5611 Email: chaudoin@harlinparker.com About Brewer Machine & Parts LLC Brewer Machine & Parts LLC manufactures woodworking and material handling equipment used in industries such as sawmills, pallet production, and cooperage. Based in Central City, Kentucky, the Company serves domestic and international markets including the U.S., Australia, Uruguay, and Saudi Arabia. Established in 1967, it offers both new and refurbished machinery. Brewer Machine & Parts LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky.Case No. 25-40336) on May 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Robert C. Chaudoin, Esq. at HARLIN PARKER. BW HOLDING: Moody's Cuts CFR to Caa2, Outlook Remains Negative -------------------------------------------------------------- Moody's Ratings downgraded BW Holding, Inc.'s ("Brook+Whittle") corporate family rating to Caa2 from Caa1 and its probability of default rating to Caa2-PD from Caa1-PD. Moody's also downgraded Brook+Whittle's backed senior secured bank credit facilities, including the first lien revolver, first lien term loan B, and delayed draw term loan to Caa1 from B3. The outlook remains negative. "The downgrade was driven by Brook+Whittle's weak liquidity that relies on continued support from its sponsor and an unsustainable capital structure reflected in adjusted debt/EBITDA of over 16x for the 12 months that ended March 2025," says Motoki Yanase, VP-Senior Credit Officer at Moody's Ratings. "The probability of a fast operating recovery in the next 12 months is low, which would be needed to support a return to positive operating cash flow generation and limit the continued strain on liquidity," added Yanase. The negative outlook reflects the company's high debt load relative to its earnings capacity as well as limited prospects for a return to more healthy credit metrics, notwithstanding the expectation of increasing contributions from recent acquisitions and modestly improving demand conditions. The downgrade also reflects governance considerations, including the company's high debt load, weak standalone liquidity absent of support from its sponsor and an aggressive financial policy that has focused on acquisitions instead of debt reduction. RATINGS RATIONALE Brook+Whittle's Caa2 corporate family rating is constrained by the company's weak credit metrics, reflected in a high leverage of over 16x debt/EBITDA and continued negative operating cash flow generation, and weak liquidity for the 12 months that ended March 2025. The low probability of a fast operating recovery in the next 12-18 months increases the likelihood of a default under Moody's definitions, leading to creditor losses versus initial promises. Despite an aggressive financial policy, the company's owner Genstar Capital has supported the company with additional liquidity, albeit mostly to execute acquisitions. In its 2024 audited financials, the company stated the sponsor's intention to support the company's liquidity at least through May 1, 2026. Between 2023 and early 2024, Genstar injected over $140 million equity into the company. Credit strengths include Brook+Whittle's focus on premium labels and its focus on recyclable products, which helps differentiate its products and forge customer relationships. But the company has small operational scale and limited geographic diversification outside of the US, which increase its operational volatility compared with its larger peers. Moody's expects the company to have weak liquidity over the next 12 months from March 31, 2025. Continued albeit improving negative free cash flow will deplete $17 million cash on hand as of March 31. The $50 million revolver expiring in December 2026 was fully drawn at the end of March 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS While not likely over the near team given the negative outlook, Moody's could upgrade the ratings over time if the company returns to positive cash flow from operations and attains a more sustainable capital structure. An upgrade would also require the company to maintain at least adequate liquidity. Moody's could downgrade the ratings if the company fails to improve its liquidity and cash flow generation. Prospects for a debt restructuring event that leads to lower debt recovery expectations could also lead to a rating downgrade. Headquartered in Guilford, Connecticut, Brook+Whittle is a manufacturer of premium pressure sensitive labels, shrink sleeves, flexible packaging, and heat transfer labels in the United States. Brook+Whittle is controlled by Genstar Capital since 2021. The company recorded about $469 million of revenues for the 12 months that ended in March 2025. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. CAJOTA CONTRACTING: Seeks to Hire Fuchs Law Office as Counsel ------------------------------------------------------------- Cajota Contracting LLC seeks approval from the U.S. Bankruptcy Court of Western District of Pennsylvania to hire the U.S. Bankruptcy Court to hire Fuchs Law Office, LLC to handle its Chapter 11 case. The firm will be paid at these rates: David L. Fuchs $325 Teresa K. Fuchs $250 Mr. Fuchs disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David L. Fuchs Fuchs Law Office LLC 554 Washington Avenue Carnegie, PA 15106 Telephone: (412) 223-5404 Facsimile: (412) 223-5406 Email: dfuchs@fuchslawoffice.com About Cajota Contracting LLC Cajota Contracting LLC is a Pennsylvania-based painting and wall covering contractor that specializes in commercial and residential painting and wall covering services, operates primarily in the Greater Pittsburgh region from its Irwin, PA headquarters. Cajota Contracting LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21295) on May 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtors are represented by David L. Fuchs, Esq. at Fuchs Law Office, LLC. CATHETER PRECISION: Registers 12.86M Shares for Offer and Resale ---------------------------------------------------------------- Catheter Precision, Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission. The prospectus covers the offer and resale from time to time of up to 12,859,716 shares of common stock, par value $0.0001 per share, of the Company, by the Selling Stockholders: * Mercer Street Global Opportunity Fund, LLC, * WVP Emerging Manager Onshore Fund, LLC -- Structured, * Small Cap Lending Series, and * C/M Capital Master Fund, LP, including their transferees, pledgees or donees or their respective successors. The Shares offered by the Selling Stockholders consist of 8,574,000 Shares underlying Series B Convertible Preferred Stock and 4,285,716 Shares underlying Series L Common Stock Purchase Warrants, which were sold in a private placement on May 12, 2025, pursuant to a Securities Purchase Agreement entered into with the Selling Stockholders as described in more detail in the Company's periodic reports and other documents filed with the U.S. Securities and Exchange Commission. The Selling Stockholders may offer the Shares pursuant to this prospectus from time to time through public or private transactions at fixed prices, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at privately negotiated prices. The Selling Stockholders may sell Shares to or through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, concessions or commissions from the Selling Stockholders, the purchasers of the Shares, or both. The Company is not selling any Shares under this prospectus and will not receive any proceeds from the sale of Shares by the Selling Stockholders. However, it will receive proceeds from exercises of the Series L Warrants held by the Selling Stockholders, and are paying the cost of registering the Shares as well as various related expenses. The Selling Stockholders are responsible for all selling commissions, transfer taxes and other costs related to the offer and sale of Shares. The Selling Stockholders may sell any, all or none of the securities offered by this prospectus and the Company does not know when or in what amount the Selling Stockholders may sell their Shares hereunder following the effective date of the registration statement of which this prospectus forms a part. Catheter Precision's common stock is listed on the NYSE American under the symbol "VTAK." On May 19, 2025, the last reported sale price of its common stock was $0.28 per share. A full-text copy of the Report is available at: https://tinyurl.com/t7tpjahx About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of Dec. 31, 2024, the Company had $27.8 million in total assets, $16 million in total liabilities, and a total stockholders' equity of $11.8 million. East Brunswick, New Jersey-based WithumSmith+Brown, PC., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. CBRM REALTY: Seeks to Tap Verita Global as Claims & Noticing Agent ------------------------------------------------------------------ CBRM Realty Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. Verita Global will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Evan Gershbein, an executive vice president at Verita Global, 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: Evan Gershbein Verita Global LLC 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 Facsimile: (310) 823-9133 About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CCP MEZZANINE: Redwood To Hold Public Auction on July 1 ------------------------------------------------------- Pursuant to (a) Section 9-610 of the Uniform Commercial Code as in effect in the State of New York and (b) pledge and security agreement dated as of July 20, 2025 made by CCP Mezzanine Nashville I LLC to DIV Mezz Portfolio I 2020 LLC, Redwood Commercial Mortgage Corporation ("secured party") will offer for sale at public auction all right, title, and interest of CCP Mezzanine Nashville I LLC in and to the following collateral: (i) 100% of the membership interests in CCP Property Owner Nashville I LLC, and (ii) all proceeds of the foregoing. The subject collateral is security for the Debtor's obligations under the mezzanine loan agreement dated as of July 20, 2015, among the Debtor and the Secured Party. The auction will take place on July 1, 2025, at 2:00 p.m. EDT via web-based video conferencing and/or telephonic conferencing program selected by the Secured Party, access to which will be made available to the qualified bidders, and in person, at the offices of Mannion Auctions LLC, 299 Broadway, Suite 1601, New York, New York 10007. All inquiries regarding the sale of the Debtor's collateral, contact Brock Cannon, brock.cannon@nmrk.com, 646-315-4785, and Kezia Belfield, kezia.belfield@nmrk.com, 214-647-7610. CHART INDUSTRIES: S&P Places 'BB-' ICR on CreditWatch Positive -------------------------------------------------------------- S&P Global Ratings placed all of its ratings on Chart Industries Inc., including the 'BB-' issuer credit rating, 'BB-' issue level rating on its senior secured term loan and senior secured notes, and 'B+' issue level rating on its senior unsecured notes, on CreditWatch with positive implications. S&P expects to resolve the CreditWatch placement when the proposed merger closes, which it expects will close at the end of 2025, subject to regulatory approvals and other customary closing conditions. The CreditWatch placement follows Chart's announced merger with Flowserve. Under the terms of the agreement, Chart and Flowserve will merge in an all-stock transaction in which Chart's shareholders will receive newly issued shares from the combined entity. Chart will become a wholly owned subsidiary of Flowserve. In addition, the combined entity would refinance Chart's existing debt as soon as practical following the close of the transaction. S&P expects the transaction will close at the end of 2025, subject to regulatory approvals and other customary closing conditions. S&P said, "The CreditWatch placement with positive implications reflects our view that we will likely raise the issuer credit rating on Chart by one or more notches when the proposed merger closes. We could raise the rating if we view Chart as core to Flowserve." CHASE INTERMEDIATE: T. Rowe Marks $17.7 Million 1L Loan at 30% Off ------------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $17,741,000 loan extended to Chase Intermediate, LLC to market at $12,425,000 or 70% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Chase Intermediate, LLC. The loan accrues interest at a rate of 9.04% per annum. The loan matures on October 30, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Chase Intermediate, LLC Chase Intermediate, LLC is engaged in the design and development of software and information technology solutions and services. CHASE INTERMEDIATE: T. Rowe Marks $890,000 1L Loan at 89% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $890,000 loan extended to Chase Intermediate, LLC to market at $12,425,000 or 11% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Chase Intermediate, LLC. The loan accrues interest at a rate of 9.04% per annum. The loan matures on October 30, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Chase Intermediate, LLC Chase Intermediate, LLC is engaged in the design and development of software and information technology solutions and services. CHICKEN SHACK: Unsecured Creditors to Split $7K in Plan ------------------------------------------------------- Chicken Shack, LLC filed with the U.S. Bankruptcy Court for the Northern District of Florida an Amended Plan of Reorganization dated May 9, 2025. The Debtor operates a quick service restaurant serving primarily fried chicken in Tallahassee, Florida. When the case was filed, the Debtor was operating a second location. That location has since been closed. The Debtor filed this case in an attempt to reorganize its business affairs. The Debtor's owner, Marc Pageau was successfully operating the Krispy Krunchy Chicken restaurant when he decided to open the Chicken Shack restaurant. The lack of profitability of the Chicken Shack and the costs of opening led to the Debtor obtaining high interest MCA loans which completely devastated the Debtor's cash flow. While the Debtor has experienced financial issues, the Debtor strongly believes there is a path to a successful reorganization in this case. Shortly after the Petition Date, the Debtor closed the Chicken Shack restaurant and rejected that lease. The Debtor has assumed the lease at the Krispy Krunchy Chicken restaurant. The income from the Krispy Krunchy Chicken will fund this Plan. This Plan of Reorganization proposes to pay creditors of the Debtor out of cash flow from the normal operations of the Debtor's business. The Sole-owner of the Debtor, Marc Pageau, will remain in that role post-confirmation. This Plan provides for the payment of one class of secured claims, one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 2 consists of General Unsecured Claims. General unsecured creditors include JPMorgan Chase Bank, N.A.: $68,095.29; Legend Advanced Funding II, LLC: $96,542.83; Florida Department of Revenue: $537.69; ODK Capital LLC: $126,605.82; Internal Revenue Service: $8,060.00; Berkshire Hathaway Direct Inx. Co.: $1,639.00; Brown's Refrigeration: $800.00; First Data Merchant Services: $77,716.00; and R&R Fire and Safety Equipment, LLC: $591.26. The class of general unsecured claims shall receive a total dividend of $7,000 paid pro-rata amongst the creditors in this class. Installment payments (to be distributed pro rata) in the amount of $500.00 shall commence on the fifteenth day of the month, on the first month that begins more than thirty days after the Effective Date and shall continue every ninety days thereafter for thirteen additional payments. This Class is impaired. Class 3 consists of Equity Security Holder Marc Pageau. Post confirmation, the equity security holder will continue to receive the salary every two weeks that was approved by the Court during this case. The Debtor shall fund its Plan from the continued operations of its business. Unless otherwise ordered by the Court, the Debtor will make the payments under this Plan, rather than the Subchapter V Trustee. A full-text copy of the Amended Plan dated May 9, 2025 is available at https://urlcurt.com/u?l=d3uYxy from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Bruner, Esq. Bruner Wright, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: rbruner@brunerwright.com About Chicken Shack, LLC Chicken Shack LLC operating as Krispy Krunchy Chicken and formerly known as Fresh 2 Go Cafe LLC, is a restaurant business located in Tallahassee, Florida. Chicken Shack LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40014) on January 14, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Robert C. Bruner, Esq., at Bruner Wright, P.A., in Tallahassee, Florida. CLASSIC CONSTRUCTION: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Classic Construction & Restoration, Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral from May 27 until the entry of a subsequent interim order or final order. Nexi Finance and Fusion Funding, the MCA lenders, assert they are secured in substantially all of the Debtor's equipment, inventory and accounts and the proceeds thereof, which constitute their cash collateral. As protection, the lenders will be granted replacement liens on the Debtor's equipment, inventory and accounts whether such property was acquired before or after the petition date. The final hearing is set for June 23. Objections are due by June 18. About Classic Construction & Restoration Inc. Classic Construction & Restoration Inc. is a general contractor based in Dallas, Texas, offering services such as water and storm damage restoration, fire damage repair, roofing, and interior and exterior maintenance. The Company serves residential and commercial clients, including homeowner associations, and is recognized for its expertise in structural work, insurance claims, and legal support related to insurance settlements. With over 90 years of service experience, it operates with a full administrative and project management team to manage construction and restoration projects of varying scale. Classic Construction & Restoration sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41874) on May 27, 2025. In its petition, the Debtor reported total assets of $394,749 and total liabilities of $2,291,204. Judge Edward L. Morris handles the case. The Debtor is represented by Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC. CNSI HOLDINGS: T. Rowe Marks $2.9 Million 1L Loan at 74% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $2,999,000 loan extended to CNSI Holdings, LLC to market at $792,000 or 26% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to 1CNSI Holdings, LLC. The loan accrues interest at a rate of 9.8% per annum. The loan matures on December 17, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About CNSI Holdings, LLC CNSI Holdings, LLC is a health information technology company acquired by Carlyle in 2021. It was previously part of Alvarez & Marsal Capital Partners. CNSI specializes in providing health information technology solutions to state and federal agencies in the U.S. COMPASS MINERALS: Moody's Rates New $600MM Unsecured Notes 'B3' --------------------------------------------------------------- Moody's Ratings assigned a B3 rating on Compass Minerals International, Inc's ("Compass") new $600 million senior notes, which are unsecured and mature in 2030. Moody's views the transaction positively despite modestly higher pro forma total debt as the refinancing provides additional liquidity (including revolver commitment staying at $325 million without future step-downs) for the company and improves the maturity profile. The company has also negotiated new financial covenants under the revolver that will go into effect with the closing of the transaction, providing Compass additional financial flexibility. Compass' corporate family rating of B2, its probability of default rating of B2-PD, and the B3 rating of its existing senior unsecured notes remain unchanged. The outlook remains negative. RATINGS RATIONALE The B3 rating on the new senior unsecured notes reflects their position in the capital structure, which will be subordinate to the existing $325 million secured revolving credit facility and be pari passu with the existing unsecured notes. Proceeds from the $600 million of new debt will be used to take out the existing senior secured term loan, prepay $300 million of its existing senior unsecured notes due 2027, repay the outstanding revolver balance, add approximately $55 million of cash to the balance sheet, and pay for transaction expenses. Pro forma for the transaction, Moody's adjusted leverage as of 3/31/25 will increase to approximately 5.8x from 5.4x. While pro forma gross debt is expected to increase by approximately $78 million, the transaction will be largely net leverage neutral as the additional debt incurrence will largely fund the increase to balance sheet cash. Assuming normal winter conditions, Moody's forecasts the company to generate over $220 million in Moody's adjusted EBITDA for fiscal 2026, resulting in Moody's adjusted leverage of approximately 4.7x by the end of fiscal 2026. Moody's do not expect the company to generate positive free cash flow in fiscal 2025 primarily due to lower EBITDA relative to its interest obligations and capex needs. The lack of expected free cash flow generation in fiscal 2025 will continue to weigh on Compass' liquidity profile. Moody's expects Compass to generate modest positive free cash flow starting in fiscal 2026, supported by the expectation of a more robust recovery in EBITDA, better working capital management and more capital discipline. Compass' B2 CFR is supported by the company's strong competitive position in the North American salt industry, traditionally attractive EBITDA margins of the Salt segment and ability to generate robust operating cash flow during normal winters. Compass owns high-quality and low-cost salt deposits in addition to an efficient distribution network that utilizes cost-efficient water transportation. The company is also a low-cost producer of sulfate of potash (SOP) fertilizer from naturally occurring brines in the Great Salt Lake. The credit profile reflects the company's limited scale, elevated leverage, and concentrated exposure to the salt segment. The credit profile is also constrained by the relatively unpredictable weather-related nature of the de-icing salt and plant nutrition businesses, resulting in higher earnings and leverage volatility. While Compass' liquidity will improve as a result of the transaction, the negative outlook reflects uncertainties stemming from the potential financial impact of the outstanding Ontario mining tax dispute, the company's ability to deliver on its strategic initiatives and consistent earnings growth, and the risk of renewed trade tensions with Canada that could subject Compass' Canadian production to significant tariffs. Compass has adequate liquidity supported by, pro forma for the refinancing transaction, approximately $105 million of cash on hand and full availability under its $325 million revolver. The company also has access to a $100 million AR securitization facility, of which approximately $91 million was utilized at 3/31/2025. Going forward, Moody's expects the company to continue relying on the revolver and its AR securitization facility for seasonal working capital swings, liquidity needs and growth projects. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's would consider upgrading the ratings if the company reduces its gross debt such that Moodys-adjusted leverage sustains below 4.75x during mild winters, generates positive free cash flow on a sustained basis, and lowers its earnings dependence on the de-icing salt business. Moody's would consider a downgrade of the ratings if the company is unable to consistently generate positive free cash flow, adjusted leverage remains above 6.5x on a sustained basis, or if the company is unable to maintain adequate liquidity. A downgrade could also be considered if tariffs on Canadian goods sold in the US were implemented on a prolonged basis. The principal methodology used in this rating was Chemicals published in October 2023. CONSOLIDATED COMMUNICATIONS: S&P Withdraws 'B-' ICR --------------------------------------------------- S&P Global Ratings withdrew all its ratings on Consolidated Communications Holdings Inc., including the 'B-' issuer credit rating, at the issuer's request. At the time of the withdrawal, the outlook was negative. This follows the close of its $1.344 billion inaugural fiber securitization and a $1.5 billion secured revolving warehouse facility. The funds will be used to redeem the company's 6.5% senior notes due 2028 ($750 million outstanding) and its 5.0% senior notes due 2028 ($400 million outstanding) on Oct. 1, 2025. The funds allocated for the redemption of the notes are being held in a trust, which we believe satisfies and discharges its obligations under its indentures. COVIAN ENTERPRISES: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Covian Enterprises, Inc. got the green light from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral. At the hearing held on June 3, the court granted the Debtor's motion to use cash collateral on an interim basis and set a final hearing on the motion for June 26. The deadline for filing objections to further use of cash collateral is on June 24. The Debtor operates two divisions: Deco Window Fashions, which remains operational with two retail stores and an online presence, and Deco Flooring, which is being closed. The Debtor cited declining sales and heavy reliance on merchant cash advance loans as the causes of its financial distress. The Debtor holds approximately $39,595 in cash and accounts and has identified the U.S. Small Business Administration as the only clearly identifiable creditor with an interest in this cash collateral. Other possible secured creditors, primarily merchant cash advance lenders, have blanket liens filed through representatives. These include Bluevine, Funding Circle, Kapitus, and PayPal, with combined obligations exceeding $500,000. The Debtor requires the use of cash collateral to cover necessary operating expenses, as outlined in its budget. It offers adequate protection to secured creditors by granting post-petition replacement liens equivalent in scope and priority to their pre-bankruptcy claims and by maintaining insurance on its assets. About Covian Enterprises Inc. Covian Enterprises, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-10783) on May 28, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. James J. Covian, vice president and co-owner of Covian Enterprises, signed the petition. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, P.C., represents the Debtor as legal counsel. CSAT SOLUTIONS: T. Rowe Marks $1.1 Million 1L Loan at 49% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,159,000 loan extended to CSAT Solutions Holding LLC to market at $12,425,000 or 51% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to CSAT Solutions Holding LLC. The loan accrues interest at a rate of 14.94% per annum. The loan matures on June 30, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About CSAT Solutions Holding LLC CSAT Solutions Holding LLC delivers all-in-one operations to optimize supply chains through strategic repairs and harvesting services. CUSTOM CONCRETE: Seeks Cash Collateral Access --------------------------------------------- Custom Concrete Solutions, LLC asked the U.S. Bankruptcy Court for the Western District of Pennsylvania for authority to use cash collateral. The Debtor's obligations primarily consist of equipment leases and unsecured debts. Two secured creditors -- the U.S. Small Business Administration and Wells Fargo Vendor Financial Services, LLC -- hold perfected security interests in the Debtor's assets through UCC filings. The SBA holds a first-priority lien on a broad range of personal property, including accounts and receivables that qualify as cash collateral. Wells Fargo holds second and third priority liens on specific equipment and proceeds from their use or sale, which also qualify as cash collateral. The Debtor argued that use of this cash collateral is critical to continue operations and fund necessary business expenses during the reorganization process. It asserted that the continued use of cash collateral will help preserve the value of the business and, by extension, the secured creditors' collateral. The Debtor proposed to use all current and future cash collateral and to provide adequate protection payments to the secured creditors in accordance with the Chapter 11 plan to be filed. A hearing on the matter is set for June 26. About Custom Concrete Solutions Custom Concrete Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21226) on May 12, 2025. In the petition signed by Matt Leech, managing member, the Debtor disclosed $500,000 in assets and $1 million in liabilities. Brian C. Thompson, Esq., at Thompson Law Group, P.C., represents the Debtor as legal counsel. D & D HOUSING: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------------- On June 2, 2025, D & D Housing Solutions LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports $1,423,403 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About D & D Housing Solutions LLC D & D Housing Solutions LLC owns four real properties in Houston, Texas, with a combined current value of $1.34 million. D & D Housing Solutions LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-33164) on June 2, 2025. In its petition, the Debtor reports total assets of $1,338,112 and total liabilities of $1,423,403. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtors are represented by Vicky M. Fealy, Esq. at THE FEALY LAW FIRM, PC. DAVIS AUTO: Plan Exclusivity Period Extended to June 18 ------------------------------------------------------- Judge Charles R. Merrill of the U.S. Bankruptcy Court for the Western District of Kentucky extended Davis Auto Group LLC's exclusive period to file disclosure statement and plan and obtain acceptance thereof to June 18 and July 18, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that it has already made some progress in its negotiations with creditors, including its largest secured creditor Santander Bank, N.A. Pursuant to the Sale Order, proceeds from the sale transaction shall fully satisfy Santander's outstanding obligations owed to it. Upon the closing of the sale of the Southtown Property, the proceeds from that sale should fully satisfy Field and Main Bank, Inc.'s mortgage and Proof of Claim filed in the Chapter 11 Case. The Debtor claims that it has already taken actions in the Chapter 11 Case which will satisfy all of the millions of dollars in pre Petition Date secured claims against it. Following approval and closing of all sales in the Chapter 11 Case, the Debtor believes it will be in a much better position to negotiate terms of a plan with the remaining creditors in the Chapter 11 Case. Nevertheless, because of the focus on the financing efforts, sale processes and defending against the Motion to Appoint Trustee (prior to its withdraw), the Debtor requires additional time to negotiate a plan. The Debtor notes that it has marketed and obtained approval of the sale of the Debtor's dealership assets and is awaiting the sale hearing to seek approval of the sale of the Southtown Property. The Debtor has also resolved various other contested matters in the Chapter 11 Case. At this time, the Debtor has not yet begun drafting the lengthy plan and disclosure statement. Given the time and attention that has been expended on all matters, the Debtor requires additional time to draft, negotiate and propose a plan. The Debtor seeks to maintain exclusivity so parties with competing interests do not derail the Debtor's efforts to formulate a consensual restructuring that maximizes value for all of the Debtor's creditors. Maintaining exclusivity will afford the Debtor the opportunity to continue with finalizing the sales of substantially all of its assets and negotiations with creditors to preserve the potential benefits and value to the bankruptcy estate and the Debtor's creditors. The Debtor believes that through negotiations with its creditors, it will obtain support for a plan. The Debtor believes that it will be able to confirm a plan because they will have the support of at least one impaired accepting class of claims. If the Court extends the Exclusive Periods, the Debtor believes that it will be able to obtain the support of even more creditors. Davis Auto Group LLC is represented by: James R. Irving, Esq. Ashley A. Brown, Esq. David K. Boydstun, Jr., Esq. DENTONS BINGHAM GREENEBAUM LLP 3500 PNC Tower 101 South Fifth Street Louisville, Kentucky 40202 Telephone: (502) 587-3606 E-mail: james.irving@dentons.com ashley.brown@dentons.com david.boydstun@dentons.com About Davis Auto Group LLC On Dec. 6, 2024, True BDC, Inc., Green Beehn Lawncare, LLC, Relic Investment Properties, LLC (collectively known as the "Petitioning Creditors") filed an involuntary petition for relief under chapter 11 of the Bankruptcy Code against Davis Auto Group, LLC (Bankr. D. Ky. Case No. 24-40815). The petitioners' counsel is Andrew David Stosberg, Esq. at Gary Ice Higdon, PLLC. Judge Charles R. Merrill handles the case. DCA OUTDOOR: Seeks to Extend Plan Exclusivity to October 20 ----------------------------------------------------------- DCA Outdoor, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Western District of Missouri to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 20 and December 22, 2025, respectively. The Debtors explain that their cases form one of the largest bankruptcy cases filed in the Western District of Missouri in recent years, and Debtors have dealt with and continue to deal with several complicated matters, which are factors to be considered in extending Exclusive Periods. The Debtors claim that their reorganization is proceeding at a pace consistent with the size of these cases and the complex and difficult issues confronting Debtors. Debtors have not at the time of this filing had their 2023 and 2024 audits completed or released by their auditors. These audits will play a critical role on how these Debtors will reorganize. The audit reports are not due until June 30, 2025, ten days after Debtors' Exclusive Filing Period currently expires. The Debtors assert that they have sufficient liquidity and are paying their postpetition bills as they come due as reflected by their monthly operating reports and compliance with its cash collateral and DIP financing budget. Moreover, Debtors have operated at a profit since filing their bankruptcy cases, providing further grounds to extend Exclusive Periods. The Debtors further assert that they require additional time to present a chapter 11 plan to their creditors. Debtors need additional time to build a consensual plan, which will be the focus of efforts once the DIP Loan is approved at the Final Hearing and they receive their final audits for 2023 and 2024, although they have made progress in the prosecution of their chapter 11 cases. The Debtors cite that an extension of the Exclusive Periods will not prejudice any party in interest but rather will afford Debtors an opportunity to achieve and propose a confirmable chapter 11 plan. Failure to extend the Exclusive Periods would defeat the very purpose of section 1121 of the Bankruptcy Code -- i.e., to provide debtors with a meaningful and reasonable opportunity to negotiate with creditors and other parties in interest and propose a confirmable chapter 11 plan. Counsel to the Debtor: Larry E. Parres, Esq. Lewis Rice LLC 600 Washington Ave., Suite 2500 St. Louis, MO 63101 Telephone: (314) 444-7600 Facsimile: (314) 612-7660 Email: lparres@lewisrice.com About DCA Outdoor, Inc. DCA Outdoor Inc. established in 2016, is a vertically integrated green industry organization headquartered in Kansas City, Missouri. The Company connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice LLC as counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. DEL MONTE: Seeks to Hire Walker Law Office as Bankruptcy Counsel ---------------------------------------------------------------- Del Monte Invest LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Walker Law Office as counsel. The firm will provide these services: a. advise and assist Debtor regarding compliance with the requirements of the United States Trustee; b. advise regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; c. conduct examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; d. advise concerning the requirements of the Bankruptcy Code and applicable rules; e. assist with the negotiation, formulation, confirmation and implementation of a Chapter 11 plan; f. make any appearances in the Bankruptcy Court on behalf of the debtor; and g. take such other action and to perform such other services as the debtor may require. The firm will be paid at $300 per hour. Walker Law Office will be paid a retainer in the amount of $4,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Rhonda Walker, a partner at Walker Law Office, 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: Rhonda Walker Walker Law Office 440 E. Huntington Drive., Suite 300 Arcadia, CA 91006 Tel: (626) 577-7322 Fax: (626) 628-3210 About Del Monte Invest LLC Del Monte Invest LLC owns a commercial property located at 1299 Del Monte Ave., Monterey, CA 93940, valued at $1.55 million based on comparable sales. Del Monte Invest LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-50499) on April 8, 2025. In its petition, the Debtor reports total assets of $1,614,260 and total liabilities of $1,020,839 The Debtor is represented by Rhonda Walker, Esq. at RHONDA K. WALKER ATTORNEY AT LAW. DELTA TOPCO: $400MM Term Loan Add-on No Impact on Moody's 'B3' CFR ------------------------------------------------------------------ Moody's Ratings said that Delta Topco, Inc.'s ("Infoblox") credit ratings and stable outlook are unaffected by the company's proposed $400 million fungible add-on to its senior secured first lien term loan, which along with about $41 million of balance sheet cash, will be used to fund a distribution to shareholders, net of fees and expenses, bringing the total of the company's senior secured first lien term loan to $2,073 million from $1,673 million. The company's current ratings include the B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), B2 rating on the company's senior secured first lien term loan, B2 rating on the $200 million senior secured first lien revolving credit facility, and Caa2 rating on the $455 million senior secured second lien term loan. While the transaction is credit negative, Moody's expects strong growth of about 20% in fiscal 2025 (ending July 31, 2025) will enable Infoblox to reach about 8x debt-to-EBITDA (or about 7x on a cash-adjusted basis, which expenses capitalized software development costs and adds back stock-based compensation and changes in deferred revenue) at 2025 fiscal year end. Those leverage numbers are pro forma for the proposed dividend transaction. Furthermore, Moody's expects continued strong growth into fiscal 2026 to position the company to generate healthy free cash flow to debt for the rating category, in the low to mid single digit range. The ratings, including the B3 CFR, reflect elevated financial leverage, aggressive financial policies, with the potential of ongoing debt-funded dividends, as well as occasional lower cash flows amid a shortfall in expected new and expansion bookings, compounded by high interest costs without hedges. This is balanced by robust growth dynamics, given very solid retention rates and an underpenetrated market with a large number of sizable companies still not using an enterprise grade DDI solution. Moreover, the product is sticky given its mission criticality for network functioning and integration with customers' systems. Liquidity is good and includes a $50 million cash balance and an undrawn $200 million revolver at April 30, 2025, pro forma for the proposed dividend transaction. Furthermore, Moody's expects approximately $100m in free cash flow in fiscal 2026, despite the expected higher interest costs. The stable outlook reflects expectations of solid revenue growth into fiscal 2026 and for financial leverage to decline with earnings expansion. The ratings could be downgraded if competitive or execution challenges result in revenue and EBITDA declining such that debt-to-EBITDA is sustained above 8x, the company experiences a deterioration in its market position, and/or aggressive financial policies intensify. The ratings could be upgraded with strong and sustained revenue growth, such that financial leverage is maintained below 6.5x while free cash flow to debt is maintained around the mid-single-digit range, and the company exhibits more conservative financial policies. Infoblox provides core network services, including DNS, DHCP and IPAM along with related security and network automation products. The company, headquartered in Santa Clara, CA, is owned by funds affiliated with Warburg Pincus and Vista Equity Partners. Infoblox generated total revenue of $843 million and annual recurring revenue of $818 million for the LTM ended April 30, 2025. DENTSPLY SIRONA: S&P Rates $500MM Junior Subordinated Notes 'BB' ---------------------------------------------------------------- S&P Global Ratings affirmed its ratings on U.S.-based dental equipment and supplies manufacturer Dentsply Sirona Inc., including its 'BBB-' issuer credit rating. At the same time, S&P assigned its 'BB' issue-level rating to the company's proposed $500 million of junior subordinated notes due 2055. The stable outlook reflects S&P's expectation that although macroeconomic headwinds will continue to pressure Dentsply Sirona's revenue this year, S&P Global Ratings-adjusted leverage will be supportive of the rating, in the mid- to high-2x area, over the next two years. Dentsply Sirona Inc. plans to issue $500 million of junior subordinated notes, which it will use to repay $435 million outstanding under its bridge loan facility. The hybrid issuance will enable Dentsply Sirona to reduce its S&P Global Ratings-adjusted debt to EBITDA to about 2.7x by year-end 2025, below our 3x downgrade threshold. The use of hybrid capital demonstrates Dentsply Sirona's commitment to credit quality. S&P said, "We ascribe intermediate equity credit (50% equity treatment) to the junior subordinated notes and believe it will enable Dentsply Sirona to reduce its S&P Global Ratings-adjusted debt to EBITDA to about 2.7x by year-end 2025 from about 3.5x in 2024. Further, we expect the company's leverage to decline to the low- to mid-2x area in 2026 as macroeconomic conditions improve and its revenue and earnings benefit from a rebound in demand for dental equipment. Our leverage forecast also reflects our expectation that the company will deprioritize shareholder returns in the near term to accelerate leverage reduction. We believe these factors will allow Dentsply Sirona to maintain credit metrics that are appropriate for the 'BBB-' rating longer term." S&P said, "We expect continued top-line pressure due to challenging macroeconomic conditions in the U.S. and Europe. We assume the company's revenue declines at a similar rate as 2024, in the 4% area, due to softer demand for high-cost dental imaging equipment, pricing pressures, and execution challenges in specialty areas like implants." Dentsply Sirona derives about 28% of its revenue from sales of connected technology solutions (CTS), a portion of which includes high-cost capital equipment that is highly sensitive to macroeconomic conditions and anticipated dental patient traffic. During the first quarter of 2025, CTS revenue decreased 5%, driven by a decline in computer aided design (CAD)/computer aided manufacturing (CAM) equipment revenue, particularly in the U.S. Depending on the imaging capabilities, a 2-D X-ray machine can cost $30,000-$50,000, while a 3D cone beam computed tomography (CBCT) X-ray machine can cost $50,000-$100,000. This is a significant investment for the average dental practice, and most of these equipment purchases are financed. In the U.S., most dental practices are small and capital-constrained and more likely to delay equipment upgrades when financing costs are elevated. Per the American Dental Association, only 13% of dentists are affiliated with a private equity-backed dental support organization, while most of the remaining practices are small with one location. S&P said, "We expect tariffs will be a manageable headwind. We believe Dentsply Sirona can manage tariffs through supply chain and manufacturing optimization and pricing actions in certain areas. Overall, we expect some margin improvement as the tariff impact is more than offset by cost takeout associated with the company's ongoing restructuring plan. We expect its S&P Global Ratings-adjusted EBITDA margin to improve about 100 basis points (bps) to 18.5%-19.5% in 2026 and 2027. "Despite Dentsply Sirona's sensitivity to macroeconomic headwinds and low-growth profile, industry fundamentals remain solid. This reflects stable patient traffic and demand for general dentistry. We also believe longer-term growth prospects are supported by an aging population, the rising use of digital technologies, and the company's growing dental service organization penetration. Dentsply also benefits from its market-leading positions in dental products and equipment, as well as its established reputation. We think the pressure on Dentsply Sirona's revenue and earnings will moderate somewhat in 2026 given our expectation for decreasing borrowing costs--giving dental practices greater flexibility to invest in capital equipment and spurring more patients to pursue elective procedures. "The stable outlook reflects our expectation that although macroeconomic headwinds will continue to pressure Dentsply Sirona's revenue this year, S&P Global Ratings-adjusted leverage will be supportive of the rating, in the mid- to high-2x area, over the next two years." S&P could lower its rating on Dentsply Sirona if it sustains S&P Global Ratings-adjusted leverage above 3x. This could occur if the company: -- Underperforms our expectations, likely due to more severe or prolonged macroeconomic pressure and higher restructuring costs; or -- Adopts a more aggressive financial policy. S&P could consider raising the rating if it expects the company's S&P Global Ratings-adjusted leverage to approach the low-2x area and remain at that level. An upgrade would also require the company to consistently increase its revenue and maintain free operating cash flow to debt metrics in line with other 'BBB' rated companies. DITECH HOLDING: Court Tosses Ellison, et al. Adversary Proceeding ----------------------------------------------------------------- The Honorable James L. Garrity, Jr. of the United States Bankruptcy Court for the Southern District of New York granted the joint motion of the Plan Administrator, on behalf of Ditech Holding Corporation (f/k/a Walter Investment Management Corp.) and its debtor affiliates (excluding Reorganized Reverse Mortgage Solutions), and the Consumer Claims Trustee, as fiduciaries under the plan, to dismiss with prejudice the adversary proceeding captioned as Angela and Kenneth Ellison, Plaintiffs, v. Ditech Financial, LLC., Defendant, Adv. P. No. 19-01296 (JLG) (Bankr. S.D.N.Y.) pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure. On March 25, 2005, the Plaintiffs executed a promissory note secured by a deed of trust on the property located at 4800 Hideout Trail, Arlington, Texas 76016, in favor of Aames Funding Corporation D/B/A Aames Home Loan, as lender and beneficiary. The Note and Deed of Trust collectively constitute the mortgage loan that is the subject of this dispute. On Aug. 3, 2015, Accredited Home Lenders, Inc., successor by merger to Aames, assigned the Deed of Trust to Deutsche Bank National Trust Company in its capacity as indenture trustee for noteholders of Aames Mortgage Investment Trust 2005-2, a Delaware statutory trust. In March 2016, servicing of the Mortgage was transferred from Residential Credit Solutions to Ditech Financial. On June 6, 2017, while the Texas Bankruptcy Case was pending, the Plaintiffs commenced a lawsuit in Texas state court by filing a complaint against Aames, CWABS, Inc., Deutsche Bank, Wells Fargo Bank, NA, Mortgage Electronic Registration System, and other unnamed defendants. In the Texas Action, the Plaintiffs sought, among other things, a determination that as a result of an allegedly invalid Assignment of the Deed of Trust, the mortgage holder lacked standing to foreclose the Mortgage and, therefore, the attempts at foreclosure were invalid. On April 19, 2018, the Texas Bankruptcy Court dismissed the Texas Action Complaint with prejudice. On April 25, 2019, the Plaintiffs filed Proof of Claim No. 1357 in these Chapter 11 Cases for a claim in the amount of $386,000. The Plaintiffs designated the Claim as "secured." On Dec. 23, 2020, the Movants filed the Sixty-Seventh Omnibus Objection to Proofs of Claim (No Basis Consumer Creditor Claims), objecting to various consumer creditor claims, including the Claim, based on: (i) insufficient evidence to support the validity of such claims in the amounts and priority asserted, (ii) a lack of merit to the claims, and (iii) such claims no longer existing based on correction to the consumer claimants' accounts. On May 21, 2021, the Court sustained the Omnibus Objection with respect to the Claim, and disallowed and expunged the Claim. It disallowed the Claim on the ground that the doctrine of res judicata, as applied under Texas law, barred Plaintiffs from obtaining any recovery under the Claim Adversary Proceeding On June 12, 2019, the Plaintiffs commenced the Adversary Proceeding against Ditech Financial, seeking monetary damages of $386,000 and interim injunctive relief pending determination of their claims. They assert that the Adversary Complaint was not to duplicate litigation, but in furtherance to adjudicate unresolved evidentiary issues on standing related to the claims. The Plaintiffs allege that the Mortgage originated on March 25, 2005, with Aames. They claim the Mortgage was serviced by RCS until March 2016, when servicing was transferred to Ditech Financial. They assert that on Sept. 4, 2015, RCS recorded an assignment of the Deed of Trust from Accredited Home Lenders to Deutsche Bank National Trust Company. They characterize this assignment as 10 years late and allege it was done post-petition -- after they commenced the Texas Bankruptcy Case. In support of Count I of the Adversary Complaint, the Plaintiffs allege Ditech Financial did not have standing to foreclose the Mortgage. In support of Count II of the Adversary Complaint, the Plaintiffs allege the Assignment was ineffective because the transfers did not comply with common law and trust rules of New York (NYEPL) Sec. 7-2.4 and the REMIC I.R.C. 860A through 860G. The Movants argue that the Adversary Proceeding is barred by application of the doctrine of res judicata as applied under Texas law, based on the Texas District Court Order dismissing the same claims with prejudice. They assert that all three elements of res judicata under Texas law are met: (1) there is a prior final determination on the merits; (2) there is identity of parties or those in privity with them; and (3) the Adversary Proceeding is based on the same claims that were or could have been raised in the Texas Action. They contend that the Adversary Proceeding is barred by application of the doctrine of res judicata under federal law based on the Decision and Order disallowing and expunging the Claim. They argue that all four elements of res judicata under federal law are satisfied: (1) the parties are identical; (2) the Decision and Order was rendered by a court of competent jurisdiction; (3) the prior action was concluded by a final judgment on the merits; and (4) the same claims are involved in both proceedings. The Movants assert that the Court must dismiss the monetary claims in the Adversary Proceeding because claims for money damages arising from pre-petition conduct must be asserted through the Claims Process, not through an adversary proceeding. They maintain that Bankruptcy Rule 7001 sets out specific categories of controversies that can be commenced as adversary proceedings, and pre-petition claims for money damages are not among them. The Court finds the Adversary Proceeding is barred by the doctrine of res judicata based on the prior dismissal with prejudice of the Texas Action. Texas state and federal courts recognize that the doctrine of res judicata bars claims that are based on the same transaction, or series of transactions, out of which the first action arose. According to the Court, each of the three elements of res judicata under Texas law is met in this case. Since all three elements are satisfied, the Adversary Proceeding is barred by the res judicata effect of the Texas District Court Order. The Court also finds the Adversary Proceeding is also barred by res judicata based on the Decision and Order disallowing and expunging the Claim. All four requirements are satisfied in this case. Accordingly, as all four elements for res judicata under federal law are satisfied, the Adversary Proceeding is barred by the Court's Decision and Order disallowing the Claim. Beyond the res judicata grounds for dismissal, the Adversary Proceeding is also subject to dismissal because it improperly seeks monetary relief through an adversary proceeding rather than through the claims process, the Court concludes. The Adversary Proceeding seeks primarily monetary relief -- the type of relief that should be pursued through the claims process rather than an adversary proceeding. The Plaintiffs filed the Claim through the proper claims process, and thee Court, after considering the Omnibus Objection and the Plaintiffs' Opposition, disallowed and expunged it. The Court finds the Plaintiffs cannot pursue the same relief through an adversary proceeding. This is an additional ground for dismissing the Adversary Proceeding. A copy of the Court's decision dated May 29, 2025, is available at https://urlcurt.com/u?l=3ecJG2 from PacerMonitor.com. Counsel to the Plan Administrator: Richard W. Slack, Esq. Sunny Singh, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153 E-mail: richard.slack@weil.com sunny.singh@weil.com Attorneys for the Consumer Claims Trustee: Richard Levin, Esq. JENNER & BLOCK, LLP 1155 Avenue of the Americas New York, NY 10036 E-mail: rlevin@jenner.com About Ditech Holding Corporation Fort Washington, Pennsylvania-based Ditech Holding Corporation and its subsidiaries -- http://www.ditechholding.com/-- are independent servicer and originator of mortgage loans. Ditech Holding and certain of its subsidiaries, including Ditech Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19 10412) on Feb. 11, 2019, after reaching terms with lenders of a Chapter 11 plan that will reduce debt by $800 million. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel, Houlihan Lokey as investment banker and AlixPartners LLP as financial advisor. Epiq Bankruptcy Solutions LLC served as claims and noticing agent. Kirkland & Ellis LLP and FTI Consulting Inc. served as the consenting term lenders' legal counsel and financial advisor, respectively. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' cases on Feb. 27, 2019. The creditors' committee tapped Pachulski Stang Ziehl & Jones LLP as its legal counsel and Goldin Associates, LLC, as its financial advisor. On May 2, 2019, the U.S. trustee appointed an official committee of consumer creditors. The consumers committee tapped Quinn Emanuel Urquhart & Sullivan, LLP, as counsel and TRS Advisors LLC, as financial advisor. On Sept. 26, 2019, the Bankruptcy Court confirmed Ditech's Chapter 11 bankruptcy plan, which became effective four days later. A Consumer Claims Trustee has been appointed in the case and is represented by Richard Levin, Esq., at Jenner & Block, LLP. DOTDASH MEREDITH: S&P Rates Proposed Senior Secured Notes 'BB-' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Dotdash Meredith Inc.'s proposed $400 million senior secured notes maturing in 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. Dotdash plans to use the proceeds from the new notes and cash on hand to repay the remaining balance on its term loan B, which comes due in 2028. S&P's 'BB-' rating and stable outlook on Dotdash are unchanged. DW TRUMP: Files Amendment to Disclosure Statement ------------------------------------------------- DW Trump, Inc. submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated May 9, 2025. The Debtor owns real property located at residential real estate, a single family home, located at 26 Parker Boulevard, Monsey, New York 10952 ("Subject Premises"). The Plan contemplates selling the Subject Premises, and using all of the proceeds of the sale to satisfy in full all of the valid Claims against the Debtor. To the extent that proceeds received exceed the allowed Administrative Expenses and Claims, the Debtor shall receive same. All disbursements shall be in conformance with the attached Plan and as directed and authorized by the Court. Like in the prior iteration of the Plan, General Unsecured Claims are represented as $18,398.72. It is anticipated that allowed General Unsecured Claims will be paid in full, as it is reasonably anticipated that there will be excess proceeds from the sale of the Subject Premises (after the satisfaction of all other Administrative Claims and Expenses, Priority Claims and Secured Claims). In the event that funds sufficient to satisfy all General Unsecured Claims in full is not received, Unsecured Claims shall be paid proportionately. This Class is unimpaired. Class 3 consists of equity interest holders. Debtor to receive balance of Proceeds realized after sale Subject Premises and payment of all allowed Claims. Payments and distributions under the Plan will be funded by the sale of the Subject Premises. Post-confirmation, the Debtor will continue to be managed by Ephraim Weissmandl. The Plan Proponent believes that the Debtor will realize sufficient funds through the auction sale of the Subject Premises to pay all of the claims and expenses that are entitled to be paid. * The Plan would permit the sale of the real property at auction. The secured creditors will be paid upon satisfaction of outstanding tax liens, but prior to payment of administrative expenses and priority claims (entitled to a preference). * The balance of the funds (after satisfying all claims against the real property as evidenced in a Title Report) would be paid to unsecured creditors in proportion to their respective claims. * Any remaining funds would be paid to equity interests of the Estate. A full-text copy of the Amended Disclosure Statement dated May 9, 2025 is available at https://urlcurt.com/u?l=M2E8cg from PacerMonitor.com at no charge. Counsel to the Debtor: Barry D. Haberman, Esq. The Law Office of Barry D. Haberman 254 South Main Street, #404 New City, NY 10956 Tel: (845) 638-4294 Email: bdhlaw@aol.com About DW Trump DW Trump is primarily engaged in renting and leasing real estate properties. DW Trump, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22083) on Jan. 31, 2024, with $1 million to $10 million in both assets and liabilities. Ephriam Weismandl, DW Trump treasurer, signed the petition. Judge Sean H. Lane oversees the case. The Debtor is represented by Barry D. Haberman, Esq., at The Law Office of Barry D. Haberman. EASTERN POWER: S&P Affirms 'B' Secured Debt Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B' issue-level rating on Eastern Power LLC's senior secured debt. S&P views adequate cash flow visibility with the increasing capacity hedges, and we expect the impact of the 3 units outage at Gowanus and Narrows to be mostly offset by higher capacity price in 2026. S&P now forecasts a minimum debt service coverage ratio (DSCR) of 1.21x, which it views as supportive of the current rating. S&P said, "The stable outlook reflects our view that Eastern Power will generate minimum DSCR above 1.2x over the asset life (2025-2037) with increased cash flow visibility. We expect Eastern will apply free cash flows to pre-pay debt such that the debt outstanding at maturity will be under $300 million. We continue to view this amount as sustainable for a single-asset portfolio following the retirement of Gowanus and Narrows in 2027. "The recovery rating on the debt remains '3', indicating our expectation of substantial (50%-70%; rounded estimate: 50%) recovery in a default scenario." Eastern Power is a project-financed portfolio of three facilities (Astoria, Gowanus, and Narrows) totaling 1.5 gigawatts (GW) with a weighted age of 60 years. These plants serve New York Independent System Operator (NYISO, Zone J). Gowanus and Narrows are currently scheduled to retire in May 2027. S&P views the increasing cash flow visibility from the capacity hedges favorably. Compared to the past years, Eastern's capacity hedges have increased in megawatts and go further out in time. Specifically, 73% of the capacity are locked-in for 2025-2026 planning year, around 35% for 2026-2027, and 59% of Astoria capacity are locked-in for 2027-2028 after Gowanus and Narrow's scheduled retirement. This is significant for Eastern given 90% of its revenue is driven from capacity payments. For the remaining term loan B term (2025 to April 2028), about 40% Eastern's gross margin are booked through these hedges, albeit recent hedges are booked in the $9-$11/kilowatt per month (Kw-mo) range. Zone J remains a premium market subject to volatility. Zone J's tight demand and supply has offered it notable premium over other capacity markets (such as ISONE and the Pennsylvania, New Jersey, and Maryland [PJM ISO]), but it is volatile as well given the complex dynamic with multiple factors at play. Volatility between the strip and spot auction was observed in the summer of 2024 when NYISO made a locational capacity requirement (LCR) correction, causing about a $3/Kw-mo difference between the simultaneous auction results and capacity price thereafter. This negatively impacted Eastern power's 2024 gross margin. Capacity price is also affected by the assumptions used in the demand curve reset. In early 2025, Federal Energy Regulatory Commission (FERC) accepted NYISO's proposal to use two-hour Battery Energy Storage System (BESS) as a reference technology in 2025-2029 demand curve reset. This will cause changes in the net Cost of New Entry (CONE). Combined with the corrected LCR, S&P sees potential volatility in the mid-term. Longer term, the Empire wind offshore wind project and Clean Path transmission line with the potential to bring over 2 GW power supply in 2027 and beyond were the main factors impacting capacity prices. S&P said, "The two projects are currently in the termination state. For the next 2 years, we see CHPE's commission date as a major factor affecting the NYISO capacity price. The 1.25 GW transmission line will primarily be a summer-only resource impacting peak capacity revenue season. The impact it will have on the winter and summer price differential remains uncertain. For the 2027-2028 planning year, we expect strip auction results for Zone J to be around $8/Kw-mo in winter and around $12.5/Kw-mo in summer, which is somewhat higher than our previous expectations." The unexpected 3-unit outage occurred in the first two months of 2025 represents 10% of Gowanus and Narrows capacity. Given the tightness of the market, this could affect the Zone J capacity market and drive up the uncleared auction result for the 2026-2027 planning year. According to NYISO data released on May 13, the power resource will be able to meet 2025 summer peak demand, but reliability margins are forecast to be deficient under extreme weather scenarios. The eligible capacity at Gowanus and Narrows are an essential power source under those scenarios and should benefit from future auction results, assuming no additional material operation issues. S&P said, "While we forecast higher debt outstanding at maturity of around $290 million, we also expect a higher minimum DSCR of about 1.21x through the forecast period (2025-2037)." Refinancing risk is increasingly tied to regulatory risk. S&P said, "We continue to view $300 million as a sustainable debt amount for Astoria to service alone in the refinancing period, but sensitive to regulation-led asset-life changes. While not currently in our base case, Gowanus and Narrows' retirement could be further delayed depending on NYISO's review. At the same time, earlier retirement is possible if CHPE's commission date and market impact surprise to the upside. New York has aggressive decarbonization goals and enforced rules to curb emission from older and less efficient power plants. We currently estimate Astoria's asset life lasts to 2037 owning to its status as the second-largest capacity resource in Zone J." At the same time, this is also subject to regulatory risk with heat rate around 13,000 million Btu per megawatt hour (MMBtu/MWh) and 1970 vintage. A change in Astoria's asset life could constrain the project's ability to refinance debt at maturity given that only Astoria will service the debt after May 2027. S&P said, "We continue to expect $150 million of net proceeds from the Gowanus and Narrows land sale in 2027. The land holds oil tanks to support Gowanus and Narrows' dual fuel thermal generators. Environmental concerns can have implications although Brooklyn land value is generally favorable. Our assumption of $150 million net proceeds implies an $11 million per acre valuation for both Gowanus and Narrows, which is a discount to the 2023 market valuation of about $13 million-$14 million/acre under the offshore wind request for proposal context. Delays or failure to sell the land at the forecast price in 2027 remains to be a risk that can jeopardize the ability to deleverage before the 2028 maturity. We also expect that a majority of the proceeds from this sale will be used to repay debt in our forecast as per the credit agreement. "The stable outlook reflects our view that Eastern Power will generate minimum DSCR above 1.2x over the asset life (2025-2037) with increased cash flow visibility. We project about $290 million of the term loan B outstanding at maturity. "We would consider lowering the ratings if we forecast debt outstanding at maturity greater than $300 million or Eastern Power is unable to sustain DSCRs above 1.15x." This could occur if: -- There is material decline in Zone J capacity prices for the open position; -- There are further operation issues that reduce eligible capacity, or increase operation costs that result in significantly reduced cash flow; -- There is regulatory pressure to retire the assets earlier than anticipated; -- There is a failure to close asset sales and repay around $150 million debt before the refinancing date; or -- There is a failure to use excess operating cash to deleverage before debt maturity. S&P said, "Considering the competitive profile of Eastern's assets, particularly Astoria, which we expect will operate the longest, as well as New York state's climate progressive stance, we view an upgrade unlikely at this stage. Nonetheless, we could consider a positive rating action if the project's cash flows well exceeded our projections and deleverages more than our expectations, such that we anticipate a minimum DSCR of 1.50x, through the forecast period (2025-2037)." Such an outcome could result from: -- Zone J capacity prices clearing higher than our forecast. -- Eastern's assets living longer due to favorable market dynamics, -- Asset sale proceeds from the disposition of Gowanus and Narrows being substantially less than S&P's expectations, leading to debt outstanding at maturity of well under $290 million. ENCINO ACQUISITION: Moody's Puts 'B2' CFR on Review for Upgrade --------------------------------------------------------------- Moody's Ratings placed Encino Acquisition Partners Holdings, LLC's (Encino) ratings on review for upgrade, including its B2 Corporate Family Rating, B2-PD Probability of Default Rating and B3 senior unsecured ratings. Previously, the outlook was stable. This ratings action follows a definitive agreement reached by Encino to be acquired by EOG Resources, Inc. (EOG, A3 stable) in a $5.6 billion cash deal. The transaction is expected to close in 3Q25. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Encino's ratings were placed on review for upgrade based on its potential ownership by EOG, which has a much stronger credit profile, larger and more diversified asset base, and greater financial resources. Encino's Utica-focused asset base complements EOG's assets in the region and will add to the company's high-return inventory of drilling locations and provide opportunities to drive operational and capital efficiency improvements. EOG has publicly stated its intention to retire Encino's outstanding debt at the time of the closing of the transaction and therefore Moody's will likely withdraw the ratings. Moody's will also likely withdraw the ratings in the event that a portion of Encino's debt remains outstanding and is not guaranteed by EOG. Encino is a private independent E&P company with operations in the Utica Shale in Ohio. Encino is 100% owned by Encino Acquisition Partners, LLC (EAP), which is owned by Encino Energy, LLC (2%) and Canada Pension Plan Investment Board (CPPIB, 98%). There are no debt obligations at EAP. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. ENDO INT'L: Court Upholds Order in Anderson Personal Injury Claim ----------------------------------------------------------------- The Honorable James L. Garrity, Jr. of the United States Bankruptcy Court for the Southern District of New York denied Charles Elliot Anderson's motion for reconsideration of an order with respect to his personal injury claim in the bankruptcy case of Branded Operations Holdings, Inc., et al. Charles Elliot Anderson is a self-described "surviving victim" and personal injury claimant in these Chapter 11 Cases. He filed a motion seeking an order modifying the Debtors' Fourth Amended Plan and granting him equitable relief. The Court denied the Motion to Amend. The matter before the Court is Mr. Anderson's motion for reconsideration of the Order pursuant to Rule 9023 of the Federal Rules of Bankruptcy Procedure which makes Rule 59 of the Federal Rules of Civil Procedure applicable to this proceeding. Mr. Anderson also filed an addendum to the Motion. Edgar C. Gentle, III is the trustee of the Endo Opioid Personal Injury Trust formed under the Plan. Under the Plan, Patrick J. Bartels is the Plan Administrator of the remaining debtors of Endo and its Debtor affiliates in these Chapter 11 Cases. He filed an objection to the Motion. In his Motion to Amend, Mr. Anderson sought an order of the Court: * Allowing and directing payment of his $5 million claim in full, inclusive of his cure claim. * Recognizing his surviving victim status by designating and recognizing him as a "surviving victim" as "defined within the meaning of the Plan and applicable law." * Establishing a separate, segregated protective trust for the benefit of all "surviving victims," ensuring that sufficient funds are available to compensate the "surviving victims" for their ongoing suffering and to provide for their future needs, including the generational effect on "surviving victims'" children, including the payment of cure claims. * Directing the PI Trust and the PI Trustee to pay his allowed claim in full. Mr. Anderson argued that a reorganization plan would only be fair and equitable, pursuant to section 1129(a)(3) of the Bankruptcy Code, if it prioritizes the needs of the surviving victims. He also cited to section 510(c) of the Bankruptcy Code for the proposition that certain claims can be subordinated to ensure the surviving victims receive adequate compensation and separately raised arguments concerning the Debtor's alleged fraudulent concealment of facts from creditors and other inequitable conduct. He further alleged breach of fiduciary duty by the Debtors' officers and directors, and alleged the Debtors fraudulently transferred estate assets to third parties with the intent to hinder, delay, or defraud creditors, or, alternatively, transferred them for less than reasonably equivalent value. Mr. Anderson included arguments concerning the negative impact the opioid epidemic has had on him and his daughter. In denying the Motion to Amend, the Court found that, pursuant to section 1141(a) of the Bankruptcy Code, the Plan is binding on all creditors, including Mr. Anderson, and the Confirmation Order is a final, non-appealable order. It also found that Mr. Anderson lacks standing to seek to modify the Plan under section 1127(b) of the Bankruptcy Code, and, in any event, he cannot state grounds for relief under section 1127(b) because it is undisputed that the Plan has been substantially consummated. The Court held that Mr. Anderson cannot revoke the Confirmation Order pursuant to section 1144, as such request for relief is time-barred, and, even if it were not, he cannot show grounds for revoking the Confirmation Order. It concluded that Mr. Anderson's reliance on section 105(a) of the Bankruptcy Code for relief from the Plan is misplaced, as that provision does not allow the bankruptcy court to override explicit mandates of other sections of the Bankruptcy Code. Mr. Anderson seeks reconsideration of the Order pursuant to Rule 59 and Bankruptcy Rule9023. He argues that the Order is based on a clear error of law and fact in its interpretation and application of equitable principles under the Bankruptcy Code, particularly in the context of the devastating opioid crisis and the unique plight of surviving victims. Mr. Anderson states that the Motion contains "new evidence," and cites to the News Article that he annexed to his Motion to Amend. Mr. Anderson asserts that granting the Motion to Amend would establish a significant precedent in the complex realm of opioid litigation and bankruptcy law, prevent manifest injustice, safeguard the rights of a uniquely vulnerable population, and establish a legacy of justice. He argues that, as a self-described "surviving victim" he has standing to bring the Motion to Amend; he says his "direct stake" in the "fair and equitable distribution of the Debtors' assets" establishes his standing as a "party in interest" under the Bankruptcy Code. Mr. Anderson argues that the ongoing harm to surviving victims and unresolved issues concerning their just compensation under the Plan necessitates the Court's continued equitable oversight and precedent allows for plan modification post-consummation to address unforeseen circumstances, fraud, or to prevent manifest injustice. As he did in his Motion to Amend, he asserts that he and an unspecified class of claimants should be designated as "surviving victims." Mr. Anderson argues that the binding nature of a confirmed plan pursuant to section 1141(a) of the Bankruptcy Code is not absolute and does not apply when the integrity of the confirmation process has been undermined by fraud, or when a party was deprived of a full and fair opportunity to litigate their claims. He asserts that the News Article suggests the Debtors engaged in fraudulent concealment and that such lack of transparency prevented a fully informed decision on the merits of the Plan by claimants. He argues that, under such conditions, application of the doctrine of res judicata should not bar the Court from reconsidering the Plan to ensure a just and equitable outcome. Mr. Anderson contends the Court has the power of equitable subordination under section 510(c) of the Bankruptcy Code and equitable powers under section 105(a) of the Bankruptcy Code, and that it should exercise these powers to amend the Plan and adjust the treatment of claimant classes whose recoveries might be less directly tied to the egregious conduct as described in the News Article. He argues that the News Article is newly discovered evidence which warrants further inquiry by the Court, including an investigation as to the source and veracity of the information presented in the article. Mr. Anderson's arguments concerning his standing with respect to the relief he is seeking under the Plan are not well taken. He says that as a "surviving victim" he has standing to bring the Motion to Amend, and his "direct stake" in the "fair and equitable distribution of the Debtors' assets" establishes his standing as a "party in interest" under the Bankruptcy Code. However, the Court did not find that Mr. Anderson was not a party in interest in these Chapter 11 Cases, but rather that he lacks standing to modify the Plan under section 1127(b) of the Bankruptcy Code. Furthermore, the Court determined that even if Mr. Anderson had standing to modify the Plan, he cannot state grounds for relief under section 1127(b) because it is undisputed that the Fourth Amended Plan has been substantially consummated." Therefore, even were the Court to determine that Mr. Anderson had standing to be heard under section 1127(b), it would not have affected the ultimate determination in the Order. According to the Court, Mr. Anderson misplaces his reliance on "newly discovered evidence" as support for the Motion. He erroneously argues that the News Article and the matters discussed therein, constitute "newly discovered evidence," which, if reviewed by the Court, will alter its legal and factual determinations in the order. Mr. Anderson argues the News Article constitutes newly discovered evidence regarding the extent to which information about the Debtors' alleged fraudulent conduct was concealed from "surviving victims," potentially preventing a fully informed decision during the confirmation process. However, the News Article is not "newly discovered," as Mr. Anderson filed it in support of the Motion to Amend. The Court has already considered the evidentiary value of the News Article and found it did not support Mr. Anderson's claims for relief. Mr. Anderson has not shown that the Court's determinations in the Order were clear errors of law. He has put forth no newly discovered evidence nor pointed to any controlling precedent that would alter the Order. For these reasons, the Court denies the Motion. A copy of the Court's decision dated May 25, 2025, is available at https://urlcurt.com/u?l=79IPjn from PacerMonitor.com. Counsel to the Plan Administrator Patrick J. Bartels: Brian P. Maloney, Esq. Catherine V. LoTempio, Esq. Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 E-mail: maloney@sewkis.com lotempio@sewkis.com About Endo International PLC Endo International plc (OTC: ENDPQ) is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549) on Aug. 16, 2022. On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and Operand Pharmaceuticals Holdco III Limited each filed a voluntary Chapter 11 petition also in the U.S. Bankruptcy Court for the Southern District of New York. On May 31, 2023, Operand Pharmaceuticals II Limited and Operand Pharmaceutical III Limited each filed a voluntary Chapter 11 petition also in the Southern District of New York. The Company's cases are jointly administered before the Honorable James L. Garrity, Jr. Endo initiated the financial restructuring process after reaching an agreement with a group of its senior debtholders on a transaction that would substantially reduce outstanding debt, address remaining opioid and other litigation-related claims, and best position Endo for the future. This would allow the Company to advance its ongoing business transformation from a strengthened financial position to create compelling value for its stakeholders over the long term. Endo's India-based entities are not part of the Chapter 11 proceedings. The Company has filed recognition proceedings in Canada and expects to file similar proceedings in the United Kingdom and Australia. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; PJT Partners, LP as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration, LLC, is the claims agent and administrative advisor. A Website dedicated to the restructuring is at http://www.endotomorrow.com/ Roger Frankel, the legal representative for future claimants in the Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners, LLC, as investment banker. ENVELOPE MART: Seeks to Hire Steel & Company Law Firm as Attorney ----------------------------------------------------------------- Envelope Mart of Northeast Ohio Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Steel & Company Law Firm as attorney. The firm's services include: (a) file and monitor the Debtor's Chapter 11 case; (b) advise the Debtor of its obligations and duties; (c) execute the Debtor's decisions by filing with the court motions, objections, and other relevant documents; (d) appear before the court on all matters in this case relevant to the interests of the Debtor; (e) assist the Debtor in the administration of the Chapter 11 case; and (f) take such other actions as are necessary to protect the rights of the Debtor's estate. The hourly rates of the firm's professionals are as follows: Attorney / Principal $385 Attorney / Associate $160 Paralegals/Law Clerks $50 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm also received a retainer of $14,500 from the Debtor's principal. Michael Steel, Esq., an attorney at Steel and Company, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael A. Steel, Esq. Steel & Company Law Firm 2950 West Market Street, Suite G Fairlawn, OH 44333 Telephone: (303) 223-5050 Email: msteel@steelcolaw.com About Envelope Mart of Northeast Ohio Inc. Envelope Mart of Northeast Ohio Inc., d/b/a Envelope Mart Print Group and EM Print Group, is a wholesale printing company that produces envelopes, sheet printing, and other print services exclusively for print distributors. Founded in 1975, the family-owned business operates in Northeast Ohio and handles high-volume print orders, including stationery management, instruction sheet programs, and warehousing. Envelope Mart of Northeast Ohio Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12125) on May 18, 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 Suzana Krstevski Koch handles the case. Michael A. Steel, Esq., at Steel & Company Law Firm represents the Debtor as bankruptcy counsel. EVERBRIDGE HOLDINGS: T. Rowe Marks $3.9 Million 1L Loan at 61% Off ------------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $3,942,000 loan extended to Everbridge Holdings, LLC to market at $1,537,000 or 39% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Everbridge Holdings, LLC. The loan accrues interest at a rate of 9.31% per annum. The loan matures on July 2, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Everbridge Holdings, LLC Everbridge Holdings, LLC provides the most complete, end-to-end suite of solutions for managing physical and digital critical events. EXACTECH INC: Committee Taps Vascular Sciences as Consulting Expert ------------------------------------------------------------------- The official committee of unsecured creditors of Exactech, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Vascular Sciences as consulting expert. The firm's services include: a. reviewing discovery as it relates to the issues of aseptic loosening and premature debonding of the Exactech knee implants; b. reviewing discovery as it relates to the manufacturing and design of the Exactech knee implants and design changes; c. reviewing and analyzing applicable FDA regulations as to product development and design; d. reviewing and analyzing the implications of the design changes to the Exactech knee implants; and e. as needed, providing testimony in the form of an expert report and/or a declaration with respect to the aseptic loosening and premature debonding of the Exactech knee implants. f. providing such other services the Committee may request from time to time. The consulting expert has agreed to provide services to the Committee for an hourly fee of $400 beginning April 29, 2025. Vascular Sciences is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Michael Drues Vascular Sciences 246 Magill Drive Grafton, MA 01519 Tel: (508) 887-9486 Fax: (508) 861-0205 Email: contact@vascularsci.com About Exactech Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12441) on October 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by: Ryan M. Bartley, Esq. Young Conaway Stargatt & Taylor, LLP 2320 NW 66th Court Gainesville, FL 32653 F.I.A. LLC: Hires Gold Weems Bruser Sues & Rundell as Counsel ------------------------------------------------------------- F.I.A. LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Gold, Weems, Bruser, Sues & Rundell, APLC, to handle its Chapter 11 case. The firm will be paid at these rates: Shareholders $300 to $435 per hour Associates $265 to $310 per hour Paralegals $90 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. The retainer fee is $5,000. Conner Dillon, Esq., a partner at Gold Weems Bruser Sues & Rundell, 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: Bradley L. Drell, Esq. Heather M. Mathews, Esq. Conner L. Dillon, Esq. Gold Weems Bruser Sues & Rundell, APLC P.O. Box 6118 Alexandria, LA 71307-6118 Tel: (318) 445-6471 Fax: (318) 445-6476 Email: bdrell@goldweems.com About F.I.A. LLC F.I.A. LLC is a real estate lessor based in Louisiana, with its principal assets located at 564 Hwy. 171 Bypass, Many, LA 71449. F.I.A. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-80288) on May 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Stephen D. Wheelis handles the case. The Debtors are represented by Conner L. Dillon, Esq. at GOLD, WEEMS, BRUSER, SUES & RUNDELL, APLC. FULLER'S SERVICE: Seeks to Extend Plan Exclusivity to August 4 -------------------------------------------------------------- Fuller's Service Center Inc. asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 4 and November 4, 2025, respectively. The Debtor is engaged in the business of car washing, auto repair and automotive maintenance from the leased premises located at 102 West Chicago Avenue, Hinsdale, Illinois ("Leased Premises"). The Debtor has been diligently pursuing the administration of this Chapter 11 case with a view toward formulating a prompt exit strategy. Moreover, the Debtor needs to analyze all of the claims filed by the Bar Date in order to formulate a proper classification scheme under the Plan and the manner in which allowed claims in such classes will be treated. Also, the extensive Rule 2004 Discovery served by the Richards Family Representatives has consumed much of the Debtor's limited administrative resources. Finally, the Debtor and other defendants are currently attempting to settle the litigation claims emanating from the Accident. The Debtor explains that the requested extensions of the Exclusive Periods will facilitate the Debtor's efforts in formulating a Plan and the successful resolution of this Chapter 11 case. The Debtor claims that this request is not being made for the improper purpose of causing unnecessary delay, and the company believes that this request is in the best interests of the Debtor's estate and its creditors. No creditor will be prejudiced or harmed by the extensions requested in this Motion. Fuller's Service Center, Inc. is represented by: David K. Welch, Esq. Brian P. Welch, Esq. Burke, Warren, MacKay & Serritella, P.C. 330 N. Wabash Ave., Suite 2100 Chicago, Illinois 60611 Tel: (312) 840-7000 Fax: (312) 840-7900 About Fuller's Service Center, Inc. Fuller's Service Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025. In the petition signed by Douglas A. Fuller Jr., president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. GLOBAL CONCESSIONS: Committee Taps Jones & Walden LLC as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Global Concessions, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as its counsel. The firm will render these services: (a) provide the Committee with legal advice concerning its statutory powers and duties in connection with Debtor's Chapter 11 case; (b) assist the Committee in investigation of the acts, conduct, assets, liabilities, and financial condition and affairs of the Debtor and the operation of the Debtor's businesses; (c) participate in the formulation of a plan and analysis of proposals by the Debtor or others in connection with formulation or proposal of a plan; (d) advise and analyze any proposed disposition of assets of the Debtor outside of a plan; and (e) perform such other legal services as may be required and in the interest of the unsecured creditors of the estate. The firm will be paid at these rates: Attorneys $300 to $500 per hour Paralegals $150 to $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas McClendon, Esq., a partner at Jones & Walden LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas T. McClendon, Esq. JONES & WALDEN LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: tmcclendon@joneswalden.com About Global Concessions, Inc. Global Concessions Inc., established in 1990 and headquartered in Atlanta, Georgia, specializes in operating food and beverage concessions, primarily within major transportation hubs across the United States. The Company has expanded its portfolio to include a diverse range of dining experiences, from quick-service partnerships with renowned brands like IHOP Express, Ben & Jerry's, and Nathan's Famous, to unique, stand-alone restaurants such as Sweet Georgia's Juke Joint and One Flew South. Global Concessions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor tapped Benjamin Keck, Esq., at Keck Legal, LLC as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as restructuring advisor. GLOBALSTAR INC: All Proposals Passed at 2025 Annual Meeting ----------------------------------------------------------- Globalstar Inc. held its 2025 Annual Meeting during which the Company's stockholders: (1) Elected directors Keith O. Cowan*, Benjamin G. Wolff*, and Dr. Paul E. Jacobs as nominees to serve as Class A directors for a term that will continue until the Company's 2028 annual meeting of stockholders or until their successors have been elected and qualified; * Pursuant to the Certificate of Incorporation, Thermo Capital Partners, L.L.C. and its affiliates were not eligible to vote in the election of the Minority Director (as defined in the Certificate of Incorporation) nominees, Keith O. Cowan and Benjamin G. Wolff. Accordingly, shares held by Thermo and its affiliates were not counted for purposes of the election of the Keith O. Cowan and Benjamin G. Wolff. (2) Ratified the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for 2025; (3) Approved the entry into the amendment to the Thermo guaranty agreement (the Amended Thermo Guaranty Agreement*); and * Pursuant to the Certificate of Incorporation, Thermo and its affiliates were not eligible to vote on Proposal No. 3. Accordingly, shares held by Thermo and its affiliates were not counted for purposes of the approval of Proposal No. 3. (4) Approved the amendment to the Certificate of Incorporation to provide for officer exculpation. Under the General Corporation Law of the State of Delaware (the "DGCL"), approval of Proposal No. 4 required the affirmative vote of a majority of the outstanding shares of common stock of the Company (the "DGCL Stockholder Approval"). Additionally, because the Strategic Review Committee of the Company's Board of Directors determined that the amendment to the Certificate of Incorporation constituted a Related Party Transaction (as defined in the Certificate of Incorporation), approval of Proposal No. 4 also required the affirmative vote of a majority of shares of common stock of the Company owned by stockholders other than Thermo and its affiliates and voting affirmatively or negatively (i.e., votes cast) on the matter (the "Majority of the Minority Stockholder Approval"). Accordingly, approval of Proposal No. 4 required that the Company obtain both the DGCL Stockholder Approval and the Majority of the Minority Stockholder Approval. (a) With respect to the DGCL Stockholder Approval: For: 91,115,672 Against: 7,027,087 Abstain: 74,453 Broker Non-Votes: 15,762,587 (b) With respect to the Majority of the Minority Stockholder Approval:* For: 16,700,517 Against: 7,027,087 Abstain: 74,453 Broker Non-Votes: 15,762,587 *Pursuant to the Certificate of Incorporation, Thermo and its affiliates were not eligible to vote on Proposal No. 4 with respect to the Majority of the Minority Stockholder Approval. Accordingly, shares held by Thermo and its affiliates were not counted for purposes of the Majority of the Minority Stockholder Approval with respect to Proposal No. 4. About Globalstar Inc. Headquartered in Covington, Louisiana, Globalstar Inc. provides Mobile Satellite Services including voice and data communications services globally via satellite. The Company offers these services over its network of in-orbit satellites and its active ground stations, which the Company refers to collectively as the Globalstar System. In addition to supporting Internet of Things data transmissions in a variety of applications, the Company provides reliable connectivity in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters. * * * Egan-Jones Ratings Company on January 15, 2025, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Globalstar, Inc. to CCC- from CC. GLORY BOUND: Daniel Freeland Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 10 appointed Daniel Freeland as Subchapter V trustee for Glory Bound Day Care Ministries, Inc. Mr. Freeland 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. Freeland declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Daniel L. Freeland 9105 Indianapolis Blvd. Highland, IN 46320 Tel: (219) 922-0800 Email: dlf9601@aol.com About Glory Bound Day Care Ministries Glory Bound Day Care Ministries, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-30734) on May 13, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Scot T. Skekloff, Esq. at Haller & Colvin, PC represents the Debtor as counsel. HAPPY HOME: Seeks Subchapter V Bankruptcy in Texas -------------------------------------------------- On June 2, 2025, Happy Home Builder LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Happy Home Builder LLC 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. Happy Home Builder LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51268) on June 2, 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 Debtors are represented by Paul Steven Hacker, Esq. at HACKER LAW FIRM, PLLC. HEART 2 HEART: Quality of Care Maintained, 1st PCO Report Says -------------------------------------------------------------- Deborah Fish, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of West Virginia her first report regarding the quality of patient care provided by Heart 2 Heart Volunteer's Inc. In her report, which covers the period from April 4 to May 13, the PCO stated that the staffing is sufficient to properly address the residents' requirements and needs in the programs. The PCO recommended to the CEO that Heart 2 Heart regularly evaluate the staff/census ratio to provide assurance that the program therapy hours and other residents' needs are being maintained. The PCO cited that Heart 2 Heart does not have any reported supply or vendor issues. The PCO advised the staff to contact the CEO immediately if there were any supply or vendor issues affecting resident care. The PCO further advised the CEO to contact its counsel immediately and to alert the PCO to any problems. The PCO noted that pursuant to Section 333 (b) (3) the quality of patient care provided to residents of Heart 2 Heart has been maintained post-her appointment and is not being materially compromised. Heart 2 Heart hired new clinical staff, the new members of the team have acclimated well, and the staff and operations are much more stable than when she was first appointed. The ombudsman may be reached at: Deborah L. Fish 211 West Fort Street Suite 705 Detroit, MI 48226 313.309.3171 Email: dfish@allardfishpc.com About Heart 2 Heart Volunteers Inc. Heart 2 Heart Volunteers Inc., doing business as Serenity Hills Life Center, operates three addiction recovery centers and treatment facilities. Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge David L. Bissett oversees the case. The Debtor is represented by Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. Deborah L. Fish is the patient care ombudsman appointed in the Debtor's Chapter 11 case. HOPEMAN BROTHERS: July 1 Disclosure & Plan Combine Hearing Set -------------------------------------------------------------- United States Bankruptcy Court Eastern District of Virginia conditionally (i) approved the Disclosure Statement explaining the amended Chapter 11 Plan of Reorganization filed by Hopeman Brothers, Inc. and the Official Committee of Unsecured Creditors as containing "adequate information" pursuant to section 1125 of the Bankruptcy Code, (ii) approved the Solicitation Procedures, (iii) approved the solicitation materials and notices to be distributed in connection with the solicitation of the Plan, and (iv) authorizing the Debtor to solicit votes on the Plan, among other things. The hearing at which the Court will consider approval of the Disclosure Statement on a final basis and confirmation of the Plan will be held on July 1, 2025 at 10:00 a.m. (prevailing Eastern Time) before the Honorable Keith L. Phillips in the United States Bankruptcy Court for the Eastern District of Virginia, 701 East Broad Street, Courtroom 5100, Richmond, Virginia 23219-1888. The Combined Hearing may be continued or adjourned from time to time by the Court or the Plan Proponents without further notice other than as may be announced in open court or by notice filed on the docket in this chapter 11 case. The deadline for submitting votes to accept or reject the Plan is June 12, 2025, at 4:00 p.m. (prevailing Eastern Time). If you received a Solicitation Package with a Ballot or Master Ballot and intend to vote on the Plan, you must (a) follow the instructions in your Ballot or Master Ballot carefully; (b) complete all the required information on the Ballot or Master Ballot; and (c) execute and return you Ballot or Master Ballot so that it is actually received by Hopeman's claims, noticing, and administrative agent, Kurtzman Carson Consulting LLC dba Verita Global, on or before the Voting and Release Opt-In Deadline. If you return your Ballot or Master Ballot after the Voting and Release Opt-In Deadline or fail to follow the instructions included with your Ballot or Master Ballot, your vote may not be counted. The deadline for filing objections to final approval of the Disclosure Statement and confirmation of the Plan is June 23, 2025, at 4:00 p.m. (prevailing Eastern Time) According to the Debtor, Proof of an Asbestos Claim does not have to be filed with the Bankruptcy Court at this time. The Bankruptcy Court has established special procedures for holders of Asbestos Claims to vote on the Plan. Lawyers for holders of Asbestos Claims may vote on the Plan on behalf of their clients if the lawyers are authorized to do so. If you are unsure whether your lawyer is authorized to vote on your behalf, please contact your lawyer. If you (i) believe you hold an Asbestos Claim but did not assert such Claim against Hopeman prior to the Petition Date and (ii) wish to vote to accept or reject the Plan, you may obtain a ballot by submitting an inquiry to the Balloting Agent through the following webpage link: https://www.veritaglobal.net/hopeman/inquiry. Claimants who timely submit a completed ballot to the Balloting Agent via the following e-mail address: hopemanballots@veritaglobal.com by no later than June 12, 2025 at 4:00 p.m. (prevailing Eastern Time) shall each be deemed holders of Class 4 Claims and each such Claim will be temporarily allowed, for voting purposes only, in the amount of $1.00 per claimant, unless the Claim is the subject of an objection. The Plan provides, among other things, for the issuance of the Asbestos Permanent Channeling Injunction under sections 105(a) and 524(g) of the Bankruptcy Code that will, among other things, result in the channeling of certain asbestos-related liabilities of the Debtor (excluding liabilities for worker compensation claims) to a newly created Asbestos Trust, as more fully described herein. The terms, conditions, and Entities subject to the Asbestos Permanent Channeling Injunction are set forth in Section 10.3 of this Plan. Except as otherwise permitted under the terms of this Plan, the Asbestos Permanent Channeling Injunction will prohibit any acts to collect, recover, or offset any asbestos-related liabilities of the Debtor against Hopeman, Reorganized Hopeman, certain third parties, and various persons or entities related to those parties. Under section 524(g), all distributions paid under this Plan to the holders of Asbestos Claims and Demands will be the responsibility of the Asbestos Trust, and Hopeman and Reorganized Hopeman shall have no further personal liability for such claims. Additionally, under the terms of Section 8.12 of this Plan, holders of Asbestos Claims and Demands may bring actions against Reorganized Hopeman and, to the extent they have obtained a judgment against Reorganized Hopeman or have the right to pursue direct actions under applicable nonbankruptcy law, such holders may bring judgment-enforcement or direct actions against Non-Settling Asbestos Insurers, in accordance with Section 8.13 of this Plan, to obtain the benefits of Asbestos Insurance Coverage. All other claims against the Debtor will receive payments and distributions in accordance with this Plan and the Asbestos Trust Documents. Treatment of Claims Estimated Estimated Class Treatment Percentage Recovery ----- --------- ---------- ---------- Priority Unimpaired 100% TBD Non-Tax Secured Unimpaired 100% TBD Gen. Impaired Unknown $69,000 Unsec. Channeled Impaired Unknown Unknown Asbestos Equity Impaired 0% N/A Interest Except to the extent that the holder of an Allowed General Unsecured Claim agrees to less favorable treatment, each holder of an Allowed General Unsecured Claim shall receive, in full and complete settlement, release, and discharge of, and in exchange for, such Allowed General Unsecured Claim, Cash in an amount equal to its Pro Rata share of the General Unsecured Recovery Pool on the later of (i) the Effective Date, and (ii) the date on which such Claim becomes Allowed, or, in each case, as soon as reasonably practicable thereafter. Solely for purposes of calculating Distributions to holders of Allowed General Unsecured Claims, on the Effective Date, all Disputed General Unsecured Claims will be treated as though they are Allowed in the amounts asserted or as estimated by the Bankruptcy Court pursuant to section 502(c) of the Bankruptcy Code, and a reserve will be set aside for such Disputed General Unsecured Claims. As of the Effective Date, liability for all Channeled Asbestos Claims shall automatically, and without further act, deed, or court order, be channeled exclusively to and assumed by the Asbestos Trust in accordance with, and to the extent set forth in, Articles VIII and X of the Plan, the applicable Plan Documents, and the Confirmation Order. All Channeled Asbestos Claims shall be treated pursuant to the terms of Article VIII, the Asbestos Trust Agreement, and the Asbestos Trust Distribution Procedures. Except as provided in Article VIII, pursuant to section 524(g) of the Bankruptcy Code, the Plan, and the Confirmation Order, Channeled Asbestos Claims shall be subject to the Asbestos Permanent Channeling Injunction. A full-text copy of the Disclosure Statement with respect to the Amended Plan is available for free at https://tinyurl.com/mu3xff25 About Hopeman Brothers Inc. During the 1980s, Hopeman Brothers, Inc. transitioned its business away from ship joining and into manufacturing check-out counters used in commercial retail stores such as Walmart. In 2002, Hopeman spun off its cabinet-making business into Cinnabar Solutions, Inc. In 2003, Hopeman sold substantially all of its remaining shipbuilding-related assets to an unrelated party, US Joiner LLC, pursuant to an asset purchase agreement, dated as of December 23, 2003. Since the asset sale in 2003, Hopeman has had no business operations and exists solely to defend and, when appropriate, settle asbestos-related claims. Hopeman Brothers filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 24-32428) on June 30, 2024, with $50 million to $100 million in both assets and liabilities. The Debtor tapped Hunton Andrews Kurth, LLP as bankruptcy counsel; Blank Rome, LLP as special insurance counsel; Courington, Kiefer, Sommers, Marullo & Matherne, LLC as special asbestos counsel; and Stout Risius Ross, LLC as financial advisor. Kurtzman Carson Consultants, LLC is the claims and noticing agent. Gerard Vetter, Acting U.S. Trustee for Region 4, appointed an official committee to represent unsecured creditors. The Committee selected Caplin & Drysdale, Chartered, as its counsel, and Morgan, Lewis & Bockius LLP as special insurance counsel. ICORECONNECT INC: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------------- On June 2, 2025, iCoreConnect Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About iCoreConnect Inc. 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. iCoreConnect Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. Middle District of Florida) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtors are represented by Amy Denton Mayer, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A INSTITUTO DE EDUCACION: Hires C. Conde & Assoc. as Counsel ---------------------------------------------------------- Instituto de Educacion y Tecnologia Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire the Law Firm of C. Conde & Assoc. as counsel. The firm will render these services: (a) advise the Debtor with respect to its duties, powers and responsibilities; (b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, help it in the orderly liquidation of its assets; (c) assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and/or for proposing a viable plan of reorganization; (d) prepare on behalf of the Debtor necessary legal papers or documents; (e) appear before the bankruptcy court, or any court in which Debtor assert a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with its business; (g) provide, if necessary, any and all notary services allowed under Notary Law, which will not constitute or represent any conflict to this attorney or the client; and (h) employ other professional services, if necessary. The firm will be paid at these hourly rates: Carmen Conde Torres, Senior Attorney $350 Associates $300 Junior Attorney $275 Clerical Analyst/Accounting Analyst $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000 from the Debtor. Ms. Conde Torres 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: Carmen D. Conde Torres, Esq. C. Conde & Assoc. 254 De San Jose Street, Suite 5 Old San Juan, PR 00901 Telephone: (787) 729-2900 Facsimile: (787) 729-2203 Email: condecarmen@condelaw.com About Instituto de Educacion y Tecnologia Inc. Instituto de Educacion y Tecnologia Inc. is a non-profit educational institution operating in Puerto Rico that provides educational services through a contract with the Department of Education of Puerto Rico valid until June 30, 2025. Instituto de Educacion y Tecnologia Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 25-02193-11) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtors are represented by Carmen D. Conde Torres, Esq. at C. CONDE & ASSOC. IVANTI SOFTWARE: S&P Upgrades ICR to 'CCC+' on Debt Restructuring ----------------------------------------------------------------- S&P Global Ratings raised our issuer credit rating on Ivanti Software Inc. to 'CCC+' from 'SD' (selective default). S&P said, "We also raised our issue-level rating on the first-lien extended term loan to 'CCC+' from 'D' and second-lien extended term loan to 'CCC-' from 'D'. The recovery ratings are '4' and '6', respectively. "At the same time, we assigned our 'B' issue-level rating to the company's $350 million first-lien new money term loan and to $174 million revolving credit facility. The recovery rating is '1', indicating our expectation for substantial (90%-100%, rounded estimate: 95%) recovery in the event of payment default." The stable outlook reflects S&P's expectation that the company will maintain sufficient liquidity over the next 12 months despite revenue growth headwinds and FOCF deficits. The outlook also incorporates the company's improved debt maturity runway, which provides the company some flexibility to withstand weak operating performance over the next one to two years. The new capital structure improves liquidity and the debt maturity profile, but Ivanti's financial performance will remain constrained. Following the debt-restructuring transaction, the additional liquidity from the $350 million new money term loan and maturity extensions will provide the company some financial flexibility and runway to execute its transition to a software-as-a-service (SaaS) and subscription business model, while enabling it to continue investing in its product offerings and security infrastructure. However, the addition of debt will increase Ivanti's total debt burden, leading to an expected leverage of about 11x in 2025, compared to low-9x in fiscal 2024. Additionally, the rise in interest expenses from the additional debt, coupled with the increased spread on its first-lien loan, will add to the ongoing cash burn. S&P said, "We anticipate that Ivanti will experience cash burn over the next two years, with a negative S&P Global Ratings-adjusted free operating cash flow (FOCF) estimated between $120 million and $140 million in fiscal 2025. This cash burn will stem from high interest expense (with an EBITDA interest coverage of just under 1x), mandatory debt amortization of about $24 million, transaction costs, payment of accrued management fees, and ongoing challenges associated with the transition to a SaaS and subscription-based business model. We believe that Ivanti's liquidity at transaction close, which includes about $228 million in cash and $174 million from an undrawn revolver, will provide cushion as the company generates cash flow deficits over the next 12-18 months. "We believe that Ivanti's high debt burden will continue to limit its capacity to generate sufficient cash over the next few years, with our expectation that EBITDA interest coverage will remain around 1x over the next two to three years. Therefore, the company's large debt service requirements, including the interest and debt amortization payments, might be challenging to sustain if its operating performance falls short of expectations. "We expect Ivanti will continue to experience revenue headwind until first half of 2026. Ivanti's transition to a SaaS/subscription model weighed on its financial performance in fiscal 2024. Revenue declined about 5% because growth in subscription and SaaS revenue of about 12% did not fully offset the approximately 15% decline in license and maintenance revenue. It is unclear what proportion of the revenue decline is driven by SaaS/subscription transition, customer churn, and challenges in management execution. Nevertheless, we believe that the shift to a SaaS and subscription model will ultimately provide greater stability and visibility to the revenue base and cash flow in the long term. "However, we anticipate that the company will continue to face revenue headwinds until the first half of 2026. As a result, we expect the company's revenue to decline mid-single-digit percent in fiscal 2025, with a modest recovery in fiscal 2026. Nonetheless, given the uncertainty around Ivanti's SaaS/subscription transition, any further delays in its anticipated recovery remain a risk. “The stable outlook reflects our expectation that the company will maintain sufficient liquidity over the next 12 months despite revenue growth headwinds and FOCF deficits. The outlook also incorporates the company's improved debt maturity runway, which provides the company some flexibility to withstand weak operating performance over the next one to two years." S&P could lower the rating if: -- The company is unable to stem revenue erosion due to its transition to SaaS/subscription over the next 12 months and incurs other cash needs that pressure operating cash flow and liquidity; or -- S&P believes persistent weak operating performance and liquidity pressures will lead to restructuring or similar transaction within 12 months. S&P could raise the rating if the company is on the path to achieve sustainable revenue growth and positive cash generation after debt service. IYA FOODS: Seeks to Extend Plan Exclusivity to July 14 ------------------------------------------------------ Iya Foods, Inc., asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization to July 14, 2025. The Debtor explains that it is formulating a plan that will serve all creditors' interests, including that of its landlord. Currently, the Debtor is evaluating a plan that involves a sale of its food manufacturing equipment, a relocation of its operations to a smaller footprint, and continued operations as a smaller business engaged in the food import business. This represents a return to the Debtor's original business model, which had been very profitable. A smaller Iya Foods will make distributions to creditors from asset sales and ongoing operations. The Debtor claims that it has made substantial good-faith progress toward its plan. It has been obtaining proposals from businesses engaged in the sale of manufacturing equipment and anticipates filing a motion to retain one of these businesses within the next 30 days. The Debtor asserts that it has not sat idle while its exclusivity period has been pending. The Debtor has achieved key milestones necessary for its ultimate reorganization, including securing interim approval of the use of cash collateral, concluding its section 341 meeting of creditors, advancing good faith claims it holds, and participating in ongoing discussions with its secured lenders and other key stakeholders. The Debtor further asserts that it is requesting an extension of its exclusivity period to allow the restructuring process to continue unhindered by competing plans. Continued exclusivity will enable the Debtor to maintain flexibility, preventing competing plans from derailing the Debtor's restructuring process. Since the Petition Date, the Debtor has paid its vendors and employees in the ordinary course of business or as otherwise provided by Court order. The Debtor, as all parties are aware, is in dispute with its landlord but has been adequately protecting them throughout the case. Importantly, the Debtor has maintained its ability to continue to pay its bills throughout this Chapter 11 case by virtue of the liquidity provided by the consensual use of cash collateral. Iya Foods Inc. is represented by: William J. Factor, Esq. Justin Storer, Esq. FACTORLAW 105 W. Madison, Suite 2300 Chicago, IL 60602 Tel: (312) 878-6976 Fax: (847) 574-8233 Email: jstorer@wfactorlaw.com About Iya Foods Inc. Iya Foods Inc. is a company that specializes in producing and offering African superfoods. Its products are plant-based, gluten-free, non-GMO, kosher, and free from preservatives, additives, or artificial ingredients. The company focuses on creating nutritious and delicious ingredients that can be used in a variety of recipes, making them accessible to people with dietary preferences or restrictions, such as those following vegan or gluten-free diets. Iya Foods filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00341) on January 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Deborah L. Thorne handles the case. The Debtor is represented by Justin R. Storer, Esq., at the Law Office of William J. Factor. Village Bank and Trust, N.A., a secured creditor, is represented by: Andrew H. Eres, Esq. Dickinson Wright PLLC 55 W. Monroe, Suite 1200 Chicago, IL 60603 Phone: (312) 377-7891 Email: aeres@dickinson-wright.com JH NORTH AMERICA: Moody's Rates New $1.7BB Secured Notes 'Ba1' -------------------------------------------------------------- Moody's Ratings assigned Ba1 ratings to JH North America Holdings Inc.'s (an indirect wholly-owned subsidiary of James Hardie Industries plc) new $1.7 billion senior secured notes due 2031 and 2032. Moody's also affirmed James Hardie International Finance Designated Activity Company's (James Hardie) Ba1 corporate family rating, Ba1-PD probability of default rating, and Ba1 ratings on its senior unsecured notes. The company's Speculative Grade Liquidity Rating of SGL-1 remains unchanged. The outlook is stable. The proceeds of the new $1.7 billion senior secured notes maturing in 2031 and 2032, along with the proceeds of the new $2.5 billion senior secured term loan A (composed of $750 million due in 2028 and $1.75 billion due in 2030) and some borrowings under the new $1.0 billion senior secured revolving credit facility expiring in 2030 (unrated) will be used to fund the acquisition of The AZEK Company Inc., the parent of The AZEK Group, LLC (AZEK) (Ba2 on review for upgrade). In March 2025, James Hardie Industries plc entered into an agreement to acquire AZEK for $8.75 billion. The transaction financing will also include a $4.4 billion equity contribution. Total debt to EBITDA (on a Moody's-adjusted basis) pro forma for the transaction will increase toward 3.5x, which Moody's expects to decline below 3.0x within two years from closing of the acquisition. The transaction is expected to close in the second half of calendar 2025. RATINGS RATIONALE James Hardie's Ba1 CFR is supported by the company's: 1) established industry expertise and strong market position in the fiber cement product category, with an operating strategy that focuses on growth and expansion and a strong offering of complementary exterior building products and expansion of addressable markets that the AZEK acquisition will bring; 2) meaningful revenue scale of $5.4 billion on a pro forma basis with a global presence across four continents and the scale of the combined entity; 3) conservative financial policies, Moody's expectations that management remains committed to its stated long term net debt to EBITDA leverage target of below 2.0x during various industry conditions; 4) exposure to repair and remodeling market for 70% of revenue on a combined basis, representing a credit positive given that R&R is more stable than new construction in the long term; and 5) a track record of strong operating margins and robust cash flow from operations, which is expected to sustain. However, the company's credit profile is constrained by: 1) appetite for acquisitions including a transformative transaction as well as leveraging, execution and integration risks associated with the planned combination with AZEK; 2) high level of capital expenditures targeted on capacity expansions throughout its regions that constrain free cash flow and entail execution risk; 3) risks related to shareholder-friendly returns in a form of share repurchases and complexity of the organizational and debt guarantee structure; 4) exposure to an asbestos liability, and the annual obligation to utilize up to 35% of operating cash flow after deducting the prior year's Asbestos Injuries Compensation Fund (AICF) contribution to fund the liability; and 5) cyclicality of residential new construction and repair & remodeling end markets and the associated variability in demand. The Ba1 rating on James Hardie's secured notes, at the same level with the Ba1 unsecured note ratings, reflects Moody's views of deficiency of security as the debt is only secured by the stock pledge of all material direct US subsidiaries of the company and lacks asset security. Also, senior secured notes will be guaranteed by the same operating entity that guarantees senior unsecured notes. JH North America Holdings Inc. is the borrower under the new secured notes and the term loan A, and one of the borrowers under the revolver. The guarantors of all three instruments include: James Hardie International Group Limited (Holdings) and its direct and indirect material subsidiaries including James Hardie Building Products Inc, which is the operating company. The stable outlook reflects Moody's expectations that James Hardie will delever to below 3.0x adjusted debt to EBITDA within two years from closing of the AZEK acquisition, in line with its goal to return to its long term operating target of below 2.0x net debt to EBITDA on the company's basis. Speculative Grade Liquidity Rating of SGL-1 reflects Moody's expectations that James Hardie's will maintain a very good liquidity over the next 12 to 15 months and generate robust free cash flow on a combined basis with AZEK. Liquidity is also supported by Moody's expectations of ample availability to be maintained under the company's new $1.0 billion secured revolving credit facility expiring in 2030, and good cushion under financial covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if the company maintains conservative financial policies, sustains leverage below 2.0x during various industry cycles along with robust operating margins, and continues to expand scale. Strong liquidity, including positive free cash flow generation, a manageable asbestos liability, prudent approach to acquisitions, and stable end market conditions would also be important considerations for an upgrade. The ratings could be downgraded if the company changes its financial policy to be more shareholder friendly or is expected to sustain debt to EBITDA leverage above 3.0x. Further, any material negative change in the asbestos liability, protracted negative free cash flow, or interest coverage sustained below 5.0x could result in a downgrade. The principal methodology used in these ratings was Manufacturing published in September 2021. James Hardie International Finance Designated Activity Company is a wholly-owned subsidiary of James Hardie Industries plc, an Irish domiciled global manufacturer of fiber cement, fiber gypsum and cement-bonded building products and systems for internal and external construction applications. The company's products are primarily sold in the United States, Canada, Australia, New Zealand, and Europe. In the last twelve months ended March 31, 2025, James Hardie Industries plc generated $3.9 billion in revenue. The AZEK Company Inc., headquartered in Chicago, Illinois, is a leading manufacturer of premium, low maintenance building products for residential and commercial markets in the US and Canada. The company's product offerings include decking, railing, trim, porch, moulding, pergolas, outdoor furniture, bathroom and locker systems. In the last twelve months ended March 31, 2025, the company generated $1.5 billion in revenue. JJ PFISTER: Seeks to Hire New Mill Capital as Broker/Auctioneer --------------------------------------------------------------- JJ Pfister Distilling Company LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire New Mill Capital Holdings, LLC as its broker/auctioneer to sell the assets of the estates. New Mill will retain a three percent commission as well as a 15 percent buyer's premium. New Mill represents no interest adverse to the Debtor in the maters upon which they are to be engaged, according to court filings. The firm can be reached through: Eric Weiler New Mill Capital Holdings, LLC 50 Louis NW, 6th Floor Grand Rapids, MI 49503 Telephone: (616) 607-9667 Email: ericw@newmillcapital.com About JJ Pfister Distilling Company LLC JJ Pfister Distilling Company LLC was a Sacramento-based craft distillery known for producing organic spirits including vodka, gin, rum, whiskey, and brandy. The Company operated from a facility on Business Park Drive but ceased on-site operations in 2024. Its products remain available through select retailers and online distribution. JJ Pfister Distilling Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22194) on May 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 Fredrick E. Clement handles the case. The Debtor is represented by Stephen Reynolds, Esq. at REYNOLDS LAW CORPORATION. JJ PFISTER: Seeks to Hire Reynolds Law as Bankruptcy Co-Counsel --------------------------------------------------------------- JJ Pfister Distilling Company LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Reynolds Law Corporation as bankruptcy co-counsel. The firm will render these services: a. support co-counsel in the preparation and amendment of schedules and statements in support of relief under Chapter 11 of the United States Code; b. advise and represent the Debtor within the present Chapter 11 case; c. support co-counsel in the obtaining employment of professionals as necessary for the proper administration of the estate and case; d. communicate with and negotiate as necessary with the creditors and other parties of interest in this case; e. obtain Court authority for any and all actions necessary to the administration of the estate, including funding. It is anticipated that Stephen Reynolds will lead in this task; f. propose and obtain confirmation of a Plan of Reorganization; and g. support co-counsel in all other actions necessary for the proper administration of the estate. The firm will bill $450 per hour for its services. Reynolds Law received $25,000 as a prepetition retainer. Stephen Reynolds, Esq., attorney at Reynolds Law, assured the court that his firm no connections with the Debtor, the officers, owners, or employees of the Debtor outside of this case. The firm can be reached through: Stephen M. Reynolds, Esq. Reynolds Law Corporation PO Box 733799 Davis, CA 95617 Tel: (530) 297-5030 Email: sreynolds@lr-law.net About JJ Pfister Distilling Company LLC JJ Pfister Distilling Company LLC was a Sacramento-based craft distillery known for producing organic spirits including vodka, gin, rum, whiskey, and brandy. The Company operated from a facility on Business Park Drive but ceased on-site operations in 2024. Its products remain available through select retailers and online distribution. JJ Pfister Distilling Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22194) on May 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 Fredrick E. Clement handles the case. The Debtor is represented by Stephen Reynolds, Esq. at REYNOLDS LAW CORPORATION. JSP MANAGEMENT: Seeks to Hire Cohen Legal Services as Counsel ------------------------------------------------------------- JSP Management Company LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Cohen Legal Services, P.A. as counsel. The firms will provide these services: a. give advice to the Debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating and Reporting Requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of Debtor in all matters pending before the Court; e. represent the Debtor in negotiation with its creditors in the preparation of a Plan. The firms will be paid at these rates: Attorneys $495 per hour Paralegals $195 to $225 per hour The firms received an advance retainer from the Debtor in the amount of $12,500. They will also be reimbursed for reasonable out-of-pocket expenses incurred. Rachamin Cohens, Esq., partner at Cohen Legal Services, P.A., 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 firms can be reached at: Rachamin Cohen, Esq. Cohen Legal Services, P.A. 1801 NE 123rd Street, Suite 314 North Miami, FL 33181 Phone: (305) 570-2326 Email: rocky@lawcls.com About JSP Management Company LLC JSP Management Company LLC owns property located at 1029 NE 104 Street in Miami Shores, Florida. The property's estimated value is $2.28 million, according to Zillow. JSP Management Company LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-15486) on May 16, 2025. In its petition, the Debtor reports total assets of $2,277,602 and total liabilities of $1,563,883. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtors are represented by Rachamin "Rocky" Cohen, Esq. at COHEN LEGAL SERVICES, PA. KIDDE-FENWAL: Judge Presses Co. Over Missing Disclosure Information ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that on June 4, 2025, a Delaware bankruptcy judge challenged firefighting foam maker Kidde-Fenwal over its omission of expected creditor recovery details in the disclosure statement for its Chapter 11 plan, as the company prepares to seek creditor approval for the proposal. About Kidde-Fenwal Inc. Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures fire protection systems. It offers products such as fire control systems, explosion aircraft protection, laser-based smoke detection devices, electronic gas ignitions, and fire suppressions. Kidde-Fenwal markets its products to mining, manufacturing, education, and commercial sectors. Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the petition filed by its chief transformation officer, James Mesterharm, the Debtor reported assets between $100 million and $500 million and estimated liabilities between$1 billion and $10 billion. The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht & Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as investment banker. Stretto, Inc. is the claims and noticing agent and administrative advisor. KTRV LLC: Committee Taps Frost Brown Todd LLP as Counsel -------------------------------------------------------- The official committee of unsecured creditors of KTRV LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Frost Brown Todd LLP as its counsel. The firm will render these services: a. provide legal advice with respect to the Committee's rights, powers and duties in these cases; b. prepare all necessary applications, answers, orders, reports and other legal papers; c. represent the Committee in any and all matters involving contests with the Debtors, alleged secured creditors and other third parties; d. analyze a potential sale or liquidation of substantially all of the Debtors' assets and the interests of unsecured creditors with respect to such a sale; e. review pre-petition transactions and relationships; f. negotiate plans of reorganization or liquidation; g. assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interests; h. assist the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors (and, to the extent applicable, the Debtors' officers, directors and shareholders) and of the operation of the Debtors' businesses; i. assist and advise the Committee as to its communications to the general creditor body regarding significant matters in the Debtors' cases; j. review and analyze all applications, orders, statements of operations and schedules filed with the Court and advise the Committee as to their propriety; and k. perform all other legal services for the Committee which may be necessary and proper in these proceedings. The firm will be paid at these hourly rates: Ronald E. Gold, Partner $800 Jordan S. Blask, Partner $800 Jillian N. Snider, Partner $800 Mark A. Platt, Partner $800 Rebecca L. Matthews, Partner $800 Sloane B. O'Donnell, Managing Associate $500 Bryan K. Sisto, Senior Associate $475 David G. Gharkhany, Associate $400 Shelby Bryant, Paralegal $300 Rachel McCartney, Paralegal $285 In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Frost Brown Todd disclosed that: -- it has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the firm has not represented the Committee in the 12 months prepetition; and -- the firm expects to develop a budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Frost reserves all rights. Jordan Blask, Esq., a partner at Frost Brown, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jordan S. Blask, Esq. Frost Brown Todd, LLC Union Trust Building 501 Grant Street, Suite 800 Pittsburgh, PA 15219 Tel: (412) 513-4300 Fax: (412) 513-4299 Email: jblask@fbtlaw.com About KTRV LLC KTRV is a Delaware holding company whose sole asset is its membership interest in HCNR, a Pennsylvania limited liability company. HCNR owns and operates five coal mines and related operations in Pennsylvania and Maryland. KTRV LLC and Heritage Coal & Natural Resources, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10601) on March 30, 2025. The petitions were signed by Brian Ryniker as chief restructuring officer. In the petitions, KTRV LLC reported estimated assets of $50 million to $100 million and estimated liabilities of $50 million to $100 million, and Heritage Coal reported estimated assets of $100 million to $500 million and estimated liabilities of $100 million to $500 million. The Debtors are represented by Morris James LLP. The Debtors' restructuring advisor is RKC, LLC d/b/a RK Consultants LLC, and their claims and noticing agent is Stretto Inc. KTRV LLC: Committee Taps Landis Rath & Cobb LLP as Co-Counsel ------------------------------------------------------------- The official committee of unsecured creditors of KTRV LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Landis Rath & Cobb LLP as its co-counsel. The firm will render these services: (a) render legal advice with respect to the powers, rights, duties and obligations of the Committee and other participants in the Chapter 11 Cases and any related or ancillary proceedings; (b) assist and advise the Committee in its consultations with the Debtors regarding the administration of the Chapter 11 Cases; (c) investigate the extent and validity of liens asserted by the Debtors' lenders and any potential causes of action; (d) assist the Committee in reviewing and negotiating terms for unsecured creditors with respect to (i) debtor in possession financing and the use of cash collateral, (ii) sale of the Debtors' assets, including negotiating bid procedures and proposed asset purchase agreements, (iii) confirmation of a chapter 11 plan, and (iv) other requests for relief which would impact unsecured creditors; (e) assist and advise the Committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; (f) assist and advise the Committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors, the Debtors' operations, and the desirability of the continuance of any portion of those operations, and any other matters relevant to the Chapter 11 Cases or to the formulation of a plan; (g) advise and represent the Committee in its participation in the negotiation, formulation, or objection to any plan of liquidation or reorganization; (h) advise the Committee on the corporate aspects of this Chapter 11 Case and any plan(s) or other means to effect the Debtor's restructuring that may be proposed in connection therewith and participate in the formulation of any such plan(s) or means of implementing the restructuring, as necessary; (i) take all necessary actions to protect and preserve the Debtors' estates for the benefit of unsecured creditors, including the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors, the investigation of the prior operation of the Debtors' business and the investigation and prosecution of estate claims, causes of action and any other matters relevant to the Chapter 11 Cases; and participate in and reviewing any proposed asset sales, asset dispositions, financing arrangements, and cash collateral stipulations or proceedings; (j) prepare on behalf of the Committee all necessary motions, applications, complaints, answers, orders, reports, papers and other pleadings and filings in connection with the Committee's duties in these Chapter 11 Cases; (k) advise and represent the Committee in hearings and other judicial proceedings in connection with all necessary motions, applications, objections and other pleadings and otherwise protect the interests of those represented by the Committee; and (l) perform all other necessary legal services in connection with the Debtors' Chapter 11 Cases, as may be requested by the Committee. The firm's current hourly rates are as follows: Partners $825 to $1,400 Associates $450 to $595 Paralegals $335 to $375 Legal Assistants $235 to $335 In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Landis Rath disclosed that: 1. the firm has not agreed to a variation of its standard or customary billing arrangements for this engagement; 2. none of the firm's professionals included in this engagement have varied their rate based on the geographic location of these Chapter 11 Cases; 3. the firm did not represent the Committee in the 12 months prepetition; and 4. as Committee counsel, LRC anticipates that the Committee's professional fees will be initially governed by the applicable cash collateral order and budget approved in these Chapter 11 Cases. The Committee and its professionals reserve all rights to seek approval of Committee professional fees. As disclosed in the court filings, Landis Rath & Cobb neither holds nor represents any interest adverse to the Debtors' estates and is a "disinterested person" within the meaning of Bankruptcy Code sections 327(a) and 101(14). The firm can be reached through: Kimberly A. Brown, Esq. LANDIS RATH & COBB LLP 919 Market Street, Suite 1800 Wilmington, DE 19801 Tel: (302) 467-4400 Fax: (302) 467-4450 Email: brown@lrclaw.com About KTRV LLC KTRV is a Delaware holding company whose sole asset is its membership interest in HCNR, a Pennsylvania limited liability company. HCNR owns and operates five coal mines and related operations in Pennsylvania and Maryland. KTRV LLC and Heritage Coal & Natural Resources, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10601) on March 30, 2025. The petitions were signed by Brian Ryniker as chief restructuring officer. In the petitions, KTRV LLC reported estimated assets of $50 million to $100 million and estimated liabilities of $50 million to $100 million, and Heritage Coal reported estimated assets of $100 million to $500 million and estimated liabilities of $100 million to $500 million. The Debtors are represented by Morris James LLP. The Debtors' restructuring advisor is RKC, LLC d/b/a RK Consultants LLC, and their claims and noticing agent is Stretto Inc. LA NOTTE VENTURES: Court Extends Cash Collateral Access to July 2 ----------------------------------------------------------------- La Notte Ventures, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until July 2, marking the eighth extension since the company's Chapter 11 filing. The company will operate within 10% of the budget until its use of cash collateral is approved on a permanent basis. La Notte's budget projects total operational expenses of $20,251.14 for June. The U.S. Small Business Administration was granted replacement liens on all post-petition property of the company, including all cash collateral, to the same extent, validity, and priority as its pre-bankruptcy liens. As additional protection, SBA will continue to receive a monthly payment of $251. The company's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case to one under Chapter 7 or upon entry of a court order directing the cessation of the use of cash collateral. The next hearing is scheduled for July 1. About La Notte Ventures La Notte Ventures, Inc., doing business as La Notte Ristorante Italiano, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15860) on October 23, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. The Debtor is represented by: David R. Herzog, Esq. Law Office of David R. Herzog, LLC 53 W. Jackson Blvd., Suite 1442 Chicago, IL 60604 Telephone: (312) 977-1600 Email: drh@dherzoglaw.com LASERSHIP INC: T. Rowe Marks $26.3 Million 1L Loan at 37% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $26,366,000 loan extended to LaserShip, Inc. to market at $16,567,000 or 63% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to LaserShip, Inc. The loan accrues interest at a rate of 12.3% per annum. The loan matures on January 2, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About LaserShip, Inc. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. Founded in 1986, LaserShip is based in Vienna, Virginia, and has sorting centers in New Jersey, Ohio, North Carolina, and Florida. LAVIE CARE: No Decline in Resident Care, PCO Report Says -------------------------------------------------------- Shelby Walker, the patient care ombudsman, filed her report regarding the quality of patient care provided at the Mississippi nursing facilities operated by LaVie Care Centers, LLC's affiliates. The local long-term care ombudsman assigned to oversee Hilltop Manor Health and Rehabilitation Center reports that they continue to provide consistent, quality care since the last visit. The facility was clean, free of unpleasant odors, and maintained a calm, pleasant atmosphere. Residents were appropriately dressed, well-groomed, and appeared satisfied with their care. No complaints were received during the visit, and the facility is operating smoothly with no current issues or concerns. During a recent visit, the local long-term care ombudsman assigned to monitor the Courtyard Rehabilitation and Healthcare facility observed a significant improvement in cleanliness, with the facility now maintained to a higher standard than in previous assessments. While one complaint was received regarding food portion sizes, no additional concerns about the size or quality of the food were reported. Overall, the facility continues to make positive strides, operating smoothly and providing adequate care to its residents without any significant concerns or issues. The local long-term care ombudsman assigned to Oaks Rehabilitation and Healthcare Center reported that the overall quality of care for residents remains consistent. Previous concerns regarding the condition of the facility's floors have shown improvement. The facility was clean, free of unpleasant odors, and residents were appropriately dressed and well-groomed. No complaints were reported by residents during the visit. The local long-term care ombudsman assigned to Starkville Manor Health Care and Rehabilitation Center reported that the quality of care for residents remains satisfactory. The facility is in full compliance with its corrective action plan, and no further concerns or complaints have been reported to the ombudsman. The local long-term care ombudsman assigned to oversee Winona Manor Health Care and Rehabilitation Center reported that several visits have been completed to monitor the facility's condition and ensure resident care standards are being upheld. The local long term care ombudsman reported that the quality of care remains satisfactory. The ombudsman noted that all residents are receiving appropriate care, staffing levels at the facility are adequate, and there are no issues regarding the availability of supplies for residents. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=X2eBh3 from Kurtzman Carson Consultants, LLC, claims agent. About Lavie Care Centers LaVie Care Centers, LLC, is the parent company of skilled nursing facility operators and providers, with facilities primarily located in Mississippi, North Carolina, Pennsylvania and Virginia. The company operates 43 licensed facilities, with 4,300 beds, providing short-term rehabilitation, comprehensive post-acute care, and long-term care to its residents. On June 2 and 3, 2024, LaVie Care Centers and 281 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 24-55507), before Judge Paul Baisier in Atlanta. The Debtors tapped McDermott Will & Emery, LLP as legal counsel; Stout Capital, LLC as investment banker; and Ankura Consulting as financial advisor. M. Benjamin Jones, senior managing director at Ankura, serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC is the claims agent, and maintains the page http://www.kccllc.com/LaVie The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The U.S. Trustee also appointed Joani Latimer as patient care ombudsman for patients at the Debtors' Virginia facilities; Victor Orija for North Carolina facilities; Lisa Smith for the Mississippi facilities; Margaret Barajas for the Pennsylvania facilities; and Terri Cantrell for the Florida facility. Margaret Barajas is the patient care ombudsman appointed in the Debtors' cases. LEFLO 4 CONDOS: Seeks to Hire Mark S. Roher as Legal Counsel ------------------------------------------------------------ Leflo 4 Condos, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire The Law Office of Mark S. Roher, P.A. as counsel. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties as Debtor in possession and the continued management of its finances; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with his creditors in the preparation of a plan. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $5,000 from Cimby International Freight, Inc. Mark Roher, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark S. Roher, Esq. Law Office of Mark S. Roher, PA 1806 N. Flamingo Road, Suite 300 Pembroke Pines, FL 33028 Tel: (954) 353-2200 Email: mroher@markroherlaw.com About Leflo 4 Condos, Inc. Leflo 4 Condos, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15535) on May 18, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge SErik P Kimball presides over the case. Mark S. Roher, Esq. at Law Office Of Mark S. Roher, P.A. represents the Debtor as counsel. LIGADO NETWORKS: Plan Exclusivity Period Extended to August 4 ------------------------------------------------------------- Judge Thomas Horan of the U.S. Bankruptcy Court for the District of Delaware extended Ligado Networks LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 4 and October 2, 2025, respectively. In a court filing, based on the relevant factors, there is more than sufficient cause here to approve the requested extension of the Exclusive Periods, including, but not limited to: * These Chapter 11 Cases are Large and Complex. The Debtors are 11 separate entities operating in both the U.S. and Canada. The Debtors operate a complex satellite network across North America, providing mobile satellite services to government and commercial customers. As set forth in the First Day Declaration, as of the Petition Date, the Debtors had approximately $8.6 billion in funded debt across five-debt tranches. These facts alone, and the corresponding complexity of the Debtors' business and corporate structure, warrant extension of the Exclusive Periods. * The Debtors Have Continued to Pay Operating Expenses. The Debtors have continued to pay all of their undisputed postpetition expenses in the ordinary course of business or as otherwise provided by an order of the Court. * Additional Time is Necessary. The Debtors have made good faith progress toward confirmation of a chapter 11 plan, but require additional time to seek confirmation of a plan. The Debtors have spent a significant amount of time during these first four months progressing the AST Transaction, preparing and filing the Plan, Disclosure Statement, and Disclosure Statement Motion, and responding to the Motion to Compel and engaging in comprehensive mediation with Inmarsat. * This is the First Extension Requested in the Chapter 11 Cases. The requested extension of the Exclusive Periods is the first such request made in these cases and comes approximately four months after the Petition Date. * The Debtors Have Filed a Confirmable Plan With Broad-Based Support. As described above, the Debtors have already filed the Plan and Disclosure Statement with broad support from creditors. The Debtors believe that all impaired classes of Claims and Interests will vote in favor of the Plan when solicited and that the Plan is confirmable. * An Extension Will Not Prejudice Creditors. The Debtors are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders, all of which have an interest in the Debtors being able to proceed to the confirmation of the Plan. Co-Counsel for the Debtors: Mark D. Collins, Esq. Michael J. Merchant, Esq. Amanda R. Steele, Esq. Emily R. Mathews, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com merchant@rlf.com steele@rlf.com mathews@rlf.com -and- Dennis F. Dunne, Esq. Matthew L. Brod, Esq. Lauren C. Doyle, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 Email: ddunne@milbank.com mbrod@milbank.com ldoyle@milbank.com Andrew M. Leblanc, Esq. MILBANK LLP 1850 K Street, NW, Suite 1100 Washington DC 20006 Telephone: (202) 835-7500 Facsimile: (202) 263-7586 Email: aleblanc@milbank.com About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LUXURY TIME: Taps Brian T Kelly CPA & Associates as Accountant -------------------------------------------------------------- Luxury Time Global, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Brian T Kelly CPA & Associates as accountant. The accountant's services include: a. providing the Debtor with accounting advice with respect to the obligations as Debtor in the management of his business; and b. preparing the necessary monthly reports, quarterly reports, tax returns, income statements, balance sheets and such other documents and reports as may be required. The accountant will charge these rates: Bookkeeping $150/hour Financial Statement preparation $200/hour Business consulting $250/hour (including court testimony and audit representation) As disclosed in the court filings, the accountant represents no interest adverse to the Debtor and the bankrupt estate in the matters upon which he will be engaged and is a disinterested person as that term is defined in 11 U.S.C. Sec. 101(14). Brian T Kelly can be reached at: Brian T. Kelly, CPA Brian T Kelly CPA & Associates 32 N Scott St. Carbondale, PA 18407 Tel: (570) 282-2800 About Luxury Time Global, LLC Luxury Time Global LLC, d/b/a Luxury Time Global, is a retailer specializing in luxury watches, offering both new and pre-owned timepieces from world-renowned brands like Rolex, Omega, and Patek Philippe. With established offices in Florida and Pennsylvania, as well as an online store, the Company serves watch enthusiasts, celebrities, and athletes. Luxury Time Global LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00912) on April 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 Mark J. Conway handles the case. The Debtor is represented by C. Stephen Gurdin, Jr., Esq. MALCOLM CURTIS: 9th Cir. Affirms Court Ruling in IRS Lawsuit ------------------------------------------------------------ In the appeal styled MALCOLM CURTIS; JUDITH CURTIS, husband and wife, in their capacity as Debtors-in-Possession, as Trustee for this Bankruptcy Estate, Plaintiffs - Appellants, v. UNITED STATES DEPARTMENT OF THE TREASURY; UNITED STATES INTERNAL REVENUE SERVICE, Defendants - Appellees, No. 24-2566 (9th Cir.), Judges Susan P. Graber, Kim McLane Wardlaw and Anthony D. Johnstone of the United States Court of Appeals for the Ninth Circuit affirmed the pretrial sanctions of the United States Bankruptcy Court for the Central District of California and its final judgment sustaining the United States Internal Revenue Service's deficiency determination and tax assessment. The Ninth Circuit finds: 1. The bankruptcy court did not abuse its discretion by excluding Debtors' exhibits from trial. 2. The bankruptcy court did not clearly err in upholding the deficiency determination and tax assessment. Debtors failed to comply with this deadline, filing their exhibits nine days before trial. The bankruptcy court found that Debtors lacked a good reason for the late filing and that the Government was prejudiced because it had to file its exhibits without first seeing Debtors' exhibits. According to the Ninth Circuit, the bankruptcy court's exclusion of the exhibits was not "tantamount to dismissal" because Debtors were still able to try their case through witness examination and could rely on the Government's exhibits. In 2014, the IRS issued Debtors a notice of deficiency for the 2011 tax year. Debtors owned 80 percent of the stock of Simnat Global, Inc., an S corporation. The IRS found that Simnat underreported its income. At trial, the Government substantiated this assessment with income reconstructions based on various methods, including by examining Simnat's bank account deposits. Each method suggested that Simnat earned more income in 2011 than shown on Debtors' tax return. The Circuit Judges explain, "Because Simnat was an S-corporation its income is attributed to individual shareholders on a pro rata basis. Simnat's unreported income thus is linked to Debtors as a matter of law. The bankruptcy court did not clearly err in finding that the Government met its initial burden." Debtors relied mainly on J. Curtis's testimony, which the bankruptcy court found not credible. Debtors did not provide evidence proving that the Government's calculations were erroneous or arbitrary. So the bankruptcy court did not clearly err in finding that Debtors failed to meet their burden, the Ninth Circuit concludes. A copy of the Court's decision dated May 22, 2025, is available at https://urlcurt.com/u?l=yejMa9 from PacerMonitor.com. Malcolm Curtis and Judith Curtis sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 16-15373) on June 15, 2016. The Debtor tapped Rebekah L Parker, Esq., as counsel. MAPLE BANK: KPMG Gets Court Approval to Wind-Up Assets ------------------------------------------------------ KPMG Inc., in its capacity as a court-appointed liquidator of the business in Canada of Maple Bank GmbH aka Maple Bank - Toronto Branch ("Maple Bank") and its related assets, obtained an order from the Ontario Superior Court of Justice (Commercial List) approving, inter alia, a distribution by the liquidator to the German Insolvency Administrator on or after June 6, 2025, in respect of a portion of the estimate surplus of funds, which have been realized from the liquidation and/or sale of the asset and the business in Canada of Maple Bank by the liquidator. KPMG Inc. can be reached at: KPMG Inc. Attn: George Bourikas Bay Adelaide Centre 333 Bay Street, Suite 4600 Toronto, ON M5H 2S5 Tel: (416) 777-8887 Email: gbourikas@kpmg.ca MAVENCRUX I LLC: Seeks to Hire Iowa Appraisal as Valuation Expert ----------------------------------------------------------------- MavenCrux I, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Business Capital Corporation, doing business as Iowa Appraisal, as real estate valuation expert. The firm will testify at any depositions and court hearings regarding the valuations of the Debtor's real estate, any appraisals thereof, including but not limited to those of Bank Iowa, and render an opinion about the quality and conformance to professional standards of appraisals that have been prepared. Daniel Dvorak, vice president at Iowa Appraisal, will be paid at his hourly rate of $300 plus expenses. The firm received a pre-petition retainer of $4,200 from the Debtor. Mr. Dvorak 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: Daniel W. Dvorak, MAI Iowa Appraisal 1707 High Street Des Moines, IA 50309 Telephone: (515) 777-7086 Email: dandvorak@iowaappraisal.com About Mavencrux I Mavencrux I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00292) on March 3, 2025. In the petition signed by Louis Weltman, CRO and manager, the Debtor disclosed under $1 million in both assets and liabilities. The Debtor tapped Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen PC as counsel. MENORAH CAMPUS: No Resident Safety Concern, 1st PCO Report Says --------------------------------------------------------------- Michele McKay, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of New York filed her first report regarding the quality of resident care provided by Menorah Campus Independent Senior Apartments, Inc. In the report which covers the period March 14 to May 14, the PCO made two visits. The resident census at the May visit at Forest Creek Apartments facility was four; one resident was hospitalized and will not be coming back to the facility as they need a higher level of care. There are three remaining residents of which she spoke with two of them during this visit. Both expressed how much they like their apartments and are distressed with the thought of having to move. The PCO noted the interior of the Forest Creek facility to be very clean and orderly at both visits. At the May 7 visit, the outside grounds of Forest Creek were noted to have many branches and leaves on the ground and in the landscaping. None of this appeared to be of a safety concern for the residents. It was also noted that construction worker vehicles from a building project across the street were parked in the Forest Creek parking lot. The PCO cited that the Haskell and James Stovroff Towers Apartments building is orderly, but it is apparent that there is need for improvements as the lobby has little furniture of which most is worn, carpets are stained and torn, and walls throughout the building are marred and nicked. When asked, Mr. Kubillah Ingram, Building Superintendent, reports that he has all supplies and equipment needed to maintain the apartments for the remaining residents which he receives from environmental services department on the main Weinberg campus on North Forest road. Ms. McKay stated that for the timeframe of this first report, with the exception of the TV service, the remaining residents of Forest Creek appear to be receiving all services included in their monthly rental fees and there are no apparent safety concerns with the interior of the building. The Stovroff apartment building is in the condition as noted in the report and there was no visible deterioration of the building between the visits. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=sSkEmK from PacerMonitor.com. The ombudsman may be reached at: Michele McKay, MNS, RN, CNE 6360 Kraus Road Clarence Center, New York 14032 Telephone: (716) 907-6045 Email: momsacct2011@gmail.com About Menorah Campus Independent Senior Apartments Menorah Campus Independent Senior Apartments, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-10135) on February 7, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Carl L. Bucki presides over the case. Kevin R. Lelonek, Esq., at Gross Shuman, PC represents the Debtor as legal counsel. MIRAMAR TOWNHOMES: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Miramar Townhomes SWNG 2, LLC and its affiliates received sixth interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use the cash collateral of Fannie Mae. The sixth interim order authorized the companies to use cash collateral to pay the expenses set forth in their budget. As protection, Fannie Mae was granted replacement liens on all property of the companies whether acquired before or after their Chapter 11 filing. In addition, on or before the 15th day of December and the 10th day of each month thereafter, each company will remit to the secured lender a cash payment equal to the amount by which such company's remaining cash balance at the end of the prior month exceeded the following: $20,000 for Miramar, $40,000 for Toro Place, LLC, and $40,000 for The Avenue SWNG TIC 1, LLC and The Avenue SWNG TIC 2, LLC. In case of any diminution in the value of its interests in the collateral, the secured lender will be granted a superpriority claim. Fannie Mae's cash collateral consists of accounts receivable and rents generated from three multifamily properties owned by the companies. The properties include The Avenue apartment complex, the Miramar Townhomes and the Toro Place apartment complex in Houston, Texas. These properties, along with the rents and accounts receivable, secure the loans, which the companies obtained from the secured lender. A final hearing is set for July 24. About Miramar Townhomes SWNG 2 Miramar Townhomes SWNG 2, LLC is owned by Miramar Townhomes SWNG GP, LLC and Miramar Townhomes LP SWNG, LLC. Avenue SWNG TIC, 1 and Avenue SWNG TIC, 2 are both owned by The Avenue SWNG, LLC while Toro Place, LLC is owned by Toro Place Holdings, LLC. Miramar owns the Miramar Townhomes located at 2380 Bering Drive, Houston, Texas, while Toro owns the Toro Place Apartments located at 12101 Fondren Road, Houston, Texas. The Avenue SWNG TIC companies own The Avenue Apartments located at 5050 Yale Street, Houston, Texas. On November 27, 2024, the Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90608). At the time of the filing, each Debtor reported $10 million to $50 million in assets and liabilities. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Elyse M. Farrow, Esq., and Melissa Anne Haselden, Esq., at Haselden Farrow, PLLC. Fannie Mae is represented by: Keith M. Aurzada, Esq. Michael P. Cooley, Esq. Dylan T.F. Ross, Esq. Reed Smith, LLP 2850 N. Harwood Street #1500 Dallas, TX 75201 Telephone: (469) 680-4200 Facsimile: (469) 680-4299 Email: kaurzada@reedsmith.com mpcooley@reedsmith.com dylan.ross@reedsmith.com MISSION POINT: Gets Final OK to Use Cash Collateral --------------------------------------------------- Mission Point of Detroit, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to use its secured creditor's cash collateral. The final order authorized the company to use the cash collateral of The Huntington National Bank to pay business expenses consistent with its 13-week budget, with a 10% variance allowed. As protection, Huntington National Bank was granted replacement liens on assets acquired by the company after the petition date (excluding avoidance actions) to the same extent and priority as its pre-bankruptcy liens. As further protection, Mission Point of Detroit was ordered to make monthly payments equal to all interest accruing on the company's loan obligation to the bank at the non-default interest rate, accruing at the rate of $1,233.12 per day, payable on the first day of each month. As of the petition date, Huntington National Bank is owed $6,889,241.47, secured by a first-priority lien on all assets including cash collateral. About Mission Point of Detroit Mission Point of Detroit, LLC is a skilled nursing and rehabilitation facility located in Detroit, Mich. It operates under the Mission Point Healthcare Services network, which manages post-acute care centers across the state. The facility provides short-term rehabilitation, long-term care, and specialized nursing services. Mission Point of Detroit sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43883) on April 16, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Maria L. Oxholm handles the case. Ryan Heilman, Esq., at Heilman Law, PLLC is the Debtor's bankruptcy counsel. The Huntington National Bank, as secured creditor, is represented by: Douglas C. Bernstein, Esq. Plunkett Cooney 38505 Woodward Avenue, Suite 100 Bloomfield Hills, MI 48304 (248) 901-4091 dbernstein@plunkettcooney.com MOLECULAR TEMPLATES: July 1 Disclosure & Plan Combined Hearing Set ------------------------------------------------------------------ The Hon. Brendan L. Shannon of the United States Bankruptcy Court for the District of Delaware will hold a combined hearing on July 1, 2025, at 10:00 a.m. ET at the U.S. Bankruptcy Court, 6th Floor, Courtroom #1, 824 North Market Street, Wilmington, Delaware 19801, to approve the adequacy of the revised disclosure statement explaining the joint Chapter 11 plan of reorganization of Molecular Templates Inc. and its debtor-affiliates, and confirm the Debtors' joint Chapter 11 plan. Objections to the approval of the Debtors' revised disclosure statement and confirmation of their joint Chapter 11 plan, if any, is June 27, 2025, at 4:00 p.m. ET. About Molecular Templates Molecular Templates Inc. is a clinical-stage biopharmaceutical company established in 2001, focusing on the discovery and development of innovative, targeted biologic therapeutics. In particular, Molecular Templates specializes in developing proprietary "engineered toxin bodies" ("ETBs"), a next-generation biologic platform designed to treat cancer and other diseases. The ETBs that Molecular Templates has developed can target cancer in unique ways with the potential to overcome tumor resistance mechanisms. Molecular Templates Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10739) on April 20, 2025. In its petition, the Debtor reports total assets as of April 18, 2025 of $2,492,278 and total debts as of April 18, 2025 of $29,416,746. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Eric D. Schwartz, Esq., Andrew R. Remming, Esq., Austin T. Park, Esq., and Jake A. Rauchberg, Esq. at Morris, Nichols, Arsht & Tunnell LLP. Kurtzman Carson Consultants, LLC is the Debtors' claims & noticing agent. The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Molecular Templates, Inc. MOLECULAR TEMPLATES: June 30 Claims Filing Deadline Set ------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware set June 30, 2025, at 5:00 p.m. (prevailing Eastern Time) as last date and time for person or entities to file proofs of claim against Molecular Templates Inc. and its debtor-affiliates. The Court also set Oct. 17, 2025, at 5:00 p.m. (prevailing Eastern Time) as deadline for all governmental units to file their claims against the Debtors. A proof of claim may be filed electronically at www.veritaglobal.net/MolecularTemplates using the interface available after clicking the link entitled "Submit Electronic Proof of Claim (ePOC)." If filed by hardcopy via first-class mail, an original, signed copy of the proof of claim must be sent to: Molecular Templates Claims Processing Center c/o Verita Global 222 N. Pacific Coast Highway Suite 300 El Segundo, CA 90245. If filed by hardcopy via hand delivery or overnight mail, an original, signed copy of the proof of claim must be sent to: Molecular Templates Claims Processing Center c/o Verita Global 222 N. Pacific Coast Highway Suite 300 El Segundo, CA 90245. A claim must be submitted so as to be actually received on or before the applicable Bar Date. Proofs of claim sent by means other than as described above will not be accepted. If you have any questions relating to this notice, please contact the Debtors' notice and claims agent, Verita Global, at (877) 634-7178 or (424) 236-7224 (for parties outside the U.S. and Canada) or at https://www.veritaglobal.net/MolecularTemplates/Inquiry. About Molecular Templates Molecular Templates Inc. is a clinical-stage biopharmaceutical company established in 2001, focusing on the discovery and development of innovative, targeted biologic therapeutics. In particular, Molecular Templates specializes in developing proprietary "engineered toxin bodies" ("ETBs"), a next-generation biologic platform designed to treat cancer and other diseases. The ETBs that Molecular Templates has developed can target cancer in unique ways with the potential to overcome tumor resistance mechanisms. Molecular Templates Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10739) on April 20, 2025. In its petition, the Debtor reports total assets as of April 18, 2025 of $2,492,278 and total debts as of April 18, 2025 of $29,416,746. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Eric D. Schwartz, Esq., Andrew R. Remming, Esq., Austin T. Park, Esq., and Jake A. Rauchberg, Esq. at Morris, Nichols, Arsht & Tunnell LLP. Kurtzman Carson Consultants, LLC is the Debtors' claims & noticing agent. The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Molecular Templates, Inc. MOLECULAR TEMPLATES: Revised Disclosure Approved on Interim ----------------------------------------------------------- The Hon. Brendan L. Shannon of the United States Bankruptcy Court for the District of Delaware approved, on the interim basis, the revised combined disclosure statement explaining the joint Chapter 11 plan of reorganization of Molecular Templates Inc. and its debtor-affiliates. Deadline to vote to accept or reject the Debtors' joint Chapter 11 plan is June 24, 2025, at 4:00 p.m. ET. Only Holders of Claims in Classes 3 and 4 are entitled to vote to accept or reject the Disclosure Statement and Plan. Please submit a Ballot with your vote in the envelope provided or by one of the following methods: a) If by First Class Mail, Overnight Courier, or Hand Delivery to: Molecular Templates, Inc. c/o Verita Global 222 N. Pacific Coast Highway, Suite 300 El Segundo, CA 90245 b) If you would like to coordinate hand delivery of your Ballot, please email MolecularTemplatesInfo@veritaglobal.com and provide the anticipated date and time of your delivery. c) If by Electronic, Online Submission: Visit the Debtors’ restructuring website at: veritaglobal.net/MolecularTemplates, click on the "E-Ballot" button below the "Submit Electronic Ballot" section on the of the landing page, and follow the directions to submit your Ballot online. If you choose to submit your Ballot via Verita's E-Ballot system, you should not also return a hard copy of your Ballot. The Debtors said they will file the Plan Supplement by June 17, 2025, at 4:00 p.m. (ET), provided that they may amend, supplement, or otherwise modify the Plan Supplement prior to the Confirmation Hearing and/or in accordance with the Disclosure Statement and Plan. Treatment of Claims Estimated Estimated Class Claim Recovery Amount ----- ------ --------- --------- 1 Other 100% TBD Secured 2 Other 100% TBD Priority 3 Pre- $15,000,000 $16,329,989.48 Petition Secured 4 Gen. 1-5% $3,750,000 Unsec. 5 Inter- 0% N/A Company 6 Exiting 0% N/A Equity Means of Implementing the Plan The Plan is a joint chapter 11 plan for each of the Debtors, with the Plan for each Debtor being non-severable and mutually dependent on the Plan for each other Debtor. On or before the Effective Date, the Debtors shall enter into and take any actions that may be necessary or appropriate to effectuate the Debt-for-Equity Transaction, and the Wind-down of the Debtors, as applicable. With respect to the Debt-for-Equity Transaction, on the Effective Date, all existing Interests in the Debtors shall be cancelled and discharged as set forth in this Plan. On the Effective Date, the Debtors shall issue new equity interests ("New MTEM Common Equity") to K2 HealthVentures Equity Trust LLC, a subsidiary of K2, in exchange for $15,000,000 of the Prepetition Secured Claims, subject to dilution on account of any distribution of New MTEM Common Equity on account of and in satisfaction of any additional portion of the Prepetition Secured Claims or for the DIP Facility. Upon the occurrence of the Effective Date, the members of each Debtors' board of directors or managers, as the case may be, shall be deemed to have resigned and be immediately discharged of their duties as directors or managers and the Debtors' new board of directors or managers, as appointed by the holders of the New MTEM Common Equity shall be deemed to be appointed and take control. The members of the Debtors' board of directors or managers to be appointed by the Holders of the New MTEM Common Equity shall be disclosed in the Plan Supplement. With respect to the Wind-down, following the Effective Date, the Liquidation Trustee shall wind-down these Chapter 11 Cases, including, but not limited to: (i) prosecuting and/or settling the Avoidance Actions for the benefit of the holders of General Unsecured Claims; and (ii) making distributions to Holders of Allowed Claims in accordance with the terms of this Plan. Copies of the Disclosure Statement and Plan, the Solicitation Procedures Order, and all other documents filed in these Chapter 11 Cases may be obtained without charge at veritaglobal.net/MolecularTemplates, or upon request to the Debtors' claims and voting agent, Verita, at (877) 634-7178 (U.S./Canada) or (424) 236-7224 (International) or at MolecularTemplatesInfo@veritaglobal.com. A full-text copy of the revised combined disclosure statement and joint Chapter 11 plan of reorganization is available for free at https://tinyurl.com/tp7bwf9u About Molecular Templates Molecular Templates Inc. is a clinical-stage biopharmaceutical company established in 2001, focusing on the discovery and development of innovative, targeted biologic therapeutics. In particular, Molecular Templates specializes in developing proprietary "engineered toxin bodies" ("ETBs"), a next-generation biologic platform designed to treat cancer and other diseases. The ETBs that Molecular Templates has developed can target cancer in unique ways with the potential to overcome tumor resistance mechanisms. Molecular Templates Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10739) on April 20, 2025. In its petition, the Debtor reports total assets as of April 18, 2025 of $2,492,278 and total debts as of April 18, 2025 of $29,416,746. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Eric D. Schwartz, Esq., Andrew R. Remming, Esq., Austin T. Park, Esq., and Jake A. Rauchberg, Esq. at Morris, Nichols, Arsht & Tunnell LLP. Kurtzman Carson Consultants, LLC is the Debtors' claims & noticing agent. The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Molecular Templates, Inc. MOM CA INVESTOR: Seeks to Triple DIP Financing to $19.5MM --------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that California hotel operator MOM CA Investco LLC petitioned a Delaware bankruptcy judge to raise its Chapter 11 financing from $5 million to $19.5 million, requesting an additional $14.5 million in funding. About MOM CA Investor Group LLC MOM CA Investor Group LLC and its affiliated debtors directly own and manage a large real estate portfolio throughout Southern California using a network of special purpose entities. MOM CA Investor Group LLC and its affiliated debtors filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10510) on March 17, 2025, listing $50,000,001 to $100 million in assets and $10,000,001 to $50 million in liabilities. Ericka Fredricks Johnson, Esq. at Bayard P.A. represents the Debtor as counsel. MRI SOFTWARE: T. Rowe Marks $2.6 Million 1L Loan at 95% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,669,000 loan extended to MRI Software LLC to market at $128,000 or 5% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to MRI Software LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on February 10, 2027. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About MRI Software LLC MRI Software, LLC is a provider of real estate and investment management software to real estate owners, investors, and operators. MRI SOFTWARE: T. Rowe Marks $2.9 Million 1L Loan at 70% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,936,000 loan extended to MRI Software LLC to market at $881,000 or 30% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to MRI Software LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on February 10, 2027. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About MRI Software LLC MRI Software, LLC is a provider of real estate and investment management software to real estate owners, investors, and operators. NCWS INTERMEDIATE: T. Rowe Marks $4.1 Million 1L Loan at 94% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $4,187,000 loan extended to NCWS Intermediate, Inc. to market at $271,000 or 6% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to NCWS Intermediate, Inc. The loan accrues interest at a rate of 9.79% per annum. The loan matures on December 31, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About NCWS Intermediate, Inc. NCWS Intermediate, Inc. and NCWS Holdings LP are a manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market. NCWS INTERMEDIATE: T. Rowe Marks $6.9 Million 1L Loan at 79% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $6,978,000 loan extended to NCWS Intermediate, Inc. to market at $1,487,000 or 21% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to NCWS Intermediate, Inc. The loan accrues interest at a rate of 9.79% per annum. The loan matures on December 31, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About NCWS Intermediate, Inc. NCWS Intermediate, Inc. and NCWS Holdings LP are a manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market. NEDCHC INC: Seeks Chapter 11 Bankruptcy in Colorado --------------------------------------------------- On May 28, 2025, NEDCHC Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About NEDCHC Inc. NEDCHC Inc. also operating as Northeast Denver Community Help Center, a single asset real estate entity located in Denver, Colorado. NEDCHC Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13230) on May 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. NEW FORTRESS: S&P Downgrades ICR to 'B-', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'B-' from 'B'. S&P said, "We affirmed our 'B' issue-level rating on NFE's senior secured term loan B and revised our recovery rating to '2' from '3', indicating our expectation that lenders would receive substantial (70%-90%; rounded estimate: 75%) recovery in the event of default. "We lowered our issue-level rating on the company's senior secured notes due 2026 and 2029 (legacy notes) to 'CCC+' from 'B-'. The '5' recovery rating is unchanged and indicates our expectation for modest (10%-30%; rounded estimate: 25%) recovery in default." In addition, S&P Global Ratings lowered its issue-level rating to 'B-' from 'B' on NFE's senior secured notes due 2029 (exchanged notes). The '4' recovery rating is unchanged. The recovery rating indicates S&P's expectation for average (30%-50%; rounded estimate: 45%) recovery in default. The negative outlook reflects NFE's weak credit measures, constrained liquidity, and increased refinancing risk for the 2026 notes. NFE proceeds from the sale of its Jamaica business helped liquidity in the near term and reduced some debt. However, credit measures are weak and liquidity will remain constrained as some debt becomes current over the next several quarters. NFE's liquidity profile and its ability to refinance its notes due September 2026 is the main driver of the rating action. Liquidity remains constrained despite cash received from the sale of the Jamaica business. NFE used part of the $778 million of proceeds, after the repayment of asset-level debt at the Jamalco power plant and transaction costs, to repay $270 million under its revolver due October 2027, reducing the extended commitment to $630 million. There is currently $275 million available under this facility. NFE also repaid $55 million of the term loan A. That leaves about $393 million of proceeds that could be used to address upcoming debt maturities. NFE also has $448 million of restricted cash it will use to finish the construction of CELBA and PortoCem power plants in Brazil. NFE has about $241 million of current maturities, but that will increase in the third quarter when the $509 million of the legacy 2026 notes becomes current. S&P said, "We estimate NFE has about $450 million-$650 million of capex requirements, which is partly covered by the $448 million of restricted cash. We believe some of this capex is deferrable, particularly related to FLNG 2, which could give the company some options as it thinks about how to address the $509 million senior notes due in September 2026. However, absent an asset sale or an unexpected operating gain to boost cash flow, refinancing risk will continue to weigh on NFE's credit profile." S&P said, "The company's financial ratios are weaker than expected after poor first quarter results. NFE reported EBITDA of about $82 million, which was well below our base case expectations. We have revised our assumptions and now forecast expected EBITDA of $900 million-$945 million for 2025, which consists of core earnings from terminal sales and some level of excess cargo sales. We no longer include any payment from Federal Emergency Management Agency (FEMA), although the company continues to expect some amount will be paid based on its renegotiated power contracts with Puerto Rico Electric Power Authority in the second half of 2025. As a result, S&P Global Ratings-adjusted debt to EBITDA for 2025 is projected to be 9.5x-10x. "We believe NFE has some flexibility in its capital plan, with the ability to slow the construction of FLNG 2 to conserve liquidity for the upcoming maturities related to the 2026 notes and $100 million revolver that has not been extended. Nevertheless, discretionary cash flow remains negative in 2025. We believe total spending for 2025 will be $450 million-$650 million. We assume this will result in negative free cash flow in the $600 million-$860 million range that could be partly funded with available liquidity. However, this will likely require additional asset sales or better-than-expected operating performance, which is not in our base case, for NFE to fund total spending and refinance or repay upcoming debt maturities." The negative outlook reflects NFE's weak credit measures, constrained liquidity, and increased refinancing risk for the 2026 notes. S&P could lower the rating if: -- NFE cannot refinance the 2026 notes within 12 months of their maturity; -- S&P believes the capital structure is unsustainable and there is a risk of a distressed exchange; or -- The company's cash flow is significantly below our base case expectations. S&P could revise the outlook to stable if NFE is successful in refinancing its upcoming maturities, improves its liquidity position, and strengthens its balance sheet. This could occur if the company: -- Realizes forecasted volumes for terminal segments in Puerto Rico and projects in Brazil, Mexico, and Nicaragua; -- Attains better-than-expected merchant cargo sales; and -- Realizes additional proceeds from asset monetizations and uses the proceeds to pay down debt. NOVELIS CORP: Moody's Rates New $400MM 2025A Disposal Bonds 'B1' ---------------------------------------------------------------- Moody's Ratings assigned a B1 backed senior unsecured rating to Novelis Corporation's (Novelis Corp.) funding obligation and proposed $400 million Solid Waste Disposal Revenue Bonds Series 2025A issued by The Industrial Development Authority of Baldwin County. The revenue bonds are obligations of Novelis Corp. and will be guaranteed jointly and severally on a senior unsecured basis, by Novelis Inc. (Novelis), the parent company, and certain of its existing US restricted subsidiaries and its other restricted subsidiaries that guarantee debt under the senior credit agreements. At the same time, Moody's downgraded Novelis' corporate family rating (CFR) to Ba3 from Ba2, Probability of Default Rating (PDR) to Ba3-PD from Ba2-PD and the ratings of the existing backed senior unsecured notes of Novelis Corporation and Novelis Sheet Ingot GmbH to B1 from Ba3. Moody's affirmed a Ba1 rating of Novelis Holdings Inc.'s backed senior secured term loan B. Novelis' speculative grade liquidity rating remains SGL-3. The outlook was changed to stable from negative for Novelis, Novelis Holdings Inc., Novelis Corporation and Novelis Sheet Ingot GmbH. The assigned rating remains subject to Moody's reviews of the final terms and conditions of the proposed financing. The proceeds from the issuance of the revenue bonds will be loaned to Novelis Corp., an indirect subsidiary of Novelis, under the terms of a loan agreement between Novelis Corp. and The Industrial Development Authority of Baldwin County, to finance certain costs relating to the Company's aluminum manufacturing plant in Bay Minette, Alabama, including the acquisition, development, construction, improvement, equipping and installation of certain solid waste disposal facilities, recycling facilities, and/or sewage facilities. Governance considerations were a key driver of the rating action given the company's strategy to fund its large project capex partially with the substantial new debt and management's tolerance to elevated gross debt levels amid heightened economic uncertainty. RATINGS RATIONALE The assignment of a B1 rating to the revenue bonds reflects the existence of a guaranty from Novelis and certain of its subsidiaries that also guarantee the existing senior unsecured bonds of Novelis Corporation and Novelis Sheet Ingot GmbH. The downgrade of Novelis' CFR to Ba3 from Ba2 reflects in the deterioration in the company's credit profile driven largely by high capex spending, automotive and specialty end markets continuing to navigate varying degrees of demand weakness and increased macro uncertainty, higher scrap prices impacting profitability, the resulting negative free cash and the need for more debt to finance the construction of the Bay Minette project. As such, the ratings downgrade also reflects Moody's expectations that Novelis's credit metrics will weaken further in FY2026 and FY2027 and its leverage will remain elevated until the Bay Minnette project is completed. The affirmation of a Ba1 rating of Novelis Holdings Inc.'s senior secured term loan B reflects the preponderance of and the rising proportion of senior unsecured debt in the liability waterfall, which increases the loss absorption capacity provided by the senior unsecured debt to the term loan given its priority position. Novelis' Ba3 CFR reflects the company's large scale and significant market position in the number of end markets including can packaging where it enjoys a leading market share. The rating considers the company's broad geographic footprint with operations in North and South America, Europe and Asia. The rating also factors in the company's ability to generate significant operating cash flow and expectations that the currently ongoing projects, modest demand growth and the cost savings program will lead to moderate growth in EBITDA in the next 2-3 years. At the same time, the rating incorporates the company's high and rising gross debt levels, the inherent industry and business volatility, material uncertainty with respect to the potential demand trajectory in the automotive and specialty markets given the current macroeconomic headwinds and the near-term impact of the supply chain disruptions and OEM destocking in the aerospace sector. In February, 2024, Novelis updated the estimated capital cost to build the new greenfield rolling and recycling plant in Bay Minette, Alabama with the initial capacity of 600kt to $4.1 billion, including contingency, from $2.5 billion. The project completion timeline was also extended to the second half of calendar year 2026 (FY2027) from FY2026 previously announced. According to the company, with a high level of project engineering complete and all key equipment and the majority of materials contracted, management is confident that the project will be completed within the new parameters. In FY2025 ended March 31, 2025, Novelis generated about $1.87 billion in Moody's-adjusted EBITDA. The leverage remained unchanged from the prior fiscal year at 3.6x as higher earnings offset higher borrowings. Moody's estimates that Novelis will generate about $1.8 billion in Moody's-adjusted EBITDA in FY2026 and $1.9-2.0 billion in FY2027 before rising more materially in FY2028. Moody's forecasts assume modest growth in shipments across all four segments with the cost saving initiatives, potential price improvements and higher recycling rates offsetting the scrap cost challenges. Free cash flow (after dividends to Hindalco) in FY2025 was negative at $711 million as capex exceeded cash flow from operations. Moody's expects Novelis to be significantly free cash flow negative in FY2026-27 and only modestly free cash flow positive in FY2028. Moody's estimates that the company will generate material positive free cash flow that could be used for deleveraging only starting in FY2029 assuming no large new capex at that time. As a result, Moody's anticipates that Novelis will need to raise more debt in FY2026-27 to help fund its growth capex and to maintain the adequate cash levels on the balance sheet. Under this base case scenario and considering the forecasted modest earnings growth and higher gross debt, Moody's-adjusted Debt/EBITDA, will likely increase to 4.3-4.5x range in FY2026-27, which is too high even for a Ba3 CFR. Moody's leverage estimates excludes the company's factored trade receivables outstanding, which Novelis stopped disclosing in FY2023. Despite the lack of disclosures, Moody's considers these arrangements to be debt like. Novelis' other credit metrics are also expected to weaken in the next 2 years. However, the rating positively considers the company's scale, market position, solid operating margins, its geographic, end market and product diversity, its strong customer relationships and its metal pass-through business model. The stable outlook reflects Moody's expectations that because of high capex spending, lower projected profitability and higher debt levels, Novelis's credit metrics will deteriorate in the next 12-18 months but will overall remain appropriate for its Ba3 rating. Novelis has an adequate liquidity position (SGL-3) supported by its $1,036 million cash position as of March 31, 2025, and $1.6 billion available under its $2 billion senior secured asset-based revolving credit facility (ABL) maturing in August 2027 (unrated), which is subject to certain springing requirements concerning timing of repayment of the term loan and other debt facilities. The ABL is secured by accounts receivable and inventory. If, at any time, the availability under the ABL is less than the greater of (a) $150 million and (b) 10% of the lesser of the facility commitment or the borrowing base, the company will be required to maintain a minimum fixed charge coverage of at least 1.25x. Availability is viewed as remaining sufficient such that this will not be tested. The Ba1 rating of the senior secured term loan B (TLB), two notches above the CFR, reflect its secondary position behind the ABL facility and its priority position with respect to the senior unsecured notes. The TLB is guaranteed by the company's direct parent, Novelis Inc. and its current and future wholly owned restricted subsidiaries, subject to exceptions. The TLB has a first priority security interest in substantially all material PPE and intellectual property of the borrower and each subsidiary guarantor (other than guarantors organized in Brazil and UAE) and equity interests in material subsidiaries, as well as a second priority security interest on the ABL priority collateral. The subsidiary guarantors account for about 80-85% of Novelis Inc.' net sales, EBITDA and assets. The TLB does not have any financial covenants. In addition, the company has short-term credit facilities in Korea, Brazil and China to support operations in these countries. The B1 rating on the new revenue bonds and the existing senior unsecured notes reflects their effective subordination to the significant amount of secured debt under the term loan, the ABL and priority payables. The notes have a downstream guarantee from Novelis Inc. and are guaranteed by all of Novelis' existing and future US restricted subsidiaries, certain existing Canadian and other non-US foreign restricted subsidiaries. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would consider an upgrade of Novelis Inc.'s credit ratings if the company completes the development of the Bay Minette project as planned. Quantitatively, an upgrade would be considered if leverage (adjusted debt/EBITDA) is sustained below 3.5x, adjusted EBIT margin above 7%, (CFO-Dividends)/Debt above 25% and free cash remains positive. Novelis' ratings could be downgraded if liquidity, measured as cash plus ABL availability, evidences a material deterioration, if company makes substantial debt-financed acquisitions, issues material amount of new debt, further increases its capex spending or if shareholder returns meaningfully exceed the capital allocation framework targets established by Hindalco Industries Limited, the ultimate parent company of Novelis Inc. Expectations of reduced profitability or an extended slump in the end-markets served could lead to negative pressure on the ratings. Quantitatively, ratings could be downgraded if the adjusted EBIT margin is sustained below 4% or (Cash flow from operations less dividends)/debt below 15% and leverage, measured as debt/EBITDA ratio, is sustained above 4.5x. Headquartered in Atlanta, Georgia, Novelis is the world's largest producer of aluminum rolled products. The company operates through four regional segments, North America, Europe, Asia and South America. While Novelis sells into a number of end markets, the company generates about 60% of sales in the can sheet market. Novelis generated approximately $17.2 billion in revenues during the FY2025 ended March 31, 2025. Novelis is ultimately owned by Hindalco Industries Limited (unrated) domiciled in India. The principal methodology used in these ratings was Steel published in November 2021. NUTRACAP HOLDINGS: Plan Exclusivity Period Extended to June 30 -------------------------------------------------------------- Judge Lisa Ritchey Craig of the U.S. Bankruptcy Court for the Northern District of Georgia extended Nutracap Holdings, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 30 and August 28, 2025, respectively. As shared by Troubled Company Reporter, the Debtor claims that it is presently working to negotiate a plan of reorganization with its creditors, but the Debtor requires additional time to allow its operations to stabilize now that it has been given the breathing room afforded by the automatic stay, now that all first day relief has been granted, and now that the Trustee Motion was resolved with new management in place, allowing it to commit its focus to reorganizing its business without the pressures and time commitments inherent in such matters. The Debtor explains that it seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed. The Debtor asserts that the request for an extension will not unfairly prejudice or pressure the Debtor's creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. Nutracap Holdings, LLC is represented by: Caitlyn Powers, Esq. Will B. Geer, Esq. Rountree, Leitman, Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 Telephone: (404) 584-1238 E-mail: cpowers@rlkglaw.com wgeer@rlkglaw.com About Nutracap Holdings Nutracap Holdings, LLC, is a manufacturer of nutraceuticals and dietary supplements in Norcross, Ga. Nutracap Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-50430) on January 14, 2025, with up to $50 million in both assets and liabilities. Marcos Fabio Lopes e Lima, chief executive officer of Nutracap Holdings, signed the petition. Judge Lisa Ritchey Craig oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, is the Debtor's legal counsel. ODYSSEY LOGISTICS: S&P Downgrades ICR to 'B-', Outlook Stable ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Odyssey Logistics and Technology Corp. to 'B-' from 'B'. The outlook is stable. At the same time, S&P lowered its issue-level ratings on the company's senior secured term loan to 'B-' from 'B'. S&P said, "The stable outlook reflects our view that credit metrics will remain weak for 2025, improving only marginally in 2026, while remaining commensurate for the rating. We anticipate S&P Global Ratings-adjusted debt to EBITDA of mid-6x and funds from operations (FFO) to debt of 8.0%-8.5% for 2026." Odyssey underperformed our expectations in 2024 with S&P Global Ratings-adjusted EBITDA margins declining 380 basis points (bps) year over year. In 2024, Odyssey reported nearly flat revenue. Weaker freight market conditions drove volume declines in its marine logistics and managed services segments, though they were offset by some volume gains in its intermodal segment. However, a general slowdown in demand and heightened competitive pricing pressures compressed the company's gross margins for the year. Moreover, additional spending for enhancing IT capabilities and other initiatives further impaired margins. Odyssey's debt increased during the year as it renewed some operating leases; it also drew $10 million on its revolving credit facility to cover its reported free cash flow deficit of $37 million in 2024 and fund a $10 million acquisition. As a result, credit metrics weakened, with adjusted leverage increasing to 6.8x in 2024 (had previously expected 4.6x for 2024) compared with 4.4x in 2023. FFO to debt for 2024 was also lower at 6.4% compared to our expectation of 12.7%. S&P said, "We expect Odyssey's 2025 financial performance to remain subdued with reported negative free cash flows through 2026. Although Odyssey benefited slightly from revenue and earnings growth during the first quarter of 2025 in its relatively smaller intermodal segment as it onboarded new customers, its financial performance weakened further as demand remained soft. A further decline in its marine logistics and its transportation and warehousing segment volumes in the first quarter of 2025 is further pressuring pricing and has impeded Odyssey's ability to recover on its gross margins. "For full-year 2025, we do not expect the ongoing soft freight market conditions to improve; recent unpredictable trade policies and higher-than-expected tariffs on imports are exacerbating the forecasted slow-down in U.S. economic growth. Accordingly, we expect profitability to sustain at 2024 levels while debt increases due to additional draws on the company's revolving credit facility to cover its estimated free cash flow shortfall of $15 million-$20 million (2023: negative $27 million; 2024: negative $37 million). We therefore expect credit metrics to remain elevated, with leverage increasing slightly to 6.9x and FFO to debt remaining 6%-7%. "For 2026, we expect policy-driven turbulence to abate and demand conditions to gradually improve, supporting modest expansion in Odyssey's profitability that could lead to leverage declining to mid-6x and FFO to debt improving to 8.0%-8.5%. "We believe Odyssey will maintain adequate liquidity over the forecast period. As of March 31, 2025, the company's liquidity position consisted of $20 million in cash and $103 million of availability under its $125 million revolving credit facility, which matures in July 2027. Our base-case assumption is for liquidity sources to deplete somewhat as the company draws further on its revolving credit facility to fund its free cash flow shortfalls and scheduled debt amortization--at least until 2027, when we forecast a return to break-even FOCF. We estimate Odyssey's revolver utilization will peak at about $50 million in 2027 before its cash flows turn positive in 2028, which will be used to gradually reduce outstanding revolver. "Still, we expect Odyssey's liquidity will remain adequate with sources at least 2x its uses and sufficient covenant headroom. We note that Odyssey's term loan and revolver facility mature in 2027, exposing it to some refinancing risk if current market uncertainty is prolonged and cash flow improvement is protracted as we approach the maturity dates of its debt. "The stable outlook reflects our view that credit metrics will remain weak for 2025, improving only marginally in 2026 while remaining commensurate for the rating. We anticipate S&P Global Ratings-adjusted debt to EBITDA of mid-6x and funds from operations (FFO) to debt of 8.0%-8.5% for 2026." S&P could lower its ratings on Odyssey if: -- S&P believes its capital structure will no longer be sustainable over the outlook horizon; or -- Sustained weakness in operating results triggers a covenant breach or otherwise restricts availability on the revolver facility, constraining liquidity. S&P could raise its ratings on Odyssey if: -- Improved demand conditions support profitability growth, leading Odyssey's debt to EBITDA to decline below 6.5x and FFO to debt to improve to a high-single-digit percent on a sustained basis, -- Odyssey generating positive reported free cash flows; and S&P believes the company and its sponsors are committed to maintaining ratios at these levels. OHIO TRANSMISSION: T. Rowe Marks $1.3 Million 1L Loan at 65% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,356,000 loan extended to Ohio Transmission Corporation to market at $475,000 or 35% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Ohio Transmission Corporation. The loan accrues interest at a rate of 9.8% per annum. The loan matures on December 19, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ohio Transmission Corporation Ohio Transmission Corporation is a leading technical distributor of highly engineered products across automation, motion control, fluid power, flow control and compressed air categories. OHIO TRANSMISSION: T. Rowe Marks $2 Million 1L Loan at 44% Off -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,026,000 loan extended to Ohio Transmission Corporation to market at $1,127,000 or 56% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Ohio Transmission Corporation. The loan accrues interest at a rate of 9.8% per annum. The loan matures on December 19, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ohio Transmission Corporation Ohio Transmission Corporation is a leading technical distributor of highly engineered products across automation, motion control, fluid power, flow control and compressed air categories. OPEN RANGE: Plan Exclusivity Period Extended to July 28 ------------------------------------------------------- Judge Michael E. Romero of the U.S. Bankruptcy Court for the District of Colorado extended Open Range Services Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 28 and September 29, 2025, respectively. As shared by Troubled Company Reporter, several factors favor granting the requested extension: * First, good faith progress has been made towards reorganization. The Debtor has reached agreement with Ally Bank on adequate protection with respect to several vehicles (and continues to seek agreement on several additional vehicles). The Debtor also reached agreement with its landlord regarding assuming the lease of non-residential property. Asset valuation is critical to the Debtor's plan. An appraiser has been employed and commenced work, but has not provided a final report. * Second, the Debtor is paying its bills as they come due and timely filing its monthly operating reports. * Third, there are complexities to this case, primarily centering on (a) the uncompleted asset valuation and (b) determining plan treatment of the Debtor's merchant cash advance lenders, some of whom filed proofs of claim. * Fourth, the Debtor is not seeking an extension to pressure creditors. Open Range Services Inc. is represented by: WADSWORTH GARBER WARNER CONRARDY, P.C. David V. Wadsworth, Esq. 2580 W. Main Street, Suite 200 Littleton, Colorado 80120 (303) 296-1999 /Fax: (303) 296-7600 Email: dwadsworth@wgwc-law.com About Open Range Services Inc. Open Range Services Inc. is a construction company that specializes in heavy civil construction, commercial site development, public infrastructure, underground utilities, oilfield services and transportation logistics services. The Company offers manpower, heavy equipment, material resources and expertise to construct projects of any size and at any location across the Western United States. Open Range Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-14377) on July 31, 2024. In the petition filed by Jason Gant, as president, the Debtor reports total assets of $2,452,125 and total liabilities of $10,323,840. The Honorable Bankruptcy Judge Michael E. Romero oversees the case. The Debtor is represented by David V. Wadsworth, Esq. at Wadsworth Garber Warner Conrardy, PC. ORIGINAL MOWBRAY'S: Gets Final OK to Use Cash Collateral -------------------------------------------------------- The Original Mowbray's Tree Service, Inc. received final approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral. The final order authorized the company to use cash collateral to pay its expenses in accordance with its 13-week budget. The final order also approved the stipulation between Original Mowbray's and PNC Bank, N.A., allowing the company to use the secured creditor's cash collateral until July 18. The stipulation requires Original Mowbray's to comply with certain milestones, which include obtaining court orders approving the company's disclosure statement by July 31 and confirming its Chapter 11 plan by Sept. 30. A copy of the final order and the budget is available at https://shorturl.at/mNf03 from PacerMonitor.com. About The Original Mowbray's Tree Service Original Mowbray's Tree Service Inc., doing business as Mowbray's Tree Service, is a family owned and operated business committed to providing its client-partners with solution to their vegetation management needs. It offers hazard tree mitigation, integrated vegetation management, mechanized tree removal, emergency response, crane services, and green waste & debris management. Original Mowbray's Tree Service sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12674) on Oct. 18, 2024, with $10 million to $50 million in both assets and liabilities. Brian Weiss, chief restructuring officer, signed the petition. Judge Theodor Albert oversees the case. The Debtor is represented by: Robert S. Marticello, Esq. Raines Feldman Littrell LLP Tel: 310-440-4100 Email: rmarticello@raineslaw.com PARK RIVER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Park River Holdings, Inc.'s (Park River) Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch has also affirmed Park River's ABL facility issue rating at 'BB-' with a Recovery Rating of 'RR1', the senior secured term loan at 'B'/'RR3', and the unsecured notes at 'CCC'/'RR6'. The Rating Outlook is Stable. Park River's 'B-' IDR reflects its modest competitive position, weak credit metrics, moderate profitability metrics and potential to generate positive FCF. The company's ample liquidity position and well laddered debt maturities are also factored into the rating. The cyclicality of residential construction markets and the sponsor's aggressive capital allocation strategy are also incorporated in the 'B-' IDR. The Stable Outlook reflects Fitch's view that Park River's metrics will remain within Fitch's sensitivities despite subdued demand environment. Key Rating Drivers Weak Credit Metrics: Park River's EBITDA leverage was 7.9x for the LTM ended March 31, 2025, up from 7.3x at YE 2023, primarily due to borrowings for recent acquisitions and seasonal working capital needs. Fitch projects EBITDA leverage to remain around 8.0x by YE 2025 due to a weaker operating environment, and to fall below 7.5x in 2026 through a combination of debt reduction and modest margin expansion. Fitch forecasts EBITDA interest coverage to remain above 1.5x in 2025 and 2026. Subdued Demand Environment: Fitch expects continued demand weakness as new residential construction, and residential remodeling activity remain challenging amid slowing economic growth, uncertain tariff policies and higher interest rates. Potential inflationary pressures from tariffs and immigration policies could further impact construction activity but depend on scope and timing. Fitch's rating case assumes a slight decrease in sales volume in 2025, resulting in low single-digit organic revenue decline this year. The forecast projects organic revenues to rise 2%-4% in 2026 as construction activity improves. Aggressive Capital Allocation Strategy: Fitch expects the management to continue to grow Park River through debt-financed M&A activity. Since 2021, Park River has refrained from large acquisitions but recently completed four debt-financed bolt-on acquisitions totaling $ 200 million during 2024 and YTD March 2025. Fitch anticipates the company will pursue inorganic growth through additional bolt-on acquisitions. Fitch believes ownership has a high leverage tolerance, as evidenced by the high leverage at the close of the acquisition of PrimeSource and combination with Dimora Brands in December 2020, as well as during the $855 million of net acquisitions in 2021. Moderate Profitability and FCF: Park River's Fitch-adjusted EBITDA margin was 12% in 2024, driven by lower raw material cost and reduced transportation expense due to its in-house logistics model. Fitch forecasts EBITDA margins to remain between 11.5% to 12.5% in 2025 and 2026, despite a subdued demand environment, as the company continues to benefit from recent operational initiatives and accretive margins from recent acquisitions. The company had a negative FCF margin of 3.3% in 2024. Fitch projects a positive low single-digit FCF margin in 2025, driven by working capital optimization. Modest Competitive Position: Park River's competitive position is weaker than higher-rated building product manufacturer peers due to the highly fragmented nature of the distribution industry and its exposure to commoditized product offerings. However, Fitch believes the company's scale, broad product offering, and brand equity associated with its proprietary brands provide competitive advantages relative to other building products distributors, as evidenced by its higher profitability margins. Fitch estimates that approximately 70% of sales come from Park River's proprietary branded product offerings. Cyclical End Markets: Fitch views Park River's end-market exposure as relatively favorable compared to issuers with greater exposure to new construction activity. Fitch estimates that about 70% of Park River's revenues come from the more stable residential repair and remodel markets, while the remaining 30% from the highly cyclical new residential construction. However, some of this benefit is tempered by the lack of exposure to non-residential end-markets, which have different construction cycles and can moderate the impact of declines in residential activity. Peer Analysis Park River's end-market exposure is a credit strength relative to other 'B' category building products distributor and manufacturer peers, such as LBM Acquisition, LLC (B/Stable), Doman Building Materials Group Ltd. (B+/Stable) and Chariot Buyer LLC (dba Chamberlain Group; B-/Stable). Park River has similar credit metrics compared to Chamberlain Group, but meaningfully lower profitability metrics. Park River's margins are in line with those of LBM, but it has meaningfully higher leverage and less scale. Doman has lower margins but stronger credit metrics than Park River. Park River generates majority of its revenue from the less-cyclical repair and remodel end markets relative to these peers, with considerably less exposure to volatile lumber prices. Overall financial flexibility among these peers is comparable, with no material debt maturities in the near- to intermediate-term. Key Assumptions - Revenue to remain flat in 2025 and grows by 2%-3% in 2026; - EBITDA margins to be between 11.5%-12.5% in 2025 and 2026; - Capex to be 1.0%-1.2% of revenues; - FCF margin to be in the low single digits in 2025 and 2026, driven by working capital optimization; - $100 million in acquisitions during 2025, with none for 2026; - No shareholder distributions during the forecast period. - EBITDA leverage to be 7.5x-8.0x in 2025 and 7.0x-7.5x in 2026; - Average SOFR at 4.25% in 2025 and 3.75% in 2026. Recovery Analysis The recovery analysis assumes that Park River Holdings, Inc. would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim and a 3% concession payment from the Park River's secured lenders to the unsecured bondholders in the analysis. Fitch's GC EBITDA estimate of $255 million estimates a post-restructuring sustainable level of EBITDA. The GC EBITDA is based on Fitch's assumption that a default would occur from further declines in the residential new construction and repair and remodel end markets, combined with losses of certain key customers. Fitch estimates annual revenues to be about 15% below March 31, 2025 LTM pro forma levels and Fitch-calculated EBITDA margin around 11% (roughly 100bps below EBITDA margin for LTM ended March 31, 2025) would capture the lower revenue base of the company after emerging from a housing downturn, plus a sustainable margin profile after right sizing. This results in Fitch's $255 million GC EBITDA assumption. Fitch assumes a 6.0x GC EBITDA multiple to calculate the enterprise value (EV) in a recovery scenario. The 6.0x multiple is below the purchase multiples of 9.2x for PrimeSource, 10.5x for Dimora, 11.2x for Nationwide, and 9.5x for Wolf. The 6.0x multiple is comparable to the multiple used for LBM Acquisition, LLC, a pure distributor with slightly lower margins but which is considerably larger than Park River. The 6.0x multiple is higher than the 5.5x multiple utilized for New AMI I (B/Stable) and Doman Building Materials (B/Stable). These peers are smaller in scale, have lower margins and have narrower product offering than Park River. Park River's GC EBITDA multiple is lower than Chamberlain Group's at 6.5x due to Chamberlain's leading market position and meaningfully stronger profitability metrics through the cycle. Fitch assumes that in a recovery scenario, the borrowing base under the company's $790 million billion ABL revolver would shrink as inventory and receivable balances decline with lower revenue and EBITDA. Fitch assumes the ABL revolver will be fully drawn to the borrowing base limit and would have $550 million outstanding at recovery (70% of the facility size), considering potential reductions in the borrowing base due to contracting sales and volumes. In the recovery analysis, the ABL would have prior-ranking claims over the senior secured term loan. The analysis results in a recovery corresponding to an 'RR1' for the $790 million ABL and 'RR3' for $1.5 billion senior secured term loan and unsecured debt receive recoveries corresponding to an 'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation that EBITDA leverage will be sustained below 6.5x; - (CFO-capex)/debt sustained above 2.5%; - The company maintains a strong liquidity position with no material short-term debt obligations; - EBITDA interest coverage sustained above 2.0x. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage sustained below 1.5x; - (CFO-capex)/debt consistently negative; - Fitch's expectation that FCF generation will approach neutral or consistently turn negative, resulting in a diminished liquidity position. Liquidity and Debt Structure As of March 31,2025, Park River has ample liquidity with $13.9 million in unrestricted cash on the balance sheet and $292.1 million in borrowing availability under its $790 million asset-based lending (ABL) facility, which matures in October 2029. The company's senior secured term loan and senior unsecured notes mature in 2027 and 2029, respectively. The term loan's amortization is manageable at 1% per annum, amounting to approximately $15.1 million, paid quarterly. Fitch's rating case assumes that the company will refinance the term loan upon its maturity. Issuer Profile Park River Holdings, Inc. is a leading national provider of specialty branded interior and exterior residential building products. The company's product offerings include construction fasteners, cabinet knobs and pulls, decking, fence, gate and functional hardware, railing systems and perimeter security. Summary of Financial Adjustments Fitch adds back nonrecurring transaction expenses, stock-based compensation and inventory step-up charges to Fitch adjusted EBITDA. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Park River Holdings, Inc. LT IDR B- Affirmed B- senior unsecured LT CCC Affirmed RR6 CCC senior secured LT BB- Affirmed RR1 BB- senior secured LT B Affirmed RR3 B PARTY CITY: Committee Taps Ask LLP as Special Counsel ----------------------------------------------------- The official committee of unsecured creditors of Party City Holdco Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Ask LLP as its special counsel. ASK will analyze, prosecute, and/or settle avoidance actions by rendering these services: a. Analysis. ASK will perform an analysis (the "Analysis Phase") of the gross transfer totals as well as potential defenses under section 547 of the Bankruptcy Code. b. Pre-Suit. ASK will attempt to recover claims before an adversary proceeding is commenced and expenses are incurred (the "Pre-Suit Phase"). To procure settlements ASK will send a demand package consisting of the identification of the transfers at issue, an explanation of the cause of action and any new value that may reduce the preference exposure. ASK will attempt to make phone contact with every recipient of a preference demand to verify the package is in the right hands and to encourage the settlement option. As part of the settlement process ASK may share certain preference analysis reports. c. Suit. Once an action is commenced (the "Suit Phase"), ASK will serve a summons and complaint, a cover letter, and appropriate local forms. ASK will again attempt to make phone contact with every recipient of a lawsuit to verify the package is in the right hands and to encourage the settlement option. ASK's hourly rates are in these ranges: Partners $950 to $1,100 Associates $675 to $900 Paralegals $350 to $525 The following information is provided pursuant to paragraph D.1 of the U.S. Trustee Guidelines: QUESTION: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: ASK will comply with the United States Trustee's Fee Guidelines in connection with this engagement. QUESTION: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. QUESTION: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: No. QUESTION: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The Committee will approve a budget and general staffing plan in connection with ASK's representation of the Committee. Brigette McGrath, Esq., a partner at ASK, disclosed in a court filing that her firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brigette G. McGrath, Esq. ASK, LLP 2600 Eagan Woods Drive, Suite 400 St. Paul, MN 55121 Direct Dial: (651) 289-3845 E-mail: bmcgrath@askllp.com About Party City Holdco Party City Holdco Inc. (NYSE: PRTY) is the global leader in the celebrations' industry, with its offerings spanning more than 70 countries around the world. It is also the largest designer, manufacturer, distributor, and retailer of party goods in North America. Party City Holdco had 761 company-owned stores as of September 2022. It is headquartered in Woodcliff Lake, N.J. with additional locations throughout the Americas and Asia. Party City Holdco and its domestic subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90621) on Dec. 21, 2025. As of Petition date, the Debtor estimated $1 billion to $10 billion in both assets and liabilities. The petitions were signed by Deborah Rieger-Paganis as chief restructuring officer. Judge Alfredo R Perez oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP, and Porter Hedges LLP as legal counsel; AlixPartners, LLP as financial advisor; A&G Realty Partners as real estate advisor; and Kroll as the claims agent. Gordon Brothers Retail Partners, LLC and Gordon Brothers Commercial & Industrial, LLC represents the Debtors as Store Closing Advisor. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. PATAGONIA HOLDCO: Moody's Puts 'B1' CFR on Review for Downgrade --------------------------------------------------------------- Moody's Ratings placed Patagonia Holdco LLC's (Patagonia) B1 Corporate Family Rating and B1 senior secured bank credit facility ratings on review for downgrade. Previously, the outlook was stable. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review process was initiated due to Moody's expectations that Patagonia's credit profile over the rating horizon will be weaker than anticipated for the B1 rating category, primarily because of weak cash generation and higher than anticipated leverage. The review will concentrate on assessing the potential impact of completing data center expansion projects on revenue and EBITDA in 2025 and 2026. It will also evaluate the company's liquidity and cash generation prospects during the rating horizon, considering guidance on working capital dynamics for the upcoming periods and potential liquidity support from its sponsor, Stonepeak Partners LP (Stonepeak). Moody's can downgrade the company if after the review period Moody's expects liquidity indicators or credit metrics to remain weak for the rating level or to deteriorate further. Quantitatively, the rating could be downgraded if Moody's-adjusted total debt/EBITDA is expected to exceed 4.5x for a prolonged period without a clear path to reduction, or the company´s free cash flow (FCF) generation is expected to remain weak. Given the current review process, a rating upgrade is unlikely. However, Moody's could confirm the rating if the revised projected credit metrics and liquidity are in line with the rating category. Patagonia is a holding company fully owned and established by Stonepeak to manage the Latin American assets acquired from Lumen in July 2022. Since commencing its stand-alone operations, the company has experienced lower-than-expected revenue growth and higher-than-anticipated expenses, which have impeded EBITDA growth and FCF generation. Patagonia's Moody's adjusted EBITDA margin closed 2024 at 33.5%, down from 39% in 2023 and below the initial expectation of about 45%. FCF has been negative, strained by substantial investments required to support contracted capital expenditures and to expand capacity across its fiber network and data center platform. Moody's anticipates FCF generation will remain negative until at least 2027, driven by lower-than-expected funds from operations (FFO) and higher contracted capex. The FFO margin closed at around 15% in 2024, down from 22.7% in 2023, which is weak compared to other B-rated companies. Moody's expects Patagonia to generate enough cash flow from operations in 2025 to cover maintenance and part of its projected success-based capex. However, to fully execute its strategy and complete ongoing projects, it will require additional liquidity, either through additional debt—initially using funds available under its RCF—or additional equity from its sponsor, Stonepeak, or a combination of both. Consequently, leverage is expected to remain above the 4.5x downgrade trigger for at least the next two years and could increase further, depending on EBITDA performance and the additional funding strategy employed. To date, Stonepeak has supported Patagonia's expansion and project capex through equity injections, and has represented that they will continue to provide growth capital for accretive data center and fiber projects going forward. However, there remains uncertainty regarding the amount of liquidity that will be available to the company in 2025 and beyond. Operating under the Cirion commercial brand, Patagonia holds a strong competitive position in the Latin American market as a pan-regional independent fiber network provider across 12 countries, with a majority-owned, integrated network of strategic backbone fiber, subsea assets, and data center infrastructure. The company benefits from a diversified and stable customer base with a high percentage of recurring revenue contracts, ensuring a predictable revenue stream. However, Patagonia is smaller in scale compared to international peers and faces significant execution risks related to the transition to stand-alone operations and challenges in shifting toward higher-margin products within the data segment. Governance considerations are relevant for the company' credit quality. As a private company, Patagonia is not subject to the same level of corporate governance, financial reporting and compliance procedures required from a publicly traded company. COMPANY PROFILE Patagonia Holdco LLC (Patagonia) is a leading communications infrastructure provider in Latin America. The company operates an expansive, pan-Latin American platform comprising strategically located fiber, subsea network and data center assets and infrastructure, which differentiates it from its regional competitors. The company's assets include more than 100,000 kilometers (km) of fiber, 18 data centers with about 158 MW of capacity including development, more than 5,800 cross connects and 7 cloud on-ramps. The fiber network is further divided into 22,000 km of metro fiber, 32,500 km of long-haul fiber and 50,000 km of subsea fiber connecting Latin America to the US. The principal methodology used in these ratings was Communications Infrastructure published in February 2022. PAWLUS DENTAL: Andrew Kight Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 10 appointed Andrew Kight as Subchapter V trustee for Pawlus Dental, Inc. The Subchapter V trustee can be reached at: Andrew T. Kight 108 E. 9th Street Indianapolis, IN 46202 317-608-1130 trusteekight@jhklegal.com About Pawlus Dental Inc. Pawlus Dental, Inc. provides comprehensive dental services in Columbus, Ind., focusing on preserving natural teeth and enhancing smile aesthetics. The practice offers treatments including dental implants, sleep apnea management, clear aligners, periodontal and cosmetic care, preventive and restorative dentistry, wisdom teeth extraction, root canal therapy, and sedation dentistry. Pawlus Dental sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-02780) on May 14, 2025, listing $890,156 in total assets and $1,119,328 in total liabilities. John G. Pawlus, president and owner of Pawlus Dental, signed the petition. Judge James M. Carr oversees the case. John Allman, Esq., at Hester Baker Krebs, LLC is the Debtor's bankruptcy counsel. German American Bank, as lender, is represented by: Bruce A. Smith, Esq. Rhonda S. Miller, Esq. Smith & Miller, LLP P.O. Box 387 Bargersville, IN 46106 Phone: (812) 802-0222 bsmith@smithmillerlaw.com rmiller@smithmillerlaw.com PDI TA HOLDINGS: T. Rowe Marks $317,000 1L Loan at 87% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $317,000 loan extended to PDI TA Holdings, Inc. to market at $42,000 or 13% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to PDI TA Holdings, Inc. The loan accrues interest at a rate of 9.79% per annum. The loan matures on February 3, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About PDI TA Holdings, Inc. PDI TA Holdings, Inc. is a leading provider of enterprise software and solutions to the convenience retail and wholesale petroleum industries. PINSEEKERS DEFOREST: Seeks to Extend Plan Exclusivity to Sept. 16 ----------------------------------------------------------------- PinSeekers DeForest Operations LLC, asked the U.S. Bankruptcy Court for the Western District of Wisconsin to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 16 and November 15, 2025, respectively. The Debtor submits that each of these factors is either neutral or weighs in favor of extending the Debtor's exclusive periods: * Although the Debtor is not a large business by revenue, the Debtor does have a complicated debt structure with its primary secured creditor (in which the Debtor is a co-borrower with an affiliated entity of both a construction loan and furniture, fixtures, and equipment loan). * The Debtor has spent the first three months addressing operational issues and stabilizing its business following a change in management. With the business generally stabilized and the deadline to file proofs of claim having passed, the Debtor can now review (and has been reviewing) timely filed claims, negotiate with its creditors, and, if necessary, file objections to certain claims. The Debtor has started negotiations with its primary secured creditor and anticipates negotiating with several other constituencies. * There are unresolved contingencies that would impact any plan of reorganization. Namely, the Debtor disputes the claims filed by St. Somewhere, Inc., William Ranguette, and Ryan Ranguette. Whether those claims (totaling over $1.4 million) are allowed, and in what amount, will impact claim treatment, feasibility, and voting. Accordingly, the Debtor believes that the Court must adjudicate any objections to those claims prior to confirming a plan of reorganization. * The Debtor is currently paying its post-petition obligations as they become due. The Debtor has obtained permission to use cash collateral and draw from a post-petition credit facility to ensure its ability to do so for the duration of the proposed extensions. * Negotiations with creditors are in their early stages such that a ninety-day extension of the Debtor's exclusive periods will not result in the Debtor having an unfair bargaining position over creditors. * The Debtor has not failed to resolve any fundamental matters essential to its reorganization and survival. Nor is the Debtor grossly mismanaging its bankruptcy estate to the detriment of creditors and other parties in interest. PinSeekers DeForest Operations LLC is represented by: SWANSON SWEET LLP James D. Sweet, Esq. Rebecca R. DeMarb, Esq. Virginia E. George, Esq. Peter T. Nowak, Esq. 8020 Excelsior Drive, Suite 401 Madison, WI 53703 Tel: (608) 709-5992; Fax: (608) 709-5887 Email: jsweet@swansonsweet.com rdemarb@swansonsweet.com vgeorge@swansonsweet.com pnowak@swansonsweet.com About PinSeekers DeForest Operations LLC PinSeekers DeForest Operations LLC operates a hybrid golf entertainment facility located in DeForest, Wisconsin, just outside of Madison. The facility's year-round offerings include Toptracer golf suites, which are equipped with all-weather luxury suites suitable for golfers of all skill levels. The facility also features mini bowling, with a scaled-down version of traditional bowling called duckpin bowling, a custom-built putting course that caters to all levels of skill and age, and high-definition multi-sports simulators. PinSeekers provides a spacious event space for corporate gatherings, networking events, meetings, or parties. The venue also includes a restaurant and bar, offering a diverse menu for casual dining. PinSeekers DeForest Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10326) on Feb. 18, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. The Debtor is represented by Rebecca R. DeMarb, Esq. at SWANSON SWEET LLP. POLY-WOOD LLC: T. Rowe Marks $3.1 Million 1L Loan at 71% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $3,144,000 loan extended to Poly-Wood, LLC to market at $922,000 or 29% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Poly-Wood, LLC. The loan accrues interest at a rate of 9.1% per annum. The loan matures on March 20, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Poly-Wood, LLC Poly-Wood LLC manufactures and distributes furniture products. PPV INTERMEDIATE: T. Rowe Marks $10 Million 1L Loan at 61% Off -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $10,000,000 loan extended to PPV Intermediate Holdings LLC to market at $3,918,000 or 39% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to PPV Intermediate Holdings LLC. The loan accrues interest at a rate of 9.55% per annum. The loan matures on August 31, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About PPV Intermediate Holdings LLC PPV Intermediate Holdings LLC is a health care provider in the U.S. PRESBYTERIAN HOMES: No Resident Complaints, 2nd PCO Report Says --------------------------------------------------------------- Sherry Culp, the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of Kentucky her second report regarding the quality of patient care provided by Presbyterian Homes and Services of Kentucky, Inc. and St. James Group Inc. On March 17, District Long-Term Care Ombudsman, Darcus Hall, visited Cedar Creek Assisted Living Center for the reporting period from March 15 to May 5. Hall interacted with five residents during the visit. The residents interviewed had no complaints about supplies or food. There were no resident or family complaints about staffing. On March 31, District Long-Term Care Ombudsman, Erika Rhodes-Chism, visited Rose Anna Hughes Assisted Living Center. Rhodes-Chism interacted with seven residents during the visit. Tori Covington, Senior Director of Operations, reported no concerns with staffing. The ombudsman reported that there were no resident complaints about staffing at Rose Anna Hughes. The ombudsman followed up with residents at Rose Anna Hughes who had previously requested that condiments be available routinely during meals. The ombudsman observed meal service. The meal appeared appetizing, and condiments were available. There were no new complaints about food or supplies at Rose Anna Hughes. The ombudsmen had no concerns about the cooperation of the facility staff at the time of this report. The Long-Term Care Ombudsman Program has not observed any significant changes in the facility services or resident satisfaction. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=noCyf2 from PacerMonitor.com. The ombudsman may be reached at: Sherry Culp Kentucky State Long Term Care Ombudsman Nursing Home Ombudsman Agency of the Bluegrass, Inc. 3138 Custer Drive, Suite 110 Lexington, Kentucky 40517 Email: sherry@ombuddy.org About Presbyterian Homes and Services of Kentucky Presbyterian Homes and Services of Kentucky, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-33060) on December 15, 2024, listing up to $10 million in both assets and liabilities. Hattie H. Wagner, president and chief executive officer of Presbyterian, signed the petition. Judge Alan C. Stout oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP, represents the Debtor as legal counsel. Stock Yards Bank & Trust Company, as secured creditor, is represented by: Edward M. King, Esq. Jamie Brodsky, Esq. Frost Brown Todd, LLP 400 W. Market Street, 32nd Floor Louisville, Kentucky 40202 Telephone: (502) 589-5400 Hardin KY Opco and Hardin KY Propco, as secured creditors, are represented by: Mary Elisabeth Naumann, Esq. Chacey R. Malhouitre, Esq. Jackson Kelly, PLLC 100 W. Main Street, Ste. 700 Lexington, KY 40507 Telephone: (859) 255-9500 Facsimile: (859) 252-0688 Email: mnaumann@jacksonkelly.com chacey.malhouitre@jacksonkelly.com PROSPECT MEDICAL: Gets Court Approval to Sell Assets to Astrana --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas authorized Prospect Medical Holdings Inc. and its debtor-affiliates to sell certain of its assets and equity interest held by Prospect Provider Group RI LLC to Astrana Health Inc. ("Buyer") free and clear of all liens, claims, and encumbrances, under the asset purchase agreement dated as of Nov. 8, 2024. The Debtors said the purchase agreement and the transaction documents were negotiated, proposed and entered into by the Debtors and Buyer without collusion, in good faith, and as a result of arm's-length bargaining. Effective upon the Closing, it will be judicially determined that (i) neither the Debtors nor Buyer have engaged in any conduct that would cause or permit the Purchase Agreement to be avoided or costs or damages to be imposed under section 363(n) of the Bankruptcy Code; and (ii) neither Buyer nor any of its Affiliates, members, partners, officers, directors, principals, or shareholders is an "insider" of any of the Debtors, as that term is defined in section 101 of the Bankruptcy Code and no common identity of incorporators, directors, or controlling stockholders exists between the Buyer or the Debtors. The Debtors added that the Buyer will give substantial consideration under the Purchase Agreement, which consideration shall constitute valid, valuable, and sufficient consideration for the absolution from any potential claims of successor liability of the Buyer and its Affiliates, with respect to their ownership and operation of the Debtor Purchased Assets following the Closing Date. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. QUEST SOFTWARE: S&P Cuts ICR to 'SD' on Distressed Debt Exchange ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Quest Software US Holdings Inc. to 'SD' (selective default) from 'CCC-'. At the same time, S&P lowered its issue-level ratings on the existing first-lien term loan to 'D' from 'CCC-' and on the second-lien term loan to 'D' from 'CC'. Quest completed a private debt exchange with a large majority of its existing first- and second-lien debt holders. The company also obtained a new $350 million first-lien term loan and extended its revolver to bolster its liquidity. Quest also opened the transaction to lenders that did not participate in the initial private debt exchange. S&P said, "We view the private debt exchange as tantamount to a debt restructuring for the existing term loans. The private debt exchange affected a large majority of Quest's existing debt holders. In particular, we believe its term loan holders received less than the original promise for those instruments. This is due to these tranches being exchanged for new instruments at below par or having less favorable seniority or payment-in-kind interest features. We do not consider this to be the case for its existing revolving credit facility (RCF), which had a $330 million balance as of the end of January 2025. This balance was almost completely repaid using the proceeds from the new funded term loan or exchanged at par under a new priority ranking RCF maturing in November 2028. Absent these transactions, we believed the company's weak free operating cash flow generation would have resulted in elevated near-term liquidity risks. "We will reassess the go-forward issuer credit rating when the final pro forma capital structure is clear. We will keep the issuer credit rating at 'SD' until all stages of the transaction are finalized and all existing lenders have had the opportunity to participate. Nonetheless, we expect it to significantly improve the company's liquidity position. The RCF extension also leads to no meaningful debt maturities over the next few years. Furthermore, we expect materially lower ongoing cash interest expenses when the deal finally closes. At the same time, we expect leverage to remain elevated and revenue growth to remain challenged partly due to a shift to a more recurring revenue model." QVC GROUP: Fitch Lowers LongTerm IDR to 'CCC+' ---------------------------------------------- Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. LTM 1Q25 revenue was $9.8 billion, meaningfully below the 2020 peak of $12.5 billion (adjusting for Zulily's sale). EBITDA fell by half to $1.0 billion from about $2.1 billion during this period. With projected EBITDA for 2025 and beyond in the low-to-mid $800 million range, EBITDAR leverage will likely trend in the low-7x level. QVC's rating reflects its reasonable cash flow generation, projected at around $100 million from 2025 onward. Following recent paydowns and exchanges, the company faces limited debt maturities before 2029, except for its $3.25 billion revolver due in October 2026. Key Rating Drivers Topline Declines: QVC's revenue has declined to $9.8 billion in LTM 1Q25 from pre-pandemic levels of $11.9 billion and a 2020 peak of about $12.5 billion (excluding Zulily, sold in 2023). This contraction mirrors declining linear television viewership, with both trends likely persisting through the medium term. Weakening consumer sentiment in 2025 compounds these challenges, increasing uncertainty about the timeline for achieving operational long-term operating stability. Despite stabilization efforts, including the April 2024 'Age of Possibility' marketing initiative targeting women over 50, revenue declines accelerated from 3% in 2H23 to 5% in 1H24, 6% in 2H24 and 10% in 1Q25. The company expects industry headwinds to persist into 2025, with tariffs likely inflating product costs and suppressing consumer spending. Fitch projects revenue could decline around 7% in 2025. Increasing Capital Structure Risk: QVC's capital structure sustainability is declining, given challenged operating performance and a more difficult funding environment for many consumer-facing firms. The company will need to extend its revolving credit facility prior to its October 2026 maturity. During its 1Q earnings call the company indicated it is exploring financial and strategic options to strengthen its capital structure. Pivot to Social Commerce: The company is executing plans to expand its business in social commerce, including platforms like Instagram and TikTok, to mitigate declines in its primary QVC brand and HSN businesses. However, its social commerce platform remains somewhat nascent, and there is potential execution risk as the company reworks content production and other operational elements to align with new platforms. If the company is successful in driving social commerce, overall revenue declines could improve toward flat in 2026. Cost Reductions Support EBITDA: QVC's EBITDA was flattish around $1.1 billion in 2022-2024 despite about $2 billion in revenue declines as the company executed "Project Athens". The project focused on improving product mix, cost structure reduction, and efficiency efforts in supply chain operations. EBITDA margins improved from about 8.7% in 2022 to 11% in 2024. However, given ongoing revenue declines, the completion of most Project Athens initiatives, and investments in social commerce growth, EBITDA margins could moderate toward 9% in 2025, yielding EBITDA trending in the low- to mid-$800 million range. Positive Cash Flow: QVC generates reasonable FCF, including about $230 million in 2024. Fitch projects annual FCF between $50 million and $100 million starting in 2025, given Fitch's EBITDA assumptions, interest expense around $450 million and capex, including television distribution rights of about $300 million. The company could use FCF to reduce its $1.85 billion revolver borrowings (at the end of 1Q25) and address modest secured notes maturing in 2027 and 2028. This deleveraging strategy aligns with its 2.5x net leverage target and equates to the low-5x range on a Fitch EBITDAR leverage basis. The company reduced debt by about $440 million in 2024. Elevated Leverage: QVC's EBITDAR leverage was high at about 6.1x in 2024. Fitch expects this metric to trend above 7x, with EBITDAR coverage in the mid-1x range over the next 12 to 24 months given EBITDA declines. The company expects to extend and could downsize its $3.25 billion revolver, currently maturing in October 2026. Following the recent repayment of about $586 million of secured debt in 1Q25 using cash and revolver borrowings, the company faces modest note maturities in 2027-2028 of about $116 million and will need to address about $1.2 billion of debt due in 2029. Parent Subsidiary Linkage: Fitch's analysis includes a strong subsidiary and weak parent approach between the parents, QVC and Liberty Interactive LLC (Liberty), and their respective subsidiaries, Liberty and QVC Inc., given their proximity to operating assets. Fitch assesses the quality of the overall linkages as high, which results in an equalization of the ratings. The equalization reflects open legal ring-fencing and open access and control across the capital structure. Fitch has downgraded both Liberty and QVC Inc. to 'CCC+' from 'B-'. Peer Analysis QVC's 'CCC+' IDR reflects heightened risk regarding the company's ability to stabilize market share and improve its elevated leverage profile following recent revenue declines across its business. QVC's cash flow generation remains good, with annual FCF expected to be in the $50 million to $100 million range, which could support some debt reduction. QVC's peers include national department store competitors Macy's Inc. (BBB-/Stable), Kohl's Corporation (BB-/Negative), and Nordstrom, Inc. (BB/Stable). Each of these companies contend with secular headwinds affecting the department store industry and are continuously refining strategies to defend their market share. Initiatives include investments in omnichannel models, portfolio reshaping to reduce exposure to weaker indoor malls, and efforts to strengthen merchandise assortments and service levels. Each of these competitors operate with leverage well below that of QVC. Key Assumptions - Fitch projects 2025 revenue could decline by about 8% to approximately $9.3 billion, given the ongoing headwinds affecting linear television viewership and consumer spending on discretionary goods categories like apparel and home. Revenue in 2026 could remain near this level, assuming some improvement to consumer sentiment and growth in new businesses like social commerce offset continued challenges to QVC's linear TV business and some customer count contraction; - EBITDA in 2025 could moderate to around $830 million given sales declines and stabilize in the mid $800 million range in 2026 assuming continued efforts to mitigate incremental tariff expenses. Margins could decline toward 9% in 2025 from the 11% recorded in 2024; - FCF, which was about $230 million in 2024, could trend between $50 million and $100 million beginning 2025, given Fitch's EBITDA projections and about $450 million of annual cash interest and $300 million of annual capex and television distribution rights. Fitch's interest expense projection assumes the company refinances some revolver borrowings with higher-coupon permanent debt. Fitch expects the company could use FCF to reduce debt, including its revolver and modest maturities in 2027 and 2028; - EBITDAR leverage was about 6.1x in 2024 and could near 7.7x in 2025. However, it could modestly improve toward the low-7x level in 2026, assuming some EBITDA stabilization and debt reduction. Recovery Analysis Fitch's recovery analysis assumes QVC's value is maximized as a going concern in a post default scenario, given a going concern valuation of about $5 billion relative to a liquidation value of about $1.7 billion. Fitch's going concern value is derived from a projected EBITDA of about $900 million. The scenario assumes a revenue base of about $8.5 billion, about 15% below 2024 levels and below its $9.3 billion projection for 2025, assuming continued customer count declines and market share erosion. EBITDA margins could trend in the low-10% range, modestly above projected levels in 2025, assuming some cost reductions and strategies to mitigate tariff impacts on costs. Fitch selected a going concern multiple of 5.5x, within the 4x-8x range observed for North American corporates, reflecting an assessment of QVC's industry dynamics and company-specific factors. This is at the upper end of the range used in its analysis of retailers, given the company's outsized exposure to the fast-expanding e-commerce channel and good cash conversion. The multiple also reflects the company's limited real estate infrastructure, which permits greater operating flexibility than that of retailers. After deducting 10% administrative claims from the going concern valuation, QVC's secured revolver and secured notes would have superior recovery prospects, while its unsecured notes and preferred equity would have poor recovery prospects. Fitch assumes the $3.25 billion RCF, secured by the equity of QVC, Inc. (which owns most of QVC's operating assets) is $2.7 billion drawn, given current availability limits due to QVC's consolidated leverage ratio. The revolver and secured notes have similar security and are not secured by Cornerstone, which generates about 6% of QVC's EBITDA. Fitch assumes a small concession payment is made to the unsecured notes issued by Liberty, which owns Cornerstone alongside the parent QVC. Given the various recovery prospects, the secured debt is rated 'B'/'RR2', while the unsecured debt and preferred equity are rated 'CCC-'/'RR6'. These ratings have been downgraded by one notch, in line with the downgrade to the Long-Term IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade could result from greater-than-expected topline declines, yielding heightened business model concerns, limited FCF and/or EBITDAR fixed charge coverage trending toward the low-1x range. Announcing a transaction that Fitch views as a distressed debt exchange would trigger a downgrade. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade could result from better than expected revenue and EBITDA, yielding EBITDAR leverage and EBITDAR fixed charge coverage sustained below 7x and in the high 1.0x range, respectively. The company would also need to extend its revolver maturity beyond 2026 to support a ratings upgrade. Liquidity and Debt Structure QVC's liquidity is reasonable, with $833 million of cash on hand as of March 31, 2025 and $863 million of availability on its $3.25 billion secured revolver due October 2026. QVC's cash is split between cash held at its QVC Inc. operating entity ($295 million as of March 31, 2025), Cornerstone Brands Inc. ($91 million) and the parent and Liberty entities ($447 million). The company plans to extend and could downsize its revolver in 2025. During its 1Q25 earnings call, management revealed it is evaluating strategic and financial actions to strengthen its capital structure. As of March 31, 2025, QVC's capital structure consisted of $1.85 billion of revolver borrowings, $2.1 billion of secured notes due between 2027 and 2068, $1.6 billion of unsecured debt due in 2029/2030 and $1.3 billion in preferred equity Fitch treats as debt. The secured credit facility is co-borrowed by QVC Inc. and QVC Global Corporate Holdings LLC, which together own most of QVC's operating assets excluding Cornerstone. The revolver is secured by the equity. Cornerstone was removed as a co-borrower from the revolver borrowing group in 1Q25. QVC's next maturities are $44 million and $72 million of secured notes in February 2027 and September 2028, respectively. Issuer Profile QVC Group, Inc. is a global leader in video retail and e-commerce across multiple linear, streaming and online platforms including QVC, HSN, Ballard Design, Frontgate, Garnet Hill, and Grandin Road. Summary of Financial Adjustments - EBITDA adjusted to exclude stock-based compensation; - Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt; - QVC's cumulative redeemable preferred stock receives 0% equity treatment. 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 QVC Group, Inc. has an ESG Relevance Score of '4' for Group Structure due to the structure's complexity and related-party transactions, which 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 Recovery Prior ----------- ------ -------- ----- QVC, Inc. LT IDR CCC+ Downgrade B- senior secured LT B Downgrade RR2 B+ Liberty Interactive LLC LT IDR CCC+ Downgrade B- senior unsecured LT CCC- Downgrade RR6 CCC QVC Group, Inc. LT IDR CCC+ Downgrade B- preferred LT CCC- Downgrade RR6 CCC RAINBOW PRODUCTION: Plan Exclusivity Period Extended to July 7 -------------------------------------------------------------- Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware extended Rainbow Production Services, LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 7 and September 5, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that these chapter 11 Cases have presented various complex and time-consuming matters, including, the sale process the Debtors undertook, which resulted in Court approval of a sale of the Debtors' assets to the Buyer, which the Debtors have successfully closed. The sale process and closing process required the full focus of the Debtors and their professionals since the Petition Date. The Debtors claim that it obtained Court approval of a sale process, implemented and completed the sale process, and obtained Court approval of the sale of assets in the relatively short duration of these Cases. The Debtors also closed the sale and are working on various post-sale matters and the winddown of these estates. The Debtors have chosen an exit mechanism (dismissal) which is pending Court approval. The extension sought herein are designed to avoid potentially unnecessary, and premature, plan preparations. The Debtors cite that although these chapter 11 Cases are approximately six months old, they have quickly progressed towards an orderly and comprehensive conclusion. The Debtors have already made significant steps towards obtaining a resolution in these Cases. In light of the relatively short duration of these Cases, the Debtors submit that the requested extension is reasonable and appropriate. Counsel to the Debtors: Ericka F. Johnson, Esq. Steven D. Adler, Esq. Bayard, P.A. 600 N. King Street, Suite 400 P.O. Box 25130 Wilmington, DE 19899 Tel: (302) 429-4275 Fax: (302) 658-6395 Email: ejohnson@bayardlaw.com -and- David L. Neale, Esq. Krikor J. Meshefejian, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Email: DLN@lnbyg.com KJM@lnbyg.com About Rainbow Production Services Rainbow Production Services, LLC and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 24-12564) on Nov. 4, 2024. At the time of the filing, Rainbow Production Services reported $10 million to $50 million in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors tapped Bayard, PA and Levene, Neale, Bender, Yoo & Golubchik, LLP as legal counsel. Donlin, Recano & Company, Inc., is the claims and noticing agent. REENVISION AESTHETICS: No Supply Concerns, 1st PCO Report Says -------------------------------------------------------------- Tamar Terzian, the duly appointed successor patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California her first interim report regarding the quality of patient care provided by ReEnvision Aesthetics and Medspa, PC. In the report which covers the period March 19 to May 19, the PCO conducted a site visit to ReEnvision's facility in Simi Valley and met with Dr. Prince. Staffing includes Dr. Prince, a registered nurse, a medical assistant, esthetician, two receptionists (one is part-time) and an office assistant. During the PCO's site visit there were two patients being treated in the exam room and observation was limited due to privacy. The PCO observed generally that all medication was properly labeled and stored for staff use. The medication and products used by ReEnvision are only accessible to staff. Overall, the medical offices were clean and ReEnvision has more than sufficient supplies for treatment. The PCO noted that the medical records are uploaded on ReEnvision's electronically medical records (EMR) using the software Dr. Chrono. ReEnvision provided access to the PCO of the EMR where the PCO reviewed patient records. No privacy violations noted for medical records. The PCO observed staff during operational hours. She finds that ReEnvision has sufficient staff. Staff was friendly and provided the proper treatment for patients needs. ReEnvision provided the PCO with certifications or training for staff as requested by the PCO. The ombudsman may be reached at: Tamar Terzian 601 W. 5th Street, 3rd Floor Los Angeles, California 90071 Telephone: (213) 395-7620 Facsimile: (213) 395-7615 About ReEnvision Aesthetics and MedSpa ReEnvision Aesthetics and Medspa, PC filed Chapter 11 bankruptcy petition (Bankr. C.D. Calif. Case No. 25-10127) on February 1, 2025, listing up to $1 million in both assets and liabilities. Judge Ronald A. Clifford, III oversees the case. The Debtor is represented by The Fox Law Corporation, Inc. REVALIZE INC: T. Rowe Marks $306,000 1L Loan at 44% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $306,000 loan extended to Revalize, Inc. to market at $171,000 or 56% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Revalize, Inc. The loan accrues interest at a rate of 10.19% per annum. The loan matures on April 15, 2027. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Revalize, Inc. Revalize Inc. is the premier idea-to-cash solution on a journey to reshape the future of manufacturing by powering greater outcomes for businesses who design, model, develop and sell, with a portfolio of industry-leading Computer-Aided Design (CAD), Product Lifecycle Management (PLM), and Configure, Price, Quote (CPQ) solutions. RITE AID: Hires Cole Schotz as Bankruptcy Co-Counsel ---------------------------------------------------- New Rite Aid LLC and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Cole Schotz, PC as bankruptcy co-counsel. The firm's services include: (a) providing the Debtors with advice, based on their extensive experience practicing in the District of New Jersey, regarding the Debtors' rights, powers, and duties as debtors in possession in continuing to operate and manage their assets and business; (b) providing legal advice and services regarding local rules, practices and procedures including Third Circuit law; (c) advising the Debtors regarding operational issues, particularly with respect to the Debtors' rights and obligations pursuant to their motions for first day relief; (d) advising the Debtors and the Debtors' other advisors regarding the sale of leases and fee owned property, the location closing sales and the related assumption or rejection of leases, including taking all actions necessary in furtherance of the lease disposition process; (e) advising the Debtors and the Debtors' other advisors regarding pending litigation; (f) providing certain services in connection with the administration of the Chapter 11 Cases including, without limitation, preparing agendas, hearing notices, and hearing binders of documents and pleadings; (g) reviewing and commenting on proposed drafts of pleadings to be filed with the Court; (h) appearing in Court and at any meeting with the U.S. Trustee and any meeting of creditors; (i) addressing retention matters on behalf of Cole Schotz and the Debtors' other advisors; (j) providing legal advice and services on any matter on which Paul Weiss may have a conflict or as needed based on specialization; (k) performing all other legal services for and on behalf of the Debtors which may be necessary or appropriate in the administration of their Chapter 11 Cases and fulfillment of their duties as debtors in possession; and (l) responding to creditor and party-in-interest inquiries directed to Cole Schotz. The current range of hourly rates for such professionals are: Members $615 to $1,475 Special Counsel $625 to $840 Associates $380 to $675 Paralegals $315 to $460 The firm received a retainer in the amount of $887,344. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Cole Schotz represented the Debtors with respect to their prior bankruptcy filing, for which a similar retention application was filed. Cole Schotz also represented the Debtors in post confirmation matters. Cole Schotz has not materially changed the financial terms of its engagement and has only made its customary rate increases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Cole Schotz is currently formulating a budget and staffing plan, which it will review with the Debtors. Cole Schotz will file its budgets and staffing plans in connection with any and all applications for interim and final compensation they file these Chapter 11 Cases. Mr. Sirota 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: Michael D. Sirota, Esq. Cole Schotz, PC Court Plaza North, 25 Main Street Hackensack, NJ 07601 Telephone: (201) 489-3000 Facsimile: (201) 489-1536 Email: msirota@coleschotz.com About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RITE AID: Hires Ordinary Course Professionals --------------------------------------------- New Rite Aid LLC and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to this Chapter 11 case. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Tier I Jackson Lewis LLP -- Legal Polsinelli PC -- Legal Tier II Joele Frank -- Public Relations Ernst & Young -- Professional Services Morgan, Lewis & Bockius LLP -- Legal Foley & Lardner LLP -- Legal Tier III Holland & Knight LLP -- Legal International Appraisal Co -- Tax Recovery Jacobson Law Firm P.C. -- Tax Recovery Cronin Law Firm -- Tax Recovery Law Firm of J.F. Janata -- Tax Recovery Cohen Ziffer Frenchman & McKenna -- Legal Ventiv Technology Inc. -- Risk Management Tier IV Andrews & Rhodes LLP -- Legal Altman, Blitstein & Wayne -- Risk Management Baraban & Teske -- Legal Boyle Shaughnessy & Campo PC -- Legal Chock Barhoum LLP -- Legal Diepenbrock & Cotter LLP -- Legal Epstein Becker & Green PC -- Legal Ethico (Complianceline) -- Professional Services Farrell, White & Legg PLLC -- Legal Gallagher Bassett Services, Inc. -- Risk Management Grimm Vranjes & Greer LLP -- Legal Hanna Brophy MacLean McAleer -- Risk Management Kalbaugh Pfund & Messersmith P.C. -- Legal Kevane Grant Thorton -- Professional Services Klein Hockel Iezza & Patel PC -- Risk Management Kulick Law LLC -- Legal Lagasse Branch Bell Kinkead LLP -- Legal Macro-Pro Inc -- Legal Matson Driscoll & Damico LLP -- Legal About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RITE AID: Taps A&G Realty Partners as Real Estate Consultant ------------------------------------------------------------ New Rite Aid LLC and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ A&G Realty Partners, LLC as real estate consultant and advisor. The firm's services include: a. prepare and implement a marketing plan to sell, and conduct a sale process, for the Properties; b. represent the Debtor in, and negotiate, the sale of the Properties; c. assist the Debtor and its counsel in the documentation of sale transactions involving one or more of the properties; d. market the Leases designated by the Debtor in a manner and form as determined by A&G and approved by the Debtor, and negotiate with the Landlords of the Leases and other third parties on behalf of the Debtor to assist the Debtor with Lease Sales; e. procure certain Property Reports, which include environmental reports, surveys and property condition reports for the Properties; f. provide regular update reports to the Debtor regarding the status of the Services; and g. compile and compare multiple internal sources of data for the Debtor's non-residential real property leases and any subleases, compare the rent set forth in the Lease Analysis Leases to the market rents provided by A&G to the Debtor pursuant to the Parties' Real Estate Services Agreement dated as of May 20, 2023, and provide an estimated value the Debtor might realize from a potential disposition of the Lease Analysis Leases. The firm will receive compensation as follows: (i) Property Sales. For each Property Sale obtained by A&G on behalf of the Debtor, A&G shall earn and be paid a fee in the amount of 2 percent of the Gross Proceeds for that Property; provided, however, if a buyer for a Property is procured through a third-party broker, the Property Sale Fee will be 3 percent of Gross Proceeds for that Property (and, in such event, A&G, not the Debtor, shall be responsible for the fee due and payable to the buyer's broker). In the event the Debtor files for bankruptcy protection during the Term of this Agreement, the Property Sale Fee will be 2.25%; and (ii) Lease Sales. For each Lease Sale obtained by A&G on behalf of the Debtor, A&G shall earn and be paid a fee in the amount of three percent (3%) of the Gross Proceeds for that Lease, provided, however, the Lease Sale Fee shall not apply to any assignment of a Lease to an affiliate of the Debtor. As disclosed in court filings, A & G is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andy Graiser A&G Realty Partners, LLC 445 Broadhollow Road, Suite 420 Melville, NY 11747 Direct Dial: (631) 465-9506 Mobile: (516) 946-8982 Email: andy@agrep.com About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Debtor's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Debtor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Debtor. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RITE AID: Taps Alvarez & Marsal North as Financial Advisor ---------------------------------------------------------- New Rite Aid LLC and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Alvarez & Marsal North America, LLC as financial advisor. The firm will render these services: (a) in cooperation with Matthew Schroeder, who serves as the Debtors' chief executive officer, perform a review and assessment of certain Debtors' financial information, that may be provided by the Debtors to their creditors, including without limitation its short- and long-term projected cash flows and operating results; (b) assist the Debtors in the identification (and implementation) of cost reduction operations improvement opportunities; (c) assist the CEO and other professionals engaged by the Debtors in developing for the board of directors possible restructuring plans or strategic alternatives for maximizing the enterprise value of the Debtors' various business lines; (d) serve as the principal contact for the Debtors' creditors with respect to the Debtors financial and operational matters, (e) provide tax advisory services in connection with the Debtors' restructuring as necessary; and (f) perform such other services as requested or directed by the Debtors' board of directors, and agreed to by A&M that is not duplicative of work others are performing for the Debtors. The firm's hourly rates are: Managing Directors $1,100 to $1,575 Directors $850 to $1,100 Analysts / Associates $450 to $825 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received retainers in the total amount of $1,000,000 from the Debtors. Marc Liebman, a senior managing director at Alvarez & Marsal North America, 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: Marc Liebman Alvarez & Marsal North America, LLC 700 Louisiana Street, Suite 3300 Houston, TX 77002 Tel: (713) 571-2400 Fax: (713) 547-3697 About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. ROCK STAR: T. Rowe Marks $2.1 Million 1L Loan at 86% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,102,000 loan extended to Rock Star Mergersub, LLC to market at $286,000 or 14% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Rock Star Mergersub, LLC. The loan accrues interest at a rate of 9.15% per annum. The loan matures on December 15, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rock Star Mergersub, LLC Rock Star Mergersub, LLC is a Delaware Domestic Limited-Liability Company engaged in providing environmental protection solutions and services. RSC ACQUISITION: T. Rowe Marks $20 Million 1L Loan at 96% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $20,081,000 loan extended to RSC Acquisition, Inc. to market at $775,000 or 4% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to RSC Acquisition, Inc. The loan accrues interest at a rate of 9.05% per annum. The loan matures on November 1, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About RSC Acquisition, Inc. RSC Acquisitions, Inc., doing business as Rex Supply Company, supplies industrial tools. The Company offers fluids, chasers, cutters, drills, saw blades, tool bits, abrasives, lubricants, hand and power tools, air compressors, drill presses, grinders, mills, sanders, saws, handling equipment, and ladders. RSC Acquisitions serves customers in the United States. S.E.E.K ARIZONA: Seeks to Hire Jenkins Law Firm as Legal Counsel ---------------------------------------------------------------- S.E.E.K. Arizona, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Jenkins Law Firm PLLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (b) represent Debtor at the initial meeting of creditors under 11 U.S.C. section 341, the initial debtor interview, and all court hearings, adversary proceedings or contested matters that have been or may be filed herein; (c) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of this bankruptcy case; (d) assist the Debtor with the preparation of its schedules of assets and liabilities and statement of financial affairs; (e) advise the Debtor with respect to any contemplated sales of assets and/or business combinations, formulate and implement appropriate closing procedures for such transactions, and prepare and prosecute all motions and/or pleadings necessary to obtain the court's authorization for such transactions; (f) advise the Debtor with respect to any post-petition financing and cash collateral arrangements; negotiate, draft and prosecute all documents, motions and pleadings relating thereto; (g) advise the Debtor on all matters relating to the assumption, rejection or assignment of unexpired leases and executory contracts; (h) advise the Debtor with respect to legal issues arising in or relating to its ordinary course of business; (i) take all necessary action to protect and preserve the Debtor's estate; (j) prepare, negotiate, and take all actions necessary to obtain confirmation of a plan of reorganization and related agreements and documents; and (k) perform all other legal services relating to the administration and conduct of the Debtor's estate in its efforts to reorganize. The firm will be paid at these hourly rates: LaShawn Jenkins, Attorney $450 Other Firm Contract Attorneys $400 Firm Paralegals $195 In addition, the firm will seek reimbursement for expenses incurred. The firm received an advanced deposit of $25,000 from the Debtor for pre-petition work. Mr. Jenkins 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: LaShawn D. Jenkins, Esq. Jenkins Law Firm PLLC 9393 N. 90th Street, Suite 102, #62 Scottsdale, AZ 85258 Telephone: (602) 283-9868 Facsimile: (602) 898-8995 Email: bk@thejenkinslawfirm.com About S.E.E.K. Arizona LLC 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 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04625) on May 21, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by LaShawn D. Jenkins, Esq. at Jenkins Law Firm, PLLC. SAINT MARY'S COLLEGE: S&P Lowers Revenue Bond Rating to 'BB+' ------------------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'BB+' from 'BBB-' on the California Educational Facilities Authority's series 2023A revenue bonds, issued for Saint Mary's College of California (SMC or the college). The outlook is stable. S&P said, "The lower rating reflects our view of the college's more significant than expected deficit in fiscal 2024 and history of declining enrollment, which have slowed the college's recovery plan. Although we understand SMC's new management team expects to realign revenues and expenses beginning in fiscal 2026, the significant cuts and enrollment growth that will be needed to improve operations may result in continued full-accrual operating deficits; operating pressure along with lower resource levels due to extraordinary draws are more consistent with the lower rating. "We believe SMC's location in the San Francisco Bay Area, with potential for earthquakes and wildfires that could damage facilities, elevates the college's physical risks above those without this exposure. The college maintains insurance against such risks in such amounts as are customarily carried by private colleges and universities located in the state, providing some offset. Health and safety risks posed by the pandemic have largely abated for the higher education sector; therefore, we view them as neutral in our credit rating analysis. We evaluated the college's governance factors and found them to be neutral within our analysis. "The stable outlook reflects our opinion that financial resource ratios relative to operations and debt will remain at sufficient levels during the one-year outlook period, that enrollment will grow, and that operating deficits will lessen but still continue on a full-accrual basis for several years, as management realigns revenues and expenses in fiscal 2026. We do not expect any additional debt during the outlook period. "We could consider a negative rating action if demand metrics significantly weaken, operating deficits worsen beyond projections, or financial resource ratios deteriorate materially from current expectations. "While unlikely during the outlook horizon, we could consider a positive rating action should SMC's operating margins improve considerably, enrollment grow significantly, and financial resources be maintained." SC HEALTHCARE: Close to Reaching Deal to Avoid Ch. 7 Liquidation ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that on Wednesday, June 4, 2025, counsel for skilled nursing facility operator Petersen Health Care told a Delaware bankruptcy judge that the company anticipates reaching an agreement that would allow it to move forward with confirming a Chapter 11 liquidation plan next week, thereby avoiding a Chapter 7 liquidation of its remaining assets. About Petersen Health Care Inc. SC Healthcare Holding, LLC, et al., comprise one of the largest nursing home operators in the United States and work in partnership with physicians, skilled nurses, and other health care providers in order to provide various healthcare and rehabilitation services for elderly citizens in Illinois, Missouri, and Iowa. SC Healthcare Holding, LLC, and its affiliates, including Petersen Health Care, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10443) on March 20, 2024. In the petition signed by David R. Campbell as authorized signatory, SC Healthcare disclosed up to $100 million to $500 million in assets and $100 million to $500 million in liabilities. Judge Hon. Thomas M. Horan oversees the case. Young Conaway Stargatt & Taylor, LLP, and Winston & Strawn LLP, serve as the Debtors' legal counsel. SC SJ HOLDINGS: Mediation Not Appropriate in Brightspire Cases -------------------------------------------------------------- Magistrate Christopher J. Burke of the United States District Court for the District of Delaware determined that mediation is not appropriate in the following cases pursuant to Section 1 of the Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for the District of Delaware, dated July 19, 2023: 1. SJ SC HOLDINGS, LLC and NEX SJ, LLC, Appellants, v. BRIGHTSPIRE CREDIT 1, LLC, Appellee, Civil Action No. 25-150-MN BK. BAP No. 25-10; 2. SJ SC HOLDINGS, LLC, Appellant, v. BRIGHTSPIRE CREDIT 1, LLC, Appellee, Civil Action No. 25-151-MN, BK. BAP No. 25-11; and 3. NEX SJ, LLC, Appellant, v. BRIGHTSPIRE CREDIT 1, LLC, Appellee, Civil Action No. 25-176-MN, BK. BAP No. 25-12 The Court held a teleconference on March 24, 2025, to further confer with counsel for both sides. Based upon the arguments presented by counsel, the Court finds it unlikely that mediation will resolve the pending claims on appeal. A copy of the Court's decision dated May 20, 2025, is available at https://urlcurt.com/u?l=aIiI8n from PacerMonitor.com. About SC SJ Holdings and FMT SJ San Ramon, California-based Eagle Canyon Management's SC SJ Holdings LLC owns The Fairmont San Jose, an 805-room luxury hotel located at 170 South Market St., San Jose, Calif. The hotel is near many of the largest Fortune 1000 corporations and is a popular location for conferences and conventions, particularly in the technology industry. On March 5, 2021, SC SJ Holdings' affiliate, FMT SJ LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 21-10521). On March 10, 2021, SC SJ Holdings sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10549). The cases are jointly administered under Case No. 21-10549. At the time of the filing, SC SJ Holdings disclosed assets of between $100 million and $500 million and liabilities of the same range. FMT SJ estimated assets of between $500,000 and $1 million and liabilities of between $100 million and $500 million. Judge John T. Dorsey is assigned to the case. The Debtors tapped Pillsbury Winthrop Shaw Pittman, LLP, as their bankruptcy counsel, Cole Schotz P.C. as local counsel, and Verity LLC as financial advisor. Stretto is the claims agent and administrative advisor. 2nd Attempt SC SJ Holdings LLC sought protection for the second time under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-51685) on November 5, 2024. In its petition, the Debtor reports assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Stephen L. Johnson handles the case. The Debtor is represented by James Edward Till of Till Law Group. SC SJ: Mediation Not Appropriate in San Jose, Accor Dispute ----------------------------------------------------------- Magistrate Christopher J. Burke of the United States District Court for the District of Delaware determined that mediation is not appropriate in the appeal styled THE CITY OF SAN JOSE, CALIFORNIA, Appellant, v. ACCOR MANAGEMENT US INC. f/k/a FAIRMONT HOTELS & RESORTS (U.S.) INC., Appellee, Case No. 24-cv-00992-MN (D. Del.) pursuant to Section 1 of the Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for the District of Delaware, dated July 19, 2023. The Court held a teleconference on April 14, 2025, to further confer with counsel for both sides, and directed the parties to submit a further status report following the conference. Based upon the arguments presented by counsel, the Court finds it unlikely that mediation will resolve the pending claims on appeal. A copy of the Court's decision dated May 23, 2025, is available at https://urlcurt.com/u?l=AK6XU2 About SC SJ Holdings and FMT SJ San Ramon, California-based Eagle Canyon Management's SC SJ Holdings LLC owns The Fairmont San Jose, an 805-room luxury hotel located at 170 South Market St., San Jose, Calif. The hotel is near many of the largest Fortune 1000 corporations and is a popular location for conferences and conventions, particularly in the technology industry. On March 5, 2021, SC SJ Holdings' affiliate, FMT SJ LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 21-10521). On March 10, 2021, SC SJ Holdings sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10549). The cases are jointly administered under Case No. 21-10549. At the time of the filing, SC SJ Holdings disclosed assets of between $100 million and $500 million and liabilities of the same range. FMT SJ estimated assets of between $500,000 and $1 million and liabilities of between $100 million and $500 million. Judge John T. Dorsey is assigned to the case. The Debtors tapped Pillsbury Winthrop Shaw Pittman, LLP, as their bankruptcy counsel, Cole Schotz P.C. as local counsel, and Verity LLC as financial advisor. Stretto is the claims agent and administrative advisor. 2nd Attempt SC SJ Holdings LLC sought protection for the second time under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-51685) on November 5, 2024. In its petition, the Debtor reports assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Stephen L. Johnson handles the case. The Debtor is represented by James Edward Till of Till Law Group. SCOOPIE LLC: Seeks Subchapter V Bankruptcy in Texas --------------------------------------------------- On May 28, 2025, The Scoopie LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern 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 The Scoopie LLC The Scoopie LLC, also known as Imblowingup LLC, a Texas-based small business with undisclosed specific operation. The Scoopie LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32929) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtors are represented by Julie M. Koenig, Esq. at Cooper & Scully. SEARS HOLDINGS: Seeks Millions in Lost Revenue from Mall of America ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the bankruptcy trust of Sears Holdings Corp. and the current owner of the iconic retail chain are seeking as much as $63 million from the Mall of America, claiming losses tied to a legal battle over a three-story former Sears store. The Chapter 11 liquidating trust and Transform Holdco LLC -- formed by former Sears CEO Eddie Lampert to acquire the brand during its 2019 bankruptcy -- assert they’ve lost at least $26 million while the Mall of America spent the past year appealing the lease dispute. About Sears Holdings Corp. Sears Holdings Corporation -- http://www.searsholdings.com/-- began as a mail ordering catalog company in 1887 and became the world's largest retailer in the 1960s. At its peak, Sears was present in almost every big mall across the U.S., and sold everything from toys and auto parts to mail-order homes. Sears claims to be a market leader in the appliance, tool, lawn and garden, fitness equipment, and automotive repair and maintenance retail sectors. Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 US stores between them. Kmart emerged in 2005 from its own bankruptcy. Unable to keep up with online stores and other brick-and-mortar retailers, a long series of store closings left it with 687 retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands as of mid-October 2018. At that time, the Company employed 68,000 individuals. As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total assets against $11.33 billion in total liabilities. Unable to cover a $134 million debt payment due Oct. 15, 2018, Sears Holdings Corporation and 49 subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15, 2018. The Hon. Robert D. Drain is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel; M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as investment banker; DLA Piper LLP as real estate advisor; and Prime Clerk as claims and noticing agent. The U.S. Trustee for Region 2 appointed nine creditors, including the Pension Benefit Guaranty Corp., and landlord Simon Property Group, L.P., to serve on the official committee of unsecured creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP as legal counsel; FTI Consulting as financial advisor; and Houlihan Lokey Capital, Inc. as investment banker. The U.S. Trustee for Region 2 on July 9, 2019, appointed five retirees to serve on the committee representing retirees with life insurance benefits in the Chapter 11 cases. In February 2019, Bankruptcy Judge Robert Drain authorized Sears Holdings approval to sell the business to majority shareholder and CEO Eddie Lampert for approximately $5.2 billion. Lampert's ESL Investments, Inc., won an auction to acquire substantially all of Sears' assets, including the "Go Forward Stores" on a going-concern basis. The proposal allowed 425 stores to remain open and provided ongoing employment to 45,000 employees. The new parent is Transform SR Brands LLC, doing business as Transformco, referred to as "New Sears". Transform is an American privately held company formed on Feb. 11, 2019, to acquire some of the assets of Sears Holdings Corporation. The new company is owned by Eddie Lampert's ESL Investments. SEATON INVESTMENTS: Has Deal on Cash Collateral Access ------------------------------------------------------ SLA Investments, LLC, an affiliate of Seaton Investments, LLC, and Harvest Small Business Finance, LLC advised the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, that they have reached an agreement regarding SLA's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. This stipulation follows a series of interim agreements and court orders beginning with a June 2024 motion by SLA and other related debtors seeking authorization to use cash collateral. An initial court order on July 18, 2024, allowed interim use of the collateral, and further extensions followed through May 6. To avoid further interim hearings, the parties have now agreed to terms for final use of the cash collateral. Under the agreement, SLA is authorized to use the collateral retroactively from May 6 under the conditions previously approved in the interim order, with a few modifications. These include monthly adequate protection payments of $9,015 to Harvest, with future payments due by the fifth of each month. In addition, Harvest retains all of its legal rights in the bankruptcy case, including the ability to seek dismissal or object to any proposed reorganization plan. Additionally, SLA may only use the cash collateral for ordinary expenses related to maintenance, insurance, and repair of the property, and must follow a court-approved budget. Exceeding any budgeted line item by more than 15% requires Harvest's written consent. A copy of the stipulation is available at https://urlcurt.com/u?l=Rpl4DP from PacerMonitor.com. About Seaton Investments Seaton Investments, LLC, is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Seaton Investments filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-12079) on March 19, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Alan D. Gomperts as managing member. Judge Vincent P. Zurzolo presides over the case. Derrick Talerico, Esq., at Weintraub Zolkin Talerico & Selth, LLP, is the Debtor's legal counsel. SHENANDOAH MEDICAL: Unsecured Creditors to Split $72K in Plan ------------------------------------------------------------- Shenandoah Medical Care Center, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Modified Subchapter V Plan of Reorganization dated May 9, 2025. The Debtor is a family health care center in Lantana, Florida. The Debtor provides health care service to an annual client base of approximately 475 and has served nearly 1,000 patients since inception. In March 2024, the Debtor was approached to further expand its service offerings to include medical aesthetics and related care using various equipment systems. The Debtor financed the equipment totaling nearly $700,000, despite historic annual revenues being less than $300,000. Unfortunately, the Debtor quickly learned that its client base could not support the cost of the equipment and related marketing services. Most of the equipment remains packaged and unused. By way of this Plan, the Debtor proposes to liquidate the unnecessary equipment, reject related agreements and return to its core business. Since the inception of these proceedings, the Debtor has continued to refine its business operations and expand its patient care in an underserved portion of the community. The Debtor's financial projections show that the Debtor will be able to distribute projected disposable income to the holders of allowed administrative, priority tax, secured, and unsecured creditors. The Debtor anticipates that the Plan will be confirmed in late May or early June 2025, distributions to administrative and secured creditors will begin on August 1, 2025. Payments to Class 5 unsecured creditors shall be made monthly commencing August 1, 2028, and ending August 1, 2030. The Debtor projects that total distributions to unsecured creditors will be approximately $72,000. The distributions under the Plan will be derived from (i) existing cash on hand on the Effective Date, (ii) revenues generated by continued business operations; and (iii) net proceeds from the sale of excess inventory and equipment. This Plan of Reorganization proposes to pay creditors of the Debtor from its net disposable income. Class 5 consists of General Unsecured Creditor Claims. Every holder of a non priority unsecured claim against the Debtor shall receive its pro rata share of the Debtor's projected disposable income as defined by Section 1191(d) of the Bankruptcy Code, after payment of administrative, priority tax, and secured claims as set forth in Section 4B-C and Classes 1 through 4. Payments shall be made monthly commencing in or about August 2028. The Debtor projects that total distributions to unsecured creditors will be approximately $72.000. Class 5 is impaired by the Plan. Class 6 is comprised of all equity interests in the Debtor, which are owned by Dr. Joy Mowett-Fuller and Danielle Fuller (the "Principals"). The Principals will retain their equity interests in the Debtor. No distributions will be made to the Principals until the distributions to Class 5 have been made. Payments required under the Plan will be funded from (i) existing cash on hand on the Effective Date; (ii) revenues generated by continued operations; and (iii) cash generated from the liquidation of excess equipment and inventory. A full-text copy of the Modified Subchapter V Plan dated May 9, 2025 is available at https://urlcurt.com/u?l=PXW0GA from PacerMonitor.com at no charge. About Shenandoah Medical Care Center Shenandoah Medical Care Center, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23207) on Dec. 18, 2024, with $500,001 to $1 million in both assets and liabilities. Joy Mowett-Fuller, company owner and manager, signed the petition. Judge Erik P. Kimball oversees the case. The Debtor is represented by: Monique D. Hayes, Esq. Dgim Law, PLLC Tel: 305-898-2063 Email: monique@dgimlaw.com SOUND INPATIENT: Moody's Ups CFR to Caa2, Outlook Stable -------------------------------------------------------- Moody's Ratings upgraded Sound Inpatient Physicians, Inc.'s ("Sound") corporate family rating to Caa2 from Ca and probability of default rating to Caa2-PD from Ca-PD. Moody's also upgraded the ratings of the company's senior secured super priority first-out Tranche A term loan due 2028 to B2 from B3, senior secured super priority second-out Tranche B term loan due 2028 to Caa2 from Ca, senior secured super priority third-out Tranche C term loan due 2029 to Ca from C, senior secured super priority fourth-out Tranche D term loan due 2029 to Ca from C, the remaining original senior secured 1st lien term loan to Ca from C and senior secured 2nd lien term loan to Ca from C. The outlook is stable. The ratings upgrades reflect the company's EBITDA growth driven by Sound's improving contribution margin and reduction in EBITDA addbacks. Moody's notes that contribution margin benefits from the company's entry into Medicare Accountable Care Organization (ACO) program. Having said that, Moody's expects the company's leverage to remain elevated at 10x in the next 12 months and liquidity to be adequate. RATINGS RATIONALE Sound's Caa2 corporate family rating is constrained by the company's very high financial leverage and high level of business concentration in hospital medicine. Moody's expects that the debt/EBITDA will remain in the 10x range in the next 12 months and there is potential for further improvement due to new management's continuing turnaround effort, including contract renegotiations as well as underlying volume growth. The company benefits from its leading position as a provider of outsourced hospitalist physician services, as well as other hospital-based physician specialties. The company renewed its focus on value-based care programs, with successful entry into Medicare Accountable Care Organization program. The ratings are further supported by the fact that Sound is partially owned by Optum Health. Sound's liquidity is adequate. Liquidity is primarily supported by a sizeable cash balance following the June 2024 recapitalization transaction. Sound had approximately $185 million in cash as of March 31, 2025. The company does not have a revolving credit facility. Moody's expects that Sound's free cash flow in the next 12 months will be neutral partially helped by the PIK features on its term loans. The outlook is stable. While there has been an improvement in performance, Moody's expects that Sound will operate with very high financial leverage and adequate liquidity in the next 12-18 months. The company's Tranche A term loan is rated B2, 3 notches above the Caa2 CFR, reflecting its relatively small size and the highest ranking within the capital structure. The Tranche A term loan benefits from first loss absorption provided by the presence of a significant amount of junior debt in the capital structure. The Tranche B term loan, which constitutes the bulk of the company's total debt, is rated Caa2 – on the same level as CFR. All other classes of debt, including the Tranche C term loan, Tranche D term loan, senior secured 1st and 2nd lien term loans are all rated Ca. The notching down of these tranches to Ca reflects their deep subordination and very low expected recovery in the event of a default. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company's performance deteriorates probability of default increases or the company's liquidity weakens. The ratings could be upgraded if operating performance and liquidity continue to improve, financial leverage decreases and probability of a default declines. Sound Inpatient Physicians, Inc., headquartered in Tacoma, WA, is a provider of physician services in acute, post-acute, emergency medicine, and intensivist facilities through its wholly-owned subsidiaries and affiliated companies. Sound's principal business is to provide hospitalist services as well as anesthesia, critical care and emergency medicine services to hospitals and health plans designed to improve the well-being of patients while reducing their associated costs through the management of medical care. The company also participates in value-based Medicare Accountable Care Organization (ACO) program. Revenues for 2024 were approximately $1.8 billion. The company is primarily owned by private equity sponsor Summit Partners and Optum Health. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. SOUTHWEST FT WORTH: Taps Joyce W. Lindauer as Bankruptcy Counsel ---------------------------------------------------------------- Southwest Ft Worth Memory Care, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire 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 Dian Gwinnup $250 per hour Paralegal $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 Southwest Ft Worth Memory Care Southwest Ft Worth Memory Care, LLC, doing business as Autumn Leaves of Cityview, is a U.S. senior-living operator that specializes exclusively in assisted-living and stand-alone communities for residents with Alzheimer's disease and other forms of dementia. Headquartered in Grapevine, Texas, Southwest designs, owns or manages purpose-built "Autumn Leaves" communities in Texas and Illinois, offering 24-hour nursing, dementia-trained staff, "Inspired Connections" life-engagement programs and on-site dining, salon and rehab services. Southwest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41419) on April 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. PSF II Dutch Branch, LLC, as secured lender, is represented by: Kevin M. Lippman, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7565 Facsimile: (214) 978-5335 klippman@munsch.com SPECIALTY CARTRIDGE: Lender Seeks to Prohibit Cash Collateral Use ----------------------------------------------------------------- Pinnacle Bank asked the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to prohibit Specialty Cartridge, Inc. from using cash collateral due to lack of adequate protection for its interests. There is a complex financial relationship between the parties involving two master lease agreements originally entered into with BancLeasing, LLC and later assigned to Pinnacle Bank. These leases, which cover specialized manufacturing equipment, are backed by security interests and personally guaranteed by Jason Koon, the principal of both SCI and ACME. The companies agreed to payment terms totaling millions of dollars in lease obligations. Additionally, Pinnacle Bank extended two secured lines of credit to SCI totaling over $2 million, and a separate equipment loan for $155,520, all of which are also personally guaranteed by Koon. In total, SCI and ACME owe Pinnacle approximately $6.18 million, with collateral that includes inventory, equipment, accounts receivable, and other business assets. Pinnacle argued that its interests are not adequately protected due to several recent developments: the resignation of SCI's operations manager and lead salesperson, the loss of three key customer contracts, and SCI's failure to provide financial reports required under a prior court order. Pinnacle contended these issues significantly impair the Debtor's ability to generate revenue and reorganize successfully and because of this, its collateral is at risk of devaluation and depletion, especially without oversight of the Debtor's use of cash collateral. A court hearing is set for June 12. About Specialty Cartridge 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. Judge Paul W. Bonapfel oversees the case. The Debtor is represented by G. Frank Nason, IV, Esq., at Lamberth, Cifelli, Ellis & Nason, PA. Pinnacle Bank, as lender, is represented by: Michael B. Pugh, Esq. Thompson, O'Brien, Kappler and Nasuti, PC 2 Sun Court, Suite 400 Peachtree Corners, GA 30092 Tel: (770) 925-0111 mpugh@tokn.com SPECTRUM GROUP: S&P Upgrades ICR to 'CCC+', Outlook Positive ------------------------------------------------------------ S&P Global Ratings reassessed Spectrum Group Buyer Inc.'s (dba Pixelle Specialty Solutions) credit quality and raised its issuer credit rating to 'CCC+' from 'SD' (selective default) and our issue-level rating on its first-lien term loan to 'CCC+' from 'D'. S&P also raised its issue-level rating on the company's $60 million revolving credit facility (RCF) to 'CCC+' from 'CCC'. S&P said, "At the same time, we revised our recovery rating on the senior secured facilities to '4' from '3' because of reduced recovery prospects for senior lenders following the sale of the Stevens Point mill. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a default." The positive outlook reflects the potential for an upgrade based on our expectation that Pixelle will maintain adequate liquidity over the next 12 months despite continued cash burn, while improving S&P Global Ratings adjusted-debt leverage in the high-single-digit percent area. Spectrum Group Buyer Inc. (dba Pixelle Specialty Solutions) made delayed interest payments and repaid a majority of its senior secured credit facility after it extended the grace period of its April 2025 interest payment. The rating upgrade reflects Pixelle's improved liquidity and reduced outstanding debt. Pixelle used a majority of the proceeds from the sale of the Stevens Point facility to improve its capital structure and support liquidity. S&P said, "We view these actions as credit positive. At the close of the transaction, the company's available liquidity of about $170 million includes $124 million in cash, and the outstanding balance on its first-lien term loan has been significantly reduced to about $165 million. The debt paydown also satisfies the required principal amortization payments through the first quarter of 2026. This, along with the reduced interest burden, support our view of the company's strengthened liquidity position, despite our expectation for continued cash burn in 2025." The single-mill operation increases risks to the company's earnings. Pixelle announced its intention to exit the Chillicothe, Ohio mill by the end of 2025. S&P said, "We believe the company's profitability and cash flows would likely improve once the loss-making facility no longer burdens consolidated earnings. At the same time, we view the remaining company's earnings as more susceptible to operational missteps, including unplanned maintenance downtime, industry shocks, and macroeconomic cycles, because of its single-mill manufacturing footprint and niche product focus. We estimate the remaining company's S&P Global Ratings adjusted-EBITDA base to be in the $30 million area--a quarter the size of its 2022 earnings. Pixelle was acquired by H.I.G. Capital in the fall of 2022. We believe the smaller revenue and earnings base, consolidated manufacturing footprint, and narrow product portfolio reduce the company's competitiveness when compared with other rated peers and have revised our business risk profile assessment to vulnerable from weak." Pixelle has a somewhat short-dated capital structure. The company's $60 million (undrawn) RCF matures in May 2027, and its first-lien term loan matures in May 2028. S&P said, "This provides some runway to stabilize its operations after completing its portfolio rebalancing, which we expect will end in fiscal 2025; however, the exact timing remains uncertain. We expect the company's S&P Global Ratings-adjusted debt leverage to be elevated above 10x in 2025, driven mainly by continued operating challenges at Chillicothe. Consequently, we continue to view the company's capital structure as unsustainable. We believe its refinancing prospects are dependent on the success of its transition to a single-mill facility, such that it generates meaningful positive free cash flow on a sustained basis." The positive outlook is based on S&P's expectation that Pixelle will maintain adequate liquidity over the next 12 months despite continued cash burn. It also reflects its expectation for S&P Global Ratings adjusted debt leverage in the high-single-digit percent area. S&P could revise the outlook to stable or lower its ratings if: -- Pixelle sustains S&P Global Ratings-adjusted debt leverage above 7x; -- Its liquidity deteriorates, and S&P believes it will face a liquidity crisis or breach its springing leverage covenant; or -- S&P believes a distressed debt restructuring or exchange is likely. S&P could raise its ratings on Pixelle if recovery in its earnings leads to: -- S&P Global Ratings-adjusted-debt leverage sustained below 7x; and -- Neutral to positive free operating cash flow on a sustained basis. STOLI GROUP: Court Extends Cash Collateral Access to June 13 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas approved the fifth stipulation allowing Stoli Group (USA), LLC and Kentucky Owl, LLC to continue to use the cash collateral of Fifth Third Bank, National Association. The stipulation extended the companies' authority to use the lender's cash collateral to June 13 to pay the expenses set forth in its latest budget. The next hearing is set for June 10. A copy of the court's order and the budget is available at https://shorturl.at/iptg8 from PacerMonitor.com. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. Fifth Third Bank, N.A., as lender, is represented by: Brent McIlwain, Esq. Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1700 Email: brent.mcilwain@hklaw.com chris.bailey@hklaw.com -- and -- Jeremy M. Downs, Esq. Steven J. Wickman, Esq. Goldberg Kohn, Ltd. 55 East Monroe Street, Suite 3300 Chicago, IL 60603 Telephone: 312.201.4000 Email: jeremy.downs@goldbergkohn.com steven.wickman@goldbergkohn.com STS AVIATION: T. Rowe Marks $440,000 1L Loan at 42% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $440,000 loan extended to STS Aviation Group to market at $256,000 or 58% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to STS Aviation Group. The loan accrues interest at a rate of 9.30% per annum. The loan matures on October 8, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About STS Aviation Group STS Aviation Group, Inc. provides maintenance support services. The Company offers aerospace staffing, line maintenance, engineering, and aircraft component distribution services. STS Aviation Group serves customers in the United States. SUPERIOR CONTRACT: Can't Stay Enforcement of QWS Claim ------------------------------------------------------ Judge John W. Kolwe of the United States Bankruptcy Court for the Western District of Louisiana denied Superior Contract Cleaning, Inc.'s motion for stay pending appeal of order regarding Claim No. 6. The Motion seeks to stay the enforcement of the Court's April 21, 2025 Order resolving the Debtor's Objection to Claim No. 6 by Quality Wholesale & Supply, Inc. In that Order, the Court allowed Quality's claim in the principal amount of $364,945.88, plus judicial interest, but disallowed attorney's fees, disallowed the subordination request, and overruled all other objections. The standard for deciding whether to grant a preliminary injunction, applied in this context, requires the Court to consider four factors: (1) whether the movant has made a showing of likelihood of success on the merits; (2) whether the movant has made a showing of irreparable injury if the stay is not granted; (3) whether the granting of the stay would substantially harm the other parties; and (4) whether the granting of the stay would serve the public interest. To obtain a stay, all four factors must be met, and the movant has the burden of proving these factors by a preponderance of the evidence. The Court finds that the Debtor has failed to satisfy any of the four factors required to support a decision to grant a stay pending an appeal. The Debtor objected to Quality's claim on the ground that, under the Debtor's reading of Louisiana law, the judgment's failure to specify the amount of the attorney's fees as a sum certain means that the entire judgment is deficient and incapable of supporting Quality's claim in this bankruptcy case. The Debtor relies primarily on Monster Rentals, LLC v. Coonass Const. of Acadiana, LLC, 162 So. 3d 1264 (La. Ct. App. 2015), which the Debtor seems to believe stands for the proposition that a Louisiana state court judgment that fails to specify the amount of attorney's fees is fully null and void. In the Court's opinion, that is a misreading of the case. In this case, there is no dispute that the Debtor actually owed Quality on the principal claim plus judicial interest from the date of judicial demand, and the Court therefore allowed Quality's claim to that extent, but the Court disallowed attorney's fees on the ground that the state court judgment did not reduce that award to a sum certain, just as held by Monster Rentals and Opelousas Authority. The Court therefore rejected the Debtor's request to disregard the entire judgment based on the deficiency in the award of attorney's fees and costs, especially given that the Debtor has no real argument concerning the underlying principal debt it owed to Quality. Considering the Debtor's apparent misreading of Louisiana law, the Court does not believe the Debtor has any reasonable chance of success on the merits on appeal, and the Court therefore finds that the Debtor has failed to satisfy this factor. The Court also finds that there will be no irreparable injury if the stay is not granted. The Debtor has not raised any arguments concerning Quality's principal demand against the Debtor, and by all indications, the Debtor actually owed Quality that amount. Thus, denying the requested stay would not result in any injury, as the result would be precisely the same as it stands now. The June 3, 2025 hearing on the Motion is canceled. A copy of the Court's decision dated May 21, 2025, is available at https://urlcurt.com/u?l=YC3gqW from PacerMonitor.com. About Superior Contract Cleaning Superior Contract Cleaning, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 24-50807) on September 20, 2024, listing under $1 million in both assets and liabilities. Judge John W. Kolwe oversees the case. The Debtor tapped H. Kent Aguillard, Esq., and Caleb K. Aguillard, Esq., as bankruptcy counsel and William Kellner, Esq., and Matthew Voorhies Spizale, Esq., as special counsel. SWEET TRUCKING: Gets Court OK to Use Cash Collateral Until June 30 ------------------------------------------------------------------ Sweet Trucking, Co., LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Tennessee to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral until June 30 to pay its expenses and reorganize its business. This cash collateral consists of monthly revenue, which averages $197,128. The Debtor was ordered to escrow the payment of $14,996.28 to so-called MCA lenders in the IOLTA account of the Debtor's counsel pending determination of their positions as lenders or owners of the Debtor's receivables or until further order of the court. A final hearing is set for June 25. The Debtor has allegedly granted security interests in all its assets, including revenue from its trucking operations to three entities: App Funding Beta, Keystone Financials, and EBF Holdings doing business as Everest Business Funding, in connection with a receivable purchase totaling $49,124. About Sweet Trucking Co. LLC Sweet Trucking Co., LLC is a family-owned transportation company based in Knoxville, Tennessee, specializing in hauling heavy equipment locally and across state lines. The Company operates a fleet of trucks, tractors, and trailers and employs a team of drivers to manage logistics and transport. It provides various trailer types, including flatbeds, lowbeds, and gooseneck trailers, serving construction and industrial clients. Sweet Trucking Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bank. E.D. Tenn. Case No. 25-30765) on April 21, 2025, listing $1,293,647 in assets and $1,471,498 in liabilities. Gary Wayne Sweet, Jr., managing member of Sweet Trucking Co., signed the petition. Judge Suzanne H. Bauknight oversees the case. Keith Edmiston, Esq., at Clark & Washington, PC represents the Debtor as legal counsel. SWEET TRUCKING: Hires Clark & Washington as Bankruptcy Counsel -------------------------------------------------------------- Sweet Trucking Co., LLC filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Clark & Washington, P.C., as its counsel. The firm's services include: (a) giving the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (b) advising the Debtor with respect to its rights and responsibilities as a Chapter 11 debtor; (c) preparing on behalf of the Debtor all necessary applications, motions, answers, orders, reports, and other legal papers; (d) making all necessary appearances in this Court on behalf of the Debtor; (e) preparing and formulating a plan of reorganization and using best efforts to obtain confirmation of the same; and (f) performing all other legal services for the Debtor which may be necessary. Keith L. Edmiston, presently designated to represent the Debtor, will charge $300 an hour. Clark & Washington does not hold any interest adverse to the estate and is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Keith L. Edmiston, Esq. CLARK & WASHINGTON, P.C. 1321 Murfreesboro Pike, Ste. 320 Nashville, TN 37217 Tel: (615) 251-9782 Email: kedmiston@cw13.com About Sweet Trucking Co. Sweet Trucking Co., LLC is a family-owned transportation company based in Knoxville, Tennessee, specializing in hauling heavy equipment locally and across state lines. The Company operates a fleet of trucks, tractors, and trailers and employs a team of drivers to manage logistics and transport. It provides various trailer types, including flatbeds, lowbeds, and gooseneck trailers, serving construction and industrial clients. Sweet Trucking Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bank. E.D. Tenn. Case No. 25-30765) on April 21, 2025, listing $1,293,647 in assets and $1,471,498 in liabilities. Gary Wayne Sweet, Jr., managing member of Sweet Trucking Co., signed the petition. Judge Suzanne H. Bauknight oversees the case. Keith Edmiston, Esq., at Clark & Washington, PC represents the Debtor as legal counsel. TELESAT CANADA: S&P Downgrades ICR to 'CCC-', Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit ratings on Satellite provider Telesat Canada to 'CCC-' and S&P also revised its liquidity assessment a notch lower to less than adequate. S&P said, "The 'D' rating on the company's debt facilities is unchanged because, similar to the prior years, we believe additional near-term, below-par repurchases of these obligations are possible. "The negative outlook reflects our view that the company's capital structure is unsustainable. Given the maturities, declining EBITDA and difficult market conditions, we believe it is vulnerable to debt restructuring or a distressed exchange within the next six months." Satellite provider Telesat Canada continues to face revenue erosion and customer losses in its legacy geosynchronous earth orbit (GEO) satellites business at a higher pace than we expected. Our revised forecast of Telesat's EBITDA points to EBITDA interest coverage that will be very tight at about 0.7x in 2025. S&P said, "Telesat continues to face revenue erosion within in its legacy GEO satellite business. The company's revenue declined 23% in the first quarter of 2025 (ended March 31, 2025) compared with the same quarter last year. This was primarily due to lower renewal rates on long-term agreements with a North American direct-to-home television customer and reduced demand for services from other customers. Lower equipment sales to Canadian government customers also contributed. While Telesat has been facing revenue pressures for past several quarters, the pace of decline has been accelerating since the fourth quarter of 2023. We expect the revenue declines will continue through the next few quarters and believe it could be steeper relative to our previous forecasts. "The declines also stem from the full-year impact of lower rates associated with the renewal of the Nimiq 5 agreement with DISH, the nonrenewal of contracts, and softness in its enterprise and consulting segment. We also expect the company's EBITDA to decline at an aggressive pace relative to our previous forecasts for 2025. At the same time, Telesat continues to incur higher operating expenses, mainly labor, in order to support its low-earth orbit (LEO) project, which is weighing on its consolidated EBITDA. "We now expect the company's S&P Global Ratings-adjusted EBITDA be C$180 million-C$185 million, meaningfully lower compared to our previous estimates. As a result of lower EBITDA, we also forecast EBITDA interest coverage ratios will be tight at about 0.7x for 2025. Furthermore, even though the GEO business (excluding capital expenditure [capex] for the LEO project) still generates positive free-cash flows, we expect cash flow will not be as robust as prior years owing to meaningful EBITDA deterioration and relatively high interest expense, which could tighten liquidity." Telesat continues to face significant refinancing risks. Telesat Canada's US$1.3 billion term loan facility matures in December 2026. Furthermore, the company's senior secured notes are maturing in Dec 2026 and unsecured notes are maturing in October 2027. These come before meaningful cash flows are contributed by the LEO project, likely to start 2027. Even though Telesat has not repurchased its debt in open market since August-2024, in November 2024 the company publicly stated its intentions to engage in negotiations with its existing lenders and reiterated the same view in subsequent earnings calls. These statements combined with the legacy GEO satellite business facing headwinds and other uncertainties, the company's debt is trading significantly below par. Hence, S&P thinks Telesat has limited capital market access to successfully complete a traditional at par refinancing of all its debt. S&P said, "Given the current circumstances, we think there is a possibility of a transaction that we may view as a distressed debt exchange or debt restructuring under S&P Global Ratings' methodology in the near term. Furthermore, based on previous disclosures from the company, we believe additional debt repurchases are possible in the near term. Therefore, we continue to maintain our 'D' ratings on the company's senior secured notes, senior unsecured notes, and secured term loan." Telesat continues to focus on developing its LEO satellites. The company has secured several contracts and reported a total order backlog of C$1.1 billion for the LEO program. In September 2024, Telesat secured $2.54 billion of funding from the governments of Canada and Quebec to build its LEO satellite constellation. With this capital, the company has sufficient funds to meet its entire capex requirement for the LEO project. That said, the competitive landscape for LEO satellites is intense. Telesat's competitors that have had first-mover advantage in the LEO space, such as Starlink, and they are already capturing some of the market share in certain satellite business-to-business space, such as marine and in-flight Wi-Fi services. As a result, S&P continues to incorporate a degree of execution risk within our ratings analysis related to the LEO initiative. The negative outlook reflects S&P's expectation that the company's capital structure remains unsustainable given declining EBITDA, upcoming debt maturities, and difficult market conditions, which could lead to a debt restructuring. S&P could lower its ratings on Telesat if the company announces or completes any type of debt restructuring transaction that its view as distressed and tantamount to a default. S&P could raise the rating if Telesat demonstrates: -- A successful path to refinance its existing debt such we no longer believe there is risk of default or restructuring over the next six months. -- Successful execution of the LEO project while managing headwinds in the legacy GEO satellite business and maintaining a sufficient liquidity cushi TERWILLIGER PLAZA: Fitch Affirms 'BB+' IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed the long-term 'BB+' rating on the various outstanding bonds issued by the Hospital Facilities Authority of Multnomah County, OR on behalf of Terwilliger Plaza (Terwilliger): Fitch has also affirmed Terwilliger's Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Terwilliger Plaza (OR) LT IDR BB+ Affirmed BB+ Terwilliger Plaza (OR) /General Revenues/1 LT LT BB+ Affirmed BB+ The 'BB+' rating primarily reflects Terwilliger's strong market position, reflected in solid independent living unit (ILU) occupancy, including at the recently opened Parkview ILU project, which supports Fitch expectations that Terwilliger's operational performance will improve and accrete to the community's cash-to-adjusted debt, which was a thin 28% in FY24. Terwilliger opened the 10 story, 127-unit Parkview ILU expansion in December 2023. The project is on-budget and management reports that construction is nearly finalized with the last remaining smaller items (i.e., first floor lobby furnishings and maintenance) to be completed by the end of 2025. Parkview is currently at 71% occupied with project stabilization expected in 2026. SECURITY The bonds are a joint and several obligation of the obligated group (OG) and are secured by a first mortgage lien on all properties and a gross revenue pledge of the OG. A fully-funded debt service reserve fund provides additional security. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Strong Demand Indicators in a Favorable, but Competitive Market Terwilliger has maintained strong occupancy in its ILUs, posting a five-year average of approximately 92%, which is a credit strength. In fiscal 2024, ILU occupancy averaged a slightly lower than normal at 84% due to the addition of ILU units from the Parkview project. Fill up in the Parkview building is expected in fiscal 2026. Assisted living unit (ALU) census has fluctuated in the last two years with 78% occupancy in fiscal 2023 which has since rebounded to 90% in fiscal 2024 where it is expected to remain. The five-year average is 84% for ALU occupancy. There is some competition in the primary market area (PMA), but nearby comparable life plan communities (which offer primarily Type-B contract offerings) have not materially affected Terwilliger's strong demand. Fitch believes that pricing for entrance fee contracts continues to be affordable relative to prevailing home values in the Portland, OR market, and the community offers a wide variety of unit types and price flexibility. Fitch expects Terwilliger's market position to remain strong as the organization has operated in the Portland market since 1962 and is well established in the service area. Differentiating competitive factors include its downtown location on the west side of the Willamette River, long market history, optional rather than mandatory meal plan, and on-site in-home health services. Operating Risk - 'bb' Recent Project to Support Improved Operations and Moderate High Debt Burden Terwilliger Plaza is a type-B life plan community that offers a traditional non-refundable contract and an 80% refundable contract. Fitch assesses the community's historical operating performance as 'Weak' due to its higher expense base that continues to outpace resident service revenue generation. Core operations have been pressured in recent years largely due to the Parkview building expansion costs, and higher expenses related to inflationary pressures that acutely affect labor and supplies. Occupancy challenges have also caused limited but impactful cashflow challenges. In fiscal 2024, Terwilliger recorded an improved net operating margin (NOM) of 0% in FY 2024 from negative 11% in FY 2023 with NOM-adjusted at a satisfactory 31% reflecting the fill up of the Parkview project beginning to reflect in operations. The operating ratio remains elevated at 122% in FY24. Management has proactively implemented wage increases for employees, which has contributed to a higher overall expense base but should be manageable and help reduce staff turnover. Fitch expects Terwilliger to eventually narrow its core operating losses and approach an operating ratio of 100%. Now that the Parkview project is mostly complete, Fitch expects capex to moderate to around levels of annual depreciation expense, which should also help position to the organization for financial improvement and moderation of its currently high debt burden, illustrated by its debt-to-net available which improved to 11.5x in FY24 from 29.9x in FY23 following repayment of the short-term debt associated with the project. Pro forma maximum annual debt service (MADS) of approximately $6.2 million (not tested until post project stabilization in 2026) represented a very high 29.2% of revenues and revenue-only MADS coverage of 0.1x in 2024, but these metrics are expected to improve once Parkview is fully stabilized. Financial Profile - 'bb' Thin Financial Cushion In fiscal 2024, Terwilliger had approximately $31.3 million in unrestricted cash and investments and $113.9 million in adjusted debt, which translated into 453 days cash on hand, but just 28% cash-to-adjusted debt. Fitch assesses this as 'Weak', mainly due to the larger leverage position relative to unrestricted resources despite a $65.7 million paydown in 2024 of debt which improved the metric compared to prior years. Fitch calculates Terwilliger's pro forma MADS coverage at 1.6x in FY24. Per Terwilliger's bond covenant disclosure, actual debt service coverage in 2024 was good at nearly 4.93x, with ample cushion above the 1.2x threshold. Throughout Fitch's forward-looking scenario analysis, Terwilliger's cash-to-adjusted debt levels remain somewhat stressed despite the paydown of temporary debt with initial entrance fees in fiscal 2024. However, barring any addition debt, towards the out years of Fitch's scenario analysis cash-to-adjusted debt should begin to approach levels consistent with the 'BB+' rating as the new building fill-up continues and overall operational performance incrementally improves. Asymmetric Additional Risk Considerations The majority of Terwilliger's board is made up of residents, which is very unusual in the sector. Life plan community (LPC) boards are usually composed almost completely of independent board members who reside outside of the LPC, with only one or two residents represented on the board. This governance structure is a potential credit risk. However, it is mitigated by Terwilliger's long operating history using this governance structure. Board decisions have been consistent with sector norms, including implementing ongoing service fee increases, even through economic downturns. The board has also implemented good levels of capital spending and strategic investments, such as the ILU expansions, that position the campus for longer-term economic and market viability. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in operating performance from current levels that negatively impact the organization's already thin cash-to-adjusted debt position; - Any additional debt that is not met with immediate commensurate liquidity and revenue resources would be viewed negatively. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action will be predicated upon successful fill-up of the Parkview building; - Noticeable improvement in operating performance once the new ILU building reaches stabilization, whereby performance ratios return to levels that exhibit breakeven or better profitability and cash-to-adjusted debt exceeds 50% in Fitch's stress case scenario could give the rating positive momentum over time. PROFILE Located in Portland, OR, Terwilliger Plaza offers independent living and assisted and residential care living services, which totaled 432 units in 2023 including 343 ILUs and 59 ALUs. Terwilliger does not offer skilled nursing facility units, but nursing care is provided to residents who require a higher level of care in the ALU setting. In early 2020, Terwilliger began the Parkview project which entails a 10 story 127-unit ILU expansion, which is now nearly complete. In fiscal 2024 (December 31; audited), Terwilliger generated approximately $28.2 million of total operating revenue. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. 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. THRASIO LLC: Moody's Cuts CFR to 'Ca', Outlook Negative ------------------------------------------------------- Moody's Ratings downgraded Thrasio, LLC's (Thrasio) Corporate Family Rating to Ca from Caa2 and its Probability of Default Rating to Ca-PD from Caa2-PD. At the same time, Moody's downgraded the company's $90 million first lien first out term loan (FOTL) to Caa3 from B1 and the $276 million first lien second out term loan (SOTL) to Ca from Caa3. The outlook is negative. The downgrades reflect a decline in the estimated recovery value, as Thrasio's EBITDA is projected to remain negative over the next 12 months (based on Moody's definition) including a significant decline in the revenue base and product portfolio due to asset sales and rationalization. Additionally, weaker economic growth and supply chain uncertainties related to trade tariffs diminish the likelihood of producing meaningfully positive EBITDA within a short time period. China is the primary country of origin for Thrasio's products and the company is assessing alternative sourcing depending on tariff developments. A significant decline in the inventory base as part of the product portfolio rationalization has helped fund the negative EBITDA but now leaves the company with a diminished asset base. Moody's views the company's capital structure as unsustainable, with weak liquidity driven by a declining cash balance and anticipated negative free cash flow over the next 12 months. Since Thrasio's products are discretionary and the company operates in highly competitive markets, demand can fluctuate significantly, influenced by promotions and changing consumer preferences. Consequently, EBITDA remains negative despite the company's substantial cost reduction initiatives. The instrument rating downgrades reflect the downgrade of the CFR. The downgrade of the FOTL additionally reflects the potential for a weaker recovery value in the event of a default than anticipated at the time of the original rating assignment. This is driven by a significantly smaller revenue base and product portfolio, and a reduction of the inventory and accounts receivable levels to less than the FOTL principal. RATINGS RATIONALE Thrasio's Ca CFR reflects concerns regarding its ability to achieve positive EBITDA amid significant operational and execution challenges, compounded by weak liquidity, which elevate default risk. The company is actively reducing overhead, consolidating logistics providers, streamlining its product offerings, and enhancing systems and inventory planning to bolster profitability. Although these actions have significantly reduced the revenue base and product portfolio, they are aimed at improving profitability in the long term. Without a revolving credit facility, Thrasio relies on its approximate $70 million cash and restricted cash balance as of March 31, 2025 to fund the cash burn, which is currently reduced by pay-in-kind (PIK) interest. Moody's anticipates that cash resources could be depleted over the coming years if the company does not significantly improve profitability, especially as the first-out term loan (FOTL) may begin to transition to cash interest in June 2025. The significant EBITDA loss in 2024 was in part driven by the product rationalization and liquidating inventory at a loss, and Moody's anticipates the EBITDA losses will diminish in 2025 as portfolio rationalization activity declines. Because the $65 million book value of inventory is now well below the debt, recovery in a default scenario depends on an uncertain ability to transition the company to positive EBITDA. Tariff-related policy uncertainties to the cost structure and consumer spending could complicate the company's sourcing strategies and turnaround efforts. Thrasio has streamlined its portfolio to approximately 40 branded consumer products, developed through a series of acquisitions and primarily sold on Amazon. These products target niche consumer needs within large, competitive categories but each possesses limited scale within their respective market segments. The company aims to grow these brands by expanding marketing efforts and diversifying sales channels beyond Amazon. As of the second quarter of 2025, Nips by Nippies, a brand owned by Thrasio, has launched in CVS, marking its entry into the mass retail market. Thrasio outsources manufacturing, warehousing, and distribution, while focusing its internal capabilities on data-driven pricing, marketing, and inventory management. Sustaining growth and retaining market share for individual brands and the overall portfolio is challenging due to intense competition from large, well-capitalized companies. Moreover, maintaining competitive innovation across the portfolio, crucial for growth and market share stability, requires ongoing investment in product development. Historically, Thrasio has addressed its limitations in this area by pursuing acquisitions to bolster its capabilities. Additionally, effective demand planning and inventory management are essential for generating sustainable profits, particularly challenging given the company's focus on a diverse portfolio of niche products with limited scale. The company's turnaround strategy significantly relies on various operational restructuring initiatives that continue in 2025. These improvements will require several years for full implementation, and successful execution is critical for stabilizing operations. Key restructuring efforts include downsizing the workforce, optimizing supplier relationships, managing inventory surpluses, divesting non-core brands, and adopting more efficient pricing and marketing strategies. However, implementing these initiatives involves considerable challenges in a competitive market. Additionally, there is uncertainty regarding the timeline for these strategic changes. Thrasio's ratings are supported by an innovation focus and a diversified product portfolio. The company operates in a variety of product categories including home, bedding, and personal care. Thrasio is also focused on distribution in the growing omni-channels. Moody's expects Thrasio to maintain weak liquidity over the next 12 months. The company has $70 million of restricted and balance sheet cash as of March 2025 and no committed revolver. Moody's expects that Thrasio will have negative EBITDA and will generate negative free cash flow over the next 12 months. Because free cash flow is likely to be volatile and shift between positive and negative depending on the level of inventory reduction in a particular month, Moody's expects Thrasio to have limited headroom within the $30 million minimum liquidity covenant. The FOTL and SOTL may convert to cash pay beginning in June 2025 subject to a $50 million liquidity threshold. In 2026 and thereafter, interest on the FOTL will be cash pay while cash interest on the SOTL remains subject to the $50 million liquidity threshold. Liquidity will deteriorate if the company is unable to shift to positive EBITDA because there is a limit to the amount inventory can be reduced without negatively affecting order fulfillment, and the first out term loan converts to cash pay. Thrasio's $90 million original principal first lien first out term loan is rated Caa3, one notch above the Ca CFR. This reflects the first out term loan's senior position in the capital structure in regard to payment priority versus the second out term loan. The $276 million original principal first lien second out term loan is rated Ca. The facilities have the same collateral lien position, but the first out term loan has payment priority relative to the second out term loan. When factoring in payment priority, the stronger collateral coverage for the first out term loan enhances recovery relative to the second out term loan in the event of a default. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects Thrasio's weak liquidity and the execution risk to implement an operational turnaround and generate positive EBITDA. The negative outlook also reflects that such a turnaround is necessary to generate positive free cash flow once the term loans transition to cash pay subject to a liquidity threshold. Ratings could be upgraded if the company is able to generate revenue growth and improve its earnings such that EBITDA is sufficiently positive to generate consistent positive free cash flow. The company would also need to maintain adequate liquidity. Ratings could be downgraded if the potential for a distressed exchange or other default increases, or estimated recovery values weaken. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. Thrasio, LLC, founded in 2018 and headquartered in Walpole, MA, is an operator of private third-party Amazon brands with a diverse catalog of products across home, cleaning, outdoor, and other categories. The company's portfolio was built through multiple acquisitions of brands and their underlying businesses that often consisted of limited or singular products. The company estimates its current catalog includes about 40 brands. Thrasio filed for Chapter 11 in February 2024 and emerged from bankruptcy in June 2024. Thrasio generated approximately $630 million of revenue in 2024. TRINITY LEGACY: Seeks Cash Collateral Access Until Aug. 31 ---------------------------------------------------------- Trinity Legacy Consortium, LLC asked the U.S. Bankruptcy Court for the District of New Mexico for authority to use cash collateral from June 1 to Aug. 31. The Debtor requires access to this collateral to meet essential operational expenses, such as payroll, taxes, supplies, utilities, and other routine business costs. Without it, the business would be forced to shut down, causing immediate and irreparable harm to the estate. The Debtor filed for Chapter 11 on Dec. 7, 2022, and has since received 10 prior court-approved cash collateral orders allowing it to operate while restructuring. The Debtor is currently defending against a motion by the U.S. trustee to convert or dismiss the bankruptcy case but intends to proceed with its reorganization plan if successful. The Debtor's principal assets include construction-related inventory, supplies, and equipment. It owes approximately $145,000 to the U.S. Small Business Administration, which holds a broad security interest in its tangible and intangible assets, and approximately $75,000 to Forward Financing, which holds a security interest in future accounts receivable. The Debtor also has over $500,000 in unsecured claims, which it is currently reviewing. The Debtor proposed to continue making monthly payments of $750 to the SBA and $2,000 to Forward Financing, and to maintain their replacement liens on post-petition collateral. It also commits to ongoing financial reporting. About Trinity Legacy Consortium Trinity Legacy Consortium, LLC operates a construction and home building business with locations in Farmington, New Mexico, and Wallowa, Oregon. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 22-10973) on December 7, 2022. In the petition signed by Jan Swift and Jacob Swift, managing members, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Robert H. Jacobvitz oversees the case. Dennis A. Banning, Esq., at NM Financial Law, P.C., is the Debtor's bankruptcy counsel. TRUCK-LITE CO: T. Rowe Marks $4.1 Million 1L Loan at 36% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $4,180,000 loan extended to Truck-Lite Co., LLC to market at $2,673,000 or 64% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Truck-Lite Co., LLC. The loan accrues interest at a rate of 10.04% per annum. The loan matures on February 13, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Truck-Lite Co., LLC Truck-Lite is a global leader in commercial transportation safety lighting. TRUCK-LITE CO: T. Rowe Marks $4.1 Million 1L Loan at 93% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $4,187,000 loan extended to Truck-Lite Co., LLC to market at $279,000 or 7% of the outstanding amount, according to T. Rowe's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Truck-Lite Co., LLC. The loan accrues interest at a rate of 10.05% per annum. The loan matures on February 13, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Truck-Lite Co., LLC Truck-Lite is a global leader in commercial transportation safety lighting. TWENTY EIGHT: Gets OK to Use Cash Collateral Until June 30 ---------------------------------------------------------- Twenty Eight Hundred Lafayette, Inc. received another extension from the U.S. Bankruptcy Court for the District of New Hampshire to use its secured creditors' cash collateral. The order signed by Judge Kimberly Bacher authorized the company's interim use of up to $274,677.49 in cash collateral for the period from June 1 to 30 to pay the expenses in accordance with its budget. Secured creditors including Enterprise Bank & Trust, Rockingham Economic Development Corp. and the U.S. Small Business Administration were granted replacement liens on property held as collateral. As further protection, Twenty Eight Hundred Lafayette was ordered to make monthly payments of $3,156.11 to SBA, $3,232.12 to Enterprise Bank & Trust, and $1,509.26 to Rockingham. The next hearing is scheduled for June 25. About Twenty Eight Hundred Lafayette Established in 1992, Twenty Eight Hundred Lafayette, Inc. is a seafood restaurant with locations in Epping, Portsmouth, Salem, and North Hampton (seasonal) in New Hampshire. It conducts business under the names The Beach Plum 2 Portsmouth and The Beach Plum 3 Epping. Twenty Eight Hundred Lafayette filed Chapter 11 petition (Bankr. D.N.H. Case No. 25-10046) on January 27, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Kimberly Bacher handles the case. Eleanor Wm. Dahar, Esq., at Victor W. Dahar Professional Association is the Debtor's legal counsel. Enterprise Bank & Trust, as secured creditor, is represented by: Patricia J. Ballard, Esq. Preti, Flaherty, Beliveau & Pachios, PLLP P.O. Box 1318 Concord, NH 03302-1318 (603) 410-1500 pballard@preti.com VISTA PARTNERS: Seeks to Hire James G. Murphy Co as Auctioneer -------------------------------------------------------------- Vista Partners Inc. filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of Oregon to hire James G. Murphy Co., Inc. as auctioneer. The auctioneer will sell at public auction the goods generally described as items from Newood Display Fixture Mfg. Company. The firm will not receive a commission. Additionally, the auctioneer will charge a 13 percent buyer's premium on all goods sold. Colin Murphy, a member of James G. Murphy Inc., 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: Colin Murphy James G. Murphy Inc. Commercial/Industrial/Real Estate Auctioneers Appraisals/Liquidations 3803 136th St. NE Marysville, WA 98271 Phone: (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. WASSERMAN MEDIA: S&P Assigns 'BB-' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issuer credit rating to U.S.-based global sports, music, entertainment and marketing services company Wasserman Media Group, LLC. S&P said, "We also assigned a 'BB-' issue level rating and '3' recovery rating to the proposed debt. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. "The stable outlook reflects our expectation for strong demand trends to support continued organic revenue growth in the mid-single-digit percent area, which combined with stable EBITDA margins in the 16%-18% range and strong cash flow support deleveraging to below the 4.5x area in 2025. "Our 'BB-' issuer credit rating reflects Wasserman's solid growth trends and strong market position. In 2024, Wasserman's sports talent representation segment generated $266 million in revenue, representing 29% of its total net revenue and making it the second-largest sports talent agency behind CAA Holdings Inc. (B+/Stable/--), which generated $578 million in 2024. Wasserman manages the careers of more than 4,500 athletes, broadcasters, coaches, and sports executives across six continents and every major global sport. The company maintains market leading positions in team sports (e.g., basketball, baseball, NFL, hockey, women's basketball), global soccer (U.K. and European football, U.S. men and women), golf, and action sports. The company also ranks among the top five sports agencies in Major League Baseball, the National Basketball Association, National Hockey League, and National Football League. "In our view, the sports talent representation has some of the best growth prospects and faces less volatility due to the strong improvement with professional sports leagues and multiyear media rights deals that increase at a predictable pace. Wasserman's large exposure to sports has enabled it to rapidly expand as it deepens its relationships with talent and broadens its roster of clients. Wasserman has been at the forefront of expansion in women's sports and amateur sports (college and high school), which benefit as new name, image, and likeness rules create opportunities to represent athletes earlier in their careers." Wasserman has pursued mergers and acquisitions to diversify into new markets and broaden its client services. Over the past several years, these include music and entertainment with Paradigm's music division (2021-2022) and Brillstein Entertainment Partners (acquired in 2023). These transactions significantly broadened Wasserman's business operations, client roster, and expertise in film, television, and music. At the same time, the company has expanded its Brands and Properties segment (45% of total revenue), which includes strategic consulting, experiential, and creative (31% of total revenue), rights sales (7% of total revenue), and live event services (7% of total revenue). This further diversified its revenue and client base and provided a strong platform for growth. The company continues to build share in these high-growth end markets. The broader entertainment industry has similar prospects, though not as robust as sports. This diversification should insulate Wasserman from potential volatility and allow it to better compete with larger peers. Talent monetization is less siloed and can be exploited across multiple platforms and sectors. Wasserman remains smaller than its peers, CAA and Endeavor, which use their large suites of offerings as a competitive advantage. S&P favorably views Wasserman continuing to make acquisitions to broaden its capabilities and offerings though recognize that it could increase leverage periodically when a portion of the acquisitions are debt-financed. S&P said, "We do not consider Wasserman to be a financial sponsor-controlled company. Founder and CEO Casey Wasserman maintains control of the company's voting shares, despite Providence Equity Partners owning a significant stake in the company. Under this structure, Providence does not have control to dictate financial policy or make decisions unilaterally. Additionally, Wasserman's target net first-lien leverage ratio is about 3.6x, which equates to 4.2x-4.5x on an S&P Global Ratings-adjusted net basis. We do not expect the company will pursue debt-funded acquisitions that increase net leverage above 4x on a sustained basis, based on stable free operating cash flow (FOCF) generation, the company's preference for small, tuck-in mergers and acquisitions and access to an additional committed equity line, committed by Providence. "We expect Wasserman will maintain S&P Global Ratings-adjusted net leverage in the low-4x area over the long term. As of March 31, 2025, its S&P Global Ratings-adjusted net leverage was around 4.1x. We estimate that will increase to the 4.5x area pro forma at transaction close. We view this as temporary and expect adjusted leverage will decline to the low-4x area by year-end 2025, with further deleveraging to the high-3x area in 2026 as the company uses FOCF to repay outstanding revolver borrowings. We believe Wasserman will remain acquisitive, focusing on small, tuck-in acquisitions funded with a combination of FOCF and cash on the balance sheet. We expect it to maintain leverage below 4.5x over the longer term." S&P makes these adjustments to arrive at its pro forma S&P Global Ratings-adjusted net debt figure (post transaction close): -- Total reported debt: $715 million -- Plus reported lease liabilities: $100 million -- Plus contingent consideration payments and deferred purchase price: $23 million -- Less accessible cash balance: $18 million -- S&P nets 50% of gross available cash balance from its calculation. S&P makes these adjustments to arrive at our pro forma S&P Global Ratings-adjusted EBITDA (post transaction close): -- Total Reported EBITDA -- Plus operating lease adjustment rent: $32 million -- Plus stock compensation expense: about $2 million The stable outlook on Wasserman reflects our expectation for strong demand trends to support continued organic revenue growth in the mid-single-digit percent area, which combined with stable EBITDA margins of 16%-18% and strong cash flow support deleveraging to below 4.5x area in 2025. S&P could lower its rating on Wasserman over the next 12 months if S&P Global Ratings-adjusted leverage remains above 4.5x on a sustained basis. This could occur if: -- Adjusted EBITDA margins and cash flow weaken due to higher operating costs and delayed contributions from recent acquisitions; or -- The company pursues a more aggressive financial policy, which could include large debt-funded acquisitions that are not immediately accretive, with leverage rising above 4.5x and remaining there. S&P could raise its rating on Wasserman over the next 12 months if it: -- Reduces S&P Global Ratings-adjusted leverage below 3.5x. on a sustained basis; and -- Further improves revenue diversification and scale. WATER'S EDGE: Plan Exclusivity Period Extended to July 21 --------------------------------------------------------- Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts extended Water's Edge Limited Partnership's exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 21 and September 16, 2025, respectively. As shared by Troubled Company Reporter, since the filing of the Chapter 11 Case, the Debtor has engaged in extensive negotiations with multiple parties interested in acting as a plan sponsor and/or joint venture partner to fund payment to creditors under a Plan and the necessary repairs and renovations to the Property. The Debtor continues to engage with this potential partner and is in discussions with several other interested parties. The various proposals under consideration by the Debtor provide for creditors to be paid the allowed amounts of their claims in full except as otherwise agreed and for the capital needed to repair and renovate the Property. The Debtor explains that it has made substantial progress with respect to the formulation of its plan of reorganization. The Debtor's revenues from the rent collected have been as projected and its operating expenses have been with few exceptions at or below projections and are below budget on a cumulative basis. Water's Edge Limited Partnership is represented by: Kathleen R. Cruickshank, Esq. MURPHY & KING Professional Corporation 28 State Street, Suite 3101 Boston, MA 02109 Tel: (617) 423-0400 About Water's Edge Limited Partnership Water's Edge Limited Partnership is primarily engaged in renting and leasing real estate properties. Water's Edge Limited Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on Dec. 5, 2024. In the petition filed by Evelyn M. Carabetta, authorized representative, the Debtor estimated assets and liabilities between $10 million and $50 million. Bankruptcy Judge Christopher J. Panos handles the case. The Debtor tapped David Frye, Esq., at Russo, Frye & Associates, LLP as counsel and Verdolino & Lowey, PC as financial advisor. WEST PROPERTIES: Hires Newman & Newman as Bankruptcy Counsel ------------------------------------------------------------ West Properties LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire Newman & Newman as counsel. The firm will provide these services: a. advise and consult with the debtor-in-possession regarding questions arising from certain contract negotiations which will occur during the operation of business by the Debtor-in-possession; b. evaluate and attach claims of various creditors who may assert security interests in the assets and who may seek to disturb the continued operation of the business; c. appear in, prosecute, or defend suits and proceedings, and take all necessary and proper steps and other matters and things involved in or connected with the affairs of the estate of the Debtor; d. represent the applicant in court hearings and assist in the preparation of contracts, reports, accounts, petitions, applications, orders and other papers and documents as may be necessary in the bankruptcy proceeding; e. advise and consult with the Debtor in connection with any reorganization plan which may be proposed in the proceeding and any matters concerning applicant which arise out of or follow the acceptance or consummation of such reorganization or its rejection; and f. perform such other legal services on behalf of the Debtors as they become necessary in the bankruptcy proceeding. The firm will be paid $350 per hour for J. Walter Newman IV, and $150 per hour for legal assistants. Newman & Newman will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $12,500 plus $1,738 filing fee. J. Walter Newman IV, Esq., a partner at Newman & Newman, 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. Walter Newman IV, Esq. Newman & Newman 587 Highland Colony Parkway Ridgeland, MS 39157 Tel: (601) 948-0586 Email: wnewman95@msn.com About West Properties LLC West Properties LLC is a real estate company based in Holly Springs, Mississippi. West Properties LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11305) on April 24, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jason D. Woodard handles the case. The Debtor is represented by J. Walter Newman, IV, Esq. at NEWMAN & NEWMAN. WILLIAM H. ZIEGENBALG: Gets Extension to Access Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina issued its fourth interim order extending William H. Ziegenbalg, V. Agency, LLC's authority to use cash collateral. The fourth interim order authorized the company to use cash collateral until July 8 to pay its operating expenses. The company's budget projects total operational expenses of $9,131.91 from May 26 to June 26. Wintrust Agent Finance, a division of Lake Forest Bank & Trust Company, N.A., and other secured creditors were granted a replacement lien on and security interest in all assets of the company. As additional protection, Wintrust will receive payment of $5,571.51. The next hearing is scheduled for July 8. About William H. Ziegenbalg, V. Agency William H. Ziegenbalg, V. Agency LLC is an insurance agency specializing in the sale and management of Allstate Insurance products under an R3001 Agreement. William H. Ziegenbalg, V. Agency sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00531) on February 13, 2025. In its petition, the Debtor reported total assets of $597,892 and total liabilities of $2,313,083. Richard P. Cook, Esq., at Richard P. Cook, PLLC is the Debtor's legal counsel. Lake Forest Bank & Trust Co., as secured creditor, is represented by: Brian D. Darer, Esq. Parker Poe Adams & Bernstein LLP 301 Fayetteville Street, Suite 1400 Raleigh, NC 27602 Telephone: (919) 828-0564 briandarer@parkerpoe.com WORTHY'S RUN: Seeks Cash Collateral Access ------------------------------------------ Worthy's Run Furniture, LLC asked the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, for authority to use cash collateral. The Debtor earns approximately $27,875 per month and has generated about $275,000 in revenue so far in 2025. Its assets, valued at around $30,000, include cash, equipment, and materials, most of which are subject to a lien held by Middletown Valley Bank under pre-petition loan agreements and recorded UCC financing statements. The Debtor requested authorization to use cash collateral -- both cash on hand and future receivables -- which may be encumbered by Middletown Valley Bank's lien. The Debtor argued that using these funds is essential to maintain operations, meet expenses, and preserve the business as a going concern. It proposed granting the bank a replacement lien of equal priority as adequate protection. The Debtor estimated monthly operating costs of about $24,500 and emphasized that continued operations will preserve or increase the value of the collateral. Without access to cash collateral, it would be unable to pay employees or critical expenses, causing irreparable harm to the business and creditors. The Debtor asserted that the bank is adequately protected by the totality of its assets and ongoing revenue. About Worthy's Run Furniture Worthy's Run Furniture, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-14820) on May 28, 2025. In the petition signed by Todd A. Gladfelter, sole member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. David Cahn, Esq., at Law Office of David Cahn, LLC, represents the Debtor as bankruptcy counsel. WT REPAIR: Seeks to Hire Evans & Mullinix as Bankruptcy Counsel --------------------------------------------------------------- WT Repair LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Evans & Mullinix, P.A. to handle its Chapter 11 case. The firm will be paid at these hourly rates: Colin N. Gotham $350 Paralegals $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor a retainer in the amount of $16,000 plus the filing fee of $1,738. Colin Gotham, Esq., a partner at Evans & Mullinix, 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: Colin N. Gotham, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About WT Repair LLC WT Repair LLC is an independently owned used equipment dealer and service shop based in Beloit, Kansas. The Company specializes in buying, selling, and servicing farm machinery, including tractors, harvesters, and used trucks. WT Repair is also a full-line dealer for Bush Hog, Farm King, MacDon, Geringhoff, Quicke, Kelly Ryan, and HyGrade. WT Repair LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20636) on May 15, 2025. In its petition, the Debtor reports total assets of $3,084,713 and total liabilities of $3,196,953. Honorable Bankruptcy Judge Dale L. Somers handles the case. The Debtors are represented by Colin Gotham, Esq. at EVANS & MULLINIX, P.A. WW INTERNATIONAL: Court Approves Common Stock Transfer Protocol --------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware entered a final order establishing procedures with respect to transfers in the beneficial ownership of shares of common stock of WW International Inc. and its debtor-affiliates. In certain circumstances, the procedures restrict transactions involving, and require notices of the holdings of and proposed transactions by, any person, group of persons, or entity that either (i) is a Substantial Stockholder of the Common Stock or (ii) as a result of such a transaction, would become a Substantial Stockholder of the Common Stock. For purposes of the procedures, a "Substantial Stockholder" is any person or entity that beneficially owns at least 3,813,315 shares of Common Stock. Any prohibited acquisition or other transfer of Common Stock will be null and void ab initio and may lead to contempt, compensatory damages, punitive damages, or sanctions being imposed by the Bankruptcy Court. The procedures, as approved on an interim basis and as requested on a final basis, are available on the website of Kroll Restructuring Administration LLC, the Debtors' Bankruptcy Court-approved claims agent, located at https://restructuring.ra.kroll.com/WeightWatchers, and on the docket of the Chapter 11 Cases, Docket No. 61, which can be accessed via PACER at https://pacer.gov. The requirements set forth in the Procedures are in addition to the requirements of applicable securities, corporate, and other laws and do not excuse noncompliance therewith. About WW International Inc. WW International, Inc. provides weight control programs. It offers subscriptions for commitment plans that give their clients access to meetings and online subscriptions and give their members guidance and access to a supportive community to help enable them for healthy habits. WW International filed Chapter 11 petition (Bankr. D. Del. Case No. 25-10829) on May 6, 2025. In the petition signed by Felicia DellaFortuna, chief financial officer, the Debtor disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by Christin Cho, Esq. and Simon Franzini, Esq., at Dovel & Luner, LLP. WYATT RESTAURANT: Unsecureds Owed $970K to Get 2% over 3 Years -------------------------------------------------------------- Wyatt Restaurant Group, LLC, submitted a Third Amended Plan of Reorganization for Small Business under Subchapter V dated May 9, 2025. The Debtor's financial projections show that the Debtor will have projected disposable income that is sufficient to pay creditors holding allowed secured and priority unsecured claims while maintaining a minimal and necessary level of liquidity and/or working capital. This Plan proposes to pay certain creditors of the Debtor, from cash flow from future earnings. The Debtor intends to keep the assets disclosed within its bankruptcy schedules, except for the assets surrendered herein the Plan. The Debtor rejects the leases at the facilities in Opp and Ozark, Alabama. The Debtor does not intend to liquidate or dispose of any property; however, if disposition or liquidation of property becomes necessary for a successful reorganization, the Debtor will undertake such necessary disposition or liquidation. Pawnee Leasing Corporation filed Proof of Claim number 3 in the amount of $44,289.79 and represented that said claim is fully secured by a lien against a Ultrafryer Systems Chicken Fryer, Ultrafryer Systems Shortening Disposal Line Quick Connect Flexible, Ultrafryer Systems Fryer Filter and Dormont Manufacturing Safety System Moveable Gas Connector ("Claim #3"). Claim #3 is treated as secured in the amount of $32,500.00. The unsecured portion of Claim #3 in the amount of $11,789.79 is accounted for within Class 3. Upon confirmation of this Plan, the secured claim will be paid in full at $32,500.00, at a fixed interest rate of 6.00% per annum, in equal monthly installments of $628.32 for a period of sixty months, or until the secured claim is satisfied in full. To the extent that Pawnee received any post-petition pre-confirmation adequate protection and/or payments from the Debtor, Pawnee shall reduce the balance of its secured claim by the amount of said payments. Once this secured claim is satisfied in full as provided in this Plan, Pawnee shall release its lien on the aforementioned collateral and the Debtor will be released from any and all further liability as to the obligations set forth within Claim #3. Class 3 consists of Non-Priority Unsecured Creditors. The allowed unsecured claims total $969,817.27. Upon confirmation of this Plan, the creditors holding the aforesaid allowed, nonpriority unsecured claims will receive a total distribution of 2% of said claim amount, with said distribution to be divided into five equal payments, with a payment due on each the first through fifth anniversary dates of the Effective Date. Once these allowed non priority unsecured claims are paid as provided in this Plan, the Debtor shall be released from any and all further liability on these claims. The restructuring shall be effective as of the Effective Date, with payments to be made as set forth herein above. The Debtor shall be allowed a ten-day grace period within which to remit these payments. The Debtor can satisfy these distributions at any time without penalty or unaccrued interest. Upon payment and receipt of the final distribution amount specified in this Plan, the unsecured claims shall be deemed paid and satisfied in full. Lease Cure Payment(s): * T&P Properties, LLC, Milton, Florida: Tim and Stephanie Wyatt, in their individual capacities, have reached an agreement whereby T&P Properties, LLC has agreed to accept a promissory note from the Wyatts for the lease arrears in the amount of approximately $22,392.00; and, in exchange, T&P Properties, LLC has agreed to deem the Debtor current with its obligations under the subject lease up through and including May 2025. The agreement reached with T&P Properties, LLC is limited to the lease arrears discussed herein and does not affect the Debtor's remaining obligations with respect to the subject lease. Upon confirmation of this Plan, the Debtor's obligations to T&P Properties, LLC, with respect to lease arrears, will be deemed satisfied up through and including May 2025. * McGuire Group, LLC, Brewton and Andalusia, Alabama: Tim and Stephanie Wyatt, in their individual capacities, have reached an agreement whereby McGuire Group, LLC has agreed to accept a promissory note from the Wyatts for the lease arrears in the amount of approximately $16,053.00; and, in exchange, McGuire Group, LLC has agreed to deem the Debtor current with its obligations under the subject lease up through and including May 2025. The agreement reached with McGuire Group, LLC is limited to the lease arrears discussed herein and does not affect the Debtor's remaining obligations with respect to the subject lease. Upon confirmation of this Plan, the Debtor's obligations to McGuire Group, LLC, with respect to lease arrears, will be deemed satisfied up through and including May 2025. * Khuram Changi, Enterprise, Alabama: Tim and Stephanie Wyatt, in their individual capacities, have reached an agreement whereby Khuram Changi has agreed to accept a promissory note from the Wyatts for the lease arrears in the amount of approximately $6,827.00; and, in exchange, Khuram Changi has agreed to deem the Debtor current with its obligations under the subject lease up through and including May 2025. The agreement reached with Khuram Changi is limited to the lease arrears discussed herein and does not affect the Debtor's remaining obligations with respect to the subject lease. Upon confirmation of this Plan, the Debtor's obligations to Khuram Changi, with respect to lease arrears, will be deemed satisfied up through and including May 2025. The Debtor will retain its property (excepting the surrendered collateral identified herein, if any), subject to the encumbrances and liens thereon as provided herein, which will allow the Debtor to operate its business, earn revenue pay its creditors holding priority, secured and unsecured claims from future earnings derived from such operations. As applicable and necessary, the Debtor submits all or such required amount of its future earnings or other future income as is necessary to effectuate the execution of this Plan. A full-text copy of the Third Amended Plan dated May 9, 2025 is available at https://urlcurt.com/u?l=Xl6Rw1 from PacerMonitor.com at no charge. Counsel to the Debtor: Anthony B. Bush, Esq. The Bush Law Firm, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Telephone: (334) 263-7733 Facsimile: (334) 832-4390 Email: anthonybbush@yahoo.com About Wyatt Restaurant Group Wyatt Restaurant Group is a privately held full-service restaurant in Montgomery, Ala. Wyatt Restaurant Group filed voluntary Chapter 11 petition (Bankr. M.D. Ala. Case No. 24-31689) on July 31, 2024, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Stephanie Leigh Wyatt as member. Judge Bess M Parrish Creswell presides over the case. Anthony Brian Bush, Esq., at The Bush Law Firm, LLC, is the Debtor's counsel. [] BOOK REVIEW: Dynamics of Institutional Change ------------------------------------------------ Dynamics of Institutional Change: The Hospital in Transition Authors: Milton Greenblatt, Myron Sharaf, and Evelyn M. Stone Publisher: Beard Books Softcover: 288 pages List Price: $34.95 Review by Henry Berry Order your personal copy today at http://beardbooks.com/beardbooks/dynamics_of_institutional_change.html Like many other private-sector and public institutions in modern society, hospitals are regularly undergoing change. The three authors of this volume have been leaders in change at Boston State Hospital, a large public mental hospital, that serves as the test case for the experienced advice and hard-earned lessons found in this work. With their academic and professional backgrounds, the three authors combined offer an incomparable fund of knowledge and experience for the reader. In keeping with their positions, they focus on the position and the role of the leaders of institutional change. They do not recommend any particular choices, direction, or outcome. They do not presume to know what is the best for all institutions, or to understand the culture, realities, goals, or values of all institutions. They do not even presume to know what is best or desirable for hospitals, the institution with which they are most familiar. Instead, the authors direct their attention to "the problems hampering change and the gains and losses of one or another strategy of change." In relation to this, they are "more concerned with the study of process than with outcome." By not recommending specific policies or arguing for specific values or goals, the authors make their book relevant to all institutions involved in change, but particularly public-health institutions. All of the subjects are dealt with from the perspective of top executives and administrators. Among the subjects taken up are not only the staff and structure of the institution, specifically the medical institution, but also consultants, volunteers, local communities, and state and federal government agencies. The detail given to each subject goes beyond the administrator's relationship to it to discussion concerning the relationship of lower-level employees with the subject. This relationship of lower-level employees has everything to do with how change occurs within the institution, and often whether it occurs. The authors go into such detail because they understand that the performance and goals of top administrators are affected by everything that goes on within heir institution, and often by much that goes on outside of it. For example, the authors begin the subject of volunteers by defining three types of volunteers: volunteers from organizations, student or independent volunteers, and government-appointed or statutory volunteers. Volunteers of whatever type can cause anxiety, resistance, and even resentment among regular staff of an institution. Volunteers are not simply "free help," but require administration, training, and oversight -- which can distract regular employees from work they consider more important and interesting, and use up departments' resources. The transitional nature of volunteers, their ignorance of institutional and occupational concerns of the regular staff, and their lack of professionalism can cause disruptions and personnel problems in parts of an institution. The authors advise the top administrators, "The intrusive evangelism of student volunteers can be threatening not only to professional supervisors, but to the entire hospital staff as well, from the attendant to the top administrator." While recognizing the problems which may be caused by volunteers, especially younger ones, the authors point out the worth of volunteers to the hospital despite the potential problems they bring. Overall, the different types of volunteers "improve the physical and social environment" of the workplace, "make direct and beneficial contacts with chronic patients," and often "establish true innovations." After discussing the pros and cons of volunteers and providing detailed guidance on how to manage volunteers so as to minimize potential problems, the authors advise the administrator and his or her staff how to regard volunteers. "Both staff and administrator must constantly keep in mind that volunteers are not personally helping them [word in italics in original], but are helping the patients or the community." Along with the technical management and administrative guidance, such counsel is clearly relevant and important in keeping perspective on the matter of volunteers. The treatment of volunteers in a medical institution exemplifies the comprehensive, empathetic, and experienced treatment of all the subjects. Personnel -- whether professional, clerical, service, or volunteer -- is obviously a major concern of any institution and change in it. The structure of an institution is another crucial concern. This is addressed under the heading "decentralization through unitization." In the context of a large public medical facility, decentralization "involves breaking up the institution into semiautonomous units . . . ; each of which is like a small community health center in that it is responsible for serving a specific part of the community." As with the subject of volunteers, the authors treat this subject of the structure of the institution by examining its various sides, discussing related personnel and administrative matters, relating instructive anecdotes from their own experience, and in the end, offering relevant and practical advice and actions whose sense is apparent to the reader by this point. Recognizing that the authors have faced many of the same situations, decisions, pressures, challenges, and aims as they have, top hospital and public-health administrators will no doubt adopt many of the authors' recommendations for managing the process of change. The content of the book as well as its style (which is obviously meant to be helpful, sympathetic, and realistic) offers the reader not only resolutions, but also encouragement. The top hospital administrators and their staff, who are the main audience for "Dynamics of Institutional Change," will not find a better study and handbook to help them through the changes their institutions are being called upon to undergo to deal with the health concerns and problems of today's society. Milton Greenblatt, M.D. was Commissioner of the Massachusetts Department of Mental Health, Professor of Psychiatry at Tufts University School of Medicine, and Lecturer in Psychiatry at Harvard Medical School and Boston University School of Medicine. Myron R. Sharaf, Ph. D. was Associate Area Director of Boston State Hospital and Assistant Professor of Psychology at Tufts University School of Medicine. Evelyn M. Stone served as Executive Editor for the Massachusetts Department of Mental Health. [] Hilco Adds Two Executives to Cybersecurity & Geopolitical Units ------------------------------------------------------------------ Hilco Global, a diversified financial services advisory and investment company, announced the appointment of two distinguished executives -- Hon. Patrick J. Murphy as Chairman of the Hilco Global Geopolitical Unit and Alexander Niejelow as CEO of Hilco Global Cyber Advisors. These appointments mark the launch of two transformative business units designed to provide clients with critical insight and strategic resilience amid evolving global challenges. "Hilco Global is thrilled to welcome Patrick Murphy and Alexander Niejelow to our leadership team," said Jeffrey B. Hecktman, Executive Chairman, CEO, and Founder of Hilco Global. "Their unparalleled expertise will drive the expansion of our capabilities in both geopolitical and cyber advisory, enabling our clients to navigate complex risks with confidence and precision." Mr. Hecktman added, "this move represents a significant step forward in our commitment to expanding our professional services team through innovation and client-centric solutions." Mr. Murphy brings a wealth of experience as an attorney and from his distinguished public service career, including serving as the 32nd United States Under Secretary of the Army and as the first Iraq War veteran elected to the U.S. House of Representatives. His leadership will spearhead the launch of the Hilco Global Geopolitical Unit, a new business unit dedicated to equipping clients with expert insights and practical guidance on global developments. "Joining Hilco Global is an exciting opportunity to help clients turn geopolitical complexity into strategic advantage," said Mr. Murphy. "Our mission at the Hilco Global Geopolitical Unit is to deliver actionable intelligence that empowers clients to anticipate, adapt, and thrive in an increasingly unpredictable world." The Hilco Global Geopolitical Unit will bring together a team of geopolitical experts, senior advisors, and subject-matter specialists to help organizations navigate evolving global risks and opportunities. The unit will offer tailored services, including client-commissioned research, quarterly long-form publications, just-in-time briefings, and annual outlook reports. On-call advisory support will ensure clients are prepared to respond to emerging developments and make informed strategic decisions. By embedding geopolitical intelligence into decision-making, the Hilco Global Geopolitical Unit will help clients manage risks, seize opportunities, and strengthen market positioning. This new practice will serve as a key pillar in Hilco Global's broader commitment to delivering differentiated insights and strategic solutions. Mr. Niejelow joins Hilco Global with formidable experience in cybersecurity and digital policy, including senior leadership roles at Mastercard, the White House's National Security Council, and New York Department of Financial Services. His leadership will bring to market Hilco Global Cyber Advisors, a dedicated business addressing the rising strategic risks of cyber threats faced by middle-market companies. "Hilco Global Cyber Advisors is a dedicated cybersecurity advisory practice focused on empowering Middle Market companies to thrive in today's digital economy by delivering expert, end-to-end cybersecurity advisory services," said Mr. Niejelow. "Our team brings decades of experience and an unmatched network to help businesses strengthen security, drive resilience, and unlock growth." Hilco Global Cyber Advisors will offer a full spectrum of services, including risk assessments, strategy development, M&A cyber due diligence, board advisory and a strategic investment arm. The practice will also integrate geopolitical considerations into cyber risk strategies, ensuring a comprehensive approach to client resilience. "Patrick and Alexander are true leaders in their fields," added Mr. Hecktman. "With their leadership, Hilco Global will not only navigate but shape the future of geopolitical and cyber advisory services. Our clients will benefit from timely, actionable insights and robust strategies that are vital in an increasingly complex and digital world." These strategic appointments and the launch of Hilco Global Geopolitical Unit and Hilco Global Cyber Advisors exemplify Hilco Global's commitment to providing clients with expert-led, actionable solutions. With Mr. Murphy's distinguished service record and Mr. Niejelow's deep private and public sector experience, Hilco Global is poised to deliver unprecedented value in today's dynamic financial and risk landscape. About Hilco Global Hilco Global -- http://www.hilcoglobal.com-- is a privately held diversified financial services company and the world's preeminent authority on maximizing the value of assets. Hilco delivers customized solutions to undervalued, high-potential companies to resolve complex situations and enhance long-term enterprise value. The firm delivers a unique blend of restructuring and principal investing (both equity and credit) solutions across the retail, commercial industrial, real estate, manufacturing, brand, and intellectual property sectors. For 38 years, Hilco Global has operated as a holding company comprised of more than twenty specialized business units that act as an advisor, agent, or principal in any transaction. Currently, the company has $3 Billion in assets under management. Hilco Global is based in Northbrook, Illinois and has more than 900 professionals operating on five continents. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***