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250609.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, June 9, 2025, Vol. 29, No. 159 Headlines 1 SANDPIPER LLC: Hires Bradford Law Offices as Counsel 22ND CENTURY: Director Anthony Johnson to Resign Effective July 15 22ND CENTURY: Joseph Reda, SEG Opportunity Fund Hold 9.9% Stake 22ND CENTURY: Modifies JGB SPA Terms with Conversion Price Reset 615 N. UPPER BROADWAY: Case Summary & 20 Top Unsecured Creditors A GRANDE PROMOTION: Court Extends Cash Collateral Access to July 31 ACRISURE LLC: Moody's Rates New $1.6BB First Lien Term Loan 'B2' ADVANCE TRANSIT: To Sell Darby Township Property to A. Marinelli ADVANCED SYSTEMS: Hires Law Office of Mark S. Roher as Counsel ADVANTAGE SOLUTIONS: S&P Alters Outlook to Neg., Affirms 'B' ICR AKIN MEARS: Court OKs Permanent Seal Licenses Sale to Jeff Newman ALIGNED MEDICAL: Court Extends Cash Collateral Access to June 30 ANCIOM LLC: Seeks to Hire My Ideal CFO as Accountant ANNALEE DOLLS: Court Extends Cash Collateral Access to June 30 APPLIED DNA: Six Directors Elected at Annual Meeting APPLIED POWDERCOAT: Case Summary & 20 Largest Unsecured Creditors ASCENT RESOURCES: Moody's Rates New Sr. Unsec. Notes Due 2033 'B1' ASURION LLC: Moody's Rates New $1BB First Lien Term Loan 'Ba3' ATLANTIC NATURAL: Hires Stone Pigman Walther as Special Counsel AVONDALE CAPITAL: Maricopa Property Sale to Covenant Int'l OK'd BABCOCK & WILCOX: Court Rules on Deposition Designation Objections BALKAN EXPRESS: To Sell Truck Terminal to CanTex Re for $4MM BEARSVILLE LLC: Hires William S. Gannon PLLC as Counsel BECKHAM JEWELRY: Hires Rollins Law Firm PLLC as Counsel BENNY AND MARYS: Case Summary & 17 Unsecured Creditors BERNARD L. MADOFF: Trustee Secures $498M Recovery from LIF Fund BRADYIFS HOLDINGS: T. Rowe Marks $918,000 1L Loan at 79% Off BREWER MACHINE: Hires Harlin Parker Attorneys at Law as Counsel BROWN & BROWN: Seeks to Hire Haynie & Company as Accountant BURLINGTON COAT: Moody's Rates New $500MM Secured Term Loan 'Ba1' CAPSTONE CONSULTING: Court OKs Logan Property Sale CFMS TEXAS: Seeks Chapter 11 Bankruptcy in Texas CHESAPEAKE ENERGY: Dismissed from Two Access Midstream Cases CHG US: Seeks To Sell Restaurant Business at Auction CIMG INC: Nasdaq Issues New Notice for Delayed 10-Q Filing CIRCANA GROUP: T. Rowe Marks $1.5 Million 1L Loan at 89% Off CIRCANA GROUP: T. Rowe Marks $1.5 Million 1L Loan at 89% Off CLEAN ENERGY: Closes $104K Convertible Note and Stock Sale to Lucas CLIFFWOOD DEVELOPMENT: Hires Christie's as Real Estate Broker COGENT COMMUNICATIONS: Moody's Rates New $600MM Secured Notes 'Ba2' COLONIAL MILLS INC: Court Extends Cash Collateral Access to June 30 CPIF LA ARTS: Hires Cushman & Wakefield as Real Estate Broker CTF CHICAGO: Court Extends Cash Collateral Access to June 30 D TUR HOTEL: Case Summary & 20 Largest Unsecured Creditors D&D BUYER: T. Rowe Marks $1.9 Million 1L Loan at 70% Off D&D BUYER: T. Rowe Marks $4.5 Million 1L Loan at 33% Off DATAVAULT AI: Michael Fazio Holds 7.8% Equity Stake DENALI MIDCO: T. Rowe Marks $9.8 Million 1L Loan at 75% Off DIGITAL ALLY: Swings to $4.3M Net Income in Q1 2025 DOC VENTURES: Gets Court OK to Use Cash Collateral DOG ROBBER: Case Summary & 20 Largest Unsecured Creditors DOTDASH MEREDITH: Moody's Rates New Senior Secured Term Loan 'B2' DRIP MORE: Seeks to Hire Adam Hurst as Broker ELK CREEK: Unsecured Creditors to be Paid in Full in Plan ENVELOPE MART: Gets Interim OK to Use Cash Collateral Until June 20 EVERYTHING CREATIVE: Hires Bravo Law APC as Legal Counsel EVOKE PHARMA: Directors Elected, BDO Retained at Annual Meeting EXELA TECHNOLOGIES: Wants to Stop IRS from Collecting $6MM Back Tax FERRELLGAS PARTNERS: S&P Downgrades ICR to 'CCC', Outlook Negative FINANCE OF AMERICA: Six Directors Elected at Annual Meeting FIRST BANCORP: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable FIRST CLASS: Gets Extension to Access Cash Collateral FLEXSYS INC: Moody's Appends LD to Caa2-PD Prob. of Default Rating FR VISION: T. Rowe Marks $5.7 Million 1L Loan at 58% Off GI APPLE: T. Rowe Marks $1.3 Million 1L Loan at 43% Off GI APPLE: T. Rowe Marks $1.8 Million 1L Loan at 88% Off GLASS MANAGEMENT: Court Extends Cash Collateral Access to June 30 GLIDE LOGISTICS: Gets OK to Use Cash Collateral Until July 31 GLOBAL SUPPLIES: Court Extends Cash Collateral Access to July 17 GLOBAL TECHNOLOGIES: H. Wyatt Flippen Named New Board Chair GOL LINHAS: Gol Investments Buys Co.'s Material Shareholding GROUPE SOLMAX: Moody's Cuts CFR to 'Caa1', Outlook Stable HALL LABS: Committee Hires Kirton McConkie as Counsel HANDLOS FINISHING: U.S. Trustee Unable to Appoint Committee HEIR'S MEN'S: Class 10 Unsecured Claims to Split $200K in 60 Months HESS MIDSTREAM: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable HIGHTOWER HOLDING: Moody's Affirms 'B3' CFR, Outlook Remains Stable HORSEY DENISON: Meyers Rodbell Represents Multiple Creditors I A P CONSTRUCTION: Court Extends Cash Collateral Access to July 10 IGH PROPERTIES: Unsecureds Will Get 2% of Claims over 5 Years INDEPENDENCE FUEL: To Sell Fueling Station Equipment at Auction INNOVATE CORP: DBM Global Secures $220M Credit Facility INTERSTATE WASTE: S&P Alters Outlook to Negative, Affirms 'B' ICR IQVIA INC: Moody's Gives Ba2 Rating on New Senior Unsecured Notes J-K.A.B.S TRANSPORTATION: Hires Conway Law Group PC as Counsel JACKSON COURT: Hires Sullivan Blackburn as Special Counsel JACKSON HOSPITAL: Loses Bid to Amend Employment Applications KEEP IT GYPSY: Seeks to Hire Bond Law Office as Counsel KOSMOS ENERGY: Moody's Cuts CFR to B3 & Alters Outlook to Negative KPSI INNOVATION: Hires Wenokur Riordan as Bankruptcy Counsel LAVERNE ELEMENTARY: Moody's Rates 2025A/B School Bonds 'Ba1' LVF HOLDINGS: Moody's Withdraws 'B3' Corporate Family Rating M & M BUCKLEY: Court Extends Cash Collateral Access to July 3 MARKUS CORP: Court Extends Cash Collateral Access to June 30 MASS POWER: Gets Interim OK to Use Cash Collateral Until June 18 MATTHEWS INT'L: Moody's Affirms 'B1' CFR, Outlook Stable MEDLIN EXPEDITED: Claims to be Paid from Ongoing Operations MID-KANSAS REAL: To Sell Mosley Property to Professional Home MONARCHY RANCHEROS: Case Summary & 20 Largest Unsecured Creditors MONTE K. WEEDEN: MK Weeden, et al Can Amend Judgment in EMC Case MURPHDOG LLC: Case Summary & 20 Largest Unsecured Creditors NEW LOOK: T. Rowe Marks $1 Million 1L Loan at 32% Off NEW LOOK: T. Rowe Marks $1.1 Million 1L Loan at 82% Off NEW LOOK: T. Rowe Marks $548,000 1L Loan at 32% Off NEW LOOK: T. Rowe Marks $8.2 Million 1L Loan at 32% Off NO RUST REBAR: Trustee Can Recover $1.21MM Postpetition Transfer NORTHLAND MANAGEMENT: Shareholder Contribution to Fund Plan NORTHPOINT DEVELOPMENT: Gets Extension to Access Cash Collateral NORTHSTARR BUILDERS: Unsecureds to Split $100K over 48 Months OAKLAND VILLAGE: Gets Court OK to Use Cash Collateral Until June 18 OPEN ARMS: Hires Allen Stovall Neuman & Ashton LLP as Counsel OPEN THROTTLE: To Sell Liquor License to SORRYCHARLIESCORNER OPTINOSE INC: Completes Merger With Paratek Pharmaceuticals PACER PRINT: Court Extends Cash Collateral Access to Jan. 3 PARTNERSHIPS TO UPLIFT: S&P Lowers 2023 Bond LT Rating to 'BB' PASKEY INCORPORATED: Seeks to Sell Vehicles PENDY'S RESTAURANT: Hires Rabah Accounting & Tax as Accountant PENDY'S RESTAURANT: Hires Strobl PLLC as bankruptcy Counsel PERATON CORP: T. Rowe Marks $17.1 Million 2L Loan at 24% Off PORT LOUIS: Unsecured Creditors to Get 10 Cents on Dollar in Plan PORTSMOUTH SQUARE: Elects 5 Directors at Annual Meeting RE4 GEORGIA: Seeks Subchapter V Bankruptcy in Georgia RECORDED BOOKS: T. Rowe Marks $1.5 Million 1L Loan at 36% Off RHDM OIL: Hires Salcedo Law Group as Special Counsel RICHFIELD NURSING: Case Summary & 20 Largest Unsecured Creditors RIMKUS CONSULTING: T. Rowe Marks $2.2 Million 1L Loan at 85% Off ROONEY AND BORDEN: Unsecureds Will Get 2% of Claims in Plan SAFE & GREEN: Director Shafron Hawkins Resigns SANDRIDGE ENERGY: Loses Bid to Reopen Ch11 Case, Enforce Plan SCANROCK OIL: Seeks to Extend Plan Exclusivity to August 4 SCHAFER FISHERIES: Court OKs Fort Madison Property Sale to Chilson SEASONAL LANDSCAPE: Court Extends Cash Collateral Access to June 30 SKY GARDENS: Hires Alex D. Sirulnik P.A. as Special Counsel SM MILLER: Claims to be Paid from Future Earnings SOUTH REGENCY: Belle Vie Fitness Appointed as New Committee Member STAR RAIL: Gets Extension to Access Cash Collateral STARCO BRANDS: Production Board Holds 11.7% Class A Common Shares STEWARD HEALTH: TRACO Contests Patient Ombudsman Legal Fees STV GROUP: T. Rowe Marks $2.2 Million 1L Loan at 79% Off SULLIVAN MECHANICAL: Seeks to Sell Office Equipment SWAIN LANDING: Hires VerStandig Law Firm as Counsel TAMPA BRASS: Gets Another Extension to Access Cash Collateral TC SIGNATURE: T. Rowe Marks $14 Million 1L Loan at 19% Off THG ACQUISITION: T. Rowe Virtually Writes Off $1.6MM 1L Loan THG ACQUISITION: T. Rowe Virtually Writes Off $3.3MM 1L Loan TINY FROG: Hires Country Boys as Auctioneer and Appraiser TR WELDING: Hires Intermountain Tax Services as Bookkeeper USIC HOLDINGS: T. Rowe Marks $2.5 Million 1L Loan at 79% Off USIC HOLDINGS: T. Rowe Marks $5.3 Million 1L Loan at 46% Off V820JACKSON LLC: Gets OK to Use Cash Collateral Until June 25 VELOCITY VEHICLE: S&P Downgrades Issuer Credit Rating to 'B+' VIASAT INC: Andrew Sukawaty Resigns From Board VIASAT INC: Inks New Stockholder Deal With WP Triton, 3 Others VIAVI SOLUTIONS: Moody's Cuts CFR to Ba3 & Alters Outlook to Neg. VT TOPCO: Fitch Affirms 'B' LongTerm IDR, Outlook Stable VT TOPCO: Moody's Affirms 'B2' Corp. Family Rating, Outlook Stable W.D. TOWNLEY: To Sell Henderson Property to Craig's Ranch $383K WALKER AREA: Gets Interim OK to Use $67,892 in Cash Collateral WATCO COMPANIES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable WAYPOINT ROOFING: Gets Interim OK to Use Cash Collateral WAYPOINT ROOFING: Unsecureds to Get 100 Cents on Dollar in Plan WILL NOT: To Sell Miami-Dade Properties to Newgard Development WIN PRODUCTIONS: Court OKs Vehicle Sale in Auction WW INTERNATIONAL: Galloway Capital Holds 2.87% Stake as of May 22 X-LASER L.L.C.: Case Summary & 20 Largest Unsecured Creditors YA INTERMEDIATE: T. Rowe Marks $6.1 Million 1L Loan at 90% Off YA INTERMEDIATE: T. Rowe Virtually Writes Off $2.9MM 1L Loan YOUNG MEN'S CHRISTIAN: Davis' Appeal of Real Property Sale Tossed [] HSF Kramer Adds Top Restructuring Lawyers Ortiz, Shaughnessy ********* 1 SANDPIPER LLC: Hires Bradford Law Offices as Counsel ------------------------------------------------------ 1 Sandpiper, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Bradford Law Offices as counsel to handle its Chapter 11 case. 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. Mr. Bradford 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: Danny Bradford, Esq. Bradford Law Offices 455 Swiftside Drive #106 Cary, NC 27518-7198 Tel: (919) 758-8879 Email: Dbradford@bradford-law.com About 1 Sandpiper, LLC 1 Sandpiper LLC owns a vacation rental property located at 1 Sandpiper Lane in Marathon, Florida. The property is valued at $3.65 million. 1 Sandpiper LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01836) on May 15, 2025. In its petition, the Debtor reports total assets of $3,822,330 and total liabilities of $8,836,717. Honorable Bankruptcy Judge Pamela W. Mcafee handles the case. The Debtors are represented by Danny Bradford, Esq. at PAUL D. BRADFORD, PLLC. 22ND CENTURY: Director Anthony Johnson to Resign Effective July 15 ------------------------------------------------------------------ 22nd Century Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Anthony Johnson, a Director of the Company, provided written notice to the Company that he is resigning effective July 15, 2025. Mr. Johnson's resignation was not due to any conflict or disagreement with the Company or the Company's operations, policies or procedures. About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. Buffalo, New York-based Freed Maxick P.C. (F/K/A Freed Maxick CPAs, P.C.), the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $21.7 million in total assets, $17.7 million in total liabilities, and $4 million in total stockholders' equity. 22ND CENTURY: Joseph Reda, SEG Opportunity Fund Hold 9.9% Stake --------------------------------------------------------------- Joseph Reda and SEG Opportunity Fund, LLC, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of May 14, 2025, they beneficially owned an aggregate of 759,590 shares of 22nd Century Group, Inc.'s Common Stock, $0.00001 par value per share. This ownership includes 358,967 shares with sole voting and dispositive power held by Joseph Reda and 400,623 shares with shared voting and dispositive power held by SEG Opportunity Fund, LLC, representing approximately 9.9% of the 7,605,807 shares outstanding as of May 22, 2025. The Reporting persons may be reached through: For Joseph Reda: 1324 Manor Circle, Pelham, NY 10803 For SEG Opportunity Fund, LLC: Joseph Reda, its Manager 135 Sycamore Drive, Roslyn, NY 11576 A full-text copy of Mr. Reda's SEC report is available at: https://tinyurl.com/4f8bafxu About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. Buffalo, New York-based Freed Maxick P.C. (F/K/A Freed Maxick CPAs, P.C.), the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $21.7 million in total assets, $17.7 million in total liabilities, and $4 million in total stockholders' equity. 22ND CENTURY: Modifies JGB SPA Terms with Conversion Price Reset ---------------------------------------------------------------- 22nd Century Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into that certain Letter Agreement to modify the terms of the Securities Purchase Agreement dated March 3, 2023 and debentures, as amended, with JGB Partners, LP, JGB Capital, LP and JGB Capital Offshore Ltd. and with JGB Collateral, LLC, as collateral agent. Under the terms of the Letter Agreement, subject to obtaining stockholder approval as described below, the Company will be able to reset the Conversion Price (as defined in the Debentures) currently in effect, at the discretion of the Board of Directors and on a one time basis, to an amount equal to the average of the daily VWAPs for each of the five consecutive Nasdaq trading days immediately preceding the date on which the Conversion Price shall be reset. The reset Conversion Price shall in no event be greater than the Conversion Price in effect on the date of the Letter Agreement, which is $6.04. As of May 22, 2025, $3.8M in Debentures remained outstanding. The reduction in the Conversion Price will be subject to stockholder approval. The Company has agreed to seek stockholder approval for the Conversion Price reset pursuant to applicable Nasdaq rules no later than August 15, 2025, and to seek stockholder approval at each stockholder meeting thereafter if approval is not obtained by then. A copy of the Letter Agreement is available at https://tinyurl.com/57n5t4fv About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. Buffalo, New York-based Freed Maxick P.C. (F/K/A Freed Maxick CPAs, P.C.), the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $21.7 million in total assets, $17.7 million in total liabilities, and $4 million in total stockholders' equity. 615 N. UPPER BROADWAY: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: 615 N. Upper Broadway, LLC 23901 Calabasas Rd., Suite 1068 Calabasas, CA 91302 Business Description: 615 N. Upper Broadway is a single-asset real estate debtor that owns a 20-story office tower located at 615 North Upper Broadway in Corpus Christi, Texas. The property serves as the Debtor's principal asset and is situated in Nueces County. Chapter 11 Petition Date: June 5, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-60051 Judge: Hon. Christopher M Lopez Debtor's Counsel: Leonard Simon, Esq. PENDERGRAFT & SIMON LLP 2777 Allen Parkway Suite 800 Houston TX 77019 Tel: 713-528-8555 E-mail: lsimon@pendergraftsimon.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Cole Moscatel as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Y7RYJ4Y/615_N_Upper_Broadway_LLC__txsbke-25-60051__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Tara Energy Utility Services $400,000 5251 Westheimer Rd., Suite 1100 Houston, TX, 77056 2. Shell Energy Solutions/ Utility Services $150,000 MP2 Energy LLC 909 FAnnin, Suite 3500 Houston, TX, 77010 3. PJs of Texas at San Antonio Services $20,000 4311 San Pedro Ave., Suite 1842 San Antonio, TX, 78212 4. Armando De Leon Personal $0 c/o Herrman & Herrman PLLC Injury 1201 Third Street Lawsuit Corpus Christi, TX, 78404 5. Schauer Simank Tenant Lease $0 615 N. Upper Broadway Termination Suite 700 Corpus Christi, TX, 78401 M Gentry Phone: 361-884-2800 Email: mgentry@cctxlaw.com 6. Texas State Securities Board Tenant Lease $0 5401 S. Staples Street, Suite 203 Termination Corpus Christi, TX, 78411 A Cole Phone: 361-887-1085 Email: acole@ssb.texas.gov 7. Ostarch, Hilmy, McCauley Tenant Lease $0 615 N. Upper Broadway Termination Suite 800 Corpus Christi, TX, 78401 L Zaragoza Phone: 361-884-1961 Email: Izaragoza@ohmlegal.net 8. The Kratzig Law Firm Tenant Lease $0 615 N. Upper Broadway Termination Suite 900 Corpus Christi, TX, 78401 Paul Kratzig Phone: 361-888-5564 Email: paul@kretzig.com 9. Gulf Coast Gathering Tenant Lease $0 555 N. Carancahua, Suite 620 Termination Corpus Christi, TX, 78401 Phone: 361-883-3883 Email: gce@gulfcoastenergyinc.com 10. Donnel, Keischnick Tenant Lease $0 801 W. Nolana, Suite 325 Termination Mcallen, TX, 78504 M Holscher Phone: 956-618-4477 Email: mhoelscher@dakpc.com 11. Toroso Financial Tenant Lease $0 6537 S. Staples, Suite 125 Termination Box 446 Corpus Christi, TX, 78413 Phone: 361-238-6527 Email: stefany@torosofinancial.com 12. CLK Architects & Associates Tenant Lease $0 615 N. Upper Broadway Termination Suite 1250 Corpus Christi, TX, 78401 N Bullard Phone: 361-884-3295 Email: nsbullard@clkarch.com 13. Rodriguez Law Firm Tenant Lease $0 615 N. Upper Broadway Termination Suite 1200 Corpus Christi, TX, 78401 Email: ralph@rmrlaw.net 14. Granberry Law Firm Tenant Lease $0 2118 Terrace Bay Drive Termination Corpus Christi, TX, 78418 Billy Granberry Phone: 361-881-9643 Email: reception@wjgranberry.com 15. Farmers Insurnace Tenant Lease $0 615 N. Upper Broadway Termination Suite 1605 Corpus Christi, TX, 78401 Email: csonsel1@gmail.com 16. Hampton Brown & Associates PC Tenant Lease $0 711 N. Caarancahua, Suite 800 Termination Corpus Christi, TX, 78401-0545 Phone: 361-888-7711 Email: chervi@hamptonbrown.com 17. Husemen & Stewart PLLC Tenant Lease $0 500 N. Water St., Suite 1100 Termination Corpus Christi, TX, 78401 R Mendez Phone: 361-883-3563 Email: rmendez@husemanlawfirm.com 18. Insure One Tenant Lease $0 615 N. Upper Broadway Termination Suite 2020 Corpus Christi, TX, 78401 Andres Montelongo Phone: 361-947-8162 Email: andres.montelongo@insureone.com 19. B D Production Co. Tenant Lease $0 615 N. Upper Broadway Termination Suite 1900 Corpus Christi, TX, 7840 Phone: 361-888-4741 20. Greg Knopp PC Tenant Lease $0 711 N. Caarancahua, Suite 408 Termination Corpus Christi, TX, 78401 Phone: 361-883-8999 A GRANDE PROMOTION: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------------------- A Grande Promotion Company, LLC received another extension from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. The court's interim order authorized the company to use the cash collateral of the U.S. Small Business Administration, a secured creditor, through July 31 or until the company's Chapter 11 reorganization plan is confirmed, whichever comes first. The company projects total operational expenses of $209,535.83 for June and $209,535.83 for July. As protection, SBA was granted a replacement lien on revenues generated by the company after its Chapter 11 filing to the same extent and with the same priority and validity as its pre-bankruptcy lien. About A Grande Promotion Company A Grande Promotion Company, LLC, a company in Phoenix, Ariz., filed Chapter 11 petition (Bankr. D. Ariz. Case No. 24-09458) on Nov. 5, 2024, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Eugene Medrano, a member and manager of A Grande, signed the petition. Judge Scott H Gan oversees the case. The Debtor is represented by Allan D. Newdelman, Esq., at Allan D. Newdelman, PC. ACRISURE LLC: Moody's Rates New $1.6BB First Lien Term Loan 'B2' ---------------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of Acrisure, LLC. Moody's also assigned a B2 rating to Acrisure's new $1.6 billion seven-year senior secured term loan. Acrisure will use net proceeds of this offering plus other senior secured debt to refinance its existing term loan due in 2027, repay outstanding revolving credit borrowings, add cash to a segregated account to help fund acquisitions, and for general corporate purposes. Moody's also affirmed the B2 ratings on Acrisure's existing senior secured bank credit facilities and notes and the Caa2 ratings on its existing senior unsecured notes. The company recently upsized its revolving credit facility to $1.5 billion from $1.25 billion and extended the maturity to 2030. When the refinancing closes, Moody's will withdraw the ratings from repaid term loans. The rating outlook for Acrisure is stable. RATINGS RATIONALE Acrisure's ratings reflect its solid market presence in US insurance brokerage and select international markets, its good mix of business across property & casualty insurance and employee benefits, and its improving profitability. Acrisure continues to reorganize the company into a more integrated platform under a single brand, aiming to streamline processes and enhance data and analytics capabilities to support client service and new business generation. These strengths are offset by Acrisure's persistently high financial leverage and limited interest and cash flow coverage. The company has a long history of acquisitions funded mainly with debt which heightens execution and integration risk. These acquisitions also give rise to contingent earnout liabilities that consume a substantial portion of free cash flow. Acrisure's ownership of FBC Mortgage, a mortgage origination company, adds refinancing risk as well as market risk associated with its mortgage servicing rights assets. Acrisure is also exposed to errors and omissions in the delivery of products and services, a risk inherent in professional services. For the 12 months through March 2025, Acrisure reported $4.6 billion of revenue, up from $4.3 billion in 2024, driven by a combination of acquisitions and organic growth. Acrisure has slowed its pace of acquisitions in recent years to focus on integrating its acquired businesses. The company's EBITDA margin has declined as a result of its changing business mix along with investments in technology and process improvements. Acrisure's free cash flow is gradually improving as the company works through reorganization charges and as contingent earnout obligations decline with the slower pace of acquisitions. Giving effect to the proposed transaction, Moody's estimates that Acrisure will have a pro forma debt-to-EBITDA ratio of 7.0x- 7.5x (excluding effects of certain unrestricted subsidiaries), with (EBITDA - capex) interest coverage of 1.2x-1.5x, and a free-cash-flow-to-debt ratio in the low single digits. These metrics incorporate Moody's adjustments for operating leases, contingent earnout liabilities, changes in a warrant liability, and run-rate earnings from recent acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade or Acrisure's ratings include: (i) debt-to-EBITDA ratio below 6.5x, (ii) (EBITDA - capex) coverage of interest exceeding 2x, (iii) free-cash-flow-to-debt ratio exceeding 5%. Factors that could lead to a downgrade of Acrisure's rating include: (i) debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of interest below 1.2x, (iii) free-cash-flow-to-debt ratio below 2%, (iv) disruptions to existing or newly acquired operations. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. Based in Grand Rapids, Michigan, Acrisure ranked among the world's 10 largest insurance brokers based on 2023 revenue according to Business Insurance. The company owns and manages agencies in 23 countries. Acrisure's clients are mostly small and midsize businesses as well as individuals and other organizations. For the 12 months through March 2025, Acrisure reported total revenue of $4.6 billion. ADVANCE TRANSIT: To Sell Darby Township Property to A. Marinelli ---------------------------------------------------------------- Advance Transit Mix Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, to sell real property, free and clear of liens, interests, and encumbrances. The Debtor was a ready-mix concrete Pennsylvania corporation with an initial registered office address of 613 Oak Lane and a principal place of business address of 607 Oak Lane and Quarry Street in Glenolden, Pennsylvania 19036. The Debtor is also the owner of several parcels real property. Dante J. Panichi Jr., principal of the Debtor, died intestate. The Estate of Dante J. Panichi Jr. was admitted to probate and Anna Panichi was appointed the Administratrix of the Estate. In 2023, the Advance Transit Mix Inc. plant closed the Debtor cased the operations. Peter Barsz was appointed Receiver for Advance Transit Mix Inc. The Debtor wishes to sell certain real personal property used to support its operation as a ready-mix concrete plant in Darby Township, Pennsylvania. The Debtor wants to sell the Property to A. Marinelli & Sons Inc. or its corporate nominee for the sum of $3,615,000. The Debtor proposes to distribute the proceeds to closing costs and the Debtor's lone secured creditor, Heidelberg Materials Northeast LLC f/k/a Hanson Aggregates Pennsylvania LLC, all tax authority liens and closing costs with the balance held by the Receiver. The Debtor believes that the purchase price for the Property is fair and reasonable in all respects and is in the best interest of the bankruptcy estate. About Advance Transit Mix Inc. Advance Transit Mix Inc. supplies ready-mixed concrete for construction projects in Glenolden, Pennsylvania. The Company operates a fleet of trucks for intrastate transport and serves clients across the region. Advance Transit Mix Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12082) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Patricia M Mayer handles the case. The Debtors are represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI AND ASTIN. ADVANCED SYSTEMS: Hires Law Office of Mark S. Roher as Counsel -------------------------------------------------------------- Advanced Systems Realty, LLC seeks approval fro the U.S. Bankruptcy Court for the Southern District of Florida to employ The Law Office of Mark S. Roher, P.A. as counsel. The firm will provide 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 Guidelines and Reporting Requirements and with the rules of court; c. prepare motions, pleadings, orders, applications, adversary proceedings and other legal documentary necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the bankruptcy court; and e. represent the Debtor in negotiation with its 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. Mr. Roher 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: Mark S. Roher, Esq. Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Road, Suite 300 Pembroke Pines, FL 33028 Tel: (954) 353-2200 Email: mroher@markroherlaw.com About Advanced Systems Realty, LLC Advanced Systems Realty, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 25-15435-SMG) on May 15, 2025. The Debtor hires Mark S. Roher, P.A. as counsel. ADVANTAGE SOLUTIONS: S&P Alters Outlook to Neg., Affirms 'B' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based Advantage Solutions Inc. to negative from stable and affirmed its 'B' issuer credit rating. At the same time, S&P lowered its issue-level rating on the company's first-lien term loan facility and senior secured notes to 'B' from 'B+' and revised the recovery rating to '3' (50%-70%; rounded estimate: 60%) from '2' (70%-90%; rounded estimate: 70%). The recovery rating revision reflects its expectation for lower enterprise value (EV) in the event of a hypothetical default scenario, given the multiple asset sales Advantage has recently completed. S&P said, "The negative outlook reflects the potential that we will lower our rating on the company over the next several quarters if we believe its operating performance will weaken such that its S&P Global Ratings-adjusted debt to EBITDA remains above 7x. "The affirmation reflects our belief Advantage's staffing issues are temporary and that the winding down of its material restructuring and reorganization-related costs will offset its near-term profit headwinds. For the first quarter of fiscal year 2025 (ended March 31, 2025), the company reported a 5% decline in its organic revenue (excluding pass-through costs). By segment, Advantage's branded, retailer, and experiential services segments reported revenue declines of 9%, 3%, and 1%, respectively, due to certain intentional client exits, client losses, and market softness. Both the company's retailer and experiential services segments were also negatively affected by its recent recruitment struggles, which we believe were due, in part, to its reduced recruiter headcount, that led to a shortfall of hired staff to meet certain projects and events. We understand that the company is working on rectifying this by increasing its recruiter base, as well as through its recent hiring of a new Chief Workforce Operations Officer. We assume Advantage will resolve its staffing issues over the coming quarters and do not believe they have permanently damaged its competitive position. "That said, the macroeconomic conditions for the company's key customers, including large and emerging consumer goods manufacturers and regional grocery chains, remain weak. We believe the recent pullback in the discretionary spending of consumer product companies, as well as retailer inventory de-stocking, will be near-term headwinds. Therefore, we lowered the assumptions in our base-case forecast and now anticipate Advantage's S&P Global Ratings-adjusted leverage will remain elevated for the rating at about 6.8x as of the end of 2025 (close to our 7.0x downgrade trigger but down from 7.4x as of the end of 2024). We expect the company will expand its S&P Global Ratings-adjusted EBITDA by about 7% in 2025, primarily due to its reduced restructuring and reorganization-related costs of about $70 million (down from about $120 million in 2024), which will be partially offset by its weaker organic profits. We assume Advantage's underlying EBITDA (before restructuring and reorganization expenses) will fall by the high single-digit percent area in 2025. "Advantage remains vulnerable to economic downturns and is potentially exposed to execution risk related to its recent transformation efforts. While we acknowledge the company's good competitive position in the sales and marketing services industry, a deep recession or prolonged inflationary environment could cause consumer products companies and retailers to reduce their outsourcing and push back on pricing. We saw this occur across the industry before the COVID-19 pandemic amid weak center-of-store demand. We believe the majority of the company's business remains focused on the center-of-store space. Further, its recent restructuring efforts remain vulnerable to operational disruptions--for example, its recent enterprise resource planning (ERP) implementation led to invoicing delays resulting in a temporary increase in its day sales outstanding (DSOs)--that could lead to additional near-term volatility. We also believe that Advantage's recent staffing problems stemmed from its reorganization efforts. "We estimate Advantage will generate a reported free operating cash flow (FOCF) deficit of about $60 million-$70 million in 2025, which will improve to an inflow of about $100 million in 2026. We expect the company's 2025 cash flow will be negatively affected by a $50 million payroll shift in 2025 (which will reverse in early fiscal year 2026), unfavorable DSOs due to the implementation of its new ERP system, higher capital expenditure (capex) of about $70 million related to its IT transformation, and elevated interest expense of about $145 million. Nevertheless, we believe Advantage maintained an adequate liquidity position as of March 2025, supported by its unrestricted cash balances of about $121 million, about $399 million of availability under its $500 million asset-based lending (ABL) credit facility expiring in 2027 (restricted by the borrowing base and outstanding letters of credit), and about $50 million of expected cash proceeds from its July 2024 Jun Group sale. "We believe Advantage remains committed to achieving its 3.5x net leverage target. This level compares with the company's net leverage of 4.2x as of March 31, 2025 (7.1x on an S&P Global Ratings-adjusted basis because we do not add back restructuring and reorganization-related costs and do not net its cash against its debt). Given its recent history of debt repurchases, we expect Advantage will use its excess cash to deleverage rather than to finance transformational mergers and acquisitions (M&A) or shareholder returns." Industry consolidation presents a near-term challenge for Advantage. Acosta's acquisition of Crossmark has created a larger competitor that could potentially outbid Advantage for new and existing business, given its wider range of capabilities and greater geographic reach. Further, in contrast to Advantage, which has been investing for an extended period to enhance its capabilities, Acosta has been consistently increasing its revenue and profits. S&P said, "That said, we continue to recognize that this combination could present Advantage with opportunities to win new customers due to potential conflicts of interest between Acosta's and Crossmark's clients, although we are not aware of any such client wins to date." S&P said, "The negative outlook reflects the potential that we will lower our rating on Advantage at any point over the next several quarters if we believe its operating performance will weaken such that its S&P Global Ratings-adjusted debt to EBITDA remains above 7x." S&P could lower its rating on Advantage if its leverage remains above 7x, which could occur if its profits weaken materially, potentially due to: -- Persistent labor cost inflation that it is unable to successfully pass along or otherwise offset; -- An inability to attract and retain staff at sufficient levels to adequately serve its customers; -- A decline in the usage of outsourced sales and marketing agencies by consumer product firms, possibly to save money in the face of significantly higher input costs or reduced consumer spending; -- A loss of multiple customers due to intensifying competition, possibly amid a considerable weakening of center-of-store demand; and -- Significant operational disruptions related to Advantage's technology transformation efforts. S&P said, "We could also lower the rating if we believe it is increasingly likely that Advantage will repurchase a substantial amount of its debt at distressed levels (which we could view as a selective default). This is possible because the company's term loan and notes are already trading at distressed levels, and the potential for further operating performance deterioration." S&P could revise its outlook on Advantage to stable if S&P believes it will sustain leverage comfortably below 7x. This could occur if: -- It meets the existing customer demand for its services and wins new business; -- It resolves its staffing issues; -- It successfully recovers its higher costs through price increases without damaging its customer relationships; and -- It completes its technology modernization efforts without facing major issues while tapering down its restructuring costs. AKIN MEARS: Court OKs Permanent Seal Licenses Sale to Jeff Newman ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has approved Allison D. Byman, Chapter 7 Trustee of Akin Mears LLP to Houston Texans Permanent Seat Licenses and Remaining 2025 Season Tickets, free and clear of liens, claims, interests, and encumbrances. The Court has authorized the Trustee to sell Houston Texans Personal Seat Licenses located at NRG Stadium, along with the remaining 2025 regular season home game tickets associated with those seats, to Jeff Newman for $52,500.00. The Trustee is ordered to wire transfer approximately $10,418.96 to the Houston Texans Ticket Office to pay for the remaining balance owed for the 2025-26 season tickets. The Court also held that the Trustee is authorized to execute any and all documents necessary to consummate the above; it is further ordered that the net proceeds shall be retained by the Chapter 7 Trustee. About Akin Mears LLP Akin Mears LLP is a national law firm that handles claims for injured individuals and families from all 50 states, U.S. Territories, Canada and other foreign countries. Akin Mears sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30358) on January 23, 2025. Marvin Isgur presides over the case. Miriam T. Goott of Walker & Patterson PC represents the Debtor as legal counsel. ALIGNED MEDICAL: Court Extends Cash Collateral Access to June 30 ---------------------------------------------------------------- Aligned Medical Group, P.C. received second interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The second interim order penned by Judge Patricia Mayer authorized the interim use of cash collateral for the period from June 1 to 30 to pay the expenses set forth in the budget. Aligned Medical Group may deviate up to ±10% from budgeted disbursements without defaulting. As protection, the U.S. Small Business Administration, the primary secured creditor, was granted replacement liens on its collateral to the same extent, validity and priority as its pre-bankruptcy liens. Meanwhile, the court ordered Citizens Bank and Ascentium to undertake all steps necessary to cause the immediate release of the administrative freeze or hold on Aligned Medical Group's bank account. It also ordered Citizens Bank to facilitate the immediate transfer of the funds in the bank account to the debtor-in-possession account. The final hearing is set for June 24, with objections due by June 17. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/iKoxS from PacerMonitor.com. About Aligned Medical Group Aligned Medical Group, P.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11769-pmm) on May 5, 2025. In the petition signed by Joel Stutzman, D.C., president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Patricia M. Mayer oversees the case. David B. Smith, Esq., at Smith Kane Holman, LLC, represents the Debtor as legal counsel. ANCIOM LLC: Seeks to Hire My Ideal CFO as Accountant ---------------------------------------------------- Anciom, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ My Ideal CFO as accountant. The firm will assist with the Debtor's projections for its Chapter 11 Plan of Reorganization, assist the Debtor in the preparation and filing of any required tax returns or amended tax returns, and provide tax advice to the Debtor. The firm will be paid at these rates: Monthly bookkeeping and Office staff services $2,600 Monthly CFO Services $1,265 QuickBooks $235 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Belnap 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: David Belnap My Ideal CFO POB 848762 Pembroke Pines, FL 33084 Email: billing@myidealcfo.com About Anciom, LLC Anciom, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14970) on May 1, 2025, listing between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. Linda Leali, Esq., serves as Subchapter V trustee. Judge Peter D. Russin oversees the case. The Debtor is represented by: 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 ANNALEE DOLLS: Court Extends Cash Collateral Access to June 30 -------------------------------------------------------------- Annalee Dolls, LLC received another extension from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral. The interim order penned by Judge Kimberly Bacher authorized the company to use up to $521,740.80 in cash collateral consistent with its budget until June 30. The company projects total operational expenses of $322,238.66 for June. As protection for lienholders, Annalee Dolls was ordered to maintain insurance policies, naming lienholders as mortgagees or loss payees. The company was also ordered to grant the lienholders replacement liens, with the same priority as their pre-bankruptcy liens. In addition, Customers Bank must receive $76,886.30 by June 15 as further protection. The next hearing is scheduled for June 25. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by: William S. Gannon, Esq. William S. Gannon PLLC Tel: 603-621-0833 bgannon@gannonlawfirm.com APPLIED DNA: Six Directors Elected at Annual Meeting ---------------------------------------------------- Applied DNA Sciences, Inc. held its 2025 annual meeting of stockholders during which the following proposals were voted on: I. To elect six directors to serve until the 2026 annual meeting of stockholders or until their respective successors are duly elected and qualified. a. James A. Hayward * For: 571,758 * Withheld: 117,757 * Broker Non-Votes: 1,672,764 b. Robert B. Catell * For: 573,429 * Withheld: 116,086 * Broker Non-Votes: 1,672,764 c. Joseph D. Ceccoli * For: 573,283 * Withheld: 116,232 * Broker Non-Votes: 1,672,764 d. Yacov A. Shamash * For: 572,491 * Withheld: 117,024 * Broker Non-Votes: 1,672,764 e. Sanford R. Simon * For: 572,906 * Withheld: 116,609 * Broker Non-Votes: 1,672,764 f. Elizabeth Schmalz Shaheen * For: 571,561 * Withheld: 117,954 * Broker Non-Votes: 1,672,764 II. To ratify the appointment of CBIZ CPAs P.C. as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2025. * For: 2,239,750 * Against: 108,014 * Abstain: 14,515 III. To grant the board of directors of the Company discretionary authority for 12 months to amend the Company's certificate of incorporation, as amended, to authorize a reverse stock split of common stock, at a ratio in the range from one-for-five to one-for-fifty, with such specific ratio to be determined by the Board following the Annual Meeting. * For: 1,705,824 * Against: 653,968 * Abstain: 2,487 IV. To approve, in accordance with Nasdaq Listing Rule 5635(d), the exercisability of certain common stock purchase warrants, and the issuance of the common stock underlying such warrants, which warrants were issued in connection with an offering of securities of the Company that occurred on October 30, 2024. * For: 552,983 * Against: 131,329 * Abstain: 5,203 * Broker Non-Votes: 1,672,764 V. To approve an amendment to the Company's 2020 Equity Incentive Plan to increase the number of authorized shares of common stock reserved for issuance by three million shares. * For: 478,505 * Against: 208,482 * Abstain: 2,528 * Broker Non-Votes: 1,672,764 VI. To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers. * For: 503,155 * Against: 118,913 * Abstain: 67,447 * Broker Non-Votes: 1,672,764 VII. To approve, on a non-binding advisory basis, the frequency of the stockholder vote on the compensation of the Company's named executive officers. * 1 YEAR: 169,379 * 2 YEARS: 33,862 * 3 YEARS: 464,246 * Abstain: 22,028 Each of the foregoing voting results from the Annual Meeting is final. Based on the foregoing votes, all six of the director nominees were elected, each of proposals II through VI was approved and, in light of the non-binding approval on the frequency of the stockholder vote on the compensation of the Company's named executive officers, the Company will include a non-binding stockholder vote on the compensation of its named executive officers in its proxy materials every three years until its next required vote on the frequency of stockholder votes on the compensation of the Company's named executive officers. About Applied DNA Sciences Applied DNA Sciences -- adnas.com -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses 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 December 31, 2024, Applied DNA Sciences had $16 million in total assets, $3.4 million in total liabilities, and $12.5 in total equity. APPLIED POWDERCOAT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Applied Powdercoat, LLC Attn: Osei Appiagyei 3101 Camino del Sol Oxnard, CA 93030 Business Description: Applied Powdercoat, LLC is an Oxnard-based manufacturing firm specializing in powder coating, sandblasting, and silkscreening services. Founded in 1989 and operating from a state-of-the-art 30,000 sq ft facility at 3101 Camino del Sol, the Company serves industrial, aerospace, defense, custom fabrication, automotive restoration, and commercial clients throughout Southern California. Chapter 11 Petition Date: June 6, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10762 Judge: Hon. Ronald A Clifford III Debtor's Counsel: Derrick Talerico, Esq. WEINTRAUB, ZOLKIN TALERICO & SELTH LLP 11766 Wilshire Blvd Suite 730 Los Angeles, CA 90025 Tel: (424) 500-8552 Email: dtalerico@wztslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Osei Appiagyei, acting as manager of The Pella Group, LLC, which serves as the manager of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P7JASOY/Applied_Powdercoat_LLC__cacbke-25-10762__0001.0.pdf?mcid=tGE4TAMA ASCENT RESOURCES: Moody's Rates New Sr. Unsec. Notes Due 2033 'B1' ------------------------------------------------------------------ Moody's Ratings assigned a B1 rating to Ascent Resources Utica Holdings, LLC's (Ascent) proposed backed senior unsecured notes due 2033. Ascent's other ratings, including its Ba3 Corporate Family Rating, and stable outlook remain unchanged. Ascent will use the net proceeds from its proposed $500 million notes due 2033 and revolver borrowings to refinance its $513 million in senior notes due 2028. Ascent Resources' refinancing transaction proactively extends its debt maturity profile. RATINGS RATIONALE Ascent's senior unsecured notes are rated B1, one notch below the CFR, reflecting their effective subordination to the secured RBL revolver. Ascent's Ba3 CFR reflects the company's large-scale natural gas production, ample proved reserves and acreage, economies of scale, a large drilling inventory, conservative financial policies, and successful operating track record. The company is concentrated in the Appalachia region, focusing on natural gas production in the Utica Shale, but also has inventory in the Marcellus Shale. It has significant firm transportation commitments, providing flow assurance for its volumes but these could become burdensome if production decreased. Ascent has a large hedge book which sustains cash margins and supports cash needs, provides cash flow visibility, and mitigates risks from natural gas price volatility. A significant portion of the company's natural gas production for 2025 is hedged and the company has hedges going out for several years. Moody's expects Ascent to use free cash flow to reduce debt and to return capital to shareholders within free cash flow. Moody's expects Ascent to maintain very good liquidity through mid-2026. Ascent has an RBL revolving credit facility with $2 billion in elected commitments and a $3 billion borrowing base. As of March 31, 2025, the company had $485 million in borrowings outstanding on its revolver and $84 million in letters of credit. As of March 31, 2025, Ascent held $7 million in cash. The revolver matures in June 2029 and has a springing maturity 91 days prior to the date that any single series of senior unsecured notes mature if the outstanding principal is greater than or equal to $350 million. After refinancing the notes due 2028, the next series of notes with more than this amount outstanding is Ascent's senior notes due June 2029. The revolver has two financial covenants including a maximum leverage ratio of 3.5x (net of up to $100 million of cash) and a minimum current ratio of 1.0x. Moody's expects Ascent to maintain compliance with these covenants. The stable outlook reflects Moody's expectations for Ascent to use a meaningful portion of free cash flow to reduce debt and to maintain solid credit metrics, with cash flow supported by significant natural gas hedges. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include greater than expected debt reduction below $2 billion; maintenance of production and replacement of reserves while generating positive free cash flow; lower leverage and retained cash flow (RCF) to debt sustained above 40%; and managing shareholder returns within cash flow. Factors that could lead to a downgrade include deteriorating cash margins or capital returns; RCF/debt below 30%; deterioration of liquidity; or more aggressive financial policies. Ascent, headquartered in Oklahoma City, Oklahoma, is a privately owned independent exploration and production company focused on natural gas production in the Utica Shale in Ohio. Its shareholders include The Energy & Minerals Group, First Reserve Corporation, and Riverstone. During the first quarter of 2025, Ascent produced 2,002 mmcfe/d (16% liquids). The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. ASURION LLC: Moody's Rates New $1BB First Lien Term Loan 'Ba3' -------------------------------------------------------------- Moody's Ratings has assigned a Ba3 rating to Asurion, LLC's (Asurion) new $1 billion five-year senior secured first-lien term loan. Asurion intends to use net proceeds of the offering to partially refinance the existing senior secured first-lien term loan maturing December 2026. The rating outlook for Asurion is unchanged at stable. RATINGS RATIONALE Asurion's ratings reflect the company's strong market presence in mobile device services, including fulfillment, repair and administration, distributed through wireless carriers in the US, Japan and other selected international markets. Asurion also has a smaller but growing presence in extended warranty, service and replacement subscription plans for consumer electronics and appliances offered through retailers, other partners and its own distribution channels, such as its repair shop network and a remote technician network. In both segments, a growing share of Asurion's revenue comes from comprehensive technical support bundled with other product offerings. Asurion has a record of efficient operations and healthy profit margins. A key credit challenge for Asurion is its business concentration among leading wireless carriers, although Asurion regularly negotiates multiyear contract extensions with the carriers. Another challenge is foreign exchange risk associated with Asurion's large Japanese business, which the company hedges through a range of derivatives that help protect enterprise value but add volatility to reported earnings. In the fourth quarter of 2024 and first quarter of 2025, Asurion successfully extended contracts with some of its largest wireless carrier partners, including two longer-than-average extensions with US carriers. Given the renewals come with modest EBITDA and free cash flow impacts, Moody's expects Asurion's pro-forma debt-to-EBITDA ratio, (EBITDA – capex) interest coverage, and free-cash-flow-to-debt ratio to be moderately pressured over the short term. These metrics incorporate Moody's adjustments for operating leases, noncontrolling interest expense and foreign exchange hedging. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade of Asurion's ratings include: (i) debt-to-EBITDA ratio below 5x; (ii) (EBITDA - capex) coverage of interest above 3.5x; and (iii) free-cash-flow-to-debt ratio above 8%. Factors that could lead to a downgrade of Asurion's ratings include: (i) debt-to-EBITDA ratio above 6.5x; (ii) (EBITDA - capex) coverage of interest below 2x; (iii) free-cash-flow-to-debt ratio below 4%; or (iv) loss of a major carrier relationship. The principal methodology used in this rating was Insurance Brokers and Service Companies published in February 2024. Based in Nashville, Tennessee, Asurion is a global provider of insurance, repair, replacement, installation and technical support for mobile devices and other consumer electronics and appliances. Asurion generated revenue of $9.2 billion for the 12 months through March 2025. ATLANTIC NATURAL: Hires Stone Pigman Walther as Special Counsel --------------------------------------------------------------- Atlantic Natural Foods, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Stone Pigman Walther Wittman L.L.C. as special corporate and transactional counsel. The firm will provide legal advice to the Debtor in connection with the proposed sale of the Debtor or substantially all of its assets within the context of a Chapter 11 bankruptcy. This includes, but is not limited to, negotiating, drafting, and executing purchase agreements and/or associated agreements or documents through and including the closing of such a transaction or transactions. 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. Ms. Rieveschl 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: David C. Rieveschl, Esq. Stone Pigman Walther Wittman L.L.C. 909 Poydras Street, Suite 3150 New Orleans, LA 70112-4041 Tel: (504) 581-3200 About Atlantic Natural Foods, LLC Atlantic Natural Foods, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10676) on April 7, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. J. Douglas Hines, manager, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor tapped Tristan Manthey, Esq., at Fishman Haygood, LLP as counsel and Malcom M. Dienes LLC as accountant. AVONDALE CAPITAL: Maricopa Property Sale to Covenant Int'l OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona has approved Avondale Capital LLC to sell Property in a private sale, free and clear of liens, interests, and encumbrances. The Debtor's Property for sale is located at the North of the Northeast Corner of Eliseo C. Felix, Jr., Way and 9th Street, Avondale, Maricopa County. The Debtor owns the vacant Real Property and the sale includes a parcel of land owned by Regency Capital which is not an asset of the bankruptcy estate nor subject to any lien as described above and which combined with the Debtors property has resulted in an offer over one million dollars. The Real Property has been marketed by Tyson Breinholt, a licensed Commercial Real Estate Broker working through his Firm of J&J Commercial Properties Inc. The Debtor wants to sell the Property to Covenant Interest-Avondale LLC, an Arizona limited liability company, and/or assignee for $,250,000. The secured creditors of the Property are: Community Valley Bank, Maricopa County treasurer, while the unsecured creditor is Narinder Gill. The Court ordered that Covenant Interests-Avondale shall purchase Community Valley Bank's first priority lien secured by the real property described as: approximately 2.92 acres of vacant land located on two parcels in the County of Maricopa. The Proposed Buyer shall provide to the Bank proof of funds in the amount of $300,000, in the format requested by the Bank, by no later than 1:00 p.m. (Mountain Standard Time) on June 6, 2025. The Proposed Buyer shall pay $286,552.53 to the Bank by wire transfer by no later than the close of business (5:00 p.m. Mountain Standard Time) on June 12, 2025. If the Bank does not receive the Funds in full by the Payment Deadline, the Bank, on June 13, 2025, shall upload an order dismissing the instant chapter 11 case with a 180-day bar to refiling About Avondale Capital LLC Avondale Capital, LLC filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Ariz. Case No. 25-01783), listing under $1 million in both assets and liabilities. Judge Daniel P. Collins oversees the case. Keith M. Knowlton, Esq., at Keith M. Knowlton, LLC serves as the Debtor's counsel. BABCOCK & WILCOX: Court Rules on Deposition Designation Objections ------------------------------------------------------------------ Judge Meredith S. Grabill of the United States Bankruptcy Court for the Eastern District of Louisiana denied The Babcock & Wilcox Company's sustained in part and overruled in part the evidentiary objections of The Babcock & Wilcox Co., Philadelphia Energy Solutions Refining and Marketing LLC and PES Liquidating Trust to the deposition designations in the adversary proceeding captioned as THE BABCOCK & WILCOX COMPANY, PLAINTIFF, V. PHILADELPHIA ENERGY SOLUTIONS REFINING AND MARKETING LLC, PES LIQUIDATING TRUST, WESTPORT INSURANCE COMPANY, XL INSURANCE AMERICA, INC., ALLIANZ GLOBAL RISKS US INSURANCE COMPANY, HDI GLOBAL INSURANCE COMPANY, AND CERTAIN UNDERWRITERS AT LLOYD'S LONDON-SYNDICATE 1221 (NAVIGATORS), ZURICH AMERICAN INSURANCE COMPANY, CERTAIN UNDERWRITERS AT LLOYD'S SUBSCRIBING TO ENNMG1800181, CERTAIN UNDERWRITERS AT LLOYD'S SUBSCRIBING TO ENNMG1800281, CERTAIN UNDERWRITERS AT LLOYD'S SUBSCRIBING TO ENNMG1800282, CERTAIN UNDERWRITERS AT LLOYD'S SUBSCRIBING TO EN100070-18, DEFENDANTS, ADV. NO. 21-1014 (Bankr. E.D. La.). The Court held a trial on April 7, 8, 10, and 11, 2025, to decide the claims alleged in the adversary proceeding by B&W against the PES Entities. Pursuant to the Court's Joint Pretrial Order dated April 4, 2025, the parties designated excerpts of deposition testimony given by four witnesses to be offered into evidence in lieu of live testimony. Before the Court are the following evidentiary objections to deposition designations: (i) the Plaintiff's Objections to Deposition Designation of Defendants (the "B&W Objection"); (ii) the Defendants' Objections to Plaintiff's Page/Line Deposition Excerpts and Memorandum in Support (the "PES Entities Objection"); (iii) B&W's response to the PES Entities Objection; and (iv) The PES Entities' response to the B&W Objection. The parties designated excerpts from the following depositions: (i) June 7, 2023, deposition of Timothy Kocis. Kocis is the Federal Rule of Civil Procedure 30(b)(6) corporate designee for Sunoco, LP. He has worked at the company for 24 years and currently is employed as an environmental engineer. In that role, Kocis manages health, safety, and environmental risks and has developed programs to protect workers and ensure regulatory compliance. (ii) October 7, 2024, deposition of Dominic Giampino (fact witness for B&W). Giampino was formerly employed by Philadelphia Energy Solutions ("PES") as a technical manager from 2012 through 2020. In that position, Giampino was responsible for monitoring operations of the refinery, developing improvement items, and solving operating issues. Prior to working with PES, Giampino worked for Sunoco in various capacities including as a process-design engineer, technical supervisor, business-planning supervisor, and process-design supervisor. (iii) November 22, 2024, deposition of John Sitler (fact witness for B&W). Sitler has experience with inspections of petrochemical facilities. He held inspector roles with various companies. Starting in 1998, he served as an inspection subcontractor for MISTRAS/QSL, then for Sunoco from 2003 to 2012, and finally for PES from 2012 until 2020. He is currently employed by Hilco Redevelopment Partners and works in a management role that is involved with developing the former PES land where the refinery at issue was located. (iv) January 16, 2025, deposition of Brandy Johnson. Johnson is the Federal Rule of Civil Procedure 30(b)(6) corporate designee for B&W. Johnson has worked at B&W for over thirty years in a variety of roles. She previously served as the Vice President of Engineering and Technology at B&W before being promoted to Chief Technology Officer. The B&W Objection and the PES Entities Objection raise the following evidentiary objections to certain designated excerpts: (i) lack of personal knowledge or speculation under Federal Rule of Evidence 602, (ii) optional completeness under Federal Rule of Evidence 106, (iii) hearsay under Federal Rule of Evidence 802, (iv) relevance under Federal Rules of Evidence 401 and 402, (v) expert opinion testimony prohibited under Federal Rule of Evidence 701, and (vi) cumulative testimony. The Court reviewed Johnson's deposition transcript and none of the questioning appears to be outside the scope of the Rule 30(b)(6) deposition notice; indeed, no party asserts otherwise. Therefore, the Court overrules B&W's general objection and finds that Johnson was properly designated as B&W's Rule 30(b)(6) corporate representative for all matters of examination identified in the Jan. 7, 2025 deposition notice. The Court orders that the Stipulated Excerpts are admitted into evidence. A copy of the Court's decision is available at https://urlcurt.com/u?l=3b87Bw from PacerMonitor.com. About Babcock & Wilcox Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a growing, globally-focused renewable, environmental and thermal technologies provider with decades of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers. B&W's innovative products and services are organized into three market-facing segments which changed in the third quarter of 2020 as part of the Company's strategic, market-focused organizational and re-branding initiative to accelerate growth and provide stakeholders improved visibility into its renewable and environmental growth platforms. Babcock & Wilcox reported net losses of $10.30 million in 2020, $129.04 million in 2019, $724.86 million in 2018, $379.01 million in 2017, and $115.08 million in 2016. As of Sept. 30, 2021, the Company had $729.36 million in total assets, $708.96 million in total liabilities, and $20.40 million in total stockholders' equity. The Babcock & Wilcox Company filed for Chapter 11 bankruptcy (Bankr. E.D. La. Case No. 00-10992) on Feb. 22, 2000, before the Hon. Judge Jerry A. Brown. A plan was confirmed in the case on Jan. 18, 2006. BALKAN EXPRESS: To Sell Truck Terminal to CanTex Re for $4MM ------------------------------------------------------------ Balkan Express, LLC and its affiliate, Balkan Logistics, LLC, seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Truck Terminal, free and clear of liens, interests, and encumbrances. The Debtors provide trucking, hauling, and logistics services principally in Texas and the Western region of the United States. Information regarding the Debtors’ history and business operations, capital structure and secured indebtedness, and the events leading up to the commencement of the Chapter 11 Cases The Debtors operate their business from a central truck terminal and office space located at 2560 E Long Ave, Fort Worth, Texas 76137. The Truck Terminal serves as the corporate headquarters for the Debtors’ operations, and also provides a service and operational hub for a portion of the Debtors' trucking fleet. The Debtor has a fee simple ownership interest in the Truck Terminal, subject to a small number of secured claims. The Debtor enters into a commercial contract of sale with CanTex Re Holdings LLC as a Stalking Horse Bidder. The Debtor proposes to sell the Truck Terminal to CanTex for a purchase price of $4 million. As an incentive for the Stalking Horse Bidder to enter into the Truck Terminal Sale Agreement, the Debtors offered to provide certain stalking horse protections to the Stalking Horse Bidder. Specifically, the Debtors offered to provide a break-up fee in the amount of 5% of the purchase price. The Stalking Horse Bid Protections do not provide for any expense reimbursement. To permit the Debtors to solicit higher or otherwise better offers for the sale of the Truck Terminal, the Debtors propose that any overbid from any interested party proposing to purchase the Truck Terminal shall comply with the following overbid requirements. Each Overbid must be submitted no later than July 18, 2025. Each Overbid must clearly identify the purchase price to be paid and specify the aggregate amount of cash and other consideration being offered. The Debtors will evaluate Overbids that are timely submitted and may engage in negotiations with Potential Bidders who submitted Overbids as the Debtors deem appropriate in the exercise of their reasonable business judgment, based upon the Debtors' evaluation of the content of each Overbid. The Debtors believe that selling the Truck Terminal represents a reasonable exercise of sound business judgment and is in the best interests of the Debtors' estates. The Debtors' proposed real estate broker, Younger Partners Dallas, LLC, negotiated with the Stalking Horse Bidder and certain other interested parties. The Debtors submit that the relief contemplated to sell the Truck Terminal in a private sale transaction will provide a greater recovery for the Debtors’ estates than would be provided by any other available alternative. About Balkan Express, LLC Balkan Express LLC is a transportation and logistics company based in Fort Worth, Texas, offering full truckload and less-than-truckload freight services across the 48 contiguous U.S. states. The Company operates a fleet of over 150 trucks and 250 trailers and offers 24/7 dispatch support with GPS tracking. Balkan Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41544) on April 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP. BEARSVILLE LLC: Hires William S. Gannon PLLC as Counsel ------------------------------------------------------- Bearsville, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ William S. Gannon PLLC as counsel. The firm will provide these services: a. advising the Debtor with respect to its powers and duties as debtor-in-possession and the continued management and operation of its businesses and properties; b. attending meetings and negotiating with representatives of creditors and other parties in interest, responding to creditor inquiries, and advising and consulting on the conduct of the case, including all of the legal and administrative requirements of operating in Chapter 11; c. negotiating and preparing on behalf of the Debtor a plan or plans of reorganization, and all related documents, and prosecuting the plan or plans through the confirmation process; d. representing the Debtor in connection with any adversary proceedings or contested matters or any other action commenced by or against Debtor to protect and preserve the Debtor's estate; e. advising the Debtor in connection with any sale of assets; f. representing and advising the Debtor regarding post-confirmation operations and consummation of a plan or plans of reorganization; g. appearing before this Court, any appellate courts, and the U.S. Trustee and protecting the interests of the Debtor before such courts and the U.S. Trustee; h. preparing necessary motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; and i. performing all other legal services for and providing all other legal advice to the Debtor that may be necessary and proper in these proceedings, including, without limitation, services or legal advice relating to applicable state and federal laws and securities, labor, commercial, and real estate laws. The firm will be paid at these rates: William S. Gannon, Esq. $600 hour Mari Voisine, Paralegal $120 hour Jeanne Arquette-Koehler, Paralegal $120 hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Gannon disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William S. Gannon, Eq. William S. Gannon PLLC 740 Chestnut Street Manchester, NH 03104 Tel: (603) 621-0833 Email: bgannon@gannonlawfirm.com About Bearsville, LLC Bearsville LLC is a limited liability company. Bearsville LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10294) on May 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented byPeter N. Tamposi, Esq. at THE TAMPOSI LAW GROUP, P.C. BECKHAM JEWELRY: Hires Rollins Law Firm PLLC as Counsel ------------------------------------------------------- Beckham Jewelry, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ The Rollins Law Firm, PLLC as counsel to handle its chapter 11 case. The firm will be paid at these rates: Thomas C. Rollins, Jr., Esq. $360 per hour Paralegals $155 per hour Legal Assistants $100 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Rollins 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 C. Rollins, Jr., Esq. The Rollins Law Firm, PLLC P.O. Box 13767 Jackson, MS 39236 Tel: (601) 500-5533 Email: trollins@therollinsfirm.com About Beckham Jewelry, LLC Beckham Jewelry, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-01234-JAW) on May 14, 2025. In the petition signed by Brian Lee Beckham, member, the Debtor disclosed up to $10 million in assets and up to $500,000 in liabilities. Judge Jamie A. Wilson oversees the case. Thomas C. Rollins, Jr., Esq., at The Rollins Law Firm, PLLC, represents the Debtor as legal counsel. BENNY AND MARYS: Case Summary & 17 Unsecured Creditors ------------------------------------------------------ Debtor: Benny and Marys Irvine, LLC d/b/a Benny and Marys Better Together 18420 Von Karman Avenue, #100 Irvine, CA 92612 Business Description: Benny and Marys Irvine, LLC operates a full-service restaurant in Irvine, California. The establishment offers brunch, dinner, and craft cocktails, with a menu inspired by global cuisine and California flavors. Its interior features a whimsical, maximalist design aimed at creating a distinctive dining experience. Chapter 11 Petition Date: June 6, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-14830 Debtor's Counsel: Christopher A. Minier, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Email: cminier@go2.law Total Assets: $1,867,887 Total Liabilities: $2,612,582 The petition was signed by Chad Reinhardt as managing member. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/567MMNY/Benny_and_Marys_Irvine_LLC__cacbke-25-14830__0001.0.pdf?mcid=tGE4TAMA BERNARD L. MADOFF: Trustee Secures $498M Recovery from LIF Fund --------------------------------------------------------------- Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), announced a recovery agreement with Luxembourg Investment Fund and Luxembourg Investment Fund U.S. Equity Plus, as represented by their Liquidators, Maître Alain Rukavina and Paul Laplume (collectively, "LIF"). LIF was a Luxembourg investment fund invested exclusively with BLMIS as UBS (Luxembourg) S.A. beginning in September 2005. As set forth in the motion filed today in the United States Bankruptcy Court for the Southern District of New York seeking approval of the agreement, the settlement resolves both the SIPA Trustee's claims in the amended complaint and LIF's customer claim. Under the terms of the agreement, the SIPA Trustee will receive $498.3 million for the benefit of the BLMIS Customer Fund. The payment amount represents 100 percent of the transfers LIF received from BLMIS. In addition, the Trustee will share 15% of the proceeds from a lawsuit that LIF commenced in Luxembourg against UBS relating to Madoff's Ponzi scheme. The approval hearing has been set for June 25, 2025 at 10:00 a.m. EST. LIF will receive an allowed customer claim of approximately $758.8 million and a corresponding catch-up distribution based on the sixteen pro rata interim distributions made to date. At closing, LIF will fund the $498.3 million settlement payment through a deduction from the catch-up distribution on the allowed claim and an assignment of the SIPC advance owed on the allowed claim to the SIPA Trustee. The SIPA Trustee will pay LIF approximately $45.1 million, consisting of the net balance of the catch-up distribution due on the allowed claim. "We congratulate the SIPA Trustee and his team for their success in reaching this important settlement agreement," said Josephine Wang, President and Chief Executive Officer of SIPC. "The settlement with LIF not only resolves our case against a significant international defendant, but it also has the benefit of freeing up reserves in the customer fund for distribution to other Madoff customers with allowed claims who have yet to recover their principal," Mr. Picard said. "I want to thank David Sheehan and his legal team for their commitment to achieving this successful outcome." "While it's taken extensive negotiations, we are gratified to achieve a successful resolution while avoiding the time, expense and uncertainty of international litigation," said David J. Sheehan, Chief Counsel to the SIPA Trustee. "It's deeply rewarding to reach this comprehensive and favorable resolution, recovering the full amount of the claim and the potential for additional proceeds from the Luxembourg litigation," said Oren Warshavsky, counsel to the SIPA Trustee. "This settlement reflects the strength of our legal position as well as the unwavering commitment, strategic excellence, and collaborative spirit of our legal team." The SIPA Trustee's motion can be found on the United States Bankruptcy Court's website at http://www.nysb.uscourts.gov/;Bankr. S.D.N.Y., No. 08-01789 (LGB) / Adv. Pro. No. 09-01364 (LGB). The motion -- as well as further information on recoveries to date, other legal proceedings, further settlements, and general information -- can also be found on the SIPA Trustee's website: www.madofftrustee.com. Ms. Wang and Messrs. Picard and Sheehan would like to thank the Securities Investor Protection Corporation's Michael Post, Kevin H. Bell, Nathanael Kelley, and Nicholas Hallenbeck, as well as Baker Hostetler attorneys Mr. Warshavsky, Michelle R. Usitalo, Tatiana Markel, Geoffrey North, and Gonzalo Zeballos, who assisted with the work on this matter and settlement. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. As of Jan. 31, 2021, and since his appointment in December 2008, the SIPA Trustee has amassed more than $14.413 billion as a result of recoveries and settlement agreements. These recoveries exceed similar efforts related to prior Ponzi scheme recoveries, in terms of dollar value and percentage of stolen funds recovered. Eligible BLMIS customers have now received almost 70% of their allowed claims, and the SIPA Trustee is optimistic that this figure will rise as the Trustee secure more recoveries and distributions in the future. BRADYIFS HOLDINGS: T. Rowe Marks $918,000 1L Loan at 79% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $918,000 loan extended to Bradyifs Holdings, LLC to market at $197,000 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 Bradyifs Holdings, LLC. The loan accrues interest at a rate of 9.29% per annum. The loan matures on October 11, 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 Bradyifs Holdings, LLC BradyIFS stands at the forefront of the foodservice and JanSan industries, renowned for its excellence in sourcing, management, and distribution. BREWER MACHINE: Hires Harlin Parker Attorneys at Law as Counsel --------------------------------------------------------------- Brewer Machine & Parts, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ 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 herein; 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 based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Chaudoin 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 P.O. 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. BROWN & BROWN: Seeks to Hire Haynie & Company as Accountant ----------------------------------------------------------- Brown & Brown Resources, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Haynie & Company as accountant. The firm will provide these services: -- reconcile intercompany accounts; -- review and update fixed asset depreciation schedule and make necessary adjustments, write-off disposed/obsolete assets; -- review and reconcile Loan to shareholder account; -- review and update payroll mapping in QuickBooks; -- reconcile payroll accounts to quarterly payroll tax return filings; -- fix/clean-up stale dated bank reconciliation items; -- review revenue recognition practices for compliances with tax and accounting standards; and -- review all lease commitments for compliance with current tax and accounting standards; The firm will be paid at the rates of $165 to $375 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Boekweg 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: John Boekweg, CPA Haynie & Company 2702 N. Loop 1604 E., Suite 202 San Antonio, TX 78232 Tel: (210) 979-0054 Email: johnb@hayniecpas.com About Brown & Brown Resources, Inc. Brown & Brown Resources, Inc. operating as Home Nursing & Therapy Services, is a home health care provider specializing in delivering nursing and therapy services to individuals in need of in-home care. Brown & Brown Resources sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50501) on March 17, 2025, listing $2,128,167 in assets and $3,848,513 in liabilities. Eduardo J. Guimbarda, president of Brown & Brown Resources, signed the petition. Judge Michael M Parker oversees the case. William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents the Debtor as legal counsel. BURLINGTON COAT: Moody's Rates New $500MM Secured Term Loan 'Ba1' ----------------------------------------------------------------- Moody's Ratings assigned Ba1 rating to Burlington Coat Factory Warehouse Corp's ("Burlington") new $500 million senior secured term loan B. All other ratings including the company's Ba1 corporate family rating, Ba1-PD probability of default rating and speculative grade liquidity rating (SGL) of SGL-1 remain unchanged. The outlook remains stable. The company previously used about $415 million in cash to purchase a new DC and repay maturing convertible notes and the new term loan proceeds will be used to replenish the company's cash balance and for general corporate purposes. RATINGS RATIONALE Burlington's Ba1 CFR reflects its conservative financial strategy and very good liquidity. Proforma for the new term loan transaction the company will have over $850 million of cash. Moody's expects that Burlington's margins and profitability will remain healthy over the next 12 months as consumers increasingly looking for value and continue to trade down as disposable income remains pressured by overall higher prices on essentials such as housing and food. Moody's expects Burlington to maintain debt/EBITDA around 3.3x in the next 12 months with EBITA/interest at about 3.5x. Burlington's concentration in off-price retail is a positive as this segment has historically grown faster than other apparel-related sub-sectors and has performed relatively well during economic downturns when consumers look for value. The ongoing uncertain consumer spending and tariff environment remains a headwind for the company, but Moody's believes that the company's off-price business model and its favorable inventory sourcing environment will offset some of these pressures. The company's improved merchandising initiatives and real estate expansion through smaller stores are likely to support a sustained improvement in operating margins. However, the company still has a relatively weaker competitive position, as it is significantly smaller with lower operating margins than its largest peers — TJX and Ross Stores. The stable outlook reflects Moody's expectations that operating performance including operating margins and revenue will continue to improve and that Burlington's new store growth plans will be successful. The stable outlook also reflects that financial strategy is expected to remain conservative and liquidity is expected to remain very good. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade in rating would require clearly articulated financial strategies and a capital structure that will support an investment grade rating as well as a geographically well diversified store base. An upgrade will also require continued improvement in operating performance including EBIT margin and revenues, such that debt/EBITDA is sustained below 2.5x and EBITA/interest expense is sustained above 5.0x. A rating upgrade will also require maintaining strong liquidity. A rating could be downgraded if overall operating performance including EBIT margin deteriorates, such that debt/EBITDA is sustained above 3.75x and EBITA/interest expense is sustained below 3.25x. A rating downgrade could also occur in the event Burlington's financial strategy was to become more aggressive or its liquidity profile weakens. Headquartered in Florence, NJ, Burlington Stores operates a national chain of off-price retail stores, operating 1,108 stores as of February 1, 2025, primarily under the Burlington Stores name. LTM revenues were approximately $10.6 billion as of February 1, 2025. The principal methodology used in this rating was Retail and Apparel published in November 2023. CAPSTONE CONSULTING: Court OKs Logan Property Sale -------------------------------------------------- The U.S. Bankruptcy Court for the District of Utah has approved Capstone Consulting LLC to sell Property, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtor to sell its Property located at approximately 1200 East 1400 North, Logan, Utah. The Court acknowledged that the agreement was negotiated, proposed, and entered by the Debtor and Alexander Ray Elliott, Kristopher Egbert, and Ricky Humphreys in good faith, and from arm's length bargaining positions. The Court has determined that proper, timely, adequate and sufficient notice of the motion has been provided and such notice was reasonable, sufficient, and appropriate under the circumstances. The Debtor is authorized and directed to execute and deliver, and is empowered to perform under, consummate and implement the Agreement. About Capstone Consulting LLC Capstone Consulting LLC is involved in real estate development, with a focus on residential projects in the Logan, Utah area. The Company works on subdividing properties, expanding neighborhoods, and collaborating with other stakeholders to enhance local communities. Capstone Consulting LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-20752) on February 18, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. The Debtor is represented by George B. Hofmann, Esq. at COHNE KINGHORN, P.C. CFMS TEXAS: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On June 2, 2025, CFMS Texas Properties LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About CFMS Texas Properties LLC CFMS Texas Properties LLC is a single-asset real estate company whose principal asset is located at 6001 Tension Drive, Fort Worth, TX 76112. CFMS Texas Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42027) on June 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated assets between $100,000 and $500,000. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtors are represented by Joyce W. Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. CHESAPEAKE ENERGY: Dismissed from Two Access Midstream Cases ------------------------------------------------------------ Judge Karoline Mehalchick of the United States District Court for the Middle District of Pennsylvania dismissed Chesapeake Energy Corporation, n/k/a Expand Energy Corporation from these actions: 1. JAMES L. BROWN, et al., Plaintiffs, v. ACCESS MIDSTREAM PARTNERS, L.P., et al., Defendants, Case No. 3:14-cv-00591; and 2. THE SUESSENBACH FAMILY LIMITED PARTNERSHIP, et al., Plaintiffs, v. ACCESS MIDSTREAM PARTNERS, L.P., et al., Defendants, Case No. 3:14-CV-1197 The related cases were filed in 2014 against Defendants Access Midstream Partners, L.P., Chesapeake, and the Williams Companies, Inc. by James L. Brown on behalf of himself and all others similarly situated and the Suessenbach Family Limited Partnership, James S. Suessenbach, and Gina M. Suessenbach individually and on behalf of all others similarly situated respectively. In their operative amended complaint, Brown Plaintiffs also name Domenic J. Dell'Osso, Jr. as a defendant. Before the Court are two Motions to Clarify Notices of Partial Dismissal and to Enforce the Bankruptcy Court Orders by Dismissing Chesapeake Energy Corporation and Domenic J. Dell'Osso, Jr. with Prejudice filed by Defendants Chesapeake Energy Corporation and Dell'Osso --- Moving Defendants --- in the related cases. Both the Brown Plaintiffs and the Suessenbach Plaintiffs bring their claims under the Racketeer Influenced and Corrupt Organizations Act. On June 28, 2020, while the Brown and Suessenbach matters remained pending, Chesapeake filed for relief under Chapter 11 of the Bankruptcy Code. On Jan. 12, 2021, Chesapeake filed the Fifth Amended Joint Chapter 11 Plan of Reorganization. On April 18, 2024, the Brown Plaintiffs and Suessenbach Plaintiffs filed identical Motions for Partial Dismissal of Claims Pursuant to Federal Rule of Civil Procedure 41(a) against Chesapeake. There, Plaintiffs asserted that Chesapeake's bankruptcy does not affect claims that arose after the Effective Date of its Chapter 11 Plan or Reorganization and in no way affects the Brown Plaintiffs' claims against Dell'Osso. On May 16, 2024, Chesapeake and Dell'Osso also filed a Motion for Entry of an Order Enforcing the Confirmation Order and Plan in Bankruptcy Court. Therein, Moving Defendants argued that the Brown and Suessenbach Plaintiffs' claims against Chesapeake were discharged and released in their entirety by the Chapter 11 Plan, and that the Brown Plaintiffs' claims against Dell'Osso were similarly released in their entirety by the Chapter 11 Plan. The Bankruptcy Court agreed and on Feb. 3, 2025, granted Moving Defendants' motion. Regarding the claims against Dell'Osso, the Bankruptcy Court concluded that Plaintiffs are barred from litigating claims alleged against Dell'Osso in his capacity as a Chesapeake officer for pre-Effective Date acts, which includes the RICO based claims. On Feb. 10, 2025, the Brown Plaintiffs and Suessenbach Plaintiffs filed Notices of Partial Dismissal pursuant to Federal Rule of Civil Procedure 41(a)(2) to dismiss with prejudice all claims against Chesapeake Energy Corporation and all claims against Dell'Osso to the extent they are alleged against Dell'Osso in his capacity as a Chesapeake officer for pre-Effective Date acts. On Feb. 28, 2025, Moving Defendants filed the instant motions for clarification, arguing that these notices are procedurally and substantively improper. Moving Defendants seek to enforce the Chapter 11 Plan as confirmed in the Bankruptcy Court's Feb. 3, 2025 Order by dismissing Chesapeake and Dell'Osso from the both actions. The parties concur in the dismissal of Chesapeake from each action. However, they disagree about whether Dell'Osso should be dismissed from the Brown v. Access matter in his capacity as a director of Access. The Court agrees with Plaintiffs that, in effect, Moving Defendants are actually inappropriately seeking dismissal of potentially viable claims under the guise of a Motion for Clarification. In support of their position that Dell'Osso should be wholly dismissed from this action, Moving Defendants assert that the Bankruptcy Court made clear that there is no viable claim asserted in the Brown action against Mr. Dell'Osso. Given the nature of the claims in this case, the Court finds it difficult to parse out whether Dell'Osso was acting solely for Chesapeake, Access, or even his own benefit in the allegations contained in the amended complaint. Nor does it have to do so at this pre-discovery stage of the litigation, as the Court found, in 2015, that the Brown Plaintiffs' claims were sufficiently pled. Without the benefit of discovery and the record contemplated by the Bankruptcy Court, the Court cannot conclude that Dell'Osso never acted solely in his capacity as a director of Access. Nonetheless, the Court finds it premature to dismiss Dell'Osso entirely from this action, and therefore will deny moving Defendants' motion to the extent that it seeks dismissal of potentially viable claims against Dell'Osso. The Court dismissed with prejudice Chesapeake from both the Brown and Suessenbach cases and Dell'Osso in his capacity as a representative of Chesapeake in the Brown case, as he is not a named defendant in the Suessenbach litigation. Moving Defendants' motion for clarification is granted to the extent it seeks clarification from the Court as to the status of Dell'Osso as a Defendant in the Brown matter. The motions are denied to the extent that they seek Dell'Osso's dismissal from the Brown matter in his capacity as a director of Access. This denial is without prejudice to the Court revisiting this issue on summary judgment following a period of discovery. The outstanding motions to dismiss are also denied as moot. A copy of the Court's decision dated May 16, 2025, is available at https://urlcurt.com/u?l=Fno8yJ from PacerMonitor.com. About Chesapeake Energy Corp. Headquartered in Oklahoma City, Chesapeake Energy Corporation's (NASDAQ: CHK) operations are focused on discovering and responsibly developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States. Chesapeake Energy and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-33233) on June 28, 2020, after reaching terms of a Chapter 11 plan of reorganization to eliminate approximately $7 billion of debt. The Debtors tapped Kirkland & Ellis LLP as legal counsel, Jackson Walker LLP as co-counsel and conflicts counsel, Alvarez & Marsal as restructuring advisor, Rothschild & Co and Intrepid Financial Partners as financial advisors, and Reevemark as communications advisor. Epiq Global served as the claims agent, maintaining the page http://www.chk.com/restructuring-information Wachtell, Lipton, Rosen & Katz served as legal counsel to Chesapeake Energy's Board of Directors. MUFG Union Bank, N.A., the DIP facility agent and exit facilities agent, has tapped Sidley Austin LLP as legal counsel, RPA Advisors LLC as financial advisor, and Houlihan Lokey Capital Inc. as investment banker. Davis Polk & Wardell LLP and Vinson & Elkins L.L.P. served as legal counsel to an ad hoc group of first lien last out term loan lenders while Perella Weinberg Partners and Tudor, Pickering, Holt & Co. served as the group's investment bankers. Franklin Advisers, Inc., tapped Akin Gump Strauss Hauer & Feld LLP as legal counsel, FTI Consulting, Inc. as financial advisor, and Moelis & Company LLC as investment banker. On July 9, 2020, the Office of the U.S. Trustee appointed a committee to represent unsecured creditors in Debtors' Chapter 11 cases. The unsecured creditors' committee tapped Brown Rudnick, LLP and Norton Rose Fulbright US, LLP as its legal counsel, and AlixPartners, LLP as its financial advisor. On July 24, 2020, the bankruptcy watchdog appointed a committee of royalty owners. The royalty owners' committee is represented by Forshey & Prostok, LLP. On February 9, 2021, Chesapeake successfully concluded its restructuring process and emerged from Chapter 11, satisfying all conditions precedent under its Plan of Reorganization. CHG US: Seeks To Sell Restaurant Business at Auction ---------------------------------------------------- CHG US Holdings LLC and its affiliates, seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell substantially all of its Assets in Auction, free and clear of liens, interest, and encumbrances. The Debtors operate a chain of vegan restaurants in Florida, Georgia, California, New York, Illinois, California, the District of Columbia, and Maryland, and wholly own nondebtor affiliates that have operations in Toronto, Canada. Founded in 2016, Planta is known for providing guests with an exceptional dining experience featuring high quality, seasonal, plant based food and drinks that show off the power of vegetables. The Debtors commences chapter 11 cases to initiate an in-court restructuring strategy through a court-approved bidding and auction process designed to foster competitive bidding and maximize the value of the Debtors' estates for the benefit of their stakeholders. The Debtors receive approval for the post-petition financing from Anchorage Illiquid Opportunities Master VI (B), L.P. (DIP Lender) on an interim basis. The Debtors believe strongly that a value-maximizing transaction can be achieved expeditiously through a sale and designed the Bidding Procedures to maximize the likelihood of competitive participation in the Sale while maintaining optionality for the Debtors and their stakeholders. The Debtors engaged Cassel Salpeter & Co. to act as the Debtors' investment banker. The Debtors believe that a prompt sale of the Assets through a comprehensive Sale process represents the best option available to maximize value for all stakeholders. The Debtors request approval of the sale timeline: -- Entry of an Order Approving Bid Procedures: June 23, 2025. -- Stalking Horse Notification Deadline: June 25, 2025 at 4:00 p.m. (prevailing Eastern Time). -- Stalking Horse Objection Deadline: June 30, 2025 at 4:00 p.m. (prevailing Eastern Time). -- Bid Deadline: July 18, 2025, at 4:00 p.m. (prevailing Eastern Time). -- Auction: July 21, 2025, at 10:00 a.m. (prevailing Eastern Time). -- Successful Bidder Notice Deadline: By July 22, 2025 at 9:00 a.m. (prevailing Eastern Time). -- Successful Bidder Objection Deadline: July 23, 2025 by 12:00 p.m. (prevailing Eastern Time). -- Sale Hearing: July 25, 2025 -- Sale Closing Deadline: August 5, 2025 The Debtors believe that this timeline allows them sufficient runway to close the Sale or Sales in compliance with the DIP Milestones, as the same may be modified by agreement between the Debtors and the DIP Lender. In connection with any Stalking Horse Agreement with a Stalking Horse Bidder, the proposed Bid Procedures permit the Debtors to provide Bid Protections, which Bid Protections collectively shall not exceed a total of three percent of the cash Purchase Price contemplated by the Stalking Horse Agreement. Having the flexibility to designate a Stalking Horse Bidder and provide Bid Protections will provide the Debtors with the best opportunity available under the circumstances to encourage competition but, at the same time, secure a committed bid that sets a Purchase Price floor. The Debtors are also seeking approval of certain procedures to facilitate the fair and orderly assumption and assignment of the Assigned Contracts in connection with the Sale. About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CIMG INC: Nasdaq Issues New Notice for Delayed 10-Q Filing ---------------------------------------------------------- CIMG Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a notice from NASDAQ indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company did not timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2025 with the Securities and Exchange Commission. The Quarterly Report Notice has no immediate effect on the listing of the Company's stock on Nasdaq. Previously, NASDAQ had granted the Company an exception until June 13, 2025, to file its delinquent Form 10-K for the period ended September 30, 2024 (the "Initial Delinquent Filing") and July 14, 2025, to file its Form 10-Q for the period ended December 31, 2024. As a result, any additional NASDAQ exception to allow the Company to regain compliance with all delinquent filings will be limited to a maximum of 180 calendar days from the due date of the Initial Delinquent Filing, or July 14, 2025. As a result of this additional delinquency of the Form 10-Q for the period ended March 31, 2025, the Company must submit an update to its original plan to regain compliance with respect to the filing requirement. Due to business and management restructuring, the Company needs additional time to complete its financial statements, notes to the financial statements, as well as to have the report reviewed by its accountants and attorneys. The Company continues to work diligently to enable the filing of the Form 10-K for the period ended September 30, 2024, Form 10-Q for the period ended December 31, 2024 and Form 10-Q for the period ended March 31, 2025 with the SEC as soon as reasonably possible. About CIMG Inc. Headquartered in Vista, California, CIMG Inc. (formerly Nuzee, Inc.) is a digital marketing, sales and distribution company for various consumer products with focuses on food and beverages. Dedicated to reshaping the digital marketing and distribution with technological applications, the Company endeavors to create greater commercial value for its business partners and therefore enhance its own enterprise value and shareholders' value of their stake in the Company. The Company has a professional brand and marketing management system, which can quickly help partnering enterprises achieve the connection, management, and operation of marketing channels domestically and globally. The Company has had limited revenues, recurring losses and an accumulated deficit. These items raise substantial doubt as to the Company's ability to continue as a going concern, according to the Company's Quarterly Report for the period ended June 30, 2024. The Company has not yet filed its Form 10-K for the fiscal year ended Sept. 30, 2023. CIRCANA GROUP: T. Rowe Marks $1.5 Million 1L Loan at 89% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $1,507,000 loan extended to Circana Group, L.P. to market at $169,000 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 Circana Group, L.P. The loan accrues interest at a rate of 9.32% per annum. The loan matures on December 1, 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 Circana Group, L.P. Circana, Inc., formerly known as Information Resources, Inc. and the NPD Group (previously National Purchase Diary Panel Inc. and NPD Research Inc.), is an American market research and technology company headquartered in Chicago. CIRCANA GROUP: T. Rowe Marks $1.5 Million 1L Loan at 89% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $1,507,000 loan extended to Circana Group, L.P. to market at $169,000 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 Circana Group, L.P. The loan accrues interest at a rate of 9.32% per annum. The loan matures on December 1, 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 Circana Group, L.P. Circana is engaged in providing technology, artificial intelligence, and data to fast-moving consumer packaged goods companies, durables manufacturers, and retailers seeking to optimize their businesses. CLEAN ENERGY: Closes $104K Convertible Note and Stock Sale to Lucas ------------------------------------------------------------------- Clean Energy Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a securities purchase agreement with Lucas Ventures, LLC, an Arizona limited liability company, pursuant to which the Company sold, and Lucas Ventures purchased: (i) a convertible promissory note in the original principal amount of $109,500, and (ii) 40,000 shares of Company common stock for a purchase price of $104,000. On May 19, 2025, the Purchase Price was paid by Lucas Ventures to the Company, and the Note and Shares were issued to Lucas Ventures. The SPA includes customary representations, warranties and covenants by the Company and customary closing conditions. The Note matures on August 15, 2025, accrues interest of 8% per annum, and is convertible into shares of the Company's common stock at the election of the holder, at or following 90 days after Note funding, at a conversion price of $0.50; provided, however, that the holder may not convert the Note to the extent that such conversion would result in the holder's beneficial ownership of the Company's common stock being in excess of 4.99% of the Company's issued and outstanding common stock (or 9.99% if the market capitalization of the Company falls below $2,500,000). The foregoing descriptions of the SPA and Note do not purport to be complete and are qualified in their entirety by reference to the full text of those agreements, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to the Report on Form 8-K available at https://tinyurl.com/ys9wrmum About Clean Energy Headquartered in Irvine, California, Clean Energy Technologies, Inc. -- http://www.cetyinc.com-- develops renewable energy products and solutions and establishes partnerships in renewable energy that make environmental and economic sense. The Company's mission is to be a segment leader in the Zero Emission Revolution by offering eco-friendly energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. The Company targets sustainable energy solutions that are profitable for it, profitable for its customers, and represent the future of global energy production. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has an accumulated deficit and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $9,505,480 in total assets, $6,566,978 in total liabilities, and total stockholders' equity of $2,938,502. CLIFFWOOD DEVELOPMENT: Hires Christie's as Real Estate Broker ------------------------------------------------------------- Cliffwood Development Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Christie's RE SoCal as real estate broker. The firm will market and sell the Debtor's real property located at 306 N. Cliffwood Ave., Los Angeles, California. The firm will be paid a commission of 2 percent of the gross sale price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Cindy Ambuehl Christie's RE SoCal 433 N Camden Dr Beverly Hills, CA 90210 Tel: (818) 489-0282 Email: cindy@cindyambuehl.com About Cliffwood Development Partners, LLC Cliffwood Development Partners LLC is a Los Angeles-based property owner and developer involved in a variety of real estate projects, focusing on development and investment in residential and commercial properties. Cliffwood Development Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11786) on March 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by: Gary E. Klausner, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: GEK@lnbyg.com COGENT COMMUNICATIONS: Moody's Rates New $600MM Secured Notes 'Ba2' ------------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to the proposed $600 million backed senior secured notes due 2032 of Cogent Communications Group, LLC (Cogent or Cogent Communications Group), a multinational Tier 1 internet service provider. Use of proceeds from the senior secured notes will be used to refinance its existing 3.5% backed senior secured notes, add cash to the balance sheet for general corporate purposes, and to pay fees and expenses related to the transaction. Moody's also affirmed the company's B2 corporate family rating (CFR), B2-PD probability of default rating (PDR), Ba2 backed senior secured notes rating, and B3 backed senior unsecured notes ratings. The speculative grade liquidity rating (SGL) remains unchanged at SGL-2. The outlook is maintained at stable. The B2 CFR affirmation reflects Moody's expectations that execution risks from integrating Sprint's wireline assets are substantially mitigated by T-Mobile USA, Inc.'s (T-Mobile) contractual obligation payments for IP Transit Services from Cogent. Moody's expects debt to EBITDA (excluding debt and EBITDA from securitized assets and adding back Sprint acquisition costs and cash receipts from IP Transit Services) will decline to the high 5x range in 2025, above Moody's downgrade consideration of debt to EBITDA sustained above 5.5x. However, Moody's expects that Cogent's recent realization of $220 million in targeted cost savings from the Sprint wireline acquisition, ongoing move of substantial numbers of customers to on-net from off-net, and discontinuation of low-margin non-core products will contribute to increased profitability over the next few years. The company also anticipates achieving at least another $20 million of cost savings through the second quarter of 2026. Moody's also expects mid-to-high single digit percentage annual organic revenue growth in 2026 supported by wavelength and data center capacity driving incremental revenue. However, Moody's believes wavelength will not significantly contribute to consolidated revenue for at least the next 12 months (wavelength only contributed to 2% of consolidated revenue for the LTM period ended March 31, 2025). As such, Moody's expects revenue growth and margin expansion will contribute to debt to EBITDA (excluding debt and EBITDA from securitized assets and adding back Sprint acquisition costs and cash receipts from IP Transit Services) declining towards 5x by year-end 2026. Furthermore, Cogent accelerated its investment in converting legacy Sprint switch sites into data centers and is exploring monetization options through sales or long-term leases. Leasing the data centers and/or using some proceeds of a sale to repay debt would improve the company's deleveraging path. Nonetheless, if operational missteps or additional meaningful debt raises contributing to a delayed path of Cogent reducing financial leverage, a negative action may ensue, which may include a downgrade of the CFR and/or an outlook change to negative. The assigned rating is subject to review of final documentation and no material change to the size, terms and conditions of the transaction as advised to us. RATINGS RATIONALE Cogent's B2 CFR is constrained by high debt to EBITDA of 6.5x (excluding debt and EBITDA from securitized assets and adding back Sprint acquisition costs and cash receipts from IP Transit Services) as of LTM March 31, 2025 pro forma for the proposed senior secures notes transaction and IPv4 securitization transaction completed in April 2025. The rating is also constrained by Moody's expectations of continued negative free cash flow generation resulting from Cogent's use of targeted debt leverage to optimize shareholder returns largely through its dividend policy. While good liquidity currently offsets some of the risks inherent in this financial policy, integration risks associated with the Sprint wireline business, moderate but growing scale and highly competitive end markets could also pressure the company's future credit profile absent the balanced approach to this policy that exists. The rating is supported by its good liquidity profile, Moody's expectations for at least mid-single-digit percentage organic revenue growth in 2026 due to robust internet traffic growth and expansion of Cogent's products to include wavelength and optical transport, solid EBITDA growth and margin expansion, a growing and diversified customer base and a sizable and productive sales force. The company's low cost structure and targeted niche product sales approach continue to make it a nimble and formidably persistent competitor against larger companies burdened with more complex, higher cost legacy structures. Cogent's senior secured notes are rated Ba2, three notches above the B2 CFR reflecting their senior position in the capital structure and the loss absorption provided by the senior unsecured notes. The senior secured notes are secured equally and ratably by continuing first-priority security interests in substantially all of the tangible and intangible assets of Cogent and its subsidiary guarantors. The senior secured notes are guaranteed by Cogent's domestic subsidiaries and secured by a pledge of stock of 100% of Cogent's US subsidiaries and 65% of the Company's non-US subsidiaries. In addition, the senior secured notes are guaranteed on a senior unsecured basis by Cogent Communications Holdings, Inc. (Cogent Holdings), Cogent's public parent. However, Cogent Holdings will not be subject to the covenants under the indenture governing these secured notes as it is not a party to the Indenture and is not governed by the indenture. Cogent's senior unsecured notes are rated B3, reflecting their junior position to the senior secured notes. The securitized debt (not rated) issued by Cogent IPv4 LLC, a special-purpose, bankruptcy remote, indirect wholly owned subsidiary of Cogent Infrastructure, LLC, is excluded from Moody's Loss Given Default for Speculative-Grade Companies Methodology (LGD Methodology) waterfall. Cogent's SGL-2 liquidity rating indicates good liquidity. As of March 31, 2025, cash held on a consolidated basis at Cogent Holdings totaled $184 million, with the bulk of that cash remaining at Cogent, the operating entity. Cash balances will improve from the senior secured notes transaction and the securitization transaction completed in April 2025. Moody's expects Cogent to maintain sufficient cash to run the business prudently at all times. Moody's projects negative free cash flow over the next 12 months, but cash received from the IP Transit Services agreement will support the maintenance of high cash balances over the next 12 months despite the company's equity stakeholder returns. When prudent, Moody's believes Cogent will likely supplement its regular quarterly dividends with share buybacks and/or special dividends. As of March 31, 2025, Cogent had $22.4 million available for stock buybacks under its share repurchase program which is authorized through December 31, 2025. The company repurchased an additional $5 million of shares in April 2025. Cogent does not have a revolving credit facility, and the company is not subject to financial maintenance covenants. The stable outlook is based on Moody's views that while Cogent's earnings and cash flow from operations will grow, equity stakeholder returns, in the form of dividends and share buybacks, will increase in tandem. Although Moody's expects the company to maintain good liquidity over the next 12 months, its aggressive equity stakeholder return policy will prevent the company from generating positive free cash flow for the near future. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Cogent's ratings if the company maintains good liquidity, operating performance improves, debt to EBITDA (excluding debt and EBITDA from securitized assets and adding back cash receipts from IP Transit Services) is sustained below 4x and free cash flow to debt improves to the mid-single digits. Moody's could downgrade Cogent's ratings if debt to EBITDA (excluding debt and EBITDA from securitized assets and adding back cash receipts from IP Transit Services) is sustained above 5.5x or if liquidity weakens. Cogent Communications Holdings, Inc. (NASDAQ: CCOI), parent of Cogent Communications Group, LLC with headquarters in Washington, DC, is a multinational Tier 1 internet service provider. The company offers dedicated internet access and data transport over its fiber optic, IP network to corporate and net-centric customers. Cogent is among the top five largest carriers of internet traffic in the world. The principal methodology used in these ratings was Communications Infrastructure published in February 2022. COLONIAL MILLS INC: Court Extends Cash Collateral Access to June 30 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Rhode Island extended Colonial Mills, Inc.'s authority to use cash collateral until June 30. The court's order authorized the company's interim use of cash collateral generated from cash on hand, accounts receivable and inventory to pay post-petition expenses including payroll and payroll-related taxes. As protection, secured creditors including BankRI, the Small Business Loan Fund Corporation, and Ronile Inc. were granted a replacement lien on all receivables and cash generated by Colonial Mills after the bankruptcy filing. BankRI holds a valid first-priority lien on Colonial Mills' cash, equipment, inventory, and accounts receivable under a $750,000 loan agreement (dated March 15, 2017, with amendments) while SBLFC holds a second and third security interest covering machinery, fixtures, equipment, accounts receivable, accounts and cash of the company. Meanwhile, Ronile asserts a lien under a 2023 credit agreement but its claim is disputed by Colonial Mills and has not been judicially validated. Ronile consents to being subordinate to BankRI and SBLFC if its lien is later found valid. SBLFC is represented by: Jennifer L. Sylvia, Esq. Moses Ryan Ltd. 40 Westminster Street, 9th Floor Providence, RI 02903 Phone: 401-453-3600 Fax: 401-433-3101 jsylvia@marlawri.com Ronile is represented by: Patrick J. McDonald IV, Esq. Roberts, Carroll, Feldstein & Peirce, Inc. 10 Weybosset Street, Suite 800 Providence, RI 02903 Phone: 401-521-7000 Fax: 401-521-1328 pmcdonald@rcfp.com About Colonial Mills Inc. Colonial Mills, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. Case No. 25-10286) on April 9, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Diane Finkle oversees the case. Russell D. Raskin, Esq., at Raskin & Berman is the Debtor's legal counsel. CPIF LA ARTS: Hires Cushman & Wakefield as Real Estate Broker ------------------------------------------------------------- CPIF LA Arts District LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Cushman & Wakefield of California, Inc. as real estate broker. The firm will market and sell the Debtor's mixed use project located at 1129 and 1101 East 5th Street, 445-457 South Colyton Street; and 450-456 South Seaton Street, Los Angeles, CA 90013. The firm will be paid a commission of 1.50 percent of the sales price. If a buyer has its own agent, buyer's broker will be owed a fee equal to 1.5 percent of the sale price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mike Condon, Jr. Cushman & Wakefield of California, Inc. 225 W. Wacker Drive Suite 3000 Chicago, IL 60606 Tel: (213) 629-7379 Email: Condon@cushwake.com About CPIF LA Arts District LLC CPIF LA Arts District, LLC is the 100% owner of a mixed-use project located at 1129 and 1101 East 5th Street, 445-457 South Colyton Street, and 450-456 South Seaton Street, Los Angeles, Calif. The property, valued at $22.6 million, spans approximately 45,722 square feet and is improved with a 91,200-square-foot mixed-use building. It includes nine retail units on the ground floor and 13 apartments/lofts on the second floor. CPIF sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12827) on April 7, 2025. In its petition, the Debtor reported total assets of $22,702,276 and total liabilities of $9,706,901. Judge Sheri Bluebond handles the case. The Debtor is represented by David B. Golubchik, Esq., at Levene Neale Bender Yoo & Golubchik, LLP. CTF CHICAGO: Court Extends Cash Collateral Access to June 30 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division extended CTF Chicago, Inc.'s authority to use cash collateral from May 31 to June 30. The ninth interim order authorized CTF Chicago to use the cash collateral of Wintrust Bank, a pre-bankruptcy secured lender, to pay the expenses set forth in its budget. The budget shows projected expenses of $128,336 for the interim period. Wintrust Bank holds a senior lien on the company's assets valued at $781,571.93, with a subordinate lien by the U.S. Small Business Administration. As protection, Wintrust Bank was granted a replacement lien on substantially all of the company's assets, including cash collateral equivalents, cash and accounts receivable, to the same extent and with the same validity as its pre-bankruptcy lien. In addition, Wintrust Bank was granted an administrative expense claim under Section 507(b) of the Bankruptcy Code, subordinate only to the administrative claim of the Subchapter V trustee. The next hearing is scheduled for June 25. About CTF Chicago CTF Chicago, Inc. operates within a framework that requires substantial capital and resources. The company is structured to provide specific services or products, likely in a competitive market, given its presence in Chicago. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15580) with up to $50,000 in assets and up to $10 million in liabilities. Charles Graff, managing member, signed the petition. Judge Janet S. Baer oversees the case. The Debtor is represented by Richard G. Larsen, Esq., at Springer Larsen, LLC. Wintrust Bank, as lender, is represented by: Andrew H. Eres, Esq. Dickinson Wright PLLC 55 W. Monroe, Suite 1200 Chicago, IL 60603 Tel: 312-377-7891 aeres@dickinson-wright.com D TUR HOTEL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: D Tur Hotel LLC 250 Walnut Road Turlock, CA 95380 Business Description: D Tur Hotel LLC operates a motel property in Turlock, California. Chapter 11 Petition Date: June 6, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-90467 Judge: Hon. Christopher D Jaime Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Email: michael.berger@bankruptcypower.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Larry Williams as corporate representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/F3ILFXY/D_Tur_Hotel_LLC__caebke-25-90467__0001.0.pdf?mcid=tGE4TAMA D&D BUYER: T. Rowe Marks $1.9 Million 1L Loan at 70% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,974,000 loan extended to D&D Buyer LLC to market at $592,000 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 D&D Buyer LLC. The loan accrues interest at a rate of 10.90% per annum. The loan matures on October 4, 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 D&D Buyer LLC D&D Buyer LLC in the operation and management of retail stores. D&D BUYER: T. Rowe Marks $4.5 Million 1L Loan at 33% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $4,598,000 loan extended to D&D Buyer LLC to market at $3,084,000 or 67% 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 D&D Buyer LLC. The loan accrues interest at a rate of 10.89% per annum. The loan matures on October 4, 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 D&D Buyer LLC D&D Buyer LLC in the operation and management of retail stores. DATAVAULT AI: Michael Fazio Holds 7.8% Equity Stake --------------------------------------------------- Michael A. Fazio, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of May 20, 2025, he beneficially owned 6,211,452 shares of Datavault AI Inc.'s Common Stock, par value $0.0001 per share, representing 7.8% of the shares outstanding. Michael A. Fazio may be reached at: 11401 Shoreview Overlook Austin, TX 78732 A full-text copy of Mr. Fazio's SEC report is available at: https://tinyurl.com/2p6er5c2 About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. The Company has incurred net operating losses each year since inception. As of December 31, 2024, the Company had cash and cash equivalents of $3.3 million and reported net cash used in operations of $17.5 million during the year ended December 31, 2024. The Company expects operating losses to continue in the foreseeable future because of additional costs and expenses related to research and development activities, plans to expand its product portfolio, and increase its market share. The Company's ability to transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure. DENALI MIDCO: T. Rowe Marks $9.8 Million 1L Loan at 75% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $9,833,000 loan extended to Denali Midco 2 LLC to market at $2,467,000 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 Denali Midco 2 LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on December 22, 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 Denali Midco 2 LLC Denali Midco 2 LLC, operating under the name Super Star Car Wash, is a car wash, detail, and lubrication service provider. DIGITAL ALLY: Swings to $4.3M Net Income in Q1 2025 --------------------------------------------------- Digital Ally, Inc. announced that it filed its Quarterly Report on Form 10-Q for the three months ended March 31, 2025, with the Securities and Exchange Commission. The Form 10-Q reflects significant improvements in gross profit, operating income (loss), and net income attributable to common stockholders in the first quarter of 2025 when compared with the prior-year period. First Quarter Highlights: * Total revenue decreased 19% to $4.4 million, compared with total revenue of $5.5 million in the first quarter of 2024. * Gross profit margin expanded to 35.8% of revenue vs. 27.6% in prior-year period. * Selling, general and administrative expenses declined 50.1% from year-earlier levels. * The Company reported an operating loss of $974,680, which represented an improvement of $2,664,354 or 73.2% when compared with the first quarter of 2024. * The Company reported non-operating gains of $5,241,762, which represented an improvement of $5,545,996 when compared with the first quarter of 2024. * Net income attributable to common stockholders improved to $4,263,471, or $1.41 per diluted share, compared with a year-earlier net loss of ($3,931,020), or ($27.48) per share. * Total working capital improved to a positive $3,385,051 as of March 31, 2025, as compared to a deficit of $(19,377,507) as of December 31, 2024. * Total stockholders' equity improved to $11,569,375 as of March 31, 2025, as compared to a deficit of $(9,013,430) as of December 31, 2024. "Our first quarter financial results, which included substantial non-operating gains and losses, clearly reflect the operating leverage inherent in our business model that has resulted from substantial decreases in overhead expenses, reduced headcount, and the focus on our subscription based sales model for our video solutions segment and the successful restructuring of our law enforcement products sales organization," stated Stanton E. Ross, Chief Executive Officer of Digital Ally, Inc. "Improved gross profit margins and a lower SG&A expense ratio allowed the Company to achieve a $2,664,354 improvement in operating income when compared to the similar period in 2024. Our ability to achieve these gains was particularly impressive in light of the continuation of a challenging economic environment, which has negatively impacted state, county and municipal government budgets that fund the law enforcement agencies that represent our primary customer base." "Additionally, we completed a $14.3 million public equity offering during the first quarter 2025 that significantly improved our liquidity and resulted in stockholders' equity well in excess of the minimum $2.5 million equity threshold required for continued listing on The Nasdaq Capital Market. We continue to work to regain compliance with the minimum $1.00 bid price requirement for continued listing on Nasdaq. The Company is committed to regaining and maintaining compliance with all applicable requirements for continued listing on Nasdaq." "We look towards the future with optimism. We anticipate our entertainment segment will improve its revenues and operating profits as we approach our June 26-28, 2025, Country Stampede Music Festival. While we recognize that the market for law enforcement products remains challenging and highly competitive, the steps taken by Digital Ally to reduce costs, streamline supply chain logistics, and incentivize sales efforts have transformed the Company into a lean organization that is capable of responding quickly to changes in our industry. The impressive earnings turnaround that we achieved during the first quarter of 2025 is very encouraging, and I would like to thank all of our employees, vendors, management and directors for the dedicated efforts and hard work that made the achievement of a profitable first quarter possible. We are highly focused upon the restoration of sustainable and growing profitability in order to rebuild shareholder value, and I look forward to reporting upon our results for the balance of the year," concluded Ross. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/t3cwu6j6 About Digital Ally Digital Ally Inc. operates across three segments: Video Solutions, Revenue Cycle Management, and Entertainment. The Video Solutions unit provides video recording systems, cloud services, and safety products for law enforcement and commercial clients. The Revenue Cycle Management segment offers financial and administrative support services to healthcare providers, helping manage billing and back-office operations. Its Entertainment division manages ticket resale through TicketSmarter and produces live events, including music festivals. In an auditor's report dated May 2, 2025, RBSM LLP, issued a "going concern" qualification, noting that the Company has incurred substantial operating losses and will need additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. Digital Ally reported a net loss of $21.72 million for the year ending Dec. 31, 2024, compared to a net loss of $25.46 million for the year ending Dec. 31, 2023. As of Dec. 31, 2025, the Company had $27.74 million in total assets, $36.75 million in total liabilities, and a total deficit of $9.01 million. DOC VENTURES: Gets Court OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas granted Doc Ventures, LLC's motion to use the cash collateral of First Bank of Aspermont. Doc Ventures was authorized to use cash on hand and future rents from its residential property in Lubbock, Texas, for post-petition operating expenses set forth in its budget. First Bank of Aspermont holds a pre-bankruptcy lien on the property and rents. As protection, the bank will be granted replacement liens on rents and cash proceeds generated after the petition date in case of any diminution in the value of its collateral. About Doc Ventures LLC Doc Ventures, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-32595) on August 29, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge Stacey G Jernigan presides over the case. David D. Ritter, Esq. at Ritter Spencer Cheng PLLC represents the Debtor as counsel. The First National Bank of Aspermont, as lender, is represented by: Ashley N. Pirtle, Esq. Crenshaw Dupree & Milam, L.L.P. P.O. Box 64479 Lubbock, TX 79464-4479 (806) 762-5281 Telephone (806) 762-3510 Facsimile apirtle@cdmlaw.com DOG ROBBER: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Dog Robber Inc. d/b/a Toast Kitchen and Bar (Brea) d/b/a Toast Whittier (Little Toast) d/b/a The Dylan d/b/a The Benediction d/b/a Toast Coffee Tea and Juice d/b/a Toast Restaurant Group f/d/b/a Mimosas Kitchen and Bar 16435 Whittier Blvd. Whittier, CA 90603 Business Description: Dog Robber Inc. is a Whittier, California– based restaurant group founded in 2016 that operates several brunch and cafe concepts -- including Toast Kitchen & Bar, Toast Whittier, Toast Coffee Tea and Juice, The Dylan, and The Benediction -- and was recognized on the Inc. 5000 list in both 2022 and 2023. Chapter 11 Petition Date: June 6, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-14827 Judge: Hon. Neil W. Bason Debtor's Counsel: Richard Sturdevant, Esq. FINANCIAL RELIEF LAW CENTER, APC 1200 Main St. Ste C Irvine, CA 92614 Tel: 714-442-3335 Fax: 714-361-5376 E-mail: rich@bwlawcenter.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chad Reinhardt as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MJ4QKOY/Dog_Robber_Inc__cacbke-25-14827__0001.0.pdf?mcid=tGE4TAMA DOTDASH MEREDITH: Moody's Rates New Senior Secured Term Loan 'B2' ----------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Dotdash Meredith Inc.'s new senior secured term loan B. All other ratings including the existing B2 corporate family rating and B2 rating on the secured credit facility are unchanged. The outlook is stable. The net proceeds of the new term loan B will be used to refinance a portion of the existing term loan B-1 due in December 2028. In May 2025, Dotdash Meredith refinanced the $150 million revolving credit facility and term loan A-1 and extended the debt maturity to 2030. Moody's expects the company to refinance the remaining portion of the term loan B-1 in a timely manner. RATINGS RATIONALE Dotdash Meredith Inc.'s B2 CFR reflects the company's decline in leverage levels (5.2x LTM Q1 2025) driven by strength in the digital segment, which Moody's expects will be the primary driver of performance and lead to higher EBITDA margins as the benefits of the integration of the Meredith brand names onto the digital media platform continue to improve. While Dotdash Meredith has completed the rationalization and restructuring of its print magazine assets, the company remains exposed to secular declines in print publishing, although print represents a modest portion of overall EBITDA. There is also exposure to consumer discretionary end markets and geographic concentration. Additional concerns include possible declines in website traffic due to rapidly changing technology and industry standards, new approaches for content delivery, branding and distribution, and sudden shifts in how consumers engage with media content over time. Modifications to Google's and other search engine's algorithms could also negatively impact Dotdash Meredith's websites placements on search engine results and weigh on customer traffic. Dotdash Meredith derives support from its position as a leading Internet publisher that owns a broad portfolio of well-known consumer lifestyle media brands and digital media assets. High intent online customer traffic that relies on first-party data is also expected to produce greater sales conversions and more meaningful ROI for advertising clients than traditional marketing channels. As the benefits of the Meredith's brands and Dotdash's digital services, including its D/Cipher offering, are realized, free cash flow (FCF) and profitability will continue to improve in 2025. While the company's parent, IAC, is not a guarantor to the credit agreement, there is implied support as IAC has historically provided resources to Dotdash Meredith and maintained sizable excess internal liquidity. Over the next 12-18 months, Moody's expects Dotdash Meredith will maintain very good liquidity supported by $243 million of cash on the balance sheet as of Q1 2025 and access to an undrawn $150 million revolving credit facility due 2030. Operating cash flow is likely to continue to expand and drive FCF as a percentage of debt to the mid to high single digits in 2025. Capital expenditures are likely to remain in the high teens range. The term loan A has a mandatory 5% amortization of $17.5 million per annum (stepping up to 10% amortization in 2028 and 15% amortization in 2029). The term loan B is covenant lite, but the revolver and term loan A are subject to a 5.5x Consolidated Net Leverage maintenance covenant (as defined in the credit agreement) that is operative if either the revolver is drawn or the term loan A is outstanding. Moody's expects Dotdash Meredith will maintain significant covenant headroom over the next twelve months. Liquidity is also boosted by IAC's substantial financial resources, which IAC could use to support the company, if needed. IAC had about $917 million of cash and marketable securities (excluding cash at Dotdash Meredith) as of Q1 2025. The credit facilities are rated B2, the same rating as the B2 CFR, and reflect that secured debt comprises the preponderance of the company's capital structure. The credit facilities are secured by a first-priority lien on substantially all tangible as well as intangible assets and carry upstream guarantees from present and future direct and indirect wholly-owned material restricted domestic subsidiaries of the borrower, Dotdash Meredith Inc. Dotdash Meredith Inc. is a wholly-owned indirect subsidiary of IAC Group, LLC, which is a direct wholly-owned subsidiary of IAC. The credit facilities do not benefit from a downstream guarantee from IAC. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $448 million and 100% of consolidated EBITDA, plus unlimited amounts subject to 4x first lien net leverage ratio, plus amounts of voluntary prepayments. There is an inside maturity sublimit up to $330 million or 100% of consolidated EBITDA. The credit agreement is expected to include "blocker" provisions which prohibit the transfer of material intellectual property to unrestricted subsidiaries. 100% of available amounts under the General RP Basket and the IPO RP Basket may be used to make additional investments. There are no protective provisions restricting an up-tiering transaction. The stable outlook reflects Moody's expectations for relatively flat revenue performance in 2025 as digital media revenue growth is offset by continuing secular declines in print publication revenue. Dotdash Meredith's digital media business, which accounts for the vast majority of EBITDA, will benefit from first party, high intent data that is likely to drive higher profitability through 2026. Moody's expects Dotdash Meredith's leverage levels to decline modestly to about 5x in 2025 with additional improvement in 2026 from EBITDA growth and from mandatory debt repayment. Operating performance will also continue to be sensitive to macro-economic conditions given the company's significant exposure to discretionary consumer spending. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade could occur if Dotdash Meredith demonstrates continuing organic revenue growth in line or ahead of the market with expanding EBITDA margins. Financial leverage would need to approach 4.5x total debt to EBITDA (as calculated by us), with free cash flow as a percentage of total debt of at least 5% and adherence to conservative financial policies with respect to potential dividends paid to the parent. The company would also need to maintain a strong liquidity position. The ratings could be downgraded if financial leverage is sustained above 6.5x total debt to EBITDA (as calculated by us) due to operating weakness or leveraging transactions, or a weakened competitive position with a decline in EBITDA margins below 10% for an extended period. A deterioration in Dotdash Meredith's liquidity could also lead to negative rating pressure. With headquarters in New York, NY, Dotdash Meredith Inc. ("Dotdash Meredith") was formed in 2021 via the combination of IAC Inc.'s ("IAC") digital publishing business, Dotdash Media Inc., and Meredith Corp.'s print magazine, digital publishing and brand licensing assets ("MHC") in a transaction valued at approximately $2.7 billion. The merger created a leading internet property and consumer media publisher with over 40 leading brands. Dotdash Meredith is a 100% owned subsidiary of IAC. LTM revenue as of Q1 2025 was $1.8 billion. The principal methodology used in this rating was Media published in June 2021. DRIP MORE: Seeks to Hire Adam Hurst as Broker --------------------------------------------- Lynda T. Bui, the Trustee for Drip More LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Adam Hurst, the Debtor's former chief technical officer and worked for the Debtor for nine years, as broker. Mr. Hurst will market and sell certain of the Debtor's personal property assets consisting of various types of machinery, equipment and storage racks that are currently being stored at SecurCare in Redlands, California and possibly in Mentone, California, and the contents of the storage unit located at SecureSpace Self Storage consisting of unassembled parts related to a clean room that was not completed at the time of the bankruptcy filing. He will be paid at a fee equal to 15 percent of the gross sale proceeds received from the sale of the Assets. Adam Hurst 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. About Drip More LLC Drip More, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-11703) on July 5, 2024, listing up to $500,000 in assets and up to $10 million in liabilities. Brian Bereber, managing member of Drip More, signed the petition. Judge Scott C. Clarkson oversees the case. The Debtor represented by: Roksana D. Moradi-Brovia, Esq. Rhm Law, LLP Tel: (818) 933-2843 Email: roksana@rhmfirm.com ELK CREEK: Unsecured Creditors to be Paid in Full in Plan --------------------------------------------------------- Elk Creek Escape, LLC filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania a First Amended Plan of Reorganization dated May 15, 2025. The Debtor was incorporated on May 27, 2022 in the Commonwealth of Pennsylvania by member Connie J. Klick (51%) and Andrew A. Peters (49%) to acquire approximately 49 acres of real property in Hillsgrove, P.A. While the Debtor is strengthening its operations and increasing income capacity, it is actively pursuing either a sale of the business or outside investment. The Debtor is also finalizing a gas lease to provide both upfront funds, and also the possibility of future royalties, which would provide revenue to support future operations. The principals of the Debtor will continue providing financial support to the Debtor as may be necessary for ongoing site improvements, business operations, secured debt payments, and Chapter 11 plan payments until such time as the Debtor's profitability has stabilized. Class 6 consists of General Unsecured Creditors. There were no general unsecured proofs of claim filed. The Debtor's schedules indicate 3 general unsecured claims: Daniel A. Klingerman $49,733.85 for contribution for payment of amounts owed to Woodland Bank; Erie Insurance Group $3,114.00; and Heller's Gas $2,740.89. Hellers Gas is believed to be paid. As a result, the only creditor to receive payment in this class is Erie Insurance Group. The allowed general unsecured claim of Erie Insurance will be paid on full in monthly payments of $400 per month, with payments to start immediately after Class 2 claim is paid in full. This class is impaired. The Principals of the Debtor will retain their equity positions but will not receive any distributions in the plan or be entitled to vote on the plan. The Equity Holders are making additional substantial contributions to the plan funding from personal income in order to assist the Debtor in paying the obligations to Woodlands Bank and Daniel A. Klingerman, as to which the Principals are also liable to the creditors. The Principals are also assisting in funding to assist the Debtor in making improvements to the real property in order to increase the Debtor's future revenue. The Debtor intends to continue to operate the campground business subject to a possible sale of the business. The Debtor believes that the operations of the Debtor will reach a point to be sufficient to fund payments under the Plan, supplemented as necessary in the interim by the principals of the Debtor who will provide financial support until the Debtor achieves the required level of profitability, and by the funds from the gas lease deposit. The principals of the Debtor are also liable on the obligations to Woodlands Bank and Daniel A. Klingerman. A full-text copy of the First Amended Plan dated May 15, 2025 is available at https://urlcurt.com/u?l=lEBVIp from PacerMonitor.com at no charge. Counsel to the Debtor: Lisa M. Doran, Esq. Doran & Doran, P.C. 69 Public Square Ste 700 Wilkes-Barre, PA 18701 Tel: (570) 823-9111 About Elk Creek Escape Elk Creek Escape, LLC is a local campground that provides a variety of camping amenities, including rustic style cabins and campsite firepits. The company is based in Hillsgrove, Pa. Elk Creek Escape filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02003) on August 14, 2024, with $1 million to $10 million in both assets and liabilities. Connie J. Klick, member, signed the petition. Judge Mark J. Conway presides over the case. Lisa M. Doran, Esq., at Doran & Doran, PC represents the Debtor as legal counsel. ENVELOPE MART: Gets Interim OK to Use Cash Collateral Until June 20 ------------------------------------------------------------------- Envelope Mart of Northeast Ohio, Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Ohio to use cash collateral. The court's order authorized the company's interim use of cash collateral through June 20 or until the final hearing. The company's cash collateral consists of substantially all monies generated from the operation of its businesses. It does not include proceeds of sales of assets that are not subject to the liens of secured creditors, including Huntington National Bank. Huntington appears to hold the first-priority security interest in the company's assets based on the record of the Uniform Commercial Code financing statements. Huntington was granted a replacement lien and a security interest in assets acquired by the company after the petition date to protect against any diminution in the value of the bank's collateral. This protection does not extend to certain avoidance actions or recoveries under Bankruptcy Code Section 506(c). A final hearing is scheduled for June 11. About Envelope Mart of Northeast Ohio Inc. Envelope Mart of Northeast Ohio Inc., doing business as 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 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 reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Suzana Krstevski Koch handles the case. The Debtor is represented by Michael A. Steel, Esq. EVERYTHING CREATIVE: Hires Bravo Law APC as Legal Counsel --------------------------------------------------------- Everything Creative, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Bravo Law APC as counsel to handle its Chapter 11 case. The firm will be paid at these rates: John L. Smaha, Esq. $550 per hour Gustavo E. Bravo, Esq. $400 per hour The firm received from the Debtor a retainer of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bravo 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: Gustavo E. Bravo, Esq. Bravo Law APC 3990 Old Town Avenue, A-103 San Diego, CA 92110 Tel: (619) 688-1557 Email: gbravo@bravolawapc.com About Everything Creative, Inc. Everything Creative, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01937) on May 12, 2025. In the petition signed by Carol Kaplan, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Gustavo E. Bravo, Esq., at Bravo Law APC, represents the Debtor as legal counsel. EVOKE PHARMA: Directors Elected, BDO Retained at Annual Meeting --------------------------------------------------------------- Evoke Pharma Inc. held its Annual Meeting solely by means of remote communication through a live webcast. There were represented at the Annual Meeting, by proxy, 960,070 shares of the Company's common stock, par value $0.0001 per share, out of a total number of 1,492,858 shares of Common Stock outstanding and entitled to vote at the Annual Meeting. The Company's stockholders voted on the following three proposals at the Annual Meeting, casting their votes as described below. The following individuals, who were named as nominees in the Company's definitive proxy statement relating to the Annual Meeting, were elected by the Company's stockholders by a plurality of votes cast to serve a three-year term on the Company's Board of Directors which will expire at the Company's 2028 annual meeting of stockholders. Information on the vote relating to the director standing for election is set forth below: Proposal 1. – Election of Class III Directors. a. Mr. Malcolm R. Hill, Pharm.D. * For: 327,711 * Withheld: 128,684 * Broker Non-Votes: 503,675 b. Ms. Vickie W. Reed * For: 335,555 * Withheld: 120,840 * Broker Non-Votes: 503,675 Proposal 2. – Ratification of Appointment of BDO USA, P.C. Proposal 2 was to ratify the appointment of BDO USA, P.C., an independent registered public accounting firm, as the Company's independent auditors for the year ending December 31, 2025. The proposal was approved. * For: 935,706 * Against: 12,174 * Abstain: 12,190 Proposal 3. – Advisory Vote on Executive Compensation. Proposal 3 was to approve, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the Company's definitive proxy statement. The proposal was approved. * For: 308,413 * Against: 144,621 * Abstain: 3,361 * Broker Non-Votes: 503,675 Proposal 4. – Frequency of Stockholder Vote on Executive Compensation. Proposal 4 was to approve, on an advisory basis, the frequency of holding future advisory votes on the compensation of the Company's named executive officers as disclosed in the Company's definitive proxy statement. The "Three Years" alternative received the highest number of votes and is the stockholders' recommendation, on an advisory basis, of the frequency of the stockholder vote on executive compensation. The Board determined to hold future advisory votes on executive compensation every three years based upon the stockholders' recommendation. * One Year: 207,519 * Two Years: 871 * Three Years: 242,339 * Abstain: 5,666 * Broker Non-Votes: 503,675 About Evoke Pharma Headquartered in Solana Beach, California, Evoke Pharma Inc. -- www.EvokePharma.com -- is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The Company developed, commercialized and markets GIMOTI, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults. Diabetic gastroparesis is a GI disorder affecting millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious GI symptoms as well as other systemic complications. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Prior to FDA approval to commercially market GIMOTI, metoclopramide was only available in oral and injectable formulations and remains the only drug currently approved in the United States to treat gastroparesis. San Diego, California-based BDO USA, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 13, 2025. The report cited that the Company has experienced continuous losses and negative operating cash flows since its inception, anticipates ongoing losses in the foreseeable future, and Eversana Life Science Services, LLC holds the authority to end the commercial services agreement for the marketing of Gimoti. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Evoke Pharma had $17.52 million in total assets, $10.48 million in total liabilities, and $7.04 million in total stockholders' equity. EXELA TECHNOLOGIES: Wants to Stop IRS from Collecting $6MM Back Tax ------------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that a bankrupt Exela Technologies subsidiary is requesting that a judge stop the IRS from trying to collect $6 million in back taxes, arguing that the agency's actions are disrupting its Chapter 11 restructuring process. In a Thursday, June 5, 2025, filing with the U.S. Bankruptcy Court for the Southern District of Texas, DocuData Solutions said the IRS has repeatedly issued levy notices and filed liens against its property since its March bankruptcy filing -- violating the automatic stay that protects debtors from collection efforts, according to Bloomberg Law. The U.S. Bankruptcy Code prohibits creditors from attempting to collect debts during bankruptcy without court approval, the report states. About Exela Technologies Headquartered in Irving, Texas, Exela Technologies, Inc. -- http://www.exelatech.com/-- is a business process automation (BPA) company, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. Exela Technologies Inc. and several other units sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90024) on March 3, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Timothy Alvin Davidson, II, Esq. at Andrews Kurth LLP. FERRELLGAS PARTNERS: S&P Downgrades ICR to 'CCC', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Ferrellgas Partners L.P. to 'CCC' from 'CCC+'. S&P said, "We also lowered our issue-level rating on its debt to 'CCC' from 'CCC+'. The '3' recovery rating on the senior unsecured notes are unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. "The negative outlook reflects our expectation that we could lower our rating further if Ferrellgas cannot refinance the current notes in the next several months. "We do not expect Ferrellgas can repay its maturing debt without refinancing. Ferrellgas' $650 million senior notes are due on April 1, 2026. While we expect EBITDA and FOCF generation will increase in fiscal 2025 (ending July 31, 2025) because of the colder weather, we do not forecast the partnership will generate ample cash to cover its upcoming debt maturity. Additionally, the partnership's revolving credit facility, undrawn as of Jan. 31, 2025, matures Dec. 31, 2025. Hence, we excluded the available $198 million borrowing capacity as of Jan. 31, 2025, from liquidity sources. As a result, our assessment of Ferrellgas' liquidity remains weak. "Still, we expect Ferrellgas to fund the remaining $75 million related to the Eddystone litigation settlement within the next 12 months without material increase in leverage. This is possible because of the expected FOCF growth in 2025, coupled with potential cash build-up from the restrictions placed on distributions to its class A and class B unitholders." The negative outlook reflects the refinancing risk associated with Ferrellgas' 2026 notes, which are payable on April 1, 2026. S&P said, "We could lower our ratings on Ferrellgas by the end of the third quarter if Ferrellgas does not address its current maturity or if liquidity further deteriorates, which could happen if the partnership draws on its revolving credit facility. "We could raise our rating on Ferrellgas by multiple notches if it successfully refinances its 2026 notes and revolver such that we expect its liquidity will be adequate for the foreseeable future." FINANCE OF AMERICA: Six Directors Elected at Annual Meeting ----------------------------------------------------------- Finance of America Companies Inc. held its Annual Meeting of Stockholders for the purpose of voting on three proposals, each of which is described in more detail in the Company's definitive proxy statement, dated March 27, 2025. As of the close of business on March 19, 2025, the record date for the Meeting, there was a total voting power of 24,254,292 votes, consisting of the following shares entitled to vote at the Meeting: (i) 10,711,674 vested shares of Class A Common Stock, (ii) 425,850 unvested shares of Class A Common Stock, and (iii) 14 shares of Class B Common Stock, representing the voting power of 13,116,768 Class A LLC Units of Finance of America Equity Capital LLC ("FOAEC"). The holders of 20,555,104 votes, or 84.74% of the voting power, consisting of vested Class A Common Stock, unvested Class A Common Stock, and Class B Common Stock were present in person or were represented by valid proxies at the Meeting. The shares of Class B Common Stock have no economic rights, but entitle each holder, without regard to the number of shares of Class B Common Stock held by such holder, to a number of votes that is equal to the aggregate number of Class A LLC Units of FOAEC held by such holder on all matters on which shareholders of the Company are entitled to vote generally. Proposal 1: Election of Directors The stockholders elected Brian L. Libman, Norma C. Corio, Andrew Essex, Cory S. Gardner, Tyson A. Pratcher, and Lance N. West as directors to serve on the Company's Board for a term expiring at the Company's 2026 annual meeting of stockholders. Proposal 2: Advisory Vote on Named Executive Officer Compensation The stockholders approved, on a non-binding and advisory basis, the compensation of the named executive officers of the Company. Proposal 3: Ratification of Appointment of BDO USA, P.C. The stockholders ratified the appointment of BDO USA, P.C. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. * * * As reported by the Troubled Company Reporter in November 2024, Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC (together, FOA) to 'RD' (Restricted Default) from 'C'. The action follows the completion of the company's debt restructuring on Oct. 31, 2024, which Fitch views as a distressed debt exchange (DDE). Fitch has also upgraded FOAs IDRs to 'CCC' from 'RD' subsequent to the DDE. Fitch has assigned a rating of 'CCC-' with a Recovery Rating of 'RR5′ to Finance of America Funding, LLC's new $196 million senior secured notes due in 2026 and $147 million convertible senior secured notes due in 2029 issued as part of the exchange. Concurrently, Fitch has also downgraded Finance of America Funding LLC's unsecured debt rating to 'RD' from 'C'/'RR6' and withdrawn the rating as 98% of the notes were exchanged into the new secured notes. FIRST BANCORP: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has upgraded First Bancorp's (FBP) Long-Term Issuer Default Ratings (IDRs) to 'BB+' from 'BB' and its Viability Rating (VR) to 'bb+' from 'bb'. Fitch has also affirmed the bank's Short-term IDRs at 'B'. The Rating Outlook is Stable. Additionally, Fitch has affirmed FirstBank Puerto Rico's (FirstBank) Long- and Short-Term Issuer Default Ratings (IDR) at 'BB+' and 'B,' respectively. The Rating Outlook is Stable. Key Rating Drivers Holding Company Equalized: Fitch equalized FBP's and FirstBank's ratings based on its reassessment of the holding company's ability to meet its financial obligations and cover operating expenses. This decision reflects FBP's higher levels of liquidity at the holding company level, lower double leverage and the repayment of its long-term debt. Improved Conditions Strengthen Operating Environment: Puerto Rico's economy is recovering, driven by the flow of federal aid, record-low unemployment, and increased economic activity. Tourism and manufacturing are expanding, and the population has stabilized after years of decline. While federal aid and rebuilding efforts positively impact the economy, the long-term outlook remains uncertain. Low labor force participation, demographic challenges, and vulnerability to extreme weather continue to influence Fitch's assessment of the operating environment. These issues, however, should not affect the bank's performance over the rating horizon. Business Profile Supports the Rating: FBP ranks as the second-largest player across most business sectors in Puerto Rico and consistently demonstrates financial resilience despite challenging local economic conditions. However, its limited revenue diversification makes FBP's business model less robust than its higher-rated peers both locally and on the mainland, according to Fitch. Balanced Risk Profile: Fitch considers FBP's underwriting standards and risk controls suitable for its current rating level. FBP maintains greater exposure to unsecured lending compared to similarly sized mainland peers, which generates higher credit losses but yields higher risk-adjusted returns. Conversely, the bank's risk management practices, particularly in handling interest rate risk, bolster its risk profile. The moderate duration of its investment portfolio and the limited proportion of held-to-maturity securities demonstrate this strength. Asset Quality Stabilizing: Credit metrics continued to normalize during 2024, with annualized net charge-offs rising to 68 bps as of 1Q25 from 36 bps as of 1Q24, while remaining stable quarter-over-quarter. Current charge-offs still fall materially below the pre-COVID level of 90 bps at YE 2019. Most charge-offs stem from the consumer segment, which now exceeds pre-pandemic levels but shows signs of stabilization. Fitch anticipates that the bank's credit metrics will continue to outperform historical levels, as federal aid and a robust tourism sector in the local operating environment help mitigate broader economic pressures from prolonged higher interest rates. Sustained Profitability with Efficient Business Model: FBP's profitability remains a ratings strength. The bank's operating profit to risk-weighted assets ratio was 3% in the first quarter of 2025, maintaining a robust position compared to most U.S. mainland peers. Furthermore, earnings benefit from a cost-effective business model, as demonstrated by the bank's efficiency ratio of 51%, which favorably compares with local and U.S. mid-tier peers. Fitch expects FBP's operating profit-to-RWA to remain solid for the rest of 2025, supported by lower deposit costs and further net interest margin expansion due to higher securities yield. Solid Capital Levels: FBP's capital ratios are solid and supportive of the bank's rating, maintained at higher levels compared to most U.S. mainland banks. The bank's regulatory Common Equity Tier 1 (CET1) ratio rose to 16.6% in 1Q25 from 15.9% in 1Q24, driven by strong capital formation and an increase in the fair value of AFS debt securities. Fitch expects capital ratios may decline modestly from current levels over the next few years through increased shareholder returns. However, Fitch expects FBP to sustain higher capital ratios than similarly sized banks in the U.S. due to the island's relatively weaker operating environment. Strong Funding Base: Fitch considers FBP's funding profile robust, with a stable and granular deposit base and competitively lower deposit costs than mainland peers. In the past year, the bank's loans grew by 3%, surpassing the 1.7% deposit growth, with the loan-to-deposit ratio increasing moderately to 75.4% in 1Q25 from 74.5% in 1Q24. Fitch expects this ratio to remain relatively stable over the rating horizon due to moderate loan demand in Puerto Rico and elevated public sector deposits. Excluding public sector collateralized deposits, FBP's loan-to-deposit ratio would be approximately 91%, marginally higher than the median for U.S. mainland peers at 84% at 1Q25. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Negative rating action could result from a significant deterioration in asset quality, particularly a reversion of the net charge-off ratio above the long-term historical average, or a sustained decline of the CET1 ratio below the benchmark level for this operating environment (13%). Rating pressure could also occur if the bank were to experience volatility or a decline in operating profitability below 1% of risk-weighted assets over multiple quarters. Moreover, the holding company may face negative rating action if it is unable to maintain adequate liquidity to cover one year of expenses, which includes interest obligations and operating costs, subsequent to the potential issuance of long-term debt. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating momentum would be contingent on improved non-interest income contribution and further development of the bank's franchise without materially increasing its risk appetite. Additionally, a continued and sustained improvement in asset quality metrics, along with stabilization in NCOs, would support positive rating action. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS FirstBank's long-term deposits are rated one-notch higher than its Long-Term IDR because U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. FirstBank's short-term uninsured deposits' rating is 'F3', in accordance with Fitch's "Bank Rating Criteria", based on the bank's long-term deposit rating and Fitch's assessment of its funding and liquidity profile. FBP's and FirstBank's Government Support Ratings (GSRs) are 'No Support' (ns). In Fitch's view, the probability of support is unlikely. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES FirstBank's long- and short-term deposits' ratings are sensitive to changes in its Long-Term IDR. The GSR would be sensitive to any change in U.S. sovereign support, which Fitch believes is unlikely. VR ADJUSTMENTS The Operating Environment score of 'bbb' has been assigned below the 'aa' category implied score due to the following reason: regional focus. The Asset Quality score of 'bb' has been assigned below the implied score of 'bbb' due to the following reason: concentrations. ESG Considerations First Bancorp's ESG Relevance Score for 'Exposure to Environmental Impacts' is a '3', which is higher than the bank sector default score of '2' due to the heightened risk of natural disasters in the bank's primary operating environment of Puerto Rico. While this is an emerging factor that requires monitoring, an ESG Relevance Score of '3' implies it is minimally relevant to the rating. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- FirstBank Puerto Rico LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability bb+ Affirmed bb+ Government Support ns Affirmed ns long-term deposits LT BBB- Affirmed BBB- short-term deposits ST F3 Affirmed F3 First BanCorp LT IDR BB+ Upgrade BB ST IDR B Affirmed B Viability bb+ Upgrade bb Government Support ns Affirmed ns FIRST CLASS: Gets Extension to Access Cash Collateral ----------------------------------------------------- First Class Moving Systems, Inc. and its affiliates received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The second interim order penned by Judge Roberta Colton authorized the companies' interim use of cash collateral to pay their expenses pending a further hearing on June 16. The companies project total cash disbursements of $1,353,260 for June and $1,328,260 for July. Creditors with a security interest in cash collateral including the U.S. Small Business Administration, Valley National Bank and De Lage Landen Financial Services, Inc. will be granted a post-petition lien on the cash collateral as protection. As additional protection, the companies were ordered to keep the secured creditors' collateral insured. About First Class Moving Systems Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. It has locations in Tampa, Miami/Fort Lauderdale; Gulfport, Miss.; Orlando, Fla.; and Bound Brook, N.J. First Class Moving Systems and its affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, First Class Moving Systems reported between $1 million and $10 million in both assets and liabilities. Judge Roberta A. Colton handles the cases. The Debtors are represented by Scott A. Stichter, Esq., and Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, P.A. Valley National Bank, as secured creditor, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com FLEXSYS INC: Moody's Appends LD to Caa2-PD Prob. of Default Rating ------------------------------------------------------------------ Moody's Ratings appended a limited default (/LD) designation to Flexsys, Inc.'s probability of default rating, revising it to Caa2-PD/LD from Caa2-PD. This follows the company's new debt financing and maturity extension transaction of its existing first lien term loan which is considered a distressed exchange. There is no change to Flexsys, Inc.'s CFR nor the ratings on the existing senior secured first lien revolving credit facility and term loan. The outlook remains negative. The /LD designation appended to the PDR will be removed in about three business days. At the same time, Moody's assigned Caa2 corporate family rating (CFR) and Caa2-PD probability of default rating (PDR) to Flexsys Holdings, Inc. (Flexsys). Moody's also assigned Caa1 ratings to the new backed senior secured first lien first out revolving credit facility and to the new backed senior secured first lien first out term loan, and assigned a Caa3 rating to the new backed senior secured first lien second out term loan, issued by Flexsys Cayman Holdings. Moody's assigned a negative outlook to Flexsys and Flexsys Cayman Holdings. The ratings of Flexsys, Inc. including the CFR, PDR, and the existing revolving credit facility and term loan will be withdrawn with the refinancing of these debts post the transaction. RATINGS RATIONALE On May 28, 2025, Flexsys closed a new debt financing and maturity extension transaction with its existing lenders and refinanced its entire debt capital structure. The transaction created different tranches of new priority debts, including $120 million additional capital from the existing term loan lenders which bolstered Flexsys' liquidity and became part of the new first lien first out term loan. Existing first lien revolver lenders have agreed to a new first lien and first out revolver with the same $100 million commitment while all of the existing first lien term loan lenders have agreed to exchange into the first lien first out and first lien second out term loans at different discount rates. The transaction extends the revolver and term loan maturity dates to 2029. Moody's views the transaction as a distressed exchange, which resulted in a limited default under Moody's definitions. The Caa2 corporate family rating reflects the improvement in Flexsys' liquidity and debt maturity after the completed transactions. While Flexsys' liquidity profile improves with the transaction, Flexsys' credit profile remains constrained by its highly leveraged capital structure and ongoing negative free cash flow. Amid the uncertain macro environment and competitive market conditions, Moody's expects only limited improvement in Flexsys' EBITDA driven by improved cost structure while its leverage will stay above 10.0x and interest coverage ratio below 1.0x over the next 12 to 18 months. Flexsys' credit profile is also constrained by the narrow product profile, customer concentration and significant exposure to one end market that is experiencing relatively weak demand and price competition in Asia. On the other hand, the credit profile is supported by its leading global market position in vulcanizing agents, a strong reputation for product quality, long term customer relationships, proprietary products and process technology, and its global manufacturing capabilities. Flexsys' liquidity is adequate post-transaction. It has about $110 million of availability, including $27 million of cash on the balance sheet as well as $83 million available net letters of credit on its revolving credit facility at transaction close. Moody's expects the company to draw upon the revolver in the next 12 months as free cash flow is projected to remain negative during this period. The revolver has a springing first-out net leverage covenant set at a maximum of 6.75x in FY2025 and FY2026, stepping down to 6.5x in FY2027, 6.25x in FY2028, and 6.0x in FY 2029, tested when amounts outstanding at the end of the quarter exceed 35% of the total or $35 million. The company has sufficient headroom under this covenant with the covenant ratio being 1.9x post transaction. The Caa1 rating on the new revolving credit facility and new first out term loan is one notch above the CFR reflecting their payment priority claim over the new second out term loan now rated Caa3. The new first out term loan, revolver, and second out term loan are secured by substantially all domestic and foreign assets of the borrower. Subsidiaries in Brazil, Japan, and Malaysia are excluded from the new guarantor group but have pledged equity shares. The negative outlook reflects Flexsys' leveraged capital structure, negative free cash flows, and the challenges to improve its financial profile to more sustainable levels over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Flexsys demonstrates its ability to improve operational and financial performance on a sustained basis, reduce its leverage significantly from current level, and generate consistent positive free cash flow while maintaining adequate liquidity. Moody's could downgrade the ratings if Flexsys' operating performance fails to improve, financial leverage remain elevated with negative free cash flow for extended period of time, and/or its liquidity deteriorates. ESG CONSIDERATIONS Environmental, social, and governance factors are important factors influencing Flexsys' credit quality, but not driver of the actions. Flexsys' Credit Impact Score of CIS-5 indicates that the rating is lower than it would have been if ESG risks did not exist. Governance is viewed as weak from a credit standpoint due to elevated financial leverage and weak cash flow generation. In addition, weak scores for environmental risks reinforce the negative ESG impact on the rating. Environmental risks are elevated due to the level of pollution generated and the toxic, hazardous or flammable nature of the products used and produced by the company. Flexsys, Inc., headquartered in Akron, OH, is the only global manufacturer of vulcanizing agents, antidegradants and stabilizers, which are critical to the performance of higher performance passenger car and truck tires. One Rock Capital Partners purchased the business from Eastman Chemical Company in November 2021. The Company has annual sales of close to $500 million. The principal methodology used in these ratings was Chemicals published in October 2023. FR VISION: T. Rowe Marks $5.7 Million 1L Loan at 58% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $5,705,000 loan extended to FR Vision Holdings, Inc. to market at $2,399,000 or 42% 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 FR Vision Holdings, Inc. The loan accrues interest at a rate of 9.29% per annum. The loan matures on January 20, 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 FR Vision Holdings, Inc. FR Vision Holdings Inc. is engaged in providing investment solutions and services. GI APPLE: T. Rowe Marks $1.3 Million 1L Loan at 43% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,322,000 loan extended to GI Apple Midco LLC to market at $756,000 or 57% 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 GI Apple Midco LLC. The loan accrues interest at a rate of 11.07% per annum. The loan matures on April 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 GI Apple Midco LLC Midcap Financial Investment Corporation is a Maryland corporation incorporated on February 2, 2004. It is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Apollo Investment Management, L.P. is the investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (AGM). Apollo Investment Administration, LLC, an affiliate of AGM, provides, among other things, administrative services and facilities for Midcap. GI APPLE: T. Rowe Marks $1.8 Million 1L Loan at 88% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,886,000 loan extended to GI Apple Midco LLC to market at $224,000 or 12% 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 GI Apple Midco LLC. The loan accrues interest at a rate of 11.07% per annum. The loan matures on April 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 GI Apple Midco LLC Midcap Financial Investment Corporation is a Maryland corporation incorporated on February 2, 2004. It is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Apollo Investment Management, L.P. is the investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (AGM). Apollo Investment Administration, LLC, an affiliate of AGM, provides, among other things, administrative services and facilities for Midcap. GLASS MANAGEMENT: Court Extends Cash Collateral Access to June 30 ----------------------------------------------------------------- Glass Management Services, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of Old National Bank. The court extended the company's authority to use cash collateral from May 31 to June 30 to pay the expenses set forth in its budget, plus an amount not to exceed 10% for each line item. The company projects total operational expenses of $204,995.51. Old National Bank's interest in the assets will be protected by replacement liens on post-petition assets, according to the interim order penned by Judge Janet Baer. The bank will also be granted a superpriority administrative expense claim in case of diminution in value of its collateral and will continue to receive monthly payments of $30,000 from Glass Management Services, which the bank can automatically debit from the company's account. The monthly payments started in December last year. As further protection, Glass Management Services was ordered to keep the bank's collateral insured. The next hearing is scheduled for June 25. About Glass Management Glass Management Services, Inc. is a construction contractor based in Illinois, specializing in glazing services. Established with a focus on high-profile projects, the company has been involved in significant developments, including the Obama Presidential Library, Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools and CTA transit stations. Glass Management Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with $3,029,997 in assets and $11,989,444 in liabilities. Ernest B. Edwards, president of Glass Management Services, signed the petition. Judge Janet S. Baer presides the case. David P. Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC is the Debtor's legal counsel. Old National Bank, as secured creditor, is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com GLIDE LOGISTICS: Gets OK to Use Cash Collateral Until July 31 ------------------------------------------------------------- Glide Logistics, Inc. received second interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral until July 31. The interim order authorized the company to utilize its cash collateral to make the following payments to its lenders in June and July: $4,500 to BMO Bank; $400 to Commercial Credit; $3,000 to First Citizens; $1,675 to Auxilior; and $400 to Mitsubishi HC Capital America, Inc. Glide Logistics may exceed the budgeted amounts by up to 20% for unexpected contingencies and $2,000 for any other ordinary business expenses for the two months combined. As protection, the U.S. Small Business Administration and the other lenders were granted security interests in the company's post-petition assets to the extent and priority of their pre-bankruptcy liens. Glide Logistics was ordered to keep the equipment that is the subject of the lenders' liens insured. The next hearing will be held on July 16. About Glide Logistics Inc. Glide Logistics Inc. is a transportation company specializing in open deck, heavy haul, and oversize freight services across the United States. Glide Logistics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03258) on March 2, 2025. In its petition, the Debtor reported total assets of $1,220,786 and total liabilities of $1,050,846. Judge Janet S. Baer handles the case. The Debtor is represented by: Keevan D. Morgan Morgan & Bley, Ltd. Tel: 312-243-0006 ext 29 Email: kmorgan@morganandbleylimited.com GLOBAL SUPPLIES: Court Extends Cash Collateral Access to July 17 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York approved a third stipulation extending Global Supplies NY Inc.'s authority to use the cash collateral of its secured lenders. The parties have agreed to extend the terms of the second interim order that authorized Global Supplies NY to use cash collateral and provided protection to secured lenders including Flushing Bank and Amazon Capital Services. The terms of the second interim order, including the budget, will now remain in effect through July 17, the date of the next case management conference. About Global Supplies NY Global Supplies NY, Inc. is a distribution service provider in New York. Global Supplies NY filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 24-43232) on August 1, 2024, with $1,115,425 in assets and $3,633,514 in liabilities. Jolene Wee of JW Infinity Consulting, LLC serves as Subchapter V trustee. Judge Elizabeth S. Stong presides over the case. Rachel S. Blumenfeld, Esq., at the Law Office of Rachel S. Blumenfeld is the Debtor's bankruptcy counsel. Flushing Bank can be reached through its counsel: Frank C. Dell'Amore, Esq. Jaspan Schlesinger Narendran, LLP 300 Garden City Plaza Garden City, NY 11530 Tel: 516-393-8289 Fax: 516-393-8282 fdellamore@jaspanllp.com Amazon Capital Services can be reached through its counsel: Michael J. Gearin, Esq. K&L Gates, LLP 925 Fourth Avenue, Suite 2900 Seattle, WA 98104 Phone: +1.206.370.6666 Mike.Gearin@klgates.com GLOBAL TECHNOLOGIES: H. Wyatt Flippen Named New Board Chair ----------------------------------------------------------- Global Technologies, Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved the removal of Bruce Brimacombe as Chairman of the Board, effective immediately. Mr. Brimacombe no longer serves as a member of the Board of Directors. The Board appointed H. Wyatt Flippen, current Board Member and Chief Executive Officer of the Company, as the new Chairman of the Board, effective immediately. About Global Technologies Headquartered in Parsippany, NJ, Global Technologies, Ltd -- http://www.globaltechnologiesltd.info/-- is a multi-operational company with a strong desire to drive transformative innovation and sustainable growth across the technology and service sectors, empowering businesses and communities through advanced, scalable solutions that enhance connectivity, efficiency, and environmental stewardship. The Company envisions a future where technology seamlessly integrates into every aspect of life, improving the quality of life and the health of the planet. The Company's vision is to lead the industries it serves with groundbreaking initiatives that set new standards in innovation, customer experience, and corporate responsibility, thereby creating enduring value for all shareholders. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 20, 2024, citing that the Company suffered an accumulated deficit of $(166,666,296), and a negative working capital of $(6,304,772). These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Global Technologies had $8.60 million in total assets, $6.62 million in total liabilities, and $1.98 million in total stockholders' equity. GOL LINHAS: Gol Investments Buys Co.'s Material Shareholding ------------------------------------------------------------ Carolina Pulice of Bloomberg Law reports that Gol Investment is entirely owned by New GOL Parent (NGP), according to a regulatory filing. The filing further notes that Abra Group Limited holds approximately 80.20% of NGP's total and voting share capital, either directly or indirectly. "Based on the common and preferred shares held by Gol Investment, Abra Group holds, directly and/or indirectly, 80.21% of the company's total common shares," the document states. Gol is seeking to expand internationally to reduce its dependence on the Brazilian market following its Chapter 11 filing, Bloomberg Law reports. About Gol Linhas GOL Linhas Aereas Inteligentes S.A. provides scheduled and non-scheduled air transportation services for passengers and cargo; and maintenance services for aircraft and components in Brazil and internationally. The company offers Smiles, a frequent flyer program to approximately 20.5 million members, allowing clients to accumulate and redeem miles. It operates a fleet of 146 Boeing 737 aircraft with 674 daily flights. The company was founded in 2000 and is headquartered in Sao Paulo, Brazil. GOL Linhas Aereas Inteligentes S.A. and its affiliates and its subsidiaries voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024. GOL Linhas estimated $1 billion to $10 billion in assets as of the bankruptcy filing. The Debtors tapped Milbank LLP as counsel, Seabury Securities LLC as restructuring advisor, financial advisor and investment banker, Alixpartners, LLP, as financial advisor, and Hughes Hubbard & Reed LLP as aviation related counsel. Kroll Restructuring Administration LLC is the Debtors' claims agent. GROUPE SOLMAX: Moody's Cuts CFR to 'Caa1', Outlook Stable --------------------------------------------------------- Moody's Ratings downgraded Groupe Solmax Inc.'s (Solmax) corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD. Moody's also downgraded the senior secured first lien bank credit facilities, which includes the revolving credit facility and first lien term loan, to Caa1 from B3. The outlook remains stable. "The downgrade reflects Solmax's challenged performance in 2024 including negative cash flows, significant execution risk in the face of increasing competition, and a lack of visibility towards improving operations.", said Will Gu, Moody's Ratings analyst. "The refinancing risk of the May 2026 revolver maturity also significantly weakens Moody's liquidity views." RATINGS RATIONALE The rating action reflects the company's high adjusted gross leverage of about 7.5x for the last 12 months ending March 2025 and Moody's expectations that it would remain elevated over the next 12-18 months. The company's credit profile remains stretched, evidenced by a poor EBITA/Interest Expense ratio of 0.7x, negative FFO and a free cash flow to debt ratio of negative 5.5% for the last twelve months ending March, 31 2025. This comes at a time when Solmax is facing increased competition across key regions which is adversely impacting volume sales particularly in the Environmental Infrastructure (EI) segment. While the company is increasing focus within the higher margin Civil Infrastructure (CI) segment and the recent facility sale generated strong proceeds, Moody's believes there is still significant uncertainty and execution risk surrounding any improvements in operating performance. In addition, Moody's expects Solmax's senior secured 1st lien revolving credit facility, maturing at the end of May 2026, remains current for a period of time without a refinancing until later in the year significantly weakening Moody's views of liquidity. Solmax's rating is constrained by its: (1) elevated debt to EBITDA at 7.5x and weak EBITA to interest expense at 0.7x as of last twelve months to March 31, 2025 (LTM Q1 2025) that Moody's expects will remain weak in 2025; (2) product concentration in the niche geosynthetic market which is exposed to cyclical public and private infrastructure and construction spending; (3) relatively small scale with revenue of around $825 million; and (4) a more difficult operating environment in their end markets of Asia and AMER due to heightened competition. While Solmax is exposed to variability in the prices of raw materials (resin), it is largely mitigated by pass-through pricing for its products. The company's rating benefits from: (1) leading market position in a competitive and highly fragmented industry; (2) a diversified business model through multiple geosynthetic product types with good geographical diversification; (3) exposure to numerous end markets including infrastructure, waste management, mining and construction that helps offset their inherent cyclicality; and (4) a diverse customer base with the top 10 customers making up less than 25% of revenue. Moody's assessed the governance to be a key driver for the rating action given the company's need to address its upcoming May 2026 revolver maturity and the weakened liquidity following the debt coming current. Other governance considerations also include uncertainty surrounding improving the poor financial leverage and negative free cash flow as well as a history of underperforming guidance. Solmax has weak liquidity through Mar 2026, with sources approximating $25 million against uses of about $7 million of mandatory payments payable under the amortizing term loan. Solmax's liquidity is supported by cash on hand of about $22 million as of March 2025 and Moody's expectations of break-even free cash flow for the next 12 months to Mar 2026. The company's $100 million revolving credit facility expires in May 2026 and although it is largely available, Moody's have not considered the facility as a source of liquidity because it is current. Solmax is subject to a net leverage covenant if the revolver is drawn by more than 35%. Moody's do not expect the covenant to be applicable in the next four quarters. Solmax has a moderate ability to generate liquidity from asset sales as most of its assets are encumbered. The first-lien pari passu term loan and revolving credit facility are rated Caa1, the same as the CFR, because they make up the preponderance of the debt in the capital structure. The stable outlook reflects Moody's expectations that Solmax generates stable EBITDA maintaining leverage around 7.0x while the company works on improving operations. Moody's also expects the senior secured 1st lien revolving credit facility, maturing at the end of May 2026, remains current for a period of time while the company works through refinancing options. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if it successfully refinances its upcoming maturities, leverage reduces to below 7.5x, its EBITA/interest coverage increases to over 1.0x and its free cash flow becomes positive on a sustained basis. The ratings could be downgraded if Solmax's liquidity weakens further, the company fails to refinance its revolver maturity, or if a restructuring resulting in losses occurs. The rating is also likely to be downgraded if Solmax's Moody's-adjusted EBITA/interest coverage is sustained below 0.5x and the company continues generating negative free cash flow for an extended period of time. Groupe Solmax Inc. is a manufacturer of geosynthetic products that are large sheets of plastics that provide containment solutions to the waste management, water management, mining, oil & gas, road infrastructure, pipeline, and construction industries. The company is privately owned by Fonds de Solidarité des Travailleurs Du Québec, CDP Investissements Inc. (wholly owned by Caisse de dépôt et placement du Québec), and indirectly the founder, with all three having equal ownership. The company's head office is in Varennes, Quebec, Canada. The principal methodology used in these ratings was Manufacturing published in September 2021. HALL LABS: Committee Hires Kirton McConkie as Counsel ----------------------------------------------------- The official committee of unsecured creditors of Hall Labs, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Kirton McConkie as counsel. The firm's services include: a. providing legal advice with respect to the Committee's rights, powers and duties; b. preparing on behalf of the Committee of necessary applications, motions, objections, memoranda, orders, reports, and other legal papers; c. appearing in court, in litigation as a party-in-interest of the Committee; d. negotiating and evaluating any use of cash collateral, proposed debtor-in-possession financing, and any other potential financing alternatives; e. negotiating of a potential plan of reorganization or liquidation and matters related thereto; f. assisting the Committee in analyzing the claims of the Debtor's creditors and the Debtor's capital structure and in negotiating with holders of claims and other equity interests; g. assisting the Committee with its investigation of acts, conduct, assets, liabilities and financial condition of the Debtor and of the operation of the Debtor's business; h. negotiating and formulating the proposed sale of the Debtor's assets; i. communicating with the Committee's constituents in furtherance of its responsibilities; and j. assisting with the Committee's performance of its duties and powers under the bankruptcy code. The firm will be paid at these rates: Jeremy C. Sink $420 per hour Ryan Cadwallader $385 per hour Alyssa Nielsen $330 per hour Associates $295 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Sink 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: Jeremy C. Sink, Esq. Ryan Cadwallader, Esq. Kirton McConkie 36 South State Street, Suite 1900 Salt Lake City, UT 84111 Tel: (801) 239-3157 Fax: (801) 321-4893 Email: jsink@kmclaw.com rcadwallader@kmclaw.com About Hall Labs, LLC Hall Labs LLC focuses on developing and monetizing intellectual property across various industries by bringing together scientists and engineers to solve complex problems. After prototyping and market validation, Hall Labs licenses its technologies to newly-formed entities, which then commercialize and further develop the innovations. The Company generates revenue through the sale of technologies, patents, and company interests, while its portfolio companies become self-sustaining and progress toward an exit. Hall Labs LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21038) on March 5, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. Andres Diaz, Esq., at Diaz & Larsen serves as the Debtor's counsel. HANDLOS FINISHING: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 12 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Handlos Finishing, LLC and its affiliates. About Handlos Finishing Handlos Finishing, LLC is part of a family-owned pork producer in Audubon, Iowa, that raises hogs from farrowing through finishing and provides custom manure-handling services. The vertically integrated operation also farms grain and feed crops that support its swine units. Handlos Finishing and nine affiliates filed Chapter 11 petitions (Bankr. S.D. Iowa Lead Case No. 25-00669) on April 23, 2025. In its petition, Handlos Finishing reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the cases. The Debtors are represented by Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen, P.C. HEIR'S MEN'S: Class 10 Unsecured Claims to Split $200K in 60 Months ------------------------------------------------------------------- Heir's Men's Shop Inc. and Jeffrey Heir submitted a First Modified Joint Plan of Reorganization for Small Business dated May 15, 2025. The Debtors propose to pay the holders of all allowed administrative claims in full on the later of (i) the Effective Date of the Plan; (ii) allowance of the claim(s) of (iii) in accordance with any agreement between the Debtors and the holder(s) of the claim(s). The Debtors propose to pay the allowed priority tax claim of the Internal Revenue Service (the "IRS") against Heri's Mens Shop in the amount of $3,584.23, over five years at 8% interest, in monthly installments of $72.68. They propose to pay the Tax Collector of Jersey City's Priority tax claim against Heir's Mens Shop and the Individual Debtors in the amount of $873.33, over five years at 8% interest, in monthly installments of $17.71. The Debtor propose to repay the allowed priority claim of the State of NJ Division of Taxation (the "State of NJ") against Heir's Mens Shop in the amount of $5,295.80, over five years at 8% interest, in monthly installments of $107.38. The Debtors propose to repay the allowed claim of NuBridge Commercial Lending LLC, which is secured by the mortgage covering the property located at 525 Westside Avenue, Jersey City, NJ 07304 (the "Property"), over a 60-month period. For the 60-month repayment term, the Debtors will make monthly interest only payments in the amount of $7,756.75 to NuBridge and then an additional $1,000.25 toward the pre-petition arrears due and owing to same. The Debtors will then repay the balance of any amount due and owing to NuBridge through the sale or refinance of the Property by the 60th month. Jeffrey Heir also proposes to repay the allowed secured claim of TD Retail Card Services, which is secured by a purchase money security interest covering a 6-piece dining set over a 60-month period. For the 60-month repayment term, the Debtors will make monthly payments in the amount of $64.38 to TD Retail Card Services. Finally, the Debtors propose to repay the allowed secured claim of the State of NJ Division of Taxation, which is secured by a state tax lien covering all of Jeffrey Heir's interest in property. For the 60-month repayment term, the Debtors will make monthly payments in the amount of $16.70 to the State of NJ Division of Taxation. The Debtor propose to treat all other allowed claims against the Individual Debtor, including any claims against Heir's Mens Shop that are guaranteed by the Individual Debtor, as general unsecured claims against the Individual Debtor under Bankruptcy Code Sec. 506(a). The Individual Debtor's real and personal property is covered by the secured claim of NuBridge. Based on the liquidation value of the Property, the Individual Debtor estimates that there would be approximately $163,222.41 in equity in the Property which would be distributed to the unsecured creditors of the Individual Debtor if the Property was liquidated in a Ch 7. The Individual Debtor proposes $200,000.00 to the unsecured creditors over a sixty-month period, approximately $35,000.00 more than the unsecured creditors would receive if the property was liquidated in a Ch 7. The Individual Debtor shall make monthly payments of $2,000 to his unsecured creditors and then will make a balloon payment of $80,000.00 to the unsecured creditors on or before the 60th month of the plan by selling or refinancing the Property. The holders of such claims will share in the fund pro rata. Class 10 consists of Allowed General Unsecured Claims Against the Individual Debtors. Claimants to share pro rata in a total fund of $200,000.00. Commencing 120 days after the Effective Date, for a period of 60 months, the Debtors will make the monthly payments in the amount of $2,000.00 toward the fund for payment of Class 10 Claims. The Debtor will repay the balance due and owing to unsecured creditor in the amount of $80,000.00 in a balloon payment on or before the end of the 60th month by selling or refinancing the Property. The Debtors propose to distribute the fund to the holders of allowed Class 10 claims monthly. However, if the monthly payment due any holder of an allowed Class 10 Claim from the fund is less than $10.00, the Debtors may elect to distribute the full amount of the claimant's share of the fund in a single payment. Heir's Mens Shop will fund the payments toward the unclassified priority tax claims against it and the payments to Classes 1, 6 and 8 by contributing post-confirmation income realized through its operations. The Individual Debtor will fund the payments to the Secured Creditors in classes 3, 4, 5 and 9 by contributing post confirmation income realized through his employment. A full-text copy of the First Modified Joint Plan dated May 15, 2025 is available at https://urlcurt.com/u?l=exidKg from PacerMonitor.com at no charge. About Heir's Men's Shop Inc. Heir's Men's Shop Inc. sells a variety of clothing and footwear products. Heir's Men's Shop Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-16734) on July 3, 2024. In the petition filed by Jeffrey Heir, as president, the Debtor reports total assets of $88,801 and total liabilities o $2,076,066. The Honorable Bankruptcy Judge John K. Sherwood oversees the case. The Debtor is represented by: Brian G. Hannon, Esq. NORGAARD OBOYLE HANNON 184 Grand Avenue Englewood, NJ 07631 Tel: (201) 871-1333 Fax: (201) 871-3161 Email: bhannon@norgaardfirm.com HESS MIDSTREAM: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Hess Midstream Operations, LP's (HESM OpCo) Long-Term Issuer Default Rating (IDR) at 'BB+', following the recently completed sale of all the remaining ownership share by Global Infrastructure Partners (GIP) in a secondary public offering. Fitch has also affirmed the instrument ratings of HESM OpCo's senior unsecured debt at 'BB+' with a Recovery Rating of 'RR4', and senior secured debt at 'BBB-'/ 'RR1'. The Rating Outlook is Stable. GIP's exit gives Hess Corp. (HES; BBB/Positive Watch) controlling interest of HESM OpCo. Fitch's parent-subsidiary analysis allows maximum one-notch uplift to HESM OpCo from its Standalone Credit Profile (SCP). However, the pending Chevron Corp.-HES merger makes future ownership unclear. Hence, linkage benefits are excluded from the rating. HESM OpCo's ratings also reflects its robust cash flow and disciplined leverage profile. Risks associated with single basin focus and high customer concentration persist. Key Rating Drivers Rating Linkage with Parent: Fitch believes HES now has sufficient control over HESM OpCo and has applied its Parent-Subsidiary Linkage (PSL) Criteria. Legal incentives to support are weak, lacking guarantees or cross-default provisions. Financial contribution from HESM OpCo to HES is expected to remain low. Growth potential remains limited as HESM OpCo relies primarily on HES for revenue with no plans for material external growth. While HESM OpCo's assets are connected well with HES, offering some competitive advantage, this combination of factors translate into low strategic incentives. Contract structures limit HES' flexibility to sustain production below certain levels, potentially impacting unit economics and somewhat offsetting operational synergies due to well-connected assets. Historically shared management overlap faces an uncertain future, and both entities offer distinct products and services, resulting in moderate operational incentives. These factors support a maximum one-notch rating uplift for HESM OpCo from its SCP. However, due to ownership and control uncertainties, Fitch has excluded linkage benefits from the rating. Geographic and Customer Concentration: HESM OpCo's assets are concentrated in North Dakota's Bakken and Three Forks shale plays in the Williston basin (collectively referred as Bakken). Additionally, HESM OpCo's revenue is almost entirely driven by volumes from HES, exposing it to North American oil and gas production shifts that could disproportionately impact the Bakken region or idiosyncratic factors that may impact HES. Volumes across HESM OpCo's systems remain strong, demonstrating robust Bakken production trends. Chevron's acquisition of HES, if consummated, would strengthen counterparty credit quality somewhat alleviating customer concentration risks. However, Bakken operations likely hold less strategic importance for Chevron than for HES given Chevron's more diverse asset portfolio. Prudent Financial Strategy: Fitch expects HESM OpCo to maintain leverage around its stated target of 3.0x, despite the trends in shareholder returns, which is strong for the rating category. HESM OpCo's expected healthy FCF generation underscores management's credible leverage target. Most of the FCF will be used for shareholder returns via buybacks and dividend increases over the targeted 5% annual distribution growth. Additionally, debt-funded share buybacks may continue till leverage trends around the target, assuming no significant expansion or acquisition opportunities emerge Strong Cashflow Generation: Nearly all HESM OpCo's EBITDA is expected from fee-based long-term minimum volume commitment (MVC) agreements. These contracts shield against commodity price and production volatility, ensuring stable and predictable cash flows. Most MVCs with HES extend through 2033. These contracts are based on 80% of HES' production nomination, set on a three-year rolling basis, only adjustable upwards. HES' stable Bakken production in the near term and higher gas capture targets will drive volume growth at HESM OpCo. Robust Contract Structure: Nearly 85% of HESM OpCo's fee-based contracts have fixed rates, reset in 2024 using 2021-2023 averages adjusted for 2023 inflation. These rates include annual CPI escalators capped at 3% and cannot be altered. Cost-of-service arrangements comprise the remaining 15%, incorporating actual and forecasted volumes and expenses, with annual fee recalculations, ensuring contractual return on capital. This applies to water gathering and terminaling agreements until 2033, and to certain gas gathering agreements until 2028. Peer Analysis Kinetik Holdings, LP (Kinetik; BB+/Stable) is a Permian focused midstream company with size, scale and business characteristics comparable to HESM OpCo. Permian is considered the most prolific hydrocarbon producing region in the U.S. HESM OpCo has a better contract coverage with a greater proportion of revenues under long-term MVC contracts. HESM OpCo is also likely maintain lower leverage than Kinetik. Kinetik benefits from a diverse customer base, mostly investment-grade rated issuers. In contrast, HESM OpCo relies on a single counterparty for all its business. Although HESM OpCo maintains lower leverage and a stronger cash flow profile, these are offset by its Bakken focus and single-customer concentration. DT Midstream Inc. (DTM; BBB-/Stable), a peer comparable to HESM OpCo, operates midstream assets primarily in the Marcellus and Utica basins, with a meaningful presence in Haynesville. Similar in size to HESM OpCo., DTM offers greater geographic diversification and higher business line diversity through its sizeable pipeline segment. While DTM also has customer concentration, it remains less concentrated than HESM OpCo. Both have highly contracted cash flow profiles, but HESM OpCo has better contract coverage. Expected leverage is similar for both. HESM OpCo's regional, business, and customer concentration outweighs its better cash flow profile. Key Assumptions - Fitch's oil and gas price deck; - Volume throughput across gathering, processing, and terminaling businesses consistent with MVCs, and Fitch's expectations for HES's oil and gas production in the Bakken; - Dividend growth maintained at 5% per year; - Stable maintenance capital spends consistent with prior years, and growth capital spend for compression expansion and new well connects consistent with HES's development plans; - Sporadic debt funded share buybacks in small increments; - No meaningful changes to HESM OpCo's governance structure, at least till after a decision has been made on the Chevron-HES deal, and future ownership and control of HESM OpCo. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Adverse changes in certain terms in the array of contracts with HES; - EBITDA leverage rising above 4.0x on a sustained basis in the context of HESM OpCo maintaining its current size; - Negative rating action which leads to multi-notch downgrade at the parent and or the primary counterparty; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.0x in the context of HESM OpCo maintaining its current size; - A significant acquisition that diversifies the company's business risk, provided leverage stays below 4.5x, although this may vary, depending on the risk profile of the acquisition. Liquidity and Debt Structure HESM OpCo had adequate liquidity as of March 31, 2025. The company had total liquidity of roughly $898 million, consisting of about $6 million of cash, and $872 million available under the $1 billion revolver, and $20 million available under its $400 million Term Loan A facility. The credit facilities mature on July 14, 2027. HESM OpCo's nearest debt maturity is $800 million 5.875% senior unsecured notes due 2028. Financial covenants on the secured credit facility permits a maximum funded debt/EBITDA ratio of 5.0x (expanding temporarily to 5.5x in the event of certain acquisitions), and a maximum secured debt/EBITDA of 4.0x, as defined in the credit facility for the prior four quarters. HESM OpCo was compliant with all the covenants as of the latest quarter end, and Fitch expects the company to remain comfortably within the covenant limits. The liquidity is further bolstered by expectations of continued strong positive FCF generation. Issuer Profile HESM OpCo is a fee-based oil, gas, and water, gathering, processing, and terminaling (midstream) company with assets located in the Bakken shale play of North Dakota in the United States. Summary of Financial Adjustments Fitch typically calculates midstream energy issuers' leverage by using EBITDA figure that excludes earnings from equity investments and adding distributions from equity investments. 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 HESM OpCo's ESG Relevance Score for Group Structure has changed from '4' to '3'. HESM OpCo had a somewhat complex organizational structure, and exposure to potential financial issues arising elsewhere in the group. The Group Structure has now been simplified with GIP's full exit. 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 ----------- ------ -------- ----- Hess Midstream Operations LP LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- HIGHTOWER HOLDING: Moody's Affirms 'B3' CFR, Outlook Remains Stable ------------------------------------------------------------------- Moody's Ratings affirmed Hightower Holding, LLC's (Hightower) B3 corporate family rating, B2 senior secured first lien bank credit facility rating and Caa2 senior unsecured debt rating. The outlook remains stable. The rating action follows Hightower's announcement of its plan to raise a $350 million add-on to its existing senior secured term loan. The proceeds from this transaction will be used to fund the company's acquisition pipeline and M&A-related expenses, as well as to pay down the outstanding amounts on its revolving credit facility. RATINGS RATIONALE The ratings affirmation reflects the modest impact of the proposed transaction on Hightower's debt leverage and coverage metrics. While Moody's expects the debt-to-EBITDA ratio (including Moody's standard adjustments) to increase by 0.3x to 7.6x for the twelve months ending March 31, 2025, it does not change Moody's views on the company's financial profile. Although Hightower's recent operating results have been positive, demonstrated by an improvement in interest coverage to 1.8x for the twelve months ending March 31, 2025, from 1.6x in fiscal year 2024, Moody's anticipates that its profitability will still be constrained by its significant debt burden. That said, Hightower completed a repricing transaction in February 2025, which Moody's expects to partly mitigate the cost impact of the additional debt. The repricing transaction lowered the spread on the company's floating rate debt coupon to 300 basis points (bps) from 350 bps. Moody's believes that Hightower's strategic acquisition of NEPC, LLC enhances its business profile. This acquisition not only increases the company's size and scale but diversifies its client base with institutional clients and gives it exposure to the OCIO market. Additionally, it provides new capabilities in asset allocation and manager research that could expand Hightower's offerings to high-net-worth clients, promoting stronger organic asset growth. The stable outlook reflects Moody's expectations of solid operating performance and continued growth, which will support cash flow generation and potentially improve Hightower's debt coverage metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Hightower's ratings could be upgraded if there is a sustained improvement in the company's profitability; or meaningful debt reduction such that debt-to-EBITDA, based on Moody's standard adjustments, is sustained below 6.5x. Conversely, a deterioration in Hightower's interest coverage below 1.5x; or significant deterioration in free cash flow generation caused by a slowdown in organic growth, client attrition, underperformance of acquired firms, or persistent declines in broad financial markets could lead to a downgrade. Furthermore, if Hightower's debt-to-EBITDA ratio, based on Moody's standard adjustments, trends consistently above 8.0x, could also result in a downgrade. The principal methodology used in these ratings was Securities Industry Service Providers published in February 2024. HORSEY DENISON: Meyers Rodbell Represents Multiple Creditors ------------------------------------------------------------ The law firm of Meyers, Rodbell & Rosenbaum, P.A. filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Horsey Denison Landscaping LLC and affiliates, the firm represents the following creditors: 1. Prince George's County, Maryland 1301 McCormick Drive, Suite 1100 Largo, MD 20774 Statutory First Priority Lien Fiscal Year 2025 Personal Property Taxes (Est. $38,508.64) Account No. 2565950 Statutory First Priority Lien Fiscal Year 2026 Personal Property Taxes (Est. $34,485.34) Account No. 2565950 Statutory First Priority Lien Fiscal Year 2026 Personal Property Taxes (Est. $17,320.30) Account No. 4223665 Statutory First Priority Lien Fiscal Year 2026 Real Property Taxes (Est. $41.88) Account No. 2798353 Statutory First Priority Lien Fiscal Year 2026 Real Property Taxes (Est. $14,370.04) Account No. 2837532 Statutory First Priority Lien Fiscal Year 2026 Real Property Taxes (Est. $3,852.52) Account No. 1208016 Statutory First Priority Lien Fiscal Year 2026 Real Property Taxes (Est. $4,902.93) Account No. 1235795 2. Charles County, Maryland P.O. Box 2607 La Plata, Maryland 20646 Unsecured Claim Illegal Hydrant Connection Accounts Receivable (Est. $1,500.00) Account No. 2024019 Unsecured Claim Hydrant Meter Water & Sewer (Est. $1,146.38) Account No. 36264-83720 Unsecured Claim Hydrant Meter Water & Sewer (Est. $351.14) Account No. 25315-59805 Unsecured Claim Hydrant Meter Water & Sewer (Est.$795.35) Account No. 27046-59805 The law firm can be reached at: MEYERS, RODBELL & ROSENBAUM, P.A. Nicole C. Kenworthy, Esq. 6801 Kenilworth Avenue, Suite 400 Riverdale Park, Maryland 20737 (301) 699-5800 Email: bdept@mrrlaw.net About Horsey Denison Landscaping Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Paul Sweeney, Esq. at YVS LAW, LLC. I A P CONSTRUCTION: Court Extends Cash Collateral Access to July 10 ------------------------------------------------------------------- I A P Construction, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral until July 10. The company requires access to cash collateral to pay the expenses set forth in its budget (with 10% variance permitted), which shows total operational expenses of $65,991.06 for June. American Community Bank & Trust may have an interest in the company's assets, including cash collateral. As protection for the use of its cash collateral, the bank was granted replacement liens on all post-petition property of I A P, including cash collateral, to the same extent, validity and priority as its pre-bankruptcy liens. I A P's right to use cash collateral will cease upon entry of a court order directing the cessation of the use of cash collateral dismissal of its Chapter 11 case; or conversion of the case to one under Chapter 7. The next hearing is scheduled for July 9. About I A P Construction I A P Construction, Inc. filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-02709) on February 24, 2025, listing up to $1 million in both assets and liabilities. Ian Proce, president of I A P, signed the petition. Judge Deborah L. Thorne oversees the case. David R. Herzog, Esq., represents the Debtor as legal counsel. IGH PROPERTIES: Unsecureds Will Get 2% of Claims over 5 Years ------------------------------------------------------------- IGH Properties, LLC filed with the U.S. Bankruptcy Court for the Middle District of Alabama a Plan of Reorganization for Small Business under Subchapter V dated May 14, 2025. The Debtor is an entity that was organized on or around June 10, 2019, in Fort Benning, Georgia. The Debtor qualified as a Foreign Limited Liability Company engaging in business in the State of Alabama on August 3, 2022. The Debtor is engaged in the business of managing commercial and residential properties for third parties. The Debtor's primary address is in Phenix City, Russell County, Alabama. The membership interests of the Debtor are owned exclusively by Owen Hopper. Mr. Hopper is employed in a full-time capacity with the Debtor and manages its daily operations. The Debtor's financial projections show that it 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. The Plan provides for a 2% distribution to creditors holding non-priority unsecured claims which is more favorable than the amount these creditors would receive in a liquidation. The Debtor will pay the unsecured claims within no more than five years of confirmation of the Plan and/or as otherwise required by the Bankruptcy Code. This Plan, under Chapter 11, Subchapter V, of the Bankruptcy Code 4, proposes paying certain creditors of the Debtor, as provided for herein, from cash flow from future earnings derived from the rents and/or the commissions derived from commercial and residential tenants. The Debtor intends to keep the assets disclosed within its bankruptcy schedules, excepting only the assets surrendered herein the Plan, if any. The Debtor does not intend to liquidate or dispose of any property within this Plan; however, if disposition or liquidation of property becomes necessary for a successful reorganization, the Debtor will undertake such necessary disposition or liquidation in accordance with the terms of this Plan. A secured creditor, as applicable, will retain its lien on the collateral under this Plan, to the extent of the secured value of the claim, unless there is an express provision herein that states otherwise. A secured creditor, as applicable, will receive payment on its secured claim, as set forth in this Plan, out of the Debtor's future earnings on the terms set forth herein this Plan. This Plan provides for payment to creditors holding administrative and priority unsecured claims. Class 2 consists of Non-priority unsecured creditors. The Claims within Class 2 shall receive a 2% distribution. The Debtor shall make five equal annual distributions, with the first distribution to be made on the anniversary of the Effective Date, and with each of the four remaining distributions to be made on each subsequent anniversary of the Effective Date thereafter. The Debtor may make these payments in advance of the due date without penalty. The allowed unsecured claims total $138,756.01. The claims within Class 2 are impaired. The restructuring shall be effective as of the Effective Date, with payments, if any, to be made as set forth herein. The Debtor shall be allowed a ten-day grace period within which to remit monthly payments. The Debtor can satisfy the debt at any time without penalty or unaccrued interest. Upon payment and receipt of the final installment or amount specified in this Plan, the unsecured claims shall be deemed paid and satisfied in full. Class 3 consists of Equity Interests of the Debtor. The equity interests in this Class are the membership interests held by Owen Hopper who retains said interest within this Plan. Mr. Hopper will remain in the position of management of the Reorganized Debtor. 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, collect rents and pay its creditors holding priority, secured and/or unsecured claims from future earnings and/or rents 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 Plan of Reorganization dated May 14, 2025 is available at https://urlcurt.com/u?l=abZFv4 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 Tel: (334) 263-7733 Fax: (334) 832-4390 Email: anthonybbush@yahoo.com abush@bushlegalfirm.com About IGH Properties, LLC IGH Properties, LLC, is engaged in the business of managing commercial and residential properties for third parties. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-80181) on February 13, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Anthony Brian Bush, Esq., at The Bush Law Firm, LLC, is the Debtor's counsel. INDEPENDENCE FUEL: To Sell Fueling Station Equipment at Auction --------------------------------------------------------------- Christopher J. Moser, Chapter 7 Trustee of the case of Independence Fuel Systems LLC, seeks permission from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to sell Property, free and clear of liens, interests, and encumbrances. The bankruptcy estate possesses, among other things, equipment used in the Debtor's operation of its compressed natural gas fueling station located at 1086 US Highway 59 South, Carthage, Texas 76533 (Carthage Station). The Trustee hires bonded auctioneer (ECF 33), Rosen Systems, Inc., to sell the Equipment through its regular on-line auction and to compensate Rosen with a 10% buyer’s premium and the reimbursement of its reasonable expenses. Rosen proposes to sell the Property through its website at www.rosensystems.com through an internet auction taking place on July 9, 2025 at 10 a.m. CST. The Trustee seeks authority to sell the Equipment free and clear of all liens, claims and encumbrances. Following the sale, the Trustee will seek an order authorizing the payment of any auction fees and expenses of Rosen from the gross sales proceeds. The Equipment needs to be sold quickly to vacate the Lease Premises and return it to Eastern Fuel Properties, LLC (Landlord) for re-leasing. About Independence Fuel System Independence Fuel Systems, LLC, owner of gasoline stations in Texas, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 22-60301) on July 14, 2022, with up to $50,000 in assets and up to $10 million in liabilities. Charles Neuberger, chairman of the Board of Managers, signed the petition. Judge Joshua P. Searcy oversees the case. Eric A. Liepins, P.C., is the Debtor's bankruptcy counsel. The Law Office of PJ Putman, P.C. and Valdez Washington, LLP serve as the Debtor's special counsel. INNOVATE CORP: DBM Global Secures $220M Credit Facility ------------------------------------------------------- Innovate Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that DBM Global Inc., a subsidiary of the Company, and certain other borrowers entered into an Amended and Restated Credit Agreement with the lenders which are party thereto from time to time and UMB BANK, n.a., a national banking association, as Letter of Credit Issuer and as Administrative Agent. "We are excited to continue our outstanding relationship with our banking partners at UMB and this provides us with sufficient liquidity to support the working capital requirements for our platform of companies," said Rustin Roach, Chairman and CEO of DBMG. "The Credit Facility will provide DBMG with long-term flexibility," said Paul Voigt, INNOVATE's interim CEO. "DBMG added over $500 million in new awards to their adjusted backlog last quarter. We continue to be optimistic for the remainder of the year and this Credit Facility will help support continued growth." The Credit Agreement provides DBMG with senior secured debt financing in an amount up to $220 million in the aggregate, consisting of: (i) a senior secured revolving credit facility in an aggregate principal amount of $135 million and (ii) a senior secured term loan facility in the amount of $85 million. The Credit Agreement also contains an accordion feature to increase the allowable size of the Revolving Facility by an additional $50 million. The Credit Facility will mature on May 20, 2030. DBMG entered into the Credit Facility in order to fully repay DBMG's existing debt obligations and provide additional working capital capacity. The obligations of the Borrowers under the Credit Agreement are guaranteed by certain domestic subsidiaries of DBMG. As security for the Borrowers' obligations under the Credit Agreement, (i) DBMG and its domestic subsidiaries have granted a first priority lien on substantially all their tangible and intangible personal property, including, without limitation, accounts receivable, equipment and the equity interests of certain of DBMG's direct and indirect subsidiaries, and (ii) certain of the domestic subsidiaries of DBMG have granted a first priority lien on 10 parcels of real estate owned by such subsidiaries. Interest on borrowings under the Credit Facility is a rate per annum equal to the greater of (a) 4.25% per annum, and (b) the rate per annum set forth based on the following Senior Funded Indebtedness to EBITDA ratio: (i) if the Senior Funded Indebtedness to EBITDA Ratio is less than 1.00 to 1.00, the Term SOFR Rate plus 2.50%; (ii) if the Senior Funded Indebtedness to EBITDA Ratio is greater than or equal to 1.00 to 1.00 and less than 1.50 to 1.00, the Term SOFR Rate plus 2.75%; (iii) if the Senior Funded Indebtedness to EBITDA Ratio is greater than or equal to 1.50 to 1.00 and less than 2.00 to 1.00, the Term SOFR Rate plus 3.00%; and (iv) if the Senior Funded Indebtedness to EBITDA Ratio is greater than or equal to 2.00 to 1.00, the Term SOFR Rate plus 3.25%. The initial interest rate on borrowings under the Credit Facility shall be set at the Term SOFR Rate plus 3.00%. Unless sooner paid in full, the outstanding principal balance of borrowings under the Credit Facility and all accrued but unpaid interest thereon shall be paid in full on the maturity date of the Credit Facility. Borrowings under the Credit Facility may be repaid in whole at any time or in part in the amount of $1 million or a greater amount that is a multiple of $0.5 million. The Borrowers are required to make mandatory prepayments on the Credit Facility with proceeds received from issuances of debt, issuances of equity or receipt of capital contributions, events of loss and certain dispositions. The Credit Agreement contains various usual and customary covenants that limit, among other things, the Borrowers' ability and certain of its subsidiaries' abilities to incur certain indebtedness, grant certain liens, merge or consolidate, sell assets, enter into acquisitions, enter into affiliate transactions, prepay subordinated debt, make investments and pay dividends. In addition, the Borrowers are required to maintain the following financial covenants: * a Fixed Charge Coverage Ratio at the last day of any fiscal quarter not to be less than 1.25 to 1.00 for the four fiscal quarters ending on such day; and * a Senior Funded Indebtedness to EBITDA Ratio as of the last day of any fiscal quarter not to be greater than 2.50 to 1.0. The Credit Agreement also includes customary events of default, including events of default relating to non-payment of principal or interest, material inaccuracy of representations and warranties, default under covenants, bankruptcy and insolvency events, unsatisfied material judgments, ERISA, loan documents not being valid, collateral documents failing to create a valid and perfected first priority security interest, and a change of control. If an event of default occurs, the Lenders will be able to accelerate the maturity of the Credit Facility and exercise other rights and remedies. Concurrently with DBMG's entry into the Credit Agreement, DBMG terminated that certain Credit Agreement, dated as of May 27, 2021, by and among DBM Global Inc., the other Borrowers listed on Schedule 1.1 thereto, the Lenders, which are party thereto from time to time and UMB Bank, n.a., a national banking association, as Letter of Credit Issuer and as Administrative Agent, and amended by First Amendment to Credit Agreement, dated August 2, 2022, Second Amendment to Credit Agreement, dated December 12, 2023, and Third Amendment to Credit Agreement, dated June 28, 2024. About Innovate New York-based Innovate Corp. -- innovatecorp.com -- is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. As of Dec. 31, 2023, its three operating platforms or reportable segments, based on management's organization of the enterprise, are Infrastructure, Life Sciences, and Spectrum, plus its other segment, which includes businesses that do not meet the separately reportable segment thresholds. New York, N.Y.-based BDO USA, P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, citing the Company has maturities of certain debt obligations that exceed its current and forecasted cash balances within one year from the date of this report. These conditions raise substantial doubt about its ability to continue as a going concern. * * * In May 2025, S&P Global Ratings lowered its long-term issuer credit rating on Innovate Corp. to 'CCC-' from 'CCC' and its issue rating on the company's senior notes due 2026 to 'CCC' from 'CCC+'. The recovery rating on the notes remains '2', indicating its expectation for meaningful (75%) recovery in the event of a default. The negative outlook reflects S&P Global's view that the company's liquidity will be under stress in the next six months, such that sources are unlikely to meet uses absent unforeseen positive developments. INTERSTATE WASTE: S&P Alters Outlook to Negative, Affirms 'B' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on Interstate Waste Services Inc. (IWS) to negative from stable and affirmed all its ratings, including the 'B' issuer credit rating and its 'B' issue-level rating on the senior secured debt issued by its borrowing subsidiary, The Action Environmental Group Inc. S&P's '3' recovery rating on the senior secured debt is unchanged. S&P said, "The negative outlook reflects our expectation that IWS' S&P Global Ratings-adjusted debt to EBITDA will remain elevated over the next 12 months. Assuming the proposed transaction closes as we expect, we assume the company will maintain S&P Global Ratings-adjusted weighted-average debt to EBITDA in the higher end of the 6x-7x range." IWS, a privately held waste services company operating in the northeastern U.S., announced a proposed $155 million fungible add-on to its existing first-lien term loan facility, which it will use to fund near-term acquisitions. The company is also proposing to upsize its revolver by $25 million to $275 million. After this transaction, S&P Global Ratings believe IWS' debt leverage will be stretched at the current rating, which will provide it with a minimal cushion to absorb any unexpected setbacks related to the realization of earnings from its growth projects. The company is planning to issue additional add-on term loans and expand its existing revolver to fund near-term acquisitions and support its liquidity. Overall, IWS' pro forma capital structure will comprise $1,227 million of first-lien term loans (including $1,072 million in existing term loans and the proposed $155 million add-on) and an upsized $275 million revolving credit facility. S&P said, "We expect the company will use the proceeds from the term loan add-on to finance certain near-term acquisitions. Similar to its acquisitions in the recent past, we view this transaction as complementary to IWS' overall business strategy and anticipate the acquisitions will provide synergies and increased waste internalization opportunities. We expect the company will close its targeted acquisitions in the coming months and expect it will maintain adequate liquidity over the next 12 months." S&P said, "Following the proposed transaction, we expect IWS' debt leverage will be stretched for the current rating until it realizes incremental earnings from its growth projects. We expect the company's S&P Global Ratings-adjusted debt to EBITDA will be between 6x and 7x on a weighted-average basis over the next 12 months. We expect IWS' debt to EBITDA will remain elevated for the rating in 2025 as it raises incremental debt to finance its growth and infrastructure expansion for the coming years. That said, we expect the company will significantly reduce its leverage to about 6.5x in 2026 as it realizes incremental earnings from its acquisitions and gains market share from the roll out of the Commercial Waste Zones (CWZ) program. IWS generated negative free operating cash flow (FOCF) in 2024 and we forecast it will generate another deficit in 2025, primarily due to high start-up and growth spending. We anticipate the company's FOCF will turn positive in 2026 on higher earnings and reduced capital expenditure (capex) requirements. In the meantime, we believe IWS will maintain adequate liquidity. We note that the company's currently elevated leverage profile and the potential it will undertake additional debt-funded tuck-in acquisitions over the next 12 months leaves it with a minimal cushion at the rating for unexpected adversities, including delays in the implementation of the CWZ program, challenges in expanding its market share, integration issues with its acquisitions, or an inability to realize its targeted synergies. We also note prospects of additional debt-funded acquisitions given the company's track record of being acquisitive. "Our base case forecast incorporates our expectation that IWS will increase its regional market share in the waste collections business over the next 24 months because of the implementation of the CWZ zoning plan in NYC. Under New York City's new CWZ program, the company was awarded the rights to participate and serve customers in at least 14 out of 20 zones--each zone features up to three operators with exclusive rights--plus one containerized (roll off) zone. After the implementation of the pilot zone in January 2025, we assume the first two zones that IWS will operate launch in October this year and will be fully implemented as of Dec. 1, 2025. While the final roll-out schedule for the majority of the zones is uncertain at this stage, our base case assumes all zones are implemented over the next two years and that the company benefits from the increase in its waste collection market share and earnings from new customers, which will support deleveraging. "The negative outlook on IWS reflects our expectation its credit metrics will be stretched for the current rating, including weighted-average S&P Global Ratings-adjusted debt to EBITDA in the higher end of the 6x-7x range. We expect the company will generate negative FOCF in 2025, due to its high start-up and growth spending, but anticipate it will maintain adequate liquidity over the next 12 months and generate positive FOCF in 2026. Our base case scenario assumes some debt-funded acquisition spending beyond 2025 but at a significantly lower level than in 2024 and 2025. We do not assume any debt-funded shareholder rewards in our base case." S&P could consider downgrading IWS in the next year if: -- Its operating performance deteriorates due to competitive pressures, operational disruptions, challenges in achieving its targeted synergies or integrating acquisitions, unexpected delays and overruns related to the roll out of the CWZ program, or a deep and prolonged recession; -- It undertakes additional debt-financed acquisitions or growth projects or debt-funded shareholder returns such that its weighted-average S&P Global Ratings-adjusted debt to EBITDA remains above 7x on a consistent basis with no clear prospects for recovery; and -- Its persistently negative FOCF generation strains its liquidity or pressures its covenant compliance. S&P could consider revising its outlook on IWS to stable in the next year if: -- Its earnings are stronger than expected due to higher-than-anticipated volumes or EBITDA margins supported by its continued internalization, integration of planned acquisitions, and the ramp up of its growth projects; -- There is increased certainty around achieving positive FOCF in the next few quarters; and -- S&P believes its financial policies are supportive of maintaining S&P Global Ratings-adjusted debt to EBITDA of consistently below 6.5x on weighted-average basis. IQVIA INC: Moody's Gives Ba2 Rating on New Senior Unsecured Notes ----------------------------------------------------------------- Moody's Ratings assigned Ba2 rating to the proposed senior unsecured notes of IQVIA Inc. ("IQVIA"). There are no changes to IQVIA's existing ratings, including the Ba1 corporate family rating, Ba1-PD probability of default rating, Baa3 senior secured credit facility rating, and SGL-1 Speculative Grade Liquidity Rating. The outlook remains stable. IQVIA will use the net proceeds from $2.0 billion notes offering due 2032 to repay existing borrowings under the company's revolving credit facility, pay fees and expenses related to the transaction, with the balance allocated for general corporate purposes. RATINGS RATIONALE IQVIA's Ba1 Corporate Family Rating reflects the company's considerable size, scale, and strong market position as both a pharmaceutical contract research organization (CRO) and pharmaceutical data and analytics provider. The rating is also supported by the company's strong operating cash flow and very good liquidity. Market dynamics within IQVIA's CRO and data providing businesses are stable which in Moody's views will be contributing to relatively low earnings volatility and predictable free cash flow over the next few years. Despite Moody's expectations that IQVIA will generate healthy earnings over the intermediate-term, Moody's believes debt/EBITDA will generally be maintained between 3.5 times and 4.5 times. IQVIA's rating is constrained by its moderately aggressive financial policies as Moody's expects that free cash flow will continue to be prioritized for share repurchases and acquisitions. The stable rating outlook reflects Moody's expectations that IQVIA will grow earnings in the mid-single digits over the next 12 to 18 months and that debt/EBITDA will generally be maintained between 3.5 to 4.5 times. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Ratings could be upgraded if IQVIA can deliver revenue growth and maintain profitability such that adjusted debt to EBITDA is sustained below 3.5 times. Additionally, the company would need to maintain a conservative financial policy, including a public commitment to a financial leverage consistent with an investment grade rating, to consider an upgrade. Ratings could be downgraded if IQVIA's operating performance weakens significantly or if the company executes material debt-funded acquisition and/or share repurchases that result in debt to EBITDA sustained above 4.5 times. IQVIA, headquartered in Durham, North Carolina, is a leading global provider of outsourced contract research and contract sales services to pharmaceutical, biotechnology and medical device companies. The company is also a leading provider of sales and other market intelligence primarily to the pharmaceutical and biotech industries. Reported revenues for the fiscal year 2024 were approximately $15.4 billion. The principal methodology used in this rating was Business and Consumer Services published in November 2021. J-K.A.B.S TRANSPORTATION: Hires Conway Law Group PC as Counsel -------------------------------------------------------------- J-K.A.B.S Transportation LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Conway Law Group, PC as counsel. The firm's services include: (a) advising the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of the assets of their respective estates; (b) advising and consulting on the conduct of the case, including all of the legal requirements of operating in Chapter 11; (c) attending meetings and negotiating with representatives of Debtor's creditors and other parties in interest; (d) taking all necessary action to protect and preserve the Debtor's estates, including prosecuting actions on the Debtor's behalf, defending any actions commenced against the Debtor, and representing the Debtor's interests in negotiations concerning all litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estate; (e) preparing all pleadings, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; (f) advising the Debtor in connection with any potential sale of assets, as authorized by the Member's resolution dated May 10, 2025; (g) appearing before the Court to represent the interests of the Debtor's estate; (h) taking any necessary action on behalf of the Debtor to negotiate, prepare on behalf of the Debtor, and obtain approval of a Chapter 11 plan and documents related thereto; and (i) performing all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this case. The firm will be paid at these rates: Martin C. Conway, Esq. $550 per hour Attorneys $550 per hour Paralegals $200 per hour Prior to the petition date, the firm was paid by the Debtor a retainer of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Conway 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: Martin C. Conway, Esq. Conway Law Group, PC 1320 Central Park Blvd., #200 Fredericksburg, VA 22401 Tel: (855) 848-3011 Fax: (575) 385-3334 Email: martin@conwaylegal.com About J-K.A.B.S Transportation LLC J-K.A.B.S Transportation LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 25-31875-BFK) on May 11, 2025. The Debtor hires Conway Law Group, PC as counsel. JACKSON COURT: Hires Sullivan Blackburn as Special Counsel ---------------------------------------------------------- Jackson Court City Share Owners Association seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Sullivan Blackburn & Pratt as special counsel. The Debtor needs the firm's legal assistance to evaluate potential claims against its former counsel, Clark Hill, and to report its conclusions regarding whether prosecution of such claims would be substantively and economically warranted. The firm will be paid at these rates: Christopher D. Sullivan $700 per hour Stacey L. Pratt $550 per hour The firm's fee will be capped at $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher D. Sullivan, a partner at Sullivan Blackburn & Pratt, 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: Christopher D. Sullivan, Esq. Sullivan Blackburn & Pratt 601 Montgomery Street, Suite 1200 San Francisco, CA 94111 Tel: (415) 869-6823 Email: csullivan@sullivanblackburn.com About Jackson Court City Share Owners Association Based in San Francisco, Jackson Court City Share Owners Association operates as a property owners association. Jackson Court City Share Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30010) on January 8, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Judge Hannah L. Blumenstiel handles the case. The Debtor tapped Michael St. James, Esq., at St. James Law, PC as bankruptcy counsel and Bruce M. Boyd, Esq., at Lee, Hong, Degerman, Kang & Waimey as corporate counsel. JACKSON HOSPITAL: Loses Bid to Amend Employment Applications ------------------------------------------------------------ Judge Christopher L. Hawkins of the United States Bankruptcy Court for the Middle District of Alabama denied Jackson Hospital & Clinic, Inc.'s emergency motion to amend employment applications of Burr & Forman LLP, Eisner Advisory Group, LLC, Gilpin Givhan, PC, and Memory Memory & Causby, LLP (the "Professionals"). The Professionals seek to amend their employment applications, such that the scope of their employment is expanded to include the potential representation of The Medical Clinic Board of the City of Montgomery, Alabama in any necessary restructuring efforts. Bankruptcy Code Section 327(a) states that the court may approve employment of professionals to represent or assist the trustee in carrying out the trustee's duties under the Bankruptcy Code. By virtue of Section 1107(a), the term "trustee" equates to the debtor in possession. Judge Hawkins explains, "The Medical Clinic Board is not a debtor in possession. As such, the Medical Clinic Board is not a party that the Professionals can be employed to represent. The Medical Clinic Board has no duties under the Bankruptcy Code for which the Professionals can offer assistance." Judge Hawkins says the Court lacks authority to approve or disapprove the selection of attorneys for non-debtor parties. Accordingly, it is appropriate for the Court to refrain from granting the motion. The Court also finds the Medical Clinic Board possesses an economic interest that would tend to lessen the value of the bankruptcy estate or that would create either an actual or potential dispute in which the estate is a rival claimant. The relationship between the Medical Clinic Board and the Debtors is not wholly reciprocal because the Medical Clinic Board is not required to conduct business solely with the Debtors. Without complete alignment, the Medical Clinic Board has an economic interest in assets that could lessen the value of the Debtors' estates. The Court says it has no reason to doubt the Debtors' representations that the Medical Clinic Board and the Debtors share a common mission and common goals, and that their current business arrangements are mutually beneficial. It also recognizes that the Debtors' operations are, as a practical matter, intertwined with the use of the Medical Clinic Board's assets and that a sale of the combined operations and assets will maximize the value of the Debtors' estates. The Court cannot, however, find that there is no risk of adverse interests or a lack of disinterestedness if the Professionals are the sole advisors to the Medical Clinic Board. The Court believes the more prudent approach would be for the Medical Clinic Board to utilize separate counsel to negotiate the terms of any restructuring and sale involving the Debtors. The Court concludes that Section 327(a) does not permit an order authorizing the retention of professionals to represent non-debtor parties. Even if such authority existed, under Section 105(a) or otherwise, the Court finds that the Medical Clinic Board has legal rights that do not completely align with the legal rights and goals of the Debtors. Thus, a risk exists that the Professionals could represent an interest adverse to the Medical Clinic Board and that their impartiality toward the Medical Clinic Board could be compromised. Accordingly, the motion is denied. A copy of the Court's decision is available at https://urlcurt.com/u?l=0KAyuS from PacerMonitor.com. About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by: Derek F. Meek, Esq. Marc P. Solomon, Esq. James P. Roberts, Esq. Andrew P. Cicero, III, Esq. Catherine T. Via, Esq. Burr & Forman, LLP 420 20th Street North, Suite 3400 Birmingham, AL 35203 Tel: (205) 251-3000 Email: dmeek@burr.com msolomon@burr.com jroberts@burr.com acicero@burr.com cvia@burr.com KEEP IT GYPSY: Seeks to Hire Bond Law Office as Counsel ------------------------------------------------------- Keep it Gypsy, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to employ Bond Law Office as counsel to handle its chapter 11 case. The firm will be paid at these rates: Attorneys $375 per hour Associates $250 per hour Paraprofessionals $125 per hour Before commencement of the bankruptcy case, the firm received from the Debtor a retainer of $8,262, and $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bond disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stanley V. Bond, Esq. Bond Law Office PO Box Fayetteville, AR 72702-1893 Tel: (479) 444-0255 Fax: (479) 235-2827 Email: attybond@me.com About Keep it Gypsy, Inc. Keep it Gypsy Inc. is a retailer and wholesaler based in Fort Smith, Arkansas, that offers handcrafted leather goods, jewelry, and graphic tees. The Company operates retail locations and maintains a presence in wholesale markets such as the Dallas World Trade Center and Atlanta apparel trade shows. Keep it Gypsy Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-70837) on May 15, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtors are represented by Stanley V. Bond, Esq. at BOND LAW OFFICE. KOSMOS ENERGY: Moody's Cuts CFR to B3 & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings has downgraded Kosmos Energy Ltd.'s (Kosmos Energy) Corporate Family Rating to B3 from B2, Probability of Default Rating to B3-PD from B2-PD and senior unsecured notes to Caa1 from B3. The speculative grade liquidity rating is unchanged at SGL-3. The outlook was changed to negative from stable. "The downgrade of Kosmos Energy's ratings and the negative outlook reflect Moody's concerns about rising refinancing risks and liquidity position of the company, with debt maturities in April 2026 and May 2027, and the springing maturity provision in its reserve-based facility, as well as its heighten leverage and low profitability of the GTA project in 2025-26," said Giancarlo Rubio, Moody's Ratings Vice President. RATINGS RATIONALE The B3 CFR reflects heightened financial risks and extended capital structure, following completion of the $1.5 billion investment in the Greater Tortue Ahmeyim (GTA) project, that started operations in Q1 2025. The rating takes into account the company's elevated leverage in 2025, driven in part by negative free cash flow contributions from the GTA project in 2025, as well as by lower oil prices. Kosmos Energy's debt reached $2.9 billion at March 30, 2025, before including its asset retirement obligations of $415 million. Moody's views this amount of debt as high, relative to the production base, with debt/production reaching $46.9 thousand / boe, compared to $35.4 thousand /boe maintained by the company in 2022 prior to the GTA investment. The rating assumes a gradual improvement in the project's profitability. The project is breakeven at around $60/bbl Brent oil price, and Moody's expects a gradual improvement in the breakeven position, as GTA ramps up volumes in 2026. The company's EBITDA was negatively impacted by the scheduled shutdown of the Jubilee FPSO in Ghana (Kosmos' largest producing asset), as well as the scheduled shutdown of the Kodiak field, and the associated maintenance costs incured in the first quarter 2025. Consequently, the company's financial leverage measured by debt/ EBITDA increased to 3.5x LTM March 2025. Moody's expects leverage to remain at similar levels for the rest of 2025 as result of the less constructive oil price environment. As of March 2025, about 40% of the company's projected oil production was hedged for the remainder of 2025. Kosmos Energy's senior unsecured notes are rated Caa1, one notch below the B3 CFR, given their unsecured claim on the company's assets, and their structurally subordinated position to the secured $1.35 billion RBL facility. Kosmos Energy's financial risks are high given its refinancing requirements and exposure to commodity price risks. The company's liquidity is sufficient to fund its operations, but Kosmos Energy needs to execute on its debt reduction and refinancing plans to maintain adequate liquidity consistent with its SGL-3 rating. The company's operating liquidity is supported by $350 million availability under its reserve based revolver facility (RBL). The $1.35 billion RBL facility matures in 2029 and has a springing maturity to the company's senior unsecured notes. The springing maturity condition is subject to a liquidity test measured at the time of the borrowing base determination (every April and October). Kosmos Energy retains options to raise additional liquidity, as its assets in the Gulf of America and Senegal and Mauritania are unencumbered. The negative rating outlook reflects rising refinancing risk and exposure to commodity price risk, limiting the company's ability to repay maturing debt from free cash flow generation, pending a sustained recovery in the oil prices. ESG CONSIDERATIONS Moody's revised the ESG Credit Impact Score to CIS-4 from CIS-2, indicating that the company's ratings are no longer constrained by the country ceiling of Ghana and are lower than they would have been if exposure to ESG risks did not exist. This negative impact is primarily driven by high governance risks associated with financial strategy and risk management, characterized by Kosmos Energy's high tolerance for debt and oil price volatility. The company's exposure to environmental and social risks has lower impact to date but could have the potential for future negative credit impact over time. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Kosmos Energy's CFR could be downgraded if the company fails to address its 2026 and 2027 debt maturities well ahead of the respective maturities, or if its liquidity weakens. A sustained decline in production due to operational issues or materially adverse policy actions from host governments may also lead to the downgrade of the ratings. The rating on the senior unsecured notes may be downgraded if the company increases the share of senior secured debt in its capital structure. The upgrade of the B3 CFR will require a significant debt reduction and a sustained improvement in liquidity and refinancing profile of the company. The successful ramp up of the GTA project, achieving material free cash flow contribution from the project, and robust operating performance in Ghana, will be also required to underpin solid debt coverage metrics with RCF to Debt sustained above 25%, and EBITDA/ Interest sustained in excess of 3x. Kosmos Energy Ltd. is a Dallas, Texas based publicly traded exploration and production company with the main producing assets offshore West Africa, as well as assets in the US Gulf of America. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. KPSI INNOVATION: Hires Wenokur Riordan as Bankruptcy Counsel ------------------------------------------------------------ KPSI Innovation, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Wenokur Riordan PLLC as bankruptcy counsel. The firm will render these services: a. take all actions necessary to protect and preserve Debtor's bankruptcy estate, including the prosecution of any actions on Debtor's behalf, defense of any action commenced against Debtor, negotiations concerning litigation in which Debtor is involved, objections to claims filed against Debtor in this bankruptcy case, and the compromise or settlement of claims; b. prepare the necessary applications, motions, memoranda, responses, complaints, answers, orders, notices, reports and other papers required from Debtor as Debtor-in-possession in connection with administration of this case; c. negotiate with creditors concerning a Chapter 11 plan, to prepare a Chapter 11 plan and related documents, and to take the steps necessary to confirm and implement the proposed plan of reorganization; and d. provide such other legal advice or services as may be required in connection with the Chapter 11 cases. The firm will bill these rates: Alan Wenokur $550 per hour Nate Riordan $550 per hour Faye Rasch $550 per hour Cat Reny, Associate $475 per hour The firm received an advance fee deposit of $150,000 from the Debtor. Alan Wenokur, Esq., an attorney at Wenokur Riordan, 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: Alan J. Wenokur, Esq. Wenokur Riordan PLLC 600 Stewart Street, Suite 1300 Seattle, WA 98101 Telephone: (206) 682-6224 Email: alan@wrlawgroup.com About KPSI Innovation, Inc. KPSI Innovation, Inc. is a company specializing in the manufacture and sale of fire-blocking head-of-wall products. The company offers a range of fire-rated gasket products designed for use in construction applications, particularly to prevent the spread of fire and smoke through structural gaps. KPSI Innovation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11068) on April 21, 2025. In its petition, the Debtor reported total assets of $1,455,439 and total liabilities of $3,883,37. Judge Timothy W. Dore oversees the case. The Debtor is represented by Faye C. Rasch, Esq., at Wenokur Riordan, PLLC. LAVERNE ELEMENTARY: Moody's Rates 2025A/B School Bonds 'Ba1' ------------------------------------------------------------ Moody's Ratings has assigned an initial Ba1 rating to LaVerne Elementary Preparatory Academy, CA's $18.3 million Charter School Lease Revenue Bonds (LaVerne Elementary Preparatory Academy Project), Series 2025A and $620,000 Charter School Lease Revenue Bonds (LaVerne Elementary Preparatory Academy Project), Series 2025B (Taxable) issued through the California Public Finance Authority. The academy has approximately $12 million of debt outstanding as of fiscal year end (June 30) 2024. The outlook is stable. RATINGS RATIONALE The Ba1 rating reflects the academy's strong academic results and healthy operating performance. These strengths are balanced by the academy's small operating scale and above average leverage following the issuance of new debt. Student demand is solid and is anchored by superior academic performance compared to both the local district and the state as well as limited competition within the academy's service area. Good financial managment and one-time revenue have resulted in healthy operating performance and boosted the academy's liquidity to over 400 days cash, a key credit strength. Leverage will rise significantly with the issuance of new debt, pushing pro forma debt to operating revenue to 2.8x and maximum annual debt service to 18% of fiscal 2024 revenue. The new debt supports the acquisition of a second campus-formerly a school and thus free of construction risk-to enable expansion into 7th and 8th grades. However, the academy faces expansion risk, as enrollment growth is necessary to generate the revenue needed to support the higher debt burden. The school remains in compliance with its current charter contract with the Hesperia Unified School District, and another renewal is likely in 2026. Governance is a key driver of all initial charter school rating assignments. Governance considerations include financial strategy and risk management, as well as management credibility and track record, which are sound as demonstrated by the academy's solid student demand trends and healthy operating performance. RATING OUTLOOK The stable outlook incorporates expectations of continued healthy operating performance and maintenance of strong liquidity. Stability is also dependent on the absence of material delays with opening the second campus and achieving projected enrollment growth. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Achievement of projected enrollment targets from successfully opening the academy's second campus -- Sustained strength in operating performance and reduction in leverage driven by increasing enrollment that moderates debt on a per student basis FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Failure to meet enrollment projections either from delays with opening the new campus or insufficient student demand -- Increase in financial leverage -- Material reduction in liquidity below 250 days cash on hand, currently a key credit strength given the academy's modest enrollment PROFILE LaVerne Elementary Preparatory Academy opened in 2008 and is lcoated in the High Desert area of San Bernardio County. The academy offers a classicial education program and currently serves students in grades TK-6 from a single campus in Hesperia, CA. In fiscal 2024, the academy reported $10.3 million in operating revenue and enrolled a total of 537 students. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. LVF HOLDINGS: Moody's Withdraws 'B3' Corporate Family Rating ------------------------------------------------------------ Moody's Ratings has withdrawn all credit ratings of LVF Holdings Inc. including the B3 Corporate Family Rating and B3-PD Probability of Default Rating. Moody's have also withdrawn the B2 ratings on the senior secured bank credit facility consisting of a senior secured first lien revolving credit facility expiring in 2030 and a senior secured first lien term loan due in 2032. Moody's have also withdrawn the Caa2 rating on the senior secured second lien term loan due in 2033. Prior to the withdrawal, the rating outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Based in Ohio, Lakeview Farms is a US refrigerated foods manufacturer of desserts, yogurt, salsa, dips, and hummus. Its portfolio spans both branded and private label products. Lakeview primarily serves the retail channel, with leading brands such as noosa, Fresh Cravings, Senor Rico, Rojos, and Raymundo's, among others. CapVest acquired Lakeview in 2021, and has since grown the business largely through strategic acquisitions. Including acquisitions completed to date, pro forma sales for the fiscal year ended December 31, 2024 are estimated to be approximately $740 million. M & M BUCKLEY: Court Extends Cash Collateral Access to July 3 ------------------------------------------------------------- M & M Buckley Management Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The sixth interim order signed by Judge Janet Baer approved the use of cash collateral through July 3 to pay the expenses set forth in the company's budget, with a 10% variance allowed. The budget projects total operational expenses of $16,815.27 for June. Community Loan Servicing, LLC was granted post-petition replacement liens on the cash collateral and post-petition property of M & M to the same extent and with the same priority as its pre-bankruptcy lien. As additional protection, Community Loan Servicing will receive payment of $12,500. M & M was ordered to maintain insurance on its real property, listing Community Loan Servicing as the lien holder. The final hearing is scheduled for July 2. About M & M Buckley Management Inc. M & M Buckley Management, Inc. is a professional property management company based in Richton Park, IL. It specializes in managing residential and commercial properties. M & M sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-19108) on December 23, 2024, with $1 million to $10 million in both assets and liabilities. Melvin T. Buckely, Jr., president of M & M, signed the petition. Judge Janet S. Baer handles the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. Secured creditor Community Loan Servicing is represented by: Jill Sidorowicz, Esq. Noonan & Lieberman, Ltd. 33 N. LaSalle Street, Suite 1150 Chicago, IL 60602 Phone: (312) 605-3500 MARKUS CORP: Court Extends Cash Collateral Access to June 30 ------------------------------------------------------------ Markus Corp received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until June 30, marking the fourth extension since the company's Chapter 11 filing. The company needs to use its lenders' cash collateral to pay the expenses set forth in its budget, which shows total operational expenses of $24,875 for the interim period. Markus owes $426,224.08 and $264,476.06 to the U.S. Small Business Administration and Village Bank & Trust, N.A., respectively. These creditors have perfected liens on the company's assets, including cash, bank deposits and accounts receivable, which constitute cash collateral. As protection, both lenders were granted a replacement lien on substantially all of the company's assets to the same extent and with the same validity as their pre-bankruptcy liens. The lenders will also be granted an administrative expense claim as additional protection. The next hearing is scheduled for June 25. About Markus Corporation Markus Corp is an owner and operator of three semi-trucks and hauls cargo for its client. Markus filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-03310) on March 4, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Markus President Marek Kusmierczyk signed the petition. Judge Timothy A. Barnes oversees the case. Arthur Corbin, Esq., at Corbin Law Firm, LLC, represents the Debtor as bankruptcy counsel. Secured lender Village Bank & Trust, N.A. is represented by: Jeffrey S. Burns, Esq. Markoff Leinberger, LLC 200 S. Wacker Drive, FL 31 Chicago, IL 60606 Tel: (312) 589-7600 jeff@markleinlaw.com MASS POWER: Gets Interim OK to Use Cash Collateral Until June 18 ---------------------------------------------------------------- Mass Power Solutions, LLC got the green light from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The court's order authorized the company's interim use of cash collateral until June 18 to pay business expenses in accordance with its budget. The budget projects total operational expenses of $11,964 for June. Fox Funding, LLC and Elevations Capital, LLC hold liens against the company's future receivables. To protect their interests, the secured creditors will be granted replacement liens on post-petition assets of the company in case of any decrease in the value of their pre-bankruptcy collateral. The next hearing is scheduled for June 18. About Mass Power Solutions LLC Mass Power Solutions, LLC is an electrical contracting company specializing in renewable energy solutions, including solar project design, installation, and management, serving both residential and commercial clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40234) on March 5, 2025. In the petition signed by Ryan Lane, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Elizabeth D. Katz oversees the case. John O. Desmond, Esq., represents the Debtor as legal counsel. MATTHEWS INT'L: Moody's Affirms 'B1' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings affirmed Matthews International Corporation's (Matthews) B1 corporate family rating and B1-PD probability of default rating. At the same time, Moody's affirmed the B3 rating on the $300 million senior secured second lien notes due 2027. Moody's also changed Matthews' speculative grade liquidity (SGL) rating from SGL-2 to SGL-3. The outlook remains stable. Matthews is a designer, manufacturer and marketer of memorialization products and industrial automation solutions. The rating actions reflect Moody's expectations that Matthews' will continue to reduce financial leverage and generate modest, but positive, free cash flow. Moody's considers the majority stake sale of the SGK Brand segment, which specializes in branding and packaging, as credit positive. The transaction simplifies Matthews' business structure, enabling a focus on the stable, higher-margin Memorialization segment and the expected recovery in its Industrial segment, driven by unique energy storage solutions. Additionally, the sale decreases Matthews' exposure to European currency fluctuations and economic uncertainty. Moreover, Matthews will use proceeds from the SGK stake sale to repay the outstanding revolver. The company will retain a 40% minority ownership stake. Despite the reduced business diversification from the divestiture, Moody's anticipates the company will improve its financial leverage toward 4x and its EBITDA margin above 10% over the next 12 to 18 months. RATINGS RATIONALE Matthews' B1 CFR is constrained by recent declines in revenue and profitability, mainly in its Industrial Technologies Segment, and high financial leverage. Moody's expects debt-to-EBITDA to improve from 5.8x to 4.5x as the company uses proceeds from the SGK sell-off to repay its outstanding revolver over the next 12 to 18 months. In 2025, Moody's also anticipates reduced sales in the Memorialization and Industrial Technologies segments, as price increases will not fully counteract declining demand. However, following a recent arbitration win against Tesla, Inc.'s (Baa3 stable), Matthews can sell its unique dry battery electrode (DBE) technology to customers beyond Tesla, with expected growth in the energy storage business in 2026. Delivery delays, due to Tesla installation readiness, along with high costs related to the SGK transaction, have pressured Matthews' working capital and cash flow, resulting in a cash flow deficit for the twelve months ended March 31, 2025, which weakens the company's liquidity profile. All financial metrics cited reflect Moody's standard adjustments. Matthews' credit profile is supported by its leading position in the memorialization segment, where demand for caskets and funeral products remains stable despite declining unit volumes. This segment accounted for 47% of revenue - or 68% pro forma for the SGK sell-off - for the 12-month period ended March 31, 2025, delivering high margins and predictable cash flow that support growth. The company is also well-positioned to benefit from the industry's gradual shift from traditional burials to cremation. Additionally, the potential long-term growth in the Industrial Technologies segment, particularly in energy storage solutions, is a credit positive amid rising demand for electric vehicle and renewable energy systems. The B3 rating on the $300 million senior secured second-lien notes due 2027 is two notches below the B1 CFR, reflecting its junior position in the capital structure in relation to the company's first-lien secured debt, which includes a $750 million revolving credit facility (unrated) due 2029. Matthews' SGL-3 rating reflects Moody's expectations that the company will maintain an adequate liquidity profile over the next 12 to 15 months. Liquidity is supported by $40 million of cash on hand as of March 31, 2025, and approximately $250 million of available capacity under its $750 million revolving credit facility due 2029 (unrated), which is expected to increase to around $400 million after the SGK transaction. Additionally, Moody's expects free cash flow/debt to be in the low single-digit percentage range in 2025 and 2026. As of March 31, 2025, the company had a cash flow deficit, with a negative free cash flow/debt of 3.5%, which Moody's expects will improve. The company has a significant amount of working capital tied up in the energy storage business, which could be released as more equipment is delivered by the end of fiscal 2025, thus improving the company's operating cash flow. The company's revolving credit facility is primarily employed for seasonal working capital needs and discretionary purposes. Under the terms of the revolving credit facility, Matthews is required to maintain a net leverage ratio (as defined in the agreement) of less than or equal to 4.5x and an interest coverage ratio of greater than or equal to 3.0x. Upon a permitted acquisition, Matthews may elect a temporary leverage increase on a one-time basis, subject to a net leverage ratio of up to 5.0x and a secured net leverage of up to 4.0x for the subsequent four quarters. Moody's expects the company to be in and maintain compliance with all covenants. Matthews' senior secured second lien notes mature in October 2027, before the revolving credit facility expires. Consequently, due to a springing feature, the maturity of the revolving credit facility will effectively advance to 90 days prior to the notes' due date. In addition, Matthews, through Matthews Receivables Funding Corporation, LLC (Matthews RFC), regularly sells its trade receivables up to $125 million to a financial institution for an equivalent cash amount under a Receivables Purchase Agreement (RPA), set to expire in March 2026. As of March 31, 2025, there was approximately $25.9 million available under this agreement. Furthermore, Matthews, through its U.K. subsidiary, utilizes non-recourse receivable factoring arrangements with third-party financial institutions to assist in managing working capital. As of March 31, 2025, there was approximately $16 million available through these arrangements. The stable outlook reflects Moody's expectations of revenue recovery in fiscal 2026, alongside limited free cash flow generation over the next 12 to 15 months. Moody's anticipates that debt/EBITDA will decrease to around 4.0x, with free cash flow/debt in the low single-digit percentage range. Moody's forecasts EBITDA margin of around 14% (pro forma for the SGK sell-off) and an interest coverage ratio, calculated as EBITA/interest expense, of at least 2x over the same period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Matthews demonstrates sustained revenue growth and profit margin expansion, while maintaining debt/EBITDA below 4.5x. A ratings upgrade would also require good liquidity and free cash flow/debt approaching the high single-digit range or higher. The ratings could be downgraded if Matthews experiences a significant contraction in revenue or profitability, if free cash flow generation does not improve beyond break-even levels, or if liquidity deteriorates. Additionally, the ratings could be downgraded if the company adopts more aggressive financial policies that result in a debt/EBITDA ratio sustained above 5.5x. The principal methodology used in these ratings was Manufacturing published in September 2021. Matthews (NASDAQ: MATW), headquartered in Pittsburgh, PA, manufacturer, and marketer of memorialization products, and industrial automation solutions. In May 2025, the company closed on it divestiture of SGK Brand Solutions. Moody's expects Matthews to generate revenue of around $1.2 billion in fiscal 2025. MEDLIN EXPEDITED: Claims to be Paid from Ongoing Operations ----------------------------------------------------------- Medlin Expedited + Leasing, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee a Plan of Reorganization. The Debtor is a Tennessee Limited Liability Company. Susan Medlin is the Chief Manager and runs the day-to-day operations of the Debtor. The Debtor is in the freight hauling business. All of the Debtor's are financed with 3 entities: Daimler, BMO and Ally. The truck financed with Ally will be surrendered and one of the 3 trucks financed with BMO will be surrendered. All of the truck (6) financed with Daimler will be retained, as will 2 of the 3 trucks financed with BMO. All retained trucks will be paid in full under the plan, but the interest rate and payment schedule will be modified. Based upon revenue generated from the first two weeks of May, 2025, the Debtor believes it will have sufficient income to fund this plan. In addition to revenue increase, the Debtor should have savings of approximately $1,500 per month with Load 1 paying for tolls and Pre-Pass charges. The final Plan payment is expected to be paid on March 31, 2031. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from business operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at less than 5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims, but the only priority claims is a small tax debt owed to the State of Tennessee in the amount of $342.77, which will be paid in full upon confirmation. Class 3 consists of Non-priority unsecured creditors. All unsecured creditors will be paid on a pro-rata basis for 5 years once yearly with the first such payment to be made on March 31, 2026. The allowed unsecured claims total $758,688.24. The Debtor's owner, Susan Medlin, will not receive anything for her loans to the Debtor unless all other unsecured creditors are paid in full, but will retain her ownership. The plan will be funded by the ongoing business operations of the Debtor. The Debtor believes that its cash flow ill enable it to fund the payments required by the plan. Counsel to the Debtor: Thomas H. Dickenson, Esq. Hodges, Doughty & Carson, PLLC P.O. Box 869 Knoxville, TN 37901 Tel: (865) 292-2243 About Medlin Expedited + Leasing Medlin Expedited + Leasing, LLC operates in the general freight trucking industry. Medlin Expedited + Leasing sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-32009) on November 14, 2024, with total assets of $895,225 and total liabilities of $1,607,849. Susan Medlin, chief manager, signed the petition. Judge Suzanne H. Bauknight handles the case. The Debtor is represented by Thomas H. Dickenson, Esq., at Hodges, Doughty & Carson, PLLC. MID-KANSAS REAL: To Sell Mosley Property to Professional Home ------------------------------------------------------------- Mid-Kansas Real Estate Holdings, LC seeks permission from the U.S. Bankruptcy Court for the District of Kansas, to sell Property, free and clear of liens, interest, and encumbrances. The Debtor owned 9 separate pieces of real estate in and around the Wichita area. The Debtor generates income by leasing all or portions of that real estate to both residential and commercial tenants in exchange for monthly payments of rent. One of the pieces of real estate owned by the Debtor was legally described as follows: Lot 5, Block 5, Orchard Park Lake Estates Addition, Wichita, Sedgwick County, Kansas; and and commonly referred to as 5345 S. Mosley Street, Wichita, Kansas 6721 (Mosley Property). The Mosley Property is single-family home that MKREH leased to residential tenants. The Debtor intends to sell all its right, title, and interest, free and clear of liens, encumbrances, and other claimed interests in the Mosley Property to Professional Home Management, LLC or its designee. The Debtor proposes to sell and Buyer agree to purchase the Mosley Property which includes the real property, the improvements thereon, and all mechanical, electrical heating, ventilating, air-conditioning systems, equipment, lighting, plumbing equipment, and fixtures with the purchase price of $125,000.00. All property taxes due on the Mosley Property through closing shall be prorated for the calendar year on the basis of taxes levied or for the prior year, special Assessments will be paid out of the Debtor's proceeds, and the closing costs will be split evenly. The Buyer is not purchasing all the assets of the Debtor's bankruptcy estate. The Mosley Property is currently leased and the Buyer is purchasing any lease. Debtor assumed all lease contracts it maintained with tenants upon the confirmation of its plan. The Mosley Property will be sold to Buyer for cash or cash equivalent. The Mosley Property will be sold in its present condition with no express or implied warranties and Buyers will accept the Mosley Property in its present condition, as is. About Mid-Kansas Real Estate Holdings, LC Mid-Kansas Real Estate Holdings, LC is a lessor of real estate in Wichita, Kansas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 23-10709) on July 19, 2023, with $1 million to $10 million in both assets and liabilities. Rickey E. Hodge Jr., manager, signed the petition. Judge Mitchell L. Herren oversees the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the Debtor as bankruptcy counsel. MONARCHY RANCHEROS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Monarchy Rancheros de Santa Fe, LLC c/o Daniel Galvan 736 Old Las Vegas Hwy Santa Fe, NM 87505 Business Description: Monarchy Rancheros de Santa Fe, LLC owns and operates Rancheros de Santa Fe RV Park and Resort, an RV park and lodging facility near Santa Fe, New Mexico. The property features full hookups, short- and long-term rentals, and amenities including a seasonal pool, hiking trails, and a renovated retail store. Located 11 miles from downtown Santa Fe, it offers guests access to the city's cultural attractions in a quiet desert setting. Chapter 11 Petition Date: June 5, 2025 Court: United States Bankruptcy Court District of New Mexico Case No.: 25-10691 Judge: Hon. Robert H. Jacobvitz Debtor's Counsel: Marcus Sedillo, Esq. GATTON & ASSOCIATES, P.C. 10400 Academy NE Suite 350 Albuquerque NM 87111 Email: marcus@gattonlaw.com Total Assets: $5,032,566 Total Liabilities: $3,440,000 Daniel Galvan signed the petition as authorized member. The debtor submitted a document purporting to list its 20 largest unsecured creditors, but it was left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2Q2PXOQ/Monarchy_Rancheros_de_Santa_Fe__nmbke-25-10691__0001.0.pdf?mcid=tGE4TAMA MONTE K. WEEDEN: MK Weeden, et al Can Amend Judgment in EMC Case ---------------------------------------------------------------- Judge Susan P. Watters of the United States District Court for the District of Montana granted the defendants' motion to amend judgment in the case captioned as EMPLOYERS MUTUAL CASUALTY COMPANY, an Iowa corporation Plaintiff, v. MK WEEDEN CONSTRUCTION, INC., a Montana corporation; MK EQUIPMENT CO., LLC, a Montana limited liability company; WEEDEN CONSTRUCTION, LLC, a Montana limited liability company; MONTE K. WEEDEN, individually, and JULIE A. WEEDEN, individually Defendants, Case No. 24-cv-00112-SPW (D. Mont.). After the Court issued judgment on April 17, 2025, Defendants MK Weeden Construction, Inc., MK Equipment Co., LLC, Weeden Construction, LLC, and Julie A. Weeden timely filed a Motion to Amend Judgment pursuant to Federal Rule of Civil Procedure 59(e). Plaintiff Employers Mutual Casualty Company opposes the motion. Plaintiff has agreed to settle with all Defendants except Monte K. Weeden, individually. Therefore, this Order addresses Judgment as to all Defendants, except Mr. Weeden. The instant case is stayed as to Mr. Weeden while his bankruptcy proceedings are pending. On April 5, 2025, the Court entered an Order and Judgment after the parties filed a Stipulated Motion for Confession of Judgment. In the Order and Judgment, the Court granted attorneys' fees and costs to EMC and required EMC to verify the amount by filing an Unopposed Motion for Attorneys' Fees and Costs. The Court directed entry of final judgment as to all claims against Defendants except for Monte Weeden. Ultimately, the Court granted the Fees Motion and awarded attorneys' fees in the amount of $144,968.50 to EMC. Now, the parties dispute the fees. Specifically, the Defendants object to $1,991 in fees, which Defendants allege EMC incurred during Monte Weeden's bankruptcy proceedings. The Defendants further allege that EMC misrepresented the Fees Motion as "unopposed" when it was not. The Defendants state that EMC knew that they were not prepared to consent because its counsel did not have the time and billing records documenting the requested attorneys' fees and costs. Thus, Defendants seek to amend the judgment and reduce attorneys' fees by $1,991. The Defendants further seek an award of $1,350 for bringing the instant motion due to EMC's factual misrepresentation to the Court. EMC disagrees that it "misstyled" the Fees Motion as "unopposed" because it made the filing pursuant to the parties' Settlement Agreement and as a courtesy, provided an accurate representation of the status of conferral between the parties. As to the Defendants' $1,991 objection, EMC argues it is entitled to those fees pursuant to the parties' written indemnity agreement, the Settlement Agreement, and relevant caselaw. As a threshold matter, the Court finds that EMC did not accurately represent the parties' stipulation to the Fees Motion when it titled the Motion "unopposed." Consequently, the final judgment was based on a manifest error of fact. Further, the misrepresentation is exacerbated by the fact that EMC's counsel failed to provide Defendants' counsel with detailed billing descriptions prior to filing. Consequently, the Court is compelled to reconsider the attorneys' fees award due to Defendants' representations that (1) they opposed the Fees Motion at the time of filing and (2) they did not receive EMC's billing descriptions before EMC filed the Fees Motion. Adversary Proceeding On Nov. 17, 2020, the Defendants, including Mr. Weeden, entered into a General Application and Agreement of Indemnity with EMC for surety bonds. On Aug. 22, 2024, EMC filed a Complaint alleging multiple counts including breach of contract and indemnification under the GAI. Eventually, EMC agreed to settle with Defendants while Mr. Weeden, individually, filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. On Dec. 23, 2024, EMC brought an Adversary Proceeding in bankruptcy court against Mr. Weeden, objecting to his debt discharge owed to EMC. When EMC sought to recover attorneys' fees from Defendants in this case, EMC included fees incurred from the Adversary Proceeding against Mr. Weeden. The Court agrees with the parties that EMC may seek to recover attorneys' fees under the GAI even though they were incurred during the Adversary Proceeding. However, the Court must determine when EMC may seek to recover the attorneys' fees incurred in the Adversary Proceeding. The Court agrees with Defendants that attorneys' fees as to the unsettled Adversary Claim may not be awarded until either EMC or Mr. Weeden prevails on the claims. Furthermore, the Court agrees with Defendants that EMC may only recover "reasonable attorney's fees" pursuant to the GAI and Montana law. Therefore, in the interest of awarding reasonable attorneys' fees to EMC in the instant case against Defendants, EMC may not seek fees incurred from litigating the Adversary Proceeding. EMC may eventually choose to seek those fees against Mr. Weeden pursuant to the GAI, but only if it prevails. The Defendants request that the Court award them attorney's fees incurred in bringing the Motion to Amend Judgment. Defendants seek $1350. The Defendants cite no legal grounds warranting this award and thus, the Court will not award the fees sought. A copy of the Court's decision is available at https://urlcurt.com/u?l=kw9p0o from PacerMonitor.com. Monte Karl Weeden filed for Chapter 11 bankruptcy protection (Bankr. D. Mont. Case No. 24-40058) on September 17, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented represented by Gary Deschenes, Esq. MURPHDOG LLC: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: MurphDog LLC d/b/a Ironmonger Brewing Company d/b/a Naughty Soda d/b/a Ironmonger Brewing & Distilling d/b/a Ironmonger Taproom + Axe Throwing 2111 Bishop Pointe Marietta, GA 30062 Business Description: MurphDog LLC operates in Marietta, Georgia, under various trade names including Ironmonger Brewing Company, Naughty Soda, Ironmonger Brewing & Distilling, and Ironmonger Taproom + Axe Throwing. The Company is engaged in the beverage and entertainment industry, offering craft brewing, soda production, and recreational services. Chapter 11 Petition Date: June 5, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-56326 Debtor's Counsel: Michael D Robl, Esq. ROBL & BOWEN LLC 3754 LaVista Road Suite 250 Tucker, GA 30084 Tel: 404-373-5153 Fax: 404-537-1761 Email: michael@roblgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Doug Bippert as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XMZHODQ/MurphDog_LLC__ganbke-25-56326__0001.0.pdf?mcid=tGE4TAMA NEW LOOK: T. Rowe Marks $1 Million 1L Loan at 32% Off ----------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,052,000 loan extended to New Look Vision Group, Inc. to market at $718,000 or 68% 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 New Look Vision Group, Inc. The loan accrues interest at a rate of 8.48% per annum. The loan matures on May 26, 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 New Look Vision Group, Inc. New Look Vision Group Inc. is a Montreal-based, Canadian public company with its shares listed on the Toronto Stock Exchange. It is a leading provider of eye care products and services in Eastern Canada. NEW LOOK: T. Rowe Marks $1.1 Million 1L Loan at 82% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,125,000 loan extended to New Look Vision Group, Inc. to market at $207,000 or 18% 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 New Look Vision Group, Inc. The loan accrues interest at a rate of 8.5% per annum. The loan matures on May 26, 2026. 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 New Look Vision Group, Inc. New Look Vision Group Inc. is a Montreal-based, Canadian public company with its shares listed on the Toronto Stock Exchange. It is a leading provider of eye care products and services in Eastern Canada. NEW LOOK: T. Rowe Marks $548,000 1L Loan at 32% Off --------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $548,000 loan extended to New Look Vision Group, Inc. to market at $374,000 or 68% 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 New Look Vision Group, Inc. The loan accrues interest at a rate of 8.48% per annum. The loan matures on May 26, 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 New Look Vision Group, Inc. New Look Vision Group Inc. is a Montreal-based, Canadian public company with its shares listed on the Toronto Stock Exchange. It is a leading provider of eye care products and services in Eastern Canada. NEW LOOK: T. Rowe Marks $8.2 Million 1L Loan at 32% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $8,222,000 loan extended to New Look Vision Group, Inc. to market at $5,629,000 or 68% 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 New Look Vision Group, Inc. The loan accrues interest at a rate of 8.98% per annum. The loan matures on May 26, 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 New Look Vision Group, Inc. New Look Vision Group Inc. is a Montreal-based, Canadian public company with its shares listed on the Toronto Stock Exchange. It is a leading provider of eye care products and services in Eastern Canada. NO RUST REBAR: Trustee Can Recover $1.21MM Postpetition Transfer ---------------------------------------------------------------- Judge Peter D. Russin of the United States Bankruptcy Court for the Southern District of Florida granted the summary judgment filed by Sonya Salkin Slott, Chapter 7 trustee for No Rust Rebar, Inc., in the adversary proceeding captioned as Sonya Salkin Slott, Chapter 7 Trustee, Plaintiff, v. Don Smith, Defendant, Adv. Proc. No. 23-01082-PDR (Bankr. S.D. Fla.). The defendant's cross-motion for summary judgment is denied. No Rust was a Florida corporation formed in 2015. Its business centered on commercializing a proprietary process for manufacturing rebar from basalt fiber which was purportedly developed by its principal, Don Smith. Smith operated No Rust alongside several other of his closely held entities, including Raw Materials Corp., Raw Energy Materials, Inc., Global Energy Sciences, LLC, and Raw, LLC. These entities, together with No Rust, were referred to collectively by Smith as "the Family" and shared physical space, staff, and financial resources. On March 5, 2021, No Rust filed a voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code. No Rust's petition identified RAW as No Rust's d/b/a or fictitious name. The bankruptcy was prompted by protracted litigation involving a "property dispute" between No Rust and Green Tech Development, LLC over the real property used by No Rust. From the outset, No Rust's schedules reflected substantial irregularities, failed to disclose receivables due from RMC, failed to identify d/b/a accounts, and failed to accurately report inventory. Following a contested evidentiary hearing, the Court converted the case to Chapter 7, citing gross mismanagement, incomplete and inaccurate schedules, and improper diversion of estate value. The Chapter 7 Trustee subsequently moved for, and obtained, substantive consolidation of four affiliated entities that operated under Smith's common control and were deeply entangled with No Rust in both form and substance. The evidence developed during the conversion proceedings revealed that Smith routinely used the Family entities interchangeably, transferring funds among them without documentation, placing "No Rust Rebar, Inc." as a d/b/a on RMC's accounts while also, as stated, including RAW as a d/b/a of No Rust, and commingling ownership and assets. As an example, on April 14, 2021, while the bankruptcy case was pending, RAW entered into a litigation settlement agreement whereby it sold its 10 million PayMeOn shares to Basanite, Inc. for $1,212,121.00. RAW had no bank account, so the proceeds were wired directly to Smith, personally. The Transfer was never disclosed to the Court, and no Court approval was sought or obtained. The Trustee filed this adversary proceeding under 11 U.S.C. Secs. 549 and 550 to recover the unauthorized transfer. The issues now before the Court lie at the intersection of postpetition transfers, insider control, and the legal consequences of substantive consolidation. Smith does not dispute that the Transfer occurred but challenges whether the Transfer constituted property of the estate under 11 U.S.C. Sec. 541 such that the Trustee may utilize 11 U.S.C. Sec. 549. The Trustee has demonstrated, and Defendant has failed to rebut, that: (i) the $1,212,121 transfer was a transfer of property of the estate; (ii) the Transfer occurred postpetition; (iii) the Transfer was not authorized under the Bankruptcy Code or by Court order; and (iv) the Defendant was the initial transferee, and even assuming arguendo that he were a subsequent transferee, he does not qualify for the good-faith defense under Sec. 550(b). According to the Court, the assets of RAW, including the PayMeOn shares and the $1,212,121.00 proceeds from their postpetition sale, were substantively consolidated with the Debtor's, as of the No Rust Petition Date, and were therefore property of the bankruptcy estate under 11 U.S.C. Sec. 541 as a matter of law. The Court finds the record demonstrates without genuine dispute that Smith, as principal and direct beneficiary, caused the Transfer and received funds that belonged to the bankruptcy estate without prior court approval. The Bankruptcy Code does not permit such postpetition transfers to stand. Accordingly, no genuine dispute of material fact remains, and the Trustee has met her burden under Fed. R. Civ. P. 56, made applicable by Fed. R. Bankr. P. 7056 and is entitled to judgment as a matter of law under 11 U.S.C. Secs. 549 and 550. The Court orders as follows: 1. The postpetition transfer of $1,212,121.00 to Don Smith is avoided pursuant to 11 U.S.C. Sec. 549. 2. The Trustee is authorized to recover $1,212,121.00 from Don Smith pursuant to 11 U.S.C. Sec. 550(a). A copy of the Court's decision dated May 19, 2025, is available at https://urlcurt.com/u?l=mTLf7V from PacerMonitor.com. About No Rust Rebar No Rust Rebar is a Pompano Beach, Fla.-based company that manufactures and sells composite reinforcement for concrete. No Rust Rebar filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No, 21-12188) on March 5, 2021. Don Smoth, president, signed the petition. At the time of the filing, the Debtor disclosed $1,763,496 in assets and $4,378,630 in liabilities. Judge Peter D. Russin oversees the case. Kevin Christopher Gleason, Esq., at Florida Bankruptcy Group, LLC, serves as the Debtor's legal counsel. The case was converted to Chapter 7 in May 2022. Sonya Salkin Slott is the Chapter 7 trustee. NORTHLAND MANAGEMENT: Shareholder Contribution to Fund Plan ----------------------------------------------------------- Northland Management Corp. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization and Disclosure Statement dated May 15, 2025. The Debtor is a Texas for profit corporation incorporated on August 10, 2023. Its principal office is located at 1773 Westborough Drive, Katy, Texas 77449. The Debtor is a single asset real estate corporation primarily owned in equal shares by Daniel L. Ritz, Dr. Jason Rose and Hitesh Juneja who bought the assets and assumed the liabilities of Northland Missions, Inc. UME Investments, Inc. is a disputed secured creditor of Debtor by virtue of the agreement of assumption of liabilities provided by the Debtor to Northland Missions Inc. UME's claim of perfected security interest and lien in real property and personal property is supported by transactions between SOD Holdings, a North Carolina Limited Liability Company and UME Investments wherein SOD Holdings pledged a portion of the real estate originally titled to Northland Missions Inc. The indebtedness to UME Investments, Inc. will be the subject of a Wisconsin State Court trespass to title suit the Debtor will bring upon confirmation of Debtor's Plan of Reorganization. The Debtor filed bankruptcy after UME sought to foreclosure on the Debtor's real property. After much discussion among the members of the corporation and its counsel, Debtor determined that bankruptcy was the best course of action for Northland and its creditors. The Debtor intends to reorganize its finances through a combination of the following: Debtor's shareholder, Dr. Jason Rose, will, within nine months of the order of confirmation, fund to the satisfaction of UME Investments, Inc, the assignment of UME's liens and claims after the resolution of the trespass to try title to be filed in the Circuit Court, Branch 1, State of Wisconsin. Debtor will file its suit within 30 days of the entry of the Order of Confirmation of Debtor's plan. Class 4A claims. The Debtor has no unsecured debts. Debtor's Claims Register does not reflect any claims of this class. Class 4B is comprised of the equity holders of Northland Management Corp. Each member shall retain ownership equity interest in the Debtor that existed prior to the Date of Petition subject to the satisfaction of the indebtedness of the superior classes of claimants. The payments, distributions and other treatment provided in respect to each allowed claim shall be in complete satisfaction, discharge, and release of all claims that were filed or could have been filed by any creditor or party in interest that received notice of these proceedings. Under the Plan as proposed, Northland Management Corp. shall remain in possession of its assets and conduct additional business with existing creditors. The Debtor will act as the Distribution Agent under this Plan. A full-text copy of the Plan of Reorganization and Disclosure Statement dated May 15, 2025 is available at https://urlcurt.com/u?l=JHj87I from PacerMonitor.com at no charge. Northland Management Corp. is represented by: Larry A. Vick 13501 Katy Freeway, Suite 3474 Houston, TX 77079 Tel: (832) 413-3331 Fax: (832) 202-2821 Email: lv@larryvick.com About Northland Management Corp. Northland Management Corp. is a single-asset real estate management company headquartered in Kary, Texas. Northland Management Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30226) on January 11, 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. Larry A. Vick, Esq., at Law Office Of Larry Vick, is the Debtor's counsel. NORTHPOINT DEVELOPMENT: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Northpoint Development Holdings, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to pay its operating expenses. The ninth interim order authorized the company to use cash collateral until July 1 as outlined in its projected budget, with a 10% variance. Any further use of cash collateral beyond July 1 requires further court approval. The budget shows projected total operating expenses of $31,800 for June. The First National Bank of Ottawa, a secured creditor, was granted post-petition replacement liens on the company's collateral, including cash collateral, to protect its interest. The next hearing is set for June 16. About Northpoint Development Holdings Northpoint Development Holdings, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It is the fee simple owner of real property located at 1800 North Bloomington St., Streator, Ill., valued at $6.8 million. Northpoint filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-13265) on September 9, 2024, with total assets of $6,800,000 and total liabilities of $5,176,241. Keith Weinstein, manager of Greystone Develpment Holdings, LLC, signed the petition. Judge Deborah L. Thorne oversees the case. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. is the Debtor's legal counsel. First National Bank of Ottawa is represented by: Cindy M. Johnson, Esq. Johnson Legal Group, LLC 140 S. Dearborn St., Ste. 1510 Chicago, IL 60603 Tel: 312-345-1306 Email: Cjohnson@jnlegal.net NORTHSTARR BUILDERS: Unsecureds to Split $100K over 48 Months ------------------------------------------------------------- Northstarr Builders, LLC, submitted a Second Amended Plan of Reorganization dated May 15, 2025. The Debtor's financial projections show that the Debtor will have projected disposable income in an amount sufficient to meet the requirements of this Plan. The Class 2 secured claim of Ford Motor Credit in the amount of $25,000 shall be paid $538 per month at 9.5% with the first payment due 90 days from confirmation. The balance of its claim shall be treated as a general unsecured claim. FMCC shall retain its lien. The Class 6 secured claim of Santander in the amount of $5399 shall bear interest at 10.5% and be paid over a 60-month period in monthly installments of $141 with the first payment due 90 days from confirmation. This Class is impaired. This creditor shall retain its liens. The Class 7 secured claim of Hyundai Capital American in the amount of $17,500 shall be paid $377 per month over a five-year period at 10.5% interest with the first payment due 90 days from confirmation. This creditor shall retain its liens. Class 8 consists of Allowed Unsecured Creditors. This Class is impaired. General unsecured claims total $1,062,113. Unsecured creditors shall share in sum total of $100,000 over the life of the plan. These funds shall be paid monthly with the first of 48 monthly payments of $2084 due 12 months from confirmation with each creditor paid on a prorate basis. A full-text copy of the Second Amended Plan dated May 15, 2025 is available at https://urlcurt.com/u?l=ubfkRG from PacerMonitor.com at no charge. About Northstarr Builders Northstarr Builders, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-32419) on Dec. 23, 2024, with up to $100,000 in assets and up to $1 million in liabilities. Marty Johnson, company owner, signed the petition. Judge Joel D. Applebaum is the Debtor's legal counsel. The Debtor is represented by: George E. Jacobs, Esq. Bankruptcy Law Office 2425 S. Linden Rd., Suite C Flint, MI 48532 Tel: 810-720-4333 Email: george@bklawoffice.com OAKLAND VILLAGE: Gets Court OK to Use Cash Collateral Until June 18 ------------------------------------------------------------------- Oakland Village Associates FL, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando, Division, to use cash collateral. The court's order authorized the company's interim use of cash collateral until June 18 for post-petition payroll, Subchapter V trustee payments, and operational expenses set forth in its budget. Secured creditors including Wilmington Trust, Pjeter Lulaj, and Javier DelHoyo will be granted replacement liens on post-petition cash collateral, to the same extent and with the same validity and priority as their pre-bankruptcy liens. As additional protection to secured creditors, Oakland was ordered to keep its property insured. The next hearing is scheduled for June 18. About Oakland Village Associates FL LLC Oakland Village Associates FL LLC is a real estate company based in Orlando, Florida. Oakland Village Associates FL LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02805) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtors are represented by Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP. Wilmington Trust, N.A., as lender, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. Shutts & Bowen, LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 Email: bdennis@shutts.com rreinert@shutts.com OPEN ARMS: Hires Allen Stovall Neuman & Ashton LLP as Counsel ------------------------------------------------------------- Open Arms Health Systems LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Allen Stovall Neuman & Ashton LLP as substitute counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers, and duties as debtor in possession and as under any confirmed plan in this Case; b. advising and assisting the Debtor in preparing all necessary applications, motions, answers, orders, reports, schedules and other legal documents required in connection with the continuing administration of this Case; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to continue to protect and preserve the Debtor's bankruptcy estate, including, without limitation, prosecuting any actions on the Debtor's behalf and defending any actions commenced against the Debtor; e. advising the Debtor concerning, and assisting in the negotiation and documentation of, the refinancing or sale of assets, debt and lease restructuring, executory contract and unexpired lease assumptions or rejections, and related transactions; f. assisting the Debtor in formulating, negotiating, and obtaining confirmation of a plan of reorganization and preparing other related documents; g. counseling and representing the Debtor regarding actions it might take to collect and recover property for the benefit of its estate; and h. performing other legal services for and on behalf of the Debtor as may be necessary or appropriate. The firm will be paid at these rates: Thomas R. Allen, Partner $525 per hour Richard K. Stovall, Partner $490 per hour Jim Coutinho, Partner $410 per hour David Whittaker, Of Counsel $400 per hour Andrew D. Rebholz, Associate $275 per hour Other Attorneys Various Up to $275 per hour Lindsey Corl (Legal Assistant) $100 per hour Hannah Kittle (Legal Assistant) $185 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard K. Stovall, Esq., a partner at Allen Stovall Neuman & Ashton LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard K. Stovall, Esq. Allen Stovall Neuman & Ashton LLP 10 West Broad Street, Suite 2400 Columbus, OH 43215 Tel: (614) 221-8500 Fax: (614) 221-5988 Email: stovall@asnalaw.com About Open Arms Health Systems Open Arms Health Systems, LLC -- https://www.oaohio.com -- is a health care business (as defined in 11 U.S.C. Sec. 101(27A)). Open Arms Health Systems sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio. Case No. 24-54305) on October 25, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Christopher W. Allison, a member of Open Arms Health Systems, signed the petition. Judge Mina Nami Khorrami oversees the case. The Debtor is represented by: David M. Whittaker, Esq. Isaac Wiles Tel: (614) 340-7431 Email: dwhittaker@isaacwiles.com OPEN THROTTLE: To Sell Liquor License to SORRYCHARLIESCORNER ------------------------------------------------------------ Open Throttle Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell liquor license, free and clear of liens, interests and encumbrances. The Debtor seeks to sell 4 COP liquor license BEV7403477 and wants to sell it to SORRYCHARLIESCORNER LLC for $385,000.00. Liquor Loan Management Inc. assisted the Debtor in identifying the Buyer and negotiating the Purchase Agreement on behalf of the Debtor. The Purchase Agreement provides for a $20,000.00 brokerage commission to be shared equally by the parties' respective brokers, which equates to a 5.19% brokerage commission, due to the Broker and buyer's broker, Liquor License Professionals LLC. The Debtor has obtained a lien search from the Florida Division of Alcoholic Beverages and Tobacco, which indicates that the Liquor License is encumbered by the secured claim of Timothy Sowder, as Trustee of the TMS Revocable Trust. On April 9, 2025, the Debtor and Sowder entered into a written Settlement Agreement. Under the Sowder Settlement, Sowder agreed that total payoff amount for the TMS Trust lien is $263,800.00, plus per diem interest ($86.67/day) through the date on which the Liquor License is sold and transferred to a buyer. The Debtor is not aware of any specific priority claims of the Internal Revenue Service or Florida Department of Revenue. The Debtor does not believe any other party in interest has a claim, lien, encumbrance, or interest in the Liquor License. The Debtor asserts that it does not use the Liquor License in any operations, and it does not have any future use for the Liquor License. Retaining the license would provide no continuing benefit to the estate, while the Debtor would continue to incur unnecessary administrative costs and further liability for per diem interest under the Sowder Settlement. The Debtor believes that the proposed sale price is at or above market value, and the proceeds from the sale will contribute directly to funding the Debtor's Chapter 11 plan. About Open Throttle Inc. Open Throttle Inc., which is engaged in the retail of beverages, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fl. Case No. 6:25-bk-03433-LVV) on June 4, 2025. Judge Lori V. Vaughan presides over the case. Erik Johanson at Erik Johanson PLLC represents the Debtor as legal counsel. OPTINOSE INC: Completes Merger With Paratek Pharmaceuticals ----------------------------------------------------------- OptiNose, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company completed the previously announced merger of Orca Merger Sub, Inc. ("Merger Sub"), a Delaware corporation and a wholly owned subsidiary of Paratek Pharmaceuticals, Inc., a Delaware corporation ("Parent"), with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Parent. The Merger was effected pursuant to the Agreement and Plan of Merger, dated as of March 19, 2025, by and among Parent, Merger Sub, and the Company, as previously disclosed by the Company on March 20, 2025, in a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission. Merger Agreement: On the Closing Date, pursuant to and in accordance with the Merger Agreement, Merger Sub merged with and into the Company, with the Company surviving the Merger as a wholly owned subsidiary of Parent. Upon the closing of the Merger, each outstanding share of the Company's common stock, par value $0.001 per share (other than any shares held by the Company (including held in the Company's treasury), Parent, Merger Sub or any other wholly owned subsidiary of Parent or the Company (which shares were canceled) and any shares with respect to which appraisal rights are properly exercised and perfected and not effectively withdrawn under Delaware law), was automatically converted into the right to receive: (i) $9.00 in cash, without interest and (ii) one contractual contingent value right representing the right to receive up to two contingent cash payments, subject to the terms and conditions set forth in the CVR Agreement. On May 21, 2025, Parent and Equiniti Trust Company, LLC entered into the Contingent Value Rights Agreement in the form attached as Annex I to the Merger Agreement, governing the terms of the CVRs to be received by the Company's stockholders. The CVRs are not transferable except under certain limited circumstances, are not evidenced by a certificate or other instrument and are not registered or listed for trading. The CVRs do not have any voting or dividend rights and do not represent any equity or ownership interest in the Company, Parent, Merger Sub or any of their affiliates. Each CVR represents the right to receive a cash payment of: (i) $1.00 per CVR, payable upon achievement of Net Sales (as defined in the CVR Agreement) of the Company's product XHANCE in the United States in any calendar year equal to or in excess of $150 million during the period beginning on the Closing Date and ending on December 31, 2028 and (ii) $4.00 per CVR, payable upon achievement of Net Sales of the Company's product XHANCE in the United States in any calendar year equal to or in excess of $225 million during the period beginning on the Closing Date and ending on December 31, 2029. There can be no assurance that either of the milestones will be achieved during the relevant period, and that the resulting milestone payments will occur. In addition, at the effective time of the Merger, each employee stock option to purchase shares of Company common stock that was outstanding and unexercised as of immediately prior to the Effective Time vested and was cancelled, with the holder thereof becoming entitled to receive, with respect to each share of Company common stock underlying such Company Option, (i) an amount in cash, without interest, equal to the excess, if any, of (A) the Cash Consideration over (B) the exercise price per share of Company common stock of such Company Option and (ii) one CVR, subject to and in accordance with the terms and conditions of the CVR Agreement, in each case, subject to applicable withholding taxes. Notwithstanding the foregoing, if the exercise price per share of Company common stock of such Company Option was equal to or greater than the sum of the Cash Consideration and the maximum CVR Payment Amount (as defined in the Merger Agreement) payable pursuant to the CVR, such Company Option was cancelled without any cash payment, CVR or other consideration being made in respect thereof, and if the exercise price per share of Company common stock of such Company Option was equal to or greater than the Cash Consideration, but less than the sum of the Cash Consideration and the maximum CVR Payment Amount payable pursuant to the CVR, such Company Option was cancelled and converted into the right to receive one CVR, subject to and in accordance with the terms and conditions of the CVR Agreement, for each share of Company common stock underlying such option (where the amount payable pursuant to the CVR Agreement, if any, shall be reduced by the amount by which the exercise price per share of Company common stock of such Company Option exceeds the Cash Consideration). At the Effective Time, each Company restricted stock unit that was outstanding and vested as of immediately prior to the Effective Time (after giving effect to any vesting acceleration in connection with the Effective Time) was cancelled, with the holder thereof becoming entitled to receive, with respect to each share of Company common stock underlying such Vested Company RSU, (i) an amount in cash, without interest, equal to the Cash Consideration, and (ii) one CVR, subject to and in accordance with the terms and conditions of the CVR Agreement, in each case, subject to applicable withholding taxes. At the Effective Time, each Company restricted stock unit that was outstanding as of immediately prior to the Effective Time and that was not a Vested Company RSU was canceled, with the holder thereof becoming contingently entitled to receive, with respect to each share of Company common stock underlying such Unvested Company RSU, (i) an amount in cash, without interest, equal to the Cash Consideration, and (ii) one CVR, subject to and in accordance with the terms and conditions of the CVR Agreement, in each case, subject to applicable withholding taxes. Such consideration will vest and become payable, if at all, at the same time as the Unvested Company RSU would have vested and been payable pursuant to its terms and will otherwise remain subject to the same terms and conditions as were applicable to the underlying Unvested Company RSU immediately prior to the Effective Time. At the Effective Time, each Pharmakon Warrant outstanding immediately prior to the Effective Time was cancelled for no consideration. At the Effective Time, each outstanding 2022 Warrant and Pre-Funded Warrant (each as defined the Merger Agreement) became exercisable for the Merger Consideration, less the warrant's exercise price, that the holder of such warrant would have received if such 2022 Warrant or Pre-Funded Warrant had been exercised in full into shares of Company common stock immediately prior to the Effective Time by paying the exercise price in respect thereof in cash immediately prior to the Effective Time; provided that, each holder of a 2022 Warrant may elect, in accordance with the terms of the 2022 Warrants, in lieu of the Merger Consideration for any 2022 Warrant, for the Surviving Corporation to purchase such 2022 Warrant for the Black Scholes Value (as defined in such 2022 Warrant) of such 2022 Warrant. Finally, each purchase right issued pursuant to the Company's 2017 Employee Stock Purchase Plan was fully exercised on the earlier of the scheduled purchase date of the current offering period thereunder and the date that is seven business days prior to the Effective Time (with any participant payroll deductions not applied to the purchase of shares of Company common stock returned to the participant), and no later than immediately prior to the Effective Time, the Company ESPP was terminated. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. In connection with the consummation of the Merger, on May 21, 2025, the Company notified the NASDAQ Stock Market LLC that the Merger had occurred and requested that Nasdaq: (a) suspend trading of the Company common stock and (b) file with the SEC an application on Form 25 to delist and deregister the Company common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended. The delisting of the Company common stock from Nasdaq will be effective 10 days after the filing of the Form 25. Following the effectiveness of such Form 25, the Company intends to file with the SEC a certification on Form 15 requesting the termination of registration of the Company common stock under Section 12(g) of the Exchange Act and the suspension of the Company's reporting obligations under Sections 13 and 15(d) of the Exchange Act with respect to the Company common stock. Trading of the Company common stock on the Nasdaq was halted prior to the opening of trading on the Closing Date. Material Modification to Rights of Security Holders. As a result of the Merger, each share of Company common stock that was issued and outstanding immediately prior to the Effective Time was converted, at the Effective Time, into the right to receive the Merger Consideration. Accordingly, at the Effective Time, the holders of such shares of Company common stock ceased to have any rights as stockholders of the Company, other than the right to receive the Merger Consideration. As a result of the consummation of the Merger, a change of control of the Company occurred on the Closing Date and the Company became a wholly owned subsidiary of Parent. Additionally, at the Effective Time, each of Eric Bednarski, Kyle Dempsey, R. John Fletcher, Wilhelmus Groenhuysen, Sandra L. Helton, Tomas J. Heyman and Ramy Mahmoud, representing all of the members of the board of directors of the Company immediately prior to the Effective Time, resigned as a director of the Company. At the Effective Time and pursuant to the terms of the Merger Agreement, Evan Loh became the sole director of the Company. Furthermore, upon the consummation of the Merger, each of Ramy Mahmoud, Terry Kohler, Michael Marino, and Paul Spence ceased to be an executive officer of the Company as of the Effective Time. At the Effective Time, Evan Loh, Adam Woodrow, Randall Brenner, Christopher Bostrom, Jonathan Light and Karen McGrath became the officers of the Surviving Corporation. About OptiNose, Inc. OptiNose, Inc. -- www.optinose.com -- is a specialty pharmaceutical company based in Yardley, Pennsylvania, focused on developing and commercializing products for patients treated by ear, nose and throat (ENT) and allergy specialists. The Company's first product, XHANCE (fluticasone propionate) nasal spray, utilizes its proprietary Exhalation Delivery System (EDS) to treat chronic rhinosinusitis, including cases with and without nasal polyps. XHANCE delivers medication to deeper, hard-to-reach areas of the nasal passages, offering a potential improvement over conventional intranasal steroids. Optinose also aims for XHANCE to become a standard maintenance therapy following sinus surgery to enhance patient outcomes. Philadelphia. Pa.-based Ernst & Young LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Mar. 26, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has a working capital deficiency and expects to not be in compliance with certain debt covenants, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $128.8 million in total assets, $169.1 million in total liabilities, and a total stockholders' deficit of $40.4 million. PACER PRINT: Court Extends Cash Collateral Access to Jan. 3 ----------------------------------------------------------- Pacer Print received another extension from the U.S. Bankruptcy Court for the Central District of California, Northern Division, to use cash collateral. The interim order authorized the company to use cash collateral from June 7 until Jan. 3 next year for operational expenses set forth in its budget, with variances of 15% for expenses over $2,000 and 20% for expenses under $2,000. The company requires the use of cash collateral to order products, deliver orders and pay employees, rent and other expenses. As protection, the U.S. Small Business Administration and other secured creditors were granted replacement liens on post-petition property of the estate to the same extent and with the same validity and priority as their pre-bankruptcy liens. As further protection, SBA will receive a monthly payment of $1,289 starting this month. The next hearing is set for Dec. 10. About Pacer Print Pacer Print, a company in Simi Valley, Calif., provides custom packaging and commercial printing services. Pacer Print filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10187) on February 18, 2025, with up to $10 million in both assets and liabilities. Peter Varady, managing agent, signed the petition. Judge Ronald A. Clifford III oversees the case. Steven R. Fox, Esq., at the Fox Law Corporation, Inc., represents the Debtor as bankruptcy counsel. PARTNERSHIPS TO UPLIFT: S&P Lowers 2023 Bond LT Rating to 'BB' -------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on the California School Finance Authority's series 2023 (tax-exempt) charter school refunding revenue bonds, issued for Partnerships to Uplift Communities (PUC) Schools, to 'BB' from 'BB+'. The outlook is stable. The lower rating reflects material pressure on PUC's financial performance in fiscal 2024, following the expiration of pandemic-related relief funding, which translated into a significant variance from budgeted expectations and spenddown of reserves, as well as S&P's expectations that financial performance and liquidity will remain weaker in fiscal 2025 and fiscal 2026 for similar reasons. S&P Global Sustainable1 data show that Los Angeles County, relative to other locations nationally, faces elevated exposure to seismic activity and wildfire risks. S&P said, "In our view, based on PUC's locations, the elevated exposure to seismic risk could pose future challenges to the school's existing infrastructure, which could become material to our view of creditworthiness. However, we believe this risk is partially mitigated by strong state building codes. Although the region is exposed to elevated wildfire risks, we believe this is mitigated by PUC's urban location and diverse footprint. Consequently, we consider the physical risk exposure as neutral in our credit rating analysis." S&P said, "In our view, PUC faces elevated social capital risk when compared with peers given that its operations are in Los Angeles County and remain pressured, with a sizable projected decline in school-aged population due to outmigration and other demographic trends. For PUC, this risk is somewhat mitigated by a long reputation in the community and robust programming, although based on recent enrollment declines, in our view, demographic pressures could limit enrollment potential in the near term." S&P views governance as neutral in its credit rating analysis. S&P said, “The stable outlook reflects our expectation that PUC will implement changes necessary to bring financial performance in line with rating expectations in fiscal 2026 sustaining coverage and liquidity at levels at least commensurate with the current rating. We also anticipate enrollment levels will stabilize near 4,200 over the outlook period and management will successfully navigate the upcoming charter renewals. We do not anticipate additional debt within the one-year outlook period. "We could lower the rating during the outlook period if enrollment declines persist such that operations remain pressured and lease-adjusted maximum annual debt service (MADS) coverage does not return to levels commensurate with the rating, or liquidity falls to levels no longer consistent with the rating. "Although not expected at present, we could consider a positive rating action if PUC can generate a trend of stronger operating results producing MADS coverage at levels commensurate with a higher rating, sustained liquidity growth, and enrollment stabilization." PASKEY INCORPORATED: Seeks to Sell Vehicles ------------------------------------------- Paskey Incorporated seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston, Texas, to sell vehicles, free and clear of liens, interests, and encumbrances. The Debtor is a Texas corporation formed in 2007 and operates as a general contractor, providing excavation and site preparation services for real estate development and various municipal service providers. The Debtor's last work was performed on the Elyson contract in March, 2025. Operations were concluded in March. Thus, the Debtor no longer requires the Vehicles for its operations. Nevertheless, the Debtor still owns, inter alia, the following three Vehicles: a. 2019 Ford F250 4x4 Crew Cab LWB SRW VIN #1FT7W2B60KED46632 (market value $14,000.00); b. 2017 Ford F250 4X4 Crew Cab SWB SRW VIN #1FT7W2BT5HEC95935 (market value $22,000.00); and c. 2018 Cadillac Escalade VIN #1GYS3JK7JR303604 (market value $30,000.00). The Debtor was previously authorized by the Court to sell the 2019 Ford F250 for the sum of $17,000, but the Debtor was unable to find a buyer willing to purchase the Vehicle for that amount. As such, the Debtor is now seeking authority to sell the 2019 Ford F250 for $14,000, an amount that the Debtor believes more closely reflects the market value of the Vehicle considering its age, condition, and mileage. The Debtor is requesting approval of the Court to sell the Vehicles to complete its wind down of operations, to satisfy any obligations secured by each Vehicle, and to divest assets in anticipation of the resolution of this bankruptcy proceeding. The proceeds from the sales of the Vehicles are expected to yield the highest and best offers for the Vehicles and raise cash to pay lienholders of the Vehicles and other creditors. In particular, the Debtor has Offers in hand for each of the Vehicles, with estimated gross sales proceeds of $66,000 and total lien amounts on the Vehicles of $37,420, leaving net sale proceeds after liens of approximately $28,580. The Debtor believes that the proceeds from the sales of the Vehicles are expected to yield the highest and best offers for the Vehicles and raise cash to pay lienholders of the Vehicles and other creditors in accordance with a chapter 11 plan to be filed by the Debtor. About Paskey Incorporated Paskey Incorporated is a general contractor in La Porte, Texas. Paskey Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90433) on July 28, 2024. In the petition filed by Curtis W. Paskey, as president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor is represented by Bennett G. Fisher, Esq. at LEWIS BRISBOIS BISGAARD & SMITH. PENDY'S RESTAURANT: Hires Rabah Accounting & Tax as Accountant -------------------------------------------------------------- Pendy's Restaurant Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Rabah Accounting & Tax Services, Inc. as accountant. The firm will provide these services: (a) advise the Debtor with respect to its accounting and financial responsibilities and duties as debtor in possession in the continued management and operation of the business; (b) advise and consult with the Debtor regarding tax matters; and (c) perform all necessary accounting and tax preparation services and provide all other necessary services and to the Debtor in connection with this Chapter 11, Subchapter V case. The firm will be paid at the rates of $100 to $300 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Rabah-Khalil 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: Maha Rabah-Khalil Rabah Accounting & Tax Services, Inc. 31500 W 13 Mile Rd #118 Farmington Hills, MI 48334 Tel: (248) 538-1294 About Pendy's Restaurant Group, LLC Pendy's Restaurant Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43017) on March 26, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Paul R. Hage oversees the case. Lynn M. Brimer, Esq., at Strobl PLLC represents the Debtor as legal counsel. PENDY'S RESTAURANT: Hires Strobl PLLC as bankruptcy Counsel ----------------------------------------------------------- Pendy's Restaurant Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Strobl PLLC as bankruptcy counsel. The firm will render these services: (a) represent the Debtor before the Bankruptcy Court; (b) advise the Debtor with respect to its power and duties in the continued management and operation of its business; (c) attend meetings and negotiate with representatives of the Debtor's creditors and other parties-in-interest; (d) take all necessary action to protect and preserve the Debtor's estate; (e) prepare on behalf of the Debtor all legal papers necessary to the administration of the estate; (f) negotiate and prepare on the Debtor's behalf a plan of reorganization, and all related agreements and/or documents, and take any necessary action on behalf of it to obtain confirmation of such plan; (g) represent the Debtor in connection with obtaining post-petition financing, in the event financing becomes necessary during the pendency of this proceedings; (h) advise the Debtor in connection with any potential sale of assets, restructuring or recapitalization; (i) appear before this court, any appellate courts, taxing authorities and the United States Trustee, regulatory agencies of the State of Michigan and protect the interests of the Debtor's estates before such courts, agencies, and the United States Trustee; and (j) perform all other necessary legal services and all other necessary legal advice to the Debtor in connection with this Chapter 11, Subchapter V case. The firm will be paid at these rates: Lynn Brimer, Attorney $550 per hour Pamela Ritter, Shareholder $450 per hour Associates $185 - $350 per hour Paralegal $125 - $140 per hour In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. The Debtor owes the firm $1,554.27 for legal services rendered and costs incurred prior to the Petition Date. The firm intends to petition the Court for payment of the outstanding amounts with its first fee application. Ms. Brimer 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: Lynn Brimer, Esq. Strobl, PLLC 33 Bloomfield Hills Pkway., Ste. 125 Bloomfield Hills, MI 48304 Tel: (248) 540-2300 Fax: (248) 205-2786 Email: lbrimer@strobllaw.com About Pendy's Restaurant Group, LLC Pendy's Restaurant Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43017) on March 26, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Paul R. Hage oversees the case. Lynn M. Brimer, Esq., at Strobl PLLC represents the Debtor as legal counsel. PERATON CORP: T. Rowe Marks $17.1 Million 2L Loan at 24% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $17,160,000 loan extended to Peraton Corp. to market at $13,031,000 or 76% 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 Second Lien Loan to Peraton Corp. The loan accrues interest at a rate of 12.18% per annum. The loan matures on February 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 Peraton Corp. Peraton Corp., headquartered in Reston, Virginia, is a provider of communications networks and systems, enterprise IT and mission support for federal agencies. The company is owned by Veritas Capital. PORT LOUIS: Unsecured Creditors to Get 10 Cents on Dollar in Plan ----------------------------------------------------------------- Port Louis Owners Association, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Plan of Reorganization for Small Business dated May 15, 2025. The Debtor is a non-profit corporation. Since June 17, 1988, the Debtor has been in the business of being a homeowners association for a town-home community consisting of 52 town-homes. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $25,666.00. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 10 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. Class 3 is Impaired and allowed to vote on the Plan. Claim 9 by Steve Conley for $3000.00 is undisputed. Will be paid in full 90 days after the effective date of this Plan. Class 4 consists of General Unsecured Claim Disputed. Class 4 is Unimpaired and not allowed to vote on the Plan. Claim 2 by Gary Loyd for personal injury, pending lift of stay to pursue in State Court 22nd JDC No. 2019-15508. The claim will be considered paid in full by whatever if any proceeds are paid by the Debtor's Insurance carrier. Class 5 consists of General Unsecured Claims Disputed. Class 5 is Unimpaired and not allowed to Vote for the Plan. Claim 4 by Matthew Weisensee, Claim5 by Gary Loyd, and Claim 6 by Justin Mayet, all have suits for damages filed against Debtor & Debtor's insurer in 22nd JDC. The claims will be considered paid in full by whatever if any proceeds are paid by the Debtor's Insurance carrier. Class 6 consists of General Unsecured Claims Disputed. Class 6 claims are unimpaired and not allowed to vote on the Plan. Claim 3 is Kathryn Watts, Claim 8 is Charles E McKnight & the Estate of Janet McKnight, and Claim 10 is Carol Diebold. These claims will not be paid until the date on which such claim is allowed by a final non appealable Order of this Court on the objections to said claims and Debtor may have an offset to any claim upheld. The Debtor is a non-profit corporation and the continued management of the Debtor includes a board of directors (who are not paid)and the adoption of the amended Convents and by-laws, which will be finalized before the Plan is sent out. The cause of this bankruptcy has been that the original convents were for a development that never came to completion and were drafted for condominiums not the Townhomes that are in the development. This has led to confusion and lawsuits against the Debtor. It is anticipated that the Debtor will fund its plan payments from dues income and contingently from funds recovered from pursuing outstanding accounts receivable. A full-text copy of the Plan of Reorganization dated May 15, 2025 is available at https://urlcurt.com/u?l=4g31YC from PacerMonitor.com at no charge. The firm can be reached at: Renee L. Achee, Esq. Achee Law Firm 200 Mariners Plaza Dr, Suite 201 Mandeville, LA 70448 Telephone: (985) 674-0033 Email: Rlaw641@aol.com About Port Louis Owners Association, Inc. Port Louis Owners Association Inc. is dedicated to fostering a sense of belonging and unity among homeowners in this vibrant community. Port Louis Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-12511) on December 26, 2024. In its petition, the Debtor reported assets of $100,000 to $500,000 and liabilities of up to $50,000. Judge Meredith S. Grabill handles the case. The Debtor tapped Renee L. Achee, Esq., at Achee Law Firm, LLC as bankruptcy counsel and Anthony S. Maska, Esq., as special counsel. PORTSMOUTH SQUARE: Elects 5 Directors at Annual Meeting ------------------------------------------------------- Portsmouth Square, Inc. held its Fiscal 2024 Annual Meeting of Shareholders. The final voting results are as follows: Proposal 1. Election of Directors: a. John V. Winfield * For: 591,925 * Against: 2,410 * Abstain: 276 * Broker Non-Votes: 31,339 b. William J. Nance * For: 591,599 * Against: 2,410 * Abstain: 602 * Broker Non-Votes: 31,339 c. Yvonne L. Murphy * For: 591,599 * Against: 2,410 * Abstain: 602 * Broker Non-Votes: 31,339 d. Steve Grunwald * For: 591,730 * Against: 2,410 * Abstain: 471 * Broker Non-Votes: 31,339 e. John C. Love * For: 591,674 * Against: 2,410 * Abstain: 527 * Broker Non-Votes: 31,339 Proposal 2. Ratification of the Appointment of WithumSmith+Brown as the Company's Independent Registered Public Accounting Firm for the fiscal year ending June 30, 2025: * Votes For: 623,118 * Against: 1 * Abstain: 2,831 * Broker Non-Votes: - About Portsmouth Square Headquartered in Los Angeles, California, Portsmouth Square, Inc., is a California corporation, incorporated on July 6, 1967, for the purpose of acquiring a hotel property in San Francisco, California through a California limited partnership, Justice Investors Limited Partnership. As of June 30, 2024, approximately 75.7% of the outstanding common stock of Portsmouth was owned by The InterGroup Corporation, a public company (NASDAQ: INTG). As of June 30, 2024, the Company's Chairman of the Board and Chief Executive Officer, John V. Winfield, owns approximately 2.5% of the outstanding common shares of the Company. Mr. Winfield also serves as the President, Chairman of the Board and Chief Executive Officer of InterGroup and owns approximately 69.4% of the outstanding common shares of InterGroup as of June 30, 2024. East Brunswick, N.J.-based WithumSmith+Brown, PC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the outstanding balance as of June 30, 2024 of the hotel's mortgage notes payable consists of a senior mortgage loan and mezzanine loan totaling $100,783,000, net of debt issuance costs amounting to $679,000. Both loans matured on Jan. 1, 2024, and were subsequently extended to Jan. 1, 2025 through forbearance agreements. In addition, the Company has recurring losses and has an accumulated deficit of $117,102,000. These factors and the Company's ability to successfully refinance the debt on favorable terms in the current lending environment raise substantial doubt about the Company's ability to continue as a going concern for one year after the financial statement issuance date. As of Dec. 31, 2024, Portsmouth Square had $39.65 million in total assets, $160.56 million in total liabilities, and a total shareholders' deficit of $120.92 million. RE4 GEORGIA: Seeks Subchapter V Bankruptcy in Georgia ----------------------------------------------------- On June 2, 2025, RE4 Georgia LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About RE4 Georgia LLC RE4 Georgia LLC leases residential, commercial, and self-storage properties, operating primarily as a property lessor in the real estate sector. RE4 Georgia LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-56171) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtors are represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. RECORDED BOOKS: T. Rowe Marks $1.5 Million 1L Loan at 36% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,557,000 loan extended to Recorded Books Inc. to market at $1,001,000 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 Recorded Books Inc. The loan accrues interest at a rate of 10.07% per annum. The loan matures on June 15, 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 Recorded Books Inc. Recorded Books, Inc -- RBMedia -- is a digital audiobook and related spoken word content producer and a provider of digital content distribution through its recently acquired OverDrive business. RHDM OIL: Hires Salcedo Law Group as Special Counsel ---------------------------------------------------- RHDM Oil, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Salcedo Law Group, a Professional Law Corporation as special counsel. The Debtor needs the firm's legal assistance in connection with the case of Hosam Saad Abdel Monem v. RHD Oil, Inc., et. al., LASC Case No. 21CMCV00048, filed in the Los Angeles Superior Court; and RHDM Oil, Inc., et al., v. Mohammed Ehteshan Ansari, et al., LASC Case No. 21CMCV00048, filed in the Los Angeles Superior Court. The firm will be paid at the rate of $425 per hour, and a retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Salcedo 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: Matthew J. Salcedo, Esq. Salcedo Law Group, a Professional Law Corporation 28690 Morning Dew Way Yorba Linda, CA 92887 Tel: (714) 833-0125 Email: malcedo@salcedolawgroup.com About RHDM Oil, Inc. RHDM Oil Inc., operating as Rosecrans Norwalk 76, a gas station located at 12030 Rosecrans Ave. in Norwalk, California. RHDM Oil Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal., Case No. 25-11337) on February 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. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Andrew S. Bisom, Esq. at Bisom Law Group. RICHFIELD NURSING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Richfield Nursing and Rehabilitation LLC 25-01599 631 Main Street Richfield, PA 17086 Milford Nursing and Rehabilitation LLC 25-01601 264 Route 6 & 209 Milford, PA 18337 Rolling Hills Nursing and Rehabilitation LLC 25-01602 17350 Old Turnpike Road Millmont, PA 17845 Scenery Hill Nursing and Rehabilitation LLC 25-01603 680 Lions Health Camp Road Indiana, PA 15701 Darway Nursing Care Center LLC 25-01604 5865 PA Route 154 Forksville, PA 18616 Business Description: The Debtors are operators of skilled nursing and rehabilitation centers across Pennsylvania. Each location provides a range of services, including short-term rehabilitation, long-term care, and therapy. Chapter 11 Petition Date: June 4, 2025 Court: United States Bankruptcy Court Middle District of Pennsylvania Judge: Hon. Henry W Van Eck Debtors' Counsel: Robert E. Chernicoff, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC 2320 N. Second St. Harrisburg, PA 17110 Tel: (717) 238-6570 Each Debtor's Estimated Assets: $1 million to $10 million Each Debtor's Estimated Liabilities: $1 million to $10 million The petitions were signed by Charles Light as member. The lists of the Debtors' 20 Largest unsecured creditors are available for free on PacerMonitor at: https://www.pacermonitor.com/view/RZMVRLI/Richfield_Nursing_and_Rehabilitation__pambke-25-01599__0003.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/VNAUSGA/Milford_Nursing_and_Rehabilitation__pambke-25-01601__0003.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/W4T3UTY/Rolling_Hills_Nursing_and_Rehabilitation__pambke-25-01602__0003.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/XWSC3XY/Scenery_Hill_Nursing_and_Rehabilitation__pambke-25-01603__0003.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/UNDQHNQ/Darway_Nursing_Care_Center_LLC__pambke-25-01604__0003.0.pdf?mcid=tGE4TAMA Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/RKLPHQQ/Richfield_Nursing_and_Rehabilitation__pambke-25-01599__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/VEHW6UQ/Milford_Nursing_and_Rehabilitation__pambke-25-01601__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/WMDQ6AI/Rolling_Hills_Nursing_and_Rehabilitation__pambke-25-01602__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/XGGONYA/Scenery_Hill_Nursing_and_Rehabilitation__pambke-25-01603__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/X5IPK7A/Darway_Nursing_Care_Center_LLC__pambke-25-01604__0001.0.pdf?mcid=tGE4TAMA RIMKUS CONSULTING: T. Rowe Marks $2.2 Million 1L Loan at 85% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,236,000 loan extended to Rimkus Consulting Group Inc. to market at $345,000 or 15% 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 Rimkus Consulting Group Inc. The loan accrues interest at a rate of 9.55% per annum. The loan matures on April 1, 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 Rimkus Consulting Group Inc. Rimkus Consulting Group, Inc., now simply known as Rimkus, is engaged in engineering and technical consulting. ROONEY AND BORDEN: Unsecureds Will Get 2% of Claims in Plan ----------------------------------------------------------- Rooney and Borden Jewellers, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated May 15, 2025. The Debtor is a corporation. Since 1976, the Debtor has been in the business of retain jewelry sale. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $7612.47. The final Plan payment is expected to be paid on July 1, 2030. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 2 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of General Unsecured Claims: * General unsecured claim of River Capital Partners, LLC in the amount of $85,210.79 to receive 2% of allowed claim. The claim of Readycap Lending, LLC exhausts the value of the security for this obligation. Basis for this claim is the security agreement, loan agreement and UCC-1 Financing Statement filed September 26, 2024. * General unsecured of Funding Metrics, LLC in the amount of $126,292.78 to receive 2% of allowed claim. The claim of Readycap Lending, LLC exhausts the value of the security for this obligation. Basis for this claim is the security agreement, loan agreement and UCC-1 Financing Statement filed October 22, 2024. * General unsecured claim of the American Express National Bank, AENB in the amount of $22,764.65. To receive payment of 2% of allowed claim. * General unsecured claim of the American Express National Bank, AENB in the amount of $6,330.00. To receive payment of 2% of allowed claim. * General unsecured claim of the U.S. Bank, NA, d/b/a Elan Financial Services in the amount of $8,732.47. To receive payment 2% of allowed claim. * General unsecured claim of JP Morgan Chase Bank s/b/m/t Chase Bank, USA, N.A. in the amount of $162,504.29. To receive payment 2% of allowed claim. * General unsecured claim of Intuit Financing in the amount of $111,652.85. To receive payment 2% of allowed claim. * General unsecured claim of Capital One, NA in the amount of $19,704.57. To receive payment of 2% of allowed claim. * General unsecured claim of Square Financial Services in the amount of $124,634.82. To receive payment of 2% of allowed claim. * General unsecured claim of ODK Capital LLC in the amount of $190,942.67. To receive payment of 2% of allowed claim. * General unsecured claim of Velocity Capital Group LLC in the amount of $90,428.12. To receive payment of 2% of allowed claim. * General unsecured claim of LG Capital in the amount of $73,712.00 To receive payment of 2% of allowed claim. Class 4 consists of Equity security holders of the Debtor. Minh Chau is 100% shareholder in the Debtor. Minh Chau will retain his ownership interest in the Debtor. Minh Chau, sole shareholder and CEO of the Debtor, will continue to serve in those capacities as well as a director. The Debtor will establish a cash reserve by setting aside $500.00 each month, above the Plan payments, to deal with any unforeseen issues. The Plan will be funded from current and future monthly income of the Debtor. A full-text copy of the Plan of Reorganization dated May 15, 2025 is available https://urlcurt.com/u?l=6ejl3X from PacerMonitor.com at no charge. Counsel to the Debtor: Julie Villalobos, Esq. Larry Fieselman, Esq. Oak Tree Law 3355 Cerritos Ave Los Alamitos, CA 90720 Telephone: (562) 321-9101 Facsimile: (800) 976-4187 Email: Julie@oaktreelaw.com larry@oaktreelaw.com About Rooney and Borden Jewellers Rooney and Borden Jewellers, Inc., owns and operates a jewelry store in Southern California offering fine jewelry and watches. Rooney and Borden Jewellers, Inc. d/b/a McCarty's Jewelry in Long Beach, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 24-20640) on December 31, 2024, listing $321,428 in assets and $1,445,343 in liabilities. Minh Chau as owner, signed the petition. Judge Julia W Brand oversees the case. OAKTREE LAW serves as the Debtor's legal counsel. SAFE & GREEN: Director Shafron Hawkins Resigns ---------------------------------------------- Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Shafron Hawkins, a member of the Board of Directors, notified the Company of his decision to resign from his position as a member of the Board and as a member of the following Board committees: the Audit Committee; the Compensation Committee; and the Nominating, Environmental, Social and Corporate Governance Committee. The resignation was not related to any disagreement with the Company on any matter relating to its operations, policies or practices. The Board appointed Samarth Verma as a director of the Company to fill the vacancy created by Shafron Hawkins' resignation. Mr. Verma will serve until the date of the Company's 2025 Annual Meeting of Shareholders and until his successor is duly elected and qualified. As a non-employee director, Mr. Verma will participate in the Company's previously disclosed non-employee director compensation program, which for 2025 consists of: (i) an annual cash retainer of $80,000 which is paid in quarterly installments and (ii) an annual equity grant of restrict stock units under the Company's Stock Incentive Plan with a grant date value of approximately $80,000 that will vest quarterly over two years, subject to continued service as a director through such date. In connection with his appointment, Mr. Verma will receive a pro-rata portion of each to reflect the fact that he was appointed in May of 2025. Mr. Verma has been appointed as a member of the Audit Committee and the Compensation Committee, and has been appointed as the chair of the Nominating, Environmental, Social and Corporate Governance Committee. Samarth Verma, age 46, was appointed as a director of the Company on May 21, 2025. Mr. Verma currently serves as Co-Founder and Chairman of the Board of FansXR, where he has led the global product development and launch of immersive, real-time media broadcasting technologies. FansXR delivers live, fan-controlled broadcasts in 2D, 360, and animated environments for entertainment and sports gamification. Its platform leverages extended reality, augmented data overlays, and artificial intelligence to enhance digital streaming and asset creation, while integrating features such as betting, interactive data, and optimized hardware performance. Mr. Verma is a proven technology innovator and entrepreneur with a diverse background spanning immersive media, advanced mathematics, and corporate development across a range of sectors including hospitality, gaming, energy, and real estate. Mr. Verma's background originated in research, and it encompasses the vast field of mathematics. At the age of nine, he published his first research paper in The Abstract of the American Mathematics Society's Conjectures in Number Theory. He became a member of the Wisconsin Space Grant Consortium and worked on a NASA grant project as a student research associate. Mr. Verma attended the University of Wisconsin, Madison. There are no family relationships between Mr. Verma and any of the Company's directors or executive officers. In addition, as set forth above, Mr. Verma is not a party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K. About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 31, 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 net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $6,071,524 in total assets, $18,531,832 in total liabilities, and a total stockholders' deficit of $12,460,308. SANDRIDGE ENERGY: Loses Bid to Reopen Ch11 Case, Enforce Plan ------------------------------------------------------------- Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas denied SandRidge Energy, Inc.'s motions to reopen its Chapter 11 bankruptcy case and enforce the plan. Prior to filing bankruptcy, SandRidge and several of its officers were named as defendants in two federal securities class action lawsuits. The lawsuits were stayed when SandRidge filed bankruptcy in 2016. Following plan confirmation, the lawsuits resumed against the officers. They also resumed against SandRidge as a nominal defendant. The lawsuits resulted in a $17 million settlement with the former officers. The settlement amount was paid by D&O insurance policies. Following payment of the $17 million, the Insurers sued SandRidge. The lawsuit, filed as a subrogee of two of the former officers, seeks to enforce the officers' indemnity rights against SandRidge. SandRidge argues that its indemnity obligations to the two officers were discharged in its Chapter 11 plan. Through the motions, SandRidge argues that the Insurer Subrogation Claim violates the plan and confirmation order because the claim is disallowed and canceled under the plan, and therefore there is good cause to reopen the bankruptcy case and enforce the plan and confirmation order. SandRidge seeks an order declaring that the Insurer Subrogation Claim is barred by the plan and confirmation order and directing the Insurers to dismiss the claim with prejudice. SandRidge's Chapter 11 plan assumed the Indemnification Obligations and D&O Policies pursuant to Sec. 365 of the Bankruptcy Code. The parties dispute whether the plan's assumptions obligate SandRidge to pay the post-effective date indemnification costs of James D. Bennett and Matthew K. Grubb covered by the Insurers pursuant to the subrogation rights contained in the policies. The Court finds that because SandRidge's D&O policies and indemnity obligations were assumed in its Chapter 11 plan, they were not discharged. Judge Isgur holds, "SandRidge's D&O Policies and Indemnification Obligations toward Bennett and Grubb were assumed under the plan. They are post-petition obligations of SandRidge. This order overrules SandRidge's defenses that the Indemnification Obligations were canceled, released, terminated or discharged by the plan. SandRidge retains all other defenses. The assertion of the Insurer Subrogation Claim does not violate the plan. There is no cause to reopen this bankruptcy case. SandRidge's motions are denied." A copy of the Court's decision dated May 23, 2025, is available at https://urlcurt.com/u?l=XTYEGg About SandRidge Energy, Inc. SandRidge Energy, Inc. -- http://www.sandridgeenergy.com/-- is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma, with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and Niobrara Shale. SandRidge Energy, Inc. and 24 of its subsidiaries each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-32488) on May 16, 2016. The petitions were signed by Julian M. Bott as chief financial officer. The Debtors have hired Kirkland & Ellis LLP as general bankruptcy counsel, Zack A. Clement PLLC as local counsel, Houlihan Lokey Capital, Inc. as financial advisor, Alvarez & Marsal Holdings, LLC, as restructuring advisor and Prime Clerk LLC as claims and noticing agent. The cases are assigned to Judge David R Jones. The Office of the U.S. Trustee has appointed five creditors of SandRidge Energy, Inc., to serve on the official committee of unsecured creditors. The Official Committee is represented by Charles R. Gibbs, Esq., Daniel H. Golden, Esq., Abid Qureshi, Esq., and Brad M. Kahn, Esq., at Akin Gump Strauss Hauer & Feld LLP. An Ad Hoc Committee of Shareholders is represented by Susan C. Mathews, Esq., Lori Ann Hood, Esq., and Sunil "Neil" Gupta, Esq., at Baker, Donelson, Bearman, Caldwell & Berkowitz. Counsel to the First Lien Credit Agreement Agent are Andrew V. Tenzer, Esq., Leslie A. Plaskon, Esq., and Michael Comerford, Esq., at Paul Hastings LLP. Counsel to the Ad Hoc Group of Consenting Unsecured Creditors are Joseph H. Smolinsky, Esq., and Daniel N. Griffiths, Esq., at Weil Gotshal & Manges LLP. Counsel to the Ad Hoc Group of Consenting Second Lien Creditors are Damian S. Schaible, Esq., and Eli V. Vonnegut, Esq., at Davis Polk & Wardwell, LLP. * * * SandRidge Energy on Oct. 4, 2016, disclosed that it has emerged from Chapter 11, having satisfied all the necessary provisions of its Plan of Reorganization. SandRidge also received approval to relist on the New York Stock Exchange in conjunction with its emergence and resumed trading of newly issued common stock on October 4, 2016, under the ticker symbol "SD". The Bankruptcy Court on Sept. 9, 2016, entered an order confirming the Joint Chapter 11 Plan of Reorganization, which will eliminate $3.7 billion in pre-petition funded indebtedness. SCANROCK OIL: Seeks to Extend Plan Exclusivity to August 4 ---------------------------------------------------------- Scanrock Oil & Gas, Inc., and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 4 and October 3, 2025, respectively. Here, these factors warrant the requested extension of exclusivity for the following reasons: * The Cases are complex chapter 11 cases pending on the Court's mega docket and involve enhanced complexity and difficulty; * The Debtors have timely filed a Plan and Disclosure Statement but require additional time to permit good-faith, arm's length negotiations with stakeholders; * The Debtors have made positive progress towards reaching a confirmable plan of reorganization, including by timely filing the Plan and Disclosure Statement; * The Debtors are paying their ordinary course expenses as they come due and have remained substantially current on all post petition obligations; * The Debtors have demonstrated reasonable prospects for an effective reorganization by timely filing the Plan and Disclosure Statement and by welcoming negotiations with creditors and stakeholders; * The Debtors are currently negotiating with the Committee, creditors, and stakeholders regarding the Plan and Disclosure Statement; * The Debtors are not seeking this extension to pressure creditors, but rather seek this extension to be able to propose and confirm a plan that will provide a larger dividend to creditors than liquidation; * There are several unresolved contingencies in the Chapter 11 Cases. Counsel to the Oil and Gas Debtors and the Oregon Debtors: Davor Rukavina, Esq. Thomas D. Berghman, Esq. Garrick C. Smith, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard St., Ste. 4000 Dallas, TX 75201 Telephone: (214) 855-7500 E-mail: drukavina@munsch.com E-mail: tberghman@munsch.com E-mail: gsmith@munsch.com Counsel to O'Ryan Ranches, Ltd.: Hudson M. Jobe, Esq. Jobe Law PLLC 6060 North Central Expressway, Suite 500 Dallas, Texas 75206 Tel: (214) 807-0563 Email: hjobe@jobelawpllc.com About Scanrock Oil & Gas Scanrock Oil & Gas Inc. operates an integrated oil and gas exploration and production platform. Scanrock Oil & Gas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90001) on Feb. 3, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Thomas Daniel Berghman, Esq., at Munsch Hardt Kopf & Harr PC. On March 18, 2025, the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Porter Hedges LLP as counsel and Riveron RTS LLC as financial advisor. SCHAFER FISHERIES: Court OKs Fort Madison Property Sale to Chilson ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, has agreed Schafer Fisheries Inc. to sell Property located at 2617 240th Street, Fort Madison, Iowa, free and clear of liens, interest, and encumbrances. The Court has authorized the Debtor to sell the Property and deliver its deed and other conveyance documents to Chilson Investment, or its nominee, free and clear of all liens, claims, and encumbrances. The Debtor as Seller is authorized to make all payments of costs, deposits and prorations required to clear title by the terms of the Contract. The net proceeds of the sale will be delivered to the Debtor's first secured creditor, Newtek Small Business Finance, LLC in accordance with the Interim Order. About Schafer Fisheries Inc. Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. The Debtor is represented by Richard N. Golding, Esq., at Law Offices Of Richard N. Golding, P.C. SEASONAL LANDSCAPE: Court Extends Cash Collateral Access to June 30 ------------------------------------------------------------------- Seasonal Landscape Solutions, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The 13th interim order authorized the company to use cash collateral in accordance with its budget, which projects total operational expenses of $420,575 from June 1 to 30. The company is not allowed to make any payments or distributions other than the itemized projected disbursements set forth in the budget without the prior written consent of its pre-bankruptcy secured lender. BMO Harris Bank holds a senior lien on the company's assets totaling at least $495,000, with a subordinate lien by the U.S. Small Business Administration. As protection, BMO Harris Bank was granted a replacement lien on substantially all of the company's assets, including cash collateral equivalents, cash and accounts receivable, to the same extent and with the same validity as its pre-bankruptcy lien. In addition, BMO Harris Bank was granted an administrative expense claim under Section 507(b) of the Bankruptcy Code. The next hearing is scheduled for June 25. About Seasonal Landscape Solutions Seasonal Landscape Solutions, Inc. is a company in Algonquin, Ill., which specializes in residential design-build landscaping. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08880) on June 17, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Ira Bodenstein serves as Subchapter V trustee. Judge Janet S. Baer presides over the case. The Debtor is represented by Richard G. Larsen, Esq., at Springer Larsen Greene, LLC. SKY GARDENS: Hires Alex D. Sirulnik P.A. as Special Counsel ----------------------------------------------------------- Sky Gardens Residences, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Alex D. Sirulnik, P.A. as special counsel. The Debtor needs the firm's legal assistance in connection with finalizing and negotiating transactional documents, the closing of the sale of the Debtor's land comprising 37,281 square feet, or .86 acres, located at 16300 NE 19th Avenue, North Miami Beach, Florida 33162. The firm will be paid at $500 per hour. Alex D. Sirulnik, Esq., a partner at Alex D. Sirulnik, 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 firm can be reached at: Alex D. Sirulnik, Esq. Alex D. Sirulnik, P.A. 2199 Ponce De Leon Blvd., Suite 301 Coral Gables, FL 33134 Tel: (305) 443-7211 Email: ads@sirulniklaw.com About Sky Gardens Residences, LLC Sky Gardens Residences LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Sky Gardens Residences LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-11136) on January 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. Michael D. Seese, Esq., at Seese, PA represents the Debtor as counsel. SM MILLER: Claims to be Paid from Future Earnings ------------------------------------------------- SM Miller Enterprises, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Texas an Original Subchapter V Plan dated May 14, 2025. The Debtor is a line-haul trucking company that provides services to Federal Express Corporation and Southern Aviation Transport, Inc. through various trucking contracts. The Debtor performs dedicated runs as well as "wild-card" runs. Scott A. Miller, the president of the Debtor, formed the Debtor in February of 2019. The Debtor is a C-corporation that is wholly owned by Scott A. Miller, the Debtor's president, and his wife in equal undivided interests. The Debtor experienced a decrease in revenue due to a nationwide decrease in ground shipping business. The Debtor's decrease in revenue caused it to default on its obligations to its secured lenders, and truck lessor, which necessitated the filing of the Bankruptcy Case. The Plan proposes to pay Creditors from the Debtor's future income. Class 11 consists of the general Unsecured Creditors as well as the deficiency claims of the Secured Creditors, if any. Except to the extent that a Holder of an Allowed Unsecured Claim and the Debtor or the Reorganized Debtor, as applicable, agree to less favorable treatment of its Allowed Unsecured Claim, each Holder of an Allowed Unsecured Claim shall receive, in full and complete satisfaction, settlement, discharge, and release of, and in exchange for, its Allowed Unsecured Claim, its Pro Rata share of the Reorganized Debtor's projected Disposable Income for the Repayment Period. Class 11 is impaired under the Plan. Class 12 consists of Equity Interests: Under section 1191 of the Bankruptcy Code, the Debtor's equity holders shall be unaffected by the Plan. Accordingly, Class 12 is unimpaired under the Plan, and therefore deemed to accept the Plan. The Reorganized Debtor will continue to operate with the primary purpose of conducting its business. On the Effective Date, and automatically, without need for further order, document, or instrument, all property of the Debtor and the Estate shall vest in the Reorganized Debtor free and clear of all liens, claims, interests, and encumbrances, except to the extent any such lien, claim, interest, or encumbrance is preserved under this Plan. The Debtor anticipates that all distributions made under the Plan will be funded from future earnings, which will not be less than 100% of the Debtor's Projected Disposable Income for the Repayment Period. A full-text copy of the Subchapter V Plan dated May 14, 2025 is available at https://urlcurt.com/u?l=7VHD8K from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas D. Berghman, Esq. Jacob J. King, Esq. Munsch Hardt Kopf & Harr, PC 500 N. Akard St., Suite 4000 Dallas, TX 75201 Telephone: (214) 855-7500 Email: tberghman@munsch.com Email: jking@munsch.com About SM Miller Enterprises Inc. SM Miller Enterprises Inc. is a contract line-haul dry freight provider based in Dallas, Texas. SM Miller Enterprises filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-30527) on February 13, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Jacob King, Esq. at Munsch Hardt Kopf & Harr, P.C. SOUTH REGENCY: Belle Vie Fitness Appointed as New Committee Member ------------------------------------------------------------------ The U.S. Trustee for Region 20 appointed Belle Vie Fitness, LLC as additional member of the official committee of unsecured creditors in the Chapter 11 case of South Regency Shops, LLC. The committee is now composed of: 1. Block & Co., Inc. Richard D. Morehouse, Director- Operations 605 W. 47th Street, Suite 200 Kansas City, MO 64112 (816) 763-6000 rmorehouse@blockandco.com 2. Belle Vie Fitness, LLC Vicky Sparks, Manager 3805 SW Clarion Park Drive Topeka, KS 66610 (913) 219-5394 vicky.sparks@etffitness.com 3. John L. Lentell, JD, MBA, LLC John L. Lentell, Member 10975 Benson Drive, Suite 370 Overland Park, KS 66210 (913) 400-2032 jlentell@lentell-lawoffice.com 4. Stephen P. Maslan 8011 Paseo Blvd., Suite 201 Kansas City, MO 64131 (816) 547-8243 smaslan1950@gmail.com About South Regency Shops South Regency Shops, LLC owns a shopping center situated at 9296 Metcalf Avenue in Overland Park, Kan., with an estimated current value of $810,000. South Regency Shops filed Chapter 11 petition (Bankr. D. Kan. Case No. 25-20140) on February 10, 2025, listing total assets of $817,347 and total liabilities of $2,578,359. Judge Dale L. Somers handles the case. The Debtor is represented by Colin Gotham, Esq., at Evans & Mullinix, P.A. The U.S. Trustee for Region 20 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. STAR RAIL: Gets Extension to Access Cash Collateral --------------------------------------------------- Starr Rail, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The order penned by Judge Mark Mullin authorized the company's interim use of cash collateral from May 27 until the entry of a subsequent order. The company's 30-day budget projects total operational expenses of $53,730. As protection, secured lenders will be granted replacement liens on all of the company's equipment, inventory and accounts whether such property was acquired before or after the petition date. The cash collateral in question is claimed by several secured lenders, including Ark-Tex Regional Development Company, First National Bank of Hughes Springs, and the U.S. Small Business Administration, which assert liens on the company's equipment, accounts, and inventory, totaling over $1.6 million based on filed UCC-1 statements. The next hearing is set for June 12. About Starr Rail LLC Starr Rail, LLC operates as a rail logistics and transloading provider. Founded in 2018, the company focuses on first- and last-mile rail solutions, offering services such as transloading, storage, and bulk material packaging. Its operations accommodate a range of freight, including lumber, steel, aluminum, aggregates, plastic pellets, diesel, and propane. Starr Rail sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41307) on April 11, 2025. In its petition, the Debtor reported total assets of $2,763,979 and total liabilities of $2,476,623. Judge Mark X. Mullin handles the case. The Debtor is represented by Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC. STARCO BRANDS: Production Board Holds 11.7% Class A Common Shares ----------------------------------------------------------------- The Production Board, LLC disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of May 20, 2025, it beneficially owned 91,447,397 shares of Starco Brands, Inc.'s Class A Common Stock, representing approximately 11.7% of the 784,192,034 shares of Class A Common Stock outstanding as of May 20, as reported in the Company's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 20, 2025. The Production Board may be reached through: David Friedberg, Chief Executive Officer 548 Market Street, San Francisco, CA 94104 Tel: 415-854-7074 A full-text copy of The Production Board's SEC report is available at: https://tinyurl.com/2c8wepn3 About Starco Brands Santa Monica, Calif.-based Starco Brands, Inc. (OTCQB: STCB) -- starcobrands.com -- invents consumer products with behavior-changing technologies that spark excitement. Starco Brands identifies whitespaces across consumer product categories. Starco Brands publicly trades on the OTCQB stock exchange so that retail investors can invest in STCB alongside accredited individuals and institutions. Irvine, Calif.-based Macias, Gini, and O'Connell LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 18, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a working capital deficit of approximately $10M and an accumulated deficit of approximately $81 million at December 31, 2024, including the impact of its net loss of approximately $17 million for the year ended December 31, 2024. The Company's ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing and the successful development of the Company's contemplated plan of operations, to the attainment of profitable operations are necessary for the Company to continue operations. STEWARD HEALTH: TRACO Contests Patient Ombudsman Legal Fees ----------------------------------------------------------- Randi Love of Bloomberg Law reports that TRACO International Group, the insurance affiliate of Steward Health Care System LLC, has objected to the court-appointed patient care ombudsman's professional fees, deeming some of them excessive. In a filing on Thursday, June 5, 2025, with the U.S. Bankruptcy Court for the Southern District of Texas, TRACO claimed that Steward is administratively insolvent and asked the court to reject more than $1.6 million in fees requested by the ombudsman’s adviser, SAK Healthcare, and the law firm Greenberg Traurig LLP. TRACO has been engaged in litigation with Steward since December, seeking to recover upwards of $170 million in assets it asserts are not part of the health care system's bankruptcy estate. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STV GROUP: T. Rowe Marks $2.2 Million 1L Loan at 79% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,279,000 loan extended to STV Group, Inc. to market at $477,000 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 STV Group, Inc. The loan accrues interest at a rate of 11.5% 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 STV Group, Inc. Headquartered in New York, NY, STV Group, Incorporated is a consulting, engineering, architectural, planning, environmental, and construction management services company. The company's segments include Transportation & Infrastructure, Building & Facilities, and Construction/Program Management. The company is majority owned by Pritzker Family Business Interests ("PFBI"), and advised by The Pritzker Organization, LLC ("TPO"), a merchant bank for the business interests of the Pritzker Family. SULLIVAN MECHANICAL: Seeks to Sell Office Equipment --------------------------------------------------- Sullivan Mechanical Contractors Inc. seeks permission from the U.S. Bankruptcy Court for the Western District of Virginia, Harrisonburg Division, to sell Equipment, free and clear of liens, interests, and encumbrances. Richard C. Maxwell, Esquire has been appointed as the Chapter 11 Subchapter V trustee of the case. Sullivan Mechanical, first established in Virginia in 1946, is a storied Shenandoah Valley commercial mechanical contractor, having served Western and Central Virginia for almost eight decades. Always a family run business, Malcom Sullivan, Jr, the present Chairman of the Board, with the aid of other family members, currently manages the hands-on operation with the additional assistance of dedicated employees. Having begun humbly in a small, unheated garage, Sullivan Mechanical now operates from its state-of-the-art facilities in Shenandoah, Virginia. While Sullivan Mechanical has had a storied career with a stellar reputation and lengthy track record in its industry, it found its business plummeting downward due to issues directly related to the UVA Brandon Dorm Project (Gaston House & Ramazani House), in which it provided services under a contract with the construction manager, Barton Malow Builders, LLC (Barton Malow). As a result, after considering available options, the Debtor, determined to seek Subchapter V bankruptcy protection in an effort to stop the continued spiral downward and provide a platform whereby it could assess completion of a few of its remaining jobs and orderly liquidate its assets for the benefit of all of its stakeholders. Northeast Bank asserts claim of the various Equipment, Miscellaneous Office Items, and Additional Equipment. To better facilitate sales and therefore recovery for creditors, the Debtor desires sale procedures for the Miscellaneous Job Items and Miscellaneous Office Items. Unfortunately, these items have varying conditions that impact each value. While the Debtor will seek to obtain at least 40% of retail value for each item, the Debtor in the exercise of its business judgment maintains that it is in the best interest of the Estate to allow sales for values of at least 20% of retail value to each item. The Debtor maintains that it is in the best interest of the Estate to sell the Additional Equipment, Miscellaneous Job Items, and Miscellaneous Office Items. The Debtor will be prepared to allow access to view the Additional Equipment, Miscellaneous Job Items, and Miscellaneous Office Items (along with the Equipment) as early as the week of June 23, 2025. The Debtor has discussed the sale of items with the Subchapter V Trustee who supports the Debtor being able to sell the items for a period of time before engaging an auctioneer or similar entity to assist with a more formal process. The Debtor has committed to proceed to such a process on or before July 31, 2025, to the extent items remain after such date with no clear path for future sale. About Sullivan Mechanical Contractors Inc. Sullivan Mechanical Contractors Inc. was first established in Virginia in 1946 and a family-owned commercial mechanical contractor, having served Western and Central Virginia for almost eight decades. It is a well-respected and in demand mechanical contractor focusing on sheet metal specialties, air conditioning, plumbing, and heating services. As of late, its services have been concentrated on the construction of medical and educational institutions, with numerous at the collegiate level and including many on the grounds of the University of Virginia. Sullivan sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50126) on March 6, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Rebecca Connelly oversees the case. Paula Steinhilber Beran of Tavenner & Beran, PLC represents the Debtor as legal counsel. SWAIN LANDING: Hires VerStandig Law Firm as Counsel --------------------------------------------------- Swain Landing LaPlata JC, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ The VerStandig Law Firm, LLC d/b/a The Belmont Firm. The firm will provide these services: a. prepare and file all necessary pleadings, motions, and other court papers, on behalf of the Debtor; b. negotiate with creditors, equity holders, and other interested parties; c. represent the Debtor in any adversary proceedings, contested matters, and other proceedings before this Honorable Court; d. prepare a chapter 11 plan on behalf of the Debtor; and e. tend to such other and further matters as are necessary and appropriate in the prism of this case. The firm will be paid at these rates: Attorneys $500 per hour Associates $250 per hour Paralegals $100 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Verstanding 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: Maurice B. VerStandig, Esq. The Belmont Firm 1050 Connecticut Avenue, NW Suite 500 Washington, DC 20036 Tel: (202) 991-1101 Email: mac@dcbankruptcy.com About Swain Landing LaPlata JC, LLC Swain Landing LaPlata JC LLC operates as a land subdivider and developer and holds an interest in the property at 10524 La Plata Road, La Plata, Maryland, valued at $1.3 million. The Company has lost this singular real estate asset due to rescission but believes it may be able to avoid the rescission through rights under Chapter 5 of Title 11 of the U.S. Bankruptcy Code. If successful, Swain Landing aims to develop the property and use the proceeds to pay creditors. Swain Landing LaPlata JC LLCsought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00184) on May 15, 2025. In its petition, the Debtor reports total assets of $1,299,500 and total liabilities of $1,785,000. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtors are represented by Maurice Verstandig, Esq. at THE BELMONT FIRM. TAMPA BRASS: Gets Another Extension to Access Cash Collateral ------------------------------------------------------------- Tampa Brass and Aluminum Corporation received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral until June 30, marking the seventh extension since the company's Chapter 11 filing. The seventh interim order authorized the company to pay the expenses set forth in its budget from the cash collateral and grant its secured creditors a post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. The next hearing is set June 30. About Tampa Brass and Aluminum Corporation Tampa Brass and Aluminum Corporation -- https://tampabrass.com/about/ -- is a supplier of cast machined parts for the commercial and defense industries. The company is based in Tampa, Fla. Tampa Brass and Aluminum filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00105) on January 9, 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 Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. is the Debtor's legal counsel. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. TC SIGNATURE: T. Rowe Marks $14 Million 1L Loan at 19% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $14,013,000 loan extended to TC Signature Holdings, LLC to market at $11,351,000 or 81% 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 TC Signature Holdings, LLC. The loan accrues interest at a rate of 14.06% per annum. The loan matures on May 4, 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 TC Signature Holdings, LLC TC Holdings, LLC operates and manages retail stores in the U.S. THG ACQUISITION: T. Rowe Virtually Writes Off $1.6MM 1L Loan ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $1,671,000 loan extended to THG Acquisition, LLC to market at $68,000 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 THG Acquisition, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on October 31, 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 THG Acquisition, LLC THG Acquisition, LLC is a provider of a global technology platform specialising in taking brands direct to consumers. THG ACQUISITION: T. Rowe Virtually Writes Off $3.3MM 1L Loan ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $3,341,000 loan extended to THG Acquisition, LLC to market at $42,000 or 1% 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 THG Acquisition, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on October 31, 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 THG Acquisition, LLC THG Acquisition, LLC is a provider of a global technology platform specialising in taking brands direct to consumers. TINY FROG: Hires Country Boys as Auctioneer and Appraiser --------------------------------------------------------- Tiny Frog, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Carolina to employ Country Boys Auction & Realty, Inc. as auctioneer and appraiser. The firm's services include: a) preparing and conducting inventory of the Debtor's personal property; and b) appraising the Debtor's personal property and opining regarding the likely auction value of the Debtor's property, such value to be used by the Debtor in formulating a plan of reorganization and supporting confirmation of the same. The firm will be paid at these fees: -- 20% of first $20,000; -- 10% of next $50,000; -- 8% of the balance. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mike Gurkins Country Boys Auction & Realty, Inc. 1211 W. 5th Street Washington, NC 27889 Tel: (252) 946-6007 Fax: (252) 946-0460 About Tiny Frog, Inc. Tiny Frog, Inc. operates multiple franchise locations of Hwy 55 Burger Shakes & Fries, a fast-casual dining chain specializing in burgers, shakes, and fries, under franchise agreements with The Little Mint, Inc. Tiny Frog filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-01081) on March 25, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Alexis Ramos, president of Tiny Frog, signed the petition. Judge Joseph N. Callaway oversees the case. David F. Mills, Esq., at Narron Wenzel, P.A., represents the Debtor as legal counsel. TR WELDING: Hires Intermountain Tax Services as Bookkeeper ---------------------------------------------------------- TR Welding, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Laurel Schmidt of Intermountain Tax Services Inc. as bookkeeper. The firm will render monthly reconciliation reports if needed, and tax preparation services. The firm charges a flat rate of $1,200 for corporate tax preparation and $50 per hour for bookkeeping services. Mr. Schmidt 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: Laurel Schmidt Intermountain Tax Services Inc. 204 N. Greenwood Shoshone, ID 83352 Tel: (208) 886-9886 Email: id.taxes@gmail.com About TR Welding, Inc. TR Welding, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-40224-NGH) on April 11, 2025. In the petition signed by Todd Robinson, owner, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Noah G. Hillen oversees the case. Patrick J. Geile, Esq., at Foley Freeman, PLLC, represents the Debtor as legal counsel. D.L. Evans Bank, as secured creditor, is represented by: Holly Roark, Esq. Roark Law Offices 950 W. Bannock St. Ste. 1100 Boise, ID 83702 Phone: (208) 536-3638 Fax: (310) 553-2601 holly@roarklawboise.com USIC HOLDINGS: T. Rowe Marks $2.5 Million 1L Loan at 79% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $2,548,000 loan extended to USIC Holdings Inc. to market at $536,000 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 USIC Holdings Inc. The loan accrues interest at a rate of 9.81% per annum. The loan matures on September 10, 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 USIC Holdings Inc. Headquartered in Indianapolis, Indiana, USIC is a leading provider of outsourced infrastructure locating and marking services to telephone, electric, natural gas, cable, fiber optic and water utilities in the US. The company operates in 48 states in the U.S. and one province in Canada. The company is privately owned by private equity fund Partners Group and an investor group led by Kohlberg & Company. USIC HOLDINGS: T. Rowe Marks $5.3 Million 1L Loan at 46% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $5,365,000 loan extended to USIC Holdings Inc. to market at $2,885,000 or 54% 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 USIC Holdings Inc. The loan accrues interest at a rate of 9.56% per annum. The loan matures on September 10, 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 USIC Holdings Inc. Headquartered in Indianapolis, Indiana, USIC is a leading provider of outsourced infrastructure locating and marking services to telephone, electric, natural gas, cable, fiber optic and water utilities in the US. The company operates in 48 states in the U.S. and one province in Canada. The company is privately owned by private equity fund Partners Group and an investor group led by Kohlberg & Company. V820JACKSON LLC: Gets OK to Use Cash Collateral Until June 25 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division issued an interim order allowing V820JACKSON, LLC to use the cash collateral of Huntington National Bank. The interim order authorized the company to use its secured creditor's cash collateral until June 25 to pay the expenses set forth in its budget. The budget projects total operational expenses of $209,073.17 for June. As protection, Huntington was granted replacement liens on the company's personal property and proceeds, with the same validity, priority, and extent as its pre-bankruptcy liens. It will also receive an administrative claim in case of any diminution in the value of its collateral. As further protection, V820JACKSON was ordered to keep the bank's collateral insured. A final hearing is scheduled for June 25. Huntington is represented by: Andrew H. Eres, Esq. Dickinson Wright PLLC 55 W. Monroe, Suite 1200 Chicago, IL 60603 Telephone: 312-641-0060 aeres@dickinson-wright.com About V820Jackson LLC V820Jackson, LLC is classified as a single-asset real estate debtor under the definition set forth in Section 101(51B) of the U.S. Bankruptcy Code. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07228) on May 12, 2025. In the petition signed by Andrew P. Vaccaro, manager, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Michael B .Slade oversees the case. Ariel Weissberg, Esq., at Weissberg and Associates, Ltd., represents the Debtor as legal counsel. VELOCITY VEHICLE: S&P Downgrades Issuer Credit Rating to 'B+' ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Velocity Vehicle Group LLC to 'B+' from 'BB-'. S&P said, "At the same time, we also lowered our issue-level rating on the senior unsecured debt to 'B+' from 'BB-'. Our '4' recovery rating on the company's senior unsecured is unchanged, indicating our expectation of average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. "The stable outlook indicates that we expect leverage will remain below 6x over the next 12 months as changes at its non-U.S. operations drive slightly improved profitability." The downgrade reflects weaker credit metrics due to softer industry dynamics and execution missteps primarily at its non-US operations. The ongoing freight recession continued to weigh on the company's U.S. operating performance. Furthermore, supplier issues and execution missteps resulted in weaker Australia and Canada performance. The company's sales grew 8.8% in 2024, primarily from acquisitions completed in late 2023, offset by a decline in new truck sales. However, fiscal 2024 adjusted EBITDA margins declined to 6.6% from 6.9% a year ago. This was due to higher floorplan interest expense, lower profits in non-U.S. markets, and leasing and rental (L&R) weakness. The company also made four acquisitions throughout 2024, which adding more debt to the capital structure. S&P said, "This led to an adjusted leverage position of 6.4x at year-end 2024. Looking ahead, we believe the freight market will remain soft throughout 2025, which will affect sales expansion and profitability growth. We now expect leverage of 5.8x in 2025 compared with our initial expectation that the company could deleverage to 5x or below by 2025." S&P said, "We forecast minimal margin improvement due to soft industry conditions and ongoing operational challenges in international markets. We expect low-single-digits sales growth in 2025, primarily driven by benefits from acquired businesses in 2024, growth in parts and service, and improvements in international dealerships. The ongoing freight recession will make the operating environment challenging, particularly for new truck sales. Furthermore, tariffs will weigh on overall trucking and freight activity, which we believe will also affect new truck demand. We forecast EBITDA margins to improve to 6.9% in 2025 from 6.6% in 2024 driven by improvements across Canadian and Australian operations, sustained P&S earnings, and new acquisitions. "Within Canada, the company is in the process of realigning its cost structure to softer demand levels. We expect the realignment to be completed in the back half of the year. In Australia, the company experienced supply chain issues and is currently carrying excess levels of inventory. We expect the inventory position to normalize later this year, though the company will incur higher floorplan expenses in the meantime. We anticipate these actions to yield some savings, though there is some execution risk and it will take time for savings to be fully realized. "Given the weaker forecast profitability growth, the company's deleveraging timeline will be extended. Furthermore, the potential for a steeper sales recovery now seems unlikely given a potential pullback in EPA and CARB regulations. We expect this will reduce a prebuy of new trucks due to stringent emissions standards. Given these factors, we now anticipate the company's leverage position to be above 5x over our forecast horizon. Still, more relaxed emissions standards will further delay the electrification of commercial vehicles. This will benefit the company's business longer term as parts and service opportunities are expected to be more limited on electrified vehicles. "We now expect the company to be more acquisitive as the company has demonstrated a greater tolerance for acquisitions despite weaker industry dynamics, company profitability, and stretched credit metrics. The company made four debt-funded acquisitions in 2024 even as the freight recovery timeline continued to lengthen. We had initially expected the company to deleverage to around 5x by the end of 2025. However, given the pushout in metrics improvement and financial policy decisions, we now believe the company is comfortable maintaining leverage above 5x over the longer term. We believe the company will remain opportunistically acquisitive given its track record of inorganic expansion. "In particular, we expect the company to continue focusing on targets that increase its economies of scale within existing core markets in the southwest U.S., southeast U.S., northwest Mexico, and Australia. We also believe the company could look to add new markets capable of forming regional platforms and targets with opportunities for operational improvements. We would expect the company to maintain leverage of below 6x over the longer term inclusive of debt funded acquisitions. "We expect the company to maintain leverage of below 6x and FOCF to debt of above 3% over the next 12 months." S&P could lower the ratings on the company if it believe leverage would be sustained above 6x or FOCF to debt below 3% over the longer term. This could happen if: -- The company's operating performance materially deteriorates beyond S&P's base case due to a combination of worsening macroeconomic conditions, a further prolonging of the freight recession, and significant operational execution missteps; or -- The company's financial policy becomes even more aggressive through greater debt-funded acquisitions or shareholder returns. S&P could raise the ratings on the company if it believes leverage would be sustained below 5x and FOCF to debt above 5% over the longer-term. This could happen if: -- The macroeconomic environment significantly improves and the company is successful in turning around its non-U.S. operations such that margins expand materially beyond our base case; and -- S&P believed the company would commit to a more conservative financial policy even through potential future distributions and also through committing to fewer debt-financed acquisitions. VIASAT INC: Andrew Sukawaty Resigns From Board ---------------------------------------------- Viasat, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Andrew Sukawaty tendered his resignation from the Board and all applicable Board committees, effective immediately. Mr. Sukawaty indicated that his decision to resign from the Board was not the result of any disagreement with Viasat on any matter relating to its operations, policies or practices. Viasat expressed its gratitude to Mr. Sukawaty for his service as a director. About Viasat Inc. Headquartered in Carlsbad, California, Viasat, Inc. operates a consumer satellite broadband internet business, an in-flight connectivity business, and provides satellite and related communications, networking systems, and services to government and commercial customers. Inmarsat operates a satellite communications network using L-band, Ka-band, and S-band spectrum and provides voice and data services to customers on land, at sea, and in the air. As of December 31, 2024, Viasat had $15.6 billion in total assets, $10.8 billion in total liabilities, and $4.8 billion in total equity. * * * Egan-Jones Ratings Company on November 5, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Viasat, Inc. VIASAT INC: Inks New Stockholder Deal With WP Triton, 3 Others -------------------------------------------------------------- Viasat, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a separate new stockholder agreement with Triton LuxTopHolding SARL ("Apax"), CPP Investment Board Private Holdings (4) Inc., Ontario Teachers' Pension Plan Board and WP Triton Co-Invest, L.P. ("former sellers"), which agreement supersede and replace the former stockholders agreement. Under each New Stockholder Agreement, so long as WP beneficially owns at least 3% of the total outstanding Common Shares and each of Apax, CPP and OTPP, respectively, beneficially owns at least 1% of the total outstanding Common Shares, each of WP, Apax, CPP and OTPP, as applicable, agrees to vote its Common Shares, subject to certain exceptions relating to significant corporate transactions, in accordance with the recommendations of the board of directors of Viasat. In addition, the New Stockholder Agreements impose certain transfer restrictions with respect to the Common Shares beneficially owned by each of WP, Apax, CPP and OTPP, as well as customary standstill limitations. As previously reported, on May 30, 2023, the Company purchased all of the issued and outstanding shares of Connect Topco Limited, a private company limited by shares and incorporated in Guernsey, pursuant to a Share Purchase Agreement, dated as of November 8, 2021, by and among Viasat, the shareholders of Inmarsat and the other parties thereto in exchange for: (i) cash consideration equal to $550.7 million, subject to adjustments, and (ii) approximately 46.36 million unregistered shares of common stock, par value $0.0001 per share, of Viasat, upon the terms and subject to the conditions set forth therein (the "Acquisition"). In connection with the Acquisition, simultaneously with the execution and delivery of the Purchase Agreement on November 8, 2021, Viasat and the former sellers entered into a Stockholders Agreement with respect to their holdings of Common Shares (the "Former Stockholders Agreement"). As contemplated by the New Stockholder Agreements, the Former Stockholders Agreement was terminated. The Former Stockholders Agreement provided, among other things, that the Former Sellers had the right to appoint up to two directors to the Board based on their percentage holdings of Common Shares. In connection with the termination of the Former Stockholders Agreement, the Former Sellers no longer have such right. The foregoing description of the New Stockholder Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the New Stockholder Agreements, which are filed as Exhibits to the Current Report on Form 8-K available at https://tinyurl.com/2s3ybsu8 About Viasat Inc. Headquartered in Carlsbad, California, Viasat, Inc. operates a consumer satellite broadband internet business, an in-flight connectivity business, and provides satellite and related communications, networking systems, and services to government and commercial customers. Inmarsat operates a satellite communications network using L-band, Ka-band, and S-band spectrum and provides voice and data services to customers on land, at sea, and in the air. As of December 31, 2024, Viasat had $15.6 billion in total assets, $10.8 billion in total liabilities, and $4.8 billion in total equity. * * * Egan-Jones Ratings Company on November 5, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Viasat, Inc. VIAVI SOLUTIONS: Moody's Cuts CFR to Ba3 & Alters Outlook to Neg. ----------------------------------------------------------------- Moody's Ratings has downgraded Viavi Solutions Inc.'s (Viavi) corporate family rating to Ba3 from Ba2, probability of default rating to Ba3-PD from Ba2-PD, and senior unsecured notes to B1 from Ba2. Moody's also assigned a Ba1 rating to company's new senior secured term loan B. The company's speculative grade liquidity (SGL) rating was downgraded to SGL-2 from SGL-1. The outlook changed to negative from ratings under review. This action concludes the review for downgrade initiated on March 6, 2025, following the company's announced acquisition of Spirent Communications plc's (Spirent) High-Speed Ethernet and Network Security Business. Viavi intends to use the net proceeds of the proposed $600 million term loan B to finance the acquisition of Spirent Communications plc's (Spirent) High-Speed Ethernet and Network Security Business and replenish cash used to fund the $150 million acquisition of Inertial Labs in January 2025. The Spirent acquisition is expected to close by the end of July 2025, subject to regulatory approvals in certain jurisdictions and other customary closing conditions. "The downgrade of the CFR to Ba3 and negative outlook reflects Viavi's very high leverage and willingness to make debt funded acquisitions amid an improving, but still challenging operating environment," says Justin Remsen, Moody's Ratings' Vice President. "Gross leverage pro forma for the transaction including stock compensation as an expense is over 8x. While Moody's expects end markets to improve, there is a level of uncertainty in terms of the timing and degree of recovery. Moody's base case assumes leverage will decline toward the low 6x range by fiscal year ending June 2027, still high for the rating category," added Remsen. RATINGS RATIONALE The Ba3 CFR reflects Viavi's track record of free cash flow (FCF) generation, solid, though declining profitability and limited capital intensity. Viavi has a strong market position in certain niche market segments, such as pigments used in anti-counterfeit features in currency notes and optical filters used for 3D sensing in smartphones. Moody's believes that the 3D sensing market provides an important secular growth driver as 3D sensing becomes more widely available across smartphones and other use cases. The acquisition of Spirent's High-Speed Ethernet and Network Security Business also enhances Viavi's Ethernet testing solutions, advancing its software, hardware, and protocol knowledge across network layers. Viavi's revenue scale is small, and the underlying businesses are narrowly focused, which can lead to revenue volatility, particularly since Viavi derives a sizable portion of revenue from cyclical end markets. Revenues have been volatile over the past 18 months, especially in network enablement where a slowdown in 5G deployments and lower network maintenance led to a significant contraction starting in 2023. The trend began to turn in fiscal year 2025, bolstered by improved demand from service providers, with an emphasis on fiber monitoring systems. In addition, the 3D sensing filter and field test instruments segments are exposed to larger adjacent competitors in the broader market, such as Coherent Corp. and AMS AG in 3D sensing modules and Keysight Technologies Inc in electronic test measurement instruments and software. The SGL-2 rating reflects Viavi's good liquidity, which is supported by consistent FCF and a large cash balance. Moody's expects that Viavi will produce annual FCF of at least $50 million and maintain at least $400 million of cash on the balance sheet. Given the FCF generation and large cash balance, the ABL Revolver which will be resized from $300M to $200M and extended to mature 5 years from the close of Term Loan B will likely remain undrawn. The company has a $250 million near term convertible note maturity in March 2026. The $600 million senior secured term loan B is rated Ba1, two notches above the CFR, reflecting its seniority to $400 million in unsecured notes and $250 million of convertible notes, but junior to the company's extended and downsized $200 million ABL Revolver (unrated). The senior unsecured notes are rated B1 reflecting the junior rank to the ABL revolver and new senior secured term loan. Instrument ratings assume that the company will refinance the convertible note due March 2026 with unsecured debt. The negative outlook reflects Moody's expectations that revenues will increase in the low single digit percentage range over the next 12 to 18 months. Moody's estimates leverage will decline from over 8x to the low 6x range in fiscal year 2027, driven by increased profitability and debt repayment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Viavi's ratings could be upgraded if the company demonstrates organic revenue growth above the mid-single digit percent level, FCF to debt above 15%, and debt to EBITDA is sustained below 5.0x. Viavi's ratings could be downgraded if the company is not on track to reduce debt to EBITDA toward 6x (or 5x adding back stock based compensation) in the next 12 to 18 months, FCF to debt is below the high single digits percentages, or there is a deterioration of liquidity. Viavi Solutions Inc., based in Chandler, Arizona, makes network test, monitoring, and assurance instruments and software for communications services providers, enterprises, network equipment manufacturers, and the aerospace industry. Viavi also makes pigments used in currency notes to reduce counterfeiting risk and makes optical filters primarily used in 3D sensing modules for smartphones. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $245 million and 100% of LTM Consolidated EBITDA, plus unlimited amounts subject to the greater of 3.0x First Lien Leverage Ratio and leverage neutral incurrence. There is an inside maturity sublimit up to the greater of $122.5 million and 50% of LTM Consolidated EBITDA, plus incremental debt incurred with reallocated amounts from the general debt basket. A "blocker" provision restricts the transfer of material intellectual property to unrestricted subsidiaries. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring affected lender consent for amendments that subordinate or have the effect of subordinating the debt or liens unless such lenders can ratably participate in such priming debt. The principal methodology used in these ratings was Diversified Technology published in February 2022. VT TOPCO: Fitch Affirms 'B' LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed VT Topco, Inc.'s (Veritext; d/b/a as Veritext Legal Solutions) Long-Term Issuer Default Rating (IDR) at 'B' as well as its first-lien senior secured debt at 'B+' with a Recovery Rating of 'RR3' following the proposed add-on to its existing term loan. The Rating Outlook is Stable. Veritext plans to raise a $350 million incremental term loan, fungible with its existing loan, to fund a shareholder dividend. Fitch has anticipated this dividend recapitalization, which is manageable at the current rating given the company's leveraging headroom and deleveraging capacity. Veritext's IDR reflects its scale and leading position in the niche, fragmented court reporting industry, its ability to grow revenue organically and through acquisitions, and its diversified customer base. With private equity ownership focusing on expansion and ROE optimization rather than debt reduction, leverage is expected to remain near historical levels, in the 5.0x-6.0x range. Key Rating Drivers Limited Expected Deleveraging: Fitch assumes that Veritext will prioritize shareholder returns over material deleveraging. Fitch expects the announced dividend recapitalization for $350 million to increase leverage to 5.8x. Fitch forecasts leverage in the low range of 5.0x-5.5x by YE 2026, compared with 4.9x in 2024 and 5.5x in 2023 pro forma for acquisitions, highlighting the company's sound deleveraging capacity. Well Positioned in Fragmented Industry: Veritext's scale as the largest court reporting company and its national presence, brand recognition, technology capabilities and breadth of services, relative to thousands of local competitors, should position it well to continue to consolidate its highly fragmented market. Although barriers to entry are low, scale and technology capabilities should provide benefits for servicing customers. Good Client Retention and Diversification: The company displays solid client retention, which it estimates at a 95% rate, and has contributed to consistent organic growth. Pricing risk is low and mitigated due to court reporting services representing a small percentage of overall litigation costs. A broadly diverse customer base should minimize idiosyncratic risks associated to a single customer and result in low revenue volatility. Service contracts are not widely used in the industry. M&A Risk Manageable: The company's acquisition strategy focuses on expanding market presence through targeted, small-scale deals, generating single-digit million-dollar revenues on average, that integrate into or expand Veritext's geographic footprint. These acquisitions are primarily funded organically. Fitch anticipates that free cash flow will continue to support inorganic investments, with any leveraging pressure more likely stemming from shareholder returns. Positive Pre-Dividend Free Cash Flow: The company generates solid free cash flow (FCF), which should be sufficient to fund its inorganic growth strategy of tuck-in acquisitions. Fitch projects Veritext's pre-dividend FCF margin to average in the double digits through 2027. Underlying these assumptions is capex intensity of about 3.0% of net revenue, with most of it attributed to product development. Peer Analysis Veritext is the largest court reporting company in terms of revenue and one of a handful competing at the national level. It has a large and diversified customer base with no major customer concentration. Financial metrics of national peers are unknown as they are private. Veritext's revenue scale is lower when compared with the median of a subset of business services and technology companies rated by Fitch in the 'B' category, while its EBITDA is close to in line as Veritext is more profitable. Leverage against this subset is broadly in line at around 5.5x. The industry stability of court reporting industry is similar to accounting services. Compared with Eisner Advisory Group (B/Stable), which is an accounting firm that is also private equity-owned, Veritext has a roll-up strategy expected to be funded mostly through FCF. Both are expected to sustain EBITDA leverage in the 5x to 6x range. Accounting firm CohnReznick (B/Stable) is smaller than Veritext, but more conservatively capitalized. Key Assumptions - Revenue increases in the low double digits as a result of organic growth and acquisitions; - Adjusted EBITDA margins in the 33%-34% range; - About USD75 million a year continues to be spent in acquisitions; - Capex of about 3.0% of net revenue a year; - Excess cash flow after acquisitions returned to shareholders. Recovery Analysis - The recovery analysis assumes that Veritext would be recognized as a going concern in bankruptcy rather than liquidated; - Fitch assumed a 10% administrative claim; - Fitch also assumed the revolving facility to be fully drawn. Going Concern Approach - Bankruptcy could occur if Veritext faced some combination of intense competitive price pressure, cost pressures or change in mix that reduces margins to a point that it becomes difficult for the company to service its obligations and continue to execute its business plan. In such a scenario, Fitch assumes Veritext's going concern EBITDA would fall to around USD250 million; - The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation; - An enterprise value multiple of 5.5x EBITDA is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considers industry M&A transactions, transactions and trading multiples of comparable industries and historical bankruptcy case study exit multiples for companies in the telecommunications, media and technology sector where business services companies such as Veritext reside; - The recovery analysis results in a 'B+'/'RR3' issue and recovery ratings for Veritext's secured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expectations of EBITDA leverage sustaining above 6.0x due to operational underperformance or capital allocation policy; - EBITDA/interest coverage sustaining below 2x; - (Cash flow from operations [CFO]-capex)/debt sustaining below 5%; - Sustained EBITDA margins below 30%; - Erosion in revenue retention rates resulting in revenue decline. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustaining EBITDA leverage solidly below 5.0x; - (CFO-capex)/debt sustaining near 7.5%; - Sufficient financial flexibility for Veritext to pursue strategic actions without a major deviation in credit metrics. Liquidity and Debt Structure The company's liquidity is supported by expectations of positive pre-dividend FCF, which should be more than sufficient to fund the company's tuck-in acquisition strategy. Veritext faces no large debt maturities until 2030. As of March 31, 2025, the company had $125 million available under its senior secured revolver and held some cash on its balance sheet. The company's debt consists of USD928 million in a senior secured term loan B due 2030 amortizing at 1% a year, $500 million of senior secured notes due 2030 and the untapped senior secured revolver maturing in 2028. (CFO-capex)/debt was 6.2% in 2024 and is forecast to decline slightly in 2025, before returning to levels above 6% in 2026. Interest coverage was 2.4x in 2023 and is projected to remain at or above 2.0x over through 2027. Issuer Profile Veritext operates as a court reporting firm providing transcripts of testimony from depositions, arbitrations and other events principally to the legal profession throughout the U.S. and Canada. 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 ----------- ------ -------- ----- VT Topco, Inc. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ VT TOPCO: Moody's Affirms 'B2' Corp. Family Rating, Outlook Stable ------------------------------------------------------------------ Moody's Ratings affirmed VT Topco, Inc.'s (Veritext) B2 corporate family rating and B2-PD probability of default rating. Additionally, Moody's affirmed the senior secured first lien bank credit facilities (consisting of a $928 million term loan due 2030, and a $125 million revolving credit facility expiring 2028) and $500 million senior secured first lien notes due 2030 at B2. Veritext intends to upsize the senior secured term loan B by $350 million to $1,283 million. The outlook is stable. Veritext is the largest deposition and litigation support solutions provider to the US and Canadian legal industry. Proceeds from the proposed incremental term loan, along with cash, will be used to fund a $350 million shareholder distribution, as well as related transaction fees and expenses. "Although debt/EBITDA leverage will be high following the announced debt funded distribution, the ratings affirmation reflects Moody's expectations that Veritext will produce strong revenue growth with EBITDA margins of over 30% during the next 12 to 18 months, which will drive the company's debt/EBITDA leverage back to a level more consistent with the B2 rating," said Brian Cassidy, Moody's Ratings Analyst. Cassidy continued: "However, Moody's views Veritext's debt funded distribution as an example of aggressive financial strategies and a negative credit development, given the increase in debt that weakens the company's credit metrics." RATINGS RATIONALE The B2 CFR reflects Veritext's high debt/EBITDA leverage of over 6.0x (after Moody's standard adjustments and pro forma for the proposed transaction) as of March 31, 2025. Veritext has a high interest expense burden that limits free cash flow generation and an acquisitive growth strategy that may result in incremental debt borrowings. The ratings also reflect the company's modest, albeit growing, scale and narrow service scope as a provider of deposition and Alternative Dispute Resolution (ADR) services in the fragmented legal services industry with revenue of $847 million for the twelve months ended March 31, 2025. Veritext recently expanded into the ADR business and offers access to an additional revenue stream and opportunity in a new market estimated to be over $10 billion in size. The company has an aggressive financial policy as evidenced by its acquisitive appetite and previous debt funded dividends to its private equity owners. However, Veritext has been prudent in financing M&A through excess cash while deleveraging over time, as well as balanced in returning cash to shareholders. The credit profile benefits from the company's leading position as a deposition and litigation support solutions provider in the US and Canada. Support is also provided by its solid and market leading remote technology platform as well as its ongoing investments in AI and tech enabled services that are driving client satisfaction, competitive advantage, and profit margins. The company sustains high customer retention rates and has a diverse customer base. Veritext generates strong operating margins and positive cash flows with a largely variable cost structure and a good liquidity profile. The legal services market tends to be fairly resilient to economic cycles. Moody's expects that Veritext would be able to maintain growth if GDP growth slowed in the US. Since Veritext's debt capital structure consists of only senior secured first lien debt, the term loans, notes, and revolver are rated B2, the same as the company's B2 CFR. The company's very good liquidity profile is underpinned by its healthy cash balances, steady free cash flow generation and full availability of its revolving credit facility. Moody's expects annual free cash flow generation of at least $100 million and approach 5% of debt during the next 12 to 15 months. After the proposed transactions close, Moody's expects the company will have roughly $40 million of balance sheet cash and the $125 million revolver will remain undrawn and fully available. The revolving credit facility, which expires in 2028, contains a springing maximum first lien net leverage ratio, tested quarterly when revolver usage is 35% or more. Moody's expects the company to have a healthy cushion if tested. The stable outlook reflects Moody's expectations that Veritext will continue to produce organic annual revenue growth between 3% - 5% and EBITDA margins of over 30%, bringing debt/EBITDA down towards 5.5x during the next 12 to 18 months. Moody's also expects the company to maintain a very good liquidity profile with low revolver usage and strong free cash flow generation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt/EBITDA leverage decreased and was sustained below 5x while producing strong organic revenue growth and profitability margins. Maintaining a strong liquidity profile, with FCF/debt approaching the high single digit percentage range, along with a commitment from management to operate under a more conservative financial policy would also be required for an upgrade. The ratings could be downgraded if there is a deterioration in organic revenue growth or profitability margins, leading debt/EBITDA to be sustained above 6x. The ratings could also be downgraded if the company's liquidity position and cash flow profile became weaker or if its aggressive acquisition strategy began to result in operational disruptions. Veritext, headquartered in Livingston, NJ, is owned by CVC Capital Partners, Leonard Green & Partners and GIC, with CVC being the majority shareholder. The company generated $847 million in revenue for the twelve months ended March 31, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. W.D. TOWNLEY: To Sell Henderson Property to Craig's Ranch $383K --------------------------------------------------------------- W.D. Townley Lumber Co., Inc., d/b/a/ Townley Lumber Co. (Townley) and affiliates, Townley Pallet Manufacturing, LLC (TPM) and TLC Transportation, L.L.C. (TLC), seek approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, interests, and encumbrances. The Debtors are headquartered in Henderson, Texas where they conduct their lumber milling operations. Townley Lumber mills lumber for construction of pallets. TPM owns the real property upon which milling operations are conducted. TLC Transportation hauls pallets by the truckload to customer locations. Townley Lumber is owed by Billy Joe Townley and his daughter, Aleigh Townley, and owns one hundred percent of TPM which in turn owns one hundred percent of TLC. Included among the assets of the TLC bankruptcy estate are semi-trucks and trailers used to haul custom pallets crafted by Townley Lumber. Debtors have identified and isolated approximately $100,000.00 of monthly expenses associated with the maintenance of the pallet transportation fleet. In order to eliminate this cash drain on the Debtor's resources, the Debtors have considered an array of alternatives and arrived at the conclusion the transportation operations conducted by TLC should be outsourced to a third-party. With this change of business model, the Assets will no longer be essential to the Debtor's business. Debtors have located a purchaser for the Assets which has an affiliated trucking company which has agreed to provide freight transportation services to Townley Lumber on a priority basis. Purchaser Craig's Ranch LLC has agreed to purchase the Assets for the sum of $383,315.10 and TLC has agreed to finance the purchase over a period of 60 months with interest at the rate of 6.5% per annum. HMS Equip LLC, an affiliate of Purchaser, has agreed to provide freight transportation services to Townley Lumber on a priority basis at rates which are locked in for a period of five years. Debtors believe the consideration proposed to be paid by Purchaser represents the fair market value of the Assets. Further, the transportation services proposed to be provided by Carrier makes the transaction even more compelling. The losses of approximately $100,000.00 experienced monthly by the Debtors make outsourcing of the transportation function imperative. With the agreements reached with Purchaser and Carrier, TLC will receive the value of the Assets and Townley Lumber will continue to ship its custom-made pallets to customers in a timely manner. About W.D. Townley Lumber Co., Inc. W.D. Townley and Son Lumber Company Inc. and affiliates operate a lumber milling business. Townley Lumber processes lumber used for pallet construction. TPM owns the property where the milling operations take place. TLC Transportation transports pallets in truckloads to customer locations. W.D. Townley and Son Lumber Company Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-41053) on March 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joseph Fredrick Postnikoff, Esq. at ROCHELLE McCULLOGH, LLP. WALKER AREA: Gets Interim OK to Use $67,892 in Cash Collateral -------------------------------------------------------------- Walker Area Community Center, Inc. got the green light from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral through July 29. The order penned by Judge William Fisher authorized the interim use of up to $67,892 in cash, including potential cash collateral of First National Bank North, East Otter Tail Telephone Company (Arvig), and the U.S. Small Business Administration. As protection, the pre-bankruptcy lenders will be granted replacement liens on assets acquired by Walker after the petition date, with the same priority and extent as their pre-bankruptcy liens. About Walker Area Community Center Inc. Walker Area Community Center Inc. operates a community facility in Walker, Minnesota, located at 105 Tower Ave E. The light industrial property includes a gym, exercise space, seasonal ice arena, locker rooms, meeting rooms, and offices. It supports activities for the Boys & Girls Club, Rotary meetings, hockey and curling leagues, as well as year-round basketball, pickleball, and fitness programs. As of Nov. 18, 2024, the property was appraised at $1.25 million based on comparable sales. Walker Area Community Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-50310) on May 2, 2025. In its petition, the Debtor reported total assets of $1,409,049 and total liabilities of $1,956,152. Judge William J. Fisher handles the case. The Debtor is represented by Steven R. Kinsella, Esq., at Fredrickson & Byron, P.A. WATCO COMPANIES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Watco Companies, LLC's Long-Term Issuer Default Rating (IDR) at 'B' and its senior unsecured debt at 'B+' with a Recovery Rating of 'RR3'. The Rating Outlook is Stable. Watco's rating reflects its well-established network of transportation assets, diversified market exposure and integral role in the North American industrial supply chain supporting through-the-cycle cash flows. Its rail and port assets provide cost-advantaged transport to lower-cost, bulk producers, mainly linked to non-discretionary commodities. Terminal assets have customer- and site-specific capabilities that reduce substitution risk and heighten switching costs. Cash flow risks are mitigated by considerable contractual coverage with cost-linked provisions and repricing opportunities. The operational and cash flow risk profiles align with or exceed 'BB' category characteristics. Fitch's rating case forecasts EBITDA leverage in the mid-7x-8x range, including preferred shares, and EBITDA coverage and FFO-fixed-charge coverage in the 3x and low-2x range, respectively, consistent with 'B' rating tolerances. Key Rating Drivers Leverage Sub-8x; Coverage Above 3x: Fitch forecasts EBITDA leverage, including preferred shares, to decline to the mid-7x-8x range following the upsize to Watco's unsecured notes in 2024 and the acquisition of Great Lakes Central Railroad (pending regulatory approval) expected in mid-2025. Watco has historically funded most of its growth through equity raises, and the evolution of its leverage profile will depend on its future funding mix. The low burden of cash distributions from the preferred share structure results in forecast EBITDA interest coverage and FFO fixed-charge coverage in the 3x and low-2x range, respectively. Management has demonstrated a commitment to manage funded debt-to-EBITDA, excluding preferred shares, in the 3.5x-4.5x range, and expects discretionary capex to continue to be funded with a combination of common and preferred equity. Short-Line Rail Freight Resilience: Rail freight transportation has proven essential to the economy's supply chains and, as a result, has historically shown resilience to economic cycles, which are influenced by industrial, commodity and consumer markets. Rail is the most cost-effective transport mode with continuous national reach, and short-line rails are a critical link in the first and last mile of the rail freight network. Watco's stability is underpinned by its established portfolio of diverse, non-replicable rail assets. Short-line railroads provide more bespoke services to customers to ensure that rail is an efficient option for shippers, further supporting its core role in the supply chain. Stability in this sector is supported by management's strategic focus on lower-cost producers and the average customer relationship tenure of 30+ years, including service prior to Watco ownership. Debt-Like Preferred Shares: The preferred shares structure contains debt-like features, including maturity and coupon characteristics, under Fitch's "Corporate Hybrids Treatment and Notching Criteria," which increases Fitch-calculated leverage metrics. Fitch recognizes that the preferred shares provide flexibility to defer cash dividends in a stressed scenario and benefit recovery for secured and unsecured debt. Watco has a history of incorporating series of preferred shares within its capital structure, and its financial profile could strengthen if existing shares are replaced with equity-like securities. Contracts Moderate Margin Risks: Watco's Port & Terminal segment has moderated through-the-cycle margin and cash flow variability due to its contract mix, cost-linked terms, and ties to low-cost supply sources, which help shield against fluctuations in commodity price-linked volumes. More than half of EBITDA in this area is from fixed/minimum volume contracts with an average length of nine years, providing a stable revenue base. Watco enters contracts that limit volume risk when investing in site-specific infrastructure to support a return on invested capital. It is not directly exposed to commodity price risk but can be affected by the economics in certain geographies. Positive Discretionary FCF: Fitch forecasts mildly positive FCF, excluding growth capex and associated grants, with excess cash allocated toward capital reinvestment and measured dividends. Cash flow is supported by the unique operational capabilities and efficiency-oriented services at the company's terminals that enhance pricing and increase switching costs, as well as Watco's resilient rail pricing structure. Fitch recognizes the size and timing of growth investment relative to revenue can result in prolonged periods of negative FCF. However, the approach to risk management, including returns-based investment decisions and contractual terms, is favorable. Diversification Mitigates Cyclicality: Watco is highly diversified across markets and customers, mitigating the impact of idiosyncratic risks on cash flow. Individual markets are exposed to cyclicality from industrial production and changes in commodity flows across geographies in which it operates; however, cash flows have proven resilient through macroeconomic shocks due to strategic diversification. Short-line rails do not carry intermodal freight, which is subject to competition from trucking and discretionary consumer demand. Fitch believes Watco's diverse transportation network is well-positioned to maintain operational and cash flow stability through economic cycles. Peer Analysis Fitch compares Watco to NA Transportation Hold Co. LLC (d/b/a: Patriot Rail; B+/Stable), another a short-line rail operator, as both companies benefit from the defensibility of their asset network leading to a favorable through-the-cycle cash flow profile. Watco's rail operations are larger and consequently more diversified than Patriot's; however, it derives a larger portion of earnings from non-rail operations which can be comparatively more variable. Watco's credit metrics include preferred shares which Fitch treats as 100% debt under its criteria. Watco's EBITDA leverage is expected to trend in the high-7x to 8x range, and its FFO coverage and EBITDA coverage are forecast in the low-2x and 3x range, respectively. Patriot's leverage in the mid-5x range and its EBITDA coverage around 2.5x are stronger than Watco's metrics, leading to the one-notch differential. Fitch also compares Watco to truck-based transportation and environmental services peers Forward Air (B/Negative) and Waste Pro USA, Inc. (B+/Stable). Watco's rail, port and terminal transportation services have advantages over trucking due to high barriers to entry afforded by its expansive asset network and lower cost base relative to truck operators. Waste Pro's collection model also has lower barriers to entry, but its multiyear contracts with customers are a relative strength. Forward Air is expected to operate with leverage between 4x and 5x at the 'B' rating level, and Waste Pro in the high-4x range at 'B+'. Key Assumptions - Organic revenue growth is forecast in the low-to-mid-single-digit range, driven by a mix of yield improvements, low-single-digit growth in volumes, and in-progress network expansion; - EBITDA margin is forecast to remain in the high teens, supported by continued pricing improvements and contract renegotiations at main sites; - Preferred and common equity cash distributions held at historical rates; - Gross maintenance capex (before grants or subsidies) at about 9%-10% of revenue through the forecast, and expansionary capex expected to remain opportunistic; - SOFR rates assumed at 4.3% in 2025, stabilizing around 3.7% thereafter. Recovery Analysis The Recovery Rating assumes that Watco would be reorganized as a going concern in a bankruptcy scenario rather than liquidated. A 10% administrative claim on the enterprise value is assumed. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level on which Fitch bases the enterprise valuation. The going concern EBITDA estimate of $225 million reflects a hypothetical scenario in which the business faces a material, sustained decline in demand at one or more of its subsectors/markets or a severe downturn in North American industrial production. An enterprise valuation multiple of 7x is applied to the going concern EBITDA to calculate post-reorganization enterprise value. This multiple considers Watco's through-the-cycle cash flow profile derived from its diversified geographic and end-market mix, advantaged asset network, and strong position in the North American industrial supply chain. It also considers valuation multiples for comparable rail and terminal assets. The secured credit facility receives priority above the unsecured notes in the distribution of value in the recovery waterfall. Fitch has excluded the remaining 2027 notes not redeemed as part of the 2024 tender offer from the recovery waterfall. The outstanding 2027 notes are expected to be redeemed on the par call date, per the initial use of proceeds. The Recovery Rating analysis results in a 'B+'/'RR3' recovery for the unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage sustained below 2x; - Heightened liquidity risk indicated by sustained revolver availability below 25% or a shift toward payment-in-kind-only distributions; - Fitch-defined EBITDA leverage sustained above 8.5x, including a material change in funding strategy; - A shift in the funding mix toward secured or unsecured debt could impact the recovery on unsecured notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch-defined EBITDA leverage sustained below 6.5x, including a material change in funding strategy or capital structure mix; - EBITDA interest coverage or FFO fixed-charge coverage sustained above 2.5x; - Stronger liquidity position, including at least 75% available on the revolver. Liquidity and Debt Structure Watco has adequate liquidity as of 1Q25, consisting of $400 million available on the revolver ($185 million net available based on leverage) and $5 million cash on hand. The revolver matures in August 2029, followed by the 2027 and 2032 senior unsecured notes; there are no material maturities before the revolver. Issuer Profile Watco provides a diverse set of transportation and supply chain services across North America and Australia. The company owns and operates over 7,000 miles of short-line railroad and 78 terminals and ports. 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 ----------- ------ -------- ----- Watco Companies, LLC LT IDR B Affirmed B senior unsecured LT B+ Affirmed RR3 B+ WAYPOINT ROOFING: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued an interim order allowing Waypoint Roofing & Construction, Inc. to use cash collateral. The interim order signed by Judge Tiffany Geyer authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditor, the U.S. Small Business Administration. As protection, secured creditors including Samson MCA, LLC, Fox Funding Group, LLC, and QFS Capital were granted post-petition replacement liens with the same validity, priority, and extent to their pre-bankruptcy liens. As further protection, Waypoint was ordered to keep its property insured as required under its agreements with secured creditors. The next hearing is scheduled for Aug. 7. About Waypoint Roofing & Construction Waypoint Roofing & Construction Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00874) on February 14, 2025. Judge Tiffany P. Geyer presides over the case. Michael Faro, Esq., at Faro & Crowder, PA represents the Debtor as legal counsel. WAYPOINT ROOFING: Unsecureds to Get 100 Cents on Dollar in Plan --------------------------------------------------------------- Waypoint Roofing & Construction Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization for Small Business dated May 15, 2025. The Debtor is a Florida corporation organized effective December 10, 2021. Debtor is a roofing contractor providing residential and commercial services. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $968,439.60. The final Plan payment is expected to be paid on September 15, 2030 if confirmed under 1191(a), September 15, 2028 if confirmed under 1191(b). This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 7 consists of All non-priority unsecured claims. Class 7 includes Claim 5 ($21,632.48) and Claim 6 ($2,040.00), and it is anticipated that Debtor will file a claim for ABC Supply Co. Inc. in the amount of $218,659.49, for a class total of $242,331.97. If confirmed under 1191(a) Debtor will make 59 payments of $4,038.87 and a final payment of $4,038.64, divided pro rata among the members of the class. If confirmed under 1191(b) Debtor will dedicate its disposable monthly income for a period of three years from the Effective Date. While Debtor's financial projections anticipate that these claims could be paid in full in that time, post-petition revenues have not met expectations. Debtor anticipates an increase in revenues, and roofing is historically slow until the rainy season starts. Class 8 consists of Equity interests of Michael Brandon Cogdill and April L. Elrod in the Debtor. The equity interests of Michael Brandon Cogdill and April L. Elrod will be unimpaired. Class 9 consists of Equity interests of Antonion Hernandez-Tablas. Antonio Hernandez-Tablas will surrender his equity interests in the Debtor and any claims he has or may have against the Debtor in exchange for the Debtor releasing any claims it may have against him and resolving debts guaranteed by him. The Debtor intends to implement the Plan by retaining the property of the estate and continuing to operate. Debtor does not intend to sell off any raw materials or equipment in order to fund the Plan. Debtor anticipates that on the Effective date of the Plan Debtor will have sufficient funds to pay the administrative expenses, priority/secured tax claim of the Brevard County Tax Collector (Claim 2), and the allowed secured claims of QFS Capital, LLC (Claim 7) and Fox Funding Group, LLC (Claim 8). A full-text copy of the Plan of Reorganization dated May 15, 2025 is available at https://urlcurt.com/u?l=jo3i6q from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Faro, Esq. Faro & Crowder, PA 700 N. Wickham Rd, Suite 205 Melbourne, FL 32935 Phone: (321) 784-8158 Email: mfaro@farolaw.com About Waypoint Roofing & Construction Waypoint Roofing & Construction Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00874) on February 14, 2025. Judge Tiffany P. Geyer presides over the case. Michael Faro, Esq., at Faro & Crowder, PA, is the Debtor's legal counsel. WILL NOT: To Sell Miami-Dade Properties to Newgard Development -------------------------------------------------------------- Will Not Sell, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to sell real properties, free and clear of liens, interests, and encumbrances. The Debtor owns several real properties that are located in Miami-Dade County, Florida. The Debtor enters into a contract with buyer, Newgard Development Group, to purchase the property for the sum of $7,000,000.00. The first and only mortgagee JJS Capital Group's final judgment entered on November 14, 2024 for $2,810,617.10 and mortgage shall be satisfied in full at closing through a proper payoff quote provided by Creditor good through the close of escrow. The Debtor proposes to sell the Properties in an efficient and organized manner to maximize the value and benefit to creditors of the Debtor's estate. The Debtor believes that it can maximize such value through the sale. About Will Not Sell LLC Will Not Sell LLC is a limited liability company. Will Not Sell LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10198) on January 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Robert A. Mark oversees the case. Sagre Law Firm, P.A. represents the Debtor as counsel. WIN PRODUCTIONS: Court OKs Vehicle Sale in Auction -------------------------------------------------- The U.S. Bankruptcy Court for the Central District of Illinois, has approved Win Productions LLC to sell Property, free and clear of liens, interests and encumbrances. The Court has authorized the Debtor to proceed with the sale of any remaining personal property by marketing and online auction to be conducted by Thomas Walsh of Aumann Auctions to commence on May 14, 2025 and be concluded by June 9, 2025 at 5:00 pm CST at the following website: www.aumannauction.com. Such Personal Property include but are not limited to the following: 2002 Chevy Silverado 2500 VIN ending in 1552 2003 GMC Kodiak 6500 Truck - Flatbed VIN ending in 0099 2007 Chevy Silverado 3500 pickup - flatbed VIN ending in 5033 2014 GMC Sierra 1500 VIN ending in 9422 2014 GMC Sierra 1500 VIN ending in 5715 2015 Western Start 4900FA semi tractor VIN ending in 3161 2012 Volvo VNL670 semi tractor VIN ending in 4625 2001 Volvo VIN ending in 7013 2012 Wilson PS50CL 411P livestock trailer VIN ending in 2008 2010 Wilson PSADL 400P livestock semi trailer VIN ending in 8873 2010 PSADL 400P livestock semi trailer VIN ending in 9105 2014 Wilson PS50CL 411P livestock semi trailer VIN ending in 4225 2013 Wilson PS50 CL 411P livestock semi trailer VIN ending in 2592 2007 Wilson PSADL 4009 2 deck livestock trailer VIN ending in 3127 1998 Great Dane Van semi trailer VIN ending in 5704 1998 Gooseneck Trailer VIN ending in 9232 2013 Wilson semi trailer VIN ending in 1991 2013 Wilson semi trailer VIN ending in 0254 1977 Fruehalf Tank Tanker VIN ending in 8101 1995 Transcraft semi trailer VIN ending in 8292 2015 New Holland T8.410 2015 New Holland T7.230 Loader Duals Manure Pump, Farm star JD 6090H Manure Pump LWT inc hose reel Hydro Engineering hose reel HCT068 Manure Injector applicator 30ft Lagoon Agitator John Deere SkidSteer 240 Bucket Forks John Deere 2040 Loader Tractor Trailerman Car trailer 18ft zScag zero Turn Mower John Deere Zero Turn Mower Z85OA Cub Cadet Mower LTX1050 The sale of the Personal Property free and clear of any interest, claims, liens and encumbrances. The Debtor is further authorized to execute any and all documents necessary to sell and transfer the Personal Property. About Win Productions LLC Win Productions, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-70901) on Nov. 9, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Wyatt Bradshaw as authorized manager. Judge Mary P. Gorman presides over the case. Jeana K. Reinbold, Esq., at Sgro, Hanrahan, Durr, Rabin & Reinbold, LLP, is the Debtor's counsel. WW INTERNATIONAL: Galloway Capital Holds 2.87% Stake as of May 22 ----------------------------------------------------------------- Galloway Capital Partners, LLC and Bruce Galloway disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of May 22, 2025, they beneficially owned 2,999,000 shares of WW International, Inc.'s Common Stock, $0.01 par value per share, representing 2.87% of the class. Galloway Capital Partners, LLC acquired 2,999,000 shares of Common Stock in open market purchases from June 2024 through April 2025. The aggregate purchase price for the shares of Common Stock is approximately $.445 per share. Such shares of Common Stock were purchased with investment capital of Galloway Capital Partners, LLC and Mr. Galloway. Galloway Capital may be reached through: Bruce Galloway, Managing Member Galloway Capital Partners, LLC 650 NE 2nd Avenue, 3007, Miami, FL, 33132 Tel: (917) 405-4591 A full-text copy of Galloway Capital's SEC report is available at: https://tinyurl.com/3reknrd5 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. X-LASER L.L.C.: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: X-Laser, L.L.C. Monumental CNC 9115H Whiskey Bottom Road Laurel, MD 20723 Business Description: X-Laser designs and supplies laser light show systems and related support services for a range of users, from mobile DJs to major entertainment companies like Disney. Since 2007, the Company has offered touring- grade and entry-level laser projectors, including versatile models like the LaserCube and specialty series such as Aurora, along with advanced products like the Radiator and Ether Dream 4. X-Laser also provides training and resources to help clients enhance their live production setups. Chapter 11 Petition Date: June 7, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-15178 Judge: Hon. David E Rice Debtor's Counsel: Brett Weiss, Esq. THE WEISS LAW GROUP 8843 Greenbelt Road 299 Greenbelt MD 20770 Tel: (301) 924-4400 Email: brett@BankruptcyLawMaryland.com Total Assets: $257,408 Total Liabilities: $3,293,527 The petition was signed by Adam Raugh as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/O4EIY2Y/X-Laser_LLC__mdbke-25-15178__0001.0.pdf?mcid=tGE4TAMA YA INTERMEDIATE: T. Rowe Marks $6.1 Million 1L Loan at 90% Off -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $6,110,000 loan extended to Ya Intermediate Holdings II, LLC to market at $588,000 or 10% 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 Ya Intermediate Holdings II, LLC. The loan accrues interest at a rate of 9.3% per annum. The loan matures on October 1, 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 Ya Intermediate Holdings II, LLC YA Intermediate Holdings II, LLC is a holding company that is both a holding company of a smaller group and a subsidiary of a larger corporation. It's part of the YA Group which is a global leader in strategic consulting. YA Group has been acquired by THL Partners. YA INTERMEDIATE: T. Rowe Virtually Writes Off $2.9MM 1L Loan ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $2,933,000 loan extended to Ya Intermediate Holdings II, LLC to market at $117,000 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 Ya Intermediate Holdings II, LLC. The loan accrues interest at a rate of 9.32% per annum. The loan matures on October 1, 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 Ya Intermediate Holdings II, LLC YA Intermediate Holdings II, LLC is a holding company that is both a holding company of a smaller group and a subsidiary of a larger corporation. It's part of the YA Group which is a global leader in strategic consulting. YA Group has been acquired by THL Partners. YOUNG MEN'S CHRISTIAN: Davis' Appeal of Real Property Sale Tossed ----------------------------------------------------------------- Judge Liles C. Burke of the United States District Court for the Northern District of Alabama granted the motion of Young Men's Christian Association of Metropolitan Huntsville, Alabama to dismiss the appeal styled ALLEN DAVIS, Appellant, vs. THE YOUNG MEN'S CHRISTIAN ASSOCIATION OF METROPOLITAN HUNTSVILLE, ALABAMA, Appellee, Case No.: 5:25-CV-00054-LCB (N.D. Ala.). On Aug. 23, 2024, the Appellee filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. As a part of that proceeding, the Bankruptcy Court granted the Appellee's motion to sell a certain piece of real property at auction. On Jan. 3, 2025, the Appellee sold the property at auction to an individual named Shannon Provence. The Bankruptcy Court approved the sale on Jan. 7, 2025, and the parties closed the next day. On Jan. 8, 2025, the Appellant, Allen Davis, filed a pro se notice of appeal to this Court. Mr. Davis was an unsuccessful bidder at the auction. The record reflects that, since Mr. Davis filed his notice of appeal, he has taken no further action in this case. Accordingly, the Appellee has moved to dismiss the appeal. While the Court is required to liberally construe the pleadings of a pro se litigant, Mr. Davis's pro se status does not excuse him from his duty to abide by procedural rules. The Court is not persuaded that, under the facts of this case, Mr. Davis acted with due care to comply with the applicable rules. Given Mr. Davis's complete failure to comply with multiple deadlines in this case, the Court concludes that he has demonstrated either negligence or indifference, or both. Therefore, this appeal is dismissed. A copy of the Court's decision dated May 22, 2025, is available at https://urlcurt.com/u?l=oT0fkG from PacerMonitor.com. About The Young Men's Christian Association The Young Men's Christian Association of Metropolitan Huntsville, Alabama is a non-profit organization that offers programs to support the needs of a growing and diverse communities including childcare, health & fitness, teen programs and community programs. YMCA filed Chapter 11 petition (Bankr. N.D. Ala. Case No, 24-81638) on August 23, 2024, with $10 million to $50 million in both assets and liabilities. Jeff Collen, interim chief executive officer of YMCA, signed the petition. Judge Clifton R Jessup Jr. presides over the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC, is the Debtor's legal counsel. [] HSF Kramer Adds Top Restructuring Lawyers Ortiz, Shaughnessy --------------------------------------------------------------- Herbert Smith Freehills Kramer announced on June 4, 2025, that leading restructuring attorneys Kyle J. Ortiz and Brian F. Shaughnessy have joined the firm as partners in its Bankruptcy and Restructuring Group. Ortiz and Shaughnessy advise debtors, creditors, and other parties in interest in complex restructurings both in and out of court. On June 1, 2025, Kramer Levin officially combined with Herbert Smith Freehills to become Herbert Smith Freehills Kramer, known as HSF Kramer. Ortiz has represented debtors and creditors in some of the largest and most complex chapter 11 cases of the past fifteen years including Eletson Holdings, LATAM Airlines, Greensill Capital, Pacific Drilling, Westinghouse, SunEdison, American Airlines, and Lehman Brothers. He has also represented investors and other creditors in complex restructuring matters, including cross-border restructurings. An experienced trial lawyer, Shaughnessy has nearly two decades of experience in complex business disputes involving bankruptcy, securities and contract issues, as well as regulatory and corporate governance matters, among others. "We are delighted to welcome Brian and Kyle as the first new hires of HSF Kramer," said Justin D'Agostino, Global CEO of Herbert Smith Freehills Kramer. "Kyle is a widely-respected and dynamic adviser. Their addition enhances the pre-eminence and depth of our restructuring team and fits squarely into our strategic plan." "Kyle and Brian's deep experience in high-stakes restructurings and distressed situations will be instrumental in helping clients navigate an uncertain economic landscape," said Amy Caton and Ken Eckstein, HSF Kramer's Heads of Bankruptcy and Restructuring, US. "Their insight, creativity, and commercial acumen are a perfect fit for our solutions-driven group." Paul Schoeman, executive partner of the U.S. region for Herbert Smith Freehills Kramer, said: "I'm thrilled that Kyle and Brian are joining our premier bankruptcy and restructuring practice. Their arrival underscores the commitment that we at HSF Kramer have to building on our strengths and attracting top-level talent in key markets." Ortiz added, "I have consistently enjoyed working with and across from Kramer Levin's world-class restructuring team. I'm incredibly excited to join this team and to take advantage of the global reach and industry expertise that the HSF Kramer platform now has to offer." Ortiz received his J.D. from The University of Chicago Law School and his B.A. from Northern Michigan University. Shaughnessy earned his J.D. from Georgetown University Law Center and his B.A., cum laude, from Harvard College. About Herbert Smith Freehills Kramer Herbert Smith Freehills Kramer (HSF Kramer) was formed in June 2025 through the transformational combination of Herbert Smith Freehills and Kramer Levin, creating a world-leading global law firm. With over 6,000 people including c.2,700 lawyers and spanning 26 offices, HSF Kramer provides comprehensive legal services across every major region of the world. Uniquely positioned to help clients achieve ambitious objectives, HSF Kramer delivers exceptional results in complex transactions and high-stakes disputes. ********* 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 ***