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250611.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, June 11, 2025, Vol. 29, No. 161 Headlines 1291 BRITAIN DR: U.S. Trustee Unable to Appoint Committee 2015 PARK: Taps Colliers International as Real Estate Broker 202-204 OCEAN: Hires Law Office of Alla Kachan PC as Counsel 2045 SW 127TH AVENUE: Taps Mark S. Roher P.A. as Attorney 215 PAPER MILL: U.S. Trustee Unable to Appoint Committee 229 ELM ST: Seeks to Hire Offit Kurman as Bankruptcy Counsel 23ANDME HOLDING: Shareholders Seek Appointment of Equity Committee 3000 SMITH: Claims to be Paid from Property Sale Proceeds 3000 SMITH: Hires PCR Brokerage Houston as Real Estate Broker 3101 SAGE: Seeks to Tap Realm Real Estate Professional as Broker 33 MAKO: Seeks Chapter 11 Bankruptcy in New York 4069 - 4089 MINNESOTA: Trustee Taps B. Riley as Asset Manager 437 88 LLC: Hires Lerner Arnold & Winston as Litigation Counsel 5TH AVENUE: Seeks Chapter 11 Bankruptcy in New York 6 GROUP: Case Summary & 13 Unsecured Creditors 615 N. UPPER BROADWAY: Seeks Chapter 11 Bankruptcy in Texas A & A TAXI: Case Summary & One Unsecured Creditor A.T & M.D TRUCKING: Hires Strip Hoppers Leithart as Counsel ACCELERATE DIAGNOSTICS: Gets Court Ok to Tap $20MM DIP Loan ADVANCE COMPANIES: Mary Sieling Named Subchapter V Trustee ADVENT AIR: Frances Smith Named Subchapter V Trustee AG GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR ALFRESCO GROUP: Seeks to Hire Brown Law Firm as Bankruptcy Counsel ALL ABOUT ENERGY: Rebecca Redwine Grow Named Subchapter V Trustee AMPLIFYBIO LLC: Hires McDonald Hopkins LLC as Bankruptcy Counsel AMPLIFYBIO LLC: Seeks to Hire Hutchison PLLC as Corporate Counsel AMPLIFYBIO LLC: Taps Kasey Rosado of Accordion Partners as CRO AMPLIFYBIO LLC: U.S. Trustee Appoints Creditors' Committee ANI ROOF: Section 341(a) Meeting of Creditors on July 7 APPLIED POWDERCOAT: Seeks Subchapter V Bankruptcy in California AR ACQUISITIONS: Taps Pacific Northwest Property as Broker ASSOCIATIONS INC: OHA Senior Marks $286,000 1L Loan at 26% Off ASSOCIATIONS INC: OHA Senior Marks $356,000 1L Loan at 75% Off ATTLEBORO REALTY: Claims to be Paid from Available Cash & Financing AVON PRODUCTS: Bankruptcy Court Rejects Insurers' Objections B.G.P. INC: Seeks to Extend Plan Exclusivity to June 22 BEACH HOUSE: Updates Unsecured Claims Pay; Files Amended Plan BECKHAM JEWELRY: Seeks to Hire Rollins Law Firm as Attorney BEDMAR LLC: Case Summary & Seven Unsecured Creditors BEN FACKLER: Hires Law Offices of Keith Y. Boyd as Counsel BENITEZ & GALLOWAY: Case Summary & Five Unsecured Creditors BENNY AND MARYS: Seeks Chapter 11 Bankruptcy in California BEST CHEER: Taps Goe Forsythe & Hodges LLP as Bankruptcy Counsel BINGO HOLDINGS I: Fitch Assigns 'B+' First-Time IDR, Outlook Stable BRADYIFS HOLDINGS: OHA Senior Marks $393,000 1L Loan at 79% Off BREWER'S LAWN: Case Summary & 10 Unsecured Creditors BROADWAY REALTY: Gets OK to Use Cash Collateral Until June 26 CALVIN1 LLC: Seeks to Hire Maxwell Dunn PLC as Bankruptcy Counsel CAMP LOUEMMA: Seeks to Hire A.Y. Strauss LLC as Legal Counsel CANVAS SARASOTA: Seeks Chapter 11 Bankruptcy in Florida CARAWAY TEA: Case Summary & 20 Largest Unsecured Creditors CARLA'S PASTA: Court Denies Novo Advisors' Motions in Limine CASH CLOUD: AVT Wins Partial Summary Judgment Bid in McAlary Suit CELSIUS NETWORK: Court Expunges Mlo's Unsecured Claim CHAPMAN CBC: Taps Stradling Yocca Carlson as Bankruptcy Counsel CHARTER SCHOOL: Case Summary & 20 Largest Unsecured Creditors CHARTER SCHOOL: Seeks Chapter 11 Bankruptcy with Up to $50MM Debt CHASE INTERMEDIATE: OHA Senior Marks $433,000 1L Loan at 89% Off CHASE INTERMEDIATE: OHA Senior Marks $8.6M 1L Loan at 30% Off CHG US: Seeks to Hire Ordinary Course Professionals CHG US: Seeks to Hire Pashman Stein Walder as Bankruptcy Counsel CHG US: Seeks to Hire Stretto Inc as Administrative Advisor CHG US: Seeks to Tap Wen Rittsteuer of Novo Advisors as CRO CHICAGO SMILES: Gets OK to Use Cash Collateral Until June 20 CHUNGA-JINGA LLC: Taps Diamond Real Inc as Real Estate Broker COLD SPRING: Committee Taps Kroll Associates as Financial Advisor COMPAC USA: Hires Genesis Credit Partners as Financial Advisor CONSOLIDATED BURGER: Affiliate to Sell Restaurants to King Fisher CTN HOLDINGS: Committee Hires Dundon Advisers as Financial Advisor CTN HOLDINGS: Committee Taps Gibbons P.C. as Bankruptcy Counsel CYTOPHIL INC: Taps Schmidt Rupke Tess-Mattner as Special Counsel D TUR HOTEL: Seeks Chapter 11 Bankruptcy in California DEDICATION & EVERLASTING: Hires Hahn Fife & Company as Accountant DEDICATION & EVERLASTING: Trustee Taps Levene Neale as Counsel DIOCESE OF SAN FRANCISCO: Comm. Taps Colliers as Real Estate Broker DOG ROBBER: Seeks Chapter 11 Bankruptcy in California DOVETAIL DEVELOPMENT: To Sell Paulding Property to Julio Yatesto E.F. MARKETING: Hires Cennamo and Werner as Bankruptcy Counsel ECI PHARMA: Acute Inc. et al. Adversary Case Stayed Pending Appeal ECS BRANDS: Seeks to Hire Jacques Seys CPA as Accountant ELEGANT TENTS: Seeks to Hire Eric Bononi as Accountant ENVELOPE MART: Patricia Fugee Named Subchapter V Trustee ESTIATORIO ENT: Stacey Realty Loses Bid to Reopen Chapter 7 Case EVERBRIDGE HOLDINGS: OHA Senior Marks $1.8M 1L Loan at 61% Off EXACTECH INC: Committee Taps Dr. Narayan of Anthara as Expert FLAGSHIP RESORT: Taps Edward Phillips of Getzler Henrich as CCRO FLAME LLC: Seeks to Hire Law Office Joy Lee Barnhart as Counsel FMB ENERGY: Seeks to Hire Langley & Banack as Bankruptcy Counsel FOREST MEADOWS: U.S. Trustee Unable to Appoint Committee FOSTER AND SCHELL: Seeks to Hire NKW CPA LLC as Accountant FR VISION: OHA Senior Marks $2.3 Million 1L Loan at 58% Off FRANCHISE GROUP: Can't Assign American Freight Lease to AF Newco FRESH ACQUISITIONS: Loses Fraudulent Transfer Summary Judgment Bid FRESH ACQUISITIONS: Trustee Suit v ABRE Goes to Trial FRONTIERSMEN INC: Taps Hester Baker Krebs as Bankruptcy Counsel GARRISON INDUSTRIAL: Seeks to Hire H. Kent Aguillard as Counsel GARRISON INDUSTRIAL: Taps Daryl Schouest as Management Professional GENERAL MOTORS: Says Data Privacy Suit Defies Ch. 11 Sale Order GI APPLE: OHA Senior Marks $1.1 Million 1L Loan at 43% Off GI APPLE: OHA Senior Marks $1.6 Million 1L Loan at 88% Off GIO LIQUOR: Mark Shapiro Named Subchapter V Trustee GLOBAL CONCESSIONS: Seeks to Hire Thompson Hine as Special Counsel GO LAB INC: Gets Court Approval for Debt-for-Equity Plan GOAK PROPERTIES: U.S. Trustee Unable to Appoint Committee GOLDNER CAPITAL: Taps Summers Compton Wells as Real Estate Counsel GOOD EARTH: Christopher Hayes Named Subchapter V Trustee GRANT ANTIQUES: Andrew Layden Named Subchapter V Trustee GREATER LIGHT: Amends Several Secured Claims Pay Details GREENWICH RETAIL: Case Summary & 20 Largest Unsecured Creditors GRYPHON DEBT: S&P Assigns 'B+' ICR, Outlook Stable GUNNISON VALLEY: Seeks to Hire Bland Law Office as Special Counsel HARVEY CEMENT: Seeks to Extend Plan Exclusivity to August 15 HAWAIIAN ELECTRIC: Fitch Hikes LongTerm IDR to B+, Outlook Positive HEADWAY WORKFORCE: Court Orders Creditors' Committee Appointment HENDERSON RECOVERY: Case Summary & 19 Unsecured Creditors HERO BX ALABAMA: Court Appoints Compass Advisory as Receiver HIAWATHA MANOR: U.S. Trustee Unable to Appoint Committee HIGH SOURCES: Hires Ford & Semach P.A. as Bankruptcy Counsel HIGHLAND CAPITAL: SCOTUS Ends Stay in Ex-CEO Bankruptcy Dispute HOOTERS OF AMERICA: Junior Creditors Object to Reorganization Plan HOPEMAN BROTHERS: Claimant Taps Reaves PLLC as Local Counsel INVATECH PHARMA: Taps Spektrum Capital as Investment Banker J&L LANDSCAPE: Hires Neeleman Law Group P.C. as Legal Counsel J. PAUL HOLDINGS: Taps Bankruptcy Center of Louisiana as Attorney JEFFERSON LA BREA: Court Affirms Sale of Real Property JILL'S OFFICE: Seeks to Hire Parsons Behle as Immigration Counsel JUNK IT PLUS: Gets Final OK to Use Cash Collateral KEEP IT GYPSY: Donald Brady Named Subchapter V Trustee KELLEY CORPORATION: To Sell Conveyor Machine to Burnin' Bush KIDDE-FENWAL INC: Updates Liquidating Plan Disclosures KIDZ TYME: Linda Leali Named Subchapter V Trustee KLE EQUIPMENT: Seeks to Hire Abacus Group LLC as Accountant KLE EQUIPMENT: Seeks to Hire Kerkman & Dunn as General Counsel LAVISSANI LLC: Hires McDonald Carano LLP as Bankruptcy Counsel LEMONS & OLIVES: Seeks to Tap Davidoff Hutcher & Citron as Counsel LIGADO NETWORKS: Should Decide on Ch.11 Satellite Deal, Says Boeing LILY616 LLC: Taps William G. Haeberle CPA LLC as Accountant MAGIC CAR: Case Summary & Four Unsecured Creditors MAI CAPITAL: OHA Senior Marks $1.6 Million 1L Loan at 61% Off MAI CAPITAL: OHA Senior Marks $610,000 1L Loan at 61% Off MAJESTIC OAK: Court OKs Promissory Note Sale to One Boerne Tract MANE SOURCE: Gets Extension to Access Cash Collateral MARELLI HOLDINGS: Considers Chapter 11 Bankruptcy Filing MARRS CONSTRUCTION: Hires Osborn Maledon as Bankruptcy Counsel MAT TRANSPORT: Claims to be Paid from Sale Proceeds & New Value MAVENCRUX I: Seeks to Hire Hilco Real Estate as Valuation Witness MONARCHY RANCHEROS: Seeks Chapter 11 Bankruptcy in New Mexico MURPHDOG LLC: Seeks Subchapter V Bankruptcy in Georgia NATIONAL REALTY: Trustee Sues BofA, Other Parties in Ponzi Fallout NEW HOME: S&P Rates Proposed $300MM Senior Unsecured Notes 'B' NEW LOOK: OHA Senior Marks $414,000 1L Loan at 32% Off NEW LOOK: OHA Senior Marks $6.2 Million 1L Loan at 69% Off NEW LOOK: OHA Senior Marks $795,000 1L Loan at 32% Off NEW LOOK: OHA Senior Marks $850,000 1L Loan at 87% Off NEWBURN LAW: Seeks to Hire Wadsworth Garber as Bankruptcy Counsel NIKOLA CORP: Founder Reaches Deal to Exchange Info With Creditors NIKOLA CORP: Seeks to Tap Hilco Streambank as Consultant NORTIA LOGISTICS: Case Summary & Six Unsecured Creditors NP ELEVATE: Seeks to Hire Olsen Taggart as Bankruptcy Counsel NUMALE CORP: Trustee Taps Paul Weiss Rifkind as Litigation Counsel NUMALE CORP: Trustee Taps Rodey Dickason as Local Counsel OAK AND FORT: Seeks Chapter 15 Bankruptcy Due to Tariffs OHIO TRANSMISSION: OHA Senior Marks $1.4 Million 1L Loan at 44% Off OHIO TRANSMISSION: OHA Senior Marks $1Million 1L Loan at 65% Off PAI HOLDCO: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Neg. PARADOX ENTERPRISES: Hires McGuigan & Associates as Appraiser PARAGON INDUSTRIES: Seeks to Hire D. R. Payne & Associates as CRO PARTIDA HOLDINGS: Hires Tap Fellers Snider as Bankruptcy Counsel PAUL LESPOIR: Seeks to Hire Alter & Barbaro as Bankruptcy Counsel PET RINSE: G. Matt Barberich of B. Riley Named Subchapter V Trustee PET RINSE: Seeks to Hire Krigel Nugent Moore as Attorney POLY-WOOD LLC: OHA Senior Marks $1.3 Million 1L Loan at 71% Off POWIN LLC: Case Summary & 50 Largest Unsecured Creditors POWIN LLC: Files for Chapter 11, To Form New Entity PREHIRED LLC: Ex-CEO's Motion for Comfort in Beskrone Suit Denied PRODUCERS INC: Judgment on Count III in Adversary Case Affirmed PROSPECT MEDICAL: Hires Keen-Summit Capital as Real Estate Broker PUNKO ONE: Nathan Smith Named Subchapter V Trustee PURE AVIATION: U.S. Trustee Unable to Appoint Committee Q TECHNOLOGY: Seeks to Hire Michael Jay Berger as Legal Counsel QBD PACKAGING: Seeks to Hire Hester Baker Krebs as Attorney QT HAU: Seeks to Hire Gordon Feinblatt LLC as Bankruptcy Counsel R86 LIQUIDATION: Seeks to Hire FGMK LLC as Accountant REBELLION POINT: Seeks to Hire DesRoches & Company as Accountant RECORDED BOOKS: OHA Senior Marks $1.1 Million 1L Loan at 36% Off RHODIUM ENCORE: Stakeholders Want to End Co.'s Bankruptcy Control RIDGE HOME: Seeks to Tap SPERRY-Insignia CRE as Real Estate Broker RIMKUS CONSULTING: OHA Senior Marks $867,000 1L Loan at 85% Off RITE AID: Affirms Commitment to Paying Rent to Objecting Landlords RITE AID: Taps Kroll Restructuring as Administrative Advisor ROCK STAR: OHA Senior Marks $420,000 1L Loan at 86% Off ROCKET COMPANIES: Moody's Assigns 'Ba1' CFR, Outlook Stable SANTIS & ARGENTA: Seeks to Hire Van Horn Law Group as Counsel SARVER REALTY: Seeks to Hire Newmark Southern Region as Broker SCHILLER PARK: Seeks to Extend Plan Exclusivity to September 30 SCV GRAPHIC: Seeks to Hire Keck Legal LLC as Bankruptcy Counsel SHARP DEVELOPERS: Section 341(a) Meeting of Creditors on July 8 SHOREVIEW HOLDING: U.S. Trustee Unable to Appoint Committee SITIO ROYALTIES: Fitch Puts 'B+' LongTerm IDR on Watch Positive SITIO ROYALTIES: Moody's Puts 'B1' CFR on Review for Upgrade SLM MILLEDGEVILLE: Bank Seeks to Submit Update by June 18 SOLO REAL ESTATE: Seeks to Hire Herrin Law PLLC as Legal Counsel STEEL FABRICATORS: Plan Exclusivity Period Extended to July 21 STICKY'S HOLDINGS: Judge Expresses Doubt Over Ch. 11 Plan Changes STV GROUP: OHA Senior Marks $875,000 1L Loan at 79% Off SUNCOKE ENERGY: Moody's Affirms 'B1' CFR, Outlook Remains Stable SUNNOVA ENERGY: Case Summary & 30 Largest Unsecured Creditors SUNNOVA ENERGY: Faces Dealers Resistance in Chapter 11 Assets Sale SWAIN LANDING: Angela Shortall of 3Cubed Named Subchapter V Trustee SYNAPSE FINANCIAL: Trustee Wants Chapter 11 Converted to Chapter 7 SYSOREX GOVERNMENT: Hires Jameson Capital LLC as Auctioneer TEAM SYSTEMS: Appeals in Fraudulent Transfer Suit Dismissed TERRA LAKE: Leslie Osborne Appointed as Chapter 11 Trustee TMK HAWK: S&P Upgrades ICR to 'CCC+' on ABL Maturity Extension TOHI LLC: Hires Bovarnick and Associates as Replacement Counsel TOMMY'S BOATS: U.S. Trustee Opposes Chapter 11 Releases TOMMY'S FORT: Enforcement Motion Against Borisch Granted in Part TRINITY INTEGRATED: Hires Guidant Law PLC as Bankruptcy Counsel TRINITY INTEGRATED: James Cross Named Subchapter V Trustee TRINITY INTEGRATED: Seeks to Hire Barski Law as Bankruptcy Counsel TRIPLETT FUNERAL: Trustee Hires Carmody MacDonald as Legal Counsel TRUCK-LITE CO: OHA Senior Marks $1.1 Million 1L Loan at 36% Off TRUCK-LITE CO: OHA Senior Marks $1.1 Million 1L Loan at 93% Off TRUCORDIA HOLDCO: S&P Assigns 'B' Long-Term ICR, Outlook Stable UNITI FIBER: S&P Rates New $600MM Senior Unsecured Notes 'CCC' USIC HOLDINGS: OHA Senior Marks $1 Million 1L Loan at 46% Off USIC HOLDINGS: OHA Senior Marks $510,000 1L Loan at 79% Off VELOCITY ESPORTS: U.S. Trustee Unable to Appoint Committee VIVA LIBRE: Hires Shioda Langley & Chang as Bankruptcy Counsel WARNER BROS: S&P Places 'BB+' ICR on CreditWatch Negative WATCHMEN SECURITY: Taps Barnes & Thornburg LLP as Special Counsel WCB CONSTRUCTION: Seeks to Hire Gillman Capone LLC as Counsel WHIRLPOOL CORP: S&P Rates New $1.2BB Senior Unsecured Notes 'BB+' WILLOUGHBY EQUITIES: Unsecureds' Recovery "Unknown" in Plan WINDWARD DESIGN: Court OKs Vehicle Sale to David Peace WOLYNIEC CONSTRUCTION: Hires Hunyady Auction Company as Auctioneer [] SWEDEN: Strong Access to Capital Cuts Risk for Real Estate Cos. ********* 1291 BRITAIN DR: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 1291 Britain Dr PCPRE, LLC. About 1291 Britain Dr PCPRE 1291 Britain Dr PCPRE, LLC, operating as Britain Village Apartments, is a residential complex located at 1291 Britain Drive in Lawrenceville, Ga. The property offers two-and three-bedroom units with standard amenities and is managed by Premier Living US. 1291 Britain Dr PCPRE sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54940) on May 5, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ashley Reynolds Ray, Esq., at Scroggins, Williamson & Ray, P.C. 2015 PARK: Taps Colliers International as Real Estate Broker ------------------------------------------------------------ 2015 Park Street LP filed an emergency application seeking approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Colliers International Houston, Inc. dba Colliers as its real estate broker. The firm will market and sell the Debtor's apartment complex located at 4040 Schanen Blvd Corpus Christi, TX 78413. The broker shall receive a commission for any sale that closes, or any other transfer of $150,000. If a cooperating broker is involved, the commission increased by $75,000 to a total of $225,000. As disclosed in the court filings, Colliers International is a "disinterested" person, as defined in section 101(14) of the Bankruptcy Code, and that Broker does not have any connections with or any interest adverse to the Debtor, its creditors, or any other party in interest, or their respective attorneys and accountants. The firm can be reached through: Zarathustra (Zar) Haro Colliers International Houston, Inc. dba Colliers 1233 West Loop South, Suite 900 Houston, TX 77027 About 2015 Park Street LP 2015 Park Street LP owns and operates a park in Corpus Christi, Texas offering a picturesque setting close to Corpus Christi Bay and the scenic Oso Beach Municipal Golf Course. The Park also offers a range of rental options to suit diverse lifestyles. 2015 Park Street LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-20183) on July 1, 2024. In the petition filed by Clyde Nazareth, as president of General Partner, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Nathaniel Peter Holzer, Esq. 202-204 OCEAN: Hires Law Office of Alla Kachan PC as Counsel ------------------------------------------------------------ 202-204 Ocean Ave Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Law Office of Alla Kachan, PC as counsel. The firm will provide these services: (a) assist the Debtor in administering this Chapter 11 case; (b) make such motions or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as it deems appropriate; (d) take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (e) negotiate with the Debtor's creditor in formulating a plan of reorganization in this case; (f) draft and prosecute the confirmation of the Debtor's plan of reorganization in this case; and (g) render such additional services as the Debtor may require in this case. The firm will be paid at these rates: Attorney $475 per hour Clerks/Paraprofessionals $250 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $18,000. Alla Kachan, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coey Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About 202-204 Ocean Ave Holdings LLC 202-204 Ocean Ave Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42218) on May 8, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. represents the Debtor as counsel. 2045 SW 127TH AVENUE: Taps Mark S. Roher P.A. as Attorney --------------------------------------------------------- 2045 SW 127th Avenue, LLC filed a renewed application seeking approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Mark S. Roher, P.A. a/k/a The Law Office of Mark S. Roher, P.A. as attorney. The attorney will render these professional services: (a) give advice to the Debtor with respect to its powers and duties as Debtor in possession and the continued management of its finances; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with his creditors in the preparation of a plan. Mark Roher, Esq., the primary attorney in this representation, will be billed at his hourly rate of $500. The firm received an advance retainer of $7,000 from the Debtor. 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 through: Mark S. Roher, Esq. Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Road, Suite 300 Pembroke, FL 33028 Telephone: (954) 353-2200 Facsimile: (877) 654-0090 Email: mroher@markroherlaw.com About 2045 SW 127th Avenue 2045 SW 127th Avenue, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-14362) on April 21, 2025, listing under $1 million in both assets and liabilities. Judge Scott M Grossman oversees the case. The Law Office of Mark S. Roher, P.A. is the Debtor's legal counsel. 215 PAPER MILL: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 215 Paper Mill Rd PCPRE, LLC. About 215 Paper Mill Rd PCPRE 215 Paper Mill Rd PCPRE, LLC, doing business as The Carolina, operates an apartment complex in Lawrenceville, Ga. 215 Paper Mill Rd PCPRE sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54943) on May 5, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Ashley Reynolds Ray, Esq., at Scroggins, Williamson & Ray, P.C. 229 ELM ST: Seeks to Hire Offit Kurman as Bankruptcy Counsel ------------------------------------------------------------ 229 Elm St NW LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Offit Kurman, P.A. as its bankruptcy counsel. The firm will render these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) prepare on behalf of the Debtor all necessary legal papers; (c) assist in analyses and representation with respect to lawsuits to which the Debtor is or may be a party; (d) negotiate, prepare, file and seek confirmation of a plan of reorganization; (e) represent the Debtor at all hearings, meetings of creditors and other proceedings; and (f) perform all other legal services for the Debtor which may be necessary to serve its best interests and its bankruptcy estate in this proceeding. The firm's hourly rates are as follows: Frances C. Wilburn, Esq. $580 Augustus T. Curtis, Esq. $550 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $10,000, plus the $1,738 filing fee. Frances Wilburn, a principal at Offit Kurman, 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: Frances C. Wilburn, Esq. Augustus T. Curtis, Esq. Offit Kurman, PA 7501 Wisonsin Avenue, Suite 1000W Bethesda, MA 20814 Telephone: (240) 507-1723 Facsimile: (240) 507-1735 Email: fwilburn@offitkurman.com Email: augie.curtis@offitkurman.com About 229 Elm St NW LLC 229 Elm St NW LLC is a real estate holding company that appears to own or manage property at 229 Elm Street NW in Washington, DC. The company is managed by Christos Retzos, who also owns 100% of the entity. 229 Elm St NW LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00185) on May 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtors are represented by Frances C Wilburn, Esq. at Offit Kurman. 23ANDME HOLDING: Shareholders Seek Appointment of Equity Committee ------------------------------------------------------------------ A group of shareholders in 23andMe Holding Co. is seeking the appointment of an official committee that will represent equity security holders in the company's Chapter 11 case. In their motion, the shareholders asked the U.S. Bankruptcy Court for the Eastern District of Missouri to direct the appointment of an equity committee, arguing the company "appears to be massively solvent." "[23andMe's] asset value -- at least $256 million, plus cures and rising -- is more than enough to satisfy the relatively paltry claims pool and deliver meaningful value to equity," Spencer Desai, Esq., the shareholders' attorney, said in the court filing. Mr. Desai cited the results of the auction held recently where 23andMe received a $256 million bid from Regeneron Pharmaceuticals, Inc. and available market data confirming that "equity is well in the money." According to him, the current market capitalization of 23andMe's stock is over $100 million. Since the announcement of Regeneron's bid, 23andMe's share price has more than quadrupled, closing at $3.76 per share on June 2 (from $0.90 per share before the auction results were announced). "Shareholders deserve a fiduciary seat at the negotiating table to ensure that the final sale transaction and ultimate case resolution, including the Chapter 11 plan maximizes value for equity holders," the attorney said. The shareholders collectively hold 6,805,766 shares or approximately 33.5% of 23andMe's Class A common shares. The shareholders can be reached through: Spencer P. Desai, Esq. Desai Law Firm, LLC 13321 North Outer Forty Rd., Suite 300 St. Louis, MO 63017 Telephone: (314) 666-9781 spd@desailawfirmllc.com -- and -- Robert J. Stark, Esq. Bennett S. Silverberg, Esq. Andrew M. Carty, Esq. Alexander F. Kasnetz, Esq. Brown Rudnick, LLP Seven Times Square New York, NY 10036 Telephone: (212) 209-4800 rstark@brownrudnick.com bsilverberg@brownrudnick.com acarty@brownrudnick.com akasnetz@brownrudnick.com -- and -- Shari I. Dwoskin, Esq. Brown Rudnick, LLP One Financial Center Boston, MA 02111 Telephone: (617) 856-8200 sdwoskin@brownrudnick.com About 23andMe 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 3000 SMITH: Claims to be Paid from Property Sale Proceeds --------------------------------------------------------- 3000 Smith, Ltd., filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement describing Plan of Reorganization dated June 2, 2025. The Debtor is a Texas limited partnership founded in 2007. The Debtor's primary asset is a commercial real estate building located at 3000 Smith Street, Houston, Texas (the "Property"). The Debtor filed for bankruptcy protection under Chapter 11 in order to protect and preserve the Property from foreclosure sale to maximize sale to more fully satisfy its creditors by a market and sale process. The Debtor filed and application and the Court has entered an agreed order Court's allowing the Debtor to employ Taylor Wynn and PCR Brokerage Houston, LLC as real estate professionals to sell the Property. Generally speaking, the Plan provides for the payment to certain Claims against the Debtor by funds generated by the marketing and sale of the Property. The Plan proposed and supported by professional, disinterested real estate professionals involves the sale of the Property pursuant the Court's order allowing the Debtor to employ Taylor Wynn and PCR Brokerage Houston, LLC as real estate professionals to sell the Property. The Debtor believes the property is worth approximately $4,000,000 if marketed and sold in a normal sales process and not at an auction process. Debtor has secured creditors with debts exceeding that amount. Notwithstanding, Debtor believes that after a potential sale Debtor will have generated enough funds to fully satisfy its administrative expenses and professional fees, all taxing authority debts, utilities and maintenance expenses incurred since the Petition Date and the first lien debt held by MMG Investments V, LLC. The remaining secured creditors, Nalin Kumar and Nextfund CCP Ventures, LLC have entered into an agreement between themselves as to the division of remaining funds. Thereafter, Debtor will windup and terminate the partnership with the Court's approval. If the Debtor obtains an offer to purchase the Property for $4,000,000 or more, the plan provides that (i) the Reorganized Debtor shall be authorized to sell the Property, (ii) at the closing, the Reorganized Debtor shall be authorized to pay the normal and ordinary closing costs including payment of the real estate brokers' commissions, the cost for a title policy and other closing expenses, (iii) pay the attorneys’ fees and expenses of its counsel, and (iv) pay the remaining amounts to the secured creditors in the order of priority from the Deeds of Trust and pursuant to the agreements among the secured creditors. Class 6 consists of Holders of Unsecured Claims. The Reorganized Debtor will pay any amounts remaining upon a sale of the Property after payment in full of Classes 1 to 5, closing costs, administrative claims and priority claims. If the Property is refinanced, the Debtor will pay a total of 100% of these creditors' Allowed Claims on or before five years from the Effective Date. Class 6 Claims are impaired by the Plan. The Class 7 Allowed Interests of the Equity Interest Holders will be extinguished upon a sale of the Property. The Class 7 Allowed Interests of the Equity Interest Holders will continue upon a refinancing of the Property. The funds used for the repayment of Claims to be made under the Plan will come from the income generated from the sale of the Property. The Debtor currently has no tenants or current revenue. The necessary insurance premiums and utility and maintenance expenses during the execution of the Plan will be funded by capital contributions of the sole equity holder. The Plan involves the sale of the Property with the Debtor employing Taylor Wynn and PCR Brokerage Houston, LLC as real estate professionals to sell the Property. The Debtor will have four months from the Effective Date to obtain a buyer for the Property. The sales proceeds shall be distributed as set forth herein. If the Debtor obtains an offer to purchase the Property for $4,000,000 or more, the Reorganized Debtor shall be authorized to sell the Property without further order of the court. For any amount less than $4,000,000, the Reorganized Debtor must get approval of the secured creditors or an order from the bankruptcy court. A full-text copy of the Disclosure Statement dated June 2, 2025 is available at https://urlcurt.com/u?l=KjUKm2 from PacerMonitor.com at no charge. Counsel to the Debtor: Reese W. Baker, Esq. Baker & Associates 950 Echo Lane Ste. 300 Houston, TX 77024 Telephone: (713) 869-9200 Facsimile: (713) 869-9100 Email: courtdocs@bakerassociates.net About 3000 Smith, Ltd 3000 Smith, Ltd is a Texas limited partnership founded in 2007. The Debtor’s primary asset is a commercial real estate building located at 3000 Smith Street, Houston, Texas (the "Property"). The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31240) on March 4, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge Jeffrey P Norman presides over the case. Reese W Baker, Esq. at Baker & Associates, is the Debtor's counsel. 3000 SMITH: Hires PCR Brokerage Houston as Real Estate Broker ------------------------------------------------------------- 3000 Smith, Ltd seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire PCR Brokerage Houston, LLC as real estate brokers. The firm will market and sell the Debtor's real property located at 3000 Smith St, Houston, Texas 77006. PCR will receive a broker fee of 6 percent of the total sales price upon the sale of the property. As disclosed in the court filings, Broker does not hold or represent any interests adverse to that of the Debtor and is a disinterested person within the meaning of 11 USC Sec. 101(14). The firm can be reached through: Marc Peeler PCR Brokerage Houston LLC dba Partners 1360 Post Oak Blvd, Suite 1900 Houston, TX 77056-3049 About 3000 Smith, Ltd 3000 Smith, Ltd filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31240) on March 4, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge Jeffrey P Norman presides over the case. Reese W Baker, Esq. at Baker & Associates represents the Debtor as counsel. 3101 SAGE: Seeks to Tap Realm Real Estate Professional as Broker ---------------------------------------------------------------- 3101 Sage Rd. LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Realm Real Estate Professionals, Sugarland, Texas, as real estate broker. The broker will market and sell the Debtor's property located at 3101 Sage Road, Houston, Texas 77056. The broker will receive a commission equal to 2 percent of the purchase price. The broker is a "disinterested person" as that term is defined in the Bankruptcy Code, according to court filings. The firm can be reached through: REALM Real Estate Professionals 14090 Southwest Frwy Suite 102 Sugar Land, TX 77478 Tel: (281) 690-5900 Email: realm@realmpro.com About 3101 Sage Rd. LLC 3101 Sage Rd. LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31806) on March 31, 2025, listing $10,000,001 to $50 million in assets and $1,000,001 to $10 million in liabilities. Judge Eduardo V Rodriguez presides over the case. Sean Michael Rooney, Esq. at Jd Herberger Associates PC represents the Debtor as counsel. 33 MAKO: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------ On June 3, 2025, 33 Mako LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 33 Mako LLC 33 Mako LLC is a real estate company doing business as 54 Sandcastle, which owns a residential property at 54 Sandcastle Lane in Amagansett, New York. The Company focuses on single-asset real estate development and management in the Hamptons area. 33 Mako LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11256) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtors are represented by Joel M. Shafferman, Esq. at KUCKER MARINO WINIARSKY & BITTENS, LLP. 4069 - 4089 MINNESOTA: Trustee Taps B. Riley as Asset Manager ------------------------------------------------------------- H. Jason Gold, the duly appointed Chapter 11 trustee for 4069 - 4089 Minnesota Ave NE, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ GlassRatner Advisory & Capital Group, LLC dba B. Riley Advisory Services as his asset manager. The firm's services include: a. coordinating access with the Trustee and Secured Lender, including financial records, rent rolls, leases, vendor agreements, security deposit schedules, accounts payable, and construction-related documents. All bank accounts shall be maintained by the Trustee. Any income collected will be deposited with the Trustee; all expenses shall be paid through the Trustee; b. performing detailed onsite inspection of the Property to identify any critical physical issues relating to life safety, deferred maintenance, code compliance, or operational necessity; c. notifying tenants of new management, providing instructions to tenants for tendering of rent payments directly to Trustee, and engaging contractors for performance of standard property maintenance; d. retaining 24-hour armed security at the onset of this assignment. Determining-appropriate security solutions (e.g. fencing the property, boarding up first floor windows) to reduce overall security cost with the goal of removing the 24-hour security or reducing the requirement for this level of security; e. preparing monthly financial statements in Yardi (a software solutions provider for asset management platforms) to include a balance sheet, income statement, and cash flow statement. f. in cooperation with Trustee and Secured Lender, preparing a 6-month operating and capital expenditure budget; g. notifying all active utilities, determining the status of real estate taxes and property fines imposed by the agencies and departments of the government of the District of Columbia; h. providing construction management services, as needed; i. working with the Trustee's Agent/Broker to coordinate access for showings and making available documentation necessary for any prospective buyer's due diligence; j. preparing monthly operating reports suitable for filing by the Trustee in this case; k. conducting a weekly call with the Trustee and/or Secured Lender to coordinate appropriate staffing for the following week and any other topics relevant to the administration of the assets of the bankruptcy estate; and l. determining and assessing tenants of Property and the existence and terms of leases and preparing rent roll to deliver to Trustee and Secured Lender. Clifford Cooper, a licensed property manager, will handle all tenant communications and interactions and assist B. Riley as necessary to ensure that all relevant functions that require licensing are performed. Mr. Cooper's compensation in this matter will be $1,000 per month. The asset manager will bill its fees as follows: (i) a daily per person rate of $750 for an asset manager, (ii) a daily per person rate of $1,000 for a senior managing director, and (iii) a fee of 5 percent of the actual cost of capital expenditure work performed. The firm shall receive a retainer in the amount of $10,000. B. Riley is disinterested within the meaning of 11 U.S.C. 101(14) and has no conflicts, according to court filings. The firm can be reached through: Adam Brown GlassRatner Advisory & Capital Group, LLC dba B. Riley Advisory Services 11100 Santa Monica Blvd., Suite 800 Los Angeles, CA 90025 Tel: (310) 966-1444 Fax: (310) 966-1448 About 4069 - 4089 Minnesota Ave NE, LLC 4069 - 4089 Minnesota Ave is a debtor with a single real estate asset, as outlined in 11 U.S.C. Section 101(51B). 4069 - 4089 Minnesota Ave, NE, LLC in Washington, DC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-00070) on Feb. 27, 2025, listing as much as $10 million to 50 million in both assets and liabilities. Oscar Portillo as managing member, signed the petition. Judge Elizabeth L Gunn oversees the case. LAW OFFICES OF RICHARD B. ROSENBLATT, PC serve as the Debtor's legal counsel. 437 88 LLC: Hires Lerner Arnold & Winston as Litigation Counsel --------------------------------------------------------------- 437 88, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Lerner Arnold & Winston LLP as special litigation counsel. The firm will represent the Debtor with its claims against Great Lakes Insurance SE (UK Branch) arising out of damage suffered by the Debtor on or about Sep. 29, 2023 by reason of water infiltration at the Debtor's real property located at 437 88th Street, Brooklyn, NY. The firm will receive a contingency fee equal to: a. 5 percent of all sums recovered without litigation; b. 20 percent of all sums recovered from the Carrier in the event litigation; and c. 30 percent of all sums recovered from any third parties in the event litigation. Frank P. Winston, Esq., a member of Lerner Arnold & Winston, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Frank P. Winston, Esq. Lerner Arnold & Winston, LLP 286 Fifth Avenue, 12th Floor New York, NY 10001 Phone: (212) 686-4655 Email: fwinston@lawpartnersllp.com About 437 88 LLC 437 88, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40269) on January 17, 2025, listing under $1 million in both asset and liabilities. Judge Elizabeth S. Stong oversees the case. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP serves as the Debtor's counsel. 5TH AVENUE: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On June 6, 2025, 5th Avenue Furniture Warehouse Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $2,736,974 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 5th Avenue Furniture Warehouse Inc. 5th Avenue Furniture Warehouse Inc. is a family-owned furniture retailer located at 1644 5th Avenue, Bay Shore, New York, offering a range of home furnishings, mattresses, and accessories. 5th Avenue Furniture Warehouse Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72216) on June 6, 2025. In its petition, the Debtor reports total assets of $283,034 and total liabilities of $2,736,974. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtors are represented by Heath S. Berger, Esq. at BFSNG LAW GROUP, LLP. 6 GROUP: Case Summary & 13 Unsecured Creditors ---------------------------------------------- Debtor: The 6 Group, LLC d/b/a 6 Group, LLC 440 Black Rock Tpke Redding, CT 06896 Business Description: The 6 Group, LLC is a single-asset real estate debtor, as defined under 11 U.S.C. Section 101(51B), with its principal asset located at 433 Belden Hill Road, Wilton, Connecticut 06897. Chapter 11 Petition Date: June 9, 2025 Court: United States Bankruptcy Court District of Connecticut Case No.: 25-50477 Debtor's Counsel: Jeffrey M. Sklarz, Esq. GREEN & SKLARZ LLC 1 Audubon St, 3rd Fl New Haven, CT 06511 Tel: 203-285-8545 Fax: 203-823-4546 E-mail: jsklarz@gs-lawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hernan Benitez as member. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ENVVYTI/The_6_Group_LLC__ctbke-25-50477__0001.0.pdf?mcid=tGE4TAMA 615 N. UPPER BROADWAY: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------------- On June 5, 2025, 615 N. Upper Broadway LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 615 N. Upper Broadway LLC 615 N. Upper Broadway LLC 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. 615 N. Upper Broadway LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.Case No. 25-60051) on June 5, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Leonard Simon, Esq. at PENDERGRAFT & SIMON LLP. A & A TAXI: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: A & A Taxi, Inc. 313 10th Avenue New York, NY 10001 Business Description: A & A Taxi, Inc., provides taxi transportation services in the New York area. Chapter 11 Petition Date: June 9, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11297 Debtor's Counsel: Thomas A. Farinella, Esq. LAW OFFICE OF THOMAS A. FARINELLA, PC 260 Madison Avenue 8th Floor New York, NY 10016 Tel: (917) 319-8579 E-mail: tf@lawtaf.com Total Assets: $0 Total Liabilities: $3,338,573 The petition was signed by Toni E. Boghdedy as principal. The Debtor has identified Pentagon Federal Credit Union, located at 7940 Jones Branch Drive, Tysons, VA 22102, as its only unsecured creditor, with a claim amounting to $3.34 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZLYEKCQ/A__A_TAXI_INC__nysbke-25-11297__0001.0.pdf?mcid=tGE4TAMA A.T & M.D TRUCKING: Hires Strip Hoppers Leithart as Counsel ----------------------------------------------------------- A.T & M.D Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA, as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its rights, powers and duties in this case; (b) advise and assist the Debtor in the preparation of its petition, schedules, and statement of financial affairs; (c) advise and assist the Debtor in connection with the administration of this case; (d) analyze the claims of the creditors in this case, and negotiate with such creditors; (e) investigate the acts, conduct, assets, rights, liabilities and financial condition of the Debtor and the Debtor’s business; (f) advise and negotiate with respect to the sale of any or all assets of the Debtor; (g) investigate, file and prosecute litigation of behalf of the Debtor; (h) propose a plan of reorganization; (i) appear and represent the Debtor at hearings, conferences, and other proceedings; (j) prepare and/or review motions, applications, orders, and other filings filed with the Court; (k) institute or continue any appropriate proceedings to recover assets of the estate; and (l) perform any and all such other legal services as may be required that are in the best interest of the estate or its creditors. The firm's current rates are: Myron N. Terlecky $425/hour John W. Kennedy $395/hour Loni R. Sammons $250/hour Law clerks $150/hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $30,000. John Kennedy, Esq., a partner at Strip, Hoppers, Leithart, McGrath & Terlecky Co. LPA, 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: Myron N. Terlecky, Esq. John W. Kennedy, Esq. Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA 575 South Third Street Columbus, Ohio 43215-5759 Tel: (614) 228-6345 Fax: (614) 228-6369 Email: mnt@columbuslawyer.net jwk@columbuslawyer.net About A.T & M.D Trucking A.T & M.D Trucking, LLC is a trucking contractor based in Columbus, Ohio. It provides freight transportation services and is registered with the U.S. Department of Transportation. A.T & M.D Trucking sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-52131) on May 16, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge John E. Hoffman Jr. handles the case. The Debtor is represented by John W. Kennedy, Esq., at Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA. ACCELERATE DIAGNOSTICS: Gets Court Ok to Tap $20MM DIP Loan ----------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has granted final approval of Accelerate Diagnostics' $20 million debtor-in-possession financing, which is supported by its lenders, including the stalking horse bidder. About Accelerate Diagnostics Accelerate Diagnostics, Inc. is an in vitro diagnostics company that develops systems for the rapid identification of pathogens and antibiotic susceptibility, with a focus on serious infections such as sepsis. Its products, including the Accelerate Pheno and Arc systems, are used in hospitals and clinical laboratories to improve treatment precision and reduce healthcare costs. The Company has submitted its WAVE system for FDA clearance, with a commercial launch expected in early 2026. Accelerate Diagnostics Inc. and Accelerate Diagnostics Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Case No. 25-10837) on May 8, 2025. In the petition signed by Jack Phillips as president and chief executive officer, the Debtors disclosed total assets of $28,556,000 and total debts of $84,596,000 as of December 31, 2024. The Hon. Karen B. Owens oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Shriver & Jacobson LLP as bankruptcy counsels. Solic Capital Advisors LLC serves as restructuring advisor to the Debtors; Perella Weinberg Partners LP acts as investment banker; and Stretto Inc. serves as claims and noticing agent. ADVANCE COMPANIES: Mary Sieling Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Mary Sieling as Subchapter V trustee for Advance Companies Inc. Ms. Sieling will be paid an hourly fee of $330 for her services as Subchapter V trustee and an hourly fee of $200 for paralegal time. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Sieling declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mary F. Sieling 150 South Fifth Street, Suite 3125 Minneapolis, MN 55402 Email: mary@mantylaw.com About Advance Companies Inc. Advance Companies Inc. is a family-owned restoration and remodeling contractor based in Fridley, Minnesota. The company serves the Minneapolis-St. Paul area, specializing in water and fire damage restoration, mold remediation, and remodeling projects. It holds contractor licensing and certifications, offering services including emergency board-up and insurance claim assistance. Advance Companies sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41603) on May 18, 2025. In its petition, the Debtor reported total assets of $98,837 and total liabilities of $1,515,858. Judge William J. Fisher handles the case. The Debtor is represented by John D. Lamey III, Esq., at Lamey Law Firm, P.A. ADVENT AIR: Frances Smith Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Advent Air Conditioning, Inc. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Advent Air Conditioning Inc. Advent Air Conditioning Inc. is a family-owned HVAC services company based in Lewisville, Texas, serving the greater Dallas Fort Worth area. Established in 1981, the company specializes in AC repair, heating repair, and HVAC system replacements, offering energy-efficient and indoor air quality solutions. Advent Air Conditioning sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41696) on May 9, 2025. In its petition, the Debtor reported total assets of $142,986 and total liabilities of $1,333,818. Judge Mark X. Mullin handles the case. The Debtor is represented by Clayton L. Everett, Esq., at Norred Law, PLLC. AG GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR --------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed all ratings, including its 'B' issuer credit rating on U.S.-based staffing firm AG Group Holdings Inc. (doing business as Addison Group). The negative outlook reflects the risk that prolonged macroeconomic headwinds will continue to negatively affect operating metrics. S&P said, "Our outlook revision reflects our view that there is an increased risk that leverage metrics could remain above our downside scenario over the next year given the uncertain macroeconomic environment. The company operates in the cyclical staffing industry and has been significantly affected by declining demand for its staffing and consulting services. Revenue declined by approximately 12% in fiscal-year 2024 and leverage increased to 6.3X due to deteriorating EBITDA. Revenue continued to decline, down 11% year-over-year in the first quarter of 2025. While we expect modest revenue stabilization in the second half of the year, it remains uncertain when the industry will see a sustained rebound in demand. The risk of a longer-than-expected macroeconomic downturn provides uncertainty in our base case forecast. We are forecasting S&P Global Ratings-adjusted leverage will increase to 7.3x in 2025 before modestly improving on our expectation for industry recovery in 2026. However, if we do not see revenue stabilization over the course of the next year it could lead to a review of the rating. "We believe that once the operating environment improves, Addison Group's mix of staffing and consulting services in niche areas will allow the company to maintain stable bill rates and EBITDA margins. The company provides professional staffing, consulting, and permanent placement in a variety of industries. Professional staffing is primarily focused on positions in finance/accounting, information technology, healthcare, human resources, and administration. We expect its S&P Global Ratings-adjusted EBITDA margins to remain around 10%-11% over the next two years as the company benefits from a highly variable cost structure. Despite lower revenue, we expect the company to generate sustained free operating cash flow given this cost structure. There has been modest margin derogation in the past year as demand for temporary services has declined and consulting utilization was affected by declines in demand and the holiday calendar in the fourth quarter. We expect management to focus on operational initiatives to improve utilization and overall margins such as digital implementations that led to a reduction in non-producing headcount." The negative outlook reflects the increased risk that prolonged macroeconomic headwinds will continue to negatively affect operating metrics such that leverage remains above 6x and FOCF to Debt declines below 5%. S&P could lower its rating on Addison Group if leverage exceeds 6x or free operating cash flow (FOCF) to debt declines below 5% on a sustained basis. This could occur if: -- There is a prolonged economic downturn that causes its revenue to decline significantly; -- The company undertakes debt-financed shareholder returns or acquisitions; or -- It is unable to effectively integrate its acquisitions and expand its end markets. S&P view an upgrade as unlikely over the next 12 months. However, S&P could raise its rating on Addison Group over the longer term if: -- Its leverage declines below 5x on a sustained basis while it steadily broadens the scale of its operations; and -- The company achieves FOCF to debt of more than 10%. ALFRESCO GROUP: Seeks to Hire Brown Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ Alfresco Group LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Oklahoma to hire Brown Law Firm, P.C. as its counsel. The firm will provide these services: (a) negotiate allowed claims and treatment of creditors; (b) render legal advice and prepare legal documents and pleadings concerning claims of creditors, post-petition financing, executing contracts, sale of assets, insurance, etc; (c) represent the Debtor in hearings and other contested matters; (d) formulate a disclosure statement and plan of reorganization; and (e) perform all other matters needed for reorganization. The firm will be paid at these hourly rates: Ron Brown, Attorney $350 Associate $300 Paralegal $75 The firm holds a retainer in the amount of $10,212. Mr. Brown 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: Ron D. Brown, Esq. Brown Law Firm, P.C. 1609 E. 4th St. Tulsa, OK 74120 Telephone: (918) 585-9500 Facsimile: (866) 552-4874 Email: ron@ronbrownlaw.com About Alfresco Group LLC Alfresco Group LLC owns 22 acres of commercial land in Tulsa County, Oklahoma, comprising multiple tracts designated for multifamily and hotel development. The parcels, located in Tulsa, have a combined assessed value of $564,300. Alfresco Group LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-10708) on May 23, 2025. In its petition, the Debtor reports total assets of $564,300 and total liabilities of $3,246,900. Honorable Bankruptcy Judge Paul R. Thomas handles the case. The Debtors are represented by Ron Brown, Esq. at BROWN LAW FIRM PC. ALL ABOUT ENERGY: Rebecca Redwine Grow Named Subchapter V Trustee ----------------------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Rebecca Redwine Grow as Subchapter V trustee for All About Energy Solutions, LLC. The Subchapter V trustee will receive an hourly fee of $375 and reimbursement for work-related expenses. Ms. Redwine disclosed in an affidavit that she is "disinterested" according to Section 101(14) of the Bankruptcy Code. About All About Energy Solutions All About Energy Solutions, LLC installs insulation in eastern North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01847) on May 16, 2025. In the petition signed by Chris DeHart, member and manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge David M. Warren oversees the case. George Mason Oliver, Esq., at The Law Offices of George Oliver, PLLC, represents the Debtor as bankruptcy counsel. AMPLIFYBIO LLC: Hires McDonald Hopkins LLC as Bankruptcy Counsel ---------------------------------------------------------------- Amplifybio, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ McDonald Hopkins LLC as their counsel. The firm's services include: a. advising the Debtors with respect to their powers and duties as Debtors in possession in the continued management and operation of their businesses and properties; b. advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e. preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. representing the Debtors in connection with obtaining authority to continue using cash collateral and post-petition financing; g. advising the Debtors in connection with any potential sale of assets; h. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; i. advising the Debtors regarding tax matters; j. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and k. performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases. McDonald Hopkins' current hourly rates are: Members $420 to $1,115 Of Counsel $400 to $1,025 Associates $300 to $635 Paralegals $245 to $445 McDonald Hopkins was holding $200,000 in advance payment retainer. As disclosed in the court filings, McDonald Hopkins is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates. The firm can be reached through: Scott N. Opincar, Esq. Maria G. Carr, Esq. MCDONALD HOPKINS LLC 600 Superior Avenue East, Suite 2100 Cleveland, OH 44114 Telephone: (216) 348-5400 Facsimile: (216) 348-5474 Email: sopincar@mcdonaldhopkins.com mcarr@mcdonaldhopkins.com About AmplifyBio LLC AmplifyBio LLC is a preclinical contract research and manufacturing organization based in Ohio that offers integrated services for therapeutic development, including R&D, preclinical testing, and scalable manufacturing for advanced therapies such as cell and gene therapies, mRNA, and non-viral gene editing platforms. Formed as a 2021 spinout from Battelle Memorial Institute, the Company has expanded through acquisitions and facility investments, including a 350,000-square-foot cGMP manufacturing site in New Albany. Its wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into its operations and participates in scientific, operational, and financial activities. AmplifyBio LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 25-52140) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Scott N. Opincar, Esq. and Maria G. Carr, Esq. at MCDONALD HOPKINS LLC. HUTCHISON PLLC is the Debtor's co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Notice, Claims and Balloting Agent. AMPLIFYBIO LLC: Seeks to Hire Hutchison PLLC as Corporate Counsel ----------------------------------------------------------------- Amplifybio, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Hutchison PLLC as corporate counsel. The firm will provide: (a) advice pertaining to business operations; (b) corporate governance counseling including Board of Directors matters; (c) financing transactions and monetization of collateral; (d) commercial transactions involving disposition of tangible assets; (e) advice and counsel pertaining to general issues of corporate law; (f) matters associated with disposition of intellectual property; (g) participation in hearings and other proceedings regarding the Debtor. Hutchison's hourly rates are: Attorneys $350 to $795 Paralegals $235 to $355 Hutchison received a retainer in the amount of $100,000. J. Scott Merrell, Esq., Of Counsel at Hutchison PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: J. Scott Merrell, Esq. Hutchison PLLC 10080 West Alta Drive, Suite 200 Las Vegas, NV 89145 Tel: (402) 385-2500 About AmplifyBio LLC AmplifyBio LLC is a preclinical contract research and manufacturing organization based in Ohio that offers integrated services for therapeutic development, including R&D, preclinical testing, and scalable manufacturing for advanced therapies such as cell and gene therapies, mRNA, and non-viral gene editing platforms. Formed as a 2021 spinout from Battelle Memorial Institute, the Company has expanded through acquisitions and facility investments, including a 350,000-square-foot cGMP manufacturing site in New Albany. Its wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into its operations and participates in scientific, operational, and financial activities. AmplifyBio LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 25-52140) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Scott N. Opincar, Esq. and Maria G. Carr, Esq. at MCDONALD HOPKINS LLC. HUTCHISON PLLC is the Debtor's co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Notice, Claims and Balloting Agent. AMPLIFYBIO LLC: Taps Kasey Rosado of Accordion Partners as CRO -------------------------------------------------------------- Amplifybio, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Accordion Partners, LLC to provide additional staff and designate Kasey Rosado as chief restructuring officer. The firm will render these services: (a) assist the Debtors and collaborate with counsel and the Debtors' other professionals in preparing to file petitions for relief under chapter 11 of the Bankruptcy Code and all related papers; (b) assist with the Debtors' implementation of Court orders; (c) assist with financing issues either prior to or during a bankruptcy filing, including providing analysis required to obtain and comply with the terms of the Debtors' usage of cash collateral, post-petition and/or exit financing; (d) participate in meetings and provide support to the Debtors' and its other professionals in responding to information requests, communicating with and/or negotiating with lenders, official and unofficial committees of creditors, vendors, customers, the U.S. Trustee, other parties in interest, and professionals hired by the same; (e) based on the Debtors' underlying records, as and when produced, prepare such financial disclosures as may be required by the Court, including the Debtors' schedules of assets and liabilities, statements of financial affairs and monthly operating reports; (f) assist the Debtors with de minimis asset sales and support a section 363 sale process, including (i) developing materials and documents for potential buyers' review, (ii) assisting the Debtors with the preparation of due diligence materials and responding to buyer diligence requests, (iii) assisting with the evaluation of offers received and (v) working with the Debtors, counsel, and other advisors to prepare and support asset purchase agreements and related motions to obtain Court approval; (g) advise the Debtors regarding their accounting and operating procedures to segregate prepetition and post-petition business transactions; (h) identify the Debtors' executory contracts and unexpired leases, as and when produced, and perform analyses of the financial impact of the assumption or rejection of each, as necessary; (i) participate in the Debtors' claims analysis and reporting, including plan classification modeling and claim estimation; (j) assist in implementing the Debtors' chapter 11 plan; (k) prepare the Debtors' information and analysis necessary for the confirmation of the Debtors' plan of reorganization, including information contained in the Debtors' disclosure statement such as a liquidation analysis, projections, and range of reorganization value; (l) advise the Debtors' on the implementation of fresh-start accounting and other technical accounting matters resulting from or related to the bankruptcy and restructuring process; (m) render testimony, as requested, about the matters regarding which Accordion, and its personnel are providing services; and (n) provide such other restructuring or advisory services to the Debtors. The Accordion will be paid as follows: Senior Managing Directors $995 to $1,250 per hour Managing Directors $895 to $995 per hour Senior Directors $775 to $875 per hour Directors $650 to $775 per hour Vice Presidents $550 to $650 per hour Associates and Analysts $325 to $550 per hour Kasey Rosado, Senior Managing Director of ACCORDION PARTNERS, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Kasey Rosado Accordion Partners, LLC One Vanderbilt Ave, 24th floor New York, NY 10017 About AmplifyBio LLC AmplifyBio LLC is a preclinical contract research and manufacturing organization based in Ohio that offers integrated services for therapeutic development, including R&D, preclinical testing, and scalable manufacturing for advanced therapies such as cell and gene therapies, mRNA, and non-viral gene editing platforms. Formed as a 2021 spinout from Battelle Memorial Institute, the Company has expanded through acquisitions and facility investments, including a 350,000-square-foot cGMP manufacturing site in New Albany. Its wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into its operations and participates in scientific, operational, and financial activities. AmplifyBio LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 25-52140) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Scott N. Opincar, Esq. and Maria G. Carr, Esq. at MCDONALD HOPKINS LLC. HUTCHISON PLLC is the Debtor's co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Notice, Claims and Balloting Agent. AMPLIFYBIO LLC: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of AmplifyBio, LLC and its affiliates. The committee members are: 1. Aktis Oncology, Inc. Lorraine Horgan, VP, Head of Program Management 801 Capitola Dr. Durham, NC 27713 (919) 270-0440 lhorgan@aktisoncology.com 2. Elemental Machines, Inc. Fani Isaac, Director of Finance Operations 185 Alewife Brook Parkway, Suite 401 Cambridge, MA 02138 (617) 871-9692 fani@elementalmachines.com 3. Mendel New Albany Property Owner LLC Scott Nudelman, Manager 7200 Wisconsin Ave., Ste. 960 Bethesda, MD 20814 (240) 396-1414 nudelman@vitrian.com 4. Messer Construction Co. Alex Munoz, Senior Vice President 643 W. Court St. Cincinnati, OH 45203-1511 (513) 482-5353 amunoz@messer.com 5. RNAV8 Bio Raksha Shah, Operations Advisor 29851 Weatherwood Laguna Niguel, CA 92677 (949) 637-2014 raksha@rnav8bio.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About AmplifyBio LLC AmplifyBio, LLC is a preclinical contract research and manufacturing organization based in Ohio that offers integrated services for therapeutic development, including R&D, preclinical testing, and scalable manufacturing for advanced therapies such as cell and gene therapies, mRNA, and non-viral gene editing platforms. Formed as a 2021 spinout from Battelle Memorial Institute, the Company has expanded through acquisitions and facility investments, including a 350,000-square-foot cGMP manufacturing site in New Albany. Its wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into its operations and participates in scientific, operational, and financial activities. AmplifyBio sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-52140) on May 16, 2025, listing between $100 million and $500 million in assets and between $50 million and $100 million in liabilities. Kasey Rosado, chief restructuring officer of $50,000,001 to $100 million, signed the petition. Judge Mina Nami Khorrami oversees the case. The Debtor tapped McDonald Hopkins, LLC as bankruptcy counsel; Hutchison, PLLC as co-counsel; and Epiq Corporate Restructuring, LLC as notice, claims and balloting agent. ANI ROOF: Section 341(a) Meeting of Creditors on July 7 ------------------------------------------------------- On June 6, 2025, Ani Roof LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between$1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on July 7, 2025 at 01:30 PM at Appear by Teams. About Ani Roof LLC Ani Roof LLC operates as a roofing contractor serving residential or commercial clients in the Chicago area. Ani Roof LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08670) on June 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtors are represented by Landon Raiford, Esq. at TAFT STETTINIUS & HOLLISTER LLP. APPLIED POWDERCOAT: Seeks Subchapter V Bankruptcy in California --------------------------------------------------------------- On June 6, 2025, Applied Powdercoat LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Applied Powdercoat LLC 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. Applied Powdercoat LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10762) on June 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtors are represented by Derrick Talerico, Esq. at WEINTRAUB, ZOLKIN TALERICO & SELTH LLP. AR ACQUISITIONS: Taps Pacific Northwest Property as Broker ---------------------------------------------------------- AR Acquisitions, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Pacific Northwest Property Management, Inc. as real estate broker and property manager. The firm will render these services: a. gather further information regarding each parcel of real property that it is expected to list for sale as set forth herein, assess each parcel’s condition, and recommend repairs and improvements necessary to increase the sales price by more than the expected costs to repair and improve each parcel; b. make recommendations regarding listing prices and sales prices if, as, and when an offer is received; c. provide reasonable and necessary construction management oversight necessary for the DIP to make cost-effective improvements to each real property parcel necessary to reorganize the Debtor; d. work with the DIP to identify, target, and solicit potential buyers for the vacant land, which is Lot 2 (property of the Estate) and the four real property parcels owned by White Rock (the Estate owns White Rock); e. work with the DIP to identify, hire, and oversee contractors and subcontractors to complete the improvements to Lot 3 and to update and renovate the existing single-family home on Lot 1; f. oversee the completion of construction on the Lot 3 ADU and the updates and renovations of the 104th Property and Lot 1; g. provide financial oversight to assist the DIP in filing accurate monthly operating reports; h. list the real property parcels that are property of the Estate or owned by White Rock for sale in the NWMLS and provide the necessary real estate services for each real property parcel that it lists for sale; i. work with the DIP to ensure potential buyers have access to the real property parcels that it lists for sale and that the potential buyers receive adequate information for them to satisfy any feasibility contingency that must be satisfied to sell any parcel of real property it lists for sale; j. assist the DIP in negotiating contracts with contractors, and potential buyers for any real property parcel it lists; k. oversee the preparation of and review any purchase and sale agreements, including feasibility contingency periods, earnest money deposits, closing extensions, and representations and warranties, including any accompanying addenda, which must be approved by the Court by order or a confirmed plan of reorganization; l. cooperate with other professionals, such as title companies, lenders, trustees, lawyers, escrow agents, other real estate brokers, and inspectors to procure real estate purchase and sale agreements and close the transactions contemplated by any such agreement; and m. perform any and all other real estate services that are necessary to be provided by a Washington licensed real estate broker that lists real property for sale in Washington. Pacific will receive a 1.0 percent listing broker real estate commission. Pacific Northwest does not hold or represent any interest adverse to the interests of the Estate, and is a disinterested person within the meaning of 11 U.S.C. Sec. 101, according to court filings. The firm can be reached through: Mark J. Johnson Pacific Northwest Property Management, Inc. PO Box 1044 Edmonds, WA 98020 Cell: (206) 940-1115 Office: (425) 771-4100 Fax: (425) 771-1312 Email: realestate@pnwpm.com About AR Acquisitions AR Acquisitions, LLC, a company in Bellevue, Wash., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-12986) on November 22, 2024. In the petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Christopher M. Alston oversees the case. The Debtor is represented by Dennis McGlothin, Esq., at Western Washington Law Group PLLC. ASSOCIATIONS INC: OHA Senior Marks $286,000 1L Loan at 26% Off -------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $286,000 loan extended to Associations, Inc. to market at $212,000 or 74% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Associations, Inc. The loan accrues interest at a rate of 11.08% per annum. The loan matures on July 3, 2028. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Associations Inc. Headquartered in Des Moines, Iowa, Associations Inc. represents clients in a variety of media platforms across the Midwest and beyond. We bring extensive experience and professionalism to every project and customize our support to each client's unique needs. ASSOCIATIONS INC: OHA Senior Marks $356,000 1L Loan at 75% Off -------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $356,000 loan extended to Associations, Inc. to market at $88,000 or 25% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Associations, Inc. The loan accrues interest at a rate of 11.06% per annum. The loan matures on July 3, 2028. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Associations Inc. Headquartered in Des Moines, Iowa, Associations Inc. represents clients in a variety of media platforms across the Midwest and beyond. We bring extensive experience and professionalism to every project and customize our support to each client's unique needs. ATTLEBORO REALTY: Claims to be Paid from Available Cash & Financing ------------------------------------------------------------------- Attleboro Realty LLC submitted a Second Amended Disclosure Statement for Chapter 11 Plan of Reorganization dated June 2, 2025. The Debtor was formed in September 2018 to own the real estate located and commonly known as 527 Pleasant Street, Unit B, Attleboro, MA 02703 (the "Real Property"). The current lease for Cyr Oil / Clean Harbors expires July 1, 2025. The Debtor is negotiating with this tenant an amended / extended lease which would provide for an increase in the square footage leased from 10,000 sq. ft. to 27,000 sq. ft. The rental rate will likely be no more than $1 per sq. ft. higher than current, but the amended lease terms will be triple net (tenant to pay its share of taxes, insurance, and maintenance). The Debtor estimates the additional revenue will exceed $9,000.00 per month. The Plan is for the Debtor to reorganize and pay all Allowed Claims. The Plan will primarily be funded with available Cash, and certain Exit Financing. The Plan proposes to pay Allowed Claims (other than certain insider/ affiliate related Claims) in full, without interest (unless specifically stated otherwise) on the Effective Date of the Claim or when Allowed. Like in the prior iteration of the Plan, each holder of the Class 6 General Unsecured Claim shall receive the amount of such holder's Allowed Claim in Cash payment on the later of: (i) the Effective Date, and (ii) as soon as practicable after the General Unsecured Claim is Allowed; provided that, there shall be no duplicative recovery for the Building 11 Claim and the Great Eastern Claim; provided further that, insider / affiliate related Claim holders may subordinate payments until after all other General Unsecured Claims are paid. The holders of Class 7 Interests will retain such Interests in the Debtor. The Plan will be funded with available Cash, and the Exit Financing discussed herein and in the Plan. Under the Plan, the Allowed Claims are to be paid in full (100% distribution) but without any interest, unless specifically provided otherwise. The Plan does not propose post-petition interest as the proceeds of the Exit Financing will not be sufficient to pay such post petition interest. The Plan proposes to pay all Allowed claims in full without interest with the consent of, acceptance by, or subject to no objection to confirmation of the Plan by affected creditors, including Class 6 (General Unsecured Class). Upon the Effective Date, the Debtor will receive certain loan, as an exit financing, in the amount of $1,100,000.00 (the "Exit Financing") from Almeida Properties, LLC (the "Lender"), pursuant to the Loan Commitment Letter, dated May 12, 2025, between the Debtor and the Lender, filed with the Bankruptcy Court on May 15, 2025 (as may be amended). Pursuant to the Loan Commitment Letter, the loan will mature after one year, and will accrue interest rate of 10%. As security for the loan, the Lender will be granted a first priority mortgage in the Real Property. A full-text copy of the Second Amended Disclosure Statement dated June 2, 2025 is available at https://urlcurt.com/u?l=uF0Svl from PacerMonitor.com at no charge. About Attleboro Realty Attleboro Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy (Bankr. D. Mass. Case No. 24-12070) on Oct. 15, 2024. In the petition filed by Paul Simoes, as authorized representative of the Debtor, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by: Alan L. Braunstein, Esq. RIEMER & BRAUNSTEIN LLP 100 Cambridge Street 22nd Floor Boston, MA 02114 Tel: (617) 523-9000 E-mail: abraunstein@riemerlaw.com AVON PRODUCTS: Bankruptcy Court Rejects Insurers' Objections ------------------------------------------------------------ Olivia Alafriz of Bloomberg Law reports that a federal bankruptcy court found that Avon Products Inc.'s London market insurers were entitled to raise objections in the company’s Chapter 11 case, but ultimately ruled that their objections lacked merit. In a June 6, 2025 opinion, the U.S. Bankruptcy Court for the District of Delaware held that the insurers qualified as a "party in interest" with the right to take part in the confirmation process, citing a U.S. Supreme Court decision from the previous 2024, the report states. About AIO US and Avon Products AIO US Inc., Avon Products Inc, and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. B.G.P. INC: Seeks to Extend Plan Exclusivity to June 22 ------------------------------------------------------- B.G.P., Inc. and its affiliates asked the U.S. Bankruptcy Court for the Middle District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 22 and August 21, 2025, respectively. The Debtors have been involved in discussions with the official committee of unsecured creditors appointed in Inc.'s bankruptcy case (the "Committee") and the Debtors' secured creditor (the "Lender") in an attempt to reach an agreement as to the terms of a consensual plan. The Debtors are seeking a short extension of the time to file a plan and the exclusive periods to allow the parties to continue such discussions. The Debtors explain that this motion is not submitted for purposes of delay and the companies submit that the relief requested in this motion will not prejudice any party. Counsel to the Debtors: Scott A. Stichter, Esq. Daniel R. Fogarty, Esq. Stichter Riedel Blain & Postler, P.A. 110 E. Madison Street, Suite 200 Tampa, Florida 33602 Telephone: (813) 229-0144 Email: sstichter@srbp.com dfogarty@srbp.com About B.G.P. Inc. B.G.P., Inc., and its affiliates, BGP Warehouse Indiana, LLC and B.G.P. Stores, LLC, filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00412) on Jan. 23, 2025. At the time of the filing, B.G.P., Inc. reported between $10 million and $50 million in both assets and liabilities. Judge Roberta A. Colton oversees the cases. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A., is the Debtors legal counsel. DWB Holdings Group, LLC, as lender, is represented by: Edward J. Peterson, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 N. Ashley Drive, Suite 3100 Tampa, FL 33602 Telephone: (813) 225-2500 Email: edwardp@jpfirm.com BEACH HOUSE: Updates Unsecured Claims Pay; Files Amended Plan ------------------------------------------------------------- Beach House LLC submitted a Second Amended Disclosure Statement with respect to Plan of Reorganization dated May 16, 2025. Pursuant to the Plan, the Debtor proposes to effectuate a reorganization and to complete a balance sheet restructuring that will aid in the Debtor's viability. On the Effective Date, except as otherwise set forth in the Plan, the Estate's interest in all Assets shall vest in the Debtor free and clear of any and all Claims, Interests, or defenses (including recoupment) with respect to any Claims, whether known or unknown, asserted or unasserted, or contingent or fixed. As of the Effective Date, the Debtor will own the Real Property. Pursuant to an appraisal commissioned by First Boston in November of 2024 and as reflected in the Debtor's amended schedules, the Real Property has a fair market value of $8,300,000. Should the Real Property be liquidated, i.e., sold at foreclosure, the Debtor anticipates that said liquidation would realize an amount, after auction fees, etc., equal to 70% of the fair market value, or $5,810,000. The Debtor has fully repaired all damage suffered during the December of 2023 storm and enters the 2025 season with all rooms available for rent, something that never occurred in the prior years that the Debtor owned the Real Property. In addition, bookings for the 2025 season are well above the historical numbers and a new food and beverage program is being instituted, which will significantly increase revenue, The Debtor is comfortable that these factors, when taken together, will allow it to meet, if not surpass, the forecast found in the Cash Flow Projection. In other words, the Debtor does not believe that liquidation or further reorganization is likely to be needed. Class 8 consists of General Unsecured Claims that are not Unclassified Claims or provided for under any other Class contained in the Plan, and Class 8 Claims shall include any deficiency Claim arising from operation of Section 506 of the Bankruptcy Code. For avoidance of doubt, Class 8 Claims shall include, but not be limited to, any and all Allowed General Unsecured Claims of: (a) First Boston, (b) Clean Laundry Funding, (c) Ascentium; (d) USAM and all claims of (i) Airwave Mechanical, Inc. (ii) Warren Mechanical, Inc. (iii) York Water District; (iv) Gammon LLC, and (v) those set forth in the Schedules or Filed in a timely proof of Claim as General Unsecured Claims., which totals an amount equal to $5,786,347.45. In full and final satisfaction, settlement, release, and discharge of any General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive five annual Cash Distributions of its pro rata share of an amount equal to 95% of the Debtor's Excess NOI. Excess NOI shall be calculated after the end of each calendar year and pro rata payments shall be made annually on or about April 15th of the next year. The first pro rata payment of Excess NOI-for calendar year 2025-shall be calculated after December 31, 2025, and made on or before April 15, 2026. To the extent that Excess NOI is unavailable under this formula for a given year, the Trust and/or Perkins will guarantee a minimum NOI payment of $25,000 per year. Per the Cash Flow Projection attached to the Plan, the Debtor estimates that the total amount of Excess NOI to be distributed to holders of Allowed General Unsecured Claims over the five-year term is $1,297,578 (inclusive of a minimum $25,000 distribution to the holders of Allowed General Unsecured Claims in Year 1). Class 9 consists of any and all equity interests in the Debtor. Ninety percent of the equity interests of the Debtor are held by the Trust, and ten percent of the equity interest of the Debtor are held by Jack H. Lieberman ("Lieberman" and together with the Trust, the "Owners"). The Owners shall continue as the only Interest Holders of the Debtor after the Confirmation Date. No equity distributions shall be made to the Owners premised on their Interests in the Debtor until such time as all other Claims have been satisfied pursuant to the terms of the Plan, absent agreement between the Owner and any Claimant otherwise entitled to the Distribution. The Owners have already provided the Debtor with "new value" for purposes of Section 1129(b) of the Bankruptcy Code. Should Class 8 vote against the Plan, the Owners will provide additional new value sufficient to satisfy the "fair and equitable requirement" of Section 1129(b) of the Bankruptcy Code, including by ensuring that holders of Allowed Class 8 Claims receive their pro rata share of minimum annual NOI payments. The Plan requires the Debtor to make certain payments to Holders of Allowed Claims. These payments will be generated from one or more of the following sources: * Revenue from Business Operations: As evidenced by the Cash Flow Projections, the Debtor expects to generate significant revenue from operations on a going forward basis. That revenue will be the primary source of funding for the Debtor's Plan obligations until the Class 3 Ballon Payment or 1111(b) Note Balloon Payment, as applicable, comes due. * Financing From Affiliated Entities. If necessary, Perkins, the Trust, and/or affiliated persons or entities may contribute equity or debt to assist the Debtor in meeting its Plan obligations. If any cash is contributed as a loan or debt, any repayment obligations as to the same shall be expressly subordinated to the Plan obligations set forth herein. * Third-Party Financing. The Debtor anticipated borrowing from a third-party lender or lenders to make the Class 3 Note Ballon Payment or 1111(b) Note Balloon Payment, as applicable, when it comes due. * Recoveries from Causes of Action. The Debtor may pursue various Causes of Action, if the Debtor believes that it will likely recover certain amounts from these Causes of Action. The proceeds from the recoveries on any Causes of Action the Debtor chooses to pursue are not expected to be material. A full-text copy of the Second Amended Disclosure Statement dated May 16, 2025 is available at https://urlcurt.com/u?l=jRlcx5 from PacerMonitor.com at no charge. About Beach House LLC Beach House LLC was formed in July of 2021 to purchase the Sea Latch Inn, a 78-room hotel across the street from Long Sands Beach in York, Maine. Beach House LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 24-20211) on October 17, 2024. In the petition filed by Taylor Perkins, as manager, the Debtor reports estimated assets between $10 million and $50 milion and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by: David C. Johnson, Esq. MARCUS CLEGG 16 Middle Street Unit 501A Portland, ME 04101 Tel: (207) 828-8000 Email: bankruptcy@marcusclegg.com BECKHAM JEWELRY: Seeks to Hire Rollins Law Firm as Attorney ----------------------------------------------------------- Beckham Jewelry, LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire The Rollins Law Firm, PLLC as attorney. The firm will advise the Debtor on all matters which are now anticipated to arise in the functioning of this proceeding. The firm's hourly rates are: Thomas Rollins $400 Jennifer Calvillo $360 Paralegals $155 Legal assistants $100 Thomas Carl Rollins, Jr., Esq., an attorney at The Rollins Law Firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas Carl Rollins, Jr., Esq. The Rollins Law Firm, PLLC P.O. Box 13767 Jackson, MS 39236 Telephone: (601) 500-5533 Email: tc@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. BEDMAR LLC: Case Summary & Seven Unsecured Creditors ---------------------------------------------------- Debtor: Bedmar, LLC Bedmar Holdco, LLC 3115 Merryfield Row San Diego CA 92121 Business Description: Bedmar LLC is a real estate company based in San Diego, California, that owns and manages manufacturing, laboratory, and office properties across several U.S. locations, including Massachusetts, California, and Florida. Its portfolio includes multiple sites in Bedford, Allston, Marlborough, San Diego, Fremont, and Alachua. The Company's current operations are primarily focused on managing and winding down these sites. Chapter 11 Petition Date: June 9, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-11027 Judge: Hon. J Kate Stickles Debtor's Counsel: Michael J. Merchant, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square, 920 North King Street Wilmington, DE 19801 Tel: (302) 651-7700 E-mail: merchant@rlf.com Debtor's Financial & Restructuring Advisor: DOUGLAS WILSON COMPANIES Debtor's Claims, Noticing Agent and Administrative Advisor: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Christopher S. Sontchi as independent manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NIM6FYI/Bedmar_LLC__debke-25-11027__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Seven Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 92 Crowley Owner (DE) LLC Landlord $17,120,351 C/O Oxford Properties Group 125 Summer Street 12th Floor Boston, MA 02110 Contact: Brian Barriero Phone: 617-316-1702 Email: bbarriero@oxfordproperties.com 2. Cobalt Propco 2020 LLC Landlord $6,533,109 C/O TPG Real Estate 345 California Street Suite 300 San Francisco, CA 94104 Contact: Jacob Muller Phone: 415-743-1500 Email: jmuller@tpg.com 3. CEGM Alachua, LLC Landlord $5,826,470 200 West Madison Suite 2800 Chicago, IL 60606 Contact: Shelby Pruett Phone: 312-827-2280 Email: spruett@capri-egm.com 4. Orchard Therapeutics Landlord $2,951,934 North America 101 Seaport Blvd 7th Floor Boston, MA 02210 Contact: Alana Pechhold Phone: 240-273-6389 Email: alana.pechhold@orchard-tx.com 5. NBTK Holdings, LP Landlord $226,757 6645 Norman LN San Diego, CA 92120 Contact: Brent R Heramb, Esq Phone: 619-261-5969 Email: brent@herambconsulting.com 6. Kavenish, Ltd., L.P. Landlord $226,757 10620 Treena Street Suite 110 San Diego, CA 92131 Contact: Debra Parrish, Lori Moore Phone: 858-549-2874 Email: dparrish@cushnet.net; lmoore@cushnet.net 7. President And Fellows Of Landlord $76,696 Harvard College C/O Harvard Real Estate 1350 Massachusetts Avenue Holyoke Center, Suite 949 Cambridge, MA 02138 Contact: Sean Caron Phone: 617-496-9943 Email: sean_caron@harvard.edu BEN FACKLER: Hires Law Offices of Keith Y. Boyd as Counsel ---------------------------------------------------------- Ben Fackler Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire Keith Y. Boyd, P.C. to handle its Chapter 11 case. The firm will be paid at these rates: Keith Y. Boyd $445 per hour Melissa A. Arnold, ACP $185 per hour Law Clerk $200 per hour Legal Assistants $115 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. Keith Y. Boyd, Esq., a partner at The Law Offices of Keith Y. Boyd, 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: Keith Y. Boyd, Esq. The Law Offices of Keith Y. Boyd 724 S. Central Ave., Suite 106 Medford, OR 97501 Tel: (541) 973-2422 Fax: (541) 973-2426 Email: keith@boydlegal.net About Ben Fackler Construction Ben Fackler Construction Inc., doing business as Fackler Construction Company, provides commercial and residential construction services in the Portland, Oregon metro area, including McMinnville and nearby communities. It offers a range of services from remodeling to custom design -build projects. Founded and led by Ben Fackler for over 25 years, the business operates as a family-run enterprise. Ben Fackler Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-31621) on May 15, 2025. In its petition, the Debtor reported total assets of $641,841 and total liabilities of $5,832,743. Judge Peter C. Mckittrick handles the case. The Debtor is represented by Keith Y. Boyd, Esq., at Keith Y. Boyd, P.C. BENITEZ & GALLOWAY: Case Summary & Five Unsecured Creditors ----------------------------------------------------------- Debtor: Benitez & Galloway Real Estate, LLC d/b/a B&G Real Estate 440 Black Rock Tpke Redding, CT 06896 Business Description: Benitez & Galloway Real Estate LLC is a single-asset real estate company that owns a property located at 1 Charcoal Hill Road in Westport, Connecticut. The firm focuses on managing and operating its principal real estate asset. Chapter 11 Petition Date: June 9, 2025 Court: United States Bankruptcy Court District of Connecticut Case No.: 25-50478 Debtor's Counsel: Jeffrey M. Sklarz, Esq. GREEN & SKLARZ LLC 1 Audubon St, 3rd Fl New Haven, CT 06511 Tel: 203-285-8545 Fax: 203-823-4546 E-mail: jsklarz@gs-lawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hernan Benitez, member of The 6 Group LLC, a subsidiary of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EKXDHCY/Benitez__Galloway_Real_Estate__ctbke-25-50478__0001.0.pdf?mcid=tGE4TAMA BENNY AND MARYS: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------------- On June 6, 2025, Benny and Marys Irvine LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports $2,612,582 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Benny and Marys Irvine LLC Benny and Marys Irvine LLC, d/b/a Benny and Marys Better Together, 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. Benny and Marys Irvine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14830) on June 6, 2025. In its petition, the Debtor reports total assets of $1,867,887 and total liabilities of $2,612,582. The Debtors are represented by Christopher A. Minier, Esq. at GOLDEN GOODRICH LLP. BEST CHEER: Taps Goe Forsythe & Hodges LLP as Bankruptcy Counsel ---------------------------------------------------------------- Best Cheer Stone Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Goe Forsythe & Hodges LLP as general bankruptcy counsel. The firm will render these services: (a) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; (b) advise the Debtor regarding matters of bankruptcy law; (c) advise the Debtor regarding assumption and rejection of executory contracts and leases; (d) represent the Debtor in any proceedings or hearings in the Bankruptcy Court where its rights under the Bankruptcy Code may be litigated or affected; (e) conduct examinations of witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts, and pleadings related to this Chapter 11 case; (f) advise the Debtor concerning the requirements of the Bankruptcy Court and applicable rules as the same affect it in this proceeding; (g) assist the Debtor in negotiation, formulation, confirmation, and implementation of a Chapter 11 plan of reorganization; (h) make any bankruptcy court appearances on behalf of the Debtor; and (i) take such other action and perform such other services as the Debtor may require of the firm in connection with this Chapter 11 case. The firm will be paid at these hourly rates: Robert P. Goe, Attorneys $695 Marc C. Forsythe, Attorneys $695 Ronald S. Hodges, Attorneys $695 Dixon L. Gardner, Attorneys $595 Reem J. Bello, Attorneys $595 Charity J. Manee, Attorneys $585 Ryan S. Riddles, Attorneys $495 Brandon J. Iskander, Attorneys $495 Olivia Cannon, Attorneys $450 Lauren E. Raya, Attorneys $425 Adam O'Shea, Attorneys $385 Jeffrey Broker, Of Counsel $750 Brian Van Marter, Of Counsel $650 Greg Preston, Of Counsel $650 Taylor DeRosa, Of Counsel $450 Kerry Murphy, Paralegals $275 Britney Bailey, Paralegals $225 Arthur Johnston, Paralegals $250 Lauren Gillen, Paralegals $200 Evan Siegel, Paralegals $185 The firm received a pre-petition retainer in the amount of $101,000. Mr. Goe 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: Robert P. Goe, Esq. Goe Forsythe & Hodges LLP 17701 Cowen, Lobby D, Suite 210 Irvine, CA 92614 Tel: (949) 796-2460 Fax: (949) 955-9437 Email: rgoe@goeforlaw.com About Best Cheer Stone Inc. Best Cheer Stone Inc. supplies natural and engineered stone products, including granite, marble, and quartzite, for residential and commercial use. Headquartered in Anaheim, California, the Company operates a vertically integrated business with global quarries and manufacturing facilities. Established in 1994, it also offers prefabricated countertops, cabinets, and related home improvement materials. Best Cheer Stone Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal.Case No. 25-11344) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtors are represented by Robert P. Goe, Esq. at GOE FORSYTHE & HODGES LLP. BINGO HOLDINGS I: Fitch Assigns 'B+' First-Time IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned a first-time 'B+' Issuer Default Rating (IDR) to Bingo Holdings I, LLC (also known as PlayAGS, Inc. or AGS). The Rating Outlook is Stable. Additionally, Fitch has assigned a 'BB-' rating with a Recovery Rating of 'RR3' for the company's proposed first lien senior secured debt. The ratings reflect AGS' small, yet growing market position in the gaming suppliers' market, limited geographic and channel diversification, and an expanding digital business. The rating also considers its consistently strong FCF generation excluding shareholder distributions, moderate leverage profile over the medium term, and solid EBITDA margins. The Stable Outlook reflects debt capital market access and a potential to enter new markets and segments, while maintaining its existing longstanding relationships Key Rating Drivers Small but Improving Market Share: Despite strong competition from larger gaming suppliers, AGS has improved its global slot market share from low single digits in 2020 to mid-single digits as of 2024. Fitch expects AGS to drive continued growth though R&D investments in new game content across its electronic gaming machines (EGM), table products and interactive business portfolio. This strategy will enhance premium game mix and recurring revenue, enabling AGS to optimize installed bases while increasing revenue per day (RPD), ship share, and table product lease prices. Fitch anticipates growth among gaming suppliers will soften over the near to medium term as catch-up demand in gross gaming revenue (GGR) post-pandemic eases, outright sales and base installations normalize and pricing power tempers to some extent. However, market share among participants may remain dynamic depending on their expansion into adjacencies and new jurisdictions, as well as their ability to maintain strong recent prices. Concentrated Portfolio and End-Markets: AGS generates about 90% of total revenue from the U.S., with Oklahoma accounting for under 20%, down from about 30% in 2019. While EGMs contribute 90% of sales, tables and interactive businesses have doubled their share over the past five years. Fitch expects AGS to leverage its substantial tribal (Class II) footprint by expanding into premium and Class III cabinets, boosting its average RPD and closing the gap with larger peers. The company has actively diversified its installed base, with premium game mix growing from 1% to 21% over five years, supported by premium EGM unit growth. AGS has made marginal gains in its tables segment since entering the business in 2014. However, it has increasingly diversified revenue composition, with shufflers now accounting for a quintile of its sales (up from mid-single digits), with progressive table systems and proprietary table games accounting for most of the remainder. The ability to capture additional card shuffler opportunities, a market which has limited competitors, and further innovate in the progressive technology space could be a source of future revenue growth. Moderate Leverage: When Brightstar Capital Partners completes its take-private acquisition in 3Q25, Fitch expects EBITDA leverage of approximately 4.2x. Leverage should decline to 3.0x-3.5x over the rating horizon through EBITDA growth across all segments and no meaningful debt paydown. Management's leverage policy targets below 4.0x with no expected aggressive M&A strategy, and modest-sized tuck-in acquisitions a possibility. Evolving Interactive Presence: AGS has pivoted from largely unregulated social casino (68% of 2019 revenue) to real-money gaming, which now contributes nearly all its segment sales and has helped it take advantage of its omnichannel. Fitch believes AGS will continue to leverage its portfolio of games and produce content with strong theoretical win, expanding across more online casino sites. This shift can improve GGR share in the North American market to 8% from 4% in 2021 and support double digit CAGR revenue growth. Further expansion into interactive categories, including iLottery, would strengthen its offering, brand strength and geographical reach. Healthy FCF Margins: AGS has generated consistent FCF with high single digit margins in recent years. Excluding any potential dividends, the FCF margin is expected to approach low double digits over the rating horizon due to relatively steady capex. The company could use FCF towards small bolt-on acquisitions and potential shareholder returns thereafter. Stable Management and Relationship-centric Ownership: Fitch views Brightstar's relationship-centric approach to portfolio management, moderate leverage targets and infrequent dividend recapitalizations as positives. AGS' existing management averages about 20 years of gaming industry experience per executive, helping offset Brightstar's limited expertise in this sector. Peer Analysis AGS is a small player in the slots supplier industry and competes with the big four: Aristocrat Leisure Limited (ALL), International Game Technology plc (IGT) and Light & Wonder, Inc. (LNW), and Everi Holdings Inc. (EVRI). Its weaker market position in the segment, larger North American market focus, higher product concentration, and leverage position it lower than peers. ALL (BBB-/Positive) has a leading market position in the slot segment, greater diversification and lower leverage (target net leverage of 1.0x-2.0x), which position it as a low-investment-grade gaming supplier. Additionally, it offers solid digital mobile gaming with iLottery and real-money gaming (RMG), consistently generating robust FCF margin. IGT (BB+/Stable) has a similar credit profile to ALL's despite slightly higher leverage due to meaningful lottery exposure. It can withstand higher leverage, as the lottery business tends to be resilient and less prone to recessionary headwinds and economic shocks, resulting in stable low- to mid-single-digit growth rates and higher profit margins. LNW (BB/Stable) is another leading global slot supplier with an established market position in the digital space. Its rating reflects its conservative leverage profile (target net leverage in the 2.5x-3.5x range) and strong FCF margin. EVRI (BB-/Positive Watch) is a relatively smaller player, but larger than AGS. Its ratings reflect its slot supplier and cash services provider's market position and the integration risks of newly acquired companies. EVRI's Positive Watch reflects the announced acquisition of IGT's Gaming & Digital segment, along with EVRI, by Apollo Global Management. Key Assumptions - Total Revenue grows between 6%-8% over the forecast horizon, moderating towards the outer years, with gaming revenue expanding 5%-7% and equipment sales 5%-10%; - Segmentally, EGM sales remain in the about 3%-6% range, driven by low single digits improvement in gaming operations supported by an increase in premium game mix and revenue per device day (RPD) and mid-high single digit growth in equipment sales by increasing unit sales, while maintaining average sales price (ASP); - Table Products keep relative pace with the EGM segment rising 3%-6%, with the cadence of improvement across gaming operations and equipment relatively in line with gaming machines as AGS makes further inroads into progressives, shufflers, and premium games; - Interactive segment grows substantially at a CAGR of about 35% over the rating period as AGS maintains its pivot towards B2B RMG (from B2C social casino) due to its omni-channel advantage and continues producing a diverse portfolio of games and offering them at an increasing number of online casino sites; - R&D spend remains largely in line with the historical trend of 12%-13% of revenue; - EBITDA margin remains relatively in line with 2024 over the forecast period; - Capex as a percentage of revenue is in the 15%-19% range as AGS remains focused on manufacturing quality games; - Total gross debt balance remains tied to the revolver and term loan B (TLB), with a modest required annual amortization of 1% under its TLB. Fitch assumes no voluntary debt paydown; - Base interest rates assumptions reflect the current SOFR curve. Recovery Analysis The 'BB-'/'RR3' rating for AGS' senior secured debt is notched from its 'B+' IDR based on a bespoke analysis. The recovery analysis assumes AGS would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch estimates an enterprise value (EV) on a going-concern basis of $600 million. The EV assumption is based on a post-reorganization EBITDA of about $120 million, a 5.0x multiple, and a deduction of 10% for administrative claims. Fitch projects a post-restructuring sustainable cash flow, which assumes both depletion of the current position to reflect the distress that can cause a default, and a level of corrective action Fitch assumes either would have occurred during restructuring or would be priced into a purchase price by potential bidders. The going-concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the EV. AGS' going-concern EBITDA of about $120 million, takes into consideration recessionary/inflationary pressures, the inability to maintain or increase its market share, the potential of concentrating only on its EGM segment, and the possibility for the company to take on unsustainable leverage to fund shareholder dividends. This is around 30% below normalized EBITDA but reflects a forward view that a restructuring would alleviate operating and leverage pressures, and that the business would recover strongly post reorganization. The 5.0x EV multiple assumption is aligned with Fitch's 5.0x-7.0x recovery multiples band for the U.S. gaming industry. It incorporates AGS' weak position in the suppliers' market, geographically concentrated position in North America, and the segment's high barriers to entry. In applying the distributable proceeds, Fitch assumes $875 million of senior secured debt, including a fully drawn $100 million revolving credit facility and $775 million term loan B. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A change in financial policy with raised leverage targets and/or an aggressive growth strategy pursuing debt-funded acquisitions without a reasonable de-levering path; - EBITDA leverage sustaining above 4.5x; - FCF primarily funding shareholder returns, as opposed to reinvestment Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Growing slot share, particularly in North America; - Diversification of EBITDA towards digital, while maintaining steady operations in land-based gaming; - EBITDA leverage sustaining below 4.0x. Liquidity and Debt Structure At March 31, 2025, AGS had $39.5 million in unrestricted cash and full availability under its $40 million senior secured revolving credit facility. Once Brightstar's acquisition closes in 3Q25, AGS is expected to have over $60 million in cash and full availability under its new $100 million senior secured revolver. This will mature in 2030, compared with a scheduled debt repayment of about $8 million (or 1%) per annum for its new $775 million pari passu term loan B maturing in 2032. FCF will be positive over its forecast horizon, should disbursements to the sponsor not occur, and FCF margin is anticipated to be robust in the high single digits to low double digits range. Issuer Profile PlayAGS, Inc. (or AGS) is a leading designer and supplier of diverse gaming products and services for the gaming industry. AGS provides products and services in three distinct operating segments: Electronic Gaming Machines, Table Products, and Interactive. Date of Relevant Committee 23 May 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Bingo Holdings I, LLC LT IDR B+ New Rating senior secured LT BB- New Rating RR3 BRADYIFS HOLDINGS: OHA Senior Marks $393,000 1L Loan at 79% Off --------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $393,000 loan extended to Bradyifs Holdings, LLC to market at $84,000 or 21% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Bradyifs Holdings, LLC. The loan accrues interest at a rate of 9.29% per annum. The loan matures on October 31, 2029. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Bradyifs Holdings, LLC BradyPLUS is a specialized distributor and solution provider focused on JanSan, foodservice, and industrial packaging. BREWER'S LAWN: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Debtor: Brewer's Lawn Care and Property Preservation LLC 2245 Burnette Rd. Williston, TN 38076 Business Description: Brewer's Lawn Care and Property Preservation provides real estate support services, including the maintenance and preservation of residential or commercial properties. Chapter 11 Petition Date: June 9, 2025 Court: United States Bankruptcy Court Western District of Tennessee Case No.: 25-10771 Judge: Hon. Jimmy L. Croom Debtor's Counsel: C. Jerome Teel Jr., Esq. TEEL & GAY, PLC 79 Stonebridge Blvd. Suite B Jackson, TN 38305 Tel: (731) 424-3315 Fax: (731) 424-3501 E-mail: jerome@tennesseefirm.com Total Assets: $71,940 Total Liabilities: $1,038,624 The petition was signed by Craig Brewer as managing member. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3KPZAZI/Brewers_Lawn_Care_and_Property__tnwbke-25-10771__0001.0.pdf?mcid=tGE4TAMA BROADWAY REALTY: Gets OK to Use Cash Collateral Until June 26 ------------------------------------------------------------- Broadway Realty I Co., LLC got the green light from the U.S. Bankruptcy Court for the Southern District of New York to use the cash collateral of Flagstar Bank, N.A. The court's order authorized the company's interim use of cash collateral through June 26 to pay business expenses as set forth in its budget, with a 10% variance allowed. As protection, Flagstar Bank, N.A. will be granted a lien on the cash collateral and all other assets acquired by the company after the petition date to the same extent and with the same validity and priority as its pre-bankruptcy lien. The final hearing is scheduled for June 25. A copy of the court's order and the budget is available at https://shorturl.at/e107N from PacerMonitor.com. About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. CALVIN1 LLC: Seeks to Hire Maxwell Dunn PLC as Bankruptcy Counsel ----------------------------------------------------------------- Calvin1, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Maxwell Dunn, PLC as counsel. The firm's services include: a. assisting the Debtor in the preparation of bankruptcy schedules and statements and any amendments thereto; b. advising the Debtor for duties while in a Chapter 11 bankruptcy; c. attending the initial debtor interview scheduled by the Office of the U.S. Trustee and facilitating the Debtor's requirements for the meeting, and attending the initial status conference as directed by the court and meeting of creditors pursuant to Section 341; d. preparing pleadings; e. attending the 60-day status conference and all other hearing appurtenant to Subchapter V of Chapter 11; f. managing the receipt, review and filing of monthly operating reports and any other documents, reports or filings that the Debtor is required to submit; g. preparing applications for compensation of the firm and any other professionals that may be employed by the estate; h. preparing pleadings related to sale applications or valuation motions, if any; i. attending hearings and meetings, as requested; j. negotiating with creditors regarding critical aspects of the Chapter 11 proceeding and the plan confirmation process; k. consulting the Debtor regarding the Chapter 11 proceeding and advising the responsible party regarding various aspects of the matter; l. consulting professionals who the estate may need to hire; m. preparing a Chapter 11 plan, disclosure statement and ballots to be served to creditors; n. filing and representing the Debtor in any adversary proceedings that may arise; and o. providing other legal services. The firm will be paid at these rates: Ethan Dunn, Owner/Attorney $425 per hour Alexander Berry-Santoro, Managing Attorney $355 per hour Aaron Witalec, CPA $235 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The firm received an initial retainer of $18,262, plus $1,738 filing fee. Alexander Berry-Santoro, Esq., a partner at Maxwell Dunn, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alexander J. Berry-Santoro, Esq. MAXWELL DUNN, PLC 2937 E. Grand Blvd. Detroit, MI 48202 Tel: (248) 246-1166 Email: aberrysantoro@maxwelldunnlaw.com About Calvin1, LLC Calvin1, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-44852) on May 12, 2025, listing $50,001 to $100,000 in assets and $1,000,001 to $10 million in liabilities. Judge Mark A Randon presides over the case. Alexander Joseph Berry-Santoro, Esq. at Maxwell Dunn, PLC represents the Debtor as counsel. CAMP LOUEMMA: Seeks to Hire A.Y. Strauss LLC as Legal Counsel ------------------------------------------------------------- Camp Louemma Lane Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire A.Y. Strauss LLC as counsel. The firm's services include: (a) providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; (b) taking all necessary actions to protect and preserve the Debtor's estate during the pendency of this Chapter 11 Case; (c) preparing on behalf of the Debtor, as debtor-in-possession, all necessary motions, applications, answers, orders, reports and papers in connection with the administration of this Chapter 11 Case; (d) counseling the Debtor with regard to its rights and obligations as debtor-in-possession; (e) appearing in Court to protect the interests of the Debtor; and (f) performing all other legal services for the Debtor which may be necessary and proper in these proceedings and in furtherance of the Debtor's operations. The firm will be compensated for the services at a rate of $475 to $550 per hour. Eric H. Horn's hourly rate of $650 is being reduced to $550. The firm received a retainer in the amount of $25,000, inclusive of the filing fee. Eric Horn, Esq., a partner at A.Y. Strauss, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Eric H. Horn, Esq. Heike M. Vogel, Esq. James P. Mansfield, Esq. A.Y. STRAUSS, LLC 101 Eisenhower Parkway, Suite 412 Roseland, NJ 07068 Tel: (973) 287-5006 Fax: (973) 226-4104 About Camp Louemma Lane Inc. Camp Louemma Lane Inc. is a nonprofit organization that operated a co-ed overnight summer camp for children in Sussex, New Jersey. The camp emphasized group living and daily activities designed to promote personal growth and learning. Camp Louemma Lane Inc. 29ought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15658) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtors are represented by Eric H. Horn, Esq. and Deanna Olivero, Esq. at A.Y. STRAUSS LLC. CANVAS SARASOTA: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------- On June 5, 2025, Canvas Sarasota LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $6,348,678 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Canvas Sarasota LLC Canvas Sarasota LLC develops single-family homes in Sarasota, Florida. Its portfolio includes three properties in various stages of construction and completion, with a total appraised value of approximately $7.03 million. Canvas Sarasota LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16411) on June 5, 2025. In its petition, the Debtor reports total assets of $7,027,800 and total liabilities of $6,348,678. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtors are represented by Thomas L. Abrams, Esq. at THOMAS L ABRAMS PA. CARAWAY TEA: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Caraway Tea Company, LLC 271 Upper North Road Highland, NY 12528-2615 Business Description: Caraway Tea Company LLC is a U.S.-based private label tea manufacturer and co-packer that supplies specialty teas, supplements, and wholesale tea products. With over 20 years of experience, the Company sources from global tea-growing regions including China, India, Sri Lanka, and Japan, partnering directly with artisan growers using organic and sustainable practices. Caraway offers customized co-packing services across retail, foodservice, and e- commerce sectors, supported by in-house blending and manufacturing capabilities. Chapter 11 Petition Date: June 9, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-35620 Debtor's Counsel: Michael D. Pinsky, Esq. LAW OFFICE OF MICHAEL D. PINSKY, P.C. 463 Canopy Forest Drive Saint Augustine, FL 32092 Tel: 845-245-6001 Fax: 845-684-0547 E-mail: michael.d.pinsky@gmail.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Gina Caraway as CEO. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZW7H2CQ/Caraway_Tea_Company_LLC__nysbke-25-35620__0001.0.pdf?mcid=tGE4TAMA CARLA'S PASTA: Court Denies Novo Advisors' Motions in Limine ------------------------------------------------------------ Judge James J. Trancredi of the United States Bankruptcy Court for the District of Connecticut denied the Motions in Limine filed by Novo Advisors, LLC in the adversary proceeding captioned as OLD CP, INC., PLAINTIFF V. NOVO ADVISORS, LLC, DEFENDANT, ADV. PRO. No. 23-02020 (Bankr. D. Conn.). The motions are denied without prejudice to renewal of inadmissibility claims at the time of trial. On March 28, 2025, the Defendant filed six Motions in Limine: (i) Motion in Limine No. 1 To Conclusively Establish Admitted Matters; (ii) Motion in Limine No. 2 To Exclude Evidence or Testimony That Novo Caused Old CP, Inc. to Increase Its Indebtedness; (iii) Motion in Limine No. 3 To Exclude Testimony of Additional Representatives That Contradicts Testimony of Old CP, Inc.’s Rule 30(b)(6) Designee; (iv) Motion in Limine No. 4 To Exclude Testimony of Undisclosed Witnesses; (v) Motion in Limine No. 5 To Exclude Expert Opinion Testimony of Craig R. Jalbert; and (vi) Motion in Limine No. 6 To Exclude Hearsay Evidence or Testimony. On April 18, the Plaintiff filed its Objection to the Motions, arguing generally that the Court should deny the Motions as premature, overbroad, unclear, and disguised motions for summary judgment, and contending that the Defendant's assertions of unfair prejudice lacked substance. The Court heard oral argument on the Motions on May 16, 2025. There, the Defendant argued that the Motions are neither disguised motions for summary judgment, nor premature. Instead, the Defendant contended that the Motions give the Court the opportunity to become aware of and provide guidance on various evidentiary issues that it believes are likely to arise at trial. Although the Court appreciates the Defendant's pointed attention to these evidentiary issues and the parties' briefs and arguments thereon, which will surely be helpful in later delineating these issues at trial, the Motions’ contentions are generally premature and lack context. The Court's experience and judicial restraint signal that the alleged evidentiary issues are better suited for determination at trial with all attendant nuance, context, and argument. A copy of the Court's decision dated May 20, 2025, is available at https://urlcurt.com/u?l=QtYcp6 from PacerMonitor.com. About Carla's Pasta and Suri Realty Carla's Pasta Inc. is a family-owned and operated business headquartered in South Windsor, Conn. It manufactures food products including pasta sheets, tortellini, ravioli, and steam bag meals for branded and private label retail, foodservice distributors, and restaurant. Founded in 1978 by Carla Squatrito, Carla's Pasta's stock is held by members of the Squatrito family. On Dec. 31, 2016, Carla's Pasta acquired 100% of Suri Realty, LLC's membership interests. Suri's business is limited to the ownership of two adjoining parcels of real property located at 50 Talbot Lane and 280 Nut, meg Road, South Windsor, Conn. Carla's Pasta operates its business from an approximately the 150,000-square-foot BRC+ certified production facility. On Oct. 29, 2020, an involuntary petition for relief under Chapter 7 of the Bankruptcy Code was filed against Suri by Dennis Group, HJ Norris, LLC, Renaissance Builders, Inc., and Elm Electrical, Inc. On Dec. 17, the Court approved Suri's request and converted the involuntary Chapter 7 case to one under Chapter 11. Carla's Pasta filed a Chapter 11 petition (Bankr. D. Conn. Case No. 21-20111) on Feb. 8, 2021. It estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. The cases are jointly administered under Case No. 21-20111. Judge James J. Tancredi oversees the cases. The Debtors tapped Locke Lord LLP as their legal counsel, Verdolino & Lowey, PC as accountant, Cowen & Co. as investment banker, and Novo Advisors, LLC as financial advisor. Sandeep Gupta of Novo Advisors is the Debtors' chief restructuring officer. CASH CLOUD: AVT Wins Partial Summary Judgment Bid in McAlary Suit ----------------------------------------------------------------- Judge Ted Stewart of the United States District Court for the District of Utah granted AVT Nevada, L.P's motion for partial summary judgment in the case captioned as AVT NEVADA, L.P., a Utah limited partnership, Plaintiff, v. CHRISTOPHER MCALARY, a citizen of the State of Nevada, Defendant, Case No. 2:23-cv-00594-TS-DBP (D. Utah). The defendant's motion for summary judgment is denied. Plaintiff files suit against Defendant for breach of contract, breach of the covenant of good faith and fair dealing, and foreclosure of security interest on all of Defendant's assets. Plaintiff is an equipment leasing and finance company. On June 5, 2020, Plaintiff entered into a Master Lease Agreement with non-party Cash Cloud, Inc. Plaintiff and Cash Cloud also entered into a lease schedule on Sept. 1, 2020. Pursuant to these agreements, Plaintiff leased bitcoin kiosks to Cash Cloud for a period of 30 months in exchange for $116,022.92 plus taxes each month. In conjunction, Defendant entered into a Personal Guaranty in which he agreed to guarantee all of Cash Cloud's obligations under the lease. The lease began on October 1, 2020, and the final payment under the initial or base term was due, per the terms of the lease, on March 1, 2023. Under the Personal Guaranty, Defendant agreed to guarantee the payment and performance of all obligations of Cash Cloud under the Agreement and each lease schedule. Defendant guaranteed the full, complete and prompt payment, performance and observance of all payment and other obligations of Lessee under each Lease, resulting from Lessee's breach or non-performance thereof and all of Lessor's collection costs and legal expenses and reasonable attorney fees. In May 2020, Plaintiff filed a UCC-1 financing statement naming Cash Cloud and listed all equipment, machinery, goods, personal and other property however described, leased pursuant to Lease Schedule No. CSHC_001 to Master Lease Agreement No. 2056266. It further stated that this filing is made for informational purposes and not to suggest Secured Party's interest is limited to a security interest only. The parties performed under the lease until February 2023 when Cash Cloud filed for Chapter 11 bankruptcy and thereafter failed to make its monthly payment in March 2023. Both qualify as an Event of Default under the Agreement. Under the Agreement, Plaintiff had multiple nonexclusive remedies upon an Event of Default, including to accelerate and declare due, all Basic rent and other sums due as of the date of the Default, plus an amount equal to the Stipulated Loss Value set forth on the applicable Stipulated Loss Schedule, determined as of the month prior to the occurrence of the Default. In this suit, Plaintiff seeks $1,314,335, which is the listed Stipulated Loss Value after the 30th month. Plaintiff filed a Proof of Claim in the bankruptcy case in late March 2023. In it, Plaintiff stated that its claim was for $1,314,335 and did not include interest or other charges. Plaintiff also stated that the basis of the claim was Equipment lease stipulated losses. Thereafter, the bankruptcy court granted a Sale Motion that included the leased property over Plaintiff's objection. Plaintiff objected on the basis that Cash Cloud did not have an interest in the leased property. The leased property was sold at auction for the benefit of Cash Cloud and Plaintiff recovered a total of $273,733.50. Plaintiff also filed an administrative claim in the bankruptcy action for the postpetition use of leased equipment in operation of Debtor's business. Cash Cloud objected, arguing that the Agreement was a secured financing agreement rather than a true lease and therefore Plaintiff was not entitled to rent and is limited to a security interest in the equipment. Defendant never made any payment to Plaintiff pursuant to the Agreement and Guaranty and Plaintiff filed this suit in September 2023. Plaintiff's Amended Complaint asserts three claims: (1) breach of contract; (2) breach of the covenant of good faith and fair dealing; and (3) foreclosure of security interests on all of Defendant's assets. Plaintiff seeks damages in the amount of the Stipulated Loss Value minus what it recovered in the bankruptcy sale. Defendant asserts two Counterclaims for: (1) breach of contract; and (2) attorney's fees. Plaintiff filed a Motion for Partial Summary Judgment for claim 1, claim 3, and on Defendant's counterclaims. Defendant filed a Motion for Summary Judgment for Plaintiff's breach of contract claim. Plaintiff also filed a Motion to Exclude Defendant's expert witness. Both sides argue that the other materially breached the pertinent agreement, and while Cash Cloud and Defendant's breach is undisputed, Defendant asserts that Plaintiff materially breached the Agreement first and therefore cannot maintain a breach of contract claim against Defendant as a matter of law. As an initial matter, it is undisputed that both the Agreement and Guaranty are valid contracts and the Court finds that Plaintiff is entitled to summary judgment as a matter of law on this element. According to the Court, Defendant has not demonstrated that Plaintiff breached the clear terms of the contract, let alone committed a material breach. It is undisputed that Defendant breached the Guaranty and therefore, the Court concludes that Plaintiff has demonstrated it is entitled to summary judgment as a matter of law on this element. Turning to damages, Plaintiff asserts that it is entitled to summary judgment under the express terms of the Agreement, Lease Schedule, and Guaranty. Defendant asserts that because Plaintiff claimed secured creditor status in the bankruptcy case after the Leased Property was sold, Plaintiff cannot now elect to receive the remedy of the Stipulated Loss Value because the Leased Property can no longer be transferred upon payment as required under the Agreement and Guaranty. This argument mispresents the bankruptcy court proceedings. Judge Stewart explains, "Plaintiff represented before the bankruptcy court that it was the owner of the leased equipment and objected to Cash Cloud's proposal to sell it. The bankruptcy court overruled this objection and ordered the equipment sold. By ordering the sale, the equipment became property of the bankruptcy estate, essentially allowing Cash Cloud to own the equipment without requiring Cash Cloud to comply with the terms of the lease. Moreover, there is no evidence that Cash Cloud did, or could, pay the Rent Default Value or Stipulated Default Value that would allow it to obtain the property. Even if it could, Cash Cloud would be entitled to the equipment, not Defendant. Any assertion that Defendant would be entitled to the equipment if he fulfilled Cash Cloud's obligations is not supported by the record. And even if the equipment belonged to Cash Cloud, the Guaranty makes clear that in the event of insolvency and upon liquidation, payment would first be made to Plaintiff." According to the Court, Plaintiff did not breach the Agreement by filing the UCC-1 document and the Stipulated Loss Value remedy was expressly contracted for and agreed to by the parties. The leased property was transferred to Cash Cloud via the bankruptcy court order, after which it was sold for the benefit of Cash Cloud. Plaintiff seeks the Stipulated Loss Value minus the amount it received from the bankruptcy, $273,773.50, for a total of approximately $1,040,601.50. Defendant guaranteed the full, prompt and complete payment of Cash Cloud's obligations under the Agreement and the Stipulated Loss Value is an obligation. Further, Defendant does not demonstrate that these damages are otherwise unenforceable under the contract. Accordingly, the Court finds that Plaintiff has demonstrated that it is entitled to summary judgment on these damages as a matter of law under the Agreement and Guaranty. Plaintiff also seeks pre- and post-judgment interest in the amount of 18% per annum pursuant to both the Agreement and Guaranty. It is undisputed that Plaintiff can obtain prejudgment and post-judgment interest at a rate of 18% per annum. Because the parties expressly agreed to this rate, it is appropriate for Plaintiff to recover prejudgment and post-judgment interest at 18% from Defendant, the Court holds. Plaintiff also moves for summary judgment in its favor on the third cause of action for foreclosure of security interests on all assets of Defendant. Plaintiff asserts that it has perfected its security interest in all of Defendant's assets and is therefore entitled to a judgment and decree of foreclosure of its lien against all of Defendant's assets, and to enforce its security interest in such assets by taking immediate possession thereof. Because Plaintiff has demonstrated it is entitled to foreclose its security interest in Defendant's assets as a matter of law, the Court will grant summary judgment on this claim in its favor. Because the Court granted summary judgment in favor of Plaintiff and because the Guaranty only provides that Plaintiff as "Lessor" is entitled to recover attorney's fees from Defendant as Guarantor, the Court will grant Plaintiff's Motion for Summary Judgment on the counterclaim for attorney's fees. Plaintiff also filed a Motion to Exclude Testimony of Defendant's Proposed Expert Edward Burr. Mr. Burr's opinion supported Defendant's breach of contract counterclaim damages. Because the Court grants summary judgment in favor of Plaintiff on the breach counterclaim on other grounds, without considering the opinion, the Court will deny this Motion as moot. A copy of the Court's decision dated May 28, 2025, is available at https://urlcurt.com/u?l=ooGdAj from PacerMonitor.com. About Cash Cloud Cash Cloud Inc., doing business as Coin Cloud, operates automated teller machines for buying and selling Bitcoin, Ethereum, Dogecoin, and more than 40 other digital currencies with cash, card and more. Cash Cloud sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 23-10423) on Feb. 7, 2023, with $50 million to $100 million in assets and 100 million to $500 million in liabilities. Chris McAlary, president of Cash Cloud, signed the petition. Judge Mike K. Nakagawa oversees the case. The Debtor tapped Fox Rothschild, LLP as bankruptcy counsel; Baker & Hostetler, LLP as regulatory counsel; and Province, LLC as financial advisor. Stretto is the claims agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's case. The committee tapped McDonald Carano, LLP and Seward & Kissel, LLP as legal counsels; and FTI Consulting, Inc. as financial advisor. CELSIUS NETWORK: Court Expunges Mlo's Unsecured Claim ----------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York sustained the objection of Mohsin Y. Meghji, the litigation administrator of Celsius Network LLC and its affiliated debtors, to Cella Mlo's claim. The claim is expunged in full. Mlo filed a letter styled as a motion to compel as well as two other letters seeking the same relief, all of which are related to her proof of claim (claim no. 22960). According to Mlo, she filed her proof of claim in a timely manner on Jan. 2, 2023. Celsius' claims administrator's website confirms that she did file her claim on that date, and hence filed it in a timely manner, as the bar date was April 28, 2023. Her proof of claim was also filed on the docket by the Litigation Administrator. Mlo attached just one relevant document to her proof of claim: an employment agreement. Mlo states in her letters to the Court that she filed a claim for $35,000 consisting of $15,000 in priority compensation under 11 U.S.C. section 507(a)(4) (i.e., a claim for wages, salary, commissions, or certain sales commissions, if earned within 180 days of Celsius' filing), and $20,000 as a general unsecured claim, and explains that the claim is based on a signed employment agreement, earned but unpaid compensation, consulting work, and unreimbursed business expenses. On her proof of claim itself, Mlo indicated that the basis of the claim was "services performed, wrongful firing." The Litigation Administrator seeks to have Mlo's claim disallowed and expunged in its entirety. According to the Litigation Administrator, Mlo started working for Celsius on June 1, 2021, and was terminated for cause on August 6, 2021, before the first milestone date upon which any CEL tokens would vest, according to Celsius' books and records and Mlo's engagement agreement. The Litigation Administrator argues that Mlo was not entitled to any CEL token compensation: as she was employed for only 67 days, she did not satisfy the one-year cliff requirement and did not accrue any vested CEL tokens during her employment. Upon review, the Litigation Administrator determined that the additional documents she submitted to support her new theories of liability failed to support a valid claim. The Litigation Administrator claims he offered Mlo an additional chance to provide further support, but she declined to take it. The Litigation Administrator argues that Mlo failed to establish a valid claim against Celsius since her $35,000 claim is based on a purported grant of CEL tokens in connection with her employment with Celsius, and since the only document she submitted to support her claim was her employment agreement which did not provide her with the right to any CEL tokens after a mere 67 days of employment, she did not provide support for her $35,000 claim. The Litigation Administrator does not address Mlo's claim under section 507(a)(4) of the Code in the Objection, apart from stating that this is one of Mlo's new (post-bar date) theories of liability, that the documents she submitted in support were insufficient to sustain a claim, and that the new theories of liability are untimely. Mlo does not contest this characterization of her original claim. The Court finds the Litigation Administrator is correct in arguing that Mlo did not provide sufficient documentation to support her claim. Mlo's attempts to provide additional supporting documentation have failed, both because these efforts are properly viewed as untimely amendments to her claim and because the additional documentation does not support the merits of her claim. If the Litigation Administrator's characterization of Mlo's original claim is correct -- if her asserted basis of liability in January of 2023 was an entitlement to CEL tokens based on language in her employment agreement -- then Mlo's subsequent theories are time-barred as improper amendments to her claim, the Court concludes. A copy of the Court's decision dated May 23, 2025, is available at https://urlcurt.com/u?l=zvbh2q Co-Counsel to Mohsin Y. Meghji as Litigation Administrator: Seth H. Lieberman, Esq. Matthew W. Silverman, Esq. Andrew S. Richmond, Esq PRYOR CASHMAN LLP 7 Times Square New York, NY 10036 E-mail: slieberman@pryorcashman.com msilverman@pryorcashman.com About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CHAPMAN CBC: Taps Stradling Yocca Carlson as Bankruptcy Counsel --------------------------------------------------------------- Chapman CBC, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Stradling Yocca Carlson & Rauth LLP as its bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of Stradling's expertise or which is beyond Stradling's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. representing the Debtor with regard to obtaining use of cash collateral, including, but not limited to, negotiating and seeking Bankruptcy Court approval of any cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of cash collateral; g. assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in connection with the plan of reorganization; and h. performing any other services which may be appropriate in Stradling's representation of the Debtor during its bankruptcy case. The firm will be paid at these rates: Fred Neufeld $1,195 an hour Paul Glassman $1,195 an hour Gregory K. Jones $695 an hour The firm will be paid a retainer in the amount of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gregory Jones, Esq., a partner at Stradling Yocca Carlson & Rauth, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gregory K. Jones, Esq. STRADLING YOCCA CARLSON & RAUTH, P.C. 10100 Santa Monica Blvd, Suite 1450 Los Angeles, CA 90067 Tel: (424) 214-7000 Fax: (424) 214-7010 Email: gjones@stradlinglaw.com About Chapman CBC, LLC Chapman CBC, LLC, a California-based craft brewery, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11286) on May 14, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Wil Dee, president of Chapman CBC, signed the petition. Judge Mark D. Houle oversees the case. Gregory K. Jones, Esq., at Stradling Yocca Carlson & Rauth, LLP, represents the Debtor as legal counsel. CHARTER SCHOOL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Charter School Capital, Inc. Grow Schools 9450 SW Gemini Dr PMB 559064 Beaverton OR 97008-7105 Business Description: Charter School Capital Inc. provides financing, development, and support services to charter school leaders across the United States. Headquartered in Portland, Oregon, the privately held company operates three core business lines focused on helping schools secure facilities, fund operations, and grow enrollment. Since its founding in 2006, it has deployed over $3 billion in capital, supporting around 1,000 charter schools nationwide. Chapter 11 Petition Date: June 8, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-11016 Judge: Hon. Craig T Goldblatt Debtor's Bankruptcy Co-Counsel: Aaron H. Stulman, Esq. POTTER ANDERSON & CORROON LLP 1313 North Market Street, 6th Floor Wilmington DE 19801 Tel: (302) 984-6000 Email: astulman@potteranderson.com Debtor's Bankruptcy Co-Counsel: GOODWIN PROCTER LLP Debtor's Claims/Noticing Agent: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Stuart Ellis as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HUSQTSY/Charter_School_Capital_Inc__debke-25-11016__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Chapman and Cutler LLP Professional $429,424 David T. B. Audley Services 320 South Canal Street 27th Floor Chicago, IL 60606 David T. B. Audley Email: audley@chapman.com Phone: (312) 845-3000 2. One Thousand Broadway Building Facilities $96,677 LLC Expense 1000 SW Broadway, Suite 1770 Portland, OR 97205 Susan Foley Email: sfoley@1000broadwaybldg.com Phone: (503) 227-2116 3. Expensify Visa Commercial Credit Cards $70,000 Card Program 401 SW 5th Ave. Portland, OR 97204 Email: Concierge@expensify.com 4. Hartford Fire Insurance Company Insurance $23,620 One Hartford Plaza Hartford, CT 06155 Phone: (860) 547-5000 5. NetSuite Inc. Software $20,377 Bank of America Lockbox Services 15612 Collections Center Drive Chicago, IL 60693 Email: collectionsteam_US@Oracle.com Phone: (888) 803-7414 6. Bergeson LLP Professional $14,600 111 N. Market Street Suite 600 Services San Jose, CA 95113 John Pernick Email: jpernick@be-law.com Phone: (408) 291-6200 7. U.S. Bank Bank Fees $11,700 CM-9690 St. Paul, MN 55170-9690 Beth Nally Email: beth.nally@usbank.com Phone: (617) 603-6882 8. CoStar Realty Information, Inc. Software $7,936 2563 Collection Center Dr Chicago, IL 60693 Tyler Sterling Email: billing@costar.com Phone: (800) 894-4720 9. Human Resource Plus, Inc Professional $5,062 2034 E Lincoln Ave #390 Services Anaheim, CA 92806-4101 Christina Gonzalez-Hicks Email: Christina@humanresourceplus.com Phone: (714) 351-2118 10. Omnivo, Inc Professional $3,700 5940 S Rainbow Blvd, Ste 400 Services PMB 32312 Las Vegas, NV 89118 Jason Sun Email: info@omnivodigital.com Phone: (424) 256-8112 11. Degree, Inc. Software $3,564 360 Spear St Floor 4 San Francisco, CA 94105 Email: billing@lattice.com 12. Highnoon Ventures LLC Professional $3,540 5343 N 16th Street Suite 300 Services Phoenix, AZ 85016 Email: accountinghn@agital.com 13. Cogency Global Inc. Trade Debts $3,384 PO Box 3168 Hicksville, NY 11802 Roberto Arellano Garcia Email: ar@cogencyglobal.com Phone: (800) 554-3113 14. Vistra International Expansion Professional $2,861 Limited Services Suite 1, 7th Floor 50 Broadway London SW1H 0BL United Jo Timms Email: uk.accounts.receivable@vistra.com Phone: +44 (0)117 918 1450 15. New Breed Marketing LLC Marketing $2,500 44 Lakeside Ave Suite 103 Burlington, VT 05401 Email: finance@newbreedmarketing.com Phone: (802) 655-0800 16. First-Citizens Bank & Trust Copier $373 Company dba First Citizens Bank P.O. Box 100706 Pasadena, CA 91189-0706 Email: service@firstcitizens.com Phone: (877) 661-29287 17. SMB Technologies, Inc. IT Services $295 4804 NE Bethany Blvd. I2-#143 Portland, OR 97229 Ronald Rothstein Email: rrothstein@smbtechnologies.com Phone: (503) 895-9793 18. Kentucky Department of Revenue Tax $175 PO Box 856910 Louisville, KY 40285-6910 Phone: (502) 564-4921 19. Wick Phillips Gould Professional $118 & Martin, LLP Services 3131 McKinney Avenue, Suite 500 Dallas, TX 75204 Sarah King Email: Sara.king@wickphillips Phone: (214)420-4082 20. Stericycle Shredding $117 Stericycle Legal Department Company Attn: Legal Department 2355 Waukegan Road Bannockburn, IL 60015 Email: Customercare@stericycle.com CHARTER SCHOOL: Seeks Chapter 11 Bankruptcy with Up to $50MM Debt ----------------------------------------------------------------- Yun Park of Law360 reports that Charter School Capital Inc., a provider of funding to charter schools across the U.S., has filed for Chapter 11 bankruptcy protection in Delaware, reporting debt of up to $50 million. The company said it intends to sell the business as part of the restructuring process. About Charter School Capital Inc. Charter School Capital Inc. is a provider of funding to charter schools across the U.S. Charter School Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by James R. Risener, III, Esq., Ethan H. Sulik, Esq., Brett Michael Haywood, Esq., and Aaron H. Stulman, Esq. at Potter Anderson & Corroon LLP. CHASE INTERMEDIATE: OHA Senior Marks $433,000 1L Loan at 89% Off ---------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $433,000 loan extended to Chase Intermediate, LLC to market at $48,000 or 11% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Chase Intermediate, LLC. The loan accrues interest at a rate of 9.04% per annum. The loan matures on October 30, 2028. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Chase Intermediate, LLC Chase Intermediate, LLC is engaged in the design and development of software and information technology solutions and services. CHASE INTERMEDIATE: OHA Senior Marks $8.6M 1L Loan at 30% Off ------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $8,633,000 loan extended to Chase Intermediate, LLC to market at $6,047,000 or 70% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Chase Intermediate, LLC. The loan accrues interest at a rate of 9.04% per annum. The loan matures on October 30, 2028. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Chase Intermediate, LLC Chase Intermediate, LLC is engaged in the design and development of software and information technology solutions and services. CHG US: Seeks to Hire Ordinary Course Professionals --------------------------------------------------- CHG US Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to this Chapter 11 case. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Saul Ewing LLP --General legal counsel and New York liquor licensing counsel Goodmans LLP --Canadian employment counsel CohnReznick Advisory LLC --U.S. tax services Froehling Anderson Ltd. --U.S. tax Services Fruitman Kates LLP --Canadian tax Services CT Corporation --State Reporting and --Ownership Report Services (U.S. entities) Siegel & Moses, PC --Liquor licensing counsel (IL) Sard & Leff, LLC --Liquor licensing counsel (GA) Greenspoon Marder LLP --Liquor licensing counsel (FL) Royston, Mueller, McLean & Reid LLP --Liquor licensing counsel (MD) Mallios O'Brien & Sandground PLLC --Liquor licensing counsel (DC) Rawlings Consulting --Liquor licensing counsel (CA) Vasso's Law --Liquor licensing counsel (Canada) 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. CHG US: Seeks to Hire Pashman Stein Walder as Bankruptcy Counsel ---------------------------------------------------------------- CHG US Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Pashman Stein Walder Hayden, P.C. as bankruptcy counsel. The firm will render these services: (a) perform all necessary services as the Debtor's bankruptcy counsel; (b) take all necessary actions to protect and preserve the Debtor's estate during this Chapter 11 case; (c) prepare or coordinate preparation on behalf of the Debtor, any necessary legal papers in connection with the administration of this Chapter 11 case; (d) counsel the Debtor with regard to its rights and obligations; (e) coordinate with the Debtor's other professionals in representing the Debtor in connection with this Chapter 11 case; and (f) perform all other necessary or requested legal services. The hourly rates of the firm's counsel and staff are: Partners $695 to $975 Counsel $460 to $690 Associates $465 to $485 Paraprofessionals $395 to $430 In addition, the firm will seek reimbursement for expenses incurred. Pashman received payments of $37,500, $37,500, $30,000, and $45,000 on April 30, 2025, May 5, 2025, May 9, 2025, and May 12, 2025, respectively, all of the foregoing as an advance fee for services to be rendered and expenses to be incurred. Joseph Barsalona, II, Esq. a partner at Pashman Stein Walder Hayden, disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Joseph Barsalona II, Esq. Michael Custer, Esq. Alexis R. Gambale, Esq. Pashman Stein Walder Hayden P.C. 824 North Market Street, Suite 800 Wilmington, DE 19801 Telephone: (302) 592-6496 Email: jbarsalona@pashmanstein.com mcuster@pashmanstein.com agambale@pashmanstein.com About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CHG US: Seeks to Hire Stretto Inc as Administrative Advisor ----------------------------------------------------------- CHG US Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Stretto, Inc. as administrative advisor. The firm will provide these services: a. assist with, among other things, solicitation, balloting, and tabulation of votes; prepare any related reports, as required in support of confirmation of a Chapter 11 plan; b. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c. assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; d. provide a confidential data room; e. manage and coordinate any distributions pursuant to a Chapter 11 plan if designated as distribution agent under such plan; and f. provide such other solicitation, balloting and other administrative services described in the Engagement Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtors, the Bankruptcy Court or the Office of the Clerk of the Bankruptcy Court. 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. Sheryl Betance, a partner at Senior Managing Director of Corporate Restructuring, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Tel: (714) 716-1872 Email: sheryl.betance@stretto.com About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CHG US: Seeks to Tap Wen Rittsteuer of Novo Advisors as CRO ----------------------------------------------------------- CHG US Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Novo Advisors, LLC and designate Wen Rittsteuer as chief restructuring officer. The firm will provide these services: a. provide support services to the Debtors as CRO; b. prepare cash flow statements and a debtor-in-possession ("DIP") budget forecast to support the chapter 11 bankruptcy process; c. evaluate potential debtor-in-possession financing options, assist in preparing the required materials, and support the Debtors in assessing and negotiating alternatives; d. assist with standard chapter 11 filing requirements, including overseeing the preparation of Schedules of Assets and Liabilities, Statements of Financial Affairs, and Monthly Operating Reports; e. provide the necessary support and guidance in an orderly sale process as contemplated; f. provide other support as needed over the course of the chapter 11 process; and g. report to the Board on all matters requiring Board approval under the Company's operating agreement. Novo's standard hourly rates applicable in the United States range from $425 to $1,095 per hour. Ms. Rittsteuer's current rate is $775. Novo is a "disinterested person" as that term is defined by section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Wen Rittsteuer Novo Advisors, LLC 401 N. Franklin St., Suite 4 East Chicago, IL 60654 Phone: (917) 363-3537 Email: WRittsteuer@novo-advisors.com About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CHICAGO SMILES: Gets OK to Use Cash Collateral Until June 20 ------------------------------------------------------------ Chicago Smiles, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral. The court's order authorized the company's interim use of cash collateral from May 29 to June 20 to fund business expenses in accordance with a court-approved budget. PNC Bank, National Association, a secured creditor, asserts approximately $490,000 in pre-bankruptcy claims potentially secured by cash collateral. Other potential secured creditors include BHG, CAN Capital Inc., and Revenued, LLC. In case of any diminution in the value of their interests in cash collateral, the secured creditors will be granted a post-petition security interest in and lien on the company's assets similar to their pre-bankruptcy collateral. The next hearing is set for June 17. About Chicago Smiles LLC Chicago Smiles, LLC provides a range of dental services, including cosmetic, implant, and restorative dentistry. The practice offers treatments such as teeth whitening, veneers, crowns and bridges, dental implants, Invisalign, root canal therapy, and dentures. Located in Chicago, the clinic supports new patients with education on oral health, pain management, and various dental care options. Chicago Smiles sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-07740) on May 21, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Donald R. Cassling handles the case. The Debtor is represented by William Factor, Esq., at The Law Office of William J. Factor, Ltd. CHUNGA-JINGA LLC: Taps Diamond Real Inc as Real Estate Broker ------------------------------------------------------------- Chunga-Jinga LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Diamond Real Inc. as its real estate broker. The firm will market and sell the Debtor's property located at 3042 Brighton Sixth St, Brooklyn, NY 11235 (Block 8675, Lot 90). Diamond will receive a flat fee percentage payment of 2 percent of the total sale proceeds. Maryana Savkiv, broker at Diamond Real Inc., disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Maryana Savkiv Diamond Real Inc. 55 Oceana Drive East Brooklyn, NY 11235 About Chunga-Jinga LLC Chunga-Jinga LLC is a real estate management company based in Brooklyn, New York, primarily focused on owning and managing residential properties. Chunga-Jinga LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41417) on March 26, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Robert J. Spence, Esq. at SPENCE LAW OFFICE, P.C. COLD SPRING: Committee Taps Kroll Associates as Financial Advisor ----------------------------------------------------------------- The official committee of unsecured creditors of Cold Spring Acquisition, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Kroll Associates, Inc. as its financial advisors. The firm's services include: a. analyze the financial document production and information provided by the Debtor and its principals; b. scrutinize cash disbursements for the periods prior to the Debtor's Petition Date; c. attend conferences with the Committee and its professionals, as may be required; d. assist the Committee with any investigation into the pre-petition acts, conduct, transfers of property, liabilities, financial condition of the Debtor, their management, or creditors, including the operation of the Debtor's pre-petition business; e. assist the Committee and its counsel in any litigation proceedings against potential adversaries; and f. perform those services that may be deemed necessary by the Committee in Kroll's role as financial advisor to the Committee. Kroll's hourly rates to be charged for these services is $400 per hour. The following is provided in compliance with Section D.1 of the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases, effective as of Nov. 1, 2013: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Kroll has agreed to a discount off of its standard rates. Kroll has agreed to reduce its rates to $400/hour. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. The hourly rates charged by Kroll in representing the Committee are consistent with the rates Kroll charges other clients in connection with chapter 11 cases, regardless of the location of the chapter 11 case. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post petition, explain the difference and the reasons for the difference. Answer: The Committee was formed after the Petition Date and, therefore, Kroll was not retained by the Committee in the 12 months prepetition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Kroll has agreed with the Committee as to a staffing plan and is working with the Committee on a budget for the duration of this chapter 11 case. Kroll is "disinterested" as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Richard T. Faughnan Kroll Associates, Inc. One World Trade Center 285 Fulton Street, 31st Floor New York, NY 10007 Tel: (212) 593-1000 About Cold Spring Acquisition Cold Spring Acquisition, LLC operates a skilled nursing and rehabilitation facility in Woodbury, N.Y. In particular, the senior care facility provides hospice, dementia care, medical needs and rehabilitation care, and runs a senior day program. Cold Spring Acquisition filed Chapter 11 petition (Bankr. S.D. N.Y. Case No. 25-22002) on January 2, 2025, with $1 million to $10 million in assets and $50 million to $100 million in liabilities. Judge Sean H. Lane oversees the case. The Debtor is represented by Schuyler G. Carroll, Esq. at Manatt, Phelps & Phillips, LLP. COMPAC USA: Hires Genesis Credit Partners as Financial Advisor -------------------------------------------------------------- Compac USA Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Genesis Credit Partners LLC as financial advisor. The firm will render these services: a. review and analyze the Debtor’s historical financial statements, review the underlying assumptions of the Debtor’s financial projections, and assist the Debtor and its legal counsel in defending the reasonableness and feasibility of such forecasts; b. analyze the industry in which the Debtor participates and the Debtor’s key competitors and use this data to assist the Debtor in conducting an analysis of the Debtor’s solvency over various periods of time as requested by Debtor and its legal counsel; c. assist in connection with motions, responses, or other court activity as directed by Debtor’s legal counsel with respect to the above workstreams; d. participate in depositions and testimony related to GCP’s workstreams and as directed by Debtor’s legal counsel; and e. assist in other activities as are approved by Debtor, its other professionals and GCP. The firm will be paid at these rates: Partners $775 to $1,000 per hour Directors/MDs $625 to $725 per hour Associates/VPs $475 to $575 per hour Analysts $325 to $425 per hour As disclosed in the court filings, Genesis is "disinterested" as that term is defined in section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtors' estates with respect to the matters for which Genesis is to be employed. The firm can be reached through: Edward Kim Genesis Credit Partners LLC 701 Brickell Avenue, Suite 1480 Miami, FL 33131 Phone: (646) 509-3490 Email: ekim@gencp.com About Compac USA Inc. Compac USA Inc. is a Florida entity incorporated in 2002 to market and sell Compac stone products. The Debtor specializes in obsidian, terrazzo, and quartz surfaces for architecture and design. The Debtor maintains showrooms in Miami, Florida and New York, New York. Compac USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23372) on December 21, 2024. Francisco A. Sanchis-Brines, president of Compac USA, signed the petition. As of November 24, 2024, Compac USA reported total assets of $5,342,926 and total liabilities of $739,872. Judge Corali Lopez-Castro handles the case. The Debtor is represented by Joseph A. Pack, Esq. at Pack Law. CONSOLIDATED BURGER: Affiliate to Sell Restaurants to King Fisher ----------------------------------------------------------------- Consolidated Burger Holdings LLC and its affiliates, Consolidated Burger A, LLC and Consolidated Burger B, LLC, seek approval from the U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division, to sell Restaurants, free and clear of liens, claims, and encumbrances. The Debtors seek to sell substantially all of the Debtors' assets and to secure approval of and consummate one or more going concern sales of such assets. The Court has entered an order approving the Bidding Procedures, which among other things, set June 2, 2025, as the Final Bid deadline. The Debtors want to sell the Restaurants to King Fisher Franchises LLC, free and clear of all liens, claims, interests, and encumbrances. The purchase price of the Assets is $1,200,000, with a deposit of $120,000. The Debtors believe that the agreement represents the highest or otherwise best offer received with respect to the purchase of the Assets in accordance with Bidding Procedures Order. About Consolidated Burger Holdings LLC Consolidated Burger Holdings LLC and affiliates are among the largest franchisees of Burger King, the world's second-largest fast food hamburger chain. As of the Petition Date, they operated 57 Burger King restaurants across prime markets in Florida and Southern Georgia. These restaurants are informally grouped into three geographic clusters: (i) Tallahassee and Southern Georgia, comprising 18 locations; (ii) South Florida, with 19 locations; and (iii) the Florida Panhandle, with 20 locations. Debtor Consolidated Holdings is the sole member and 100% equity owner of both Consolidated A and Consolidated B. Consolidated Burger Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40162) on April 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Paul Steven Singerman, Esq., Jordi Guso, Esq., Christopher Andrew Jarvinen, Esq., and Brian G. Rich, Esq. at BERGER SINGERMAN LLP. DEVELOPMENT SPECIALISTS, INC., is the Debtors' Restructuring Advisor. PEAK FRANCHISE CAPITAL LLC is the Debtors' Investment Banker. OMNI AGENT SOLUTIONS, INC. is the Debtors' Notice & Claims Agent. CTN HOLDINGS: Committee Hires Dundon Advisers as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors of CTN Holdings, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Dundon Advisers LLC as its financial advisor. The firm will render these services: a. assist in the analysis, review, and monitoring of the restructuring process, including, but not limited to, an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; b. assist in the sales process for the assets of the Debtors; c. develop a complete understanding of the Debtors' businesses and their valuations; d. determine whether there are viable alternative paths for the disposition of the Debtors' assets from those currently or in the future proposed by any Debtor; e. assist the Committee in identifying, valuing, and pursuing estate causes of action, including, but not limited to, relating to prepetition transactions, control person liability, and lender liability; f. advise the Committee in negotiations with the Debtors and certain of the Debtors' lenders; g. assist the Committee in reviewing the Debtors' financial reports including, but not limited to, statements of financial affairs, schedules of assets and liabilities, cash budgets, and monthly operating reports; h. review and provide analysis of the present and any subsequently proposed debtor-in-possession financing or use of cash collateral; i. assist the Committee in evaluating and analyzing avoidance actions, including fraudulent conveyances and preferential transfers; j. assist the Committee in investigating whether there are any unencumbered assets at any Debtor entity; k. attend meetings and assist in discussions with the Committee, the Debtors, the secured lenders, the U.S. Trustee and other parties in interest and professionals; l. present at meetings of the Committee, as well as meetings with other key stakeholders and parties; m. perform such other advisory services for the Committee as may be necessary or proper in these proceedings, subject to the aforementioned scope. The current hourly rates of Dundon professionals are: Principal $960 Managing Director $850 Senior Advisor $850 Senior Director $755 Director $700 Associate Director $590 Senior Associate $485 Associate $350 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joshua Nahas, a managing director at Dundon Advisers LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joshua Nahas Dundon Advisers LLC Ten Bank Street, Suite 1100 White Plains, NY 10606 Tel: (914) 341-1188 Fax: (212) 202-4437 Email: jn@dundon.com About CTN Holdings CTN Holdings Inc., formerly known as Aspiration Partners Inc., is a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. The company is famous for providing carbon creditors of Microsoft Corp., Meta Platforms Inc., and other big companies. CTN Holdings Inc. and six of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 30, 2025. In the petition, the Debtors reported estimated assets of $50 million to $100 million and up to $50,000 and estimated liabilities of $100 million to $500 million. The petitions were signed by Miles Staglik as chief restructuring officer. The Debtors tapped Whiteford, Taylor & Preston LLC as counsel and BDO USA PC as tax consultants. Kurtzman Carson Consultants, LLC dba Verita Global, is the Debtors' claims and noticing agent. CTN HOLDINGS: Committee Taps Gibbons P.C. as Bankruptcy Counsel --------------------------------------------------------------- The official committee of unsecured creditors of CTN Holdings, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Gibbons P.C. as its counsel. The firm will render these services: (a) attend the meetings of the Committee; (b) review financial and operational information furnished by the Debtors to the Committee; (c) investigate and determine the value of unencumbered assets; (d) analyze and negotiate the budget and the terms of the Debtors' use of cash collateral; (e) assist in the efforts to sell assets or equity of the Debtors in a manner that maximizes the value for creditors; (f) review and diligence the proposed sale(s) of the Debtors' assets; (g) if applicable, review and analyze chapter 11 plan issues and pursue confirmation of a plan or plans as may be appropriate to provide distributable value to the holders of general unsecured claims; (h) review and investigate the liens of any purported secured parties; (i) review and investigate prepetition transactions in which the Debtors and/or their insiders were involved; (j) confer with the Debtors' management, counsel and financial advisors; (k) review the Debtors' schedules and statements of financial affairs; (l) advise the Committee as to the ramifications regarding all of the Debtors' activities and motions before this Court; (m) file appropriate pleadings on behalf of the Committee; (n) review and analyze the Debtors' financial professionals' work product and report to the Committee on that analysis; (o) provide the Committee with legal advice in relation to these Chapter 11 Cases; (p) prepare various applications and memoranda of law submitted to the Court for consideration; and (q) perform such other legal services for the Committee as may be necessary or proper in this proceeding. The firm's current hourly rates range from $275 for paralegals to $1,600 for the firm's most senior partners. The current hourly rates of the primary Gibbons professionals are: Robert K. Malone, Director $1,375 Brett S. Theisen, Director $850 Katharina Earle, Director $825 Christopher P. Anton, Counsel $850 Kyle P. McEvilly, Associate $525 Neal Mitchell, Paralegal $375 Mr. Malone also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: a. Gibbons did not agree to any variation from, or alternative to, its standard or customary billing arrangements for matters of this nature; b. none of the professionals included in this engagement have varied their rate based upon the geographic location of the Chapter 11 Cases; c. the Committee retained Gibbons on April 13, 2025. The billing rates for the period prior to this Application are the same as indicated in this Application; and d. the Committee and Gibbons intend on developing a prospective budget and staffing plan in a reasonable effort to comply with the U.S. Trustee's request for information and additional disclosures. Consistent with the UST Guidelines, any budget may be amended as necessary to reflect changed circumstances or unanticipated developments. Mr. Malone 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: Robert K. Malone, Esq. Gibbons PC One Gateway Center Newark, NJ 07102 Telephone: (973) 596-4500 Email: rmalone@gibbonslaw.com About CTN Holdings CTN Holdings Inc., formerly known as Aspiration Partners Inc., is a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. The company is famous for providing carbon creditors of Microsoft Corp., Meta Platforms Inc., and other big companies. CTN Holdings Inc. and six of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 30, 2025. In the petition, the Debtors reported estimated assets of $50 million to $100 million and up to $50,000 and estimated liabilities of $100 million to $500 million. The petitions were signed by Miles Staglik as chief restructuring officer. The Debtors tapped Whiteford, Taylor & Preston LLC as counsel and BDO USA PC as tax consultants. Kurtzman Carson Consultants, LLC dba Verita Global, is the Debtors' claims and noticing agent. CYTOPHIL INC: Taps Schmidt Rupke Tess-Mattner as Special Counsel ---------------------------------------------------------------- Cytophil, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Schmidt Rupke Tess-Mattner & Fox, S.C. to act as special counsel. The firm's services include: (a) pursue and prosecute claims against former employees of Debtor for violations of confidentiality obligations and related matters; (b) terminate and pursue and prosecute claims related to a sublease agreement and agreement to develop and supply sterilization services between Debtor and Advasaf, LLC; and (c) assist with any claim objections the Debtor may file in its bankruptcy case. The firm will be paid as follows: Stephen L. Fox $485 per hour Amy Hetzner $350 per hour Schmidt Rupke Tess-Mattner & Fox, S.C. is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code and as required by Sec. 327(a), and does not hold or represent an interest adverse to the Debtor's estate, as disclosed in the court filing. The firm can be reached through: Stephen L. Fox, Esq. Amy Hetzner, Esq. Schmidt Rupke Tess-Mattner & Fox, S.C. 3400 Intertech Drive, Suite 400 Brookfield, WI 53045 Telephone: (262) 814-0080 Facsimile: (262) 814-0085 Email: slf@srtf-law.com ah@srtf-law.com About Cytophil Inc. Cytophil Inc., doing business as RegenScientific, operates in the field of manufacturing medical devices. Cytophil sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-20576) on February 4, 2025. In its petition, the Debtor reported total assets of $1,131,109 and total liabilities of $3,520,398 as of September 30, 2024. Judge G. Michael Halfenger handles the case. The Debtor tapped Evan P. Schmit, Esq., at Kerkman & Dunn as counsel and JDP Consulting, Ltd. as accountant. D TUR HOTEL: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On June 6, 2025, D Tur Hotel LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About D Tur Hotel LLC D Tur Hotel LLC operates a motel property in Turlock, California. D Tur Hotel LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-90467) on June 6, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtors are represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. DEDICATION & EVERLASTING: Hires Hahn Fife & Company as Accountant ----------------------------------------------------------------- Todd Frealy, the Chapter 11 trustee for Dedication & Everlasting Love To Animals, received approval from the U.S. Bankruptcy Court for the Central District of California to hire Hahn Fife & Company, LLP as accountants. The firm will render these services: (a) perform any necessary tax and advisory work required for the estate, including, without limitation, an analysis of the Debtor's financial operations, history and transactions; assist in the preparation of financial data and reports such as cash flow projections for cash collateral motions and any prospective plan of reorganization; preparation of monthly operating reports; analysis of the Debtor's books, records and bank statements for potential avoidance actions or other claims; and preparation and filing of state and federal tax returns as necessary; and (b) provide such other accounting services as requested by the Trustee. The hourly rates of the firm's counsel and staff are: Donald T. Fife, CPA $530 Staff $80 In addition, the firm will seek reimbursement for expenses incurred. Mr. Fife 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: Donald T. Fife, CPA Hahn Fife & Company LLP 1055 East Colorado Blvd., 5th Fl. Pasadena, CA 91101 Telephone: (626) 792-0855 Facsimile: (626) 270-5701 Email: dfife@hahnfife.com About Dedication & Everlasting Love To Animals Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue) operates a no-kill, care-for-life animal sanctuary in Acton, Calif. Founded in 1979, the organization rescues abandoned dogs and cats, providing lifelong shelter and medical care across a 115-acre facility. It is privately funded and not open to the public. Dedication & Everlasting Love To Animals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13881) on May 9, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Neil W. Bason handles the case. The Debtor is represented by William R. Hess, Esq., at the Law Offices of William R. Hess. DEDICATION & EVERLASTING: Trustee Taps Levene Neale as Counsel -------------------------------------------------------------- Todd Frealy, the Chapter 11 trustee for Dedication & Everlasting Love To Animals, received approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel. The firm's services include: a. advising the Trustee with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor and the Trustee; b. advising the Trustee with regard to issues pertaining to the use of cash collateral; c. advising the Trustee with regard to certain rights and remedies of the bankruptcy estate and the rights, claims and interests of creditors; d. representing the Trustee in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Trustee is represented in such proceeding or hearing by other special counsel; e. conducting examinations of witnesses, claimants or adverse parties and representing the Trustee in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; f. preparing and assisting the Trustee in the preparation of reports, applications, pleadings and orders including, but not limited to objections to claims, settlements and other matters relating to the case; g. investigating, evaluating, and prosecuting objections to claims as may be appropriate; and h. performing any other services which may be appropriate in LNBYG's representation of the Trustee during the bankruptcy case. The firm will be paid at these hourly rates: David L. Neale 750 Ron Bender 750 Timothy J. Yoo 750 David B. Golubchik 750 Eve H. Karasik 750 Gary E. Klausner 750 Eric P. Israel 750 Brad D. Krasnoff 750 Edward M. Wolkowitz 750 Beth Ann R. Young 750 Monica Y. Kim 725 Philip A. Gasteier 725 John N. Tedford, Iv 725 Daniel H. Reiss 725 Todd A. Frealy 725 Kurt Ramlo 725 Richard P. Steelman, Jr. 725 Juliet Y. Oh 725 Todd M. Arnold 725 Krikor J. Meshefejian 725 John-Patrick M. Fritz 725 Joseph M. Rothberg 725 Jeffrey Kwong 725 Michael Dâ€™alba 725 Carmela T. Pagay 700 Anthony A. Friedman 700 Lindsey L. Smith 650 Robert Carrasco 550 Paraprofessionals 300 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Krikor J. Meshefejian, Esq., a partner at Levene, Neale, Bender, Yoo, and Golubchik L.L.P., 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: Krikor J. Meshefejian, Esq. Levene, Neale, Bender, Yoo & Golubchik, LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: kjm@lnbyg.com About Dedication & Everlasting Love To Animals Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue) operates a no-kill, care-for-life animal sanctuary in Acton, Calif. Founded in 1979, the organization rescues abandoned dogs and cats, providing lifelong shelter and medical care across a 115-acre facility. It is privately funded and not open to the public. Dedication & Everlasting Love To Animals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13881) on May 9, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Neil W. Bason handles the case. The Debtor is represented by William R. Hess, Esq., at the Law Offices of William R. Hess. DIOCESE OF SAN FRANCISCO: Comm. Taps Colliers as Real Estate Broker ------------------------------------------------------------------- The official committee of unsecured creditors of the Roman Catholic Archbishop of San Francisco seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Colliers International CA, Inc. as real estate broker. The broker will market and sell the Debtor's real properties. The commission shall be 4 percent for dual representation. In the event there is an outside procuring agent/broker then the total commission shall be 6 percent. Colliers is a "disinterested person" within the meaning of Bankruptcy Code section 101(14), as modified by Bankruptcy Code section 1107(b), according to court filings. The broker can be reached through: Steve Chamberlain Colliers International CA, Inc. 301 University Avenue Suite 100 Sacramento, CA 95825 About Roman Catholic Archbishop of San Francisco The Roman Catholic Archbishop of San Francisco filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023, with $100 million to $500 million in both assets and liabilities. Judge Dennis Montali oversees the case. The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel. Weintraub Tobin Chediak Coleman & Grodin as special litigation counsel. Weinstein & Numbers, LLP as special insurance counsel. GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory Services as financial advisor. Omni Agent Solutions, Inc., is the administrative agent. DOG ROBBER: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------- On June 6, 2025, Dog Robber Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Dog Robber Inc. 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. Dog Robber Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14827) on June 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtors are represented by Richard Sturdevant, Esq. at FINANCIAL RELIEF LAW CENTER, APC. DOVETAIL DEVELOPMENT: To Sell Paulding Property to Julio Yatesto ---------------------------------------------------------------- Dovetail Development Ltd. seeks permission from the U.S. Bankruptcy Court for the Northern District of Ohio, Western Division, to sell Property, free and clear from liens, claims, and encumbrances. The Debtor owns numerous parcels of real property, including real property with the address of 221 S. Cherry St., Paulding, Ohio 45879, with a value of $93,100.00. The Debtor states that the Property is unencumbered. The Debtor receives an offer from Julio Yatesto to purchase the Property in the amount of $157,500.00. Under the agreement, the buyer place a deposit of $500.00, to be applied toward the Purchase Price. The Debtor will also pay $7,500.00 towards the closing costs. About Dovetail Development Ltd. Dovetail Development Ltd. is a limited liability company formed in 1999. Dovetail Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-30828) on May 1, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge John P. Gustafson presides over the case. Steven L. Diller, Esq., at Diller and Rice, LLC, is the Debtor's legal counsel. E.F. MARKETING: Hires Cennamo and Werner as Bankruptcy Counsel -------------------------------------------------------------- E.F. Marketing Group, LLC asked the U.S. Bankruptcy Court for the Western District of Texas to hire Law Office of Cennamo and Werner as counsel. The firm will provide these services: a. give the Debtor-in-Possession legal advice with respect to the Debtor's powers and duties in the continued operation of the business and the management of the funds and property of the Debtor-in-Possession; b. prepare on behalf of the Debtor-in-Possession, necessary pleadings and other documents; c. advise the Debtor-in-Possession and work with the Debtor's creditors in an effort to devise a Plan; and d. perform all other legal services for the Debtor-in-Possession which may be necessary under Chapter 11 case. The firm will be paid at these rates: Steven G. Cennamo $300 per hour David C. Werner $300 per hour Legal Assistant $60 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven G. Cennamo, Esq., a partner at Law Office of Cennamo and Werner, 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: Steven G. Cennamo, Esq. Law Office of Cennamo and Werner 8546 Broadway, Suite 100 San Antonio, TX 78217 Tel: (210) 905-0529 Fax: (210) 905-4373 About E.F. Marketing Group E.F. Marketing Group, LLC is a full-service advertising and marketing agency based in San Antonio, Texas. It designs and executes data-driven direct-mail and digital campaigns for regional colleges and small to mid-sized businesses. E.F. Marketing Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50842) on April 23, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Craig A. Gargotta handles the case. The Debtor is represented by Steven G. Cennamo, Esq., at the Law Office of Cennamo & Werner. ECI PHARMA: Acute Inc. et al. Adversary Case Stayed Pending Appeal ------------------------------------------------------------------ Judge Scott M. Grossman of the United States Bankruptcy Court for the Southern District of Florida denied the defendants' motion to dismiss the adversary proceeding captioned as ACUTE INC., GENETIC NETWORKS LLC, and DR. RAJU'S PHARMA SOLUTIONS, LLC, Plaintiffs, v. ECI PHARMACEUTICALS LLC, BIORAMO, LLC, ECI LIQUIDATING TRUST, and KATIE GOODMAN, as Liquidating Trustee, Defendants, Adv. No. 25-01048-SMG (Bankr. S.D. Fla.) for lack of subject matter jurisdiction. The adversary proceeding is stayed pending outcome of appeal. Debtors ECI Pharmaceuticals LLC and BioRamo LLC filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code on May 3, 2024. On Aug. 30, 2024, the Court approved a sale of substantially all of the debtors' assets to Acute. The sale still has not closed, and Acute has appealed the sale order. That appeal is still pending. On Oct. 22, 2024, the Court then held a hearing to consider confirmation of the debtors' joint chapter 11 plan of liquidation. No written objections to confirmation were filed, and no party objected at the confirmation hearing. In fact, Acute did not even appear at the confirmation hearing. On Oct. 24, 2024, the Court entered an order confirming the plan. Acute then appealed the confirmation order. The issue presented in that appeal -- as stated by Acute in its statement of the issues under Federal Rule of Bankruptcy Procedure 8009(a)(1)(A) -- is whether this Court erred in confirming a plan that included certain allegedly inappropriate exculpation and injunction provisions. That appeal remains pending as well. The plan was premised on the sale of substantially all of the debtors' assets being used to fund distributions to creditors. Because the sale has not yet closed, the plan has not been substantially consummated. Indeed, on Jan. 17, 2025, the debtors served a notice of termination of the asset purchase agreement on Acute. Acute disputes the validity of the termination notice. Until either the debtors and Acute agree to resolve their differences or the appeals are decided, this case is at an effective standstill. Adversary Proceeding On Feb. 26, 2025, Acute -- together with creditors Genetic Networks LLC, and Dr. Raju's Pharma Solutions, LLC -- commenced this adversary proceeding under 11 U.S.C. Sec. 1144, seeking to revoke the confirmation order alleging that it was procured by fraud. The defendants -- debtors ECI and BioRamo, the ECI Liquidating Trust created by the plan, and Katie Goodman, the liquidating trustee under the plan -- moved to dismiss the complaint under Federal Rules of Civil Procedure 12(b)(1) and (b)(6) and sought sanctions against Acute and its attorney for allegedly vexatious litigation practices. As grounds for dismissal, the defendants argue that Acute's pending appeal of the confirmation order divests this Court of jurisdiction to grant the relief requested. They contend that the complaint fails to state a claim sufficiently alleging fraud. The plaintiffs oppose dismissal, arguing that both the issues and remedies sought in the pending appeal are different from those raised in this adversary proceeding. They assert that the appeal concerns whether the Court improperly approved non-consensual third-party releases in the confirmation order, whereas this adversary proceeding seeks to determine whether the confirmation order was procured by fraud. The Court concludes that the defendants overstate the jurisdictional nature of the divestiture rule, at least insofar as it pertains to a bankruptcy court's authority to adjudicate certain matters when there is a pending appeal. The divestiture rule is not truly jurisdictional, and this Court does not lack subject matter jurisdiction over this adversary proceeding. But, due to the current posture of this bankruptcy case -- and as a matter of comity and deference to the District Court with respect to the pending appeal -- under the authority of 11 U.S.C. Sec. 105(a) and Federal Rule of Bankruptcy Procedure 7016(b)(3), the Court will stay this adversary proceeding pending the resolution of the appeal. A copy of the Court's decision dated May 21, 2025, is available at https://urlcurt.com/u?l=BFYMs3 from PacerMonitor.com. About ECI Pharmaceuticals ECI Pharmaceuticals LLC is a specialty generic and branded pharmaceutical manufacturing and marketing company specializing in the manufacturing of non-sterile, solid oral dose products. The Debtor's business premises are located at 5311 NW 35th Terrace, Fort Lauderdale, Florida 33309. ECI Pharmaceuticals, LLC and BioRamo, LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 24-14430) on May 3, 2024, listing up to $500,000 in assets and up to $10 million in liabilities. The case is jointly administered in Case No. 24-14430. Judge Scott M. Grossman oversees the cases. Aaron A. Wernick, Esq., at Wernick Law, PLLC serves as the Debtors' counsel. ECS BRANDS: Seeks to Hire Jacques Seys CPA as Accountant -------------------------------------------------------- ECS Brands, Ltd. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Jacques Seys, CPA to perform professional accounting services. The firm will render these services: a. provide monthly bookkeeping support; b. record/categorize monthly transactions in {software}; c. reconcile business accounts to account statements; d. prepare and provide financial statement reporting package to client (monthly); e. facilitate Month End Close; f. take A/P close and recording of vendor invoices and/or accruals (if applicable); and g. assist on any other items/matters/issues as needed, including Chapter 11 bankruptcy, fund-raising, loan applications, upcoming ELOC, etc. The services are provided on a monthly flat fee basis. The contract rate was $2,300 per month, and the new contract rate is $2,500 per month. Mr. Seys assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The accountant can be reached through: Jacques Seys, CPA J's Accounting Services 1011 Arnold Avenue Hoquiam, WA 98550 About ECS Brands ECS Brands Ltd. is a privately held company specializing in hemp-derived products. Founded in 2018, ECS Brands focuses on manufacturing and supplying bulk hemp extracts, white-label products, and innovative formulations such as water-soluble nano emulsions. ECS Brands Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12101) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtor is represented by Jenny M.F. Fujii, Esq., at Kutner Brinen Dickey Riley PC. ELEGANT TENTS: Seeks to Hire Eric Bononi as Accountant ------------------------------------------------------ Elegant Tents and Catering, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Eric Bononi as its accountant. The services to be provided include: a. preparation of outstanding tax returns; b. preparation of Forms 1099 in connection with business operations; c. preparation of monthly operating and farm reports, as needed; d. collation and preparation of customer lists and compilations, reconciliation of farm accounts, and other records packages. The accountant shall charge $225 an hour for all substantive work. The Debtor has agreed to provide an initial retainer of $2,000. Eric Bononi, CPA, assures the Court that he is a disinterested person as that term is defined in 11 U.S.C. Sec. 101 (14). The accountant can be reached through: Eric E. Bononi, CPA Bononi & Company, P.C. 20 N. Pennsylvania Ave, Suite 201 Greensburg, PA 15601-2337 Phone: (724) 832-2499 E-mail: eric@bononilaw.com About Elegant Tents and Catering Inc. Elegant Tents and Catering Inc. is a family-owned business based in Youngwood, PA, offering event rental services and catering for various occasions, including weddings, birthdays, and corporate events. The Company provides tent rentals, linens, furniture, and other event equipment, along with a variety of catering menus, made from family recipes and tailored to meet dietary needs. The Company serves the Tri-State area and prides itself on delivering personalized service. Elegant Tents and Catering Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20594) on March 7, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John C. Melaragno handles the case. Justin P. Schantz, Esq. at David A. Colecchia and Associates represents the Debtor as counsel. ENVELOPE MART: Patricia Fugee Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Patricia Fugee of FisherBroyles, LLP as Subchapter V trustee for Envelope Mart of Northeast Ohio Inc. Ms. Fugee will be paid an hourly fee of $365 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fugee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Patricia B. Fugee FisherBroyles, LLP 27100 Oakmead Drive #306 Perrysburg, OH 43551 Phone: (419) 874-6859 Email: Patricia.Fugee@FisherBroyles.com About Envelope Mart of Northeast Ohio 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 estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Suzana Krstevski Koch handles the case. Michael A. Steel, Esq., at Steel & Company Law Firm represents the Debtor as bankruptcy counsel. ESTIATORIO ENT: Stacey Realty Loses Bid to Reopen Chapter 7 Case ---------------------------------------------------------------- Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York denied the motion of Stacey Realty Associates LLC for an order reopening the Chapter 7 case of Estiatorio Ent. Ltd. The Landlord is the fee owner of non-residential real property located at 465 White Plains Road, Eastchester, New York. The Landlord and the Debtor were parties to a pre-petition ground lease concerning that property. The Debtor operated the Eastchester Odyssey Diner within the building located on the property. The Building, along with its furnishings, fixtures, and equipment, belonged to the Debtor. Before the filing of the bankruptcy, the Landlord and the Debtor had disputed whether the Debtor defaulted on its obligations under the Lease and whether the Lease could be terminated. On June 9, 2022, the Trustee filed the Notice of Chapter 7 Trustee's Intent to Abandon Property of the Bankruptcy Estate, indicating that the Trustee intended to abandon the estate's right, title and interest in and to the Debtor's lease with Stacey Realty Associates for property located at 465 White Plains Road, Eastchester, NY 10709 as having inconsequential value to administer for the benefit of creditors. The deadline to object to the Trustee's proposed abandonment was June 24, 2022. On Sept. 1, 2023, the Landlord entered into a lease agreement with a new tenant and began construction on the Building for the new tenant. As a result, the Debtor commenced an action in New York State Supreme Court, Westchester County against the Landlord and other defendants, seeking, among other things, to quiet title, a declaration that the Debtor owns the Building and that the new lease is ineffective and enforceable, and to eject the new tenant from the Building. In the State Court Action, the Debtor also argued that the Lease's forfeiture provision is void and unenforceable due to public policy. On Oct. 15, 2024, the Landlord sought to reopen the Debtor's bankruptcy case to remove the State Court Action to this Court, arguing that the Lease had been rejected rather than abandoned. The Debtor opposed the Motion, arguing that the Landlord's removal attempt was untimely and that the Lease was abandoned. The Landlord argued that abandonment was defective in several ways and that any claims asserted by the Debtor in the State Court Action were never disclosed in the bankruptcy and thus remained property of the estate. The Landlord seeks to avoid the clear timing requirements of Bankruptcy Rule 9027(a)(3) by arguing that Bankruptcy Rule 9027(a)(2) applies instead. The Landlord argues that, since this case is closed, the "order for relief" as referenced in Bankruptcy Rule 9027(a)(2)(A) will be the date of an order reopening the case under Section 350, giving the Landlord ninety days from entry of that order to remove the State Court Action. The Landlord argues that abandonment was ineffective because: (i) there was no hearing, (ii) the Notice of Abandonment did not describe the property being abandoned or the entity to whom it was abandoned to, and (iii) the Notice of Abandonment described the property being abandoned as both a "Lease" and "Claim" without mentioning the Building. The Court finds that the Landlord did not remove the State Court Action within Bankruptcy Rule 9027(a)(3)'s strict time limits, nor could it timely reopen the case for that purpose. In any event, the Notice of Abandonment was effective, the Court concludes. The Landlord could have timely objected to the Notice of Abandonment or timely sought to remove the State Court Action. Instead, it did neither. For these reasons, the Motion is denied. A copy of the Court's decision dated May 22, 2025, is available at https://urlcurt.com/u?l=hAEJRJ from PacerMonitor.com. Counsel for Stacey Realty Associates LLC: Douglas J. Pick, Esq. Eric C. Zabicki, Esq. PICK & ZABICKI LLP 369 Lexington Avenue, 12th Floor New York, NY 10017 E-mail: dpick@picklaw.net Counsel for the Debtor: Anne J. Penachio, Esq. PENACHIO MALARA LLP 245 Main Street, Suite 450 White Plains, NY 10601 About Estiatorio Ent. Ltd. Estiatorio Ent. Ltd. is the fee simple owner of an edifice and property located at 465 White Plains Road, Eastchester, N.Y. The property is valued at $3 million. Estiatorio Ent. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22665) on Nov. 30, 2021, disclosing $3,000,348 in assets and $417,091 in liabilities. Konstantinos Doukas, president of Estiatorio Ent., signed the petition. Judge Robert D. Drain presided over the case. Anne Penachio, Esq., and Francis J. Malara, Esq., at Penachio Malara, LLP represent the Debtor as bankruptcy attorneys. The case was converted to Chapter 7 on May 6, 2022. Howard P. Magaliff was appointed as Chapter 7 trustee. EVERBRIDGE HOLDINGS: OHA Senior Marks $1.8M 1L Loan at 61% Off -------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,832,000 loan extended to Everbridge Holdings, LLC to market at $712,000 or 39% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Everbridge Holdings, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on December 15, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Everbridge Holdings, LLC Everbridge Holdings, LLC provides the most complete, end-to-end suite of solutions for managing physical and digital critical events. EXACTECH INC: Committee Taps Dr. Narayan of Anthara as Expert ------------------------------------------------------------- The official committee of unsecured creditors of Exactech, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Dr. Venkat S. Narayan of Anthara Technologies Consulting as consulting expert. The firm's services include: a. reviewing discovery as it relates to the issues of polyethylene and degradation in the Exactech hip and knee implants; b. reviewing discovery as it relates to the manufacturing and design of the Exactech hip and knee implants and design changes; c. reviewing and analyzing applicable FDA regulations as to product development and design; d. reviewing and analyzing the implications of the design changes to the Exactech hip and knee implants; e. as needed, providing testimony in the form of an expert report and/or a declaration with respect to the polyethylene issues in the Exactech hip and knee implants; and f. providing such other services the Committee may request from time to time. The firm will paid at these rates: Professional Per Hour (USD) Dr. Venkat S Narayan $300 (review and consultation) Anthara Technologies Consulting $500 (deposition and court appearances) Venkat S Narayan, principal polymer consultant of Anthara Technologies Consulting, assured the court that his firm is disinterested as defined by Bankruptcy Code section 101(14) and does not have or represent an interest materially adverse to the interest of the estates or of any class of creditors. The firm can be reached through: Venkat S. Narayan Anthara Technologies Consulting 6701 Virginia Parkway, Suite 215-36 McKinney, TX 75071 Email: v.narayan@antharatech.com Tel: (260) 515-4743 About Exactech Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12441) on October 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by: Ryan M. Bartley, Esq. Young Conaway Stargatt & Taylor, LLP 2320 NW 66th Court Gainesville, FL 32653 FLAGSHIP RESORT: Taps Edward Phillips of Getzler Henrich as CCRO ---------------------------------------------------------------- Flagship Resort Development Corporation seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Getzler Henrich & Associates LLC and designate Edward Phillips as conflicts chief restructuring officer. The firm's services include: a. determining when a potential conflict of interest exists with respect to current or former insiders in connection with any decision or transaction contemplated by the Debtor, and authority to make decisions without prior Board approval in situations where potential conflicts of interest may exist; b. negotiating directly with creditors, lenders, and other stakeholders without the involvement of the Debtor's board where Mr. Phillips has determined that insider participation would present a conflict of interest; and c. If Mr. Phillips identifies a potential conflict of interest, making decisions on behalf of the Debtor with respect to the following matters: 1. Any transaction or negotiation with a party that is a current or former insider of the Debtor, or if such party is controlled by, or has a material relationship with, a current or former insider of the Debtor; 2. Any financing, refinancing, or capital raising transaction where a current or former insider or an affiliate of a current or former insider is a potential financing source; 3. Any sale of assets or business units to a party that is a current or former insider of the Debtor, or if such party is controlled by, or has a material relationship with, one or more current or former insiders of the Debtor; and 4. Development and approval of KEIP, KERP, or other employee incentive programs during the restructuring process to the extent it covers any current or former insider. Mr. Phillips will bill the Debtor on a monthly basis in the amount of $25,000 per month. Getzler Henrich will receive a $25,000 retainer. Getzler Henrich & Associates disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Edward Phillips Getzler Henrich & Associates LLC 2929 Arch Street, Suite 1650 Philadelphia, PA 19104 Tel: (267) 253-9262 Email: ephillips@getzlerhenrich.com About Flagship Resort Development Flagship Resort Development Corporation, a privately held hospitality and resort development company based in New Jersey, specializes in timeshare vacation ownership in the Atlantic City region. It operates 774 living units across three properties -- Flagship All-Suites Resort, Atlantic Palace, and La Sammana Resort -- offering a mix of deeded timeshare interests, club memberships, and exchange-based travel benefits. The company is a wholly owned subsidiary of FantaSea Resorts Group, Inc. Flagship Resort Development Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15047) on May 10, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtor is represented by Warren J. Martin Jr., Esq. at Porzio, Bromberg & Newman, P.C. Kroll Restructuring Administration LLC is the Debtor's Notice, claims, solicitation, balloting and administrative agent. FLAME LLC: Seeks to Hire Law Office Joy Lee Barnhart as Counsel --------------------------------------------------------------- Flame, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire the Law Office of Joy Lee Barnhart as its counsel. The firm will render these services: a. take all actions necessary to protect and preserve Debtor's bankruptcy estate, including prosecution of actions on the Debtor's behalf. To undertake, in conjunction as appropriate with special litigation counsel, the defense of any action commenced by the Debtor, negotiations concerning litigation in which Debtor is involved, objections to claims filed against the Debtor in this bankruptcy case, and the compromise and settlement of claims; b. prepare or assist the Debtor in preparing, the necessary applications, motions, memoranda, responses, complaints, answers, orders, notices, reports and 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 disclosure statement and related documents, and to take the steps necessary to confirm and implement the proposed plan of liquidation; and d. provide such other legal advice or services as may be required in connection with the Chapter 11 case. The Debtor has agreed to compensate Joy Lee Barnhart, Esq., owner, on the basis of an hourly rate of $375 per hour and $80 per hour for paralegal services. As disclosed in the court filings, the Law Office of Joy Lee Barnhart is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Joy Lee Barnhart, Esq. THE LAW OFFICE OF JOY LEE BARNHART 15 South Grady Way, Suite 535 Renton, WA 98057 Tel: (425) 255-5535 Fax: (425) 255-5609 Email: joylee@joybarnhart.com About Flame LLC Flame, LLC filed Chapter 11 petition (Bankr. W.D. Wash. Case No. 25-10193) on January 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Christopher M. Alston oversees the case. Joy Lee Barnhart, Esq., at the Law Offices of Joy Lee Barnhart is the Debtor's bankruptcy counsel. FMB ENERGY: Seeks to Hire Langley & Banack as Bankruptcy Counsel ---------------------------------------------------------------- FMB Energy Services Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Langley & Banack, Inc. as attorneys. he firm's services include: (a) advise the Debtor of its duties and powers in this Chapter 11 case; and (b) handle all matters which come before the court in this case. William Davis, Jr., Esq., the primary attorney in this representation, will be paid at his hourly rate of $425. The firm estimated a retainer of $20,000 from the Debtor. Mr. Davis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William R. Davis, Jr., Esq. Langley & Banack, Inc. 745 E. Mulberry, Suite 700 San Antonio, TX 78212 Telephone: (210) 736-6600 Email: wrdavis@langeybanack.com About FMB Energy Services Inc. FMB Energy Services Inc. is a trucking company based in Carrizo Springs, Texas, specializing in full truckload shipments of hazardous materials for intrastate transport. FMB Energy Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51179) on May 30, 2025. In its petition, the Debtor reports estimated liabilities of $1,098,568. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtors are represented by William R. Davis, Jr., Esq. at LANGLEY & BANACK, INC. FOREST MEADOWS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Forest Meadows Holdings, LLC. About Forest Meadows Holdings Forest Meadows Holdings, LLC is a residential real estate company operating in the Atlanta, Georgia area. Forest Meadows Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54944) on May 5, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Lisa Ritchey Craig handles the case. The Debtor is represented by William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC. FOSTER AND SCHELL: Seeks to Hire NKW CPA LLC as Accountant ---------------------------------------------------------- Foster and Schell, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Montana to hire NKW CPA, LLC as accountant. The professional services that NKW is to render include payroll, income tax preparation, and some general bookkeeping support as requested. The firm will be paid at these rates: Nikolas Wong $200 per hour Maddie Wilson $125 per hour Jessie Eshelman $100 per hour Nikolas Wong, accountant with NKW CPA, LLC, assured the court that his firm is a "disinterested person" as defined in 11 U.S.C. 101(14). The accountant can be reached through: Nikolas Wong NKW CPA, LLC 710 Wicks Ln #50446 Billings, MT 59105 Tel: (406) 500-5595 About Foster and Schell, Inc. Foster and Schell, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Montana Case No. 25-10056) on April 4, 2025, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. James A. Patten, Esq. at Patten, Peterman, Bekkedahl & Green PLLC represents the Debtor as counsel FR VISION: OHA Senior Marks $2.3 Million 1L Loan at 58% Off ----------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $2,314,000 loan extended to FR Vision Holdings, Inc. to market at $973,000 or 42% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank 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. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 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. FRANCHISE GROUP: Can't Assign American Freight Lease to AF Newco ---------------------------------------------------------------- Judge Laurie Selber Silverstein of the United States Bankruptcy Court for the District of Delaware denied Franchise Group, Inc.'s request to assume and assign a lease entered into by American Freight of South Florida, LLC with respect to certain premises in Florida to AF Newco I, LLC. On Dec. 13, 2024, Franchise Group, Inc. filed its motion seeking approval of the sale of what it termed certain of American Freight's assets. Among those was a request to assume and assign to AF Newco I, LLC certain nonresidential real estate leases. At issue in this case is the sole unresolved objection filed by 6001 Powerline Road, LLC, the Landlord. On Feb. 1, 2014, Landlord's predecessor, Marble of the World, Inc., a Florida corporation, entered into a sub-lease agreement with American Freight of South Florida, LLC, a Florida entity, with respect to certain premises located at 6001 Powerline Road, City of Ft. Lauderdale, County of Broward, Florida 33309. On Dec. 30, 2014, American Freight of South Florida, LLC filed Articles of Conversion in the state of Florida and then became a Delaware limited liability company on Jan. 1, 2015. On Oct. 1, 2017, American Freight of South Florida, LLC merged into American Freight, Inc., another Delaware entity. Finally, American Freight, Inc. converted to a Delaware limited liability company, American Freight, LLC, on Feb. 25, 2020. American Freight, LLC filed its bankruptcy case on Nov. 3, 2024. It is undisputed that Debtor currently occupies the Premises. There is no evidence that American Freight of South Florida, LLC, American Freight, Inc. or the Debtor sought Landlord's consent to assign the Lease. Landlord argues that the Debtor is not the named tenant on the Lease, that the Lease does not permit an assignment without its consent, which it did not give, and the Debtor, therefore, has no leasehold interest to assume or assign. The Debtor argues that, under Florida law, the multiple conversions of corporate form do not implicate the anti-assignment clause in the Lease. It cites Corp. Express Off. Prods., Inc. v. Phillips, 847 So. 2d406 (Fla. 2003), for the proposition that the Debtor is a continuing entity such that the assignment clause in the Lease is not implicated. The Court emphasizes that when American Freight of South Florida, LLC converted from a Florida limited liability company to a Delaware limited liability company, there remained a single entity throughout the transition. The entity did not wind up under Florida law, and the subsequent Delaware entity was deemed to have existed as of the date the entity came into existence under Florida law. Because only one entity is deemed to have existed, no property transferred between the two entities. Therefore, no assignment of the Lease under Article VI, the Court finds. Because a single entity exists through the conversion from a Delaware limited liability company to a Delaware corporation, no transfer of property occurs. According to the Court, because no property or rights are transferred, the Lease was not assigned and thus did not run afoul of Article VI. As of Oct. 1, 2017, American Freight, Inc. was the tenant under the Lease, the Court notes. Purchaser bears the burden to show that there was no disposition of the controlling stock of American Freight, Inc. or that at the time of any disposition, the stock was regularly traded on a recognized securities market. The conversion of 100% of the stock of American Fright, Inc. into membership interest in American Freight, LLC necessarily constitutes a disposition of controlling stock in the corporation. Further, Purchaser presented no evidence showing that American Freight, Inc.'s stock was publicly traded such that the exception might apply. Accordingly, unless Purchaser's other arguments prevail, the Debtor was not the tenant as of Feb. 25, 2020. It, therefore, cannot assume or assign the Lease, the Court concludes. Purchaser argues that Landlord has been aware of the merger of American Freight of South Florida, LLC into American Freight, Inc. for at least six years, and likely longer but has chosen to say nothing while continuing to collect rent from American Freight, Inc., and later the Debtor. Purchaser cites Delaware's limitations period for bringing an action for default under a lease contract, but as the Court has already determined, Florida law governs the Lease. It makes passing references to the defenses of laches and equitable estoppel, but fails to assert them properly under Florida law, much less adduce the "clear and positive" evidence required to prove latches. The Court finds Purchaser has not met its burden of proof to show the Lease can be assumed and assigned. A copy of the Court's decision dated May 21, 2025, is available at https://urlcurt.com/u?l=ygKN8f from PacerMonitor.com. About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1 billion to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FRESH ACQUISITIONS: Loses Fraudulent Transfer Summary Judgment Bid ------------------------------------------------------------------ Judge Stacey G.C. Jernigan of the United States Bankruptcy Court for the Northern District of Texas ruled on the cross-motions for summary judgment filed by the parties with respect to fraudulent transfer claims in the adversary proceeding captioned as DAVID GONZALES, TRUSTEE OF THE FRESH ACQUISITIONS LIQUIDATING TRUST, Plaintiff, v. AB REAL ESTATE, LLC, Defendant, Adv. No. 23-03056-sgj (Bankr. N.D. Tex.). The post-confirmation adversary proceeding pertains to the bankruptcy cases of Fresh Acquisitions, LLC and 14 related entities. The Trustee seeks to avoid a transfer of real property made by one of the Debtors known as Fire Mountain Restaurants, LLC that allegedly occurred for little or no consideration in return. This Transfer occurred approximately two-and-a-half years before the Petition Date (i.e., in December 2018). The Transfer was to a newly formed entity called AB Real Estate LLC. The property subject to the Transfer was located in the state of Tennessee. The Trustee argues that the Transfer either was made with actual intent to defraud creditors or was a constructively fraudulent transfer, utilizing section 544 of the Bankruptcy Code and state fraudulent transfer laws. Plaintiff also tags on a cause of action for "conspiracy" to commit a fraudulent transfer. Less than two weeks after ABRE was formed, it received three transfers of three different real properties (in three different states) for no stated consideration. On Dec. 10, 2018, Debtor Fire Mountain transferred the Reelfoot Tennessee Property (a shuttered "Ryan's" restaurant property) to the newly-formed ABRE via a quitclaim deed that reflected the payment of "the sum of one dollar ($1.00) and other valuable considerations." An individual named Peter Donbavand executed the quitclaim deed on behalf of Debtor Fire Mountain as its "Vice President of Real Estate". The Trustee argues that he is entitled to judgment as a matter of law, on his fraudulent transfer claims, based on the undisputed facts. ABRE argues that it is entitled to judgment as a matter of law on the actual and constructive fraudulent transfer claims as well as the conspiracy-to-commit fraudulent transfers. ABRE argues that the Trustee is not entitled to summary judgment on his actual fraud claim under TUFTA because: (1) fraudulent intent is inherently a question of fact that should be reserved for the trier of fact and so is generally not appropriate for summary judgment, (2) the Trustee's purported "badges of fraud" are unsupported by the evidence, and (3) ABRE has provided sufficient evidence to create a genuine issue of material fact that necessitates denial of summary judgment. ABRE seeks a summary judgment on the Trustee's conspiracy to commit fraudulent transfer claim. ABRE argues that it is entitled to summary judgment on the Trustee's conspiracy to commit fraudulent transfer claim because the Trustee: (1) has failed to present evidence of the underlying tort (i.e., a fraudulent transfer) and, therefore, he cannot succeed on a claim for civil conspiracy, (2) has failed to meet his summary judgment burden of pointing to sufficient evidence in the record to support each element of a civil conspiracy claim, and (3) the civil conspiracy claim is redundant of the underlying fraudulent transfer claim. As to the cross-motions on the fraudulent transfer claims, the Court concludes that neither Plaintiff nor Defendant is entitled to a summary judgment under Rule 56 of the Federal Rules of Civil Procedure because there are genuine issues of material fact on various elements of these causes of action. But with regard to the conspiracy to commit fraudulent transfer claim, the Court concludes that Defendant is entitled to summary judgment as a matter of law, as this cause of action is duplicative or redundant of the fraudulent transfer claims. A copy of the Court's decision dated May 23, 2025, is available at https://urlcurt.com/u?l=Org2xQ from PacerMonitor.com. About Fresh Acquisitions Fresh Acquisitions LLC and Buffets, LLC, operate independent restaurant brands and are based in San Antonio, Texas. Prior to the COVID-19 pandemic, the Debtors were a significant operator of buffet-style restaurants in the United States with approximately 90 stores operating in 27 states. The Debtors' concepts include six buffet restaurant chains and a full service steakhouse, operating under the names Furr's Fresh Buffet, Old Country Buffet, Country Buffet, HomeTown Buffet, Ryan's, Fire Mountain, and Tahoe Joe's Famous Steakhouse, respectively. Buffets Holdings, Inc., filed for Chapter 11 relief in January 2008 and won confirmation of a reorganization plan in April 2009. In January 2012, Buffets again sought Chapter 11 protection and emerged from bankruptcy in July 2012. On Aug. 19, 2015, Alamo Ovation, LLC, acquired Buffets Restaurants Holdings, Inc., and as a result of the merger, Buffets operated over 300 restaurants in 35 states. Down to 150 restaurants in 25 states after closing unprofitable locations, Buffets LLC and its affiliated entities sought Chapter 11 protection (Bankr. W.D. Tex. Case No. Lead Case No. 16-50557) in San Antonio, Texas, on March 7, 2016. On April 27, 2017, the Court confirmed the Debtors' Second Amended Joint Plan of Reorganization. The Effective Date of the Plan was May 18, 2017. Fresh Acquisitions, LLC and 14 affiliates, including Buffets LLC (a/k/a Ovation Brands), sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 21-30721) on April 20, 2021. Fresh Acquisitions was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Harlin Dewayne Hale is the case judge. In the recent cases, the Debtors tapped GRAY REED as counsel; and B. RILEY ADVISORY SERVICES as financial advisor. KATTEN MUCHIN ROSENMAN LLP is special counsel. BMC GROUP, INC., is the claims and noticing agent. HILCO REAL ESTATE, LLC, is the real estate consultant. FRESH ACQUISITIONS: Trustee Suit v ABRE Goes to Trial ----------------------------------------------------- Judge Stacey G.C. Jernigan of the United States Bankruptcy Court for the Northern District of Texas denied the plaintiff's motion for partial summary judgment in the adversary proceeding captioned as DAVID GONZALES, TRUSTEE OF THE FRESH ACQUISITIONS LIQUIDATING TRUST, Plaintiff v. AB REAL ESTATE, LLC, Defendant Adv. No. 23-03055-sgj (Bankr. N.D. Tex.). Judge Jernigan also held that AB Real Estate LLC's motion for summary judgment is denied with respect to the Trustee's fraudulent transfer claims under TUFTA, and granted with respect to the Trustee's conspiracy to commit fraudulent transfer claim. The post-confirmation adversary proceeding pertains to the bankruptcy cases of Fresh Acquisitions, LLC and 14 related entities. The Adversary Proceeding seeks to avoid a transfer of real property made by one of the Debtors known as OCB Restaurant Company, LLC that allegedly occurred for little or no consideration in return. This Transfer occurred approximately two-and-a-half years before the Petition Date (i.e., in December 2018). The Transfer was to ABRE, a newly formed entity. The property subject to the Transfer was located in the state of Wisconsin. The Plaintiff argues that the Transfer either was made with actual intent to defraud creditors or was a constructively fraudulent transfer, utilizing section 544 of the Bankruptcy Code and state fraudulent transfer laws. The Plaintiff also tags on a cause of action for "conspiracy" to commit a fraudulent transfer. Each of the three ABRE Properties (including the 29th Street Wisconsin Property that is the subject of this Adversary Proceeding), at the time they were transferred in December 2018, were apparently subject to liens in favor of an entity called META Advisors, LLC, which liens secured a promissory note dated May 18, 2017, in the original amount of $5,250,000. There were actually seven Debtor entities that were makers on the META Note, including Debtors OCB Restaurant and Fire Mountain, all of whom were jointly and severally liable on the note. All seven makers on the META Note pledged all of their assets as collateral for the META Note, pursuant to a Security Agreement, apparently giving META a blanket lien on all of the seven Debtors' assets. The Trustee argues that he is entitled to judgment as a matter of law, on his fraudulent transfer claims, based on undisputed facts. ABRE argues that it is entitled to judgment as a matter of law on the actual and constructive fraudulent transfer claims as well as the conspiracy-to-commit fraudulent transfers. ABRE argues that the Trustee's fraudulent transfer claims fail as a matter of law because: (a) the 29th Street Wisconsin Property -- which was encumbered by a lien to secure the META Note at the time of the Transfer -- is not an "asset" of Debtor OCB Restaurant, as defined in Sec. 24.002(2)(a) of the Texas Uniform Fraudulent Transfer Act (TUFTA), the transfer of which can be avoided; (b) even if the 29th Street Wisconsin Property was an "asset" as contemplated by Sec. 24.002(2)(A) of TUFTA, the court should find from the undisputed evidence that reasonably equivalent value was, indeed, exchanged for it, as a matter of law, through an oral promise by ABRE to one day pay to Debtor OCB Restaurant any future sale proceeds realized from an ultimate sale; (c) the Trustee has allegedly put forth no genuine evidence of insolvency at the time of the Transfer; and (d) as to his actual fraudulent transfer claim, the Trustee has allegedly put forth no direct evidence of actual intent to defraud or of a sufficient number of badges of fraud from which to infer intent. The Trustee argues that: (1) he has met his initial summary judgment burden by pointing to evidence that establishes a prima facie case of lack of reasonably equivalent value based on the absence of language in the quitclaim deed regarding any consideration and evidence of the value of the 29th Street Wisconsin Property at the time of the transfer, and (2) the burden then shifts to ABRE to point to the existence of a genuine dispute of a material fact that would preclude summary judgment, which ABRE cannot meet. The Trustee argues that, as an evidentiary matter, ABRE simply cannot point to evidence in the summary judgment record to support its claim that the alleged promise of ABRE to repatriate sale proceeds actually existed. ABRE argues that the Trustee is not entitled to summary judgment on his actual fraud claim under TUFTA because: (1) fraudulent intent is inherently a question of fact that should be reserved for the trier of fact and so is generally not appropriate for summary judgment, (2) the Trustee's purported "badges of fraud" are unsupported by the evidence, and (3) ABRE has provided sufficient evidence to create a genuine issue of material fact that necessitates denial of summary judgment. The Court concludes the parties have each pointed to evidence in the record that demonstrates the existence of a genuine issue of material fact on the issue of value. Thus, neither party is entitled to a summary judgment on the Trustee's constructive fraudulent transfer claims due to this disputed issue. But with regard to the conspiracy to commit fraudulent transfer claim, the Court concludes that Defendant is entitled to summary judgment as a matter of law, as this cause of action is duplicative or redundant of the fraudulent transfer claims. A copy of the Court's decision dated May 30, 2025, is available at https://urlcurt.com/u?l=qkEFJv from PacerMonitor.com. About Fresh Acquisitions Fresh Acquisitions LLC and Buffets, LLC, operate independent restaurant brands and are based in San Antonio, Texas. Prior to the COVID-19 pandemic, the Debtors were a significant operator of buffet-style restaurants in the United States with approximately 90 stores operating in 27 states. The Debtors' concepts include six buffet restaurant chains and a full service steakhouse, operating under the names Furr's Fresh Buffet, Old Country Buffet, Country Buffet, HomeTown Buffet, Ryan's, Fire Mountain, and Tahoe Joe's Famous Steakhouse, respectively. Buffets Holdings, Inc., filed for Chapter 11 relief in January 2008 and won confirmation of a reorganization plan in April 2009. In January 2012, Buffets again sought Chapter 11 protection and emerged from bankruptcy in July 2012. On Aug. 19, 2015, Alamo Ovation, LLC, acquired Buffets Restaurants Holdings, Inc., and as a result of the merger, Buffets operated over 300 restaurants in 35 states. Down to 150 restaurants in 25 states after closing unprofitable locations, Buffets LLC and its affiliated entities sought Chapter 11 protection (Bankr. W.D. Tex. Case No. Lead Case No. 16-50557) in San Antonio, Texas, on March 7, 2016. On April 27, 2017, the Court confirmed the Debtors' Second Amended Joint Plan of Reorganization. The Effective Date of the Plan was May 18, 2017. Fresh Acquisitions, LLC and 14 affiliates, including Buffets LLC (a/k/a Ovation Brands), sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 21-30721) on April 20, 2021. Fresh Acquisitions was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Harlin Dewayne Hale is the case judge. In the recent cases, the Debtors tapped GRAY REED as counsel; and B. RILEY ADVISORY SERVICES as financial advisor. KATTEN MUCHIN ROSENMAN LLP is special counsel. BMC GROUP, INC., is the claims and noticing agent. HILCO REAL ESTATE, LLC, is the real estate consultant. FRONTIERSMEN INC: Taps Hester Baker Krebs as Bankruptcy Counsel --------------------------------------------------------------- Frontiersmen Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to hire Hester Baker Krebs LLC as counsel. The firm will provide these services: (a) take necessary or appropriate actions to protect and preserve the Debtor's estate; (b) prepare on behalf of the Debtor necessary or appropriate legal papers in connection with the administration of its estate; (c) provide advice, represent, and prepare necessary documentation and pleadings regarding debt restructuring, statutory bankruptcy issues, post-petition financing, real estate, business and commercial litigation, tax, and, as applicable, asset dispositions; (d) counsel the Debtor with regard to its rights and obligations and its powers and duties in the continued management and operations of its business and properties; (e) take necessary or appropriate actions in connection with a plan or plans of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; and (f) act as general bankruptcy counsel for the Debtor and perform all other necessary or appropriate legal services in connection with the Chapter 11 case. The hourly rates of the firm's counsel and staff are: Jeffrey Hester, Member $450 John Allman, Member $420 Marsha Hetser, Paralegal $215 Donna Adams, Paralegal $215 Tricia Hignight, Paralegal $215 Prior to the filing date, the Debtor paid an initial retainer and filing fee to the firm in the amount of $51,735. Mr. Hester disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Telephone: (317) 608-1129 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About Frontiersmen Inc. Frontiersmen Inc., doing business as Funk's Frontiersmen, is a seed company based in Kentland, Indiana. Founded in 1979, the family-owned business provides hybrid corn and soybean varieties tailored for local agricultural needs. Frontiersmen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-40144) on May 13, 2025. In its petition, the Debtor reports total assets of $296,040 and total liabilities of $6,972,465. The Debtors are represented by Jeffrey Hester, Esq. at HESTER BAKER KREBS LLC. GARRISON INDUSTRIAL: Seeks to Hire H. Kent Aguillard as Counsel --------------------------------------------------------------- Garrison Industrial Services Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire H. Kent Aguillard, Attorney at Law as its legal counsel. The firm's services include legal advice regarding the Debtor's powers and duties in the continued operation of its business and other legal services necessary to administer its Chapter 11 case. The firm's attorneys, H. Kent Aguillard, Esq., and Caleb Aguillard, Esq., charge $505 per hour and $390 per hour, respectively. The Debtor paid the firm an initial retainer of $15,000. Mr. Aguillard disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. H. Kent Aguillard can be reached at: H. Kent Aguillard, Esq. H. Kent Aguillard, Attorney at Law P.O. Drawer 391 Eunice, LA 70535 Tel: (337) 457-9331 Email: kaguillard@yhalaw.com About Garrison Industrial Services Inc. Garrison Industrial Services Inc. provides electrical and instrumentation services, civil construction, and soft-craft solutions to clients across the oil and gas, chemical, energy, manufacturing, pharmaceutical, and distribution sectors. The Company is based in Lake Charles, Louisiana, with additional offices in Texas and Louisiana. Garrison Industrial Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-20229) on May 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtors are represented by H. Kent Aguillard, Esq. at H. KENT AGUILLARD. GARRISON INDUSTRIAL: Taps Daryl Schouest as Management Professional ------------------------------------------------------------------- Garrison Industrial Services Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Daryl Schouest of Exit Strategy USA as management professional. Mr. Schouest will serve in the role of general business and financial consultant to the Debtor. He will assume a lead management position in assisting, but not controlling, the Debtor through its reorganization efforts and the evaluation, development, negotiation and implementation of such restructuring efforts. He will charge $150 per hour for his services. He received a retainer of $3,500 initially. Mr. Schouest assured the court that he does not hold nor represent an interest adverse to the Debtor's estates or has any connection to the Debtor, its creditors or other parties in interest in these chapter 11 cases. Mr. Schouest can be reached at: Daryl Schouest Exit Strategy USA P.O Box 390 Leonville, LA 70551 Phone: (337) 418-9290 Email: daryl@exitstrategyusa.com About Garrison Industrial Services Inc. Garrison Industrial Services Inc. provides electrical and instrumentation services, civil construction, and soft-craft solutions to clients across the oil and gas, chemical, energy, manufacturing, pharmaceutical, and distribution sectors. The Company is based in Lake Charles, Louisiana, with additional offices in Texas and Louisiana. Garrison Industrial Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-20229) on May 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtors are represented by H. Kent Aguillard, Esq. at H. KENT AGUILLARD. GENERAL MOTORS: Says Data Privacy Suit Defies Ch. 11 Sale Order --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that General Motors has urged a New York bankruptcy court to uphold a 2009 Chapter 11 sale order, contending that a revised consumer data privacy lawsuit filed by the Texas attorney general improperly asserts successor liability claims that GM did not agree to take on. About General Motors With its global headquarters in Detroit, Michigan, General Motors -- http://www.gm.com/-- is one of the world's largest automakers, traces its roots back to 1908. General Motors Co. was formed to acquire the operations of General Motors Corp. through a sale under 11 U.S.C. Sec. 363 following Old GM's bankruptcy filing. The U.S. government provided financing. The deal was closed July 10, 2009, and Old GM changed its name to Motors Liquidation Co. Old GM -- General Motors Corporation -- filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. The Debtors tapped Weil, Gotshal & Manges LLP Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel; and Morgan Stanley, Evercore Partners and the Blackstone Group LLP as financial advisor. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. * * * The Troubled Company Reporter, on Aug. 29, 2014, reported that Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of General Motors Company (GM) and its General Motors Holdings LLC (GM Holdings) subsidiary at 'BB+'. In addition, Fitch has affirmed GM Holdings' secured revolving credit facility rating at 'BBB-' and GM's senior unsecured notes rating at 'BB+'. The Rating Outlook for GM and GM Holdings is Positive. GI APPLE: OHA Senior Marks $1.1 Million 1L Loan at 43% Off ---------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,133,000 loan extended to GI Apple Midco LLC to market at $648,000 or 57% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank 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. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About GI Apple Midco LLC GI Apple Midco LLC is engaged in providing financial solutions and services. GI APPLE: OHA Senior Marks $1.6 Million 1L Loan at 88% Off ---------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,617,000 loan extended to GI Apple Midco LLC to market at $192,000 or 12% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank 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. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About GI Apple Midco LLC GI Apple Midco LLC is engaged in providing financial solutions and services. GIO LIQUOR: Mark Shapiro Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Mark Shapiro of Steinberg, Shapiro & Clark as Subchapter V trustee for Gio Liquor, Inc. Mr. Shapiro will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Shapiro declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark H. Shapiro Steinberg, Shapiro & Clark 25925 Telegraph Rd., Ste. 203 Southfield, MI 48033 Phone: (248) 352-4700 Email: shapiro@steinbergshapiro.com About Gio Liquor Inc. Gio Liquor Inc. is a Michigan-based liquor retailer. Gio Liquor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-45091) on May 18, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Maria L. Oxholm handles the case. The Debtor is represented by Robert N. Bassel, Esq., at Robert Bassel, Attorney At Law. GLOBAL CONCESSIONS: Seeks to Hire Thompson Hine as Special Counsel ------------------------------------------------------------------ Global Concessions, Inc. filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Thompson Hine, LLP as special counsel. The special purpose for which the Debtor seeks to employ Thompson Hine is more specifically with regards to engagement in, and assistance with, certain negotiations with the City of Atlanta and also with HMSHost Corporation and related affiliates and subsidiaries, analysis of legal issues related to the Debtor's rent obligations, and potential assistance with legal transactional work related to documenting one or more transactions with one or both of the City and/or Host if one or more such transactions are ultimately agreed upon and approved by the Court. The firm will be paid at these rates: Michael Coleman $695 per hour Tara Evans $550 per hour Michael Coleman, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael V. Coleman, Esq. Thompson Hine, LLP Two Alliance Center 3560 Lenox Road NE, Suite 1600 Atlanta, GA 30326 Tel: (404) 541-2900 Email: michael.coleman@thompsonhine.com About Global Concessions, Inc. Global Concessions Inc., established in 1990 and headquartered in Atlanta, Georgia, specializes in operating food and beverage concessions, primarily within major transportation hubs across the United States. The Company has expanded its portfolio to include a diverse range of dining experiences, from quick-service partnerships with renowned brands like IHOP Express, Ben & Jerry's, and Nathan's Famous, to unique, stand-alone restaurants such as Sweet Georgia's Juke Joint and One Flew South. Global Concessions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor tapped Benjamin Keck, Esq., at Keck Legal, LLC as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as restructuring advisor. GO LAB INC: Gets Court Approval for Debt-for-Equity Plan -------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Tuesday, June 10, 2025, signed off on GO Lab's equity-swap Chapter 11 plan, noting that it had broad support from creditors and received no objections. About Go Lab, Inc. GO Lab, Inc. and GO Lab Madison, LLC are a start-up manufacturer based in Madison, Maine, specializing in high-performing, dry-process wood fiber construction insulation. Founded in 2017, the Company produces three commercial products: TimberBatt, TimberFill, and TimberBoard, all made from clean softwood residuals sourced from sawmills and small-diameter trees. GO Lab, Inc. and GO Lab Madison, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10557) on March 25, 2025. In the petition, the Debtors reported total assets of $500,000 to $1 million and total debts of $10 million to $50 million. The petitions were signed by Matthew O'Malia as president and CEO. The Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtors tapped Cozen O'Connor to serve as their general bankruptcy counsel. Pierce Atwood LLP is the Debtors' special counsel for corporate matters. Nixon Peabody LLP is the Debtors' special counsel for tax and bond matters. Jefferies LLC acts as investment banker to the Debtors, and Berry Dunn McNeil & Parker LLC acts as accountants to the Debtors. The Debtors' claims and noticing agent is Omni Agent Solutions. GOAK PROPERTIES: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Goak Properties, LLC. About Goak Properties Goak Properties, LLC is a real estate company based in Sandy Springs, Ga. Goak Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54948) on May 5, 2025. In its petition, the Debtor reported estimated assets and liabilities between $500,000 and $1 million. Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Cameron M. McCord, Esq., at Jones & Walden, LLC. GOLDNER CAPITAL: Taps Summers Compton Wells as Real Estate Counsel ------------------------------------------------------------------ Goldner Capital Management LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Summers Compton Wells LLC as real estate counsel. The firm will assist the Debtors with the closing of the sale of its real property known as, and located at 2201 Glenn Hendren Drive, Liberty, Missouri. The firm will be paid at these hourly rates: Principals $490 - $500 Of Counsel/Associates $350 - $400 Paralegals $200 - $225 As disclosed in the court filings, Summers Compton Wells is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code. The firm can be reached through: David A. Sosne, Esq. SUMMERS COMPTON WELLS, LLC 903 S. Lindbergh Blvd., #200 St. Louis, MO 63131 Tel: (314) 991-4999 Email: dsosne@scw.law About Goldner Capital Management LLC Goldner Capital Management LLC is a limited liability company. Goldner Capital Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73789) on October 2, 2024. In the petition filed by Samuel Goldner, as manager, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Gary F. Herbst, Esq. at LAMONICA HERBST & MANISCALCO, LLP. GOOD EARTH: Christopher Hayes Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 17 appointed Christopher Hayes as Subchapter V trustee for Good Earth Staging, LLC. Mr. Hayes will be paid an hourly fee of $470 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hayes declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher Hayes 23 Railroad Avenue, #1238 Danville, CA 94526 Phone: (925) 725-4323 Email: chayestrustee@gmail.com About Good Earth Staging Good Earth Staging, LLC is a home staging and interior design company based in Newark, California. It provides services including full and partial home staging, interior design, moving and storage solutions, as well as cleaning and professional photography. The Company serves homeowners, realtors, investors, and developers across the San Francisco Bay Area. Good Earth Staging sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-40844) on May 15, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Charles Novack handles the case. The Debtor is represented by Gopal Krishan, Esq., at Allied Legal, PC. GRANT ANTIQUES: Andrew Layden Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Grant Antiques, Inc. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Grant Antiques Inc. Grant Antiques, Inc. operates as an antique mall offering a wide range of antiques, collectibles, and vintage items. It is based in Grant, Florida, with additional presence in Fort Pierce, Florida. The company is registered as a Florida corporation and serves antique enthusiasts through its multiple dealer booths and consignment sales. Grant Antiques sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02931) on May 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Grace E. Robson handles the case. The Debtor is represented by Brian K. McMahon, Esq., at Brian K. McMahon, PA. GREATER LIGHT: Amends Several Secured Claims Pay Details -------------------------------------------------------- Greater Light Baptist Church of Sacramento submitted a Second Amended Disclosure Statement describing Third Amended Plan of Reorganization dated June 2, 2025. On the Effective Date of the Plan, Debtor shall become the Reorganized Debtor and shall continue to operate its business. On the Effective Date of the Plan, Debtor will make the following distributions to claim holders under this Plan. These classes include: * Monthly payments to secured claims of Mr. Cooper, servicer for U.S. Bank National as Trustee for Velocity Commercial Capital Loan Trust 2019-1 * Monthly payment to three secured claims of FCI Lender Services, Inc. servicer for Union Home Loan, Inc. * Monthly payment to secured claim of EBF Holdings, LLC d/b/a Everest Business Funding; and * Monthly payments to the general unsecured class * Monthly payments to priority tax claims Class 1 consists of the secured claim of Mr. Cooper, servicer for U.S. Bank National Association, as Trustee for Velocity Commercial Capital Loan Trust 2019-1. Under this plan the Debtor shall continue to make mortgage payments to the Class 1 claimant in accordance with the pre-petition terms of the mortgage agreement, except as amended and provided. The loan amount of $2,355,377.82 shall be amortized over 360 months. Balloon payment extended and due on month 36 from the Effective Date of the Plan. Payments will commence on the 1st of the month following the Effective Date and continuing on the 1st of every subsequent month and broken down over 24 months. Class 2 consists of the secured claim of FCI Lender Services, Inc. servicer for Union Home Loan, Inc. Under this plan the Debtor shall continue to make mortgage payments to the Class 2 claimant in accordance with the pre-petition terms of the mortgage agreement, except as amended and provided. The loan amount of $1,200,000.00 shall be amortized over 360 months. Balloon payment for full remaining loan balance extended and due on month 36 from the Effective Date of the Plan. Class 3 consists of the secured claim of FCI Lender Services, Inc. servicer for Union Home Loan, Inc. Under this plan the Debtor shall continue to make mortgage payments to the Class 3 claimant in accordance with the pre-petition terms of the mortgage agreement, except as amended and provided. The loan amount of $1,390,000.00 shall be amortized over 360 months. Balloon payment for full remaining loan balance extended and due on month 36 from the Effective Date of the Plan. Class 6 consists of the secured claim of Sacramento County Tax Collector. The Debtor is a religious organization and is exempt from real property taxes under Revenue and Taxation Code section 207. Debtor has filed its Religious Exemption with Secretary of State and therefore the Class 6 Claimant should be owed $0.00. Like in the prior iteration of the Plan, the Debtor shall pay 100% to Class 7 General Unsecured Creditors to be distributed to claim holders in this class on a pro rata basis over 36 months. This Class shall receive a monthly payment of $650.00. First payment will commence after all administrative claims have been paid in full. Debtor estimates payments will begin 120 days after the Effective Date. Payments will be made in equal monthly payments by the 15th of each month. The projected post-confirmation budget provides that Debtor will have sufficient cash flow from business operations to pay the proposed Plan payments and will have a surplus after providing for all payments each month. Debtor has secured additional rental income, as well as future income from event and space rent. During this case, Debtor has been making adequate protection payments as broken down in the table below for $31,104.17 per month. The proposed Plan provides for an increase totaling $7,157.06, of which Debtor will off-set this amount with cash reserves and the sale of two commercial properties. Debtor will streamline and reduce their costs as well and request its members to increase their donations to secure sufficient funds as necessary. A full-text copy of the Second Amended Disclosure Statement dated June 2, 2025 is available at https://urlcurt.com/u?l=S6oDkH from PacerMonitor.com at no charge. Attorney for the Debtor: Gabriel E. Liberman, Esq. LAW OFFICES OF GABRIEL LIBERMAN, APC 1545 River Park Drive, Suite 530 Sacramento, CA 95815 Tel: (916) 485-1111 Fax: (916) 485-1111 Email: Gabe@4851111.com About Greater Light Baptist Church Greater Light Baptist Church of Sacramento is a tax-exempt religious organization in Sacramento, Calif. Greater Light Baptist Church filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Cal. Case No. 23-24467) on Dec. 13, 2023, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Pastor O.J. Swanigan, president of Greater Light Baptist Church, signed the petition. Judge Fredrick E. Clement oversees the case. The Law Offices of Gabriel Liberman, APC, serves as the Debtor's legal counsel. GREENWICH RETAIL: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Greenwich Retail Group LLC 349 Greenwich Street New York, NY 10013 Business Description: Greenwich Retail Group LLC operates retail clothing stores under brands including Everafter, which focuses on children's and teen apparel, and The Westside, a women's fashion boutique. Chapter 11 Petition Date: June 9, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11295 Debtor's Counsel: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212 286 1884 E-mail: rlr@dhclegal.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Haro Keledjian 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/L5MTQPI/Greenwich_Retail_Group_LLC__nysbke-25-11295__0001.0.pdf?mcid=tGE4TAMA GRYPHON DEBT: S&P Assigns 'B+' ICR, Outlook Stable -------------------------------------------------- S&P Global Ratings assigned 'B+' ratings to the borrower, Gryphon Debt Merger Sub Inc., and the term loan, with a '3' recovery rating. The stable outlook reflects the company's consolidated competitive landscape and programable software ecosystem, which should support a stable revenue base. S&P also believes the planned cost restructuring presents significant transformation challenges but is achievable. Altera's small market, slow segment growth, and nascent AI opportunity drive S&P's assessment of its business. S&P also considers its consolidated competitive landscape and sticky programming software. Altera operates within a niche market segment with a total addressable market estimated in the single-digit billion dollar area, a fraction of the $700 billion global semiconductor market. This limited market opportunity, combined with customer transitions to custom application-specific integrated circuits (ASIC) as use cases scale, constrains Altera's upside potential. The FPGA segment has grown slowly, with Altera and its main competitor Xilinx expanding just a combined 2.5% annually from 2010-2021, much slower than S&P expected when it previously rated Xilinx as stand-alone businesses in 2017. Furthermore, Altera's opportunities in the AI data center market are limited to niche use cases such as prototyping, network interface cards, encryption, and compression. The explosion in hyperscale data center spending over the last few years has not consistently benefited Altera. In addition, these data centers have the scale required to utilize ASICs. The company's AI prospects are more focused on edge applications, where the opportunity is more nascent. Altera benefits in the FPGA market from a consolidated competitive landscape. The company's proprietary programming software increases customers' switching costs, keeping them in Altera's ecosystem. It has diverse end markets with no reliance on any single customer. Product life cycles can last up to a decade or more, and products aren't manufactured on the latest nodes. This limits disruption from challengers and obsolescence risk, although Altera must execute well when it adopts a new node. Xilinx has done much better since Intel acquired Altera. Intel focused Altera on the lower-margin data center market, and we believe it faced conflicting priorities in the sales force with Intel's priority on selling CPUs. S&P said, "We believe Altera didn't execute well in that market and lost share in the more profitable industrial markets. Nonetheless, it preserved its revenue base demonstrating the stickiness of its programming software. Despite a good opportunity to improve the business, sticky ecosystems work both ways. We think winning back share will be a slow process." Altera's foundry partnership with Intel for manufacturing in the U.S. will likely help customers mitigate some tariff risk, while Xilinx manufactures predominantly in Asia. Customer feedback suggests Altera's new Agilex products compare well against Xilinx's offerings, with another opportunity for differentiation. We see limited competition from emerging Chinese players in the mid to high end of the FPGA market that many U.S. semiconductor peers face. Tariff-related macroeconomic uncertainty and significant business transformation are two key risks. Tariff and macroeconomic uncertainty could cause an industry downturn. Semiconductor sectoral tariffs are likely coming, and the resolution of reciprocal tariffs on key trading partners is still unclear. While Altera is better positioned for tariffs than many other semiconductor companies given some domestic manufacturing through Intel, S&P believes the company would likely face second order impacts from tariffs on the products its chips are built into and the potential overall macroeconomic effect on IT spending. Transition risk is high. Major changes to the cost structure could cause business disruption. The company is focused on improving its go-to-market execution as it shifts focus to the more profitable embedded, industrial, and military markets and away from the lower-margin data center market. Over the next several years, the transition could foster a return to gross margins in the mid-60% to 70% range, which Altera enjoyed prior to the Intel acquisition. The increase could come from an improving mix of more profitable markets and cost rationalizations. Xilinx maintained gross margin in that area when Altera's were falling. Lower-end competitor Lattice has recently improved to these margins. S&P said, "We forecast debt to EBITDA of about 5x in 2026, falling to about 4x in 2028 on margin expansion and mid- to high-single-digit percent revenue growth. This includes our treatment of the company's proposed preferred equity as debt because it is callable within five years, the dividend steps up within 10 years, and we believe Altera has an incentive to redeem it given its high cost. We believe preferred equity redemption risk is low in the first two years because Altera would have to pay the present value of remaining interest through the first two years, but it is callable thereafter. "We expect S&P Global Ratings-adjusted EBITDA margin in the mid- to high-20% area from 2026-2028. This is a function of gross margin improving to the low-60% area in 2028 from about 50% in 2024 on improved foundry agreements, price increases, cost optimizations, and an increasing mix of higher-margin end markets (embedded, industrial, military) while the lower-margin markets (telecom and data center) decrease. We also believe that management's planned operating cost controls are reasonable." Revenue is cyclically low after a significant customer inventory build in 2022 and 2023 following COVID-19 pandemic-driven supply chain shortages. Altera averaged $1.9 billion in revenue from 2016-2021, and S&P forecasts a return to this level in 2028 as new Agilex products help it regain share in the industrial markets. Because it outsources manufacturing to foundries, Altera has good cash flow yield with free operating cash flow to debt expected in the 10%-15% range. Intel's reimbursement for carve-out costs up to $277 million and cash payouts for legacy restricted stock units will support cash flow. S&P said, "We see Silver Lake as more conservative than many sponsors regarding financial risk in the rated U.S. technology space, but the rating captures some releveraging risk. We think an IPO is a potential exit plan for Altera, which provides an incentive for leverage reduction. However, our rating factors in the risk that Silver Lake could draw on Altera's debt capacity to fund some or all of the deferred purchase consideration. Because Silver Lake only owns a little over half the company, the distribution if any, would need to be around twice its target amount – the target could be the full deferred amount or only a portion. "The stable outlook reflects the company's consolidated competitive landscape and programmable software ecosystem, which should provide a stable revenue base. We also believe the cost restructuring represents significant transformation but is achievable given Altera's excessive cost structure with very low margins." S&P could lower the rating if the company sustains leverage above 6x. This could occur if: -- It executes its cost restructuring poorly; -- Tariff and macroeconomic volatility cause an industry downturn; -- The company misses a product transition; or -- The financial sponsor releverages the company. S&P could raise the rating over the next two years if the company: -- Reduces leverage below the 5x area--after it makes its final deferred consideration payment in December 2027--as a result of a cost restructuring, likely with S&P Global Ratings-adjusted EBITDA margin above 30% and at least mid- to high-single-digit-percent revenue growth as the company regains share in the profitable industrial, embedded, and aerospace and defense end markets; and -- Commits to maintaining leverage below this threshold through acquisitions, redemption of the preferred equity, and shareholder returns. GUNNISON VALLEY: Seeks to Hire Bland Law Office as Special Counsel ------------------------------------------------------------------ Gunnison Valley Properties, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Bland Law Office LLC as special counsel. Prior to the Petition Date, a contractor who performed work on the Project began a mechanic's lien foreclosure action in the District Court for Gunnison County, Colorado in a case titled Spallone Construction Inc. v Gunnison Valley Properties LLC, et al, case number 2023CV030028 (the "Gunnison County Action"). DDC LLC d/b/a Dietrich Dirtworks and Construction LLC ("DDC") joined the Gunnison County Action and asserted cross claims to foreclose a mechanic's lien on the Project, among other claims. Following the entry of limited relief from the automatic stay by this Court, on Oct. 28, 2024, the court in the Gunnison County Action entered its Order on the certain motions for summary judgment. Bland Law will represent the Debtor in in connection with any appeal of the Summary Judgment Order. The firm will bill $300 per hour for its services. As disclosed in the court filings, Bland is disinterested, as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Richard Bland, Esq. Bland Law Office LLC 1079 S Hover Street, Suite 200 Longmont, CO 80501 Tel: (720) 839-9097 Fax: (866) 855-0184 Email: rblandlaw@comcast.net About Gunnison Valley Properties Gunnison Valley Properties LLC in Louisville, Colo., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15052) on Aug. 28, 2024, listing $50 million to $100 million in assets and $10 million to $50 million in liabilities. Byron Chrisman, manager, signed the petition. Judge Joseph G. Rosania Jr. oversees the case. Onsager | Fletcher | Johnson | Palmer LLC serves as the Debtor's legal counsel. HARVEY CEMENT: Seeks to Extend Plan Exclusivity to August 15 ------------------------------------------------------------ Harvey Cement Products Inc., asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization to August 15, 2025. The Debtor's Chapter 11 case was filed in order to avoid the sale of real estate taxes in connection with the Property. The Debtor, through its realtor, Karen Kulczycki, is still in the process of showing the Property to prospective purchasers. Although several interested purchasers have come forward, none have submitted letters of intent. The realtor will continue to promote the sale of the Property to enable the Debtor to sell the Property, and either relocate its business, or lease back the Property from a potential purchaser. The Debtor believes the Property has significant equity over and above what is owed to the Debtor's secured creditors, Old National Bank, and Small Business Administration, and to the Cook County Treasurer for unpaid real estate taxes. The Debtor explains that it is in need of an additional extension of time to file its Plan while the Debtor continues to attempt to sell the Property. Without a letter of intent from a prospective purchaser, the Debtor has no way of knowing the extent to which its creditors will be paid. The Debtor claims that the requested extension is attributable to circumstances for which the Debtor should not justly be accountable. This Motion is not being brought to cause delay, no party will be prejudiced by the granting of the requested extension, and no prior extensions have been requested. About Harvey Cement Products Harvey Cement Products Incorporated founded in 1947, has grown over the years to be one of the leading manufacturers of over 200 varieties and sizes of masonry products and is able to deliver customer orders to virtually any job site in the contiguous United States. Harvey Cement Products Incorporated sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18335) on Dec. 5, 2024. In the petition filed by Gordon Steck, as vice president, the Debtor reports total liabilities of $1,174,348. Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by: Scott R. Clar, Esq. CRANE, SIMON, CLAR & GOODMAN Suite 3950 135 South LaSalle Street Chicago, IL 60603-4297 Tel: (312) 641-6777 Fax: (312) 641-7114 Email: sclar@cranesimon.com HAWAIIAN ELECTRIC: Fitch Hikes LongTerm IDR to B+, Outlook Positive ------------------------------------------------------------------- Fitch Ratings has upgraded Hawaiian Electric Industries, Inc.'s (HEI) Long-term Issuer Default Rating (IDR) to 'B+' from 'B'. Fitch has also upgraded Hawaiian Electric Company, Inc.'s (HECO), Maui Electric Company Limited (MECO) and Hawaii Electric Light Company Inc.'s (HELCO) Long-Term IDRs to 'BB-' from 'B', and has affirmed HEI's and HECO's Short-Term IDRs at 'B'. The Rating Outlook for all the entities is Positive. Additionally, Fitch has upgraded HECO's and MECO's senior unsecured debt to 'BB' from 'B+' with a Recovery Rating of 'RR3' and HELCO's senior unsecured debt to 'BB' from 'BB-'/'RR2'. A full list of rating actions follows at the end of this release. The upgrades reflect expected execution of the $4.037 billion Maui wildfire settlement after a recent constructive Hawaiian Supreme Court ruling on insurers' claims and passage of HB1001, which appropriates State of Hawaii's funding for its share of the settlement. Courts should finalize settlement approval in late 2025 or early 2026. HEI has strengthened its liquidity by prefunding the first settlement payment and reducing debt through selling a 90.1% stake in American Savings Bank and issuing $558 million in equity. HECO's progress in wildfire mitigation efforts also contributed to the upgrade. The Positive Outlook reflects passage of SB897 by the Hawaii legislature that directs the Hawaii Public Utilities Commission (PUC) to establish a liability cap for wildfire claims for the state's electric utilities and to study the merits of a wildfire recovery fund. If implemented, the liability cap and/or the wildfire fund would significantly mitigate HECO's financial exposure to catastrophic wildfires and could drive future positive rating actions. SB897 is awaiting Hawaii's Governor's signature to become law. Key Rating Drivers Wildfire Settlement on Track: The settlement agreements between HEI, HECO and other defendants and individual and class plaintiffs to resolve the 2023 Maui wildfire related tort lawsuits are likely to receive final court approval in late 2025 or early 2026. The final settlements were contingent on resolving insurance company claims with no additional payments from defendants. In February 2025, the Hawaii Supreme Court issued an order stating that once the settlement becomes final, the exclusive remedy for insurers seeking to recover amounts paid to settling plaintiffs is to assert liens against their policyholders. Key Legislation Passed: The Hawaii legislature passed HB1001 in May 2025, which is critical for the settlement agreements to move forward. HB1001 appropriates State of Hawaii's contribution to the settlement agreements, which comprises $807.5 million over four years as part of the global $4.037 billion settlement. HEI and HECO are responsible for $1.99 billion, of which $75 million was previously contributed to the 'One Ohana Fund'. Fitch views execution of the settlement agreements as crucial for resolving Maui wildfire related liabilities and for the companies' ability to access capital markets at a reasonable cost. Liquidity Bolstered: A $558 million equity issuance in September 2024 and sale of HEI's 90.1% stake in American Savings Bank in December 2024 bolstered HEI's financial condition. HEI prefunded the first installment of the $479 million settlement payment and paid down $384 million of HEI debt and $66 million of HECO revolver borrowings. Pro forma for these transactions, HEI and HECO hold $245 million in unrestricted cash and maintain $133 million in availability under their revolving credit facilities as of end-April 2025. Additional liquidity is available via HECO's $220 million asset-based lending facility and HEI's $250 million ATM program. Near-term maturities are manageable. Still Evolving Wildfire Construct: The Hawaii legislature passed SB897 in May 2025. It directs the Hawaii PUC to set a liability cap for the state's electric utilities that limits their financial exposure from future catastrophic wildfires if the utility has a PUC approved wildfire mitigation plan and is in compliance. The PUC must also recommend whether to establish a wildfire recovery fund along with proposed size, funding and eligibility. SB897 also permits utilities to issue securitization bonds to finance investments related to wildfire safety and resilience, a credit positive. HECO's positive rating potential depends on the liability cap determination and wildfire fund establishment. Progress on Wildfire Mitigation: HECO is directing a substantial amount of its capex on wildfire mitigation and resilience. The company has implemented several mitigation measures like hardening the transmission and distribution system, installing fire detection cameras and weather stations, improving operational practices, engaging with stakeholder and community members, and instituting a public safety power shutoff program. HECO has developed a comprehensive wildfire mitigation plan for 2025-2027, which has been filed with the PUC. Leverage Metrics Under Pressure: Materially higher operating costs primarily driven by wildfire mitigation and increased insurance premiums have impacted HECO's FFO leverage, which increased to 5.2x in 2024 compared to 3.5x-4.0x historically. The PUC has approved HECO's request to file a rate case using a forward 2026 test year. A constructive outcome in the rate case could allow HECO to earn closer to its allowed return on equity (ROE). Fitch expects HEI and HECO's FFO leverage to be pressured by settlement payments over 2026-2029. Excluding these payments, Fitch expects HEI's and HECO's adjusted FFO leverage to approach 4.6x and 4.1x, respectively by 2027. Parent-Subsidiary Linkage: There is parent subsidiary linkage between HEI and HECO. Fitch determines HEI's standalone credit profile (SCP) based upon consolidated metrics. Fitch considers HECO to have the stronger SCP due to its lower leverage and lower operating risks as a regulated utility. As such, Fitch has followed the stronger subsidiary path. Legal ringfencing is porous given the general protections afforded by economic regulation, and access and control are also porous. Due to the linkage considerations, Fitch will limit the difference between HEI and HECO to two notches. Fitch views HELCO and MECO, HECO's subsidiaries, as weaker than HECO given their small-scale operations and limited capital-market access. HECO benefits from the ownership of multiple operating subsidiaries that provide scale, diversity, and stability to its cash flow. Fitch considers legal incentives to be high as HECO guarantees its subsidiaries' debt, resulting in HELCO's and MECO's IDR being equalized with HECO's. Peer Analysis HEI is comparable to utility holding company PG&E Corporation (PCG; BB+/Positive) regarding ownership of a single operating subsidiary that operates in a state with high wildfire risk exposure. Like HEI and HECO, PCG's wholly-owned utility subsidiary, Pacific Gas and Electric Company (PG&E; BB+/Positive) has experienced catastrophic wildfires in its service territory, which has constrained access to capital markets due to large, wildfire-related third-party liabilities. PG&E has made substantial progress in reducing its wildfire risk since it experienced catastrophic wildfires in 2017-2018. However, the highly destructive wildfires in non-PG&E service territory in January 2025 that could have been sparked by utility equipment underscores the persistent threat of catastrophic wildfires in California. HECO is much smaller than PG&E in terms of area served. However, it is much smaller in rate base as well. The pending settlement agreements for the August 2023 Maui wildfire peg HECO's liability at $1.99 billion, or approximately 50% of its year-end 2023 rate base. The protection afforded by AB 1054 to the California investor-owned utilities (IOUs) could be significantly diminished if the Eaton fire is determined to be sparked by Southern California Edison, a peer IOU to PG&E in California. Regulatory/legislative initiatives to protect PG&E and the other state IOUs from potential wildfire liabilities will be a critical determinant of future PCG and PG&E credit quality. Similarly, for HECO and HEI, a liability cap determination and creation of a wildfire recovery fund is key to mitigate HECO and HEI's financial exposure to future wildfires. Unlike California, Hawaii has no precedent for applying inverse condemnation to an IOU, benefiting HEI and HECO. In 2024, PCG's FFO leverage improved to 4.6x from 6.9x in 2023, and Fitch estimates FFO leverage of 4.8x and 4.6x for 2025 and 2026, respectively. PG&E's FFO leverage is expected to be somewhat stronger than PCG's, with both anticipated to surpass their FFO leverage upgrade sensitivities, supporting Positive Rating Outlooks. HECO's FFO leverage weakened to 5.2x in 2024 compared to 3.5x in 2023, driven by higher wildfire related operating costs. Excluding the four equal instalments of settlement payments from FFO over 2026-2029, Fitch expects HEI and HECO's adjusted FFO leverage could improve to 4.6x and 4.1x, respectively, by 2027. Key Assumptions - HECO capex significantly higher than historical spend due to wildfire mitigation spend; - HECO's ROE lag widening in 2026, primarily driven by higher O&M costs; - Constructive outcome of HECO's 2026 rate case; - Funding of wildfire settlement payments in a credit supportive manner; - HELCO's and MECO's operations form roughly 15% and 14% of HECO's, respectively, consistent with historical levels; - No securitization assumed for HECO. SB897 allows for HECO to issue $500 million of securitization bonds to finance wildfire mitigation capex, which would reduce its reliance on external funding. RATING SENSITIVITIES Hawaiian Electric Industries Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Unwinding of the pending Maui wildfire settlements; - Inability to fund financial liability from Maui wildfires settlement agreements; - Difficulty in accessing capital markets and deterioration in liquidity; - Settlement liabilities predominantly debt funded; - Inadequate measures or non-compliance with PUC approved wildfire mitigation plan at the utility subsidiaries; - Continuation of catastrophic wildfire activity at utility subsidiaries. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Finalization of the Maui 2023 wildfire settlement agreements coupled with the clear financing plan to fund the payments in a credit supportive manner; - Establishing a liability cap for HECO in accordance with SB897; - Creation of a wildfire recovery fund that materially mitigates financial risk for the utility subsidiaries against potential large wildfire-related claims. Hawaiian Electric Company, Inc. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Unwinding of the pending Maui wildfire settlements; - Inability to fund financial liability from Maui wildfires settlement agreements; - Difficulty in accessing capital markets and deterioration in liquidity; - Inadequate measures or non-compliance with PUC approved wildfire mitigation plan; - Continuation of catastrophic wildfire activity; - Deterioration in regulatory environment. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Finalization of the Maui 2023 wildfire settlement agreements coupled with the clear financing plan at HEI to fund the payments in a credit supportive manner; - Establishing a liability cap in accordance with SB897; - Creation of a wildfire recovery fund that materially mitigates financial risk against potential large wildfire-related claims; - Constructive regulatory outcome in the 2026 rate case, which substantially eliminates the regulatory lag. Hawaii Electric Light Company Inc. Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative ratings action at HECO. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive ratings actions at HECO. Maui Electric Company Limited Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative ratings action at HECO; Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive ratings actions at HECO Liquidity and Debt Structure HEI and HECO have sufficient near-term liquidity with available unrestricted cash of $499 million and $130 million, respectively, as of March 31, 2025. Restricted cash of $482 million as of March 31, 2025, is set aside to meet the first settlement payment of $479 million. HEI used a portion of its available cash to pay down $384 million of debt in April 2025. HEI's and HECO's revolving facilities are $175 million and $200 million, respectively, through May 14, 2026. The facilities will step down to approximately $157 million and $180 million, respectively, through May 14, 2027. As of March 31, 2025, HEI and HECO had $54 million and $79 million, respectively, availability under their revolvers. As of March 31, 2025, additional liquidity is available under HECO's $220 million asset-based lending facility and HEI's $250 million ATM program. For the remainder of 2025, HECO has $50 million debt maturity and HEI has $19 million. HEI's next material debt maturity is in 2028. HECO and its regulated subsidiaries have $125 million maturity in 2026 and $100 million maturity in 2027. Common equity to total capitalization for HECO was 44% as of March 31, 2025 compared with the minimum requirement of no less than 35%, and compared to 56% as of March 31, 2024. This decrease was due to the $1.92 billion charge at HECO related to the settlement agreement payments to be paid in four equal instalments over 2026-2029. The equity ratio at HECO will improve as HEI injects equity in HECO and settlement payments are made. Issuer Profile HEI is a parent holding company of integrated regulated electric utility HECO, which along with its subsidiaries, MECO and HELCO, is engaged in the generation, purchase, transmission, distribution and sale of electric energy in Hawaii. 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 Hawaii Electric Light Company Inc. has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to exposure to wildfire risk, which could cause catastrophic destruction to its customers, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Hawaii Electric Light Company Inc. has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to heightened risk from extreme wildfire activity, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Hawaii Electric Light Company Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to adverse impact on customers and other constituents associated with extreme wildfire activity in Hawaii, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Hawaiian Electric Company, Inc. has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to exposure to wildfire risk, which could cause catastrophic destruction to its customers, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Hawaiian Electric Company, Inc. has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to heightened risk from extreme wildfire activity, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Hawaiian Electric Company, Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to adverse impact on customers and other constituents associated with extreme wildfire activity in Hawaii, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Hawaiian Electric Industries, Inc. has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to exposure to wildfire risk, which could cause catastrophic destruction to customers of its utility subsidiaries, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Hawaiian Electric Industries, Inc. has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to heightened risk from extreme wildfire activity, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Hawaiian Electric Industries, Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to adverse impact on customers and other constituents of its utility subsidiaries associated with extreme wildfire activity in Hawaii, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Maui Electric Company Limited has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to exposure to wildfire risk, which could cause catastrophic destruction to its customers, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Maui Electric Company Limited has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to heightened risk from extreme wildfire activity, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Maui Electric Company Limited has an ESG Relevance Score of '4' for Exposure to Social Impacts due to adverse impact on customers and other constituents associated with extreme wildfire activity in Hawaii, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Hawaiian Electric Industries, Inc. LT IDR B+ Upgrade B ST IDR B Affirmed B senior unsecured ST B Affirmed B Hawaiian Electric Company, Inc. LT IDR BB- Upgrade B ST IDR B Affirmed B senior unsecured LT BB Upgrade B+ senior unsecured ST B Affirmed B Hawaii Electric Light Company Inc. LT IDR BB- Upgrade B senior unsecured LT BB Upgrade BB- Maui Electric Company Limited LT IDR BB- Upgrade B senior unsecured LT BB Upgrade B+ HEADWAY WORKFORCE: Court Orders Creditors' Committee Appointment ---------------------------------------------------------------- Judge Joseph Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina ordered the appointment of these creditors to the official committee of unsecured creditors in the Chapter 11 cases of Headway Workforce Solutions, Inc. and its affiliates: 1. Chapel Hill Partners, LP c/o Jean-Pierre Sakey 2639 Marchmont Street Raleigh, NC 27608 jp.sakey@gmail.com 2. Cornerstone Valuation, LLC c/o H. Gregory Waller, Ph.D. P.O. Box 560 Midlothian, VA hgwaller@cornerstone-valuation.com 3. The Marketing Junction, Ltd. c/o Robert Woodford 11 New Street Weedon Northampton, England NN7 4QS robert@themarketingjunction.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Headway Workforce Solutions Inc. Headway Workforce Solutions, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A. PO Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 pkeenan@kirschlaw.com HENDERSON RECOVERY: Case Summary & 19 Unsecured Creditors --------------------------------------------------------- Debtor: Henderson Recovery Inc. d/b/a Henderson Recovery 1550 Channel Ave Memphis, TN 38113 Business Description: Henderson Recovery Inc provides motor vehicle transportation and towing services. Chapter 11 Petition Date: June 9, 2025 Court: United States Bankruptcy Court Western District of Tennessee Case No.: 25-22820 Judge: Hon. Denise E. Barnett Debtor's Counsel: Toni Campbell Parker, Esq. LAW FIRM OF TONI CAMPBELL PARKER 45 N. B.B. King Blvd Ste.201 Memphis, TN 38103 Tel: 901-483-1020 E-mail: tparker002@att.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Julie Henderson as president. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YS3QSBQ/Henderson_Recovery_Inc__tnwbke-25-22820__0001.0.pdf?mcid=tGE4TAMA HERO BX ALABAMA: Court Appoints Compass Advisory as Receiver ------------------------------------------------------------ In the case styled SIENA LENDING GROUP LLC, Plaintiff v. HERO BX ALABAMA, LLC, et al., Defendants, Case No. 1:25-cv-00139-SPB (W.D. Pa.), the Court entered an Order appointing Compass Advisory Partners, LLC as receiver of and over Defendants and all of their respective assets. As reported in the Trouble Company Reporter, the Plaintiff moved for an immediate Order appointing a receiver for the Defendants and the properties upon which they operate. Pursuant to a Loan Agreement dated as of November 1, 2021, the Plaintiff provided Defendants (i) a revolving loan in the maximum revolving facility amount of $50,000,000; (ii) an equipment term loan in the original principal amount of $4,300,000; and (iii) a real estate term loan in the original principal amount of $3,900,000. In the Loan Agreement, to secure the full payment and performance of all of the Obligations, the Defendants assigned and granted Plaintiff a continuing security interest in all property of Defendants. The Plaintiff perfected its security interests by filing UCC financing statements with the Alabama, Pennsylvania, and Delaware secretaries of state and respective counties where the Real Properties. Compass Advisory Partners will oversee Receivership Assets that include, without limitation, (a) the real property and operations located at: (i) 1670 E Lake Rd, Erie, PA 16511, (ii) 12892 Cherokee Bend Parkway, Moundville, AL 35474, (iii) 227R Atlantic Avenue, North Hampton, NH 03862, (iv) 7350 State Road Routh 111, South Rozana, IL 62087, and (v) 5640 44th Avenue South, Clinton, IA 52732; (b) all contract rights of Defendants; (c) all accounts receivable of Defendants; (d) all inventory, raw materials and finished goods; (e) all bank accounts of Defendants; (f) all claims and causes of action, except that the Receiver agrees to retain Anthony Angelone of Nietupski Angelone, LLC, et al., to continue prosecuting the action pending in the United States District Court for the Western District of Pennsylvania at Case No. 1:24-cv-00128-SPB styled Samuel P. Black, III, et al., v. Soomi James, et al.; and (g) all proceeds arising from disposition of the Receivership Assets. Hero BX Alabama, LLC is engaged in the production and marketing of biodiesel at the Company's facility located in Erie, Pennsylvania. The Plaintiff is represented by: Joseph T. Moran, Esq. BLANK ROME LLP Union Trust Building 501 Grant Street, Suite 850 Pittsburgh, PA 15219 Telephone: (412) 932-2800 Facsimile: (412) 932-2777 E-mail: joseph.moran@blankrome.com - and - John E. Lucian, Esq. Lawrence R. Thomas III, Esq. BLANK ROME LLP One Logan Square, 130 North 18th Street Philadelphia, PA 19103 Telephone: (215) 569-5500 Facsimile: (215) 569-5555 E-mail: john.lucian@blankrome.com lorenzo.thomas@blankrome.com HIAWATHA MANOR: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Hiawatha Manor Association, Inc. About Hiawatha Manor Association Hiawatha Manor Association, Inc. oversees the management of the timeshare condominiums known as Hiawatha Manor and Hiawatha Manor I. Hiawatha Manor Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01916) on May 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Randal S. Mashburn handles the case. The Debtor is represented by Blake D. Roth, Esq., at Holland & Knight, LLP. HIGH SOURCES: Hires Ford & Semach P.A. as Bankruptcy Counsel ------------------------------------------------------------ High Sources Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Ford & Semach, P.A. as bankruptcy counsel. The firm will render these services: a. analyze the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor at the Section 341 Creditors' meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property, if appropriate; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on the behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary herein, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. Ford & Semach's professionals will be paid at these hourly rates: Buddy D. Ford, Attorney $450 Jonathan Semach, Attorney $400 Heather Reel, Attorney $350 Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $33,000. Buddy D. Ford, Esq., an attorney at Ford & Semach, disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About High Sources Inc. High Sources Inc. provides janitorial, facilities maintenance, and construction services across multiple sectors, including healthcare and retail. Based in Tampa, Florida, the Company operates field offices in Arizona, Florida, and Texas. Founded in 2015, it is a minority-owned business. High Sources Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03583) on May 30, 2025. In its petition, the Debtor reports total assets of $1,110,080 and total liabilities of $9,148,669. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtors are represented by Buddy D. Ford, Esq. at FORD & SEMACH, P.A. HIGHLAND CAPITAL: SCOTUS Ends Stay in Ex-CEO Bankruptcy Dispute --------------------------------------------------------------- Randi Love of Bloomberg Law reports that the U.S. Supreme Court has lifted a recent pause granted to Highland Capital Management LP, allowing the firm's former CEO to continue bankruptcy-related litigation. On Monday, June 9, 2025, Justice Samuel Alito vacated a May 29, 2025 order that had temporarily blocked the Fifth Circuit Court of Appeals' mandate. That stay was issued pending further consideration by the high court, according to Bloomberg Law. By removing the pause, the Supreme Court rejected Highland's request for a longer delay. The decision came shortly after NexPoint Advisors LP urged the justices to allow the Fifth Circuit's ruling to take effect, the report states. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HOOTERS OF AMERICA: Junior Creditors Object to Reorganization Plan ------------------------------------------------------------------ James Nani og Bloomberg Law reports that the unsecured creditors of Hooters of America LLC have challenged the company's proposed bankruptcy plan, arguing it offers them no financial recovery and denies them a vote. In a June 6 filing in the U.S. Bankruptcy Court for the Northern District of Texas, the creditors' committee asserted that the plan leaves them no better off than a liquidation would. The committee also criticized the plan for transferring all value from Hooters’ unencumbered assets to pre-bankruptcy lenders and granting litigation releases to certain lenders and insiders -- effectively sidelining junior creditors. About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. HOPEMAN BROTHERS: Claimant Taps Reaves PLLC as Local Counsel ------------------------------------------------------------ Marla Rosoff Eskin, Esq., the court-appointed representative for potential future of asbestos claimants of Hopeman Brothers, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Reaves PLLC as her local counsel. The firm's services include: a. advising the claimants with respect to her powers and duties in this chapter 11 case; b. attending meetings and negotiating with representatives of the Debtor, creditors and other parties in interest; c. taking all necessary actions to protect, preserve and maximize the Debtor's estate for the benefit of future claimants; d. preparing pleadings in connection with this chapter 11 case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the fulfillment of the claimants' duties; e. appearing before the Court and any appellate courts to represent the claimants and the interests of future claimants; and f. performing all other necessary legal services for the claimants in connection with her duties in this chapter 11 case. The firm will be paid at these rates: Attorneys $325 to $525 per hour Paraprofessionals $245 to $295 per hour As disclosed in the court filings, Reaves Firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtor or its estate. The firm can be reached through: Michael G. Wilson, Esq. REAVES PLLC 555 Belaire Avenue, Suite 300 Chesapeake, VA 23320 Telephone: (804) 614-8301 Email: mike.wilson@reavesgovcon.com About Hopeman Brothers, Inc. During the 1980s, Hopeman Brothers, Inc. transitioned its business away from ship joining and into manufacturing check-out counters used in commercial retail stores such as Walmart. In 2002, Hopeman spun off its cabinet-making business into Cinnabar Solutions, Inc. In 2003, Hopeman sold substantially all of its remaining shipbuilding-related assets to an unrelated party, US Joiner LLC, pursuant to an asset purchase agreement, dated as of December 23, 2003. Since the asset sale in 2003, Hopeman has had no business operations and exists solely to defend and, when appropriate, settle asbestos-related claims. Hopeman Brothers filed Chapter 11 petition (Bankr. E.D. Va. Case No. 24-32428) on June 30, 2024, with $50 million to $100 million in both assets and liabilities. The Debtor tapped Hunton Andrews Kurth, LLP as bankruptcy counsel; Blank Rome, LLP as special insurance counsel; Courington, Kiefer, Sommers, Marullo & Matherne, LLC as special asbestos counsel; and Stout Risius Ross, LLC as financial advisor. Kurtzman Carson Consultants, LLC is the claims and noticing agent. INVATECH PHARMA: Taps Spektrum Capital as Investment Banker ----------------------------------------------------------- InvaTech Pharma Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Spektrum Capital Advisors LLC as investment banker. The firm will render these services: a. review the Debtor's business, markets, results of operations, financial condition, and prospects; b. prepare a presentation to solicit interest from potential strategic acquirers and private equity investors.; c. identify, contact, and screen suitable strategic acquirers and private equity investors; d. manage the marketing process by providing the first response to the initial due diligence questions, coordinating requests for additional information and scheduling meetings between the Debtor and interested acquirers and investors; e. solicit indications of interest and assist the Debtor in evaluating and comparing offers to invest, recapitalize of acquire the Debtor; f. assist the Debtor in negotiating favorable terms on a transaction; and g. review the business terms of legal documents prepared in connection with a transaction, assist in resolving differences that often during the closing process and otherwise assist in closing a sale if the Debtor. The firm will receive compensation at these rates: -- A monthly retainer of $5,000 for a period of four (4) months, to be credited against any success fee; -- A success fee equal to six percent of the total consideration received; and -- Reimbursement of reasonable and documented out-of-pocket expenses, all subject to Court approval. Venkat Radhakrishnan, a partner at Spektrum Capital Advisors LLC, assured the court that the firm does not hold or represent any interest adverse to the Debtor's estate, and is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Venkat Radhakrishnan Spektrum Capital Advisors LLC 5 Banko Farm Rd Dayton, NJ, 08810-1628 Tel: (917) 717-5043 Email: venkat@spektrumcapital.com About InvaTech Pharma Solutions LLC InvaTech Pharma Solutions LLC, doing business as Inva Tech Pharma Solutions LLC and Inva-Tech Pharma Solutions LLC, is a specialty pharmaceutical company that develops, manufactures, and markets generic prescription products. The Company's cGMP-compliant facility supports ANDA scale manufacturing and packaging of tablets, capsules, and liquid in bottles. With a dedicated team, InvaTech is committed to meeting industry regulations, exceeding deadlines, and delivering exceptional service to its partners. InvaTech Pharma Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-11482) on February 13, 2025. In its petition, the Debtor reports estimated assets between $1 billion and $10 billion and estimated liabilities between $10 million and $50 million. The Debtor is represented by Daniel M. Stolz, Esq. at GENOVA BURNS LLC. J&L LANDSCAPE: Hires Neeleman Law Group P.C. as Legal Counsel ------------------------------------------------------------- J&L Landscape Services, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Neeleman Law Group, P.C. as legal counsel. The firm's services include: a. assisting the Debtor in the investigation of the financial affairs of the estate; b. providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; c. preparing all pleadings necessary for proceedings arising under this case; and d. performing all necessary legal services for the estate in relation to this case. The firm will charge its standard rates: Principals $600 per hour Associate $475 per hour Paralegals $250 per hour In addition, the firm will seek reimbursement for expenses incurred. Neeleman Law Group received a retainer in the amount of $7,500. Jennifer Neeleman, Esq., a partner at Neeleman Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jennifer L. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Email: jennifer@neelemanlaw.com About J&L Landscape Services J&L Landscape Services, LLC is a Marysville, Washington-based landscaping that provides professional landscaping services including design, installation, and maintenance, with operations spanning residential and commercial properties in Snohomish County. J&L Landscape Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11215) on May 2, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $500,000 and $1 million in liabilities. Judge Timothy W. Dore oversees the case. The Debtor is represented by Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C. J. PAUL HOLDINGS: Taps Bankruptcy Center of Louisiana as Attorney ----------------------------------------------------------------- J. Paul Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Bankruptcy Center of Louisiana as bankruptcy attorneys. The firm's services include: a. advising the Debtor of its rights, duties and powers; b. advising the Debtor regarding matters of bankruptcy law; c. assisting the Debtor in the preparation and filing of all necessary bankruptcy schedules, statements of financial affairs and legal documents; d. representing the Debtor at all meetings, hearings, or other events that come before the court or that occur in the Debtor's case; e. representing the Debtor in any matter involving contests with secured or unsecured creditors, including the claims reconciliation process; f. consulting with the Debtor concerning the administration of its case; g. advising the Debtor concerning the formulation, preparation, filing and confirmation of its Chapter 11 plan, and the solicitation of acceptances, or responding to objections to such plan; h. advising the Debtor concerning, and assisting in the negotiation and documentation of, financing agreements, debt restructuring, cash collateral arrangements, and related transactions; i. advising the Debtor concerning any possible sale of its assets; j. reviewing the nature and validity of liens asserted against the property of the Debtor and advising the Debtor concerning the enforceability of such liens; k. providing advice concerning any further investigation of the assets, liabilities, and financial condition of the Debtor that may be required under local, state or federal law; l. prosecuting or defending litigation matters and such other matters that might arise during the Debtor's bankruptcy; m. providing counseling and representation with respect to the assumption or rejection of executory contracts and leases, sales of assets, and other bankruptcy-related matters; n. representing the Debtor in all matters related to its labor contracts and negotiations with unions, if needed; o. pursuing avoidable transfers and transactions of the Debtor, including, but not limited to, transfers and transactions arising under Sections 547 to 549 of the Bankruptcy Code; and p. performing other necessary legal services. The hourly rates charged by the firm for its services are as follows: Derek Terrell Russ, Member $250 per hour Rachelle Ganier, Paralegal $45 per hour The firm received a retainer in the amount of $2,000, plus $1,738 filing fee. As disclosed in court filings, Bankruptcy Center of Louisiana is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Derek Terrell Russ, Esq. Bankruptcy Center of Louisiana 700 Camp Street New Orleans, LA 70113 Telephone: (504) 522-1717 Facsimile: (504) 522-1715 Email: derekruss@russlawfirm.net About J. Paul Holdings LLC J. Paul Holdings LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 24-11873) on Sep. 26, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge Meredith S Grabill presides over the case. Derek Terrell Russ, Esq. at Russ Law Firm, LLC represents the Debtor as counsel. JEFFERSON LA BREA: Court Affirms Sale of Real Property ------------------------------------------------------ Judge Dale S. Fischer of the United States District Court for the Central District of California affirmed the order of the United States Bankruptcy Court for the Central District of California authorizing the sale of certain real property of Jefferson La Brea D&J Properties LLC's bankruptcy estate pursuant to 11 U.S.C. Sec. 363. Jefferson La Brea D&J Properties, LLC is the owner of several adjoining parcels located near the intersection of West Jefferson Blvd. and South La Brea Avenue in Los Angeles. These parcels and their associated rental income are effectively the sole property of the estate. Debtor is an LLC with at least one member, Jason Upchurch as Administrator of the Estate of Darlene Upchurch-Friedman. It is undisputed that Appellant Tony Lewis was at one point a member of the Debtor LLC. It is also undisputed that in 2014 Lewis and Darlene Upchurch-Friedman executed an agreement in which Lewis purported to sell his interest in the LLC to Upchurch-Friedman. Lewis now claims that this 2014 purchase agreement was either always knowingly a sham between Lewis and Upchurch-Friedman or, alternatively, was rescinded in 2015. In 2021, Lewis filed a complaint against the Debtor and Jason Upchurch in California state court seeking, among other things, a declaration that he is a member of the Debtor LLC. The case remains pending. In August 2022, Mega Bank began foreclosure proceedings to protect its first priority lien on the Property. An attempt at refinancing the Mega Bank loan failed, allegedly due to Lewis's lack of cooperation. In response to the failure to refinance, Upchurch filed a Chapter 11 bankruptcy petition on behalf of the Debtor. During the pendency of the bankruptcy case, Lewis has occupied parts of the Property, invited others to occupy the Property, and allegedly obstructed attempts to sell the Property. The bankruptcy court has found Lewis in contempt of its orders three times and recommended criminal contempt sanctions against Lewis. Eventually a buyer was found for the Property and the bankruptcy court approved the sale over the objection of Lewis. This appeal followed. Most of Lewis's objections have to do with the ownership and control of the LLC. Lewis argues that the sale should not have been approved because such a decision by the Debtor -- who is a debtor-in-possession -- must be approved by Lewis under the LLC Operating Agreement. On similar grounds, Lewis claims that the filing of the bankruptcy petition was improper because Upchurch, as a single member of the LLC, did not have the authority to file the petition unilaterally without Lewis's consent. Given that the bankruptcy court had previously treated Upchurch as the sole authority for the Debtor throughout the pendency of the bankruptcy proceedings, Lewis provides no justification for denying the motion for sale of property because Lewis alleged that he has a membership interest in the Debtor, the Court finds. The question of who has the proper authority over the decisions of the Debtor is a separate issue from a sale of property under 11 U.S.C. Sec. 363. Lewis also argues that the Property was subject to an ownership dispute and should not have been ordered to be sold. According to the Court, this is not an accurate characterization of the Property's status. The dispute is over the ownership of the LLC, not ownership of the Property. Any net proceeds from sale of the Property will remain property of the Debtor in which Lewis may or may not have an interest. Lewis contends that the sale was not in good faith, but he provides no basis for this argument other than that the sale is for less than half of the Property's valuation in the Debtor's earlier filings. Whatever the Debtor's original claims about the Property's value might have been, there is nothing in the record that leads the Court to question the bankruptcy court's finding that the sale was in good faith. Lewis asserts that because the Property constitutes all or substantially all of the assets of the Debtor, sale of the Property amounts to a "de facto" or "sub rosa" Chapter 11 reorganization plan. This is not the case because such a reorganization plan would include provisions for the distribution of the remaining assets of the Debtor, which the sale at issue does not, and does not purport, to do, the Court concludes. A copy of the Court's decision dated May 23, 2025, is available at https://urlcurt.com/u?l=eSsuGw from PacerMonitor.com. About Jefferson La Brea D&J Properties LLC Jefferson La Brea D&J Properties LLC leases a commercial property located at 5112-5118 W. Jefferson Blvd., and 3409-3421 S. La Brea Avenue, in Los Angeles. Jefferson La Brea D&J Properties LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14481) on August 17, 2022. The Debtor considers itself a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). In the petition filed by Jason E. Upchurch, as manager, the Debtor estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Vincent P. Zurzolo oversees the case. The Debtor is represented by David B. Shemano, Esq., at ShemanoLaw. JILL'S OFFICE: Seeks to Hire Parsons Behle as Immigration Counsel ----------------------------------------------------------------- Jill's Office, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Parsons Behle & Latimer as special immigration counsel. Prepetition, the Debtor had retained Parsons Behle in regards to obtaining a work visa for an employee from outside the United States who had come to the United States on a student visa, and gained the requisite education to be eligible to seek a work visa, given his expertise. The firm will receive a flat fee of $3,500. If hourly work is required to respond to any Request for Evidence issued by the USCIS, PB&L is prepared to undertake such further work at its regular hourly rates for immigration attorneys -- currently $495/hr. for Jacob T. Muklewicz. Parsons Behle & Latimer does not hold any interest adverse to the estate with respect to the immigration issues on which it is to be employed, according to court filings. The firm can be reached through: Jacob T. Muklewicz, Esq. Parsons Behle & Latimer, a Professional Corporation 201 S. Main St., Suite 1800 Salt Lake City, UT 84111 Email: jmuklewicz@parsonsbehle.com Direct: (801) 536-6896 Office: (801) 532-1234 About Jill's Office, LLC Jill's Office LLC provides professional, US-based 24/7 virtual receptionist and scheduling services designed to support businesses across various industries. The Company offers a range of services, including inbound call answering, appointment scheduling, live chat support for websites, and automated lead follow-ups Lead Zap). Jill's Office specializes in delivering tailored, seamless communication solutions that enhance customer engagement while eliminating the need for businesses to hire in-house staff. The Company serves industries such as home services, real estate, health and wellness, finance, legal, and small businesses. Its mission is to ensure that businesses never miss calls or opportunities, offering reliable customer service around the clock. Jill's Office LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21625) on March 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by T. Edward Cundick, Esq. at WORKMAN NYDEGGER. JUNK IT PLUS: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, granted Junk It Plus, LLC's motion to use cash collateral on a final basis. The court had previously approved use of cash collateral through several interim orders, which are now deemed final. About Junk It Plus Junk It Plus, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05466) on October 8, 2024, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Jerrett McConnell, Esq., at McConnell Law Group, P.A. serves as Subchapter V trustee. Judge Grace E. Robson presides over the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com KEEP IT GYPSY: Donald Brady Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 13 appointed Donald Brady, Jr., Esq., at Brady Law Firm as Subchapter V trustee for Keep it Gypsy, Inc. Mr. Brady will be paid an hourly fee of $360 for his services as Subchapter V trustee and $60 per hour for actual travel time. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Brady declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Donald A. Brady, Jr. Brady Law Firm P.O. Box 8816 Springdale, AR 72766 479-935-2632 don@bradylaw-nwa.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 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 reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Bianca M. Rucker handles the case. The Debtor is represented by Stanley V. Bond, Esq., at Bomd Law Office. KELLEY CORPORATION: To Sell Conveyor Machine to Burnin' Bush ------------------------------------------------------------ Kelley Corporation seeks permission from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor owns the following equipment: -- Two 2022 Edge TS8040 Track-Mounted Stacking Conveyors (serial numbers: 22TS80401528 and 22TS80401621) -- The Equipment is no longer needed by the Debtor in its operations The Property and its proceeds are burdened by a valid, properly perfected first liens in favor of Equify Financial, LLC, with an outstanding balance of approximately $438,785.11. Other equipment owned by the Debtor is also burdened by first liens held by Equify. The Debtor scheduled the Equipment as having a value of $65,000.00 each, based on the Debtor's good faith estimate. The Debtor wants to sell the Equipment of $180,000.00 cash to Burnin' Bush LLC of San Antonio, Texas. Burnin' Bus has already tendered the full purchase price to the Debtor in the form of cash and cashier's checks payable to Equify. The Debtor took the $9,000.00 in cash tendered by the Buyer and obtained a cashier's check for $9,000.00 payable to Equify. The liens will follow the proceeds of the sale. The Debtor proposes to tender the entire sales proceeds to Equify to reduce its total indebtedness to Equify. The Debtor and Equify have agreed upon an amount of adequate protection as well as plan treatment for the balance of Equify's claim. Equify consents to the sale as proposed. The Debtor requests that the sale proceeds be distributed at closing to Equify. About Kelley Corporation Kelley Corporation based in Austin, Texas, specializes in excavation services, material sales, and haul-off site operations. The Company provides a range of construction materials, including topsoil, loam, and aggregates, catering to both large construction projects and residential improvements. The also operates a haul-off site in South Austin, accepting clean fill materials such as dirt, rock, and concrete without exposed rebar. Kelley Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10474) on April 1, 2025. In its petition, the Debtor reports total assets as of February 28, 2025 amounting to $1,432,361 and total liabilities as of February 28, 2025 of $284,239. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Frank B Lyon, Esq. KIDDE-FENWAL INC: Updates Liquidating Plan Disclosures ------------------------------------------------------ KFI Wind-Down Corp. f/k/a Kidde-Fenwal, Inc., submitted a Fourth Amended Plan of Liquidation dated June 1, 2025. All Claims and Interests except for Administrative Claims and Priority Tax Claims are classified in the Classes set forth in this Article 4. A Claim or Interest is classified in a particular Class only to the extent that the Claim or Interest qualifies within the description of that Class and is classified in other Classes to the extent that any portion of the Claim or Interest qualifies within the description of such other Classes. The Amended Liquidating Plan does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 4 consists of all General Unsecured Claims. In full and final satisfaction, settlement, release and discharge of an Allowed General Unsecured Claim, each Holder of a General Unsecured Claim shall be entitled to receive its Pro Rata share of the GUC Liquidating Trust Allocation with all other Allowed Class 4 Claims. The sole recourse of any Holder of a General Unsecured Claim on account of its General Unsecured Claim shall be to the GUC Liquidating Trust. Claims in Class 4 are Impaired. * Class 6 consists of all Interests. No Holder of an Interest shall receive any Distributions on account of its Interest. On and after the Effective Date, all Interests in the Debtor shall be canceled and shall be of no further force and effect, whether surrendered for cancelation or otherwise. On the Effective Date, the Primary AFFF Settlement Trust shall be funded with the Settlement Trust Assets. From and after the Effective Date, the Primary AFFF Settlement Trust shall (i) in its capacity as disbursing agent, transfer the GUC Liquidating Trust Assets to the GUC Liquidating Trust, provided that, any residual value in the GUC Liquidating Trust Assets after satisfaction of all General Unsecured Claims in accordance with the Plan and Settlement Trust Documents shall be re-allocated to the AFFF Settlement Trust Assets and be subject to the terms of the Primary AFFF Settlement Trust Agreement; and (ii) make Distributions to the Sovereign State AFFF Settlement Trust to the extent and in accordance with the terms set forth in the Settlement Trust Documents. Allocation of AFFF Settlement Trust Assets. The Primary AFFF Settlement Trust shall allocate the AFFF Settlement Trust Assets, and any residual value re-allocated to the AFFF Settlement Trust Assets from the GUC Liquidating Trust Assets. Appointment of Settlement Trustees. The Primary AFFF Settlement Trust shall be governed by the Primary AFFF Settlement Trustee. The powers and duties of the Primary AFFF Settlement Trustee shall include, but shall not be limited to, those powers, duties and responsibilities vested in the Primary AFFF Settlement Trustee pursuant to the terms of the Primary AFFF Settlement Trust Agreement, and shall include the authority to: (a) dispose of Settlement Trust Assets; (b) make Distributions to the Sovereign State AFFF Settlement Trust in accordance with and pursuant to the Settlement Trust Documents; (c) cause the transfer, in the Primary AFFF Settlement Trust's capacity as disbursing agent, of the GUC Liquidating Trust Assets to the GUC Liquidating Trust; (d) carry out the provisions of the Plan relating to the Primary AFFF Settlement Trust, including commencing, prosecuting, and settling all Settlement Trust Retained Causes of Action and Insurance Actions; and (e) perform all actions and execute all agreements, instruments and other documents necessary to effectuate the purpose of the Primary AFFF Settlement Trust. A full-text copy of the Fourth Amended Liquidating Plan dated June 2, 2025 is available at https://urlcurt.com/u?l=d6fjPq from Stretto, Inc., claims agent. Counsel to the Debtor: Andrew G. Dietderich, Esq. Brian D. Glueckstein, Esq. Justin J. DeCamp, Esq. Benjamin S. Beller, Esq. Julie G. Kapoor, Esq. Sullivan & Cromwell, LLP 125 Broad Street New York, NY 10004 Tel: (212) 558-4000 Fax: (212) 558-3588 E-mail: dietdericha@sullcrom.com gluecksteinb@sullcrom.com decampj@sullcrom.com bellerb@sullcrom.com kapoorj@sullcrom.com - and - Derek C. Abbott, Esq. Andrew R. Remming, Esq. Daniel B. Butz, Esq. Tamara K. Mann, Esq. Scott D. Jones, Esq. Morris, Nichols, Arsht & Tunnell, LLP 1201 Market Street, 16th Floor Wilmington, DE 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: dabbott@morrisnichols.com aremming@morrisnichols.com dbutz@morrisnichols.com tmann@morrisnichols.com sjones@morrisnichols.com About Kidde-Fenwal Inc. Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures fire protection systems. It offers products such as fire control systems, explosion aircraft protection, laser-based smoke detection devices, electronic gas ignitions, and fire suppressions. Kidde-Fenwal markets its products to mining, manufacturing, education, and commercial sectors. Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the petition filed by its chief transformation officer, James Mesterharm, the Debtor reported assets between $100 million and $500 million and estimated liabilities between$1 billion and $10 billion. The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht & Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as investment banker. Stretto, Inc. is the claims and noticing agent and administrative advisor. KIDZ TYME: Linda Leali Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Kidz Tyme Foundation Incorporated. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Kidz Tyme Foundation Incorporated Kidz Tyme Foundation Incorporated operates as a lessor of residential properties in Miami, Florida. The organization manages and leases residential buildings, providing housing solutions within the local community. Kidz Tyme Foundation Incorporated sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15578) on May 5, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Judge Corali Lopez-Castro handles the case. The Debtor is represented by Christopher Hixson, Esq., at Hixson Law Group. KLE EQUIPMENT: Seeks to Hire Abacus Group LLC as Accountant ----------------------------------------------------------- KLE Equipment Leasing, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Abacus Group, LLC as their accountants. The firm will assist in preparing the monthly operating reports, tax returns, and other accounting work the Debtor requires during the bankruptcy proceedings. Abacus is a "disinterested person" within the meaning of Sec. 101(14) of the Code and does not hold an interest adverse to the Debtor's estate as required by Sec. 327(a) of the Code, according to court filings. The firm can be reached through: William Hutchinson, CPA Abacus Group, LLC 655 3rd Avenue New York, NY 10017 About KLE Equipment Leasing KLE Equipment Leasing, LLC is a Wisconsin-based equipment leasing company headquartered in Neenah. KLE Equipment Leasing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-22922) on May 21, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge G. Michael Halfenger handles the case. The Debtor is represented by Nicholas Kerkman, Esq. and Jerome R. Kerkman, Esq., at Kerkman & Dunn. KLE EQUIPMENT: Seeks to Hire Kerkman & Dunn as General Counsel -------------------------------------------------------------- KLE Equipment Leasing, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Kerkman & Dunn as their general counsel. The firm will render these services: (a) advise and assist the Debtor with respect to its duties and powers under the Bankruptcy Code; (b) advise the Debtor on the conduct of its Chapter 11 case, including the legal and administrative requirements of operating in Chapter 11; (c) attend meetings and negotiate with representatives of the creditors and other parties in interest; (d) prosecute actions on the behalf of the Debtor, defend actions commenced against the Debtor, and represent the Debtor's interests in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estates; (e) prepare pleadings in connection with the Debtor's Chapter 11 case including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estates; (f) advise the Debtor in connection with any potential sales of assets; (g) appear before the Court to represent the interests of the Debtor's estate; (h) assist the Debtor in preparing, negotiating and implementing a plan, and advising with respect to any rejection of a plan and reformulation of a plan, if necessary; (i) assist and advise the Debtor in state court actions related to judgments and collection actions initiated by or against the Debtor that are necessary for an effective reorganization; and (j) perform all other necessary or appropriate legal services for the Debtor in connection with the prosecution of their Chapter 11 cases, including (i) analyzing the Debtor's leases and contracts, and the assumption and assignment or rejection of them, (ii) analyzing the validity of liens against the Debtor, and (iii) advising the Debtor on transactional and litigation matters. The firm will be paid at these rates: Jerome R. Kerkman $595 per hour Evan P. Schmit $495 per hour Nicholas W. Kerkman $315 per hour Anjanette G. Seymour $250 per hour Non-Attorney Paraprofessionals $125 per hour As disclosed in the court filings, K&D is a "disinterested person" within the meaning of§ 101(14) of the Bankruptcy Code and as required by § 327(a), and does not hold or represent an interest adverse to the Debtor's estate. The firm can be reached through: Jerome R. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202-3722 Tel: (414) 277-8200 Fax: (414) 277-0100 Email: jkerkman@kerkmandunn.com About KLE Equipment Leasing KLE Equipment Leasing, LLC is a Wisconsin-based equipment leasing company headquartered in Neenah. KLE Equipment Leasing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-22922) on May 21, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge G. Michael Halfenger handles the case. The Debtor is represented by Nicholas Kerkman, Esq. and Jerome R. Kerkman, Esq., at Kerkman & Dunn. LAVISSANI LLC: Hires McDonald Carano LLP as Bankruptcy Counsel -------------------------------------------------------------- Lavissani, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Nevada to employ McDonald Carano LLP as counsel. The firm will render these services: a. provide legal advice and assistance to the Debtors relative to administration of the Chapter 11 Cases; b. represent the Debtors at hearings held before the Court and communication with the Debtors regarding the issues raised, as well as the decisions of the Court; c. assist and advise the Debtors in examining and analyzing the conduct of the Debtors' affairs and the reasons for the Chapter 11 Cases; d. review and analyze all applications, motions, orders, statements of operations and schedules filed with the Court by the Debtors or third parties, advise the Debtors as to their propriety, and, after consultation with the Debtors, take appropriate action; e. assist the Debtors in preparing applications, motions and orders in support of positions taken by the Debtors, as well as prepare witnesses and review documents in this regard; f. apprise the Court of the Debtors' analysis of its various assets, liabilities and interests; g. confer with the financial advisors and any other professionals retained by the Debtor, if any are selected and approved, so as to advise the Debtors and the Court more fully of the Debtors' circumstances; h. assist the Debtors in negotiations with other parties-in-interest and creditors concerning the terms of any proposed plan of reorganization; i. assist the Debtors with such other services as may contribute to the confirmation of a plan of reorganization; j. advise and assist the Debtors in evaluating and prosecuting any claims that the Debtors may have against third parties, objecting to claims and evaluating the rights and interests of the Debtors; k. assist the Debtors in the sale of assets, if applicable, for the highest and best price; and l. assist the Debtors in performing such other services as may be required or necessary, in the interest of creditors, including, but not limited to, the commencement of, and participation in, appropriate litigation respecting the estate. The firm will be paid at these rates: Ryan J. Works, Partner $700 per hour Amanda M. Perach, Partner $600 per hour Jimmy F. Dahu, Of Counsel $550 per hour Brian Grubb, Paralegal $300 per hour The firm received a retainer in the amount of $57,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ryan J. Works, a partner at McDonald Carano 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: Ryan J. Works, Esq. Amanda M. Perach, Esq. McDonald CARANO LLP 2300 West Sahara Avenue, Suite 1200 Las Vegas, NV 89102 Email: rworks@mcdonaldcarano.com aperach@mcdonaldcarano.com About Lavissani, LLC Lavissani LLC is a limited liability company. Lavissani LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-10964) on February 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge August B. Landis handles the case. The Debtor is represented by Matthew C. Zirzow, Esq., at LARSON & ZIRZOW, LLC. LEMONS & OLIVES: Seeks to Tap Davidoff Hutcher & Citron as Counsel ------------------------------------------------------------------ Lemons & Olives Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Davidoff Hutcher & Citron LLP as counsel. The firm will render these services: a. give advice to the Debtors with respect to their powers and duties as Debtors-in-Possession and the continued management of their property and affairs; b. negotiate with creditors of the Debtors and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required for debtors who seek protection from its creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interests of the Debtors and to represent the Debtors in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtors in connection with any potential refinancing of secured debt and any potential sale of the business and/or the Property; g. represent the Debtor in connection with obtaining post-petition financing, if necessary; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and i. perform all other legal services for the Debtors which may be necessary for the preservation of the Debtors' estates and to promote the best interests of the Debtors, their creditors, and the estates. The firm will be paid at these rates: Attorneys $450 to $850 per hour Legal Assistants/ Paralegals $295 per hour In addition, the firm will seek reimbursement to expenses incurred. The firm received a retainer of $25,000 from Tanja Mannheim, the Debtor's CEO and 51% shareholder. Mr. Pasternak 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: Jonathan S. Pasternak, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About Lemons & Olives Inc. Lemons & Olives Inc. is a catering company based in Brooklyn, New York, offering farm-to-table cuisine and event catering services. The Company also provides mobile kitchen services, including food trucks and a mobile pizza oven. It is a certified Women-Owned Business Enterprise and has partnered with community organizations to support local initiatives. Lemons & Olives Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42197) on May 6, 2025. In its petition, the Debtor reports total assets of $370,102 and total liabilities of $2,597,729. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtors are represented by Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP. LIGADO NETWORKS: Should Decide on Ch.11 Satellite Deal, Says Boeing ------------------------------------------------------------------- Jeff Montgomery of Law360 Bankruptcy Authority reports that citing major unresolved issues in Ligado Networks LLC's Chapter 11 proposal, Boeing Satellite Systems has urged a Delaware bankruptcy judge to compel Ligado to decide whether it will assume or reject a key contract and to escrow at least $37.8 million to cure outstanding defaults prior to plan confirmation. About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LILY616 LLC: Taps William G. Haeberle CPA LLC as Accountant ----------------------------------------------------------- Lily616, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire William G. Haeberle, CPA, LLC as accountant. The firm will assist in the preparation of the Debtor's Monthly Operating Reports. William G. Haeberle, CPA, LLC will be paid $300 for Monthly Operating Reports per month going forward. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. William G. Haeberle, CPA, 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 G. Haeberle, CPA William G. Haeberle, CPA, LLC 4446-1A Hendricks Ave. #245 Jacksonville, FL 32207 Tel: (904) 536-9810 About Lily616, LLC Lily616, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01176) on April 14, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Jason A Burgess oversees the case. The Debtor is represented by: Bryan K. Mickler, Esq. Mickler & Mickler Tel: (904) 725-0822 Email: court@planlaw.com MAGIC CAR: Case Summary & Four Unsecured Creditors -------------------------------------------------- Debtor: Magic Car Rental Inc. 18227 Parthenia Street Northridge, CA 91325 Business Description: Magic Car Rental Inc. offers vehicle rental services. Chapter 11 Petition Date: June 9, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11013 Judge: Hon. Victoria S Kaufman Debtor's Counsel: Onyinye N Anyama, Esq. ANYAMA LAW FIRM, APC 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Tel: 562-645-4500 Fax: 562-645-4494 E-mail: onyi@anyamalaw.com Total Assets: $5,872,742 Total Liabilities: $5,453,356 The petition was signed by Simon Simonyan as CEO. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NPHOJDA/Magic_Car_Rental_Inc__cacbke-25-11013__0001.0.pdf?mcid=tGE4TAMA MAI CAPITAL: OHA Senior Marks $1.6 Million 1L Loan at 61% Off ------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,625,000 loan extended to MAI Capital Management Intermediate, LLC to market at $635,000 or 39% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to MAI Capital Management Intermediate, LLC. The loan accrues interest at a rate of 9.79% per annum. The loan matures on August 29, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About MAI Capital Management Intermediate, LLC MAI Capital Management Intermediate, LLC provides financial and estate planning, investment management, tax planning and preparation, insurance and risk management, accounting and bill pay, and philanthropy advice as well as boutique services like family office or specialized solutions to people in the sports and entertainment industries. MAI CAPITAL: OHA Senior Marks $610,000 1L Loan at 61% Off --------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $610,000 loan extended to MAI Capital Management Intermediate, LLC to market at $144,000 or 39% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to MAI Capital Management Intermediate, LLC. The loan accrues interest at a rate of 9.04% per annum. The loan matures on August 29, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About MAI Capital Management Intermediate, LLC MAI Capital Management Intermediate, LLC provides financial and estate planning, investment management, tax planning and preparation, insurance and risk management, accounting and bill pay, and philanthropy advice as well as boutique services like family office or specialized solutions to people in the sports and entertainment industries. MAJESTIC OAK: Court OKs Promissory Note Sale to One Boerne Tract ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has approved Majestic Oak Estates Ltd. to sell Promissory Note, free and clear of liens, interest, and encumbrances. The Debtor has filed an amended motion and was granted by the Court to sell its Real Property located at 4795 Highway 46, Mims, Brevard County, Florida to Teresi Auto Sales, LLC for a total purchase price of $270,000.00. The Motion discloses that, as part of the sale, the Debtor agreed to hold a promissory note in the amount of $120,000.00 secured by a first priority mortgage against the Property. The Note is payable over two years, in monthly payments of $886.79 beginning on April 26, 2025, and continuing on the same day each month until February 26, 2028, at which time the remaining principal balance of $115553.66 will be due and payable. On March 21, 2025, the Debtor filed the Debtor’s Plan of Liquidation, which also discloses the Debtor's intention to file motion requesting authority to sell the Note so that the Note can be liquidated, and the holders of Allowed Unsecured Claims can receive their distributions earlier. The Debtor proposes to sell the Note to One Boerne Tract, Ltd., a Texas Limited Partnership for $80,000.00, asserting that that the sale of the Note is in the best interests of both its creditors and estate. The Court has authorized the Debtor to sell the promissory note described to One Boerne for $80,000.00, provided that if any interested party desires to pay a higher amount, then the Debtor will consider such offers if: Such bids must be in writing, exceed $80,000.00 and be accompanied by a deposit of the entire bid amount. The deposit must be made by wire transfer. The bid and deposit must be submitted to the attorney for the Debtor at the following address: Kenneth D. Herron, Jr. Herron Hill Law Group, PLLC P. O. Box 2127 Orlando, FL 32802 407.648.0058 Email: chip@herronhilllaw.com Any competitive bid and the corresponding deposit must be received by the Debtor's attorney no later 5 p.m. EST 14 days after the service of this Order. If no competitive bids are received, then the Debtor will complete the sale of the Notie One Boerne Tract, Ltd. If any competitive bids and deposits are received, then the Debor’s attorney will conduct an online auction via Zoom among the qualified bidders on the earliest date the attorney for the Debtor can arrange such an auction. About Majestic Oak Estates Ltd. Majestic Oak Estates G.P. LLC is a limited liability company. Majestic Oak Estates G.P. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06488) on November 27, 2024. In the petition filed by Gene A. Liguori, Jr. as member, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Tiffany P. Geyer oversees the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BRANSONLAW, PLLC, in Orlando, Florida. MANE SOURCE: Gets Extension to Access Cash Collateral ----------------------------------------------------- Mane Source Counseling, PLLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division to use cash collateral. The fourth interim order signed by Judge David Warren authorized Mane Source Counseling to use cash collateral to pay the expenses set forth in its 30-day budget and may spend as much as 10% more if needed. The budget projects total operational expenses of $8,913.66 for June. As protection, post-petition liens on Mane Source Counseling's cash and inventory will be granted to potential secured creditors to the extent that cash collateral is used and the pre-bankruptcy lien on the same type of collateral was valid, perfected, enforceable, and non-avoidable as of the petition date. Mane Source Counseling's authority to use cash collateral will terminate upon cessation of its operations or non-compliance with the interim order, whichever occurs first. The next hearing is scheduled for June 24. About Mane Source Counseling PLLC Mane Source Counseling, PLLC provides counseling and wellness services with the help of five horses used in therapy sessions. Mane Source Counseling sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00833) on March 7, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Cheryl Meola, company owner, signed the petition. Judge David M. Warren oversees the case. The Debtor is represented by: Kathleen O'Malley, Esq. Stevens Martin Vaughn & Tadych, PLLC 2225 W. Millbrook Road Raleigh, NC 27612 Phone: 919-582-2300 Fax: (866) 593-7695 Email: komalley@smvt.com MARELLI HOLDINGS: Considers Chapter 11 Bankruptcy Filing -------------------------------------------------------- Reed Stevenson, Giulia Morpurgo, and Dorothy Ma of Bloomberg News report that Marelli Holdings Co., a struggling auto parts supplier to Nissan Motor Co., Stellantis NV, and other automakers, intends to file for Chapter 11 bankruptcy in the U.S. in a bid to reduce its debt and restructure under new ownership, according to people familiar with the situation. If approved, the plan would see global investment firm Strategic Value Partners LLC, led by Victor Khosla, take ownership of Marelli after brokering a deal supported by creditors, one source said, speaking anonymously as the details remain confidential, Bloomberg News reports. About Marelli Holdings Co. Marelli Holdings Co., Ltd. operates as an automotive company. The Company provides cockpit modules, interior and electronic, thermal systems, compressor, and heat exchange products. Marelli Holdings also offers console, instrument panels, steering member, inverter, blower motor, exhaust system, mufflers, rotary and variable compressors, condensers, and radiators. MARRS CONSTRUCTION: Hires Osborn Maledon as Bankruptcy Counsel -------------------------------------------------------------- Marrs Construction Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Osborn Maledon, P.A. as counsel. The Debtor requires legal counsel to: (a) give advice regarding the rights, powers and duties of the Debtor in this Chapter 11 case; (b) assist the Debtor in the preparation of statements and schedules and any amendments; (c) assist the Debtor in the formulation, preparation and prosecution of a plan of reorganization; (d) assist the Debtor with regard to litigation and other matters related to the administration and conduct of its Chapter 11 case; (e) assist and advise the Debtor in discussions with creditors relating to the administration of this case; (f) assist the Debtor in reviewing claims asserted against it and in negotiating with claimants asserting such claims; (g) assist the Debtor in examining and investigating potential preferences, fraudulent conveyances, and other causes of action; (h) represent the Debtor at all hearings and other proceedings; (i) review and analyze legal papers; (j) advise the Debtor concerning, and prepare on its behalf, all legal documents filed in the case; and (k) perform such other legal services as may be required or appropriate. The hourly rates of the firm's counsel and staff are as follows: Attorneys $310 to $910 Paralegals $155 to $275 In addition, the firm will seek reimbursement for expenses incurred. Warren J. Stapleton, Esq., an attorney at Osborn Maledon, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. OSBORN MALEDON, PA 2929 North Central Avenue, 20th floor Phoenix, AZ 85012 Telephone: (602) 640-9000 Email: csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com About Marrs Construction Inc. Marrs Construction Inc. is a Phoenix-based contractor that provides demolition, excavation, earthwork, site preparation, civil utility, and paving services. The Company serves both residential and commercial projects across the greater Phoenix area. Marrs Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30, 2025. In its petition, the Debtor reports total assets of $10,177,042 and total liabilities of $12,177,492. The Debtors are represented by Christopher C. Simpson, Esq. at OSBORN MALEDON, P.A. MAT TRANSPORT: Claims to be Paid from Sale Proceeds & New Value --------------------------------------------------------------- MAT Transport, Inc., filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement describing Plan of Reorganization dated May 16, 2025. The Debtor is a trucking company that provides transportation services to customers who need large quantities of goods or other large items transported within the State of Arizona to other states. The Debtor's primary assets are real property located at 4140 Grand Avenue, Phoenix, AZ 85019 (the "Grand Avenue Property") and a vacant lot at 3000 Silverberg Dr. Sidney, NE 69162 (the "Nebraska Property") and long-haul trucks. The Plan will pay creditors from the sale of the Nebraska Property and from an insider new value contribution. The goal of the Plan is to pay creditors as soon as the Debtor finishes a claims allowance process, which the Debtor hopes will be around the Effective Date or shortly thereafter—and as soon as the Nebraska Property is sold. In accordance with the priority scheme under the Bankruptcy Code, debts incurred post-petition must be paid on the Effective Date of the plan, unless the holders of such claims agree otherwise. The Debtor intends to pay administrative expense claims from the proceeds of the sale of the Nebraska Property, which the Debtor hopes is by the Effective Date. Pre-petition unsecured creditors will be paid any remaining proceeds from the sale of the Nebraska Property and the new value contribution, following a claims allowance process. Class 7 consists of all Allowed Claims held by non-insiders that are not secured and do not have statutory priority. Among other claimants, these include trade creditors and deficiency claims of lenders with vehicles as collateral for their loans. Class 7 claims will receive a pro rata share of the proceeds of the Nebraska Property and the New Value contribution. Class 7 is impaired and entitled to vote. Class 8 consists of the Allowed Interests in the Debtor as of the Petition Date. 100% of the Allowed Interests are held by Marko Tomovic. Within 30 days of the Effective Date, Marko Tomovic will make a new value contribution of $15,000 to retain his equity interest in MAT Transport, Inc. He will receive nothing on account of his equity interests in Mat Transport, Inc. All payments required by the Plan shall be funded with (i) the sale of the Nebraska Property and (ii) the insider new value contribution. A full-text copy of the Disclosure Statement dated May 16, 2025 is available at https://urlcurt.com/u?l=8vUsGb from PacerMonitor.com at no charge. Mat Transport, Inc. is represented by: D. Lamar Hawkins, Esq. Guidant Law, PLC 402 E. Southern Ave. Tempe AZ 85282 Telephone: (602) 888-9229 Facsimile: (480) 725-0087 Email: lamar@guidant.law About Mat Transport Mat Transport, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-05932) on July 22, 2024. In the petition signed by Marko Tomovic, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Madeleine C. Wanslee oversees the case. D. Lamar Hawkins, Esq., at Guidant Law, PLC, serves as the Debtor's counsel. MAVENCRUX I: Seeks to Hire Hilco Real Estate as Valuation Witness ----------------------------------------------------------------- MavenCrux I, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Hilco Real Estate, LLC to provide real estate valuation services. Hilco Real Estate will serve a real estate valuation witness to testify at any depositions and court hearings regarding the valuations of the Debtor's real estate, any appraisals thereof, including, but not limited to, those of Bank Iowa, and render an opinion about the quality and conformance to professional standards of appraisals that have been prepared. Hilco will be paid on an hourly basis at rates between $425 and $600. Hilco is a "disinterested person" within the meaning of Bankruptcy Code Sec. 101(14), according to court filings. The firm can be reached through: Adam Zimmerman, MAI HILCO REAL ESTATE, LLC 5 Revere Dr, Suite 206 Northbrook, IL 60062 Tel: (847) 504-2463 Email: AZimmerman@hilcoglobal.com About Mavencrux I Mavencrux I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00292) on March 3, 2025. In the petition signed by Louis Weltman, CRO and manager, the Debtor disclosed under $1 million in both assets and liabilities. The Debtor tapped Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen PC as counsel. MONARCHY RANCHEROS: Seeks Chapter 11 Bankruptcy in New Mexico ------------------------------------------------------------- On June 5, 2025, Monarchy Rancheros de Santa Fe LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Mexico. According to court filing, the Debtor reports $3,440,000 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Monarchy Rancheros de Santa Fe LLC 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. Monarchy Rancheros de Santa Fe LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.M. Case No. 25-10691) on June 5, 2025. In its petition, the Debtor reports total assets of $5,032,566 and total liabilities of $3,440,000. Honorable Bankruptcy Judge Robert H. Jacobvitz handles the case. The Debtors are represented by Marcus Sedillo, Esq. at GATTON & ASSOCIATES, P.C. MURPHDOG LLC: Seeks Subchapter V Bankruptcy in Georgia ------------------------------------------------------ On June 5, 2025, MurphDog LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports betweeen $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About MurphDog LLC MurphDog LLC, d/b/a Ironmonger Brewing Company, Naughty Soda, Ironmonger Brewing & Distilling, and Ironmonger Taproom + Axe Throwing, 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. MurphDog LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56326) on June 5, 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 Michael D. Robl, Esq. at ROBL & BOWEN LLC. NATIONAL REALTY: Trustee Sues BofA, Other Parties in Ponzi Fallout ------------------------------------------------------------------ Isaac Monterose of Law360 reports that in a filing with the New Jersey bankruptcy court, the liquidation trustee for National Realty Investment Advisors LLC accused Bank of America and other parties of assisting or being involved in the developer's alleged $664 million Ponzi scheme. About National Realty Investment National Realty Investment Advisors, LLC is a luxury-homes developer based in Secaucus, N.J. National Realty Investment Advisors and 102 affiliates, including NRIA Partners Portfolio Fund I, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-14539) on June 7, 2022. In the petition filed by its independent manager, Brian Casey, National Realty Investment Advisors listed up to $50,000 in both assets and debt. NRI Partners Portfolio listed assets between $50 million and $100 million and liabilities between $500 million and $1 billion. Judge John K. Sherwood oversees the cases. S. Jason Teele, Esq., at Sills Cummis & Gross P.C., is the Debtors' counsel. Omni Agent Solutions is the claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors on June 30, 2022. The committee is represented by Ice Miller, LLP. NEW HOME: S&P Rates Proposed $300MM Senior Unsecured Notes 'B' -------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to The New Home Co.'s proposed $300 million senior unsecured notes due 2030 and subsequently placed them on CreditWatch with positive implications. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The New Home Co. intends to use the proceeds to finance a portion of the acquisition of Landsea Homes Corp. and reduce the exiting balance on the company's revolving credit facility. S&P said, "All of our ratings on The New Home Co., including the 'B' issuer credit rating, remain on CreditWatch with positive implications following the announcement of its agreement to acquire Landsea Homes Corp. We plan to resolve the CreditWatch following the close of the transaction, which we expect will occur in the third quarter of 2025." NEW LOOK: OHA Senior Marks $414,000 1L Loan at 32% Off ------------------------------------------------------ OHA Senior Private Lending Fund LLC has marked its $414,000 loan extended to New Look Vision Group, Inc. to market at $283,000 or 68% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank 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. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is the leading provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: OHA Senior Marks $6.2 Million 1L Loan at 69% Off ---------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $6,218,000 loan extended to New Look Vision Group, Inc. to market at $4,288,000 or 31% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank 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. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is the leading provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: OHA Senior Marks $795,000 1L Loan at 32% Off ------------------------------------------------------ OHA Senior Private Lending Fund LLC has marked its $795,000 loan extended to New Look Vision Group, Inc. to market at $543,000 or 68% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank 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. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is the leading provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: OHA Senior Marks $850,000 1L Loan at 87% Off ------------------------------------------------------ OHA Senior Private Lending Fund LLC has marked its $850,000 loan extended to New Look Vision Group, Inc. to market at $113,000 or 13% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank 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. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is the leading provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEWBURN LAW: Seeks to Hire Wadsworth Garber as Bankruptcy Counsel ----------------------------------------------------------------- Newburn Law P.C. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. as bankruptcy counsel. The firm's services include: a. preparation on behalf of the Debtor all necessary reports, orders, and other legal papers required in this Chapter 11 proceeding; b. performance of all legal services for the Debtor as a debtor-in-possession which may become necessary; and c. representation of the Debtor in any litigation which the Debtor determines is in the best interest of the estate whether in state or federal court(s). The firm's counsel and staff will be paid at these hourly rates: David Wadsworth, Attorney $500 Aaron Garber, Attorney $500 David Warner, Attorney $425 Aaron Conrardy, Attorney $425 Hallie S. Cooper, Attorney $225 Paralegals $125 The firm received a retainer in the amount of $16,300. Mr. Warner disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Telephone: (303) 296-1999 Email: dwarner@wgwc-law.com About Newburn Law P.C. Newburn Law P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-13133) on May 23, 2025, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Michael E Romero presides over the case. Aaron A Garber, Esq. at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as counsel. NIKOLA CORP: Founder Reaches Deal to Exchange Info With Creditors ----------------------------------------------------------------- James Nani of Bloomberg Law reports that Trevor Milton, founder of Nikola Corp., has agreed to share financial information with creditors of the bankrupt electric vehicle maker as they assess his ability to satisfy a $97 million arbitration award owed to the company. Milton will turn over records by the end of June detailing assets he owns or controls valued at $100,000 or more, along with any transactions of at least $100,000 made since July 1, 2021, an attorney for the unsecured creditors said during a Monday, June 9, 2025, hearing in the U.S. Bankruptcy Court for the District of Delaware, according to Bloomberg Law. Judge Thomas M. Horan said he plans to approve the agreement, the report states. About Nikola Corp. Nikola Corporation manufactures commercial vehicles. The Company provides battery and hydrogen fuel-cell electric vehicles, drivetrains, components, energy storage systems, fueling station infrastructure, and other transportation solutions. Nikola serves customers worldwide. Nikola Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10258) on February 19, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion, with liabilities ranging from $1 billion to $10 billion. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by M. Blake Cleary, Esq. at Potter Anderson & Corroon LLP. NIKOLA CORP: Seeks to Tap Hilco Streambank as Consultant -------------------------------------------------------- Nikola Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Hilco IP Services, LLC d/b/a Hilco Streambank as intangible assets disposition consultant. The firm will render these services: a. collect and secure all of the available information and other data concerning the Assets; b. prepare marketing materials designed to inform potential purchasers of the availability of Assets for sale, assignment, license, or other disposition; c. develop and execute a sales and marketing program designed to elicit proposals to acquire the Assets from qualified acquirers with a view toward completing one or more sales, assignments, licenses or other dispositions of the Assets; and d. assist the Debtors in connection with the transfer of the Assets to the acquirer(s) who offer the highest or otherwise best consideration for the Assets. Hilco Streambank will receive these rates: a. 100 percent of the amount of Gross Proceeds up to and including $200,000; plus b. 15 percent of the amount of Gross Proceeds in excess of $200,000. David Peress, executive vice president of Hilco, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Hilco can be reached at: David Peress HILCO STREAMBANK 980 Washington St., Suite 330 Dedham, MA 02026 Tel: (781) 471-1239 E-mail: dperess@hilcoglobal.com About Nikola Corp. Nikola Corporation manufactures commercial vehicles. The Company provides battery and hydrogen fuel-cell electric vehicles, drivetrains, components, energy storage systems, fueling station infrastructure, and other transportation solutions. Nikola serves customers worldwide. Nikola Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10258) on February 19, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion, with liabilities ranging from $1 billion to $10 billion. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by M. Blake Cleary, Esq. at Potter Anderson & Corroon LLP. NORTIA LOGISTICS: Case Summary & Six Unsecured Creditors -------------------------------------------------------- Debtor: Nortia Logistics Inc 11101 Franklin Ave, Suite 400 Franklin Park, IL 60131 Business Description: Nortia Logistics Inc is a privately held, asset-based logistics provider founded in 2012 and headquartered in Franklin Park, IL. It specializes in multimodal freight transportation -- covering full-truckload (FTL), less-than-truckload (LTL), and intermodal services -- as well as warehousing, with operations across the U.S. and Canada. Chapter 11 Petition Date: June 9, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-08699 Judge: Hon. Timothy A Barnes Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 E-mail: david.freydin@freydinlaw.com Estimated Assets: $1,357,500 Total Liabilities: $5,793,218 The petition was signed by Alla Lopatkina as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OKGHH5Q/Nortia_Logistics_Inc__ilnbke-25-08699__0001.0.pdf?mcid=tGE4TAMA NP ELEVATE: Seeks to Hire Olsen Taggart as Bankruptcy Counsel ------------------------------------------------------------- NP Elevate Pocatello LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Olsen Taggart PLLC as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties under Chapter 11, subchapter V; b. assist the Debtor in preparing and confirming Chapter 11 Plan; c. prepare on behalf of Debtor all necessary applications, answers, orders, reports, and any other legal papers required by the Court and/or necessary for successful completion of the Chapter 11, subchapter V case; and d. perform all other necessary legal services on behalf of Debtor. The firm will be paid at $300 per hour. The firm will be paid a retainer in the amount of $17,737. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven L. Taggart, Esq., a partner at Olsen Taggart PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Steve Taggart, Esq. Olsen Taggart PLLC 1449 E. 17th Street, Ste A Idaho Falls, ID 83404 Tel: (208) 552-6442 Email: staggart@olsontaggart.com About NP Elevate Pocatello LLC NP Elevate Pocatello LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). NP Elevate Pocatello LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.: 25-10394) on February 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. Eric Bensamochan, Esq. at THE BENSAMOCHAN LAW FIRM, INC. represents the Debtor as counsel. NUMALE CORP: Trustee Taps Paul Weiss Rifkind as Litigation Counsel ------------------------------------------------------------------ Michael Carmel, the Chapter 11 trustee of Numale Corporation, seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Paul, Weiss, Rifkind, Wharton & Garrison LLP as special litigation counsel. The firm will provide advice and representation in connection with the NuMale Corporation and NuMale New Mexico SC estates' participation in the Sanchez State Court Litigation currently pending as New Mexico State Court Case No. D-202-CV-202006336. The firm's current standard hourly rates are: Partner $2,245 to $2,595 Counsel $1,995 Associate $975 to $1,695 Staff Attorney $705 to $735 Paraprofessionals $175 to $560 Kannon Shanmugam, Esq., a partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kannon K. Shanmugam, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, NY 10019 Tel: (212) 373-3000 Email: jgraham@paulweiss.com About Numale Corporation Numale Corporation and six affiliates filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 25-10341) on January 22, 2025. At the time of the filing, Numale reported up to $50,000 in both assets and liabilities. Judge Natalie M. Cox oversees the cases. The Debtors are represented by David A. Riggi, Esq., at Riggi Law Firm. NUMALE CORP: Trustee Taps Rodey Dickason as Local Counsel --------------------------------------------------------- Michael Carmel, the Chapter 11 trustee of Numale Corporation, seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Rodey, Dickason, Sloan, Akin, & Robb, P.A. as special local litigation counsel. The firm will provide advice and representation in connection with the NuMale Corporation and NuMale New Mexico SC estates' participation in the Sanchez State Court Litigation currently pending as New Mexico State Court Case No. D-202-CV-202006336. The firm's hourly rates are: Ed Ricco $395 Jocelyn Drennan $325 Charles Vigil $375 Other Partners $275 Associates $195 Paralegals $120 Edward Ricco, Esq., a partner at Rodey, Dickason, Sloan, Akin, & Robb, P.A., assured the court that the firm is a disinterested persons within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, as modified by Section 1107(b). The firm can be reached through: Edward Ricco, Esq. Charles J. Vigil, Esq. Rodey, Dickason, Sloan, Akin & Robb, P.A 201 Third Street NW, Suite 2200 Albuquerque, NM 87102 Direct: (505) 768-7377 Mobile: (505) 259-5767 Facsimile: (505) 768-7395 Email: cvigil@rodey.com About Numale Corporation Numale Corporation and six affiliates filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 25-10341) on January 22, 2025. At the time of the filing, Numale reported up to $50,000 in both assets and liabilities. Judge Natalie M. Cox oversees the cases. The Debtors are represented by David A. Riggi, Esq., at Riggi Law Firm. OAK AND FORT: Seeks Chapter 15 Bankruptcy Due to Tariffs -------------------------------------------------------- Alex Wittenberg of Law360 reports that Canadian apparel retailer Oak and Fort Corp., along with multiple affiliates, has sought Chapter 15 bankruptcy protection in New York, citing close to $20 million in debt. The company blamed U.S. tariffs on Chinese imports for squeezing its profit margins and triggering a pullback in financing from lenders, the report states. About Oak and Fort Corp. Oak and Fort Corp. is a specialty retailer based in and managed from Vancouver, British Columbia. The Company offers a broad range of fashion apparel, accessories, jewellery, and homeware under the "Oak + Fort" brand through its e-commerce websites and 42 retail stores across Canada and the United States. It focuses on minimalist design, cost-conscious fashion, and sustainable practices. Oak and Fort Corp. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11282) on June 6, 2025. Honorable Bankruptcy Judge Martin Glenn handles the case. KSV Restructuring Inc. is the Debtor's foreign representative. The foreign representative's counsels are Warren A. Usatine, Esq. and Mark Tsukerman, Esq. at COLE SCHOTZ P.C. OHIO TRANSMISSION: OHA Senior Marks $1.4 Million 1L Loan at 44% Off ------------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,494,000 loan extended to Ohio Transmission Corporation to market at $831,000 or 56% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Ohio Transmission Corporation. The loan accrues interest at a rate of 9.8% per annum. The loan matures on December 19, 2030. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ohio Transmission Corporation Ohio Transmission Corporation is a technical distributor of highly engineered products across automation, motion control, fluid power, flow control and compressed air categories. OHIO TRANSMISSION: OHA Senior Marks $1Million 1L Loan at 65% Off ---------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,000,000 loan extended to Ohio Transmission Corporation to market at $350,000 or 35% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Ohio Transmission Corporation. The loan accrues interest at a rate of 9.8% per annum. The loan matures on December 19, 2029. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ohio Transmission Corporation Ohio Transmission Corporation is a technical distributor of highly engineered products across automation, motion control, fluid power, flow control and compressed air categories. PAI HOLDCO: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Neg. ----------------------------------------------------------------- S&P Global Ratings affirmed all of its ratings on U.S. aftermarket auto parts distributor PAI Holdco Inc., including the 'CCC+' issuer credit rating. The negative outlook reflects the potential for a lower rating if liquidity erodes or a distressed exchange or covenant breach appears more likely. S&P Global Ratings expects U.S. aftermarket auto parts distributor PAI Holdco Inc.'s profitability and cash generation will remain soft in 2025 as PAI's efforts to reduce costs and improve operating efficiencies are offset by a challenging operating environment. S&P said, "The rating continues to reflect PAI's weak credit protection metrics and our view that its capital structure remains unsustainable. PAI's operating results have been challenged over the past year by softer consumer demand, inflationary cost pressures, and increasing competition, leading to modest top-line growth, margin compression, and EBITDA contraction year-over-year through March 30, 2025. While the automotive aftermarket remains resilient, in our view, consumers dealing with higher living expenses have been looking to reduce spending, including delaying maintenance on their vehicles. We expect weaker macroeconomic conditions this year, including inflationary pressures from tariffs, will continue to weigh on automotive maintenance spending, but believe demand for failure- and maintenance-related parts will remain steady and eventually pick up due to the elevated level of deferred maintenance over the last few years. PAI's profitability has also been pressured by higher labor and occupancy costs, which the company is seeking to address through cost savings initiatives. Based on the high leverage, which we project to remain above 8x over the next year, and challenging operating environment, we believe the company's capital structure remains unsustainable in the long run, but its initiatives to improve profitability and liquidity as well as the timing of its debt maturities support the current rating. "We expect soft economic conditions and competitive pressures to continue. Consumers have continued to defer maintenance spending on automobiles over the past year, which has caused revenue headwinds for parts distributors such as PAI. Additionally, we believe PAI is facing stiffer competition from the large aftermarket auto part retailers that are investing heavily in expanding their presence in the commercial market. Furthermore, cost pressures and product mix have suppressed profit margins, contributing to high leverage. In response, PAI is implementing a wide range of initiatives to improve efficiency across its organization. Our base case projects flat revenue growth in 2025, with S&P Global Ratings-adjusted EBITDA margin improving roughly 50 basis points as a result of cost savings initiatives. We expect the auto parts industry will pass on higher costs related to tariffs to customers. However, the impact of higher product costs could cause further deferral of vehicle maintenance among consumers, leading to increased operating pressures for PAI." Eroding liquidity could pressure the rating. Liquidity deteriorated in the first quarter of fiscal 2025 in part due to seasonal working capital needs, with PAI generating a cash flow deficit of approximately $33 million, reflecting a wider operating loss and inventory growth. Outstanding borrowings on its $400 million asset-based lending facility (ABL; maturing July 2029) increased during the quarter, leaving about $76 million available as of March 30, 2025. The revolver is the company's sole source of liquidity; balance sheet cash is de minimis. Furthermore, the company's fixed charge covenant ratio has deteriorated due to EBITDA contraction and higher debt service costs. While PAI has avoided testing its springing covenant to date, and its fixed charge coverage ratio remains above 1x, its headroom has thinned. S&P said, "The company is implementing multiple initiatives to enhance liquidity, including improving inventory management and securing better payment terms with vendors, which we expect will support cash conversion. These efforts led to a significant working capital inflow and $39 million in FOCF in 2024, and we expect modestly positive FOCF in 2025 with a modest working capital use. Still, we believe the level of working capital necessary to carry a wide depth and breadth of automotive parts merchandise, along with the need to maintain distribution facilities and a heavy interest burden, will keep cash generation relatively muted. We project modest working capital uses in the future and believe capital expenditures (capex) will largely be limited to maintenance needs, which we estimate are around $10-$15 million. While this will help conserve liquidity, it places PAI at a disadvantage to larger competitors that are investing more heavily in growth capex. "The negative outlook reflects PAI's thin liquidity position and our expectation that credit protection metrics will remain weak as it contends with a softer operating environment." S&P could lower its rating if: -- Operating performance deteriorates, leading to a greater cash burn and increasing the likelihood of a default or restructuring that S&P views as tantamount to default; or -- S&P envisions a specific default scenario over the next 12 months, including a distressed exchange, near-term liquidity shortfall, or violation of its springing fixed-charge coverage ratio. S&P could raise its rating if: -- Operating performance, including margins, improves meaningfully, leading to consistently positive FOCF in excess of scheduled amortization payments and improved headroom under its springing fixed-charge coverage ratio; and -- S&P believes the company can successfully extend or refinance its debt facilities. PARADOX ENTERPRISES: Hires McGuigan & Associates as Appraiser ------------------------------------------------------------- Paradox Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire McGuigan & Associates as appraiser. The scope of the retention includes providing appraisals for real property owned by the Debtor and, if necessary, providing expert testimony in connection with the Valuation Motion or any contested matters related thereto. The Debtor and appraiser agree that simple interest of one percent per month with a maximum of 12 percent per annum. In the event the Debtor so requests the appraiser to testify at legal proceedings, the firm will charge $350 per hour. McGuigan & Associates is a "disinterested person" and does not hold or represent any interest adverse to the estate as required under Sec. 327(a), according to court filings. The firm can be reached through: Joseph Patrick McGuigan McGuigan & Associates 3207 West End Ave Ste 201 Nashville, TN 37203 Phone: (615) 327-0662 Fax: (615) 320-7985 Email: residential@mcgapp.com About Paradox Enterprises Paradox Enterprises, LLC owns various properties valued at $6.1 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-10826) on April 5, 2024, with $6,174,373 in assets and $13,012,125 in liabilities. Eric Shelley, managing member, signed the petition. Judge Nicholas W. Whittenburg oversees the case. Gray Waldron, Esq., at Dunham Hildebrand, PLLC, represents the Debtor as legal counsel. PARAGON INDUSTRIES: Seeks to Hire D. R. Payne & Associates as CRO ----------------------------------------------------------------- Paragon Industries Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to hire David R. Payne, CPA of D. R. Payne & Associates, Inc. as chief restructuring officer. The firm will provide: i. direction, oversight and review of preparation of initial disclosures; ii. assistance with preparation of content and data to include in first day motions; iii. assistance with the business terms to include in a bidding procedures motion to consummate a sale pursuant to Bankruptcy Code section 363; iv. evaluation, confirmation and/or development of timeline and milestones for implementation and consummation of a plan of reorganization including a competitive going concern sale transaction; v. development of a 13-week budget and updating of same; vi. review, approval, and submission of weekly reports for the immediately preceding week's revenues and expenses to stakeholders; vii. review, approval and submission of periodic written reports detailing Debtor's progress and performance to meet and achieve the milestones and objectives in this case; viii. preparation of the business financial and operating data and information necessary for filing motions; ix. ongoing, routine communications with the Debtor's lenders and other creditors including periodic reviews of the Debtor's performance and progress towards objectives in this case; x. such other similar services as may be necessary to maximize enterprise value and comply with the financial and business requirements of the Bankruptcy Code; and xi. such other services as requested or directed by the Debtor and agreed to by the Mr. Payne. The firm will be paid at these hourly rates: David R. Payne, CRO $550 Assistant to CRO - Manager $425 to 475 Assistant to CRO - Consultant Staff $195 to 375 Mr. Payne was also provided with a $50,000.00 retainer from the Wachob Trust. As disclosed in the court filings, Mr. Payne is a "disinterested person" as that term is defined in Bankruptcy Code section 101(14) and modified by Bankruptcy Code section 1107(b). The CRO can be reached at: David R. Payne D. R. Payne & Associates, Inc. 119 North Robinson Avenue Oklahoma City, OK 73102 Telephone: (405) 272-0511 Email: info@drpayne.com About Paragon Industries Inc. Paragon Industries Inc. manufactures steel pipe products used in the oil and gas, construction, and fire protection industries. Based in Sapulpa, Oklahoma, the Company offers services such as heat treatment, threading, and fabrication. Its product range includes mechanical, sprinkler, line pipe, OCTG, and construction pipes, with a customer base extending across North and South America. Paragon Industries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Clayton D. Ketter, Esq. at PHILLIPS MURRAH P.C. PARTIDA HOLDINGS: Hires Tap Fellers Snider as Bankruptcy Counsel ---------------------------------------------------------------- Partida Holdings of Fayetteville, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Fellers, Snider, Blankenship, Bailey & Tippens PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continuing operation of its business and management of its property; (b) prepare on behalf of the Debtor all necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary herein. Stephen Moriarty, the primary attorney in this representation, will be paid at his hourly rate of $575. Mr. Moriarty disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen J. Moriarty, Esq. Fellers, Snider, Blankenship, Bailey & Tippens P.C. 100 N. Broadway, Suite 1700 Oklahoma City, OK 73102 Telephone: (405) 232-0621 Facsimile: (405) 232-9659 Email: smoriarty@fellerssnider.com About Partida Holdings of Fayetteville, LLC Partida Holdings of Fayetteville, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Okla. Case No. 25-11045) on April 10, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. The Debtor hires Hammond Law Firm as counsel. PAUL LESPOIR: Seeks to Hire Alter & Barbaro as Bankruptcy Counsel ----------------------------------------------------------------- Paul Lespoir Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Alter & Barbaro as bankruptcy counsel. The firm's services include: a. advising the debtor of its powers and duties as a debtor in Chapter 11; b. advising the debtor regarding matters of bankruptcy law; c. representing the debtor and proceedings and hearings in the United States District Court and Bankruptcy Courts for the Eastern District of New York; d. preparing on behalf of the debtor any necessary motions, applications, orders and other legal papers; e. providing assistance, advice and representation concerning the confirmation of any proposed plan(s) and solicitation of any acceptances of responding to rejections of such plan(s); f. providing assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the debtor that may be required under local, state or federal law; g. prosecuting and defending litigation matters as such other matters that might arise during the Chapter 11 case; h. providing counseling and representation with respect to assumption or rejection of executory contracts and leases, sales of assets and bankruptcy-related matters arising from this Chapter 11 case; i. rendering advice with respect to general corporate and litigation issues related to this Chapter 11 case, including but not limited to, securities, corporate finance, labor, tax and commercial matters; and j. performing such other legal services as may be necessary and appropriate for the efficient and economical administration of this Chapter 11 case. The firm will be paid at these rates: Partners $350 per hour Paraprofessionals $150 per hour As accommodation to the debtor has agreed that strikes build voluntarily reduced to $250 per hour. Alter & Barbaro received an advance fee of $4,000 as the retainer $1,738 filing fee in balance. Alter & Barbaro is a "disinterested person" within the meaning of Bankruptcy Code Sec. 101(14), according to court filings. The firm can be reached through: Troy Lambert, Esq. ALTER & BARBARO, P.A. 26 Court Street, Suite 1812 Brooklyn, NY 11242 Tel: (407) 897-0880 Email: troylambert@alterbabaro.com About Paul Lespoir Inc. Paul Lespoir Inc. is a single-asset real estate company. Paul Lespoir Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41058) on March 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. Troy Lambert, Esq. at ALTER & BARBARO, P.A. represents the Debtor as counsel. PET RINSE: G. Matt Barberich of B. Riley Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed G. Matt Barberich, Jr. of B. Riley Advisory Services as Subchapter V trustee for Pet Rinse Repeat, LLC. Mr. Barberich will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Barberich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: G. Matt Barberich, Jr. B. Riley Advisory Services 7101 College Boulevard, Suite 730 Overland Park, KS 66210 Phone: 913-389-9270 Email: mbarberich@brileyfin.com About Pet Rinse Repeat LLC Pet Rinse Repeat, LLC operates a mobile and in-store dog grooming and boarding business in the Kansas City area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-40747) on May 19, 2025. In the petition signed by Amy Ramatowski, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Brian T. Fenimore oversees the case. Erlene W. Krigel, Esq., at Krigel, Nugent + Moore, P.C., represents the Debtor as legal counsel. PET RINSE: Seeks to Hire Krigel Nugent Moore as Attorney -------------------------------------------------------- Pet Rinse Repeat, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Krigel Nugent + Moore, P.C. as attorneys. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) attend meetings and negotiate with representatives of creditors and other parties in interest; (c) take all necessary action to protect and preserve the estate; (d) prepare on behalf of Debtor all legal papers necessary to the administration of the estate; (e) negotiate and prosecute on the Debtor's behalf all contracts for the sale of assets, plan of reorganization, and all related agreements and/or documents, and take any action that is necessary for it to obtain confirmation of its Plan of Reorganization; (f) appear before this court and the United States Trustee, and protect the interests of the Debtor's estate before the court and the U.S. Trustee; and (g) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 proceeding. The firm's counsel and staff will be paid at these hourly rates: Sanford Krigel, Attorney $400 SJ Moore, Attorney $400 Ivan Nugent, Attorney $400 Erlene Krigel, Paralegal $300 Karen Rosenberg, Paralegal $300 Dana Wilders, Paralegal $300 Lara Pabst, Paralegal $300 Sean Cooper, Paralegal $300 Legal Assistants $100 Ms. Krigel 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: Erlene Krigel, Esq. Krigel Nugent + Moore, PC 4520 Main St., Ste. 700 Kansas City, MO 64111 Telephone: (816) 756-5800 About Pet Rinse Repeat, LLC Pet Rinse Repeat, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-40747) on May 19, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Brian T Fenimore presides over the case. Erlene W. Krigel, Esq. at Krigel Nugent Moore, P.C. represents the Debtor as counsel. POLY-WOOD LLC: OHA Senior Marks $1.3 Million 1L Loan at 71% Off --------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,350,000 loan extended to Poly-Wood, LLC to market at $396,000 or 29% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Poly-Wood, LLC. The loan accrues interest at a rate of 9.17% per annum. The loan matures on March 20, 2030. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Poly-Wood, LLC Poly-Wood LLC manufactures and distributes furniture products. POWIN LLC: Case Summary & 50 Largest Unsecured Creditors -------------------------------------------------------- Lead Debtor: Powin, LLC 20550 SW 115th Ave Tualatin OR 97062 Business Description: Powin designs and installs battery energy storage systems for clean energy projects globally. The Company provides integrated hardware and software solutions, including its proprietary StackOS, which manages energy storage performance, monitoring, and cybersecurity. Since launching commercial operations in 2016, Powin has expanded internationally, deploying or constructing over 17,000 MWh of energy storage systems. Chapter 11 Petition Date: June 10, 2025 Court: United States Bankruptcy Court District of New Jersey Nine affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Powin, LLC (Lead Case) 25-16137 PEOS Holdings, LLC 25-16144 Powin Project LLC 25-16136 Powin China Holdings 1, LLC 25-16138 Powin China Holdings 2, LLC 25-16139 Charger Holdings, LLC 25-16140 Powin Energy Ontario Storage, LLC 25-16141 Powin Energy Operating Holdings, LLC 25-16142 Powin Energy Operating, LLC 25-16143 Judge: Hon. Michael B Kaplan Debtors' General Bankruptcy Counsel: Tania M. Moyron, Esq. Van C. Durrer, II, Esq. DENTONS US LLP 601 S. Figueroa Street #2500 Los Angeles, CA 90017 Tel: (213) 623-9300 Fax: (213) 623-9924 Email: tania.moyron@dentons.com van.durrer@dentons.com - and - John D. Beck, Esq. Sarah M. Schrag, Esq. 1221 Avenue of the Americas New York, NY 10020-1089 Tel: (212) 768-6700 Fax: (212) 768-6800 Email: john.beck@dentons.com sarah.schrag@dentons.com Debtors' Conflict & Efficiency Counsel: Frank A. Oswald, Esq. TOGUT, SEGAL & SEGAL LLP 550 Broad Street Suite 1508 Newark, NJ 07102 Tel: (212) 594-5000 Fax: (212) 967-4258 Email: frankoswald@teamtogut.com - and - Albert Togut, Esq. Amanda C. Glaubach, Esq. Eitan Blander, Esq. One Penn Plaza, Suite 3335 New York, New York 10119 Tel: (212) 594-5000 Fax: (212) 967-4258 Email: altogut@teamtogut.com aglaubach@teamtogut.com eblander@teamtogut.com Debtors' Investment Banker: HURON TRANSACTION ADVISORY LLC Debtors' Claims Agent: KURTZMAN CARSON CONSULTANTS LLC d/b/a VERITA GLOBAL Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million Chad Paulson signed the petitions as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NSS3H2Y/Powin_LLC__njbke-25-16137__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtor's 50 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ace Engineering & Co., Ltd. Trade $100,104,820 80, Sapyong-daero, Seocho-gu Seoul 06575 Republic of Korea Tel: (822) 578 0491 Email: chloe@acecontainer.com 2. Qingdao CIMC-POWIN New Contract $49,068,210 Energy Technology Co., Ltd Manufacturer No.1 Huanghedong Road, China (Shandong) Pilot Free Trade Zone, Qingdao, P.R. Phone: +86 532 8676 7675 Email: info@cimc-powin.com 3. Contemporary Amperex Subsidiary/ $44,000,000 Technology Co., Limited Powin Owned (CATL) Entity No.2 Xingang Road Zhangwan Town, Jiaocheng District, Ningde City, Fujian 352100 Phone: +86 181 5087 9959 Email: RuanTF@catlbattery.com 4. Celestica LLC Contract $16,748,929 11 Continental Blvd Manufacturer BLD 300 Suite 103 Merrimack NH 03054 Phone: (416) 448-5800 Email: petem@celestica.com 5. Clean Energy Services CES Professional $10,107,691 LLC Services 4201 Main Street Suite 299 Houston, TX 77002 Phone: (713) 714-0762 Email: accounts.receivable@cesrenewables.com 6. Formosa Electronic Contract $9,180,133 Industries Inc. Manufacturer 5F., NO8, Aly.130, Minquan Rd., Xindian Dist., New Taipei City 231, Taibei 23141 Taiwan Phone: +886 2 2218 8888 Email: kelvin.chen@feii.com.tw; flora.zhang@feii.com.tw 7. Rubicon Professional EPC/Contractor $8,453,344 Services, LLC 3370 Chastain Gardens Drive Suite 220 Kennesaw, GA 30144 Phone: (770) 726-8975 Email: accounting@rubiconps.com 8. SMA America, LLC Contract $8,370,089 3925 Atherton Road Manufacturer Rocklin, CA 95677 Phone: (916) 625-0870 Email: ordermgmt@sma-america.com 9. Mainfreight Air & Ocean Pty Ltd Logistics Unknown 154 Melrose Drive Tullamarine Melbourne VIC 3043 Australia Phone: +61 (3) 9330 6000 Email: lorraine.govender@mainfreight.com 10. JMS Wind Energy, Inc. Professional $6,033,105 8022 S Rainbow Blvd Services Ste 406 Las Vegas, NV 89139 Phone: (541) 483-0920 Email: julie@jmswindenergy.com 11. Experience Knowledge Purchase/Sale $5,777,376 Strategy, S.L. Agreement AVDA. CAMAS 26 Bollullos De La Mitacion Seville 41110 Spain Phone: 0034954181521 Email: fronquillo@eksenergy.com 12. EBARA Densan (Qingdao) Contract $5,297,762 Technology Co., Ltd. Manufacturer No.216, Shuangyuan Road, Chengyang District, Qingdao Shandong Province 266111 China Phone: 053289653367628 Email: dong.jiakun@edq-ebara.com 13. KPMG LLP Professional $4,586,591 3 Chestnut Ridge Road Services Montvale, NJ 07645 Phone: (503) 820-6809 Email: us-bkrdasc-ar@kpmg.com 14. Contemporary Nebula Contract $4,252,505 Technology Energy Co., Ltd. Manufacturer No. 33 Xingyexi Road Mawei District Fuzhou City Fujian Province China Phone: 8615924148801 Email: xuezhen.lin@cntepower.com 15. GreEnergy Resources Professional $3,522,202 108 Michelin Road Services Ardmore, OK 73401 Phone: (580) 68‑9534 Email: adam.fenner@greenergyresources.com 16. R.H. Shipping & Chartering S Logistics $3,359,111 De RL De CV Av. Paseo De La Reforma No. 222 Piso 15 Col. Juarez Alcaldia Cuauhtemoc Ciudad De Mexico C.P. Cam 06600 Phone: +52 (55) 1328 4301 Email: cobranza@rh-shipping.com 17. Qingdao CIMC Container Contract $3,265,143 Manufacture Co., Ltd Manufacturer No.1, east Huanghe Road Economic & Technological Development Zone Qingdao, China Phone: +86-532-8693-5961 Email: yanfeng.yang@cimc.com 18. Ultra Corpotech Private Trade Debt $3,215,744 Limited Plot No-Pap-A-4 Chakan Industrial Area Phase IV Village Nighoje Opp M & M Gate No- 3 Tal-Khed Talwade Chakan Road Pune Phone: 919922929251 Email: vgoykar@ultracorpotech.com 19. Envision AESC US LLC Trade Debt $2,901,664 500 Battery Plant Road Smyrna, TN 37167 Phone: (615) 751-3322 Email: ken.srebnik@envision-aesc.com 20. Pearce Services, LLC Professional $2,671,092 1222 Vine Street Services Suite 301 Paso Robles, CA 93446 Phone: (805) 467-2528 Email: essnotifications@pearce-renewables.com 21. Spark Power Renewables Professional $2,486,017 USA, Inc Services 4900 Diplomacy Road Fort Worth, TX 76155 Phone: (833) 775-7697 Email: AR@sparkpowercorp.com 22. Sonic Systems International, Professional $2,390,368 LLC Services 1880 South Dairy Ashford Suite 207 Houston, TX 77077 Phone: (281) 531-7611 Email: ablock@sonicsystems.com 23. McKinsey & Company, Inc. Professional $1,600,000 United States Services 175 Greenwich Street 3 World Trade Center FL 60-64 New York, NY 10007 Email: US_AR@mckinsey.com; mailto:info@mckinsey.com 24. Bergstrom (Changzhou) Heat Trade Debt $1,269,530 Exchangers Co., Ltd 28 AoYuan Road New District Changzhou, Jiangsu China, 213125 Phone: 8651968008000 Email: SShi@bergstrominc.com 25. Weifang Genius Electronics Trade Debt $1,239,871 Co., Ltd. No. 37 Fangtai Road Fangzi District Weifang City Shandong Province 261206 China Phone: (756) 400-6201 Email: daisy.yang@genius-gp.com 26. Ashbaugh Energy Consulting Professional $1,222,341 530 Lakeside Road Services Fort Erie ON L2A 4Y1 Canada Phone: (905) 871-8000 Email: ashbaughenergy@gmail.com 27. Shanghai Hdmann Industry Trade Debt $1,093,534 Co., Ltd Room 1-912 No388 Xinfu Rd. Shanghai 201100 China Phone: 862133735789 Email: F5@hdmann.com 28. Crowe LLP Professional $1,011,288 320 E Jefferson Blvd. Services P.O. Box 7 South Bend, IN 46624-0007 Phone: (972) 365-3437 Email: arremitadv@crowe.com 29. Orr Protection Systems, Inc. Subsidiary/ $994,923 2100 Nelson Miller Pkwy Powin Owned Louisville, KY 40223 Entity Name: Erica Khourjian Phone: (502) 244-4500 Email: opsaccounting@orrprotection.com 30. Miller Nash Graham & Dunn LLP Professional $889,356 PO Box 3585 Services Portland, OR 97208 Phone: (503) 224-5858 Email: clientservices@millernash.com 31. Carel USA, Inc. Trade Debt $787,295 385 S Oak Street Manheim, PA 17545 Phone: (717) 664-0500 Email: accounts.receivable_usa@carel.com 32. Propeller Inc Professional $783,792 PO Box 6860 Services Portland, OR 97228 Phone: (919) 699-0137 Email: lvillarreal@propellerpdx.com 33. Specified Technologies Inc. Trade Debt $777,062 210 Evans Way Somerville, NJ 08876 Phone: (908) 526-8000 Email: AR@stifirestop.com 34. Building Automation Trade Debt $580,730 Products, Inc. 750 N. Royal Ave. Gays Mills, WI 54631 Phone: (608) 735-4800 Email: Accountsreceivable@bapisensors.com 35. Schneider Electric IT Professional $568,116 Corporation Services 5081 Collections Center Drive Chicago, IL 60693-5081 Phone: (401) 789-5735 Email: SEITUSACASH.APPLICATIONTEAM @schneider-electric.com 36. RH Shipping & Chartering Professional $544,832 (USA) LLC Services 400 N Sam Houston Pkwy East, Suite 1010 Houston, TX 77060 Phone: +52 33 8851 3180 ext. 1408 Email: mplascencia@rh-shipping.com 37. Mainz Brady Group, Inc. Professional $500,900 PO Box 620375 Services Woodside, CA 94062 Phone: +1 650-524-8840 Email: accounting@mbg.com 38. McGuireWoods Consulting LLP Professional $483,585 800 East Canal Street Services Richmond, VA 23219 Phone: (804) 775-1000 Email: artaskforce@mcguirewoods.com 39. CEVA Logistics US, Inc. Professional $469,350 15350 Vickery Drive Services Houston, TX 77032 Phone: 1-800-888-4949 Email: juanfernando.aguilar@cevalogistics.com 40. SIBA LLC Trade Debt $420,987 29 Fairfield Place Caldwell, NJ 07006 Phone: (973) 575-7422 Email: info@sibafuse.com 41. GLAS USA LLC Bank Loans $416,230 3 Second Street Suite 206 Jersey City, NJ 07311 Phone: (212) 808‑3050 Email: clientservices.americas@glas.agency 42. Expeditors International of Professional $409,327 Washington, Inc. Services 1015 Third Avenue Seattle, WA 98104 Phone: (503) 863-2678 Email: remit@expeditors.com 43. Huizhou Topband Electrical Contract $405,884 Technology Co., LTD Manufacturer No. 113 Dongxin Ave, Dongxin Block Dongjiang Hi-Tech Industrial Park, Zhongkai District Huizhou, Dongguang, 516006 China Phone: 8675527651888 Email: wuxr@topband.com.cn 44. Build AppliedLogix, LLC Trade Debt $400,756 3495 Winton Place, Building C Suite 2 Rochester, NY 14623 Phone: (585) 678-1027 Email: tduffy@appliedlogix.com 45. 8LOOP Logistics LLC Logistics $384,949 9432 Bradmore Lane Suite 204 Ooltewah, TN 37363 Phone: (909) 671-9537 Email: accounting@8looplogistics.com 46. Onshape A PTC Business Professional $377,301 121 Seaport Boulevard Services Boston, MA 0221 Phone: (650) 513-3500 Email: ar-credit@ptc.com 47. c3controls Professional $334,488 664 State Street Services Beaver, PA 15009 Phone: (724) 775-7926 Email: accounting@c3controls.com 48. Tech Heads Inc. Professional $320,155 7070 SW Fir Loop Services Portland, OR 97223 Phone: (503) 639-8542 Email: info@techheads.com 49. Kentec Electronics Limited Trade Debt $304,071 25 & 26 Fawkes Avenue, Questor Dartford Kent DA1 1JQ United Kingdom Phone: +44 1322 222121 Email sales@kentec.co.uk 50. KELLER'S INC Trade Debt $278,208 6750 Gordon Road Wilmington NC 28411 United States Contact: Paul Tiso Phone: (910) 392-7011 Email bdixon@kellersinc.com POWIN LLC: Files for Chapter 11, To Form New Entity --------------------------------------------------- Powin LLC, a U.S.-based global energy storage integrator, has voluntarily filed for Chapter 11 protection under the U.S. Bankruptcy Code in the District of New Jersey as part of a strategic effort to address financial liabilities and secure its core businesses. According to a statement, to position its core businesses for long-term success and continue delivering strong support to its customers, Powin will separate and form a new entity ("Powin Project LLC" or "business") ensuring ongoing service, greater focus, and more agile operations aligned with customer priorities. Built around Powin's core monitoring and engineering service operations, the new business will continue to deliver critical support services to customers with a strong foundation for sustainable growth. The service business has demonstrated consistent demand and operational strength, making it a natural anchor for the company's go-forward strategy ensuring asset support and optimization for our customers. To lead the new organization, Powin has appointed Brian Kane as Chief Executive Officer. Brian brings deep industry experience and a track record of business transformation. Brian has successfully led the Powin Projects organization for the last four years and will be responsible for guiding the business through its launch and scaling its operations while preserving Powin's core service commitments. "This is a pivotal moment for Powin," said Brian Kane. "Forming this organization around our services business through this critical transition allows us to preserve the value we've built focus on delivering reliable performance to our customers and position the organization for long-term viability and success. I'm proud to lead this next chapter." About Powin, LLC Powin LLC is a U.S.-based global energy storage integrator on a mission to become the world's most trusted energy storage provider, enabling clean and reliable energy. With data-driven software controls, proven hardware, and experienced end-to-end project execution, Powin delivers scalable systems tailored to meet the needs of modern energy demand. Supported by a globally diversified, ethically sourced supply chain, Powin bolsters energy distribution to alleviate grid congestion, reduce costs, and strengthen aging infrastructure. Relentlessly focused on innovation and lasting value, Powin optimizes energy management, mitigates risk, and ensures predictable energy throughout the lifetime of its projects. On June 9, 2025 and June 10, 2025, Powin, LLC, and affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137). The cases are pending before the Honorable Michael B. Kaplan. Powin is advised in this matter by Dentons as legal counsel, Uzzi & Lall as financial and restructuring advisor, and Huron as investment banker. Verita Global is the claims agent and maintains the page https://www.veritaglobal.net/powin PREHIRED LLC: Ex-CEO's Motion for Comfort in Beskrone Suit Denied ----------------------------------------------------------------- Judge Thomas M. Horan of the United States Bankruptcy Court for the District of Delaware denied the motion for comfort filed by Joshua Jordan, former chief executive officer of Prehired LLC, in the adversary proceeding captioned as JOSHUA JORDAN, Plaintiff, v. DON A. BESKRONE, in his capacity as Chapter 7 Trustee, Defendant, Adv. Proc. No. 24-50178 (Bankr. D. Del.). The plaintiff's motion for leave to pursue claims against Don A. Beskrone, Ricardo Palacio, and Ashby & Geddes, P.A. is denied. The Plaintiff admits that in December 2023, he logged in to a bank account held by certain of the Debtors at Wells Fargo Bank. He withdrew $74,000 from that account and transferred the funds to an entity called FourLetter, LLC, which then spent the funds. On Oct. 10, 2024, the Trustee sent the Plaintiff a letter demanding that the Plaintiff return the funds. In the Demand Letter, the Trustee notified the Plaintiff that the withdrawals were "improper and unlawful" and made in knowing violation of the automatic stay under Bankruptcy Code section 362. The Trustee demanded that the Plaintiff and/or FourLetter, LLC turn over the funds to the Trustee. The Plaintiff told the Trustee that FourLetter spent the funds but proposed a settlement that did not include returning the funds to the Debtors' estates. On Oct. 21, 2024, the Trustee sent another letting advising the Plaintiff that he was not entitled to the funds and that the Trustee was not inviting a negotiation. The Trustee once again demanded the Plaintiff return the funds he withdrew from the Wells Fargo account. The Plaintiff alleges that the Trustee's letter demonstrated an intent to coerce compliance through threats rather than proper legal process, declaring he would move forward and seek relief from the Bankruptcy Court to the fullest extent permitted by law and would faithfully (and zealously) carry out that duty absent full and immediate compliance. Because of this correspondence, the Plaintiff asserts causes of action in the Second Amended Complaint that include: (i) "Gross Negligence and Breach of Statutory Duties;" (ii) "Abuse of Process;" (iii) "Intentional Infliction of Emotional Distress;" (iv) "Civil Conspiracy;" (v) "Tortious Interference with Business Relations; (vi) "Negligent Infliction of Emotional Distress;" (vii) a "Free Exercise Clause Violation;" (viii) "Violation of 42 U.S.C. Sec. 1985(2) (Conspiracy to Obstruct Justice/Intimidate Party);" (ix) "Violation of 42 U.S.C. Sec. 1986 (Neglect to Prevent Conspiracy);" (x) "Fraudulent Misrepresentation;" (xi) "Negligent Misrepresentation;" and (xii) "Declaratory Judgment – Institutional Misconduct." The Plaintiff seeks tens of millions of dollars in damages and certain declaratory relief. On Jan. 10, 2025, the Plaintiff commenced the District Court Action without first seeking or obtaining permission from the Bankruptcy Court. On April 15, 2025, the District Court Defendants filed a Motion to Dismiss the Second Amended Complaint in the District Court Action, citing the Barton Doctrine as its primary basis for dismissal. This Motion to Dismiss is currently pending in the District Court. On March 20, 2025, the Plaintiff filed the Motion for Comfort. By the Motion for Comfort, the Plaintiff requests that the Bankruptcy Court clarify whether it has jurisdiction to determine whether leave under the Barton Doctrine is required for his claim against the District Court Defendants before commencing an action in the District Court. The District Court Defendants objected to the Motion for Comfort, alleging primarily that the Plaintiff has violated the Barton Doctrine by not seeking leave of the Bankruptcy Court before filing a suit that asserts claims arising out of actions taken in Mr. Beskrone's official capacity as chapter 7 trustee. After completion of briefing on the Motion for Comfort, the Plaintiff filed the Motion for Leave. In the Motion for Leave, the Plaintiff requests that the Bankruptcy Court grant him leave to pursue claims against the District Court Defendants in the District Court Action. Judge Horan holds that, by commencing an action in the District Court without obtaining permission from the Bankruptcy Court, the Plaintiff has violated the Barton Doctrine. The Bankruptcy Court also determines that the claims asserted in the District Court Action arise out of actions properly taken by the District Court Defendants, acting in their official capacities, to recover funds that the Plaintiff has admitted to withdrawing from a debtor bank account. For those reasons, the Bankruptcy Court denies the Motion for Comfort and the Motion to Leave. A copy of the Court's decision dated May 30, 2025, is available at https://urlcurt.com/u?l=4RjXC2 About Prehired LLC Prehired, LLC ws a company in Dover, Del., which trained persons to sell software. Prehired and its affiliates filed petitions for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-11293) on Sept. 28, 2022, with up to $10 million in both assets and liabilities. On Oct. 26, 2022, the cases were transferred to the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Lead Case No. 22-11007). Jami B. Nimeroff serves as Subchapter V trustee. Judge John T. Dorsey oversaw the cases. John J. Keenan, Esq., at Warren Law Group and Pashman Stein Walder Hayden, P.C. served as the Debtors' bankruptcy counsel and Delaware counsel, respectively. The case was converted to Chapter 7 on Nov. 2, 2022. Don Beskrone is the interim chapter 7 trustee. PRODUCERS INC: Judgment on Count III in Adversary Case Affirmed --------------------------------------------------------------- Judge William Fung of the United States District Court for the Middle District of Florida affirmed the final judgment of the United States Bankruptcy Court for the Middle District of Florida as to Count III of the adversary complaint, Faia et al. v. Solares, et. al., No. 8:21-ap-333-CPM (Bsnkr. M.D. Fla.), pursuant to Federal Rule of Civil Procedure 54(b). Three identical appeals were filed related to the Bankruptcy Court's decision. The appellate cases are styled: -- VIVIAN SOLARES CAHILL, individually, and MICHAEL GARDNER, as Personal Representative for the Estate of Sandra F. Gardner, Appellants v. GREGORY FAIA, VERNON DECOSSAS, III, DNC HOLDINGS, INC., DOM HOLDINGS, INC., and DOMAIN APPS, LLC, Appellees, Case No. 8:24-cv-00905-WFJ (M.D. Fla.); -- SIGMUND SOLARES and MICHAEL GARDNER, Appellants v. GREGORY FAIA, VERNON DECOSSAS, III, DNC HOLDINGS, INC., DOM HOLDINGS, INC., and DOMAIN APPS, LLC, Appellees, Case No. 8:24-cv-00906-WFJ (M.D. Fla.); and -- THE PRODUCERS, INC., Appellant v. GREGORY FAIA, VERNON DECOSSAS, III, DNC HOLDINGS, INC., DOM HOLDINGS, INC., and DOMAIN APPS, LLC, Appellees, Case No. 24-cv-00907-WFJ (M.D. Fla.). The Debtor is an internet servicer and domain entity known as The Producers, Inc. As part of this ongoing dispute, the Debtor was placed into involuntary bankruptcy, which later resulted in a consent to bankruptcy by the Debtor. This Chapter 7 proceeding eventually settled after a lengthy procedure, with a conversion to a confirmed Chapter 11 plan. It is this settlement that the premeditated plan hatched by the appellants sought to undermine and upset. The settlement involved DNC Holdings, Inc., Domain Apps, LLC, and DOM Holdings, Inc., along with appellees Decossas and Faia entering into a settlement with the Debtor's estate, the Chapter 7 bankruptcy trustee, and appellants Solares and Gardner. The settlement resolved ownership of DNC, Domain Apps, and DOM. As part of the settlement, appellees and their entities paid over $4.6 million to appellants Solares and Gardner. As a result of the settlement, the Bankruptcy Court subsequently granted the Debtor's request to convert the bankruptcy case to a Chapter 11 proceeding. Shortly thereafter, the Debtor, under the management of Solares and Gardner following that conversion, filed a Chapter 11 Plan of Reorganization and Disclosure Statement. Based on the evidence presented at a confirmation hearing on May 13, 2021, including the proffer of testimony from appellant Solares, the Bankruptcy Court entered its Order Confirming Chapter 11 Plan. As the trial on the merits of the adversary complaint neared, Solares' sister and Gardner's mother's estate filed a motion to bifurcate the trial, and to hold trial only on Count III. This bifurcated proceeding would determine whether any option rights held by the sister and mother were bona fide, or whether Solares and Gardner themselves remained the true holders of such rights The motion sought to bifurcate and try only Count III. In this count, the adversary complaint sought enforcement of the settlement via a permanent injunction enjoining appellants from seeking to enforce the purported option agreements to undermine the settlement. The gist of this Count III is that the appellants Solares and Gardner, not their sister and mother, were the beneficial, real parties in the options. Solares' sister and Gardner for his mother's estate contended that the bifurcation would further judicial economy, and resolution of the nominee issue might resolve the adversary proceeding entirely. After holding a hearing on this motion, the Bankruptcy Court entered an agreed order for bifurcation of Count III for trial. After trial on Count III, the Bankruptcy Court found by clear and convincing evidence that the sister and mother were nominee holders of the options, and the beneficial, real owners were Solares and Gardner. Count III is closely intertwined with prior orders of the Bankruptcy Court, including the confirmation order, and would impact the execution and administration of the Chapter 11 Plan. That is sufficient to establish related to jurisdiction. The Bankruptcy Judge certified the Final Judgment under review in this case Count III of the Adversary Complaint, for appellate review pursuant to Federal Rule of Civil Procedure 54(b). There are other counts yet pending in the adversary proceeding, but the Judge found that there was no just reason to delay finality concerning Count III. The Bankruptcy Court found that the parties should not bear the expense of litigating the other counts until this, likely dispositive count, is resolved. Appellants are in agreement with this holding and urged it, and so does this Court. Resolving this count now will serve judicial and litigation economy. Failure to review this count now would impair Rule 1's admonition to construe the rules to secure the just, speedy, and inexpensive determination of every action and proceeding. Judge Fung holds, "Resolution of Count III will almost certainly resolve entirely this present bankruptcy-ancillary dispute and remove the doubt currently cast on the confirmed Chapter 11 Plan. It will also ensure continuation of the Chapter 11 Plan without further hindrance or impediment. And it will further the interests of final, equitable, and enforceable settlements of bankruptcy disputes. Rule 54(b) certification helps stop the bleeding and end the heated litigation between these four men that has been ongoing for eight years now." The parties and the Bankruptcy Court believe this certification is appropriate in this matter. So does Judge Fung. Judge Fung certifies this matter under Rule 54(b). There is no just reason for delay and final judgment in this case will issue. Accordingly, the Bankruptcy Court's order is affirmed. In summary the District Court affirms because: 1) the Bankruptcy Court had subject matter jurisdiction; 2) the Bankruptcy Court did not err as to choice of law; and 3) the appellants received a fair hearing including on their defenses. A copy of the Court's decision dated May 19, 2025, is available at https://urlcurt.com/u?l=Ks5rcc from PacerMonitor.com. About The Producers Inc. The Producers, Inc., is a Florida corporation. Its shareholders are Sigmund Solares and Michael Gardner. Its Chief Executive Officers is Mr. Solares. Its three primary lines of business include domain name registrar; domain name ownership; and domain name monetization through advertising, arbitrage, sales, and leasing. On Feb. 21, 2017, Mr. Solares filed a lawsuit in state court in Louisiana, styled Sigmund Solares v. Gregory Faia, Michael Gardner, Vernon Decossas, DNC Holdings, Inc., Domain Apps, LLC, Faia and Associates, LLC, and Faia Development Group, LLC. Two years later, in May 2019, DNC Holdings and Domain Apps filed a third-party complaint against TPI, Snow Turtles LTD, Directnic LTD, and Parked.com LTD. The claims and factual allegations contended DNC Holdings and Domain Apps were defrauded into purchasing TPI's assets based on the actions of their own owners, Mr. Faia and Mr. Decossas, and requested rescission of the transaction. The claims asserted in the third-party complaint were also pursued when, on September 12, 2019, DNC Holdings filed the Chapter Involuntary Petition against TPI (Bankr. M.D. Fla. Case No. 19-08638). Larry Hyman was appointed as Chapter 7 trustee. Following 13 months of hard-fought litigation in Bankruptcy Court, the parties reached a conceptual settlement which was eventually memorialized in the Settlement, resolving all outstanding disputes between the parties to the Fraudulent Transfer Case and the related litigation pending in Bankruptcy Court. At the behest of the parties, the involuntary case was converted to a Chapter 11 case on March 1, 2021. The Debtor's counsel: Steven M. Berman, Esq. Seth P. Traub, Esq. SHUMAKER, LOOP & KENDRICK, LLP 101 East Kennedy Blvd., Suite 2800 Tampa, FL 33602 Tel: (813) 229-7600 Fax: (813) 229-1660 PROSPECT MEDICAL: Hires Keen-Summit Capital as Real Estate Broker ----------------------------------------------------------------- Prospect Medical Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Keen-Summit Capital Partners LLC as real estate broker. The firm will provide these services: a. coordinate with Debtors the development of due diligence materials; b. develop, subject to Debtors' review and approval, a marketing plan and implement each facet of the marketing plan; c. communicate regularly with prospects and maintain records of communications; d. solicit offers for a Transaction of the Pennsylvania Real Estate; e. assist Debtor in evaluating, structuring, negotiating and implementing the terms and conditions of a proposed Transaction; f. develop and implement, subject to Debtors' review and approval, an auction plan, including arranging auction logistics, assisting Debtors' counsel with auction bid procedures, assisting the Debtors to qualify bidders, and running the auction at a location designated by the Debtors; g. communicate regularly with Debtors and their professional advisors in connection with the status of its efforts; and h. work with Debtors' attorneys responsible for the implementation of the proposed Transactions, reviewing documents, negotiating and assisting in resolving problems which may arise. The broker will be paid at these fees: a. Transaction Fee: As and when Seller closes a Transaction, whether such Transaction is completed individually or as part of a package or as part of a sale of all or a portion of Seller's real property or as part of a plan of reorganization, then Keen-Summit shall have earned compensation per Transaction equal to four percent (4%) of "Gross Proceeds" from the Transaction (the "Transaction Fee"). b. Minimum Fee: If a party with a right to credit bid, credit bids or the Property is withdrawn from the scope of this engagement or the Property is abandoned or any other scenario where Keen-Summit has not earned a Transaction Fee related to any Property, Keen-Summit shall be entitled to a fee related to such Property in the amount set forth on Schedule A of the Retention Agreement. Keen-Summit is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor, according to court filings. The firm can be reached through: Matthew Bordwin Keen-Summit Capital Partners LLC 1 Huntington Quadrangle, Suite 2C04 Melville, NY 11747 Tel: (646) 381-9202 Email: mbordwin@keen-summit.com About Prospect Medical Holdings, Inc. Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors also tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Likey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing & solicitation agent. On Jan. 29, 2025, the Office of the United States Trustee for Region 6 appointed an official committee of unsecured creditor in these Chapter 11 cases. The committee tapped Brinkman Law Group, PC as efficiency counsel. PUNKO ONE: Nathan Smith Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Punko One, LLC. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Punko One LLC Punko One, LLC, operating as Muley's Bar & Family Grill, is a local restaurant and bar establishment located in Spring Creek, Nevada. Punko One sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50441) on May 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Judge Hilary L. Barnes handles the case. The Debtor is represented by Kevin A. Darby, Esq., at Darby Law Practice, Ltd. PURE AVIATION: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 7 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Pure Aviation, LLC. About Pure Aviation LLC Pure Aviation LLC is a privately held company in Sheridan, Wyo., primarily engaged in real estate leasing. Pure Aviation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-30335) on March 24, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Christopher G. Bradley oversees the case. The Debtor is represented by James Jopling, Esq., at Jim K. Jopling, Attorney At Law. Q TECHNOLOGY: Seeks to Hire Michael Jay Berger as Legal Counsel --------------------------------------------------------------- Q Technology Direct LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire the Law Offices of Michael Jay Berger as counsel. The firm will render these services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligations in a bankruptcy petition; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; (e) prepare status reports as required by the court; and (f) respond to any motions filed in the Debtor's bankruptcy proceeding. (g) respond to creditor inquiries; (h) review proofs of claim filed in the Debtor's bankruptcy; (i) object to inappropriate claims; (j) prepare Notices of Automatic Stay in all state court proceedings in which the Debtor is sued during the pendency of its bankruptcy proceedings; and (k) if appropriate, prepare a Chapter 11 Plan of Reorganization for the Debtor. The firm will be paid at these hourly rates: Michael Berger, Partner $695 Sofya Davtyan, Partner $645 Angela Gill, Sr. Associate Attorney $595 Robert Poteete, Associate Attorney $475 Senior Paralegals/Law Clerks $275 Paralegals $200 Law Offices of Michael Jay Berger received a retainer of $25,000. Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About Q Technology Direct LLC Q Technology Direct LLC is a limited liability company. Q Technology Direct LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01994) on May 16, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtors are represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. QBD PACKAGING: Seeks to Hire Hester Baker Krebs as Attorney ----------------------------------------------------------- QBD Packaging, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Hester Baker Krebs LLC as attorneys. The firm will provide these services: (a) take necessary or appropriate actions to protect and preserve the Debtor's estate; (b) prepare on behalf of the Debtor necessary or appropriate legal papers in connection with the administration of its estate; (c) provide advice, represent, and prepare necessary documentation and pleadings regarding debt restructuring, statutory bankruptcy issues, post-petition financing, real estate, business and commercial litigation, tax, and, as applicable, asset dispositions; (d) counsel the Debtor with regard to its rights and obligations and its powers and duties in the continued management and operations of its business and properties; (e) take necessary or appropriate actions in connection with a plan or plans of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; and (f) act as general bankruptcy counsel for the Debtor and perform all other necessary or appropriate legal services in connection with the Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Jeffrey Hester, Member $450 John Allman, Member $420 Marsha Hetser, Paralegal $215 Tricia Hignight, Paralegal $215 Prior to the filing fate, the Debtor paid an initial retainer and filing fee to the firm in the amount of $21,694. Mr. Hester disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Telephone: (317) 608-1129 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About QBD Packaging LLC QBD Packaging, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-90538) on May 5, 2025. In the petition signed by Nnodum Iheme, the Debtor disclosed up to $10 million in assets and up to $1 million in liabilities. Judge Andrea K. McCord oversees the case. Jeffrey Hester, Esq., at Hester Baker Krebs LLC, represents the Debtor as legal counsel. QT HAU: Seeks to Hire Gordon Feinblatt LLC as Bankruptcy Counsel ---------------------------------------------------------------- QT Hau LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Gordon Feinblatt LLC as its bankruptcy counsel. The firm's services include: a. advising Debtor with respect to its powers and duties as a debtor-in-possession in the continued operation of its business; b. attending meetings and negotiating with representatives of creditors and other parties-in-interest; c. taking necessary actions to protect and preserve Debtor's estate, including the prosecution of actions on Debtor's behalf, the defense of any actions commenced against Debtor, and objecting to claims filed against Debtor's estate; d. assisting Debtor in connection with preparing necessary motions, answers, applications, orders, reports, or other legal papers necessary to the administration of the estate, and appearing in Court on behalf of Debtor in proceedings related thereto; e. assisting Debtor in the preparation of a chapter 11 plan and disclosure statement, and in any other matters and proceedings in connection therewith, including attending court hearings; f. representing Debtor in matters which may arise in connection with its business operations, financial and legal affairs, dealings with creditors and other parties-in-interest, sales, and other transactional matters, litigation matters and in any other matters which may arise during this case; and g. performing all other necessary legal services in connection with the prosecution of this case. The firm shall receive a retainer in the amount of $40,000. David Musgrave, Esq., a partner at Gordon Feinblatt, 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. Gordon Feinblatt can be reached at: David S. Musgrave, Esq. Gordon Feinblatt, LLC 233 East Redwood Street Baltimore, MD 21202 Tel: (410) 576-4000 Email: ldandrea@gfrlaw.com About QT Hau LLC QT Hau LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). QT Hau LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by David S. Musgrave, Esq. at GORDON FEINBLATT LLC. R86 LIQUIDATION: Seeks to Hire FGMK LLC as Accountant ----------------------------------------------------- R86 Liquidation and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire FGMK, LLC as their accountant. The firm will provide these services: a. prepare the Debtors' Federal and State income tax returns for 2022 to 2025; b. prepare the Debtor's Personal Property Tax returns for 2025 for 10 locations in D.C. and Maryland; and c. provide additional tax services to the Debtors on an as-needed basis. FGMK will be compensated with a total fee of $57,000. Such fee shall be comprised of $52,000 for the preparation of the Debtors' Federal and State income tax returns for the years 2022 to 2025 (representing compensation of $13,000 per tax year), and $5,000 for the preparation of the Debtors 2025 Personal Property Tax returns for eight locations in D.C., and two locations in Maryland. For additional tax services, FGMK will be paid at these hourly rates: Associate $200 to $225 Senior Associate $225 to $275 Manager $275 to $375 Senior Manager $375 to $450 Director $450 to $550 Partner $550 to $650 Michael Fernandez, a partner at FGMK LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Fernandez FGMK LLC 333 W. Wacker Drive, 6th Floor Chicago, IL 60606 Tel: (312) 818-4300 About R86 Liquidation R86 Liquidation and its affiliates filed their petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Lead Case No. 24-12410) on August 23, 2024, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Donald R Cassling presides over the case. Michael P Richman, Esq. at Richman & Richman LLC represents the Debtor as counsel. REBELLION POINT: Seeks to Hire DesRoches & Company as Accountant ---------------------------------------------------------------- Rebellion Point Entertainment, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire DesRoches & Company, CPAs, P.C. as accountant. The professional services the accountant will render: a. assist the Debtor with bookkeeping, and preparing its federal and state tax returns and monthly sales taxes, and annual tax reports; and b. perform any other accounting services needed by the Debtor as part of the bankruptcy proceedings. The firm will be paid at these rates: Todd Derby, CPA $250 per hour Staff $140 per hour As disclosed in the court filings, Desroches & Company, CPAs, P.C. is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Todd Derby, CPA DesRoches & Company, CPAs, P.C. 2901 S. Lynnhaven Rd, Suite 400 Virginia Beach, VA Tel: (757) 498-3000 Email: Todd@desrochescpas.com About Rebellion Point Entertainment Rebellion Point Entertainment, LLC, also known as East Coast Game Rooms, is a family-owned retailer and outfitter based in Kitty Hawk, N.C., with over four decades of experience in both residential and commercial entertainment spaces. It offers a wide selection of game room products including arcade machines, billiards, ping pong, shuffleboard, and custom furniture. It also provides rentals, delivery, installation, and repair services for customers in the Outer Banks and broader East Coast region. Rebellion Point Entertainment filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-01352) on April 14, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. David M. Teague, company owner, signed the petition. Judge Pamela W. Mcafee oversees the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC, represents the Debtor as legal counsel. RECORDED BOOKS: OHA Senior Marks $1.1 Million 1L Loan at 36% Off ---------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,160,000 loan extended to Recorded Books Inc. to market at $746,000 or 64% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Recorded Books Inc. The loan accrues interest at a rate of 10.07% per annum. The loan matures on June 15, 2028. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 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. RHODIUM ENCORE: Stakeholders Want to End Co.'s Bankruptcy Control ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that the stakeholders in bitcoin mining firm Rhodium Encore LLC are urging a judge to end the company's exclusive right to propose a bankruptcy reorganization plan, allowing others to submit alternative proposals. In a June 7, 2025 motion filed in the U.S. Bankruptcy Court for the Southern District of Texas, an ad hoc group of creditors argued that Rhodium has effectively held them "hostage" by maintaining full control over the Chapter 11 process, according to Bloomberg Law. The group, comprised of investors who entered into Simple Agreements for Future Equity (SAFEs), says it represents the largest class of stakeholders, having contributed around $87 million to Rhodium Enterprises, the report states. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, the Debtor reports lead debtor's estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Judge Alfredo R. Perez oversees the case. The Debtor tapped Quinn Emanuel Urquhart & Sullivan, LLP, as counsel, and Province, LLC as restructuring advisor. RIDGE HOME: Seeks to Tap SPERRY-Insignia CRE as Real Estate Broker ------------------------------------------------------------------ Ridge Home Management, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ SPERRY-Insignia CRE as broker. The broker will market and sell the Debtor's property located at 2021 W. Washington Street, Phoenix, Arizona 85009. The broker's commission is 7 percent of the purchase price of the property. However, if the designated broker, Neil Sherman or Dana Hearon procure the Buyer, the commission shall be reduced to 6 percent. SPERRY-Insignia CRE is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The broker can be reached through: Neil Sherman Dana Hearon SPERRY-Insignia CRE 2801 E. Camelback Rd, Ste. 200 Phoenix, AZ 85016 Phone: (602) 566-7200 Email: neil.sherman@sperrycga.com About Ridge Home Management, LLC Ridge Home Management, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 25-03267) on April 15, 2025, listing up to $50,000 in both assets and liabilities. The Debtor hires the Law Office of Mark J. Giunta as counsel. RIMKUS CONSULTING: OHA Senior Marks $867,000 1L Loan at 85% Off --------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $867,000 loan extended to Rimkus Consulting Group Inc. to market at $134,000 or 15% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to GI Rimkus Consulting Group Inc. The loan accrues interest at a rate of 9.55% per annum. The loan matures on April 1, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rimkus Consulting Group Inc. Rimkus Consulting Group is engaged in providing engineering and technical consulting services. RITE AID: Affirms Commitment to Paying Rent to Objecting Landlords ------------------------------------------------------------------ Emlyn Cameron of Law360 reports that Rite Aid, which has filed for bankruptcy twice, is working to reassure landlords—who have recently lodged numerous objections—that it will continue to fulfill its lease obligations despite plans to shutter some of its stores. About Rite Aid Corp. Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's pharmacy benefits and services company, consists of accredited mail and specialty pharmacies, prescription discount programs and an industry leading adjudication platform to offer superior member experience and cost savings. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs more than 6,100 pharmacists and operates more than 2,100 retail pharmacy locations across 17 states. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In the petition signed by Jeffrey S. Stein, chief executive officer and chief restructuring officer, Rite Aid disclosed $7,650,418,000 in total assets and $8,597,866,000 in total liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Cole Schotz, P.C., as local bankruptcy counsel, Guggenheim Partners as investment banker, Alvarez & Marsal North America, LLC as financial, tax and restructuring advisor, and Kroll Restructuring Administration as claims and noticing agent. 2nd Attempt Rite Aid Corp. and subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-14861) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Michael B. Kaplan oversees the case. The Debtor is represented by Michael D. Sirota, Esq., Warren A. Usatine, Esq., Felice R. Yudkin, Esq., and Seth Van Aalten, Esq. at COLE SCHOTZ P.C. and Andrew N. Rosenberg, Esq., Alice Belisle Eaton, Esq., Christopher Hopkins, Esq., and Sean A. Mitchell, Esq. at PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP. Advisors to the Company include Paul, Weiss, Rifkind, Wharton & Garrison LLP (legal), Guggenheim Securities, LLC (investment banking), Alvarez & Marsal (financial), and Joele Frank, Wilkinson Brimmer Katcher (strategic communications). A&G REALTY PARTNERS, LLC is the Debtor's Real Estate Advisory Services Provider and KROLL RESTRUCTURING ADMINISTRATION LLC as Claims & Noticing Agent. RITE AID: Taps Kroll Restructuring as Administrative Advisor ------------------------------------------------------------ New Rite Aid LLC and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Kroll Restructuring Administration LLC as administrative advisor. The firm will render these services: (a) provide consulting services regarding legal noticing, claims, management, and reconciliation; (b) assist with among other things, the preparation of confidential online workspaces and data rooms; (c) assist with, among other things, the preparation of the Debtors' Schedules and Statements and the gathering of data in conjunction therewith; (d) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a chapter 11 plan, and in connection with such services, process requests for documents from parties-in-interest, including, if applicable, brokerage firms, bank back-offices, and institutional holders; (e) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (f) manage and coordinate any distributions pursuant to a chapter 11 plan; and (g) provide such other processing, solicitation, balloting and other administrative services described in the Engagement Agreement, but not included in the Claim Agent Application, as may be requested from time to time by the Debtors, the Court, or the Office of the Clerk of the Bankruptcy Court. The firm will be paid at these rates: Analyst $35 to $60 per hour Technology Consultant $50 to $135 per hour Consultant/Senior Consultant $75 to $205 per hour Director $215 to $265 per hour Solicitation Consultant $235 per hour Director of Solicitation $275 per hour Managing Director $300 per hour Prior to the Petition Date, the Debtors paid the firm an advance in the amount of $100,000. Benjamin Steele, a managing director at Kroll Restructuring Administration, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin J. Steele Kroll Restructuring Administration, LLC 55 East 52nd Street, 17th Floor New York, NY 10055 Tel: (212) 593-1000 About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. ROCK STAR: OHA Senior Marks $420,000 1L Loan at 86% Off ------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $420,000 loan extended to Rock Star Mergersub, LLC to market at $57,000 or 14% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Rock Star Mergersub, LLC. The loan accrues interest at a rate of 9.15% per annum. The loan matures on December 15, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rock Star Mergersub, LLC Rock Star Acquisitions LLC manufactures and supplies construction and mining machineries. The Company serves customers in the State of Louisiana. ROCKET COMPANIES: Moody's Assigns 'Ba1' CFR, Outlook Stable ----------------------------------------------------------- Moody's Ratings has assigned a Ba1 long-term senior unsecured rating to Rocket Companies, Inc.'s (Rocket) new $4.0 billion backed senior unsecured notes and affirmed Rocket Mortgage, LLC's Ba1 long-term senior unsecured rating. Moody's have also assigned a Ba1 corporate family rating to Rocket Companies, Inc. and withdrew the Ba1 CFR of Rocket Mortgage, LLC. Moody's have also assigned a stable outlook to Rocket Companies, Inc. and Rocket Mortgage, LLC's outlook remains stable. The proceeds from the issuance will be used to redeem Mr. Cooper Group Inc.'s (Mr. Cooper, Ba3 on review for upgrade) assumed bonds, originally issued under Home Point Capital Inc., with any remaining proceeds used to paydown outstanding debt, following the close of Rocket's acquisition of Mr. Cooper, which the company expects to close in late 2025. The notes will have a special mandatory redemption feature which will include a par call plus accrued interest payout if the transaction is terminated. Cash proceeds from the notes will be held in corporate cash until the transaction closes. RATINGS RATIONALE Rocket's Ba1 CFR and senior unsecured debt rating reflect the company's strong franchise in the US mortgage market, supporting its strong capitalization and funding profile and its historically strong earnings capacity. The ratings also capture some key-person governance risk from its ownership structure. On March 31, 2025, Rocket announced it had entered into a definitive agreement to acquire Mr. Cooper in an all-stock transaction that is expected to close in late 2025. Moody's views the acquisition's impact on Rocket's financial profile as largely credit neutral at closing. However, upon successful integration, Moody's expects the increased scale of the combined entity to drive both cost and revenue synergies, enhance operating leverage, boost earnings and moderately reduce earnings volatility. Consequently, the acquisition may eventually exert positive pressure on Rocket's ratings. The Ba1 senior unsecured debt rating is at the same level as Rocket's Ba1 CFR. These equivalent rating levels reflect priority of claim and strength of asset coverage considerations. The Mr. Cooper acquisition will increase Rocket's reliance on secured debt; however, Moody's believes that within 12-18 months following the acquisition, the ratio of secured MSRs and secured corporate debt to total corporate debt will fall below 25%. If this ratio remains above 25%, negative ratings pressure would likely develop on the senior unsecured debt ratings, given such debt is subordinated to the secured debt. The stable outlook reflects Moody's expectations that Rocket's current weaker-than-historical profitability will improve over the next 12-18 months, driven by increased profitability from the Mr. Cooper acquisition and higher industry origination volumes. Moody's anticipates that Rocket will maintain its strong financial profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Assuming the Mr. Cooper and Redfin acquisitions close and are successfully integrated, Moody's expects the increased scale of the combined entity to drive both cost and revenue synergies, enhance operating leverage, boost earnings and moderately reduce earnings volatility. Consequently, the acquisition may eventually exert positive pressure on Rocket Mortgage's ratings. Assuming non-agency and non-government mortgages remain a modest percentage of total originations, Moody's could upgrade the ratings if the company: 1) demonstrates strong financial resilience as measured by net income to average assets (excluding mortgage servicing rights [MSR] fair value marks) in excess of 4.0%, 2) maintains a solid capital position as measured by tangible common equity (TCE) to tangible managed assets (TMA) above 25%, and 3) maintains strong liquidity and funding as measured by secured debt to gross tangible assets below 50%, secured MSR debt and secured corporate debt to total corporate debt below 25%, and low refinance risk on its warehouse facilities with an average maturity runway of more than 12 months. The company's ratings could be downgraded if its financial profile or franchise position weaken; in particular, if TCE/TMA declines to less than 20% or if profitability remains weak such that Moody's expects net income to average assets to remain below 3.0%. In addition, negative ratings pressure could develop if: 1) the percentage of non-agency and non-government loan origination volumes grow to more than 15% of the company's total originations without a commensurate increase in alternative liquidity sources and capital to address the riskier liquidity and asset quality profile that such an increase would entail, or 2) refinance risk increases such that the average remaining time to maturity of the company's warehouse lines decreases and Moody's expects it to remain less than 12 months. If secured MSR debt and secured corporate debt to total corporate debt increases and Moody's expects it to remain above 25%, Moody's could downgrade the long-term senior unsecured debt ratings, as it would further subordinate the debt's priority ranking. Moody's have decided to withdraw the rating(s) for Moody's own business reasons. SANTIS & ARGENTA: Seeks to Hire Van Horn Law Group as Counsel ------------------------------------------------------------- Santis & Argenta, LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Van Horn Law Group, P.A. as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal papers; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiations with its creditors in the preparation of the plan. The hourly rates of the firm's law clerk, paralegals, and attorneys range from $150 to $450. In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. The firm received a retainer in the total amount of $12,238 from the Debtor. Chad Van Horn, Esq., an attorney at Van Horn Law Group, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chad T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Telephone: (561) 621-1360 Email: info@cvhlawgroup.com About Santis & Argenta Santis & Argenta, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-13236) on April 3, 2024. In the petition signed by Andrey Argenta, president, the Debtor disclosed under $1 million in both assets and liabilities. Judge Scott M. Grossman oversees the case. Chad T. Van Horn, Esq., at Van Horn Law Group, PA represents the Debtor as bankruptcy counsel. SARVER REALTY: Seeks to Hire Newmark Southern Region as Broker -------------------------------------------------------------- Sarver Realty Andre Plaza, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Newmark Southern Region, LLC as broker. The firm will sell the Debtor's property located on McKnight Road, Pittsburgh, PA 15237. Newmark will receive a commission of 5 percent of the purchase price, if co-brokered, or 4.5 percent if Newmark Southern Region, LLC is the only broker involved. Newmark Southern Region, LLC is a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: David Dolan Newmark Southern Region, LLC 2005 Market Street, Suite 900 Philadelphia, PA 19103 Email: David.Dolan@nmrk.com Phone: (215) 246-2738 About Sarver Realty Andre Plaza Sarver Realty Andre Plaza LLC is a single-asset real estate company based in Pittsburgh, PA. Sarver Realty Andre Plaza LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20017) on January 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Ryan J. Cooney, Esq., at Cooney Law Offices LLC represents the Debtor as counsel. SCHILLER PARK: Seeks to Extend Plan Exclusivity to September 30 --------------------------------------------------------------- Schiller Park Hospitality LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 30 and December 1, 2025, respectively. The instant bankruptcy proceeding was filed under Chapter 11 of the Bankruptcy Code on January 30, 2025. The Debtor explains that the new requested extension dates of September 30, 2025, and December 1, 2025, are well within the time limitations set by Section 1121(d) of the Bankruptcy Code. The Debtor claims that the sale of its principal asset has not yet occurred. The extension of times for both deadlines will not prejudice any creditors or the United States Trustee. Schiller Park Hospitality, LLC: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About Schiller Park Hospitality Schiller Park Hospitality, LLC, a company in Skokie, Ill., filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01447) on January 30, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Amin Amdani as managing member. Judge David D Cleary oversees the case. The Debtor is represented by Paul M. Bach, Esq., at Bach Law Offices. CRE Bridge Capital, LLC, as lender, is represented by Harold D. Israel, Esq. of Levenfeld Pearlstein, LLC. SCV GRAPHIC: Seeks to Hire Keck Legal LLC as Bankruptcy Counsel --------------------------------------------------------------- SCV Graphic Productions Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Keck Legal, LLC as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties; (b) prepare on behalf of the Debtor necessary legal papers; (c) assist examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor. The firm will be paid at these rates: Benjamin R. Keck $465 per hour Jonathan Clements $350 per hour Omar Esquivel Breton $195 per hour Selah Owusu $125 per hour Miguel Quinonez $105 per hour Ashleigh Rucker $95 per hour On March 26, 2025, the Debtor paid an initial retainer deposit of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Keck 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: Benjamin Keck, Esq. Keck Legal, LLC 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel: (470) 826-6020 Email: bkeck@kecklegal.com About SCV Graphic Productions Inc. SCV Graphic Productions Inc., operating as Dangling Carrot Creative, is a custom graphics and display manufacturing company that specializes in manufacturing custom displays, signage, and creative installations using materials such as composites, plastics, and foams, alongside printing and imaging technology. The company maintains operations in both Fayetteville, Georgia and Valencia, California, with its principal place of business located in Georgia. SCV Graphic Productions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-10613) on April 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Benjamin R. Keck, Esq. at Keck Legal, LLC. SHARP DEVELOPERS: Section 341(a) Meeting of Creditors on July 8 --------------------------------------------------------------- On June 5, 2025, Sharp Developers LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on July 8,2025 at 09:45 AM as a Telephonic Hearing. About Sharp Developers LLC Sharp Developers LLC holds trust interests in two properties located at 355 S Nebraska St in Chandler, Arizona, and 3801 N 3rd St in Phoenix. The combined value of these interests is estimated at $3.8 million. Sharp Developers LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05149) on June 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Richard Freeth, Esq. at OMNUS LAW. SHOREVIEW HOLDING: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 7 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Shoreview Holding, LLC and its affiliates. About Shoreview Holding Shoreview Holding, LLC a company in Austin, Texas, and five affiliates filed Chapter 11 petitions (Bankr. W.D. Texas Lead Case No. 25-10566) on April 24, 2025. In its petition, Shoreview Holding reported between $50 million and $100 million in both assets and liabilities. Judge Shad Robinson handles the cases. The Debtors are represented by Stephen J. Humeniuk, Esq., at Troutman Pepper Locke, LLP. SITIO ROYALTIES: Fitch Puts 'B+' LongTerm IDR on Watch Positive --------------------------------------------------------------- Fitch Ratings has placed Sitio Royalties Operating Partnership, LP's (Sitio) 'B+' Long-Term Issuer Default Rating (IDR) on Rating Watch Positive (RWP). Sitio's senior unsecured notes due 2028 co-issued with Sitio Finance Corp. and rated at 'BB-'/'RR3' have also been placed on RWP. The RWP follows the definitive agreement under which Viper Energy, Inc. (Viper; BBB-/Stable) will acquire Sitio in an all-equity transaction. Viper is a subsidiary of Diamondback Energy, Inc (BBB+/Stable). Both Sitio and Viper are mineral and royalty interest owners focused on the Permian oil basin. Sitio's ratings may potentially be upgraded by multiple notches after the deal completion. Viper expects to close the acquisition in 3Q25 subject to customary regulatory approvals. The deal may take more than six months to finalize. Key Rating Drivers Possible Rating Uplift from Viper: Fitch expects Sitio to strongly benefit from parent-subsidiary linkages with Viper if the acquisition closes. Both companies operate in the same sector. Sitio's enterprise value will be around a quarter of the combined entity, which is a significant share. Fitch expects Sitio to be closely integrated into Viper's operations following acquisition completion. Lager Scale, Focus on Permian: Viper's 1Q25 production was around 87 thousand barrels of oil equivalent per day (kboe/d) pro forma for acquisitions agreed upon before Sitio. Sitio's production was 41 kboe/d in the same period. The combined entity will heavily focus on the Permian basin, with limited exposure to the DJ, Eagle Ford and Williston basins. Fitch estimates that Sitio will increase Viper's midcycle EBITDA by approximately one-third. Fitch projects that the combined EBITDA will reach $1.7 billion at Fitch's midcycle oil and gas price assumptions. Leverage to Decrease: Fitch recognizes Viper's commitment to conservative M&A funding, given its $1.2 billion primary equity offering completed in February 2025. Fitch expects Viper's midcycle EBITDA leverage to remain below 1.5x, marginally lower than Fitch-projected midcycle 1.5x leverage for Sitio. The new debt structure for Viper should become clearer as the deal nears completion. Low-Cost Structure, Strong FCF: Sitio does not have working interest in oil and gas properties, which exempts it from the majority of costs associated with hydrocarbon production. It does not incur capex to sustain its production volume, which considerably improves its FCF relative to working interest upstream producers with similar EBITDA. It does not incur abandonment costs, and its operating costs include only production taxes, some gathering and transportation, and general and administrative (G&A) expenses. Fitch estimates operating costs were just $5.7 per barrel of oil equivalent (boe) in 1Q25, compared to Sitio's average realized price of $43.1/boe. Improved Resiliency Through the Cycle: Fitch forecasts Sitio's pre-dividend FCF margin to average 73% in 2025-2029. The low-cost base makes the company less vulnerable to sharply lower prices than working interest upstream producers. However, it has no control over the upstream development activity of its lessees and can only revoke the right to exploit its mineral interests after several years of limited use. Sitio tries to buy the most promising acreage with the lowest breakeven prices, which upstream companies are more likely to develop. Projected Debt Reduction: Sitio's management aims to pay out at least 65% of its EBITDA, minus accrued debt interest and estimated cash taxes, as shareholder distributions. Its targeted minimum dividend is 35% of discretionary FCF and approximately 30% more can be allocated to share buybacks and dividends. The rest is designated for debt repayment, liquidity improvement, and acquisitions. Financials Published by Parent: Fitch adjusts financial statements published by Sitio Royalties Corp., Sitio's parent, to calculate Sitio's metrics. Sitio does not plan to publish audited financials. However, the parent's only asset is Sitio, of which it holds only 51% of the economic interest. The remaining 49% economic interest is owned by Class C shareholders of Sitio Royalties Corp. Fitch reclassified distributions paid to Class C shareholders from noncontrolling interest distributions to common dividends to estimate Sitio's credit metrics based on the parent's audited financials. Peer Analysis Sitio's business model is the same as Viper Energy, Inc.'s. Both companies are pure non-working interest mineral rights holders with high margins and no capex. Sitio has a smaller production scale (41 kboe/d) than Viper (87 kboe/d in 1Q25 pro forma for the completed acquisitions) and has lower reserves. It is concentrated in the Permian Basin, like Viper but has substantial exposure to other U.S. basins. Sitio has lower operating netbacks before interest, at $37/boe in 1Q25, than Viper, at $44/boe, due to lower oil exposure and higher G&A expense. Its interest costs are also higher than Viper's. Viper's relationship with Diamondback reduces counterparty risk through visibility into development plans and prioritization of Viper acreage, as Diamondback operates the majority of Viper's net royalty acreage. Unlike Viper, Sitio is not dependent on any single exploration and production (E&P) operator. Viper's leverage is slightly below Sitio's at midcycle prices, while Fitch expects both to remain within the 1.0x-1.5x range. Northern Oil and Gas, Inc. (NOG; B+/Positive), a non-operator working interest E&P company, has greater exposure to fluctuations in operating and capital costs. NOG acquires working interests in leaseholds, contributes capital to the development and drilling activity of wells, and bears additional operating costs. As a result, NOG's margins are materially lower than Sitio's, even though NOG's production size is substantially larger. Like Sitio, NOG does not have control over production decisions, although it may opt out of wells in which it does not wish to participate. Key Assumptions - West Texas Intermediate oil prices of $60 per barrel (bbl) in 2025 and 2026, $57/bbl in 2027, 2028 and at midcycle; - Henry Hub natural gas prices of $3.25/mcf in 2025, $3/mcf in 2026 and $2.75/mcf in 2027, 2028 and at midcycle; - Oil and gas production at 40 kboe/d in 2025, declining to 38 kboe/d by 2029; - Shareholder distributions at 65% of pre-dividend FCF; - $200 million of discretionary cash outflows in 2027-2029 combined. Recovery Analysis The recovery analysis assumes Sitio would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern Approach Sitio's GC EBITDA estimate of $240 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). This value is based on stress-case oil and gas prices, as well as expectations for reduced production volumes. GC EBITDA was raised from the last rating review to reflect net acquisitions over the last 12 months. An EV multiple of 5.5x was applied to the GC EBITDA to calculate a post-reorganization EV of $1.2 billion. The multiple is above the median 5.3x exit multiple for energy in Fitch's Energy, Power and Commodities Bankruptcy Enterprise Values and Creditor Recoveries (2024 Fitch Case Studies). The 5.5x multiple is also significantly higher than multiples normally used for U.S. working interest oil and gas producers, such as NOG with 3.5x EV multiple, as Sitio does not have to incur capex or production costs. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. For liquidation value, Fitch applied an 80% advance rate to the company's receivables and added an approximation of the PV-10 value of Sitio's reserves, based on Fitch's current stress-case oil and gas prices. The maximum of these two approaches was the GC approach. Fitch assumed Sitio's $925 million borrowing base RBL to be 90% drawn upon default. Sitio also has $600 million of senior unsecured notes subordinated to the RBL facility. The allocation of value in the liability waterfall results in recovery corresponding to 'RR3' for the unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening liquidity; - Material deterioration of reserve life or production volumes; - Mid-cycle EBITDA leverage above 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP upon completion of the contemplated transaction broadly under the proposed terms. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Independent of the Transaction Include - Increased scale, with mid-cycle EBITDA above $500 million; - Mid-cycle EBITDA leverage below 2.0x. Liquidity and Debt Structure Sitio's nearest debt maturity is in 2027, when its $925 million RBL facility expires. The company has $486 million drawn under the facility as of March 31, 2025. The other piece of debt is a $600 million unsecured bond due in 2028. The company maintains a small amount of cash. Fitch expects Sitio to generate significant FCF in 2025-2029, which further supports its liquidity. Issuer Profile Sitio acquires and manages mineral and royalty interests in oil and natural gas properties in the U.S. focused on the Permian basin. Summary of Financial Adjustments Fitch estimates Sitio's financials using Sitio Royalty Corp.'s public financial statements. Fitch treats Sitio Royalty Corp.'s distributions paid to non-controlling interests as dividends paid to common shareholders. 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 ----------- ------ -------- ----- Sitio Royalties Operating Partnership, LP LT IDR B+ Rating Watch On B+ senior unsecured LT BB- Rating Watch On RR3 BB- Sitio Finance Corp. senior unsecured LT BB- Rating Watch On RR3 BB- SITIO ROYALTIES: Moody's Puts 'B1' CFR on Review for Upgrade ------------------------------------------------------------ Moody's Ratings placed Sitio Royalties Corp.'s (Sitio) ratings on review for upgrade, including its B1 Corporate Family Rating, B1-PD Probability of Default Rating and B3 senior unsecured notes rating at Sitio Royalties Operating Partnership, LP. Previously, the outlook for both entities was stable. Sitio's SGL-3 Speculative Grade Liquidity (SGL) rating remains unchanged. This action follows a definitive agreement reached by Viper Energy, Inc. (Viper, Ba1 stable) to acquire Sitio in a $4.1 billion all-stock transaction, including Sitio's net debt.[1] Sitio shareholders will receive 0.4855 Viper shares for each Sitio share. The transaction is expected to close during the third quarter of 2025, subject to regulatory approvals and other customary closing conditions. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Sitio's ratings were placed on review for upgrade based on its potential ownership by Viper, which has a stronger credit profile, underpinned by a larger asset base, lower level of financial leverage, and operating and strategic importance to its parent Diamondback Energy, Inc. (Baa2 stable). Sitio's sizeable Permian Basin acreage is complementary to Viper's and will improve Viper's production and acreage position in this attractive basin. Viper expects to retire the existing debt at Sitio and replace it with a combination of newly-issued debt and borrowing under its existing revolving credit facility. In that case, Moody's will likely withdraw all of Sitio's ratings. If Sitio's notes remain outstanding and are assumed or guaranteed by Viper, then the ratings on the notes would be upgraded to Viper's rating level. If Sitio were to become an unguaranteed subsidiary of Viper post-acquisition and continue to provide separate audited financial statements going forward, then its ratings would likely be upgraded based on the level of parental support. Sitio Royalties Corp. (Sitio), based in Denver, Colorado, is a publicly listed company engaged in owning oil and gas mineral royalties and overriding royalty interests in the Permian Basin, DJ Basin, Eagle Ford Shale and Williston Basin. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. SLM MILLEDGEVILLE: Bank Seeks to Submit Update by June 18 --------------------------------------------------------- In the case styled Valley National Bank, Plaintiff v. SLM Milledgeville, LLC; SLM Camilla, LLC; Senior Living Properties – Milledgeville, LLC; Senior Living Properties - Camilla, LLC; Uri Rubin; Dennis L. Wagner; Chuan S. Wang; and Andrew Hsu, Defendants, Case No. 1:25-cv-03824-JHR (S.D.N.Y.), the Plaintiff, through its counsel, asks that the Court hold its application for the appointment of a receiver in abeyance until June 18, 2025, and that Plaintiff be permitted to provide the Court with an update on said Application, as well as the updated proposed order previously requested by the Court on or before June 18. The Plaintiff brings this action alleging that Defendants (i) breached a 2019 loan agreement and promissory note by failing to timely make payments and failing to repay the Loan after its maturity date; (ii) violated related guaranties; and (iii) defaulted on an agreement for a credit card facility. On May 12, 2025, the Court ordered that the Defendants, either in person or by their attorneys, show cause before the Hon. Jennifer H. Rearden, United States District Judge, by teleconference on May 23, why an order should not be issued pursuant to Rule 66 of the Federal Rules of Civil Procedure (i) appointing KCP Advisory Group as receiver for the properties during the pendency of this action; (ii) appointing KCP as receiver for the senior living facilities at the properties; (iii) granting such other and further relief as the Court deems just, proper, and equitable. On May 22, 2025, the Defendants not having appeared, the Court issued an Order directing Defendants to inform the Court whether they intended to oppose Plaintiff's request, and, if they intended to oppose, to propose an expedited briefing schedule. That same day, the Plaintiff filed a letter stating that Plaintiff and Defendants had engaged in settlement discussions that may lead to a framework for the consensual resolution of this matter. On June 2, the Court ordered that hearing on Plaintiff's application for the appointment of a receiver scheduled for June 3 is adjourned sine die. The Plaintiff was required by June 9 to file a revised Proposed Order Appointing Receiver that includes conclusions of law. The Plaintiff is further directed, by June 10, to serve its revised Proposed Order Appointing Receiver on Defendants by e-mail and to file proof of such service. On June 6, Benjamin Rubinstein, Esq., Plaintiff's counsel, asked that the Court hold its application for the appointment of a receiver in abeyance until June 18, and that Plaintiff be permitted to provide the Court with an update on said Application, as well as the updated proposed order previously requested by the Court on or before June 18. SLM Milledgeville, LLC owns and operates two senior living facilities in Georgia. The Plaintiff is represented by: Benjamin Rubinstein, Esq. K&L GATES LLP One Newark Center, Tenth Floor Newark, NJ 07102 Telephone: (973) 848-4000 Facsimile: (973) 848-4001 E-mail: benjamin.rubinstein@klgates.com SOLO REAL ESTATE: Seeks to Hire Herrin Law PLLC as Legal Counsel ---------------------------------------------------------------- Solo Real Estate LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Herrin Law, PLLC as counsel. The firm's services include: a. providing legal advice with respect to his powers and duties as debtor-in-possession; b. preparing and pursuing confirmation of a plan and approval of a disclosure statement; c. preparing on behalf of the Debtors necessary applications, motions, answers, orders, reports and other legal papers; d. appearing in Court and protecting the interests of the Debtor before the Court; and e. performing all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these rates: Manolo Raphael Santiago, Esq. $400 per hour C. Daniel C. Herrin, Esq. $400 per hour Attorneys $300 per hour Paralegals $125 to 190 per hour Prior to the filing of this case, the Debtor paid the firm the amount of $15,000 as retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Manolo Raphael Santiago, Esq. a managing partner at Herrin Law, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: C. Daniel Herrin, Esq. Herrin Law, PLLC 12001 N. Central Expy, Suite 920 Dallas, TX 75243 Tel: (469) 607-8551 Fax: (214) 722-0271 About Solo Real Estate LLC Solo Real Estate operates a commercial real estate business based in Garland, Texas. Solo Real Estate LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-41284) on May 5, 2025, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Juan Carlos Perez as managing member. C. Daniel Herrin, Esq. at HERRIN LAW, PLLC represents the Debtor as counsel. STEEL FABRICATORS: Plan Exclusivity Period Extended to July 21 -------------------------------------------------------------- Judge Joseph G. Rosania, Jr. of the U.S. Bankruptcy Court for the District of Colorado extended Steel Fabricators Inc.'s exclusive period to file a plan of reorganization to July 21, 2025. In a court filing, the Debtor operates a construction and steel fabrication company. The Debtor commenced their Chapter 11 bankruptcy proceeding due to MCA loans freezing its accounts and receivables as well as construction related delays and supply chain issues. Since filing, the Debtor has been working to release these freezes and regain stable business operations. The Debtor explains that it requires additional time to experience the stabilization and improvement of operations, to formulate meaningful projections of future performance, as well as to continue to meet and discuss with certain creditors and vendors and negotiate Plan of Reorganization. Steel Fabricators Inc. is represented by: Katherine S. Sender, Esq. Wolf Helfrich & Factor, P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Telephone: (303) 534-4499 Email: KSender@allen-vellone.com About Steel Fabricators Steel Fabricators Inc., doing business as SFI, provides steel fabrication services. Steel Fabricators Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-17584) on December 23, 2024. In the petition filed by Heidi Fox, CEO, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. Wolf Helfrich & Factor, PC serves as the Debtor's counsel. STICKY'S HOLDINGS: Judge Expresses Doubt Over Ch. 11 Plan Changes ----------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that on Friday, June 6, 2025, a New York bankruptcy judge raised concerns over the extent of changes made by Sticky's, a well-known chicken restaurant chain, to its previously confirmed Chapter 11 plan after securing a buyer to prevent liquidation. The judge said she plans to reconvene the parties on Monday to deliver her decision on the revised plan. About Sticky's Holdings Sticky's Holdings LLC and its affiliates operate a chain of restaurants in New York and New Jersey. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-10856) on April 25, 2024. In the petitions signed by Jamie Greer, CEO, Sticky's Holdings disclosed $5,754,177 in total assets and $4,677,476 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped John W. Weiss, Esq., at Pashman Stein Walder Hayden, PC as legal counsel and Kurtzman Carson Consultants LLC as administrative advisor. STV GROUP: OHA Senior Marks $875,000 1L Loan at 79% Off ------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $875,000 loan extended to STV Group, Inc. to market at $183,000 or 21% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to GI STV Group, Inc. The loan accrues interest at a rate of 11.5% per annum. The loan matures on March 20, 2030. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About STV Group, Inc. STV Group Inc. advises, plans, designs, engineers and delivers the infrastructure that powers local economies, including transportation, buildings and water. SUNCOKE ENERGY: Moody's Affirms 'B1' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings affirmed SunCoke Energy, Inc.'s (SunCoke) ratings including its B1 corporate family rating, B1-PD probability of default rating, and the B1 rating on the senior secured first lien notes due 2029. The outlook remains stable. Its Speculative Grade Liquidity Rating of SGL-2 remains unchanged. "The affirmation of SunCoke's ratings reflects the expectation it will maintain credit metrics commensurate with its ratings on a pro forma basis including the mostly debt financed acquisition of Flame NewCo, LLC (Phoenix Global, B3 stable). It also incorporates the uncertainty around forthcoming blast furnace coke contract renewals and the risk of a secular decline in domestic coke demand and the potential required investments to potentially add pig iron production", said Michael Corelli, Moody's Ratings' Senior Vice President and lead analyst for SunCoke. RATINGS RATIONALE SunCoke's B1 corporate family rating reflects its moderate current leverage and Moody's expectations it will only modestly rise on a pro forma basis including the mostly debt funded acquisition of Phoenix Global, which will add new services, diversify the company's customer base and provide some geographic diversification. The rating also reflects the earnings floor offered by SunCoke's long-term take-or-pay contracts, which is somewhat offset by potential event and contract renewal risks related to its high customer concentration and reliance on the high carbon emitting and volatile integrated steel sector. These factors are leading to lower earnings in the near term and expiring blast furnace coke contracts create further downside risk. Its rating acknowledges the strength of SunCoke's relationships with its steelmaking customers, which despite headwinds faced by the industry in the past, either continued to take contracted deliveries or provided make-whole payments or extended contracts on largely similar terms in exchange for short-term volume relief. The company's coke supply contracts allow for the pass-through of most costs, including metallurgical coal, the principal raw material input and the largest cost component in the coke-making process. The rating also reflects the company's portfolio of efficient and technologically advanced coke batteries which gives it a competitive advantage over aging coke making facilities in North America that could continue to close due to environmental challenges and higher costs. SunCoke has entered into a definitive merger agreement to pay $325 million to acquire the common units of Flame Aggregator, LLC, which together with its subsidiaries operates as Phoenix Global. Phoenix Global is a privately held provider of mill services to major steel producing companies. SunCoke will fund the $325 million transaction with existing cash and about $230 million of borrowings under its undrawn $350 million revolving credit facility. SunCoke estimates it is paying about 5.4x trailing adjusted EBITDA of $61 million for the LTM period ended March 31, 2025. This excludes about $5 million - $10 million of expected synergies. The acquisition of Phoenix Global will enhance SunCoke's customer and geographic diversity, expand its service offerings and increase its exposure to electric arc furnace (EAF) steel producers which have more favorable secular growth characteristics than its core integrated steel customers. It also adds a business with stronger growth characteristics than its core cokemaking business and provides the opportunity to achieve estimated synergies of $5 million - $10 million. Nevertheless, SunCoke is acquiring a business that recently exited bankruptcy due to operational and financial issues, historically generates inconsistent cash flows, and also has relatively high customer concentration. This deal appears to be defensive in nature due to the secular risks for existing integrated steel customers and raises SunCoke's pro forma Moody's adjusted leverage ratio to about 2.7x from 2.3x based on Moody's 2025 earnings expectations. However, this leverage level will continue to support the B1 corporate family rating. This calculation assumes about $270 million in pro forma combined adjusted EBITDA including around $210 million - $220 million from SunCoke and $50 million - $60 million from the Phoenix acquisition. SunCoke's standalone earnings will significantly decline in 2025 as the extension of its Granite City cokemaking contract with United States Steel Corporation (U. S. Steel, Ba3 stable) is at lower economics and will adversely impact its financial results. It will also be negatively impacted by lower margins on higher spot coke sales due to challenging market conditions including tepid steel demand and oversupply in the seaborne coke market driving down coke pricing. The company should still be able to generate positive free cash flow even after dividend payments since it anticipates only about $65 million of capital expenditures. SunCoke's standalone earnings could decline further in 2026 depending on the economics of contract renewals with Cleveland-Cliffs Inc. and its capital spending could ramp up depending on the possible acquisition of U. S. Steel's Granite City Works blast furnaces and the construction of a granulated pig iron facility. However, this potential investment remains on hold pending the outcome of the potential acquisition of U. S. Steel by NIPPON STEEL CORPORATION (Baa2 stable). If earnings decline and spending ramps up, then it could put downward pressure on the company's outlook and/or ratings. SunCoke's SGL-2 speculative grade liquidity rating reflects its good liquidity position supported by $194 million in cash and full availability under its $350 million revolving credit facility (unrated) as of March 31, 2025. The company is expected to maintain a cash balance of around $100 million on a pro forma basis after completion of the Phoenix Global acquisition. Moody's expects the company to remain in compliance with the restrictive financial covenants under the credit agreement, which include a maximum consolidated leverage ratio of 4.5x and a minimum consolidated interest coverage ratio of 2.5x. SunCoke's senior secured notes due 2029 are rated B1 which is in line with the CFR and reflects the same security as the revolving credit facility. This includes a first lien claim on substantially all of the company's assets and the guarantors' existing and future assets, with certain exceptions of non-guarantor restricted and unrestricted subsidiaries which includes the company's international subsidiaries and the Indiana Harbor Coke Company, LP. The stable rating outlook reflects Moody's expectations the company will produce weaker operating results in 2025 but will maintain credit metrics that support its rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would be considered if uncertainties around its expiring contracts are favorably resolved, and it successfully integrates the acquisition of Phoenix Global. Additional considerations for an upgrade would include sustaining strong credits metrics and good liquidity, maintaining or improving its position in the domestic foundry market or exporting coke on a more sustained basis to supplement, if required, lower coke sales under long-term take-or-pay contracts with domestic steelmakers. Quantitatively, the ratings could be upgraded if its leverage ratio is sustained below 2.5x. The ratings could be downgraded if liquidity were to deteriorate or if its leverage ratio were sustained above 4.0x. SunCoke Energy, Inc. is the largest independent US based producer of coke, a key ingredient in blast furnace steel production. The company owns and operates five metallurgical coke making facilities in the US and operates a coke making facility in Brazil on behalf of ArcelorMittal (Baa3 positive). The company's logistics business is comprised of three terminals and provides handling and mixing services to steel, electric utility, coke and coal producing and other manufacturing companies. The company generated about $1.9 billion in revenues for the LTM period ended March 31, 2025. The principal methodology used in these ratings was Steel published in November 2021. SUNNOVA ENERGY: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: Sunnova Energy International Inc. 20 East Greenway Plaza, Suite 540 Houston, Texas 77046 Business Description: Sunnova Energy International Inc. provides residential solar and energy storage services across the United States and its territories. The Company offers a full- service model that includes the design, installation, and maintenance of solar energy systems for homeowners. Founded in 2012 and headquartered in Houston, Sunnova serves hundreds of thousands of customers nationwide. Chapter 11 Petition Date: June 8, 2025 Court: United States Bankruptcy Court Southern District of Texas Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Sunnova Energy International Inc. (Lead Case) 25-90160 Sunnova Energy Corp. 25-90159 Sunnova Intermediate Holdings, LLC 25-90161 [On June 1, 2025, Debtor Sunnova TEP Developer, LLC (Case No. 25-90153) filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code.] Judge: Hon. Alfredo R. Perez Debtors' Co-Bankruptcy Counsel: Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. BRACEWELL LLP 711 Louisiana Street, Suite 2300 Houston, Texas 77002 Tel: (713) 223-2300 Fax: (800) 404-3970 Email: jason.cohen@bracewell.com jonathan.lozano@bracewell.com Debtors' General Bankruptcy Counsel: Anup Sathy, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: anup.sathy@kirkland.com - and - Brian Schartz, P.C. Ciara Foster, Esq. Margaret Reiney, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: brian.schartz@kirkland.com ciara.foster@kirkland.com margaret.reiney@kirkland.com Debtors' Investment Banker: MOELIS & COMPANY LLC Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Claims & Noticing Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Independent Counsel to the Special Committee: KOBRE & KIM LLP Independent Financial Advisor to the Special Committee: PROVINCE, INC. Total Assets as of Dec. 31, 2024: $13,353,699,000 Total Debts as of Dec. 31, 2024: $10,668,606,000 Ryan Omohundro signed the petitions as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OXYEQNY/Sunnova_Energy_International_Inc__txsbke-25-90160__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Wilmington Trust, 2.625% Convertible $603,981,250 National Association Senior Notes Due Attn: Sunnova Energy 2028+Interest Notes Administrator 50 South Sixth Street, Suite 1290 Minneapolis, MN 55402 United States Attn: Barry D. Somrock Title: Vice President Phone: (800) 982-4620 Email: barrysomrock@wilmingtontrust.com 2. Wilmington Trust, 0.25% Convertible $575,722,743 National Association Senior Notes Due Attn: Sunnova Energy 2026+Interest Notes Administrator 50 South Sixth Street, Suite 1290 Minneapolis, MN 55402 United States Attn: Hallie E. Field Title: Vice President Phone: (800) 982-4620 Email: halliefield@wilmingtontrust.com 3. Wilmington Trust, 11.750% Senior $431,463,889 National Association Notes Due 2028+ Attn: Sunnova Energy Interest Notes Administrator 50 South Sixth Street, Suite 1290 Minneapolis, MN 55402 United States Attn: Barry D. Somrock Title: Vice President Phone: (800) 982-4620 Email: barrysomrock@wilmingtontrust.com 4. Wilmington Trust, 5.875% Senior $405,940,278 National Association Notes Due 2026+ Attn: Sunnova Energy Interest Notes Administrator 50 South Sixth Street, Suite 1290 Minneapolis, MN 55402 United States Attn: Barry D. Somrock Title: Vice President Phone: (800) 982-4620 Email: barrysomrock@wilmingtontrust.com 5. Trinity Solar Dealer Payable $78,747,427 2211 Allenwood Road Wall, NJ 07719 United States Attn: Tom Pollock Title: Chief Executive Officer Phone: (732) 780-3779 Email: tom.pollock@trinity-solar.com 6. Windmar PV Energy, Inc Dealer Payable $54,056,595 #206 San Francisco Street San Juan, PR 00901 United States Attn: Victor Gonzalez Title: President Phone: (787) 395-7766 7. Power Solar, LLC Dealer Payable $28,183,194 PO Box 270384 San Juan, PR 00928 United States Attn: Enrique Gonzalez Title: Chief Executive Officer Phone: (787) 331-1000 8. V3 Electric, Inc Dealer Payable $13,601,468 160 Blue Ravine Rd, Ste F Folsom, CA 95630 United States Attn: Josh Collette Title: Chief Executive Officer Phone: (844) 837-6937 Email: josh@v3electric.com 9. Sunnymac, LLC Dealer Payable $9,854,519 413 8th Ave Wilmington, DE 19805 United States Attn: Matt Macfadden Title: Chief Executive Officer Phone: (844) 786-6962 Email: matt@sunnymacsolar.com 10. Aon Risk Services Trade Payable $8,609,489 Southwest, Inc. (estimated) 200 E. Randolph Street Chicago, IL 60601 United States Attn: Lori Goltermann Title: Chief Executive Officer, North America and Global Regions Phone: (312) 381-1000 Email: lori.goltermann@aon.com 11. Markel Insurance Company Surety Bond $7,500,000 4521 Highwoods Parkway Glen Allen, VA 23060 United States Attn: Lindey Jennings Title: Chief Underwriting Officer Phone: (800) 446-6671 Email: ljennings@markel.com 12. Lgcy Installation Services LLC Dealer Payable $7,038,227 Lgcy Holdings LLC 3333 N Digital Dr, Ste 600 Lehi, UT 84043 United States Attn: Doug Robinson Title: Chief Executive Officer Phone: (855) 502-0485 Email: dougrobinson@lgcypower.com 13. Baker Botts LLP Professional $6,591,121 910 Louisiana Street Services (estimated) Houston, TX 77002 United States Attn: Paul Eichelman Title: Chief Financial Officer Phone: (212) 408-2500 Email: paul.eichelman@bakerbotts.com 14. Citadel Roofing And Solar Sst Dealer Payable $6,543,932 Jaj Roofing 4980 Allison Parkway Vacaville, CA 95688 United States Attn: Dieter Folk Title: President Phone: (707) 446-5500 Email: dfolk@citadelrs.com 15. Salesforce Inc. Trade Payable $6,003,468 415 Mission Street 3rd Fl San Francisco, CA 94105 United States Attn: Marc Benioff Title: Chief Executive Officer Phone: (800) 664-9073 Email: mbenioff@salesforce.com 16. Exo Energy Inc. Trade Payable $5,765,210 1358 La Mirada Dr San Marcos, CA 92078 United States Attn: Wesley Calland Title: Owner Phone: (888) 463-9667 Email: wesley@goexoenergy.com 17. Our World Energy Dealer Payable $5,566,455 7720 W Encinas Ln Phoenix, AZ 85043 United States Attn: Caleb Antonucci Title: Chief Executive Officer Phone: (623) 850-5700 Email: cantonucci@ourworldenergy.com 18. Freedom Forever, LLC Dealer Payable $5,391,355 43445 Business Park Dr. Suite 110 Temecula, CA 92590 United States Attn: Brett Bouchy Title: Chief Executive Officer Phone: (888) 557-6431 Email: bbouchy@freedomforever.com 19. Blue Sky Smart Solutions Inc. Dealer Payable $5,207,591 2116 Delaware Street Lawrence, KS 66046 United States Attn: Greg Bennett Title: Chief Executive Officer Phone: (888) 677-2992 Email: greg.bennett@blueskysmartsolutions.com 20. Lumio Hx, Inc. Dealer Payable $4,513,322 1550 W. Digital Dr. Ste 500 Lehi, UT 84043 United States Attn: Andrew Walton Title: Chief Underwriting Officer Phone: (888) 586-4649 Email: andrew.walton@lumio.com 21. Integrated Solar Dealer Payable $4,346,676 Operations (Isogroup) PO Box 9731 San Juan, PR 00908 United States Attn: Ralph Diaz Title: President Phone: (787) 520-9041 Email: ralph@integratedoperationsllc.com 22. Powur, PBC Dealer Payable $3,216,480 2683 Via De La Valle #G321 Del Mar, CA 92014 United States Attn: Jonathan Budd Title: Chief Executive Officer Phone: (866) 467-6987 Email: jonathan.budd@powur.com 23. Infinity Energy Inc. Dealer Payable $2,642,449 3825 Atherton Road Rocklin, CA 95765 United States Attn: Bryson Solomon Title: Chief Executive Officer Phone: (407) 676-6750 Email: bsolomon@goinfinityenergy.com 24. Lien Solutions Trade Payable $2,580,270 CT Corporation System (estimated) PO Box 301133 Dallas, TX 75303 United States Attn: Nancy McKinstry Title: Chief Executive Officer Phone: (713) 533-4600 Email: nancy.mckinstry@wolterskluwer.com 25. Solar Energy World, LLC Dealer Payable $2,442,968 14880 Sweitzer Ln Suite A Laurel, MD 20707 United States Attn: Peter Belman Title: Chief Executive Officer Phone: (866) 856-4580 Email: pbelman@solarenergyworld.com 26. Deloitte Tax LLP Professional $2,405,329 4022 Sells Dr Services (estimated) Hermitage, TN 37076 United States Attn: Joe Ucuzoglu Title: Chief Executive Officer Phone: (212) 436-4020 Email: jucuzoglu@deloitte.com 27. Integrated Energy Group LLC Trade Payable $2,190,599 3929 E Guasti Suite F Ontario, CA 91761 United States Attn: Josh Tofteland Title: Partner and Chief Executive Officer Email: jd.tofteland@ieconstruction.com 28. Telt Ventures LLC Dba 1 Solar Dealer Payable $1,952,736 2391 S 1560 W Woods Cross, UT 84087 United States Attn: Jake Kilgore Title: Chief Executive Officer Phone: (801) 683-8168 Email: jake@1solar.com 29. Home Depot Solutions LLC Contract Undetermined 2455 Paces Ferry Road Rejection Atlanta, GA 30339 United States Attn: Ted Decker Title: Chief Executive Officer Phone: (770) 433-8211 Email: ted_decker@homedepot.com 30. Tesla Inc. Contract Undetermined 6800 Dumbarton Circle Rejection Fremont, CA 94555 United States Attn: Vaibhav Taneja Title: Chief Financial Officer Email: vtaneja@tesla.com SUNNOVA ENERGY: Faces Dealers Resistance in Chapter 11 Assets Sale ------------------------------------------------------------------ Dorothy Ma of Bloomberg Law reports that residential solar firm Sunnova Energy International Inc. is encountering resistance from its dealers as it seeks to raise funds to support operations and its Chapter 11 bankruptcy process. An ad hoc group of dealers filed an objection Monday, June 9, 2025, arguing that a proposed $15 million sale of solar system assets would undermine their claims. The group also said Sunnova has failed to consult with dealers about the sale's terms, according to court filings. The company maintains the sale is essential to financing its bankruptcy case. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SWAIN LANDING: Angela Shortall of 3Cubed Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC, as Subchapter V trustee for Swain Landing LaPlata JC, LLC. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About Swain Landing LaPlata JC 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 sought 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 reported total assets of $1,299,500 and total liabilities of $1,785,000. Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Maurice Verstandig, Esq., at The Belmont Firm. SYNAPSE FINANCIAL: Trustee Wants Chapter 11 Converted to Chapter 7 ------------------------------------------------------------------ Rick Archer of Law360 reports that the court-appointed trustee in Synapse Financial Technologies Inc.'s Chapter 11 case is urging a California bankruptcy judge to convert the proceedings to a Chapter 7 liquidation, even though certain customer funds have yet to be accounted for. About Synapse Financial Technologies Headquartered in San Francisco, California, Synapse Financial Technologies, Inc. -- https://synapsefi.com/ -- is a banking-as-a-service platform for embedded finance solutions worldwide. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10646) on April 22, 2024. In the petition signed by Sankaet Pathak, chief executive officer, the Debtor disclosed up to $50 million in assets and liabilities. Judge Martin R. Barash oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P., is the Debtor's legal counsel. SYSOREX GOVERNMENT: Hires Jameson Capital LLC as Auctioneer ----------------------------------------------------------- Sysorex Government Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Jameson Capital, LLC as auctioneer. The firm will market and sell the Debtor's business and assets including but not limited to the accounts receivable, inventory, personal property, contracts. As compensation, the auctioneer will the sum of $7,000 for each of the first three months of the agreement. Timothy Orr, sole member of Jameson Capital, LLC, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Timothy Orr Jameson Capital, LLC 1522 East Sweet Citrus Drive San Tan Valley, AZ 85140 About Sysorex Government Services Inc. Sysorex Government Services, Inc. is a government IT solutions provider in Herndon, Va. Sysorex filed Chapter 11 petition (Bankr. S.D. N.Y. Case No. 25-10920) on May 5, 2025, listing up to $10 million in assets and up to $50 million in liabilities. A. Zaman Khan, president of Sysorex, signed the petition. Judge John P. Mastando III oversees the case. Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the Debtor as legal counsel. TEAM SYSTEMS: Appeals in Fraudulent Transfer Suit Dismissed ----------------------------------------------------------- The Honorable Gregory B. Williams of the United States District Court for the District of Delaware will grant the motion of George L. Miller, the chapter 7 trustee appointed in the bankruptcy case of Team Systems International, LLC, to dismiss the Stay Appeal and the Subpoena Appeal in the adversary proceeding he filed against Deborah Evans Mott, Steven M. Acosta, Christopher Mott, John S. Maciorowski, Addy Road LLC, and Teams Systems International Southeast LLC to recover allged fraudulent transfers. On Jan. 10, 2023, the Trustee commenced the adversary proceeding against all of the Defendants seeking to avoid and recover certain alleged fraudulent transfers and other related relief. The Amended Complaint alleges that Mott and Acosta perpetrated a scheme to hinder, delay, and defraud the Debtor's Estate and its creditors while systematically looting the Debtor's assets. The Amended Complaint further alleges that Mott and/or Acosta failed to disclose, or actively concealed, large transfers of the Debtor's funds and certain Debtor bank accounts. It also alleges that Mott and Acosta, as the sole Managers and members of the Debtor's Management Committee, repeatedly breached their fiduciary duties owed to the Debtor and its creditors by engaging in blatant self-dealing and failing to comply with the most basic requirements of corporate governance. Defendants' first interlocutory appeal concerns the Bankruptcy Court's Aug. 13, 2024 Order which granted in part and denied in part Defendants' motion to stay the entire Adversary Proceeding as to all Defendants pending the outcome of a criminal proceeding against Mott, together with the Bankruptcy Court's Sept. 30, 2024 Order denying Defendants' motion for reconsideration of the Stay Order. Defendants' second interlocutory appeal concerns the Bankruptcy Court's Sept. 25, 2024 Order which denied Defendants' motion to quash subpoenas directed toward individual personal bank accounts. Neither of the interlocutory appeals was filed with a motion for leave to appeal an interlocutory order as required by Federal Rule of Bankruptcy Procedure 8004(d). Pending before the Court is the Trustee's motion, filed in both the Stay Appeal and the Subpoena Appeal, seeking dismissal of both appeals for lack of jurisdiction on the basis that the appeals are interlocutory, or, alternatively, denial of leave to appeal. The Subpoena Appeal seeks immediate review of the Subpoena Order denying Defendants' motion to quash the third-party subpoenas regarding individual bank accounts. In support of his Motion to Dismiss the Subpoena Appeal, the Trustee argues that discovery orders generally are not immediately appealable because they are not final orders. The Court agrees that Defendants have failed to show that the Subpoena Order is final with the meaning of 28 U.S.C. Sec. 158(a), that the Subpoena Order meets the collateral-order exception to the final judgment rule, or that leave to immediately appeal the Subpoena Order is warranted under the relevant factors. Accordingly, the Court says it lacks jurisdiction over the Subpoena Appeal. The Stay Appeal seeks immediate review of the Stay Order denying the motion to stay the entire Adversary Proceeding as to all Defendants other than Mott. The Trustee argues that an order denying a motion to stay when a similar suit is pending is not immediately appealable as the order is "inherently tentative" and is "not made with the expectation that it will be the final word on the subject addressed." The Trustee further argues that the Stay Appeal does not meet the requirements for leave to appeal under 28 U.S.C. Sec. 1292(b) because it does not present a pure question of law but merely disagreement over a fact-dependent determination which can be reviewed only for abuse of discretion. Defendants argue that the Court has jurisdiction over an appeal of the Stay Order because for purposes of 28 U.S.C. Sec. 158(d), "finality" is given a flexible interpretation in bankruptcy where necessary to accommodate concerns unique to the nature of bankruptcy proceedings. According to Defendants, the bankruptcy court's order is final since there is no reason to believe the bankruptcy court contemplated additional proceedings to reconsider the scope of the stay. Defendants' argument is unavailing. The Court finds the Stay Order plainly did not fully and finally resolve a discrete set of issues, or leave no related issues for later determination. Nor is the Stay Order expected to be the final word on the subject. Rather, the Stay Order granted a temporary stay (1) of the Adversary Proceeding solely with respect to Mott; and (ii) with respect to all Defendants, a stay of any determination on the merits of the Debtor's intent. Thus, the Stay Order only stayed certain aspects of the Adversary Proceeding, while the criminal case remains pending and, therefore, contemplates that the stay will be revisited when the criminal case has concluded, the Court notes. Further, nothing in the Stay Order limits the rights of any party to seek to modify the stay, where a proper basis has been shown for such a modification, i.e., if particular circumstances demonstrated that the party required Mott's testimony in order fairly to defend against the Trustee's action. To the contrary, the remaining Defendants' rights to seek further relief are expressly reserved in the Stay Order. The Court agrees that, under prevailing case law, a Stay Order is not a final, appealable order. As the Court lacks jurisdiction over the Stay Appeal and the Subpoena Appeal, they will be dismissed. The interlocutory appeals are styled DEBORAH EVANS MOTT, STEVEN M. ACOSTA, CHRISTOPHER MOTT, JOHN S. MACIOROWSKY, ADDY ROAD LLC, and TEAM SYSTEMS INTERNATIONAL SOUTHEAST LLC, Appellants, v. GEORGE L. MILLER, solely in his capacity as the Chapter 7 Trustee of the estate of TEAM SYSTEMS INTERNATIONAL, LLC, Appellees, Case Nos. 24-cv-01094-GBW and 24-cv-01098-GBW (D. Del.). A copy of the Court's decision dated May 22, 2025, is available at https://urlcurt.com/u?l=rApmUj from PacerMonitor.com. About Team Systems International Formed in 2001, Team Systems International LLC is a small business serving the United States government as a contractor with offices in Lewes, Del. and Ponte Vedra Beach, Fla. TSI has performed government projects as a prime contractor and subcontractor in the areas of program management, financial and contracts management, tactical and specialized military training development, naval ordinance engineering, information systems design and integration, military firearms training, Department of State overseas foreign officer training, vehicle or weapons platform simulation, training center or classroom A/V system integration, force protection services, maritime security, and administrative staffing for government projects. Team Systems International sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 22-10066) on Jan. 18, 2022, listing up to $50 million in assets and up to $10 million in liabilities. Deborah Devans Mott, member, signed the petition. Jamie L. Edmonson, Esq., at Robinson & Cole LLP, was the Debtor's legal counsel. The case was converted to Chapter 7 on March 31, 2022. George L. Miller is the Chapter 7 trustee. TERRA LAKE: Leslie Osborne Appointed as Chapter 11 Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Leslie Osborne at Rappaport Osborne & Rappaport, PLLC as Chapter 11 trustee for Terra Lake Heights, LLC. The Chapter 11 trustee can be reached at: Leslie S. Osborne Rappaport Osborne & Rappaport, PLLC 1300 N. Federal Hwy, Suite 203 The Squires Building Boca Raton, FL 33432 561-368-2200 Email: les@rorlawfirm.com About Terra Lake Heights Terra Lake Heights, LLC is a limited liability company in Hollywood, Fla. Terra Lake Heights sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14464) on April 23, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, P.A. TMK HAWK: S&P Upgrades ICR to 'CCC+' on ABL Maturity Extension -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Massachusetts-based food service equipment distributor TMK Hawk Parent Corp. (TriMark) and its issue-level ratings on the company's tranche A and tranche B term loans to 'CCC+' from 'CCC'. The recovery ratings remain '4', indicating S&P's expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default. The negative outlook reflects unfavorable conditions within the foodservice industry and, therefore, the potential that S&P would lower its rating on Trimark if the company is unable to continue to improve performance amid a challenging operating environment, straining cash generation and its liquidity position. The recent ABL extension provides incremental liquidity, but uncertainty remains as to whether operations will recover to a level that supports the current capital structure. S&P said, "We now view TriMark's liquidity as less than adequate, incrementally better than our previous assessment of weak. The company exited its first fiscal quarter (ended March 2025) with $59.5 million of availability under its $320 million facility due February 2027, reflecting borrowings of $175.8 million and borrowing base restrictions. Our view of the company's liquidity position incorporates our forecast for $5 million-$10 million of reported free operating cash flow (FOCF) over the next 12 months, as well as an untapped super senior facility, which provides up to $25 million of incremental borrowing capacity at the company's discretion." Notwithstanding its current high revolver borrowings and modest FOCF prospects, the company benefits from a lower cash interest expense given the partial payment-in-kind (PIK) feature of its term loan and its PIK unsecured credit agreement. S&P said, "Our fiscal 2025 forecast of S&P Global Ratings-adjusted cash interest coverage of about 2x compares to adjusted interest coverage of about 1x. We expect TriMark will elect to PIK the full allotted portion of its term loan interest in fiscal 2025 to preserve cash; however, this partial PIK feature expires in fiscal 2026." S&P said, "Ultimately, we believe the company's high revolver borrowings, increasing cash interest and amortization requirements over the next 12 months, and thin FOCF expectations leave the company with limited cushion to absorb any additional operating disruption. "We continue to view TriMark's capital structure as unsustainable because of its high leverage and operating challenges amid an uncertain operating environment. We forecast S&P Global Ratings-adjusted leverage sustained around 9x-10x through fiscal 2026. We believe the company's ability to drive sales growth, as well as restore profitability and positive cash generation, will continue to be challenged by delayed restaurant openings and fewer large-ticket purchases by operators. We expect sales will decline about 1% in fiscal 2025, following a 4.4% decline in fiscal 2024. Our forecast incorporates limited impact from tariffs given the ability to pass on cost increases as an equipment distributor. However, to the extent that restaurants face lower foot traffic from declines in consumer spending, TriMark could experience more precipitous sales declines. "Following two years of negligible S&P Global Ratings-adjusted EBITDA, we expect profitability to improve in fiscal 2025, including a 300-basis-point (bp) expansion in S&P Global Rating's adjusted EBITDA margin to about 3%. This largely stems from a deliberate shift to higher-margin business, more diligent contracting, and cost containment efforts. We expect this, in addition to working capital efficiencies, to support modestly positive FOCF of $5 million-$10 million over the next 12 months. Nonetheless, we continue to view this level of profitability and FOCF as insufficient to sustain the current capital structure. "We believe TriMark's operations in the niche and cyclical food service equipment distribution industry carry additional risks. Though TriMark is the second-largest food service equipment distributor in North America, the industry remains intensely competitive and exposed to volatility in consumer spending patterns. Roughly two-thirds of the company's revenues come from equipment sales, which is dependent upon new restaurant openings, resupply, and remodels, which in turn depends on consumer spending patterns, which have been volatile as of late. TriMark is also exposed to fluctuations in commodity and labor costs, which may lead to swings in profitability, posing a further risk. "The negative outlook reflects unfavorable conditions within the foodservice industry and, therefore, the potential that we would lower our rating on Trimark if the company is unable to continue to improve performance amid a challenging operating environment, straining cash generation and its liquidity position. "We could lower our rating on TriMark if we anticipate a liquidity shortfall that would cause us to envision a specific default scenario over the subsequent 12 months, including a payment default, debt restructuring, or distressed exchange. This could occur if the company faces further operating disruption, leading to negative FOCF, or if it was unable to extend its ABL prior to it going current in February 2026. "We could revise the outlook or raise the rating on TriMark if it improves sales and profitability, sustaining positive FOCF and S&P Global Ratings adjusted-EBITDA interest coverage of at least 1.5x." TOHI LLC: Hires Bovarnick and Associates as Replacement Counsel --------------------------------------------------------------- Tohi LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Bovarnick and Associates, LLC as replacement counsel. The firm's services include: (a) advising the Debtor with respect to its rights and obligations pursuant to the Bankruptcy Code; (b) assisting the Debtor in the preparation of any amendments to the schedules and statement of financial affairs; (c) representing the Debtor at any and all Rule 2004 examinations; (d) preparing any and all necessary applications, motions, answers, responses, orders, reports and any other type of pleading or document regarding any proceeding instituted by or against the Debtor with respect to this case; (e) assisting the Debtor in the formulation and seeking confirmation of a chapter 11 plan and disclosure materials; and (f) performing all other legal services for the Debtor which may be necessary or desirable in connection with this case. The 2025 hourly rates charged by Bovarnick are: Robert M. Bovarnick $500 Luke Sampson $400 The firm was paid a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert M. Bovarnick, a partner at Bovarnick and Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert M. Bovarnick, Esq. Bovarnick and Associates, LLC 555 City Ave., Suite 480 Bala Cynwyd, PA 19004 Tel: (215) 568-4480 Email: rmb@rbovarnick.com About Tohi LLC TOHI LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). TOHI LLC in Doylestown, PA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Pa. Case No. 24-13285) on Sept. 16, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Shawn Touhill as president, signed the petition. Judge Ashely M Chan oversees the case. SMITH KANE HOLMAN, LLC serve as the Debtor's legal counsel. TOMMY'S BOATS: U.S. Trustee Opposes Chapter 11 Releases ------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office has asked a Texas bankruptcy judge to reject the Chapter 11 plan proposed by Tommy’s Boats, a retailer of boats and water sports equipment, arguing that the inclusion of nonconsensual third-party releases violates the Bankruptcy Code and contradicts the U.S. Supreme Court's Purdue Pharma ruling. About Tommy's Boats Tommy's Boats is a boat and water sports retailer. Based in Fort Worth, Texas, Tommy's is a premium boat dealer with 16 locations across the United States. Tommy's Fort Worth, LLC, and its affiliates, including Tommy's Holding Company, LLC, sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 24-90000) on May 20, 2024. Tommy's Fort Worth estimated between $1 million and $10 million in assets and between $100 million and $500 million in debt as of the bankruptcy filing. The Debtors tapped GUTNICKI LLP as counsel, and FORCE 10 PARTNERS LLC as CRO provider. OMNI AGENT SOLUTIONS, INC., is the claims agent. TOMMY'S FORT: Enforcement Motion Against Borisch Granted in Part ---------------------------------------------------------------- Judge Edward L. Morris of the United States Bankruptcy Court for the Northern District of Texas granted in part and denied in part the enforcement motion filed by Mark E. Andrews, chapter 11 trustee for Tommy's Fort Worth, LLC and its affiliates, with respect to actions taken by owner Matthew Borisch. Between May 20 and 21, 2024, each of the Debtors filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code, thereby initiating its bankruptcy case with the Court. The cases are being jointly administered under Case No. 24-90000. Prior to the Petition Date, the Debtors operated a self-described high-octane water-sports-enthusiast business under the brand name "Tommy's." The business originated in Colorado in 2012. According to Borisch, the President and direct or indirect owner of each of the Debtors, Tommy's was the largest ski and wake dealer globally as of the Petition Date, having 14 dealerships plus nine additional on-water rental programs operating in Texas, Colorado, Michigan, Arizona, California, Florida, Nevada, and Tennessee. Tommy's' principal dealership relationship was with Malibu, an original equipment manufacturer selling watercraft equipment under the brand names Malibu and Axis. For roughly 12 years prior to the Petition Date (through the Summer of 2023), each of the Tommy's dealership locations had a dealership agreement in place with Malibu. To finance Tommy's' operations, including the purchase of boats from Malibu, Tommy's required floor plan financing. In the latter years, through the Spring of 2023, Tommy's obtained such financing from Fifth Third Bank, By the end of 2022, Tommy's had hit its credit limit with Fifth Third Bank. Thus, Tommy's began the search for another lender. In March 2023, Tommy's was introduced to M&T. A short time later, in May 2023, Tommy's transitioned its lending relationship to M&T, whereupon its floor plan facility was increased to $110 million with a $20 million overlimit. As additional credit support for the increased facility, Borisch provided a personal guaranty. Tommy's sold a number of boats out of trust with M&T in violation of the M&T loan agreements. Because of the default, Malibu naturally informed Tommy's that it would not be in a position to enter into any new 2024 dealership agreements until it was once again in good standing with M&T. On March 22, 2024, Malibu delivered a letter to Tommy's to "confirm" that it would not be entering into any dealership agreements with any of the Tommy's dealerships. In late February 2024, M&T began to take steps to end its relationship with Tommy's. Initially, on Feb. 27, 2024, M&T sent a formal default and demand letter to Tommy's and Borisch (as guarantor) pursuant to which, among other things, M&T notified Tommy's that it would not be providing financing for the purchase of any new boats and did not consent to the sale of any existing boats, even boats for which the customers had put down deposits. Then, when M&T learned of Malibu's termination of the Tommy's dealership agreements, M&T additionally asserted that a material adverse change had occurred, resulting in another event of default under the M&T loan agreements. Consequently, on March 28, 2024, M&T provided formal notice of the additional default and made further demand on Tommy's and Borisch (as guarantor) for payment. On April 1, 2024, following Tommy's and Borisch's failure to pay, M&T filed suit against Tommy's and Borisch in Michigan state court to collect on the loans and guaranty. Facing a complete collapse of the Tommy's business as a result of the foregoing developments, on April 10, 2024, the Debtors filed suit against Malibu in Tennessee federal court to challenge the dealership agreement terminations, pursue the collection of unpaid incentives and rebates, and seek recourse on account of the alleged reassurances and promises made in relation to the 2024 model year agreements. Pursuant to the Complaint filed by the Debtors, the Debtors asserted claims for breach of contract, quantum meruit, unjust enrichment, promissory estoppel, intentional misrepresentation/fraud, and negligent misrepresentation. On June 24, 2024, shortly after the Trustee's appointment, Malibu filed a motion to dismiss all of the Debtors' claims in the Debtor Malibu Case. On Aug. 16, 2024, Borisch filed suit against the Malibu Parties in Tennessee federal court in his own name. Borisch asserted claims for fraudulent misrepresentation, negligent misrepresentation, breach of implied contract, and unjust enrichment. Learning of the Borisch Malibu Case, the Trustee directed his counsel to take action to protect the Estates' interest in causes of action belonging to the Estates. Thus, on Aug. 22, 2024, Trustee's counsel sent a letter to Borisch's counsel to put Borisch and his counsel on notice that: (i) the automatic stay precludes any attempt by Borisch to exercise control over property of the Estates, including causes of action constituting property of the Estates; (ii) based upon a preliminary review of the Borisch Malibu Complaint, it appeared that the complaint included claims that likely belong to the Estates; and (iii) as a result, the Borisch Malibu Case likely violates the automatic stay. On Oct. 29, 2024, Borisch filed his First Amended Complaint against the Malibu Parties in the Borisch Malibu Case. Before the Court for determination is the Trustee's motion for entry of an order: (a) determining that certain causes of action asserted, or sought to be asserted pursuant to a motion for leave, by Borisch against Malibu Boats, Inc. and Malibu Boats, LLC, Jack Springer, Malibu's former CEO, and M&T Bank, as applicable, constitute property of the Debtors' bankruptcy estates, (b) determining that the actions taken, and continuing to be taken, by Borisch to pursue such causes of action violate the automatic stay provided by section 362(a) of the Bankruptcy Code, and (c) enforcing the automatic stay against Borisch by compelling Borisch to dismiss the causes of action and enjoining him from taking any further or additional action to pursue the causes of action. The Trustee asserts that the Malibu Case Claims asserted by Borisch against the Malibu Parties in the Borisch Malibu Case belong to the Debtors' Estates. Therefore, the Trustee argues that Borisch's filing of the Amended Borisch Malibu Complaint violated the automatic stay and that his continuing prosecution of the Malibu Case Claims asserted thereby constitutes a continuing violation of the automatic stay. Similarly, the Trustee asserts that the M&T Case Claims sought to be asserted by Borisch against M&T in the M&T Case belong to the Debtors' Estates. Therefore, the Trustee argues that Borisch's filing of the Motion for Leave to file the Proposed Counterclaim violated the automatic stay and that his continuing prosecution of the Motion for Leave constitutes a continuing violation of the automatic stay. Borisch disputes the Trustee's contentions, asserting that all of the Malibu Case Claims and M&T Case Claims are owned by him, individually. Additionally, Borisch asserts that the Enforcement Motion is procedurally defective because it was not pursued in the form of an adversary proceeding. The Court ruled as follows: (a) it is determined that the Estate Malibu Party Claims and the Estate M&T Claims constitute property of the Estates; (b) it is determined that Borisch's filing of the Amended Borisch Malibu Complaint with the inclusion of the Estate Malibu Party Claims constituted an act to exercise control over property of the Estates in violation of Sec. 362(a)(3) of the Bankruptcy Code, and that Borisch's failure, to date, to withdraw or amend the complaint to remove all references to the Estate Malibu Party Claims constitutes a continuing violation of Sec. 362(a)(3) of the Bankruptcy Code; (c) it is determined that Borisch's filing of the Motion for Leave to file the Proposed Counterclaim with the inclusion of the Estate M&T Claims constituted an act to exercise control over property of the Estates in violation of Sec. 362(a)(3) of the Bankruptcy Code, and that Borisch's failure, to date, to withdraw or amend the Motion for Leave/Proposed Counterclaim to remove all references to the Estate M&T Claims constitutes a continuing violation of Sec. 362(a)(3) of the Bankruptcy Code; (d) Borisch is compelled to promptly take such action as is necessary or appropriate to withdraw or dismiss without prejudice all Estate Malibu Party Claims asserted by Borisch in the Borisch Malibu Case; (e) Borisch is compelled to promptly take such action as is necessary or appropriate to amend the Motion for Leave/Proposed Counterclaim to remove all references to the Estate M&T Claims included within the Proposed Counterclaim; (f) consistent with Sec. 362(a)(3) of the Bankruptcy Code, Borisch is enjoined from taking any further or additional acts to exercise control over property of the Estates, including the Estate Malibu Party Claims and Estate M&T Claims, other than the remedial acts identified in paragraphs (d) and (e) above; and (g) all other relief requested by the Trustee within the Enforcement Motion is denied, but without prejudice to the right of the Trustee to separately request further or additional relief from the Court in the event of Borisch's failure to comply with any of the foregoing obligations. A copy of the Court's decision dated May 23, 2025, is available at https://urlcurt.com/u?l=us5sdo from PacerMonitor.com. About Tommy's Fort Worth Tommy's is a premium boat dealer with 16 locations across the United States. Tommy's Fort Worth, LLC and its affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 24-90000) on May 20, 2024. The petitions were signed by Monica S. Blacker as chief restructuring officer. At the time of filing, the Lead Debtor estimated $1 million to $10 million in assets and $100 million to $500 million in liabilities. Judge Edward L. Morris presides over the case. Liz Boydston, Esq., at GUTNICKI LLP, is the Debtor's counsel. TRINITY INTEGRATED: Hires Guidant Law PLC as Bankruptcy Counsel --------------------------------------------------------------- Trinity Integrated Healthcare LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Guidant Law, PLC to handle the Chapter 11 proceedings. The firm will be paid at these rates: Attorneys $375 to $490 per hour Paralegals $125 to $185 per hour Paralegal Assistants $80 to $125 per hour In addition, the firm will seek reimbursement for expenses incurred. Joann Falgout 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: D. Lamar Hawkins, Esq. JoAnn Falgout, Esq. Karen Bentley, Esq. Guidant Law, PLC 402 E. Southern Ave. Tempe, AZ 85282 Telephone: (602) 888-9229 Facsimile: (480) 725-0087 E-Mail: lamar@guidant.law E-Mail: joann.falgout@guidant.law E-Mail: karen.bentley@guidant.law About Trinity Integrated Healthcare LLC Trinity Integrated Healthcare LLC is a Phoenix-based healthcare provider specializing in psychiatric and substance abuse treatment services. Trinity Integrated Healthcare LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04479) on May 16, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. The Debtors are represented by Chris D. Barski, Esq. at Barski Law. TRINITY INTEGRATED: James Cross Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 14 appointed James Cross, Esq., at Cross Law Firm, PLC as Subchapter V trustee for Trinity Integrated Healthcare, LLC. Mr. Cross will be paid an hourly fee of $525 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cross declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Cross, Esq. Cross Law Firm, PLC P.O. Box 45469 Phoenix, AZ 85064 Phone: 602-412-4422 Email: jcross@crosslawaz.com About Trinity Integrated Healthcare Trinity Integrated Healthcare, LLC is a Phoenix-based healthcare provider specializing in psychiatric and substance abuse treatment services. Trinity Integrated Healthcare sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04479) on May 16, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Chris D. Barski, Esq., at Barski Law. TRINITY INTEGRATED: Seeks to Hire Barski Law as Bankruptcy Counsel ------------------------------------------------------------------ Trinity Integrated Healthcare LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Barski Law Firm PLC to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $425 per hour Paralegal $175 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Chris Barski, Esq., an attorney at Barski Law Firm, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chris D. Barski, Esq. Barski Law, PLC 9375 E. Shea Blvd., Suite 100 Scottsdale, AZ 85260 Telephone: (602) 441-4700 Email: cbarski@barskilaw.com About Trinity Integrated Healthcare LLC Trinity Integrated Healthcare LLC is a Phoenix-based healthcare provider specializing in psychiatric and substance abuse treatment services. Trinity Integrated Healthcare LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04479) on May 16, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. The Debtors are represented by Chris D. Barski, Esq. at Barski Law. TRIPLETT FUNERAL: Trustee Hires Carmody MacDonald as Legal Counsel ------------------------------------------------------------------ Robert E. Eggmann, Chapter 11 Trustee of Triplett Funeral Homes, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Carmody MacDonald P.C. as his counsel. The firm's services include: a. recovery and collection of property of the estate; b. necessary legal procedures in further discovery of assets; c. preparation of legal motions and notices and other pleadings, as may be required; d. assistance in the review, preparation, and prosecution of necessary objections to plans and claims; and e. opposing various motions which may not be in the best interest of the estate. Thomas H. Riske, a principal attorney at Carmody MacDonald P.C., will be primarily responsible for this matter. The firm's counsel and staff will be paid at these hourly rates: senior attorneys $525 junior associates $210 Paralegals/Law Clerks $120 to $230 In addition, the firm will seek reimbursement for expenses incurred. Thomas Riske, a principal at Carmody MacDonald, 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: Thomas H. Riske, Esq. Carmody MacDonald, PC 120 Central Ave Ste 1800 Saint Louis, MO 63105 Telephone: (314) 854-8600 Email: thr@carmodymacdonald.com About Triplett Funeral Homes, LLC Triplett Funeral Homes LLC, located in Kahoka, MO, is a locally owned and operated funeral service provider dedicated to offering compassionate services and personalized care to families during their time of need. Triplett Funeral Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20049) on March 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Fredrich J Cruse, Esq. at CRUSE CHANEY-FAUGHN. TRUCK-LITE CO: OHA Senior Marks $1.1 Million 1L Loan at 36% Off --------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,154,000 loan extended to Truck-Lite Co., LLC to market at $738,000 or 64% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Truck-Lite Co., LLC. The loan accrues interest at a rate of 10.04% per annum. The loan matures on February 13, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Truck-Lite Co., LLC Truck-Lite is a global leader in commercial transportation safety lighting. TRUCK-LITE CO: OHA Senior Marks $1.1 Million 1L Loan at 93% Off --------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,156,000 loan extended to Truck-Lite Co., LLC to market at $77,000 or 7% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to Truck-Lite Co., LLC. The loan accrues interest at a rate of 10.05% per annum. The loan matures on February 13, 2030. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Truck-Lite Co., LLC Truck-Lite is a global leader in commercial transportation safety lighting. TRUCORDIA HOLDCO: S&P Assigns 'B' Long-Term ICR, Outlook Stable --------------------------------------------------------------- On June 6, 2025, S&P Global Ratings assigned its 'B' long-term issuer credit rating to Trucordia Holdco LLC (formerly known as PCF). At the same time, S&P assigned its 'B' issue rating and '3' recovery rating to the proposed $1.9 billion first-lien term loan due 2032. The stable outlook reflects S&P's expectation that solid performance momentum and supportive financial policy will lead to sustained improvements to credit metrics over the next 12 months. Trucordia Holdco LLC (formerly known as PCF) seeks to issue new debt in the syndicated market to refinance existing debt, fund cash on the balance sheet and other general corporate purposes, and pay related fees and expenses. S&P's rating reflects Trucordia's narrow focus within the highly fragmented and competitive U.S. insurance brokerage industry, balanced by its track record of healthy growth and relatively modest but expanding scale. Trucordia generated total reported revenue of about $865 million for the 12 months ended March 31, 2025, placing it among the top 20 largest U.S. insurance brokers. While this represents a fairly solid market position and scale, Trucordia is on the smaller end in our rated peer set. That being said, the company has national presence and a diverse revenue mix that spans a variety of business lines, geographies, and industries. Trucordia's property/casualty (P/C) business represents approximately 70% of total revenue; its next largest segment, employee benefits (EB), represented just under 20%. S&P said, "Though heavily weighted towards P/C, we see similar business mix weightings among similar broker peers. We also note that the company has some minor pockets of geographic and industry concentration, with its top four states and industries each accounting for slightly over half of total revenue. However, we think the underlying exposures are generally resilient and predictable, mitigating potential concentration-related risks. Furthermore, given the company's low producer, client, and carrier concentrations, we think Trucordia's overall business profile is in line with that of similarly rated peers." S&P said, "We expect merger and acquisition (M&A) activity to remain a key growth driver for the company, albeit at a more moderated pace relative to peak volumes a few years ago. Trucordia has more than doubled in size since 2021, largely driven by an aggressive M&A strategy that was further supported by healthy average organic growth of about 9%. When its primary focus was on achieving scale in 2021 and 2022, Trucordia completed more than 80 tuck-in deals per year, which collectively represented over $450 million of acquired revenue." The company has since meaningfully reduced its M&A activity from this scaling phase. In 2024, Trucordia closed 22 deals (representing about $70 million in acquired revenue), reflecting its shift in focus toward integration and other internally focused initiatives aimed at optimizing operations and organic expansion. These included investments in data and analytics capabilities, implementing centralized systems and infrastructure, and standardizing processes for enhanced producer and client experience. S&P said, "We think these efforts should support steady performance momentum and unlock further operating leverage. Even with this shift in focus, we expect M&A to remain a key contributor to total revenue growth. In our base case, we see deal volumes remaining at similar levels as seen in 2024, as the company prioritizes value creation rather than achieving scale. Reflective of this approach, we expect M&A activity to support strategic objectives, such as expanding geographic presence, catalyzing development of new programs, and growing existing offerings. "We expect Trucordia to sustain favorable performance trends over the next 12 months, supported by ongoing integration efforts and business enhancements. Trucordia has consistently generated organic growth in the mid- to high-single digits on strong new business and client retention trends. We think the company also benefited from having a solid mix of industry exposures and presence in higher growth specialty areas, such as its relatively modest but growing managing general agent (MGA) businesses. We believe Trucordia's steady organic growth points to effective implementation of its more internally focused investments, which we expect to support continued strength in top-line growth. "For the 12 months ended March 31, 2025, Trucordia's S&P Global Ratings-adjusted EBITDA margin was around 34%, which compares favorably among our rated peers but represents meaningful contraction from nearly 39% for the same period last year. Rather than reflecting a potential weakening in operations or business fundamentals, we attribute this margin decline to higher costs related to recently elevated internal investments, integration-related efforts, and other one-time events, since these expenses are not added back in our calculation of EBITDA. We expect these expenses to gradually decline and normalize over the next 12 months, which should provide some lift to margins. Furthermore, as the company realizes the benefits of these internal investments and natural operating leverage, we see margins modestly improving and remaining steady in the mid-30% area. "While credit metrics are strained for the rating following the proposed transaction, we expect these to improve meaningfully and remain in line with 'B' rated peers. Trucordia is refinancing its capital structure with a proposed $1.9 billion first-lien term loan due 2032 and $548 million second-lien term loan due 2033. At the same time, the company plans to issue about $1.3 billion of new common equity to an existing financial sponsor, Carlyle. Following this equity recapitalization, we expect Carlyle to have roughly 49% ownership of the company, with the remaining held by Trucordia partners, management, and employees. "We expect the company will use these collective proceeds to refinance about $3.1 billion of existing debt, fund M&A-related considerations, redeem about $440 million of existing common equity, and pay related fees. Trucordia's capital structure also includes $666 million of preferred equity, which we view as a debt-like obligation due to factors related to redemption rights, accrual (i.e., payment-in-kind, or PIK) of a high coupon rate that discourages deferral, and consideration that the controlling shareholder (that also holds part of the preferred) cannot unilaterally dictate terms of the preferred. "Pro forma the proposed transaction and annualized impact of recent M&A, we estimate S&P Global Ratings-adjusted leverage of 8.3x (or 10.5x including preferred equity) and EBITDA interest coverage of 1.5x (or low-1x including PIK interest). While these credit metrics are strained for the rating, we believe these are more reflective of the company's historically aggressive debt-funded M&A activity. We anticipate credit metrics to trend favorably on continued performance strength and steady earnings growth. We also expect relatively tempered M&A activity to reduce the need for material incurrence of incremental debt and lead to a natural reduction in M&A-related expenses and earnout obligations. "Similar to peers owned by financial sponsors, we believe the company will prioritize investments in the business and use excess cash flows for other internal initiatives rather than paying down debt beyond required amortization. However, we think reducing leverage is a priority for the company and its sponsors over the next several years to support optionality for a potential exit scenario. To that end, we do not anticipate shareholder returns and expect a cautious approach to raising debt. Accordingly, our base-case forecast shows that improvements to credit metrics over the next 12 months should be sustained and likely improve further over the long term. "The stable outlook reflects our expectation that Trucordia will maintain healthy performance trends including mid-single-digit organic growth and stable margins with potential for modest expansion over the next 12 months. Coupled with moderated debt-funded M&A activity and a generally supportive financial policy, we expect credit metrics to improve and remain within the bounds of our current ratings over the next 12 months. "We may consider a downgrade over the next 12 months if operating performance or credit metrics deteriorate such that we expect leverage sustained above 7.0x (excluding preferred shares treated as debt; above 9.0x including preferred shares) and coverage materially below 2.0x on a sustained basis." This could result from: -- Revenue shrinkage due to lost market share and poor retention; -- Margin contraction related to operational missteps, unexpected integration-related challenges, and macroeconomic conditions that are worse than expected; or -- A more aggressive financial policy. S&P said, "While unlikely over the next 12 months, we may consider an upgrade if Trucordia materially exceeds performance expectations such that we expect leverage below 5.0x and coverage above 3.0x on a sustained basis. This would have to be accompanied by a financial policy commitment to sustain credit metrics at these levels, along with continued enhancements to the company's overall scale, diversification, and competitive positioning." UNITI FIBER: S&P Rates New $600MM Senior Unsecured Notes 'CCC' -------------------------------------------------------------- S&P Global Ratings assigned its 'CCC' issue-level rating and '6' recovery rating to Uniti Fiber Holdings Inc.'s proposed $600 million senior unsecured notes due 2032. Uniti Fiber Holdings Inc. is a wholly owned subsidiary of Little Rock, Ark.-based telecom REIT Uniti Group Inc. The '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. S&P expects the company will use about $500 million of the proceeds from these notes to partially repay its 10.5% senior secured notes due 2028 ($2,275 million outstanding) and use the remainder to pay fees and expenses and for general corporate purposes. S&P said, "At the same time, we raised our issue-level rating on Uniti Fiber Holdings' senior secured debt to 'B' from 'B-' and revised the recovery rating to '2' from '3'. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. The higher recovery and issue-level ratings reflect the reduction in the amount of secured debt in the company's capital structure following the transaction, which will increase the recovery prospects for its secured lenders. "Because the transaction will leave Uniti's net S&P Global Ratings-adjusted debt to EBITDA leverage at about 6.5x, our 'B-' issuer credit rating and stable outlook are unchanged. Furthermore, we believe the company will reduce its leverage to the low- to mid-5x range pro forma for its merger with Windstream, given Windstream's lower leverage (in the mid-4x area). We expect Uniti will close its merger with Windstream in the third quarter of 2025." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P said, "Our simulated default scenario assumes a default stemming from a significant deterioration in the operations of Windstream, its primary tenant, which leads it to renegotiate lower lease payments. These factors could contribute to a significant decline in Uniti's revenue, profitability, and cash flow. The decline would result in a payment default when the company's liquidity and cash flow become insufficient to cover its interest expense, mandatory debt amortization, and maintenance-level capital expenditure requirements. We believe if Uniti were to default, it would continue to have a viable business model, given the value of its telecommunication assets. When the merger closes, we will update our simulated default scenario and recovery analysis." -- At default, S&P assumes an 85% draw on the revolver, a step-up in its credit spreads to accommodate covenant amendments, and all estimated debt claims include about six months of accrued but unpaid interest outstanding. -- The $2.9 billion valuation is based on net operating income (NOI) at emergence of $553 million and a capitalization rate of 19% (an implied 5.25x multiple) to reflect Uniti's largely single-tenant business. The $553 million of emergence NOI is S&P's estimate of Uniti's hypothetical default-level NOI. Simulated default assumptions -- Simulated year of default: 2027 -- NOI at emergence: $553 million -- Implied enterprise value (EV) multiple: 5.25x -- Gross EV: $2.9 billion Simplified waterfall -- Net EV (after 5% administrative costs): $2.9 billion -- Valuation split (obligors/nonobligors): 92%/8% -- Estimated net EV available for senior secured debt: $2.7 billion -- Estimated senior secured debt claims: $3.4 billion --Senior secured recovery expectations: 70%-90% (rounded estimate: 75%) -- Estimated senior unsecured debt and pari passu claims: $3.6 billion --Senior unsecured recovery expectations: 0%-10% (rounded estimate: 0%) USIC HOLDINGS: OHA Senior Marks $1 Million 1L Loan at 46% Off ------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,073,000 loan extended to USIC Holdings Inc. to market at $577,000 or 54% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to USIC Holdings Inc. The loan accrues interest at a rate of 9.56% per annum. The loan matures on September 10, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 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. Moody's expects 2024 revenue of over $1.5 billion. USIC HOLDINGS: OHA Senior Marks $510,000 1L Loan at 79% Off ----------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $510,000 loan extended to USIC Holdings Inc. to market at $107,000 or 21% of the outstanding amount, according to OHA Senior's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Bank Loan to USIC Holdings Inc. The loan accrues interest at a rate of 9.81% per annum. The loan matures on September 10, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 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. Moody's expects 2024 revenue of over $1.5 billion. VELOCITY ESPORTS: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 17 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Velocity Esports, Inc. and its affiliates. About Velocity Esports Inc. Velocity Esports Inc. operates gaming and entertainment venues across select U.S. locations, offering a mix of arcade games, esports lounges, bowling, and casual dining. The Company caters to both casual and competitive gamers, as well as event hosting for social and corporate gatherings. Its venues are equipped with modern gaming technology and also feature food and beverage options with a focus on American and Mexican fare. Velocity Esports and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Lead Case No. 25-12627) on May 7, 2025. In its petition, Velocity Esports reported total assets of $1,294,858 and total liabilities of $9,931,782. Judge Mike K. Nakagawa handles the cases. The Debtors are represented by Matthew Knepper, Esq., and Brenden Gougeon, Esq., at Nevada Bankruptcy Attorneys, LLC. VIVA LIBRE: Hires Shioda Langley & Chang as Bankruptcy Counsel -------------------------------------------------------------- Viva Libre Restaurant Concepts, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Shioda, Langley & Chang LLP as general bankruptcy counsel. The firm will render these services: a. provide legal advice and guidance with respect to the powers, duties, rights and obligations of the Debtor as Debtor-in-Possession; b. assist in the preparation and filing of monthly operating reports, tax returns, and other documents required by the Bankruptcy Code, the Bankruptcy Rules, the Office of the United States Trustee, and this Court's orders; c. represent in negotiations with creditors, particularly with secured creditors; d. formulate, prepare, and confirm a Plan of Reorganization and Disclosure Statement (if required); e. prepare and prosecute any necessary applications, motions, adversary proceedings, and other proceedings necessary for the successful administration of the estate; and f. preform all other legal services as may be required for the effective and efficient administration of the chapter 11 case. The firm will be paid at these rates: Partners $650 per hour Of Counsel $650 per hour Associates $400 per hour Paralegals $175 per hour The firm received a pre-petition retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher J. Langley, Esq., a partner at Shioda, Langley & Chang 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: Gene H. Shioda, Esq. Christopher J. Langley, Esq. Steven P. Chang, Esq. Shioda, Langley & Chang LLP 1063 E. Las Tunas Dr. San Gabriel, CA 91776 Tel: (626) 281-1232 Fax: (626) 281-2919 Email: ghs@slclawoffice.com chris@slclawoffce.com schang@slclawoffice.com About Viva Libre Restaurant Concepts Viva Libre Restaurant Concepts Inc. operates Blue Agave Southwest Grill, a Mexican and Southwestern fusion restaurant based in Yorba Linda, California. The restaurant offers dishes like Mahi Mahi, Mazatlan Mango Wrap and Montego Bay Coconut Shrimp. Viva Libre filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11186) on May 1, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Theodor Albert handles the case. The Debtor is represented by Christopher James Langley, Esq., at Shioda Langley & Chang, LLP. WARNER BROS: S&P Places 'BB+' ICR on CreditWatch Negative --------------------------------------------------------- S&P Global Ratings placed all its ratings on Warner Bros. Discovery Inc. (WBD), including the 'BB+' issuer credit rating, on CreditWatch with negative implications. At the same time, S&P lowered its issue-level on the company's unsecured bonds to 'BB' from 'BB+ and revised the recovery rating to '5' from '3'. S&P said, "The CreditWatch placement reflects our view that the separation of WBD's business will weaken our view of its credit quality, as well as the uncertainty around its final capital structure and leverage following the separation. As such, we could lower the issuer rating on the company by one or more notches depending on our view of its business (global networks), final capital structure, and financial profile as of the close of the transaction." Warner Bros. Discovery Inc. (WBD) announced that it plans to separate its studios and streaming business from its global networks business to create a separate company. It is also launching a tender offer for its unsecured bonds using $17.5 billion of secured bridge financing. WBD announced that it will separate its studios and streaming (S&S) business into a new publicly traded company, with the remaining company comprising its global networks (GN) business. S&P said, "We view the separation as credit negative for the company, therefore we placed all our ratings on CreditWatch with negative implications. The GN business faces significant secular pressure because linear television continues to experience audience declines, as well as subscribers losses and reduced advertising, as more viewing shifts to streaming. Our view of the business will weaken following the separation. We will assess the stand-alone GN business, along with its final capital structure and financial metrics, at close to determine the transaction's impact on our rating. However, given our less-favorable view of the separated business, as well as its considerable portion of the remaining debt, we expect to lower our rating by one or more notches when the separation is completed." WBD has arranged a $17.5 billion secured bridge loan to fund a tender offer for its unsecured bonds. The tender will materially increase the amount of secured debt at the company because the bridge loan, the existing term loan, and the revolving credit facility will become secured once the tender is complete. The transaction will shift WBD's capital structure to approximately 50% secured and 50% unsecured from its currently 100% unsecured position. S&P said, "The addition of the new secured debt will negatively affect the recovery prospects for the company's unsecured debt. Therefore, we lowered our issue-level rating to 'BB' and revised the recovery rating to '5'. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 10%) recovery for lenders in the event of a payment default." S&P said, "The CreditWatch placement reflects our view that the separation of WBD's business will weaken our view of its credit quality, as well as the uncertainty around its final capital structure and leverage following the separation. As such, we could lower the issuer credit rating on the company by one or more notches depending on our view of its business (global networks), final capital structure, and financial profile as of the close of the transaction." WATCHMEN SECURITY: Taps Barnes & Thornburg LLP as Special Counsel ----------------------------------------------------------------- Watchmen Security LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Barnes & Thornburg LLP as special counsel. The firm will represent the Debtor as its special litigation counsel in connection with any and all disputes and litigation between Debtor and the Ark Parties, including, but not limited to, the Ark Motions and any subpoenas served in connection therewith. The 2025 billing rates are: Chris Bayh, Partner $705 per hour Angela Freeman, Partner $610 per hour Jonathan Sundheimer, Partner $635 per hour David Kitchin, Associate $510 per hour Chris Bayh, Partner $705 per hour Angela Freeman, Partner $610 per hour Jonathan Sundheimer, Partner $635 per hour David Kitchin, Associate $510 per hour In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. Jonathan Sundheimer, Esq., a partner at Barnes & Thornburg, 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: Jonathan Sundheimer, Esq. Barnes & Thornburg LLP One N. Wacker Drive, Suite 4400 Chicago, IL 60606 Telephone: (312) 357-1313 About Watchmen Security LLC Watchmen Security, LLC is a commercial security, and surveillance company in Indianapolis, Ind. It specializes in physical security, camera installation, surveillance and low voltage security. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 24-00087) on Jan. 9, 2024, with up to $50,000 in assets and $1 million to $10 million in liabilities. Austin Smith, chief executive officer, signed the petition. Judge James M. Carr oversees the case. David Krebs, Esq., at Hester Baker Krebs, LLC represents the Debtor as legal counsel. WCB CONSTRUCTION: Seeks to Hire Gillman Capone LLC as Counsel ------------------------------------------------------------- WCB Construction Services LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Gillman Capone LLC as counsel. The firm's services include: a. advising the Debtor with respect to the power, duties and responsibilities in the continued management of the financial affairs as debtors, including the rights and remedies of the debtors-in-possession with respect to its assets and with respect to the claims of creditors; b. advising the Debtor with respect to preparing and obtaining approval of a Plan of Reorganization/Liquidation; c. preparing on behalf of the Debtor, as necessary applications, motions, complaints, answers, orders, reports and other pleadings and documents; d. appearing before this Court and other officials and tribunals, if necessary, and protecting the interests of the Debtors in federal, state and foreign jurisdictions and administrative proceedings; e. negotiating and preparing documents relating to the use, liquidation, and disposition of assets, as requested by the Debtor; f. negotiating and formulating a Plan; g. advising the Debtor concerning the day-to-day operations of its business and the administration of its estate as debtors-in-possession; and h. performing such other legal services for the Debtor. The individuals presently designated to represent the Debtor and their rates are: Justin M. Gillman, Esq. $525 per hour Paralegals $235 per hour Support Staff $125 per hour The firm received a retainer in the amount of $16,738. As disclosed in the court filings, Gillman Capone does not represent an adverse interest to the estate, and is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Justin M. Gillman, Esq. GILLMAN CAPONE LLC 770 Amboy Avenue Edison, NJ 08837 Tel: (732) 661-1664 Fax: (732) 661-1707 Email: ecf@gillmancapone.com About WCB Construction Services LLC WCB Construction Services LLC, based in Warren, New Jersey, provides construction services to public and private sector clients in the U.S. WCB Construction Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15085) on May 12, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtors are represented by Justin M Gillman, Esq. at GILLMAN CAPONE LLC. WHIRLPOOL CORP: S&P Rates New $1.2BB Senior Unsecured Notes 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating to U.S.-based Whirlpool Corp.'s proposed $1.2 billion senior unsecured notes. The proposed notes will be issued by Whirlpool Corp. The recovery rating is '3', indicating creditors could expect meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. S&P expects the proceeds from the offering will be used to repay a portion of the outstanding borrowings under its $1.5 billion term loan due on Oct. 31, 2025. S&P's ratings assume the proposed transaction closes substantially on the terms presented to us. Issue Ratings--Recovery Analysis Key analytical factors Capital structure The debt capital structure will primarily consist of: -- $3.5 billion senior unsecured revolving credit facility maturing May 3, 2027; and -- $6.3 billion senior unsecured notes maturing between 2025 and 2050. Security and guarantee package The group's debt capital structure is unsecured. Whirlpool Corp. is the primary borrower under its revolving credit facility and notes--with the exception of about Euro 1.6 billion notes issued by finance subsidiaries Whirlpool Finance Luxembourg S.a.r.l. and Whirlpool EMEA Finance S.a.r.l., which are guaranteed by Whirlpool. The note indenture contains a change of control repurchase event provision whereby Whirlpool will be required to repurchase the notes if there is a change of control (as defined), and the notes are rated below an investment-grade rating by any two of the three rating agencies. Insolvency regime S&P Said, "In the event of an insolvency proceeding, we assume Whirlpool would file for bankruptcy protection under the auspices of the U.S. federal bankruptcy court system and not involve other foreign jurisdictions. We believe creditors would receive maximum recovery in a payment default if Whirlpool reorganized instead of liquidated. This is primarily because of its well-recognized brands, significant manufacturing footprint, and established relationships with large national retailers." Simulated default assumptions S&P's simulated default scenario assumes a default in 2030, reflecting protracted weak economic conditions, poor housing demand, volatile input costs, and stringent demands from large retailers. These factors cause significant EBITDA and cash flow deterioration, resulting in a payment default. Calculation of EBITDA at emergence: -- Debt service: $580 million -- Default year minimum capital expenditures: $306 million -- Default EBITDA proxy: $886 million -- Cyclicality adjustment: $44 million (5%) -- Emergence EBITDA: $930 million Valuation -- Emergence EBITDA: $930 million -- Multiple: 6x -- Gross Emergence Enterprise Value: $5,579 million Simplified waterfall -- Net recovery value for waterfall after administrative expenses (5%): $5,300 million -- Obligor/nonobligor valuation split: 80%/20% -- Senior unsecured claims: $9,598 million -- Recovery expectation: 50%-70% (rounded estimate: 55%) Note: All debt amounts include six months of prepetition interest. WILLOUGHBY EQUITIES: Unsecureds' Recovery "Unknown" in Plan ----------------------------------------------------------- Willoughby Equities, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Plan dated June 2, 2025. The Debtor is a New York limited liability company with its corporate office at 1606 45th Street, Brooklyn, New York 11204. The Debtor is a single asset real estate entity that owns the Real Property. The Debtor proposes a Plan allowing the Debtor to continue three consolidated appeals (the "Appeals") of the judgement of foreclosure (the "Foreclosure Judgment") obtained by Twist Realty LLC ("Twist") against the real property located at 599-601 Willoughby Avenue, Brooklyn, New York (the "Real Property"). The Debtor owns the Real Property as the successor-in-interest to the borrower, 599-601 Willoughby, LLC ("Borrower"). Borrower executed two notes (the "Notes") and two mortgages (the "Mortgages", with the Loans, the "Loan Documents") secured by the Real Property for the benefit of Valley National Bank ("VNB"). Twist is the successor-in-interest to VNB of the Loan Documents. If the Debtor's is successful in the Appeals, then the Foreclosure Judgment will be vacated and the Debtor will receive the opportunity it never received from the trial court: to establish a complete record as to whether Debtor was a bona fide purchaser of the Real Property, a determination that was never made by the trial court. To achieve this end, the Debtor's principal is willing to: a) remain current on all obligations post-confirmation; b) pay interest on all liens that have greater priority than the Mortgages; and c) make payments for the benefit of Twist, pending the disposition of the Appeal, to insure that, should Twist succeed on the Appeal, its value in the Real Property is not diminished. If the Debtor is unsuccessful in the Appeal, then the Debtor will sell the Real Property and distribute the proceeds consistent with state law. Class 6 consists of General Unsecured Claims. The allowed unsecured claims total $283,606.57. Allowed General Unsecured Claims shall be paid in full the earlier of: a) the date Mortgages are vacated by a Court of competent jurisdiction; or b) the closing of the sale of the Property, to the extent there are sufficient funds available to satisfy the Class1, Class 2, Class 3, Class 4 and Class 5 Claims. Claimants are impaired and are entitled to vote on the Plan. The estimated recovery for General Unsecured Claims is "unknown", according to the Disclosure Statement. Class 7 consists of allowed Equity Interests. In the event the Foreclosure Judgment is vacated, the Holder of the Class 7 Equity Interests shall retain their existing prepetition Equity Interests in the Debtor. In the event that the Real Property is sold, and there is no surplus available for the holder of Class 7 Equity Interests, the Equity Interests will be extinguished, and they are deemed to reject the Plan. Since the holder of the Class 7 Equity Interests are impaired, he is entitled to vote on the Plan. As set forth with respect to the treatment of the Class 4 Claim, the Real Property will either be sold or retained by the Debtor. Debtor reserves the right to sell the Real Property at any time prior to a determination by a Court of competent jurisdiction as to the validity of the Mortgages. Under this scenario, counsel for the Debtor shall hold the net proceeds of the sale of the Real Property in escrow pending the disposition of the Appeals and consistent with the treatment of the Class 4 Claim. As of the Effective Date, the Debtor, by its sole member, Abraham Lowenstein, shall pay: (i) Allowed Administrative Claims, Priority Tax Claims, and United States Trustee's fees and (ii) interest on account of the Class 1, Class 2, Class 3 Claims; and (iii) the Twist AP Payments, through the date the validity of the Mortgages are determined. A full-text copy of the Disclosure Statement dated June 2, 2025 is available at https://urlcurt.com/u?l=5QyCcB from PacerMonitor.com at no charge. About Willoughby Equities LLC Willoughby Equities LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the owner of real property located at 599-601 Willoughby St. valued at $3 million. Willoughby Equities LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44217) on Oct. 10, 2024. In the petition filed by Abraham Lowenstein, as president/sole member, the Debtor reported total assets of $3,000,000 and total liabilities of $2,864,604. Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by: Eric Snyder, Esq. WILK AUSLANDER LLP 825 Eight Avenue Suite 2900 New York, NY 10019 Tel: (212) 981-2300 Fax: (212) 752-6380 E-mail: esnyder@wilkauslander.com WINDWARD DESIGN: Court OKs Vehicle Sale to David Peace ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved Windward Design Group Inc., to sell vehicle, free and clear of liens, claims, and encumbrances. The Debtor owns the 2021 Ford -F150 (VIN: 41663), with an estimated current value of $40,000 and $45,000. The Court has authorized the Debtor to sell the Vehicle to Mr. David Peace, and in exchange Mr. Peace will either pay all past due amounts on the Vehicle and formally assume the Debtor's monthly scheduled payments or provide the creditor Ford Motor Credit Company the full Vehicle payoff amount. The Vehicle will be sold "As-Is" with no representations or warranties of any kind other than the Debtor's conveyance of good and marketable title. About Windward Design Group Inc. Windward Design Group, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00780) on February 6, 2025, listing up to $10 million in both assets and liabilities. David G. Peace, president of Windward Design Group, signed the petition. Judge Catherine Peek McEwen oversees the case. Edward J. Peterson, Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, represents the Debtor as legal counsel. WOLYNIEC CONSTRUCTION: Hires Hunyady Auction Company as Auctioneer ------------------------------------------------------------------ Wolyniec Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Hunyady Auction Company as auctioneer. Hunyady will advertise and market the Debtor's assets, and search the market for buyers, and conduct an auction. Auctioneer will receive a commission of 8 percent of the gross auction proceeds. A fee of $17,500 will be paid to cover the costs of advertising expenses. Hunyady Auction Company is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Timothy D. Dewey Hunyady Auction Company 1440 Cowpath Rd Hatfield, PA 19440 Phone: (215) 361-9099 About Wolyniec Construction, Inc. Established in 1961, Wolyniec Construction, Inc. is a general contracting firm based in Williamsport, Pa. It specializes in both residential and commercial concrete construction, offering services such as driveways, curbs, walkways, stairs, ponds, streetscaping, parking lots, concrete repair, and resurfacing. Wolyniec sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00881) on March 31, 2025, listing up to $10 million in both assets and liabilities. Steve Schenck, president of Wolyniec, signed the petition. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C., represents the Debtor as legal counsel. [] SWEDEN: Strong Access to Capital Cuts Risk for Real Estate Cos. ------------------------------------------------------------------ Nordic Credit Rating (NCR) has published its updated quarterly comparison of NCR-rated Swedish property managers. NCR covers a wide range of real estate companies in Sweden focusing on a variety of property types, with both business risk and financial risk factors varying substantially between rated issuers. Consequently, NCR's ratings on Swedish real estate companies range from 'A-' to 'BB'. Most are small in the context of the wider Swedish property sector, with NCR-adjusted portfolio values of SEK 10bn to SEK 30bn. The involved entities are: - Platzer - Intea - Axfast - Sv. Handelsfast. - Bonnier Fastigheter - Stenvalvet - CA Fastigheter - Stendorren - Heba - Stenhus Fastigheter - Vacse "Strong access to capital in both debt capital markets and the banking system contributed to a decline in average interest rates in the first quarter," said NCR credit analyst Gustav Nilsson. "Despite increased geopolitical uncertainty following the announced US rollout of tariffs, access to capital remains satisfactory. A few NCR-rated issuers have raised new equity capital for growth so far in the second quarter, and we expect transaction activity to increase." * Occupancy set to decrease slightly in the coming quarters NCR stated: "We see a limited impact from a potential decline in occupancy on the business risk profiles of the real estate companies we rate. However, corporate defaults remain high in Sweden, and the worst-affected sectors are construction, retail, hotels and restaurants. We regard residential and community service property managers with direct government funding as best positioned to maintain high occupancy and rental growth in an economic downturn." Average remaining lease terms in the quarter range from a few months for managers focusing on the residential segment to as much as 9.8 years for community service property manager Vacse, an increase from 9.6 years in the previous quarter ended 31 Dec. 2024. Intea completed the construction of a prison facility in northern Sweden, raising its average remaining lease term to 8.3 years from 7.8 years at the end of the prior quarter. Svenska Handelsfastigheter increased its average remaining lease term to 5.4 years from 5.1 years due to successful renegotiations and new lettings. Most other NCR-rated real estate issuers experienced a decline in their average remaining lease term during the quarter, with a larger impact on companies exposed to cyclical segments. Occupancy rates among the property companies NCR rates fluctuate between 90% and 100%. Managers of residential, retail and community service properties are generally at the higher end of this range, while office and industrial/logistics managers are usually at the lower end owing to higher tenant rotation and cyclicality. Occupancy remained stable during the quarter, though the performance varied. Stenvalvet and Svenska Handelsfastigheter experienced increases in occupancy rates of 80bps and 30bps, respectively. The most significant decline in occupancy occurred in the office segment, whereas other segments showed more stable trends. Net letting has stabilised with a slight decline during the quarter, and NCR expects companies will continue working proactively to keep their facilities occupied. We anticipate signs of recovery in occupancy and more pronounced positive net letting by the end of 2025 in the cyclical segments. However, tenants reassessing their facilities and locations may offset some of the positive contributions from higher rental growth. So far in 2025, companies' net operating income margins have improved by 30bps on a rolling 12-month basis. The financial risk profiles of the companies NCR covers vary substantially. Net debt/EBITDA, a key credit metric, is generally comparatively weak among property managers with lower-yielding assets, such as residential properties. It is also often weak at companies that are growing rapidly, since net debt increases instantly, while any resulting EBITDA gain comes over the subsequent 12 months. This metric has seen improvement over the last two years due to property managers' moderation of growth ambitions after previous rapid expansion. * Transaction volumes poised to increase as companies shift their focus to growth Following easing inflation, the Swedish central bank lowered its key policy rate by 175bps in the period from May 2024 to February 2025. NCR stated: "We expect that the floating rate will remain at 2.0─2.25% during the remainder of 2025. In general, we foresee improved financial risk profiles in the sector over the next couple of years as the cost of financing levels out. Capital market financing has become increasingly accessible at longer tenors since 2024, with substantial amounts of new issues at more normalised levels relative to the elevated spreads of 2022 and 2023. We believe that some issuers will become more growth oriented, after a relatively conservative approach in the past due to uncertain market conditions." NCR stated: "Total transaction volumes in Sweden stood at SEK 35.3bn in the first quarter of 2025, up from SEK 27bn a year earlier. However, NCR-rated issuers had limited transaction volumes during this period. Notable transactions included CA Fastigheter's purchase of Lidingö Centrum (outside of Stockholm) for SEK 811m, and Platzer's sale of a school property in Södra Änggården (south of Gothenburg) for SEK 552m. So far in the second quarter of 2025, NCR-rated issuers have been more active, with Heba, Intea, Svenska Handelsfastigheter, and Vacse making acquisitions. Yield requirements have stabilised, and we expect it will be easier for buyers and sellers to complete transactions in the current environment. We anticipate higher transaction volumes for NCR-rated issuers in the coming quarters. "In addition to a purely ratio-driven assessment, we take into account a real estate company's financial risk appetite when considering financial risk. Among other factors, we consider a company's average debt maturity and average fixed-interest period, as well as its average interest rate. As with key credit metrics, individual companies' approaches to financial risk vary significantly. We believe that differences in levels of interest rate hedging and debt maturity profiles have a marked impact on the pace and extent of change in interest coverage over time. * Interest coverage likely to rebound as financing costs level out NCR stated: "Sector players' average debt maturity remained stable at 2.5 years in the first quarter of 2025. We had anticipated that companies would take advantage of the strong capital markets and favourable financing conditions to lengthen their debt maturity profiles before the announced US rollout of tariffs and the ensuing uncertainty. A few issuers refinanced their debt in both capital markets and the banking sector. The overall sample experienced a decline in average interest cost by approximately 10bps, reducing interest cost to 3.4% from 3.5%. This aligns with our expectations for long-term sustainable levels, as interest rate derivatives entered into at lower rates expire and borrowing margins compress. The average interest-fixing period in our sample increased to 2.9 years, up by 0.1 years from the end of 2024. We expect interest coverage will improve slightly for most issuers in the sample, unless they face further operational challenges." In January, Stenhus refinanced 60% of its outstanding bank debt, which, along with its short interest-fixing profile led to a 30bps decline in average interest rates during the first quarter. In January, NCR revised its outlook on Platzer to stable from negative and raised its issue rating on the company's senior unsecured bonds to 'BBB-' from 'BB+'. NCR said: "We based our decision on the expectation that the capital structure would include a larger proportion of senior unsecured funding, with gross secured loan-to-value below 40%. Subsequently, the company issued two senior unsecured bonds amounting to SEK 750m in the quarter, each with a four-year tenor. The spread levels were approximately 73bps lower than before, leading to a slight reduction in the average interest rate for the period. However, this effect was counterbalanced by higher margins on refinancing of maturing bank debt and the expiration of swap contracts at low interest rates." * Events after the first quarter Equity raises Both private and public equity markets appear accessible for issuers. After the first quarter closed, three NCR-rated issuers raised new equity capital. In April, Vacse raised SEK 894m in new equity and added Telia Pensionsstiftelse as a new owner. The ensuing reduction in net debt effectively lowered NCR-adjusted net loan-to-value (LTV) to 27% from 35% at the end of the first quarter. Vacse is likely to maintain its low-risk strategy and disciplined acquisition approach, resulting in uncertain timing of any new debt additions. NCR anticipates the company will aim for a net LTV closer to 40% over time, compared with current estimates around 27%. In May, Stendörren raised SEK 300m in equity capital to capitalise on growth opportunities. The equity raise effectively lowered net LTV to 52.4% from 55.1% at the end of the first quarter. We expect that the company will use the proceeds for financing acquisitions and projects. In May, Intea raised SEK 1.1bn in equity capital. The equity issue reduces Intea's net debt to SEK 11.1bn from SEK 12.2bn, effectively lowering NCR-adjusted LTV to 46% from 50% on a pro forma basis as of 31 Mar. 2025. NCR expects this reduction in leverage to be temporary, as the company has announced plans to use the proceeds to finance its ambitious project pipeline, which require an estimated SEK 11.2bn in investments in 2025─2031. Intea may also make acquisitions if opportunities arise. * Acquisitions In April, Intea completed the acquisition of a jail facility in Västerås for SEK 620m, with an estimated additional planned investment of SEK 2.2bn in 2025─2028. Intea also secured the contract for constructing a police station in Gävle, with an estimated investment of SEK 1.6bn until 2030. We have incorporated Intea's ambitious project pipeline in our forecast of its financial ratios, which we expect will keep the net LTV within the company's target range of 50─55%, NCR said. In May, Heba signed a letter of intent for a joint venture with PEAB to development a care and nursing home in Lilla Essingen, an area in Stockholm, Sweden's capital. The project will likely be completed during spring in 2028 and financed jointly by both parties. We understand Heba plans to acquire the property upon completion, with an estimated total investment of SEK 830m. In NCR's view, this will have a limited impact on Heba's financial metrics due to the long construction phase. Strong rental growth from residential properties should support cash flows during the development, offsetting the impact of increased debt. In May, Vacse acquired two newly constructed community service properties: an agency headquarters in Karlskrona and a district court in Borås. These acquisitions were made through forward funding arrangements entered in 2021 and 2022 at a fixed price. This slightly reduces the company's property concentration, which will nonetheless remain meaningful given Vacse's small size. In May, Svenska Handelsfastigheter acquired a big-box retail property located outside of Malmö, with a property value of SEK 929m, adding SEK 74m in annual rental income. The acquisition was financed using equity capital. NCR said: "We expect this acquisition to slightly diversify the company's tenant composition, although a significant portion of tenants are the same as those in other properties owned by Svenska Handelsfastigheter." ********* 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. 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