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250613.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, June 13, 2025, Vol. 29, No. 163 Headlines 1808 MAGINN DR: Seeks to Tap Anyama Law Firm as Bankruptcy Counsel 23ANDME HOLDING: Buyer Should Respect Data Sharing Obligation 316-318 GUILFORD: To Sell Baltimore Property for $2.8MM A & A TAXI: Seeks Subchapter V Bankruptcy in New York ACADEMY AT PENGUIN: Voluntary Chapter 11 Case Summary ACPRODUCTS HOLDINGS: AllianceBernstein Marks $1.9MM Loan at 35% Off ACQUISITION INTEGRATION: Case Summary & 20 Top Unsecured Creditors ACTION IMPORTS: Hires Davis Ermis & Roberts as Legal Counsel AFB RESTAURANTS: Hearing Today on Bid to Use Cash Collateral AFFINITY INTERACTIVE: S&P Lowers ICR to 'CCC', Outlook Negative ALCHEMY 365: Gets Extension to Access Cash Collateral AMERICAN TIRE: AllianceBernstein Marks $2.06MM Loan at 69% Off AMERICAN TRAILER: Franklin Templeton Marks $1.8MM Loan at 19% Off ASCEND PERFORMANCE: Kane Russell Represents Creditors ASH GROVE: Case Summary & 20 Largest Unsecured Creditors ASTRA ACQUISITION: RiverNorth Marks $1.5 Million 2L Loan at 98% Off AUTOMATED TRUCKING: Voluntary Chapter 11 Case Summary BALAJIO LLC: Case Summary & Eight Unsecured Creditors BAUSCH + LOMB: Moody's Rates New USD Secured Debt Instruments 'B1' BAYOU TECHNOLOGIES: Case Summary & 20 Largest Unsecured Creditors BECKER INC: Court Extends Cash Collateral Access to June 24 BERTUCCI'S RESTAURANTS: Gets OK to Hire Shuker & Dorris as Counsel CAPITAL SECURITY: Seeks to Hire David C. Johnston as Legal Counsel CARE NEW ENGLAND: S&P Raises Bond Rating to 'BB-', Outlook Stable CASTLE US: XAI Octagon Marks $819,000 1L Loan at 39% Off CATHOLIC FAITH STORE: Gets Extension to Access Cash Collateral CHANDLER SOLUTIONS: Seeks to Hire Michael Chandler as Manager CHANNELSIDE BREWING: Gets Extension to Access Cash Collateral CHARTER SCHOOL: June 16 Deadline for Panel Questionnaires COLOSSUS ACQUIRECO: Moody's Rates New $750MM Secured Notes 'Ba1' CONSOLIDATED APPAREL: Taps Ackerman Rodgers & Russell as Accountant CONSTANT CONTACT: RiverNorth Marks $1.6 Million 2L Loan at 17% Off CONTOUR SPA: Case Summary & 20 Largest Unsecured Creditors CONTOUR SPA: Case Summary & Largest Unsecured Creditors CORNERSTONE BUILDING: XAI Octagon Marks $1.3MM 1L Loan at 16% Off CORNERSTONE BUILDING: XAI Octagon Marks $297,000 1L Loan at 18% Off CRESCENT CITY: Case Summary & 16 Unsecured Creditors DB BONNEVILLE: U.S. Trustee Unable to Appoint Committee DCERT BUYER: Franklin Templeton Marks $1MM Loan at 18% Off DECO GROUP: Court Denies Steakhouse Equipment Sale DECO GROUP: Unsecureds Will Get 2.46% of Claims over 5 Years DELTA X1: Seeks to Hire Juan C. Bigas Valedon as Legal Counsel DIAMOND ELITE: Voluntary Chapter 11 Case Summary DOCUDATA SOLUTIONS: DOJ Opposes Restructuring Plan DOUBLE PLAY: Seeks to Hire Barron & Newburger as Legal Counsel DRAKSIN PROPERTIES: Gets Extension to Access Cash Collateral ENDURE DIGITAL: XAI Octagon Marks $653,000 1L Loan at 29% Off ENNIS I-45: Court Extends Cash Collateral Access to June 30 FARIFOX CORP: Unsecureds Will Get 3% of Claims over 60 Months FIBERCO GENERAL: Taps Armory Consulting Co. as Financial Advisor FINTHRIVE SOFTWARE: AllianceBernstein Marks $363K Loan at 25% Off FIRST WAY: Gets OK to Tap Latham Luna Eden & Beaudine as Counsel FRANCHISE GROUP: XAI Octagon Marks $441,000 1L Loan at 59% Off GABHALTAIS TEAGHLAIGH: Seeks to Sell Properties in Massachusetts GILLETTE ENTERPRISES: Seeks Subchapter V Bankruptcy in Florida GIUSEPPE AND THE LION: Gets Interim OK to Use Cash Collateral GMB TRANSPORT: Hires Jill M. Flinton as Accountant and Bookkeeper GMS SUNSET: Case Summary & Two Unsecured Creditors GOOD LIFE: Case Summary & 13 Unsecured Creditors GRANT ANTIQUES: Gets Interim OK to Use Cash Collateral HARLING INC: Court Extends Cash Collateral Access to June 18 HIGHER GROUND: Court Extends Cash Collateral Access to June 18 HILL TOP ENERGY: S&P Assigns Prelim 'BB-' Rating on Secured Debt HOOPERS DISTRIBUTING: Gets Extension to Access Cash Collateral HORSEY DENISON: Seeks to Tap J.G. Cochran Auctioneers as Auctioneer IH 35 TRUCKING: Seeks Subchapter V Bankruptcy in Texas IHEARTCOMMUNICATIONS INC: Franklin Marks $1.04MM Loan at 18% Off IHEARTCOMMUNICATIONS: AllianceBernstein Marks $1.1M Loan at 19% Off INGENOVIS HEALTH: XAI Octagon Marks $1.1MM 1L Loan at 59% Off IR4C INC: Court Extends Cash Collateral Access to July 17 J&L LANDSCAPE: Gets Final OK to Use Cash Collateral JND TROPICS: Voluntary Chapter 11 Case Summary JOE'S SPORTS: Unsecureds Will Get 1.03% of Claims over 36 Months KKC RESTAURANTS: Gets Extension to Access Cash Collateral KRONOS ACQUISITION: S&P Cuts ICR to 'CCC+' on Tightening Liquidity LASEN INC: Case Summary & 20 Largest Unsecured Creditors LASERSHIP INC: Franklin Templeton Marks $2.9MM Loan at 56% Off LASERSHIP INC: XAI Octagon Marks $395,000 2L Loan at 39% Off LASERSHIP INC: XAI Octagon Marks $465,000 2L Loan at 75% Off LASERSHIP INC: XAI Octagon Marks $754,000 2L Loan at 43% Off LAZARUS INDUSTRIES: Gets Extension to Access Cash Collateral LIFT SOCIETY: Court Extends Cash Collateral Access to Aug. 31 LOYALTY VENTURES: Alliance Virtually Writes Off $1.5MM Loan LPB MHC: Court Extends Cash Collateral Access to July 22 LRS HOLDINGS: S&P Rates Senior Secured Revolving Facility 'B-' MAIBACH ENERGY: To Sell Locomotive to Rail Engineering for $50K MARELLI AUTOMOTIVE: Case Summary & 30 Largest Unsecured Creditors MARELLI AUTOMOTIVE: Seeks to Sell De Minimis Asset MAVENIR SYSTEMS: XAI Octagon Marks $476,000 1L Loan at 31% Off MEDICAL SOLUTIONS: Franklin Templeton Marks $3.4MM Loan at 35% Off MEDICAL SOLUTIONS: S&P Downgrades ICR to 'CCC+', Outlook Negative MERIDIANLINK INC: S&P Rates New Repriced Secured Term Loan 'BB-' MICHAEL COS: Franklin Templeton Marks $1.9MM Loan at 25% Off MMA LAW: Taps David Middleman as Valuation and Marketing Consultant MODIVCARE INC: AllianceBernstein Marks $188,000 Loan at 16% Off MP OCTOPUS: Restaurant Equity Interest Sale to E. & V. Moran OK'd MTL PARTNERS: Court Extends Cash Collateral Access to July 9 NEEDLE HOLDING: XAI Octagon Marks $568,000 1L Loan at 76% Off NEW CENTRAL: XAI Octagon Marks $892,000 1L Loan at 14% Off NEW FORTRESS: XAI Octagon Marks $1.4 Million 1L Loan at 14% Off NGP XI MIDSTREAM: S&P Withdraws 'B' Issuer Credit Rating NORTEX REDIMIX: Hearing Today on Bid to Use Cash Collateral NORTHVOLT AB: Prospective Factory Buyer Withdraws Offer OPTIMUS SERVICE: Seeks to Hires Juan C. Bigas Valedon as Counsel OVERTON LLC: Seeks Chapter 11 Bankruptcy in Illinois PARADOX ENTERPRISES: Court Extends Cash Collateral Access to July 2 PICCARD PETS: Court Extends Cash Collateral Access to July 1 PLANO SMILE: Unsecureds to Get Share of Income for 60 Months PRA GROUP: S&P Alters Outlook to Negative, Affirms 'BB' ICR PROMETRIC HOLDINGS: S&P Rates New $585MM First-Lien Term Loan 'B' PROSPECT MEDICAL: Clark Hill Represents Multiple Parties QUALITY FIRST: Seeks Subchapter V Bankruptcy in Louisiana RENE'S TRUCKING: Gets Interim OK to Use Cash Collateral RHODIUM ENCORE: Akin Gump Updates List of Ad Hoc Group Members RHODIUM ENCORE: Richard Camara Appointed as New Committee Member RITE AID: Seeks to Tap Guggenheim Securities as Investment Banker RMBQ INC: Gets Final OK to Use Cash Collateral RMKD LIQUORS: Seeks to Hire J. Singer Law Group as Legal Counsel SANDY HILLS: Seeks Chapter 11 Bankruptcy in New York SHERWOOD HOSPITALITY: Gets Extension to Access Cash Collateral SHILLINGS' CANNERY: Seeks to Hire The Fork CPAs as Accountant SHIVANI CORP: Gets Final OK to Use Cash Collateral SIFAT LLC: Section 341(a) Meeting of Creditors on July 1 SILVER AIRWAYS: Stops Flights Six Months After Chapter 11 Filing SKILLSOFT FINANCE: XAI Octagon Marks $348,000 1L Loan at 14% Off SOLEPLY LLC: Gets Final OK to Use Cash Collateral SPECIAL EFFECTS: Unsecureds Will Get 45% over 60 Months SPIN HOLDCO: Franklin Templeton Marks $3.7MM Loan at 15% Off SPIN HOLDCO: XAI Octagon Marks $2.1 Million 1L Loan at 16% Off STEWARD HEALTH: Unsecureds Will Get 3.9% to 21.6% of Claims in Plan STORMS FAMILY: Seeks Chapter 11 Bankruptcy in Florida SUMMIT BEHAVIORAL: XAI Octagon Marks $1MM 1L Loan at 18% Off SYSTEM1 INC: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR THERMOPRO INC: To Sell Thermoforming Equipment to KD Capital THINK SAFE: Gets Final OK to Use Cash Collateral TRIANGLE 40 RANCH: Seeks Chapter 11 Bankruptcy in Texas TRINITAS ADVANTAGED: Hires Onyx and Martella & Black as Sale Agent TRINITY AUTOMOTIVE: Gets Final OK to Use Cash Collateral TRINITY ENTERPRISES: Gets Final OK to Use Cash Collateral TRUDELL DOCTOR: Seeks to Hire Furr & Cohen as Bankruptcy Counsel TUI BAYSIDE: Seeks Subchapter V Bankruptcy in Florida U-TELCO UTILITIES: Court Extends Cash Collateral Access to June 18 UNISYS CORP: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable VISTA PARTNERS: Hires Hahn Fife & Company as Financial Advisor VWS HOLDCO: Seeks to Sell Landfill Property at Auction WATCHTOWER FIREARMS: To Sell Firearm Business in Auction WATERMAN-SMITH I: Case Summary & 17 Unsecured Creditors WIDE OPEN: XAI Octagon Marks $1.2 Million 1L Loan at 14% Off WINDMILL POINT: Court Extends Cash Collateral Access to June 18 YOUR MAID: Gets Approval to Hire Ellett Law Offices as Counsel [^] BOOK REVIEW: The Luckiest Guy in the World [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1808 MAGINN DR: Seeks to Tap Anyama Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ 1808 Maginn Dr LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Anyama Law Firm, A Professional Law Corporation as bankruptcy counsel. The firm will provide these services: (a) examine claims of creditors in order to determine their validity; (b) give advice and counsel to the Debtor in connection with legal issues; (c) negotiate with creditors holding secured and unsecured claims; (d) prepare and present a plan of reorganization and disclosure statement; (e) possible prosecution of claims of the estate, objecting to claims as may be appropriate; and (f) act as counsel on behalf of the Debtor in any and all bankruptcy law and related matters which may arise in the course of this case. The firm will be paid at these hourly rates: Onyinye Anyama, Attorney $400 Paralegal $150 The firm received a pre-petition retainer of $12,000 from Edward Rostamian, the Debtor's manager. Mr. Anyama 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: Onyinye Anyama, Esq. Anyama Law Firm, A Professional Law Corporation 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Telephone: (562) 645-4500 Facsimile: (562) 318-3669 Email: info@anyamalaw.com About 1808 Maginn Dr LLC 1808 Maginn Dr LLC is a limited liability company. 1808 Maginn Dr LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13112) on April 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Onyinye N. Anyama, Esq. at Anyama Law Firm, APC. 23ANDME HOLDING: Buyer Should Respect Data Sharing Obligation ------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the bankruptcy sale of genetic testing firm 23andMe should be contingent on the buyer continuing to license customer data for health research and non-exclusive drug development, a group of scholars argued. In a filing submitted Tuesday, June 10, 2025, to the U.S. Bankruptcy Court for the Eastern District of Missouri, more than a dozen university professors emphasized that any successful bidder for 23andMe's assets should be required to uphold this practice to maintain "a significant benefit to the public." So far, approximately 12.6 million 23andMe users have consented to the use of their genetic data for scientific research. About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC, as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 316-318 GUILFORD: To Sell Baltimore Property for $2.8MM ------------------------------------------------------- 316-318 Guilford Ave LLC seeks permission from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to sell Property in a private sale, free and clear of liens, claims, and encumbrances. The Debtor's Property is comprised of improvements located at 316-318 Guilford Ave, Baltimore, Maryland, 21202. The Debtor accepts an offer to purchase the property for $2,860,000.00. The Property is encumbered by the following: a) a first mortgage of $ $2,291,809.73 held by The Socotra Opportunity Fund, LLC; b) a lien for the water bill of $9,731.49 held by the Mayor and City Council of Baltimore; and c) $38,345.00 from Maryland Commercial Ventures, LLC; Additionally, the Debtor has unsecured claims from the United States Trustee. The Debtor believes that the proposed private sale is in the best interest of creditors because it will pay all claims in full, and that the Property should be sold free and clear of liens to enable the consummation of the sale. At settlement, the settlement officer will pay the amount to be indicated for unsecured claims to the Unsecured Creditors, with any surplus being retained by the Debtor. About 316-318 Guilford Ave LLC 316-318 Guilford Ave LLC is a single-asset real estate company, as defined under 11 U.S.C. Section 101(51B). The Debtor owns the property located at 316 Guilford Ave, Baltimore, MD 21202-3609, which is currently valued at $2.1 million. 316-318 Guilford Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-12961) on April 7, 2025. In its petition, the Debtor reports total assets: $2,100,000 and total liabilities of $2,215,875. Honorable Bankruptcy Judge David E. Rice handles the case. The Debtor is represented by Gary S. Poretsky, Esq. at The Law Offices of Gary S. Poretsky, LLC. A & A TAXI: Seeks Subchapter V Bankruptcy in New York ----------------------------------------------------- On June 9, 2025, A & A Taxi Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports $3,338,573 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About A & A Taxi Inc. A & A Taxi Inc. provides taxi transportation services in the New York area. A & A Taxi Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11297) on June 9, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities of $3,338,573. The Debtors are represented by Thomas A. Farinella, Esq. at LAW OFFICE OF THOMAS A. FARINELLA, PC. ACADEMY AT PENGUIN: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: The Academy at Penguin Hall, Inc. 36 Essex Street Wenham, MA 01984 Business Description: The Academy at Penguin Hall is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11191 Debtor's Counsel: John T. Morrier, Esq. CASNER & EDWARDS, LLP 303 Congress Street Boston, MA 02210 Tel: 617-426-5900 E-mail: morrier@casneredwards.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Albert Martins as treasurer. 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/TRGNA5Q/THE_ACADEMY_AT_PENGUIN_HALL_INC__mabke-25-11191__0001.0.pdf?mcid=tGE4TAMA ACPRODUCTS HOLDINGS: AllianceBernstein Marks $1.9MM Loan at 35% Off ------------------------------------------------------------------- AllianceBernstein Global High Income Fund has marked its $1,903,000 loan extended to ACProducts Holdings, Inc to market at $1,244,796 or 65% of the outstanding amount, according to a disclosure contained in AllianceBernstein's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. AllianceBernstein is a participant in a Bank Loan to ACProducts Holdings, Inc. The loan accrues interest at a rate of 8.81% (CME Term SOFR 3 Month + 4.25%) per annum. The loan matures on May 17, 2028. AllianceBernstein is incorporated under the laws of the State of Maryland and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. AllianceBernstein is led by Onur Erzan, President; and Stephen M. Woetzel, Treasurer and Chief Financial Officer. The Fund can be reach through: Stephen M. Woetzel AllianceBernstein L.P. 66 Hudson Boulevard East New York, NY 10005 Telephone No.: (800) 221-5672 ACProducts, Inc., headquartered in The Colony, Texas, is a national manufacturer and distributor of kitchen and bathroom cabinetry. American Industrial Partners, through its affiliates, is the primary owner of ACProducts, having acquired it in 2012. ACQUISITION INTEGRATION: Case Summary & 20 Top Unsecured Creditors ------------------------------------------------------------------ Debtor: Acquisition Integration, LLC 164 Jim Harding Way Huntsville, AL 35806 Business Description: Acquisition Integration, LLC provides logistics, distribution, and technical services to the commercial and military aerospace and vehicle industries. The Company partners with CAP Fleet to produce upfitted police and special service vehicles for the U.S. Government Services Administration. Based in the United States, it operates as an SBA-certified HUBZone and Service-Disabled Veteran-Owned Small Business. Chapter 11 Petition Date: June 10,2 025 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 25-81168 Judge: Hon. Clifton R Jessup Jr. Debtor's Counsel: Stuart Maples, Esq. THOMPSON BURTON PLLC 200 Clinton Ave. W Huntsville, AL 35801 Tel: (256) 489-9779 E-mail: smaples@thompsonburton.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by David P. Bristol as member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZCCYJQI/Acquisition_Integration_LLC__alnbke-25-81168__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Axxeum, Inc. Pending Lawsuit $3,819,098 c/o Emily S. Pendley Burr & Forman LLP 420 North 20th Street, Suite 3400 Birmingham, AL 35203 2. Caldwell Country Chevrolet $4,431,695 c/o Brandon Renken 700 Louisiana St., Ste. 3400 Houston, TX 77002 3. EB Industrial $15,190 2159 Palma Dr Unit D Ventura, CA 93003 4. Edward J. Pollock Pending Lawsuit $182,324 c/o Brad Ryder Ryder Law Firm, P.C. P.O Box 4265 Huntsville, AL 35815 5. Fidelity National Title $383,933 Insurance Co. 100 Corporate Ridge Suite 120 Birmingham, AL 35242 6. First Class Business $723,844 Group Capital LLC 159 West Broadway #200--PMB170 Salt Lake City, UT 84101 7. Fite Building Company $545,650 3116 Sexton Rd SE A Decatur, AL 35603 8. GreatAmerica $56,336 Financial Services PO Box 609 Cedar Rapids, IA 52406 9. HABCO Industries LLC $99,790 172 Oak Street Glastonbury, CT 06033 10. Huntsville Design $335,520 105 Skylab Dr. NW Huntsville, AL 35806 11. Knightsbridge Funding LLC $31,500 40 Wall St. New York, NY 10005 12. Libertas MCA $746,110 c/o Bradley Hightower 505 N. 20th St., Ste. 1800 Birmingham, AL 35203 13. ServisFirst Bank LOC Line of Credit $1,272,073 401 Meridian Street, Suite 303 Huntsville, AL 35801 14. SES $166,923 6992 Columbia Gateway Drive, Suite 200 Columbia, MD 21046 15. Stinson LLP $50,130 16. TLC Urbans Towers $52,147 222 West Las Colinas Blvd 1650E Irving, TX 75039 17. TMT Services LLC $28,750 1012 Buffington Rd Huntsville, AL 35808 18. Unique Funding Solutions $148,520 1915 Hollywood Blvd. Suite 200A Hollywood, FL 33020 19. Weldmac Manufacturing Co. $1,018,841 1451 N. Johnson Avenue El Cajon, CA 92020 20. Weldmac Manufacturing Co. $160,820 1451 N. Johnson Avenue El Cajon, CA 92020 ACTION IMPORTS: Hires Davis Ermis & Roberts as Legal Counsel ------------------------------------------------------------ Action Imports, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Davis, Ermis & Roberts, PC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of the business and management of its property; (b) prepare on behalf of the Debtor necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Craig Davis, Esq. $600 Legal Assistants $125 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: Craig D. Davis, Esq. Davis, Ermis & Roberts, PC 2000 E. Lamar Blvd., Ste 780 Arlington, TX 76006 Telephone: (972) 263-5922 Facsimile: (972) 262-3264 About Action Imports LP Action Imports LP is a wholesale distributor based in Grand Prairie, Texas, offering a broad range of products including candy, toys, electronics, purses, and collectibles. The Company serves retail clients across the United States and provides various merchandising solutions such as countertop displays, shippers, and gondolas. Action Imports LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42025) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Craig D. Davis, Esq., at Davis, Ermis & Roberts, PC. AFB RESTAURANTS: Hearing Today on Bid to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of California, Oakland Division is set to hold a hearing today to consider another extension of AFB Restaurants, Inc.'s authority to use cash collateral. The company's authority to use cash collateral pursuant to the court's May 30 order expires today. The May 30 order approved the payment of AFB Restaurants' expenses totaling $99,000 from the cash collateral. About AFB Restaurants AFB Restaurants, Inc., doing business as Manakash Oven & Grill, is a provider of catering for Mediterranean food in Walnut Creek, Calif. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41235) on August 16, 2024, listing $32,470 in assets and $1,103,058 in liabilities. Christopher Hayes serves as Subchapter V trustee. Judge Charles Novack oversees the case. John G. Downing, Esq., at Downing Law Offices, P.C. represents the Debtor as bankruptcy counsel. AFFINITY INTERACTIVE: S&P Lowers ICR to 'CCC', Outlook Negative --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S. gaming operator Affinity Interactive to 'CCC' from 'CCC+'. At the same time, S&P lowered its issue-level rating on the company's $545 million first-lien senior secured notes to 'CCC' from 'CCC+'. The '3' recovery rating on the notes is unchanged. The negative outlook reflects the increased likelihood that Affinity will engage in a debt restructuring transaction over the next 12 months. Affinity's liquidity has deteriorated because of its weaker-than-anticipated operating performance. Moreover, if the company is unable to refinance its revolver due December 2025, it may not have sufficient liquidity to cover its fixed charges, which would increase its default risk over the next 12 months. As of March 31, 2025, Affinity had $37 million of cash on its balance sheet, including $9 million of outstanding borrowings on its revolver and about $12 million of cage cash. In the first quarter, the company borrowed the maximum it could under its revolver without triggering the 6x first-lien leverage covenant test. Affinity is unable to draw additional amounts under its revolver because it would not be able to meet the leverage covenant test (its first-lien debt leverage was 10.6x as of March 31, 2025, per the credit agreement calculation). In addition, the company's $18 million semi-annual interest payments on its senior secured notes maturing in 2027 are due in June and December. These interest payments consume nearly all of Affinity's EBITDA. As of March 31, 2025, the company's EBITDA interest coverage was about 1.0x. S&P said, "We forecast Affinity's EBITDA interest coverage will be about 1.1x in 2025 and 1.2x in 2026. The company did not generate any operating cash flow (OCF) over the 12 months ended March 31, 2025, and we expect it will generate minimal OCF over the next 12 months. Therefore, Affinity is reliant on the cash on its balance sheet to fund its capital expenditure (capex) and other liquidity needs. We forecast the company will use about $15 million of its balance sheet cash, after capex, in 2025. Consequently, we believe Affinity may be unable to make its second-quarter 2026 interest payment if it is unable to refinance its revolver to provide it with greater borrowings capacity." S&P said, "We lowered our forecast for Affinity because its recent operating performance was substantially weaker than expected and has continued to decline. The company's revenue substantially underperformed our prior forecast and decreased by about 9% in each of the last two quarters relative to the same quarters in the previous year. Most of the decline in the company's revenue stemmed from the weak performance of its Primm, Nev. properties, which continue to struggle to attract visitors from California because of the competition from California tribal casinos. In addition, the opening of two new gas stations near Primm has reduced Affinity's fuel sales and the volume of visits to its property. While the strategies that management is employing--such as making changes to its entertainment offerings, adding new casino floor products, and building a large LED sign to attract commuters driving to Las Vegas from California (expected to be completed in July 2025)--will likely have some positive effects, we do not expect these strategies to significantly improve its operating performance, given the competitive headwinds and increasing macroeconomic risk. While we do not currently assume a recession in our base-case forecast, our economists believe there is a 35% probability of a U.S. recession starting in the next 12 months due to the rising risk of persistent supply shocks and negative consumer sentiment. Therefore, Affinity's customers could pull back on their discretionary spending if the unemployment rate rises, negative consumer sentiment persists, or consumer prices increase faster than we currently expect. "Accordingly, we now assume the company's revenue will fall by approximately 3% in 2025, which compares with our prior forecast for an about 3% increase. In addition, management is executing an expense-reduction plan, which includes closing one of its three Primm properties, Whiskey Pete's, in December 2024 and operating Buffalo Bills on weekends solely for entertainment. Therefore, we also assume a mid-single digit percent reduction in Affinity's expenses, which we believe is achievable. However, because we lowered our revenue forecast, we now anticipate the company will only improve its EBITDA margins by about 100 basis points (bps), which is down from our previous forecast for a 400 bps expansion. Therefore, we now expect Affinity will increase its S&P Global Ratings-adjusted EBITDA by the low single digit percent area in 2025, which is down from our previous expectation for a mid-20% area improvement. "Even if Affinity successfully refinances its revolver, we would continue to view its capital structure as unstainable. The company's S&P Global Ratings-adjusted debt leverage rose to 14.8x as of March 31, 2025, from 13.0x as of Sept. 30, 2025. Given Affinity's weaker operating performance and our lowered projections, we forecast that its debt leverage will increase to about 12.0x by the end of 2027 when its $545 million senior secured first-lien notes come due, which is a level we believe it would be unable to finance. In addition, we expect the company will be unable to generate sufficient free cash flow to repay the debt at maturity. In addition, Affinity's fixed rate senior secured note features a 6.875% interest rate and our forecasted EBITDA for 2027 would not cover fixed charges at a higher interest rate. "Moreover, Affinity's debt is trading at a significant discount to par, which we believe increases the likelihood it will undertake a below-par debt exchange, potentially via asset sales, a bankruptcy filing, or an out-of-court restructuring. Ultimately, given its unsustainable capital structure and dependence on favorable business dynamics, we would view any debt restructuring that the company undertakes in which its lenders receive less than they were originally promised as tantamount to a default. "The negative outlook reflects the increased likelihood Affinity will undertake a debt restructuring over the next 12 months because it may be unable to generate sufficient cash flow to service its fixed charges. Therefore, if the company is unable to refinance its revolver maturing in December 2025, it may not have sufficient liquidity to fund the interest payment due on its secured notes in June 2026 absent a material improvement in its EBITDA. "We could lower our rating on Affinity if we expect it will pursue a distressed exchange, bankruptcy, or any other type of debt restructuring over the subsequent six months that we would view as tantamount to default. We could also lower our rating if the company's liquidity deteriorates such that we believe it will be unable to repay its revolver at maturity or fund its semi-annual interest payment. "It is unlikely we will raise our rating on Affinity over the next year because we do not expect its debt leverage will approach a level that we believe could feasibly support its ability to refinance its $545 million senior notes when they mature in 2027." ALCHEMY 365: Gets Extension to Access Cash Collateral ----------------------------------------------------- Alchemy 365, Inc. received another extension from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. The court's order authorized the company to use cash collateral in accordance with its budget, which covers the period from the week ending May 12 through the week ending Aug. 25. As protection for the use of their cash collateral, secured creditors American National Bank and Choice Bank were granted replacement liens on assets acquired by Alchemy 365 after the bankruptcy filing, with the same validity, extent and priority as their pre-bankruptcy liens. Alchemy 365's authority to use cash collateral terminates if the company fails to observe or perform any of the material provisions of the final order; the Chapter 11 case is dismissed or converted to one under Chapter 7; a Chapter 11 trustee is appointed; or the company ceases to operate. About Alchemy 365 Inc. Alchemy 365, Inc. operating under various names including PowerTen Fitness and Alchemy, is a Denver-based fitness company offering group classes that integrate yoga, strength training, and cardio. The company provides these services at two Denver locations: LoHi at 2432 W 32nd Ave and Tennyson at 4144 Tennyson St. Alchemy 365 filed Chapter 11 petition (Bankr. D. Colo. Case No. 25-10797) on February 17, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Tyler Kent Quinn, chief executive officer, signed the petition. Judge Thomas B. McNamara oversees the case. Gabrielle G. Palmer, Esq., at Onsager Fletcher Johnson Palmer, LLC is the Debtor's legal counsel. American National Bank, as secured creditor, is represented by: Michael W. Milone, Esq. Koukol Johnson Schmit & Milone, LLC 3839 South 148th Street, #160 Omaha, NE 68144 Phone: (402) 934-9499 mmilone@lifelonglawyers.com dkoukol@lifelonglawyers.com AMERICAN TIRE: AllianceBernstein Marks $2.06MM Loan at 69% Off -------------------------------------------------------------- AllianceBernstein Global High Income Fund has marked its $2,061,000 loan extended to American Tire Distributors, Inc to market at $632,310 or 31% of the outstanding amount, according to a disclosure contained in AllianceBernstein's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. AllianceBernstein is a participant in a Bank Loan to American Tire Distributors, Inc. The loan accrues interest at a rate of 12.82% (CME Term SOFR 3 Month + 8.25%) per annum. The loan matures on October 20, 2028. AllianceBernstein is incorporated under the laws of the State of Maryland and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. AllianceBernstein is led by Onur Erzan, President; and Stephen M. Woetzel, Treasurer and Chief Financial Officer. The Fund can be reach through: Stephen M. Woetzel AllianceBernstein L.P. 66 Hudson Boulevard East New York, NY 10005 Telephone No.: (800) 221-5672 American Tire Distributors, Inc. distributes motor vehicle parts. The Company offers custom wheels, tires, and other related products. American Tire Distributor serves customers in the United States. AMERICAN TRAILER: Franklin Templeton Marks $1.8MM Loan at 19% Off ----------------------------------------------------------------- Franklin Templeton ETF Trust has marked its $1,895,532 loan extended to American Trailer World Corp to market at $1,540,290 or 81% of the outstanding amount, according to a disclosure contained in Franklin Templeton's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. Franklin Templeton is a participant in a Term Loan B to American Trailer World Corp. The loan accrues interest at a rate of 8.175% (1 mo. USD Term SOFR + 3.75%) per annum. The loan matures on March 3, 2028. Franklin Templeton is registered under the Investment Company Act of 1940 as an open-end management investment company consisting of fifty-one separate funds, seventeen of which are included in this report. Franklin Templeton is led by Christopher Kings, Chief Executive Officer - Finance and Administration; and Vivek Pai, Chief Financial Officer, Chief Accounting Officer and Treasurer. The Fund can be reach through: Christopher Kings Alison Baur Franklin Templeton One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 American Trailer World Corp., doing business as ATW Corp Inc, provides commercial vehicle components. The Company manufactures dump, cargo, tilt, utility, car hauler, equipment, and deckover trailers. ATW serves clients in the United States. ASCEND PERFORMANCE: Kane Russell Represents Creditors ----------------------------------------------------- In the Chapter 11 cases of Ascend Performance Materials Holdings Inc. and affiliates, Trinity Industries Leasing Company, Enterprise Products Operating, LLC, and Enterprise Petrochemical Marketing, LLC (collectively, the "Creditors") filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. On or around May 19, 2025, Trinity Industries Leasing Company retained attorneys currently affiliated with Kane Russell Coleman Logan, PC ("KRCL") to represent it as counsel in connection with certain lease agreements between itself and debtor Ascend Performance Materials in the case. KRCL represents (as such term is defined in Bankruptcy Rule 2019(a)(2)) Trinity Industries Leasing Company, Enterprise Products Operating, LLC, and Enterprise Petrochemical Marketing, LLC in their capacities as creditors in the Bankruptcy Case acting in concert to advance a common interest (as required by Bankruptcy Rule 2019(b)(1)). The Creditors' name and mailing addresses are as follows: 1. Trinity Industries Leasing Company 14221 North Dallas Parkway, Suite 1100 Dallas, Texas 75254 2. Enterprise Products Operating, LLC 1100 Louisiana St., Suite 24.042, Houston, Texas 77002 3. Enterprise Petrochemical Marketing, LLC 1100 Louisiana St., Suite 24.042, Houston, Texas 77002 Trinity Industries is an equipment lessor to the Debtors. Trinity is owed amounts due pursuant to its lease agreement. Enterprise Products provides pipeline to the Debtors to move materials. Enterprise Products is owed amounts in the ordinary course of business that are due and owing. KRCL does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. KRCL does not represent the Creditors as a "committee" as such term is used in the Bankruptcy Code and Bankruptcy Rules and does not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest, or other entity that has not signed a retention agreement with KRCL. In addition, the Creditors do not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. The Firm can be reached at: KANE RUSSELL COLEMAN LOGAN, P.C. Jason Binford, Esq. 401 Congress Ave., Ste. 2100 Austin, Texas 78701 Telephone: (512) 487-6566 Email: jbinford@krcl.com About Ascend Performance Materials Ascend Performance Materials Holdings Inc., together with their non-debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. The Debtors filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90127) on April 21, 2025, with $1 billion to $10 billion in assets and liabilities. Robert Del Genio, chief restructuring officer, signed the petitions. Judge Christopher M. Lopez presides over the case. The Debtors tapped Bracewell LLP as co-bankruptcy counsel; KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP as restructuring counsel; PJT Partners, Inc., as investment banker; and FTI Consulting, Inc. as restructuring advisor. ASH GROVE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Ash Grove Dairy, LLP 1771 130th Avenue Lake Benton, MN 56149 Business Description: Ash Grove Dairy LLP operates a commercial Holstein dairy farm in Lake Benton, Minnesota. The Company manages approximately 2,000 milking cows on a 55-acre property, focusing on milk production and the breeding of high-quality Registered Holsteins. It also operates a renewable natural gas facility that converts manure into pipeline-grade fuel. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court District of Minnesota Case No.: 25-31794 Judge: Hon. Katherine A Constantine Debtor's Counsel: David C. McLaughlin, Esq. FLUEGEL ANDERSON MCLAUGHLIN & BRUTLAG 129 2nd Street NW Ortonville, MN 56278 Tel: 320-839-2549 E-mail: dmclaughlin@fluegellaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Michael P. Crinion as managing partner. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SDPAIZA/Ash_Grove_Dairy_LLP__mnbke-25-31794__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AGCO Finance LLC $8,990 PO Box 2000 Johnston, IA 50131 2. American Express Card Paid Invoices $211,641 PO Box 6031 Carol Stream, IL 60197-6031 3. Chandler Co-op $126,065 151 5th St Chandler, MN 56122 4. Emerlan, LLC Management Fee $96,666 211 58th Ave S Brookings, SD 57006 5. ENG Services $6,226 1005 W 3rd Ave Flandreau, SD 57028 6. Frazer, LLP $14,812 2400 E Katella Ave Suite 900 Anaheim, CA 92806 7. Girard & Sons Manure $50,000 Pumping, Inc. Pumping 3849 290th Ave Cottonwood, MN 56229 8. Hudson Insurance $134,681 PO Box 6818 Scranton, PA 18505 9. KLM Commodities, LLC Soyben Meal $35,182 741 Valley Rd PO Box 182 Chandler, MN 56122 10. Loren Wollman Hooftrimmer $11,785 25529 431st Ave Spencer, SD 57374-5411 11. Midwest Livestock Dairy Supplies $8,873 Systems 725 N Main St Pine Island, MN 55963 12. MWI Animal Health Vet Supplies $46,771 3041 W Pasadena Drive Boise, ID 83705 13. Pacific Ag Straw Feeding $28,473 6290 200th Ave Georgetown, MN 56546 14. Prarie Land Ag Milking $185,192 Supply Inc. Equipment 198 Westview Dr Rock Valley, IA 51247 15. Puris Proteins, LLC $11,866 811 Glenwood Ave Suite 100 Minneapolis, MN 55405 16. Select Sires $14,877 6601 Gregory Pk Rd Saint Cloud, MN 56301 17. Semex USA Semen $6,476 3801 Kipp Street Madison, WI 53718-6878 18. Sioux Valley Cooperative Tractor Diesel $26,168 8 10th St NW Watertown, SD 57201 19. Steadfast Electric, Inc. Electrical $207,287 102 Rylee Rd Aurora, SD 57002 20. Terry Adler Straw $106,486 PO Box 155 Kranzburg, SD 57245 ASTRA ACQUISITION: RiverNorth Marks $1.5 Million 2L Loan at 98% Off ------------------------------------------------------------------- RiverNorth Funds has marked its $1,559,522 loan extended to Astra Acquisition Corp. to market at $35,089 or 2% of the outstanding amount, according to RiverNorth's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. RiverNorth is a participant in a Second Lien-Initial Term Loan to Astra Acquisition Corp. The loan accrues interest at a rate of 3M SOFR + 8.88% per annum. The loan matures on October 22, 2029. RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940. The Fund was organized as a diversified series of the Trust on July 18, 2006 and commenced investment operations on December 27, 2006. The Core Opportunity Fund offers two classes of shares, Class I Shares and Class R Shares. The investment adviser to the Core Opportunity Fund is RiverNorth Capital Management, LLC. The investment objective of the Core Opportunity Fund is to seek long-term capital appreciation and income. The Fund is led by Patrick W. Galley as President and Principal Executive Officer; and Jonathan M. Mohrhardt as Treasurer and Chief Financial Officer. The Fund can be reach through: Patrick W. Galley 360 S. Rosemary Avenue, Suite 1420 West Palm Beach, FL 33401 Telephone: (561) 484-7185 About Astra Acquisition Corp. Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. AUTOMATED TRUCKING: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Automated Trucking LLC 6000 S Florida Ave #5105 Lakeland, FL 33813 Business Description: Automated Trucking LLC provides managed trucking services, allowing investors to lease trucks while the Company handles operations including driver management, maintenance, insurance, and dispatch. It is based in Lakeland, Florida. Chapter 11 Petition Date: June 10, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-03886 Judge: Hon. Catherine Peek McEwen Debtor's Counsel: Alberto ("Al") F. Gomez, Jr., Esq. JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP 400 N Ashley Dr. #3100 Tampa, FL 33602 Tel: 813-225-2500 Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Colin Dixon as member. 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/AQRCQFQ/Automated_Trucking_LLC__flmbke-25-03886__0001.0.pdf?mcid=tGE4TAMA BALAJIO LLC: Case Summary & Eight Unsecured Creditors ----------------------------------------------------- Debtor: Balajio, LLC 90 Professional Blvd. Daytona Beach, FL 32114 Chapter 11 Petition Date: June 10, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-03556 Judge: Hon. Tiffany P Geyer Debtor's Counsel: Justin M. Luna, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: jluna@lathamluna.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sameer M. Patel as managing member. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/W7EZ2ZQ/Balajio_LLC__flmbke-25-03556__0001.0.pdf?mcid=tGE4TAMA BAUSCH + LOMB: Moody's Rates New USD Secured Debt Instruments 'B1' ------------------------------------------------------------------ Moody's Ratings assigned B1 ratings to the proposed USD senior secured term loan and senior secured revolving credit facility of Bausch + Lomb Corporation, as well as the proposed euro-denominated backed senior secured notes offering issued by Bausch + Lomb Netherlands B.V and Bausch + Lomb Incorporated as co-borrower, fully guaranteed by Bausch & Lomb Corporation ("Bausch + Lomb") as indirect subsidiaries of Bausch Health Companies Inc. ("Bausch Health"). Moody's also assigned a stable outlook to Bausch + Lomb Netherlands B.V. The outlook on Bausch + Lomb Corporation also remains unchanged at stable. The new secured term loan and euro senior notes will be used to refinance Bausch + Lomb's outstanding term loans due 2027, as well as its outstanding revolving credit facility borrowings. RATINGS RATIONALE Bausch + Lomb's B1 senior secured rating considers the company's strong presence in the global eyecare market, its solid growth prospects, and its moderate financial leverage on a stand-alone basis. However, the rating also reflects 88.7% ownership of Bausch + Lomb by Bausch Health, which has a Caa2 Corporate Family Rating. Despite not being a guarantor of Bausch Health's debt obligations, Bausch + Lomb's financial flexibility is constrained until a full separation occurs. This is because its operations and financial policies are controlled by the parent company, which faces material credit risks. Bausch + Lomb's B1 senior secured rating considers that recovery prospects are stronger than those of other obligations of Bausch Health based on strong asset coverage of debt. Bausch Health's Caa2 Corporate Family Rating reflects its high financial leverage and generic exposures facing Xifaxan, the company's largest product. Although several recent court decisions reduce the likelihood of a generic launch over the next few years, generics will launch in January 2028 in the most favorable scenario, and the financial impact will be material. Amid these challenges, a planned separation of Bausch + Lomb would increase business risks of the remaining company due to reduced scale and diversity. The likelihood and timing of a separation remain uncertain as the company evaluates many factors including legal exposures related to the proposed separation and the tenability of the remaining company's capital structure. These risks are tempered by the company's significant global scale and diversity. Underlying utilization trends of most of the company's core products are solid. The rating is supported by solid, rising free cash flow prior to any generic Xifaxan launch. The outlook for all entities is stable, reflecting Moody's expectations for consistent operating performance over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Bausch + Lomb's ratings include strong operating performance and executing the separation from Bausch Health. Factors that could lead to a downgrade of Bausch + Lomb's ratings include failure to effect the separation combined with a degradation in Bausch Health's credit quality. Factors that could lead to an upgrade of Bausch Health's ratings include consistent earnings growth and successful pipeline execution of new rifaximin formulations. Factors that could lead to a downgrade of Bausch Health's ratings include operating setbacks, large litigation-related cash outflows, or an adverse outcome from Xifaxan patent challenges. Bausch + Lomb Corporation, a subsidiary of Bausch Health Companies Inc., is a global eyecare company with revenues for the 12 months ended March 31, 2025 of $4.8 billion. Bausch Health Companies Inc. is a global company that develops, manufactures and markets a range of pharmaceutical, medical device and over-the-counter products. These are primarily in the therapeutic areas of eye health, gastroenterology and dermatology. Revenues for the 12 months ended March 31, 2025 totaled approximately $9.7 billion including Bausch + Lomb. The principal methodology used in these ratings was Pharmaceuticals published in November 2021. BAYOU TECHNOLOGIES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Bayou Technologies, LLC d/b/a Bayou Marketing 1703 Enterprise Blvd Lake Charles, LA 70601 Business Description: Bayou Technologies LLC provides information technology services, cybersecurity solutions, and digital marketing through its Bayou Marketing division. The Company operates in Lake Charles, Louisiana, offering managed IT, VoIP, networking, web development, SEO, and multimedia content services. Chapter 11 Petition Date: June 10, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-20275 Judge: Hon. John W Kolwe Debtor's Counsel: Wade N. Kelly, Esq. WADE N KELLY, LLC Packard LaPray 2201 Oak Park Boulevard Lake Charles, LA 70601 Tel: 337-431-7170 E-mail: staff@packardlaw.com Total Assets: $44,041 Total Liabilities: $1,401,754 The petition was signed by Victor Wukovits 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/KJ64MBQ/Bayou_Technologies_LLC__lawbke-25-20275__0001.0.pdf?mcid=tGE4TAMA BECKER INC: Court Extends Cash Collateral Access to June 24 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division issued an agreed order authorizing Becker, Inc. to continue using cash collateral through June 24 pursuant to its agreement with PNC Bank, NA and other secured creditors. The court authorized the company to use cash collateral to fund operating expenses and "adequate protection" payments in accordance with its budget. As protection, PNC Bank and other creditors that may assert interests in the cash collateral will be granted replacement liens on all of the post-petition property of the company that is similar to their pre-bankruptcy collateral. In addition, PNC Bank will receive a monthly payment of $4,395.42 as further protection. About Becker Inc. Becker, Inc. has two convenient superstore locations specializing University of Louisville & University of Kentucky apparel, gifts, and accessories. Becker sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-31386) on May 29, 2024, with up to $10 million in both assets and liabilities. Becker President John I. Becker signed the petition. Judge Charles R. Merrill oversees the case. The Debtor is represented by Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP. PNC Bank, NA, as secured creditor, is represented by: Keith J. Larson, Esq. Morgan Pottinger McGarvey 401 South Fourth Street, Suite 1200 Louisville, KY 40202 Telephone: (502) 560-6785 kjl@mpmfirm.com BERTUCCI'S RESTAURANTS: Gets OK to Hire Shuker & Dorris as Counsel ------------------------------------------------------------------ Bertucci's Restaurants, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Shuker & Dorris, PA as legal counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of the estate. The firm's counsel and staff will be paid at these hourly rates: R. Shuker, Partner $700 M. Dorris, Partner $550 L. Stricker, Associates $475 M. Franklin, Paraprofessional $225 A. Tillman, Paraprofessional $125 In addition, the firm will seek reimbursement for expenses incurred. Earl Enterprises Corporate, LLC, an affiliate of the Debtor, paid an advanced fee of $69,361 for post-petition services and expenses. Mr. Shuker 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: R. Scott Shuker, Esq. Shuker & Dorris, PA 121 S. Orange Avenue, Suite 1120 Orlando, FL 32801 Telephone: (407) 337-2060 Facsimile: (407) 337-2050 About Bertucci's Restaurants Bertucci's Restaurants, LLC operates a chain of Italian-inspired restaurants primarily across the U.S. East Coast, including New England and Virginia. Founded in 1981 in Somerville, Massachusetts, the Company is known for its wood-fired brick oven dishes. It recently launched Bertucci's Pronto, a fast-casual spinoff concept aimed at catering to evolving consumer dining preferences. Bertucci's Restaurants filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02401) on April 24, 2025. In the petition signed by Thomas Avallone, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Grace E. Robson oversees the case. R. Scott Shuker, Esq., at Shuker & Dorris, PA serves as the Debtor's counsel. CAPITAL SECURITY: Seeks to Hire David C. Johnston as Legal Counsel ------------------------------------------------------------------ Capital Security Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ David Johnston, Esq., an attorney practicing in Modesto, Calif., as legal counsel. The attorney will provide these services: (a) give the Debtor legal advice about various bankruptcy options, and legal advice about non-bankruptcy alternatives for dealing with the claims against it; (b) give the Debtor legal advice about its rights, powers, and obligations in the Chapter 11 case and in the management of the estate; (c) take necessary action to enforce the automatic stay and to oppose motions for relief from the automatic stay; (d) take necessary action to recover and avoid any preferential or fraudulent transfers and to exercise the Debtor's strong-arm powers; (e) appear with the Debtor's president at the meeting of creditors, status conference, and other hearings held before the court; (f) review and if necessary, objecting to proofs of claim; (g) take steps to obtain court authority for the sale or refinancing of assets if necessary; (h) prepare a plan of reorganization and take all steps necessary to bring the plan to confirmation, if possible; and (i) represent the Debtor in all adversary proceedings in this court. The attorney will be billed at his hourly rate of $400. The attorney received a retainer of $5,000 to cover pre-petition and post-petition fees. Mr. Johnston disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: David C. Johnston, Esq. 1600 G Street, Suite 102 Modesto, CA 95354 Telephone: (209) 579-1150 Facsimile: (209) 900-9199 About Capital Security Solutions Capital Security Solutions, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code Bankr. E.D. Calif. Case No. 25-22169) on May 1, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Christopher M. Klein presides over the case. David C. Johnston, Esq. represents the Debtor as legal counsel. CARE NEW ENGLAND: S&P Raises Bond Rating to 'BB-', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised its rating on Rhode Island Health & Educational Building Corp.'s bonds, issued for Care New England Health System (CNE), to 'BB-' from 'B+'. The outlook is stable. The upgrade reflects a multi-year trend of improved earnings with positive margins in fiscal 2024 and year to date 2025. The rating also reflects CNE's healthy ratio of unrestricted reserves to long-term debt, which along with access to a new $50 million line of credit, provides viable options to address a $21.6 million taxable bullet due on the series 2016C bonds in 2026. S&P said, "We view certain social factors as a credit risk due to CNE's meaningful exposure to a 55% unionized workforce and higher-than-typical exposure to Medicaid, which has historically been a weak payer, although supplemental funding is improving. CNE is in negotiations with unions on a fairly constant basis and has experienced some short-term pickets and strikes historically. Approximately 800 staff members from SEIU 1199 have been on strike at Butler Hospital since May 15. We view management's ability to settle the strike without a meaningful impact on earnings or unrestricted reserves as important for rating maintenance. "We view governance and environmental factors as neutral to our credit rating analysis." The stable outlook reflects meaningful improvement in earnings and cash flow that have reduced covenant default risk and stabilized the balance sheet with lighter leverage, healthy unrestricted reserves relative to debt, and anticipated improvement in days' cash on hand by year end, although this metric remains a credit weakness. The stable outlook is further supported by CNE's key enterprise strengths and generally positive volume trends. S&P said, "We view CNE's financial position as challenged but trending favorably. Given the lack of balance sheet cushion, we view a negative outlook or downgrade as possible should management be unable to sustain improved earnings or grow cash on hand to about 60 days by year end. Erosion in unrestricted reserves or meaningful additional debt leading to less than 1x unrestricted reserves to debt could also warrant a lower rating. "We could consider a positive outlook or higher rating with a longer trend of positive earnings, improved days' cash on hand, and successful resolution of the 2016C bullet payment. Favorable action would also be predicated on enterprise profile stability including market position." CASTLE US: XAI Octagon Marks $819,000 1L Loan at 39% Off -------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $819,902 loan extended to Castle US Holding Corp. to market at $501,551 or 61% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Castle US Holding Corp. The loan accrues interest at a rate of 1M SOFR + 3.75% per annum. The loan matures on January 29, 2027. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Castle US Holding Corp. Castle US Holding Corporation provides database tools and software to public relations and communications professionals. CATHOLIC FAITH STORE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Catholic Faith Store, LLC received another extension from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral. The bankruptcy court authorized the company to continue to use its cash collateral to pay the expenses set forth in its budget except the Honda auto loan in the amount of $764.01 and auto insurance expenses in the amount of $450. Umpqua Bank, a secured creditor, holds a UCC blanket lien on the company's assets. To protect its interest, Umpqua Bank will be granted a replacement lien on assets acquired by the company after the petition date and will continue to receive a monthly payment of $2,000. The monthly payments started in April. As further protection, Catholic Faith Store was ordered to keep its property insured. Umpqua Bank is represented by: Benjamin C. Struby, Esq. Lathrop GPM, LLP 2345 Grand Blvd, Suite 2200 Kansas City, MO 64108 816-460-5758 benjamin.struby@lathropgpm.com About Catholic Faith Store Catholic Faith Store, LLC is an online retailer specializing in Catholic religious products, including jewelry, rosaries, Bibles, and sacramental gifts. Since 2005, the company has been dedicated to providing meaningful religious items for various occasions such as baptisms, communions, ordinations and weddings. Catholic Faith Store sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20342) on March 24, 2025, listing $1,761,497 in assets and $1,823,178 in liabilities. Richard King, managing partner at Catholic Faith Store, signed the petition. Judge Dale L. Somers oversees the case. Colin Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. CHANDLER SOLUTIONS: Seeks to Hire Michael Chandler as Manager ------------------------------------------------------------- Chandler Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Michael Chandler, a professional in West Virginia, as manager. The manager's duties include: (a) responsibility for payroll; (b) responsibility for purchasing supplies; (c) responsibilities for invoicing and collection account receivables; (d) inter-relationship with the Debtor's counsel; (e) work with court appointed accountant on monthly reports and financial projections; (f) assist with the preparation of all necessary tax returns; and (g) assist in preparing Reorganization Plan. The manager will be compensated at a rate of $6,000 per month. Mr. Chandler disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The manager can be reached at: Michael Chandler Kanawha County, WV About Chandler Solutions Chandler Solutions, LLC filed Chapter 11 petition (Bankr. S.D. W.Va. Case No. 25-20075) on April 10, 2025, listing between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. Judge B. Mckay Mignault oversees the case. Joseph W. Caldwell, Esq., at Caldwell & Riffee, PLLC serves as the Debtor's counsel. CHANNELSIDE BREWING: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Channelside Brewing Company, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The third interim order authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee; expenses set forth in its budget, plus an amount not to exceed 10% per line item; and additional amounts approved in writing by its secured creditor, Valley National Bank. This authorization will continue until further order of the court. As protection, each creditor with a security interest in cash collateral will be granted a post-petition lien to the same extent and with the same validity and priority as its pre-bankruptcy lien. In addition, Channelside will continue to make monthly payments of $3,000 to Valley National Bank. The payments started in April. Channelside was ordered to keep the creditors' collateral insured as further protection. Valley National Bank is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com About Channelside Brewing Company Channelside Brewing Company, LLC is a brewery that specializes in crafting a variety of beers. Channelside Brewing Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00445) on January 25, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee. Judge Catherine Peek Mcewen handles the case. The Debtor is represented by: Andrew Wit, Esq. Jennis Morse 606 East Madison Street Tampa FL 33602 Tel: 813-229-800 Email: awit@jennislaw.com CHARTER SCHOOL: June 16 Deadline for Panel Questionnaires --------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Charter School Capital Inc. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/ycxbwr3f and return by email it to Linda Casey -- Linda.Casey@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Monday, June 16, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. 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 reported estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Potter Anderson & Corroon LLP and Goodwin Procter LLP. Epiq Corporate Restructuring LLC is the Debtor's claims and noticing agent. COLOSSUS ACQUIRECO: Moody's Rates New $750MM Secured Notes 'Ba1' ---------------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to Colossus AcquireCo LLC's (Colossus) proposed $750 million senior secured notes due 2033. The rating outlook is stable. The A3 ratings of Colonial Enterprises, Inc. (CEI) and its principal operating subsidiary Colonial Pipeline Company (CPC) remains on review for downgrade until Colossus completes the planned acquisition of these entities, which is projected to close in the third quarter of 2025. This debt offering is consistent with Moody's prior expectations that Colossus would use a mix of secured notes and secured term loan totaling up to $2.9 billion, combined with approximately $3.4 billion of Brookfield equity, to acquire CEI and CPC (collectively referred to as "Colonial" or "OpCo") for approximately $9.1 billion. Colossus is a holding company backed by Brookfield Infrastructure Partners L.P. (BIP, unrated) and its institutional partners. RATINGS RATIONALE The senior secured notes will rank pari passu with the senior secured term loan that was rated Ba1 on 05 June, 2025. Hence the notes were assigned the same Ba1 rating. Similar to the term loan, the proposed Colossus notes will not have any upstream guarantee from CEI or CPC and will be secured by Colossus' equity interests in Colonial without any direct asset pledges from Colonial. The notes proceeds will be deposited into a segregated escrow account for the benefit of the holders of the notes pending the consummation of the Colonial acquisition. If the acquisition is not consummated on or before April 10, 2026, or upon the occurrence of certain other events, the escrow deposit will be used to redeeming the notes pursuant to a special mandatory redemption at a price equal to 100% of the initial issue price of the notes, plus any accrued and unpaid interest on the notes. The Ba1 notes rating is based on Moody's standard notching practices for investment grade rated entities, and the subordinated position of these debts within the expected consolidated capital structure. Based on Moody's present understanding of the incremental leverage at Colossus, expectations for post-closing consolidated credit metrics, governance structure, and management's commitment to deleveraging post-acquisition, Moody's expects to downgrade the existing CEI and CPC senior unsecured notes ratings to Baa3 upon the conclusion of Moody's ratings review following the close of the acquisition. The proposed Colossus debt will be structurally subordinated to existing CEI and CPC debt and hence were rated one notch lower at Ba1. The stable outlook is based on Colonial's predictable cash flow, which is anticipated to grow over time and adequately support the holding company's interest payment and principal amortization requirements. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING To consider an upgrade, Moody's would look for meaningful debt reduction, a track record of consistent financial policies, and management delivering its planned EBITDA and asset growth over the medium term. The company will also need to sustain the consolidated debt/EBITDA below 5x and maintain high capacity utilization without encountering new rate challenges from customers. A downgrade could occur if consolidated debt/EBITDA remains above 6x or standalone interest coverage for Colossus falls below 2x. Weak liquidity, or debt-funded growth, acquisitions or shareholder distributions could also trigger a downgrade. The principal methodology used in this rating was Midstream Energy published in February 2022. Colossus AcquireCo LLC, following the completion of the pending acquisition, will wholly own Colonial Enterprises, Inc. and its principal subsidiary Colonial Pipeline Company. Colonial Pipeline operates the largest US interstate common carrier pipeline of petroleum products by volume, delivering gasoline, kerosene, home-heating oil, diesel, and jet fuel from US Gulf Coast refineries to major cities and airports along the East Coast. CONSOLIDATED APPAREL: Taps Ackerman Rodgers & Russell as Accountant ------------------------------------------------------------------- Consolidated Apparel, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Ackerman Rodgers & Russell, CPA, PA as accountant. The firm will render these services: (a) prepare tax returns; (b) compile monthly balance sheets and income statements; (c) prepare monthly Debtor in possession reports required by the U.S. Trustee's Office; (d) assist in connection with the Chapter 11 reorganization; and (e) provide other accounting and tax services as required. The firm requested a post-petition retainer in the amount of $3,500 from the Debtor. Venita Ackerman, 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 through: Venita Ackerman, CPA Ackerman Rodgers & Russell, CPA, PA 1665 Palm Beach Lakes Blvd., Ste. 1 West Palm Beach, FL 33401 Telephone: (561) 293-4120 About Consolidated Apparel Consolidated Apparel, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14604) on April 25, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor tapped Craig I. Kelley, Esq., as counsel and Ackerman Rodgers & Russell, CPA, PA as accountant. CONSTANT CONTACT: RiverNorth Marks $1.6 Million 2L Loan at 17% Off ------------------------------------------------------------------ RiverNorth Funds has marked its $1,630,000 loan extended to Constant Contact, Inc. to market at $1,361,050 or 84% of the outstanding amount, according to RiverNorth's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. RiverNorth is a participant in a Second Lien-Initial Term Loan to Constant Contact, Inc. The loan accrues interest at a rate of 3M SOFR + 7.50%, 0.75% Floor per annum. The loan matures on February 12, 2029. RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940. The Fund was organized as a diversified series of the Trust on July 18, 2006 and commenced investment operations on December 27, 2006. The Core Opportunity Fund offers two classes of shares, Class I Shares and Class R Shares. The investment adviser to the Core Opportunity Fund is RiverNorth Capital Management, LLC. The investment objective of the Core Opportunity Fund is to seek long-term capital appreciation and income. The Fund is led by Patrick W. Galley as President and Principal Executive Officer; and Jonathan M. Mohrhardt as Treasurer and Chief Financial Officer. The Fund can be reach through: Patrick W. Galley 360 S. Rosemary Avenue, Suite 1420 West Palm Beach, FL 33401 Telephone: (561) 484-7185 About Constant Contact, Inc. Constant Contact, Inc. operates as a marketing company. The Company provides e-mail marketing services as well as conducts social media campaigns, managing digital storefronts, and creating online surveys for businesses, associations, and organizations to help them to connect with their customers and members. CONTOUR SPA: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Contour Spa, LLC 8762 Lake Tibet Court Orlando, FL 32836 Business Description: Contour Spa offers slimming and toning treatments aimed at reducing cellulite, tightening skin, minimizing stretch marks, and achieving permanent fat loss. Operating over 60 locations, the Company provides personalized Cryo Slimming programs tailored to individual goals. Services begin with a consultation to design a customized treatment plan focused on delivering long- term results. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-03602 Judge: Hon. Tiffany P. Geyer Debtor's Counsel: Jimmy D. Parrish, Esq. BAKER & HOSTETLER LLP 200 S. Orange Ave. Suite 2300 Orlando, FL 32801 Tel: 407-649-4000 E-mail: jparrish@bakerlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Roger A. Farwell as chief executive officer. 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/WHMH5YA/Contour_Spa_LLC__flmbke-25-03602__0001.0.pdf?mcid=tGE4TAMA CONTOUR SPA: Case Summary & Largest Unsecured Creditors ------------------------------------------------------- Twenty-three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on June 12, 2025: Debtor Case No. ------ -------- Contour Spa Ann Arbor LLC 25-03609 3069 Oak Valley Drive Num 17 Ann Arbor, MI 48103 Contour Spa Birmingham LLC 25-03611 619 S. Adams Rd. #11 Birmingham, MI 48009 Contour Spa Bridgeville LLC 25-03613 3031 Washington Pike No. 2A Bridgeville, PA 15017 Contour Spa Canton LLC 25-03615 6425 N. Canton Center Rd. #14 Canton, MI 48187 Contour Spa Cherry Creek LLC 25-03616 2700 E 2nd Ave. #21 Denver, CO 80206 Contour Spa Cool Springs LLC 25-03617 1731 Mallory Lane Brentwood, TN 37027 Contour Spa Evansville LLC 25-03618 585 N Green River Dr. Studio 31 Evansville, IN 47715 Contour Spa Fox Chapel LLC 25-03619 177 Freeport Rd #10A Pittsburgh, PA 15238 Contour Spa Gilbert LLC 25-03620 2680 E Germann Rd #34A Chandler, AZ 85286 Contour Spa Glendale LLC 25-03621 18205 N 51st Ave. Building 5 Glendale, AZ 85308 Contour Spa Green Hills LLC 25-03622 2000 Richard Jones Rd Suite 110 Nashville, TN 37215 Contour Spa Hendersonville LLC 25-03624 206 Indian Lake Blvd. Ste. 17 Hendersonville, TN 37075 Contour Spa Lafayette LLC - Contour Spa Mason LLC 25-03625 9313 Mason Montgomery Rd Num 01W Mason, OH 45040 Contour Spa Murfeesboro LLC 25-03627 1948 Old Fort Parkway Num 204 Murfreesboro, TN 37129 Contour Spa Natick LLC 25-03628 Contour Spa New Bruanfels LLC 25-03629 Contour Spa Onion Creek LLC 25-03631 Contour Spa Polaris LLC 25-03632 Contour Spa Rochester Hills LLC 25-03633 Contour Spa Scottsdale LLC 25-03634 Contour Spa West Lake LLC 25-03635 Contour Spa Wexford LLC 25-03636 Contour Spa LLC filed a separate Chapter 11 bankruptcy petition on June 11, 2025, in the U.S. Bankruptcy Court for the Middle District of Florida (Case No. 25-03602). Business Description: Contour Spa provides slimming and toning treatments, including cryo slimming, aimed at reducing cellulite, tightening skin, minimizing stretch marks, and supporting fat reduction. With more than 60 locations, the Company offers personalized programs based on individual consultations and long-term body contouring goals. Court: United States Bankruptcy Court Middle District of Florida Judge: Hon. Tiffany P Geyer Debtors' Bakruptcy Counsel: Jimmy D. Parrish, Esq. BAKER & HOSTETLER LLP 200 S. Orange Ave. Suite 2300 Orlando, FL 32801 Tel: 407-649-4000 Email: jparrish@bakerlaw.com - and - Elizabeth A. Green, Esq. BAKER & HOSTETLER LLP 200 S. Orange Ave. Suite 2300 Orlando, FL 32801 Tel: 407-649-4000 Email: egreen@bakerlaw.com Contour Spa Ann Arbor LLC's Estimated Assets: $0 to $50,000 Contour Spa Ann Arbor LLC's Estimated Liabilities: $100,000 to $500,000 Contour Spa Birmingham LLC's Estimated Assets: $0 to $50,000 Contour Spa Birmingham LLC's Estimated Liabilities: $1 million to $10 million Contour Spa Bridgeville LLC's Estimated Assets: $0 to $50,000 Contour Spa Bridgeville LLC's Estimated Liabilities: $500,000 to $1 million Contour Spa Canton LLC's Estimated Assets: $0 to $50,000 Contour Spa Canton LLC's Estimated Liabilities: $0 to $50,000 Contour Spa Cherry Creek LLC's Estimated Assets: $0 to $50,000 Contour Spa Cherry Creek LLC's Estimated Liabilities: $0 to $50,000 Contour Spa Cool Springs LLC's Estimated Assets: $0 to $50,000 Contour Spa Cool Springs LLC's Estimated Liabilities: $1 million to $10 million Contour Spa Evansville LLC's Estimated Assets: $0 to $50,000 Contour Spa Evansville LLC's Estimated Liabilities: $1 million to $10 million Contour Spa Fox Chapel LLC's Estimated Assets: $0 to $50,000 Contour Spa Fox Chapel LLC's Estimated Liabilities: $500,000 to $1 million Contour Spa Gilbert LLC's Estimated Assets: $0 to $50,000 Contour Spa Gilbert LLC's Estimated Liabilities: $1 million to $10 million Contour Spa Glendale LLC's Estimated Assets: $0 to $50,000 Contour Spa Glendale LLC's Estimated Liabilities: $1 milliont to $10 million Contour Spa Green Hills LLC's Estimated Assets: $0 to $50,000 Contour Spa Green Hills LLC's Estimated Liabilities: $1 million to $10 million Contour Spa Hendersonville LLC's Estimated Assets: $0 to $50,000 Contour Spa Hendersonville LLC's Estimated Liabilities: $1 million to $10 million Contour Spa Murfeesboro LLC's Estimated Assets: $0 to $50,000 Contour Spa Murfeesboro LLC's Estimated Liabilities: $500,000 to $1 million Contour Spa Mason LLC's Estimated Assets: $0 to $50,000 Contour Spa Mason LLC's Estimated Liabilities: $500,000 to $1 million The petitions were signed by Roger A. Farwell, CEO of Contour Spas LLC, as Managing Member. Full-text copies of some of the Debtors' petitions, which include lists of their largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/22Z7WMQ/Contour_Spa_Ann_Arbor_LLC__flmbke-25-03609__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/3GDOE7A/Contour_Spa_Birmingham_LLC__flmbke-25-03611__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/BQIRW3I/Contour_Spa_Bridgeville_LLC__flmbke-25-03613__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/5YSXR5A/Contour_Spa_Canton_LLC__flmbke-25-03615__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CEAYPQA/Contour_Spa_Cherry_Creek_LLC__flmbke-25-03616__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/27RY62A/Contour_Spa_Cool_Springs_LLC__flmbke-25-03617__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/3GEQHDI/Contour_Spa_Evansville_LLC__flmbke-25-03618__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/SXITHKY/Contour_Spa_Fox_Chapel_LLC__flmbke-25-03619__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ZKFB7EQ/Contour_Spa_Gilbert_LLC__flmbke-25-03620__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ZXCD6JA/Contour_Spa_Glendale_LLC__flmbke-25-03621__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/7PC4NRA/Contour_Spa_Green_Hills_LLC__flmbke-25-03622__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LFPMP6Y/Contour_Spa_Hendersonville_LLC__flmbke-25-03624__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/BO72IBY/Contour_Spa_Murfeesboro_LLC__flmbke-25-03627__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/BFYAORI/Contour_Spa_Mason_LLC__flmbke-25-03625__0001.0.pdf?mcid=tGE4TAMA CORNERSTONE BUILDING: XAI Octagon Marks $1.3MM 1L Loan at 16% Off ----------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $1,355,813 loan extended to Cornerstone Building Brands, Inc. to market at $1,134,558 or 84% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Cornerstone Building Brands, Inc. The loan accrues interest at a rate of 1M SOFR + 3.25% per annum. The loan matures on April 12, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Cornerstone Building Brands, Inc. Cornerstone Building Brands, Inc. is a holding company based in North Carolina. CORNERSTONE BUILDING: XAI Octagon Marks $297,000 1L Loan at 18% Off ------------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $297,940 loan extended to Cornerstone Building Brands, Inc. to market at $244,418 or 82% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Cornerstone Building Brands, Inc. The loan accrues interest at a rate of 1M SOFR + 4.50% per annum. The loan matures on May 15, 2031. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Cornerstone Building Brands, Inc. Cornerstone Building Brands, Inc. is a holding company based in North Carolina. CRESCENT CITY: Case Summary & 16 Unsecured Creditors ---------------------------------------------------- Debtor: Crescent City Meat Co Inc. 7133 Ivy Street Metairie, LA 70003 Business Description: Crescent City Meat Co Inc. is a meat processing company based in Metairie, Louisiana, specializing in Cajun-style sausages and boudin. The Company offers products made from pork, crawfish, shrimp, and alligator, and operates under USDA inspection. Founded in 1985, it serves retail and wholesale customers in the region. Chapter 11 Petition Date: June 10, 2025 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 25-11178 Debtor's Counsel: Robin R. De Leo, Esq. THE DE LEO LAW FIRM, LLC 800 Ramon St Mandeville, LA 70448 Tel: (985) 727-1664 Fax: (985) 727-4388 E-mail: lisa@northshoreattorney.com Total Assets: $1,993,006 Total Liabilities: $1,479,338 The petition was signed by Gerard B. Hanford as president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OVJ4OSA/Crescent_City_Meat_Co_Inc__laebke-25-11178__0001.0.pdf?mcid=tGE4TAMA DB BONNEVILLE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 12 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of DB Booneville, Inc. About DB Booneville Inc. DB Booneville Inc., also known as the Village at Sugar Creek, is a real estate company based in Urbandale, Iowa. It operates in property development and ownership, including residential properties. The company has been involved in various developments such as the Village at Sugar Creek, a mixed-use project offering multifamily housing, retail, office spaces, and townhomes in West Des Moines. DB Booneville sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00817) on May 13, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Lee M. Jackwig handles the case. The Debtors are represented by Samuel Z. Marks, Esq., at Marks Law Firm. DCERT BUYER: Franklin Templeton Marks $1MM Loan at 18% Off ---------------------------------------------------------- Franklin Templeton ETF Trust has marked its $1,000,000 loan extended to DCert Buyer Inc to market at $817,500 or 82% of the outstanding amount, according to a disclosure contained in Franklin Templeton's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. Franklin Templeton is a participant in a 2021 2nd Lien Term Loan to DCert Buyer Inc. The loan accrues interest at a rate of 11.325% (1 mo. USD Term SOFR + 7%) per annum. The loan matures on December 19, 2029. Franklin Templeton is registered under the Investment Company Act of 1940 as an open-end management investment company consisting of fifty-one separate funds, seventeen of which are included in this report. Franklin Templeton is led by Christopher Kings, Chief Executive Officer - Finance and Administration; and Vivek Pai, Chief Financial Officer, Chief Accounting Officer and Treasurer. The Fund can be reach through: Christopher Kings Alison Baur Franklin Templeton One Franklin Parkway, San Mateo, CA 94403-1906 Telephone: (650) 312-2000 DCert is a CA that enables trusted communications between website servers and terminal devices such as browsers and smartphone applications. Increasingly, applications are expanding to include Internet of Things terminal devices. A CA verifies and authenticates the validity of websites and their hosting entities, and facilitates the encryption of data on the internet. CA services are 100% subscription-based and generally recurring in nature. DECO GROUP: Court Denies Steakhouse Equipment Sale -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has denied Deco Group LLC's motion to sell Property, free and clear of liens, claims, and encumbrances. The Debtor operates a fast-food style hamburger restaurant, as well as a full-service steakhouse. The Debtor determines that it will no longer continue operating the steakhouse. Debtor believes it will be more efficient to solely operate the hamburger restaurant, and will use the operations from the remaining restaurant to fund the Debtor's reorganization plan. Rather than close the restaurant and surrender the collateral, Debtor has found a potential buyer for all the equipment for the steakhouse restaurant. The Small Business Administration (SBA) has a first-position blanket lien on the all the Debtor’s assets. Debtor scheduled the SBA as a secured creditor owed $2,058,816.44 as of the petition date. The Debtor believes a sale is a preferable option to closing the restaurant, as it will preserve the jobs of the employees and allow the operations to continue. It also allows the SBA, as the first position lienholder, to receive funds immediately upon closing. If the sale is not approved, the Debtor will cease operations at the steakhouse. The Debtor seeks to sell the restaurant equipment to The Texan – 1836 LLC for the sale price of $37,265.00, which Debtor believes to be the current value of all assets to be sold. The Texan is the current landlord for the steakhouse restaurant. The Debtor is requests emergency consideration, as the buyer is demanding that the sale close as close as possible to May 15, 2025, due to licensing steps the potential buyer has already taken with the Texas Alcoholic Beverages Commission. Moreover, Debtor plans to cease operations of the restaurant regardless, and believes that emergency consideration is warranted to try to ensure that if approved, operations at the restaurant are not disrupted, and the value of the assets are preserved. However, the Court denies the Debtor's motion. The Court indicates that Under Federal Rules of Bankruptcy Procedure 7004(b)(5) which references 7004(b)(4), when serving an agency of the United States, service must include the "civil process clerk at the office of the United States Attorney for the district in which the action is brought," "the Attorney General of the United States at Washington, District of Columbia," and the "agency." The Debtor's certificate of service, attached to the Motion, only list an address for the Small Business Administration and not the Attorney General of the United States. Thus, the service of the Motion is deficient. The Court encourages Debtor's counsel to reach out to the SB A and consider coming to an agreement regarding the sale and or disposition of the restaurant equipment. About Deco Group LLC Deco Group, LLC runs and oversees both a quick-service restaurant and a full-service restaurant business in Bryan, Texas. Deco Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-31252) on March 4, 2025, listing $106,682 in assets and $2,238,074 in debts. John Mathews, Deco Group manager, signed the petition. Judge Jeffrey P. Norman oversees the case. Robert C. Lane, Esq., at the Lane Law Firm, represents the Debtor as bankruptcy counsel. DECO GROUP: Unsecureds Will Get 2.46% of Claims over 5 Years ------------------------------------------------------------ Deco Group, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated June 2, 2025. The Debtor started operations in 2018. Debtor's operations are a quick service restaurant and a full-service restaurant. The Debtor is currently owned 100% by John C. Mathews. Ownership interests will remain unchanged following confirmation. The Debtor elected to file a chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor’s Plan will break the existing claims into five classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 consists of Allowed Unsecured Claims. The Debtor will distribute $98,000.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 2.46% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 5 unsecured creditor pool and will be paid on a pro rata basis. The allowed unsecured claims total $2,683,868.91. This Class is impaired. Class 6 consists of Equity Interest Holders (Current Owners). The current owners will receive no payments under the Plan; however, they will be allowed to retain ownership in the Debtor. Class 6 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated June 2, 2025 is available at https://urlcurt.com/u?l=huwlft from PacerMonitor.com at no charge. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About Deco Group LLC Deco Group, LLC runs and oversees both a quick-service restaurant and a full-service restaurant business in Bryan, Texas. Deco Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-31252) on March 4, 2025, listing $106,682 in assets and $2,238,074 in debts. John Mathews, Deco Group manager, signed the petition. Judge Jeffrey P. Norman oversees the case. Robert C. Lane, Esq., at the Lane Law Firm, represents the Debtor as bankruptcy counsel. DELTA X1: Seeks to Hire Juan C. Bigas Valedon as Legal Counsel -------------------------------------------------------------- Delta X1, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Juan C. Bigas Valedon Law Office to handle its Chapter 11 case. Juan Bigas Valedon, Esq., the primary attorney in this representation, will be billed at his hourly rate of $350, plus expenses. The firm received a retainer of $10,000 from the Debtor. Mr. Bigas Valedon 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: Juan C. Bigas Valedon, Esq. Juan C. Bigas Valedon Law Office P.O. Box 7011 Ponce, PR 00732 Telephone: (259)-1000 Facsimile: (842)-4090 About Delta X1 Delta X1, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02413) on May 29, 2025. In its petition, the Debtor disclosed up to $1 million in estimated assets and up to $50,000 in estimated liabilities. Honorable Bankruptcy Judge Mildred Caban Flores handles the case. Juan C. Bigas Valedon Law Office serves as the Debtor's counsel. DIAMOND ELITE: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Diamond Elite 121 LLC 1771 N Agave St. Casa Grande, AZ 85122 Business Description: Diamond Elite 121 LLC is a single-asset real estate entity under U.S. bankruptcy law, with its primary property located at 121 W Florence Blvd, Casa Grande, Arizona. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-05298 Judge: Hon. Scott H. Gan Debtor's Counsel: Lamar Hawkins, Esq. GUIDANT LAW PLC 402 East Southern Ave Tempe, AZ 85282 Email: lamar@guidant.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Yehoishiah Rubin as manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DZA2MVQ/Diamond_Elite_121_LLC__azbke-25-05298__0001.0.pdf?mcid=tGE4TAMA DOCUDATA SOLUTIONS: DOJ Opposes Restructuring Plan -------------------------------------------------- Benjamin Hernandez of Bloomberg Law reports thatDocuData Solutions, a bankrupt subsidiary of Exela Technologies Inc., is running afoul of U.S. Supreme Court precedent with its proposed restructuring plan, according to a Justice Department bankruptcy official. In a Wednesday, June 11, 2025, filing with the U.S. Bankruptcy Court for the Southern District of Texas, U.S. Trustee Kevin M. Epstein objected to the plan's inclusion of litigation releases for nonbankrupt parties without the explicit consent of creditors, according to Bloomberg Law. Epstein also challenged the plan's broad injunction and "gatekeeper" provisions, arguing they conflict with Fifth Circuit precedent, and opposed the company's request to bypass the standard 14-day waiting period following court approval. About Docudata Solutions Docudata Solutions, LC, together with their Debtors and non-Debtor affiliates (the Company), are a global leader in business process automation. Leveraging their worldwide presence and proprietary technology, the Company offers high-quality payment processing and digital transformation solutions across the Americas and Asia, helping clients enhance efficiency and lower operational costs. The Company has worked with over 60% of the Fortune 100 companies. They provide essential services to top global banks, financial institutions, healthcare payers and providers, and major global brands. These services include finance and accounting solutions, payment technologies, healthcare payer and revenue cycle management, hyper-automation and remote work solutions, enterprise information management, integrated communications and marketing automation, as well as digital solutions for large enterprises. Docudata Solutions and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90023) on March 3, 2025. In the petitions signed by Matt Brown, interim chief financial officer, the Debtors disclosed $500 million to $1 billion in estimated assets and $1 billion to $10 billion in estimated liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins LLP, Houlihan Lokey, Financial Advisors, Inc. as investment banker, AlixPartners, LLP as financial advisor. Omni Agent Solutions, Inc. is the Debtors' claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. DOUBLE PLAY: Seeks to Hire Barron & Newburger as Legal Counsel -------------------------------------------------------------- Double Play Oil & Gas, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Barron & Newburger, PC as legal counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in the continued management of its assets; (b) review the nature and validity of claims asserted against the property of the Debtor and advise concerning the enforceability of such claims; (c) prepare on behalf of the Debtor all necessary and appropriate legal documents, and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, legal papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The firm will be paid at these hourly rates: Stephen Sather, Attorney $650 Senior Attorneys $400 - $650 Junior Attorneys $250 - $450 Legal Assistants $40 - $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $5,000 from the Debtor on May 5, 2025. The Debtor's principal has agreed to pay an additional retainer of $15,000. Mr. Sather 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 Sather, Esq. Barron & Newburger, PC 7320 N. MoPac Expwy., Suite 400 Austin, TX 78731 Telephone: (512) 649-3243 Email: ssather@bn-lawyers.com About Double Play Oil & Gas Double Play Oil & Gas, Inc. is an oil and gas operator in Portland, Texas. Double Play Oil & Gas filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 25-20130) on May 5, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Glenn Burdine, director and president of Double Play Oil & Gas, signed the petition. Judge Marvin Isgur oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, PC represents the Debtor as legal counsel. DRAKSIN PROPERTIES: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Draksin Properties, Inc. received second interim approval from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral. The order penned by Judge Wendy Kinsella authorized the company's interim use of cash collateral in accordance with its budget. Generations Bank and other secured creditors of the company will be granted rollover liens on and security interests in all collateral in which such creditors hold liens and security interests pursuant to their loan documents with the company. As additional protection, Generations Bank will continue to receive monthly payments of $1,850 until the effective date of Draksin's Subchapter V plan. The monthly payments started in April 30. Draksin was also ordered to continue its monthly payment of $500 to the Subchapter V trustee for payment of his fees, with such funds to be held in escrow pending further court order. The next hearing is scheduled for June 18. About Draksin Properties Draksin Properties, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30159) on March 6, 2025, listing up to $1 million in both assets and liabilities. Judge Wendy A. Kinsella oversees the case. Peter Alan Orville, Esq., at Orville & Mcdonald Law, PC is the Debtor's legal counsel. Generations Bank, as secured creditor, is represented by: Curtis A. Johnson, Esq. Bond, Schoeneck & King, PLLC 350 Linden Oaks, Third Floor Rochester, New York 14625 Tel: (585) 362-4812 cjohnson@bsk.com ENDURE DIGITAL: XAI Octagon Marks $653,000 1L Loan at 29% Off ------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $653,231 loan extended to Endure Digital, Inc. to market at $463,793 or 71% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Endure Digital, Inc. The loan accrues interest at a rate of 1M SOFR + 3.50% per annum. The loan matures on February 10, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Endure Digital, Inc. Endure Digital (Web.com and Endurance), is a provider of internet domain name registrations, web hosting and website building tools to small businesses. The combined company will have an expanded portfolio of leading web services brands, which include Bluehost, Network Solutions, and Web.com as well as other regional and complimentary brands. Moody's projects pro forma revenue in excess of $1 billion in 2020. Clearlake and Siris will be majority shareholders of the combined company. ENNIS I-45: Court Extends Cash Collateral Access to June 30 ----------------------------------------------------------- Ennis I-45 11 ACRE, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas to use cash collateral. The third interim order authorized the company to use up to $28,337.39 in cash collateral through June 30 to pay the expenses set forth in its 30-day budget. Ennis projects total operational expenses of 28,337.39 for June. Lienholders Real Estate Holdings, LLC and Bay Point Capital Partners II, LP will receive replacement liens as protection for the company's use of their cash collateral, and a super-priority administrative expense claim in case such liens are not sufficient to protect their interests. The next hearing is scheduled for June 24. About Ennis I-45 Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. The Debtor is represented by: Kyung S. Lee, Esq. Shannon And Lee LLP Tel: 713-301-4751 Email: klee@shannonleellp.com FARIFOX CORP: Unsecureds Will Get 3% of Claims over 60 Months ------------------------------------------------------------- Farifox Corporation d/b/a AestheticFX filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Second Amended Plan of Reorganization dated June 2, 2025. AestheticFX is a well-established medspa specializing in a wide range of cosmetic and medical treatments aimed at improving the overall well-being, aesthetics, and quality of life of its clients. The Debtor offers a comprehensive suite of services with a primary focus on anti-aging and wellness for both men and women. The Debtor's services are designed to help its clients achieve their aesthetic goals, feel more confident in their appearance, and enhance their overall health, particularly as they age. This Plan proposes a five-year repayment and restructuring strategy that allows the Debtor to maintain business operations, preserve equity ownership, and provide meaningful recovery to creditors. The Plan includes the resolution of secured and unsecured claims, preserves rights to object to disputed claims post-confirmation, and is designed to ensure feasibility while supporting business stability and long-term viability under Section 1191 of the Bankruptcy Code. As part of the restructuring plan, the company wishes to address the financial challenges that have significantly impacted the viability of the business, AestheticFX. These challenges stem from a combination of high debt levels, the economic environment, changes in client spending patterns, and market oversaturation. Together, these factors have placed substantial pressure on our operations and cash flow, making it increasingly difficult to meet the financial obligations. This Plan provides for the classification and treatment of all Claims against the Debtor in accordance with the provisions of the Bankruptcy Code. A Claim is placed in a particular class for the purpose of voting on the Plan and receiving distributions under the Plan. Class 5 consists of all allowed general unsecured claims, including but not limited to claims held by Heritage Bank, North Mill Equipment Finance, LLC, Headway Capital and other non priority unsecured creditors. The total amount of allowed Class 5 claims, excluding the disputed Corporate Turnaround claim, is $1,300,415.52. Under the plan, creditors will receive a pro rata distribution of 3% of their allowed claim amount, payable over 60 months. The total amount to be distributed to Class 5 creditors under the plan is $39,012.47, resulting in equal monthly payments of $650.21. Corporate Turnaround's unsecured claim is listed in the amount of $562,900.77 and is disputed in full. This amount reflects an unsupported penalty provision in their contract, which allows them to charge 3% per month of enrolled debt if a creditor is removed from the program. To date, Corporate Turnaround has not provided a formal invoice, accounting statement, or supporting documentation to substantiate this figure. Additionally, their agreement states they are entitled to 35% of any money saved on negotiated settlements. However, despite being informed repeatedly of a pending lawsuit and judgment from North Mill Equipment Finance, Corporate Turnaround advised the Debtor it as a "scare tactic" and continued to hold out for further negotiation. Following the entry of judgment, they sent follow-up emails indicating they could meet North Mill's demands if they "have to," further confirming they were aware resolution was possible but elected to delay action. Class 6 consists of Equity Interests. Equity interests in the Debtor are retained by Beverly Farris. No distributions shall be made on account of equity until all Plan obligations have been satisfied. The Debtor proposes a restructuring of existing obligations to reflect realistic market values for secured equipment, reduce excessive debt service, and allow the business to return to profitability. Equipment valuations are based on fire sale market offers. These adjustments are necessary to ensure the Plan is feasible under Subchapter V and that all classes receive more than they would in liquidation. The Plan allocates up to $3,000 per month toward marketing, consisting of $1,500 in marketing firm fees and $1,500 in paid advertising. The strategy includes running two active campaigns with a goal of client acquisition, increasing booking conversion, and retaining high-value package clients. Modest 2–3% annual revenue growth is projected based on this reinvestment in growth. A full-text copy of the Second Amended Plan dated June 2, 2025 is available at https://urlcurt.com/u?l=XF0lNw from PacerMonitor.com at no charge. The firm can be reached through: Daniel C. Durand, III, Esq. Durand & Associates, PC 522 Edmonds, Suite 101 Lewisville, TX 75067 Telephone: (972) 221-5655 Facsimile: (972) 221-9569 Email: durand@durandlaw.com About Farifox Corporation Farifox Corporation, d/b/a AestheticFX, doing business as AestheticFX, is a medical spa based in Frisco, TX, specializing in advanced aesthetic services designed to enhance both appearance and well-being. These services include injectables, skin treatments like RF resurfacing and chemical peels, laser hair removal, tattoo removal, and body contouring. AestheticFX utilizes state-of-the art technology, including Alma's Harmony XL PRO and Soprano ICE Platinum systems, to provide non-invasive, effective treatments for their clients. Farifox Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex.Case No. 25-40488) on February 21, 2025. In its petition, the Debtor reports total assets as of Feb. 14, 2025 amounting to $264,737 and total liabilities as of Feb. 14, 2025 of $1,185,640. The Debtor is represented by Daniel C. Durand III, Esq. at DURAND & ASSOCIATES, PC. FIBERCO GENERAL: Taps Armory Consulting Co. as Financial Advisor ---------------------------------------------------------------- Fiberco General Engineering Contractors, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Armory Consulting Co. as financial advisor. The firm will render these services: (a) provide strategic financial guidance to prepare and assist the Debtor through its bankruptcy; (b) manage reporting requirements pertaining to the Bankruptcy Court and the U.S. Trustee's Office; (c) manage preparation of periodic cash flow forecasts, long term financial projections, and variance analysis, as needed; (d) assist with negotiating and serving as a liaison between the Debtor and its creditors or their representatives; (e) assist with the projections in developing a plan of reorganization; (f) prepare the liquidation analysis; (g) assist with preparing a valuation and/or appraisal of the Debtor's business and/or assets; (h) evaluate the rejection of any executory contracts and unexpired leases; (i) assist in the evaluation and analysis of avoidance actions and causes of action; (j) provide testimony before the Bankruptcy Court on matters within Armory's expertise and consistent with its scope of services herein; (k) oversee analysis of creditors' claims; and (l) provide additional services as may be mutually agreed upon in writing between the Debtor and Armory. The firm will be paid at these hourly rates: James Wong, Attorney $575 Staff $475 - $550 In addition, the firm will seek reimbursement for expenses incurred. On or about May 9, 2025, the firm received a $15,000 retainer from the Debtor. Mr. Wong 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: James Wong, Esq. Armory Consulting Co. 3943 Irvine Blvd., #253 Irvine, CA 92602 Telephone: (714) 222-5552 Email: jwong@armoryconsulting.com About Fiberco General Engineering Contractors Fiberco General Engineering Contractors Inc. established in 1995, is a general engineering contractor based in Riverside, Calif. The company specializes in utility system construction and heavy and civil engineering projects. Fiberco General Engineering Contractors Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10912) on February 18, 2025. In its petition, the Debtor reported total assets of $2,451,262 and total liabilities of $2,989,654. Judge Scott H. Yun handles the case. The Debtor tapped Michael R. Totaro, Esq., at Totaro & Shanahan, LLP as counsel and Armory Consulting Co. as financial advisor. FINTHRIVE SOFTWARE: AllianceBernstein Marks $363K Loan at 25% Off ----------------------------------------------------------------- AllianceBernstein Global High Income Fund has marked its $363,000 loan extended to FinThrive Software Intermediate Holdings, Inc to market at $273,459 or 75% of the outstanding amount, according to a disclosure contained in AllianceBernstein's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. AllianceBernstein is a participant in a Bank Loan to FinThrive Software Intermediate Holdings, Inc. The loan accrues interest at a rate of 11.19% (CME Term SOFR 1Month + 6.75%) per annum. The loan matures on December 17, 2029. AllianceBernstein is incorporated under the laws of the State of Maryland and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. AllianceBernstein is led by Onur Erzan, President; and Stephen M. Woetzel, Treasurer and Chief Financial Officer. The Fund can be reach through: Stephen M. Woetzel AllianceBernstein L.P. 66 Hudson Boulevard East New York, NY 10005 Telephone No.: (800) 221-5672 FinThrive is a provider of revenue cycle management software solutions to the healthcare sector. FIRST WAY: Gets OK to Tap Latham Luna Eden & Beaudine as Counsel ---------------------------------------------------------------- First Way, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as counsel. The firm will render these services: (a) advise the Debtor of its rights and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of this estate. The firm's professionals will be paid at these hourly rates: Daniel Velasquez, Esq. $275 - $475 Attorneys $500 Paralegals $125 Prior to the petition date, the firm received an advance fee of $30,738 from the Debtor. Mr. Velasquez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 Email: dvelasquez@lathamluna.com About First Way Inc. First Way, Inc. is a transportation and logistics company specializing in flatbed, step-deck, reefer conestoga, and dry van services. Founded in 2014, the company provides reliable freight solutions using skilled drivers and late-model equipment. First Way sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01963) on April 4, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Lori V. Vaughan handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP. FRANCHISE GROUP: XAI Octagon Marks $441,000 1L Loan at 59% Off -------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $441,682 loan extended to Franchise Group, Inc. to market at $179,764 or 41% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Franchise Group, Inc. The loan accrues interest at a rate of 6M SOFR + 4.75% per annum. The loan matures on March 10, 2026. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 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. GABHALTAIS TEAGHLAIGH: Seeks to Sell Properties in Massachusetts ---------------------------------------------------------------- Gabhaltais Teaghlaigh LLC seeks approval from the U.S. Bankruptcy Court District of Massachusetts, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor's Property is located at 47 Old Harbor Street, S. Boston, MA; 283 West 5th Street, S. Boston, MA; 193 Randolph Street, Weymouth, MA; and 15 Simms Court, Newton, MA. The purchasers of the Properties are 47 Old Harbor Realty Trust, the 283 West Realty Trust, the 193 Randolph Realty Trust, and the 15 Simms Court Realty Trust. The Debtor is a single-member limited liability company, organized in Massachusetts on May 25, 2017. The sole member is Virginia Hung. The Debtor's properties were managed by Anne Brensley, the general partner of DevCo North America LP. The Debtor employs Brensley and DevCo to act as property managers and estate fiduciaries. The properties were subject to four mortgages: (a) a 2017 mortgage to East Boston Savings Bank to secure a loan in the original principal amount of $5,900,00; (b) a 2018 mortgage to Synergy Funding LLP to secure a loan in the original principal amount of $1,000,000; (c) a 2019 mortgage to JTW Investor Group, LLC to secure a loan in the original principal amount of $740,000; (d) a 2019 mortgage to Millennium Investor Group V, LLC to secure a loan in the original principal amount of $266,000.00; The Debtor intends to solicit higher offers by sending notice of the Sale to all known creditors and all parties who have filed requests for notice in the bankruptcy case. Any competing bidders must submit a bid or bids that, other than the price, are on terms that are the same or better from the Seller's perspective. Any higher offers must be must be no less than the following amounts and must be accompanied by cash deposit in the following amounts in the form of a certified or bank check made payable to the undersigned as counsel to the Debtor. Property Minimum Higher Offer Deposit 47 Old Harbor Street $1,260,000.00 $10,000.00 283 West Fifth Street $945,000.00 $10,000.00 193 Randolph Street $360,000.00 $10,000.00 15 Simms Court $630,000.00 $6,000.00 In the alternative, parties submitting higher offers may submit one offer, in an amount no less than $3,202,500.00 for all four properties accompanied by a deposit in the amount of $36,000.00 in the form of a certified or bank check made payable to the undersigned as counsel to the Debtor. The proposed amounts of the deposits are the same as the amounts of the deposits by the Proposed Buyer. The amount of the minimum increase between the original offers by the Proposed Buyers and the minimum higher offers does not exceed 5%. There is no break up fee provision in the agreements with the Proposed Buyer or in the Sale Motion or Sale Notice. The Debtor believes that the proposed bid procedures are fair, reasonable, appropriate and will maximize recovery for the estate. About Gabhaltais Teaghlaigh LLC Gabhaltais Teaghlaigh, LLC, is a real estate rental company that immediately prior to the petition date, owned 6 residential or commercial properties. Gabhaltais Teaghlaigh sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June 15, 2022. In the petition filed by Virginia Hung, as member, Gabaltais Teaghlaigh LLC listed under $50,000 in both assets and liabilities. The case is assigned to Judge Christopher J. Panos. David G. Baker, at Baker Law Offices, is the Debtor's counsel. GILLETTE ENTERPRISES: Seeks Subchapter V Bankruptcy in Florida -------------------------------------------------------------- On June 6, 2025, Gillette Enterprises LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Gillette Enterprises LLC Gillette Enterprises LLC, dba Elysian Fields, is a specialty retail store in Sarasota that offers a curated selection of gifts, books, crystals, bath and body products, jewelry, and candles. The store features items from local and international artisans, as well as spiritual readings by licensed practitioners. With a 30-year presence in the community, Elysian Fields focuses on providing a tranquil and inclusive shopping experience. Gillette Enterprises LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03803) on June 6, 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 Catherine Peek Mcewen handles the case. The Debtors are represented by Alberto ("Al") F. Gomez, Jr., Esq. at JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP. GIUSEPPE AND THE LION: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- Giuseppe and the Lion, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division to use cash collateral. The order signed by Judge Caryl Delano authorized the company's interim use of cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditors. As protection, secured creditors will receive post-petition liens on the cash collateral and all other assets acquired by Giuseppe after the petition date, to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, Giuseppe was ordered to maintain insurance as required under its loan agreements with the secured creditors. About Giuseppe And The Lion Inc. Giuseppe And The Lion, Inc. operates an Italian and sushi restaurant in Naples, Florida, offering live entertainment alongside its dining experience. Established in 1991, the restaurant blends Italian and Japanese cuisines, serving signature dishes such as Chicken and Artichoke Hearts Pasta and Pasta Bayou. It has become a popular destination for both locals and visitors. Giuseppe And The Lion sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00871) on May 5, 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 Caryl E. Delano handles the case. The Debtor is represented by Michael Dal Lago, Esq., at Dal Lago Law. GMB TRANSPORT: Hires Jill M. Flinton as Accountant and Bookkeeper ----------------------------------------------------------------- GMB Transport, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Jill M. Flinton CPA PLLC as accountant and bookkeeper. The firm will provide these services: (a) prepare and file the 2024 1120-S and CT-3-S; and (b) prepare the Debtor's monthly operating reports. The firm will be paid with these fees: (a) Flat Fee Services: (i) Tax preparation and filing - combined total not to exceed $1,000 per year. (b) Hourly Services: (i) Monthly Operating Reports - $200 per hour. Jill Flinton, CPA, a managing member of 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: Jill Flinton, CPA Jill M. Flinton, CPA, PLLC 800 NY-146, Suite 385 Clifton Park, NY 12065 Telephone: (518) 460-5165 Email: jill@jillflintoncpa.com About GMB Transport LLC GMB Transport, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-60857) on October 27, 2024, listing up to $500,000 in assets and up to $1 million in liabilities. Scott J. Bornt, chief executive officer, signed the petition. Judge Patrick G. Radel oversees the case. The Debtor tapped Michael Leo Boyle, Esq., at Boyle Legal, LLC as counsel and Jill M. Flinton CPA PLLC as accountant and bookkeeper. GMS SUNSET: Case Summary & Two Unsecured Creditors -------------------------------------------------- Debtor: GMS Sunset LLC 1141 Elden St., Ste 224 Herndon VA 20170 Business Description: GMS Sunset LLC is classified as a single- asset real estate debtor under 11 U.S.C. Section 101(51B), indicating that its primary business involves owning and operating a single real property asset. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 25-11181 Debtor's Counsel: Daniel Press, Esq. CHUNG & PRESS, P.C. 6718 Whittier Ave Ste 200 McLean VA 22101 Tel: 703-734-3800 E-mail: dpress@chung-press.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Steve Bilidas as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NUMSPSY/GMS_Sunset_LLC__vaebke-25-11181__0001.0.pdf?mcid=tGE4TAMA GOOD LIFE: Case Summary & 13 Unsecured Creditors ------------------------------------------------ Debtor: Good Life, Inc. 624B Wagon Trail Dr Jacksonville, OR 97530 Business Description: Good Life, Inc. develops and sells ultrasonic bark control and pest repellent products. The Company operates through its primary e-commerce site, ultimatebarkcontrol.com, and is based in Medford, Oregon. Its offerings include devices such as the Dog Silencer MAX, BarkWise, and Pest Repeller Ultimate. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court District of Oregon Case No.: 25-61636 Judge: Hon. Thomas M Renn Debtor's Counsel: Keith Y Boyd, Esq. KEITH Y BOYD, PC 724 S Central Ave 106 Medford, OR 97501 Tel: (541) 973-2422 E-mail: keith@boydlegal.net Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kathy Alexander as secretary. 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/SGPAOFI/Good_Life_Inc__orbke-25-61636__0001.0.pdf?mcid=tGE4TAMA GRANT ANTIQUES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Grant Antiques, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The order authorized the company's interim use of cash collateral until June 17 in accordance with its budget. The company projects total operational expenses of $49,147.90 for June; $45,241.96 for July; and $45,167.90 for August. As adequate protection, creditors (U.S. Small Business Administration, CFG Merchant Solutions, and a third creditor via Corporation Service Co.) will receive replacement liens on post-petition property. In addition, the company has to make monthly payments of $731 to SBA; $667 to CFG; and $1,000 to the Subchapter V Trustee starting June 16. The next hearing is scheduled for June 17. About Grant Antiques Inc. Grant Antiques Inc. operates as an antique mall offering a wide range of antiques, collectibles, and vintage items. The Company is based in Grant, Florida, with additional presence in Fort Pierce, Florida. It is registered as a Florida corporation and serves antique enthusiasts through its multiple dealer booths and consignment sales. Grant Antiques Inc.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 reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtors are represented by Brian K. McMahon, Esq. at BRIAN K. MCMAHON, PA. HARLING INC: Court Extends Cash Collateral Access to June 18 ------------------------------------------------------------ Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the interim use of cash collateral retroactive to the date of filing the company's Chapter 11 case through June 18. As protection from any diminution in the value of its collateral, Byline Bank was granted a first-priority lien on post-petition property of the company, including all proceeds and products thereof, to the same extent and with the same priority as its pre-bankruptcy lien. A further hearing is scheduled for June 17. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HIGHER GROUND: Court Extends Cash Collateral Access to June 18 -------------------------------------------------------------- Higher Ground Empowerment Center Church, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. The court's fifteenth interim order authorized the church to use cash collateral through June 18 to pay the expenses set forth in its budget and to deliver to the Subchapter V trustee $1,000 per month from the cash collateral for the application against her approved fees. The U.S. Small Business Administration, a secured creditor holding a first-priority lien, consented to the extension. SBA will be provided with protection in the form of a valid and properly perfected lien on all property acquired by the church after its Chapter 11 filing that is similar to its pre-bankruptcy collateral. As additional protection, SBA will continue to receive a monthly payment of $2,207. A final hearing is scheduled for June 18. About Higher Ground Empowerment Higher Ground Empowerment Center Church, Inc. is a non-profit church located in the Vine City neighborhood of Atlanta, Ga. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-51362) on Feb. 5, 2024, listing $1 million to $10 million in assets and $500,001 to $1 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor is represented by: Benjamin R Keck, Esq. Keck Legal, LLC Tel: 470-826-6020 Email: bkeck@kecklegal.com HILL TOP ENERGY: S&P Assigns Prelim 'BB-' Rating on Secured Debt ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' preliminary rating and '2' recovery rating to Hill Top Energy Center LLC's (Hill Top) $400 million senior secured term loan B (TLB). Hill Top will use proceeds from the issuance to refinance $291 million of existing debt from construction financing for the project, to pay transaction-related expenses, and to reimburse Ardian for equity used to complete the recent acquisition of Hill Top. Hill Top operates under a gas netback agreement (GNA) with a subsidiary of an investment-grade natural gas company through December 2029. S&P considers this type of hedge to be credit supportive because it provides a degree of margin protection when market heat rates are low. S&P said, "Based on our view of industry factors and market-driven variables, such as power demand and the pace and magnitude of the retirement of uneconomical units, as well as commodity and capacity pricing, we forecast a minimum debt service coverage ratio (DSCR) of 1.66x and a median DSCR of 2.13x for Hill Top (including the post-refinancing period). "The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 85%) recovery in a default scenario. The stable outlook reflects our expectation of high availability and dispatch, as well as spark spreads in the high teens over the next few years. Based on these assumptions, we project a total TLB balance of about $165 million at maturity in 2032." Hill Top is a 620 megawatt (MW) combined-cycle natural gas-fired power plant in Green County, Pa., in the Regional Transmission Organization (RTO) sub-region of Pennsylvania-New Jersey-Maryland Interconnection (PJM). The plant, which commenced operations in July 2021, benefits from stable long-term energy margins underpinned by a GNA. The project is 100% owned by Ardian. Hill Top is an efficient baseload combined-cycle gas turbine (CCGT) that features new technology. Hill Top is an efficient 620 MW CCGT with an actual heat rate of 6,600 Btu/kWh – 6,700 Btu/kWh, positioning it at the lower end of the PJM supply curve. The plant is a single-shaft, combined-cycle configuration and features a General Electric (GE) 7HA.02 combustion turbine-generator unit (CTG). This model is a newer generation of GE CTG based on mature technologies with a goal of improving plant efficiency and reducing emissions. The 7HA.02 technology has seven years of commercial operating history. S&P said, "Despite post-startup issues in the early years, we expect capacity factors will stabilize after scheduled maintenance in 2025. After the plant commenced commercial operations in July 2021, technical issues in the first 18 months affected dispatch. Issues with the clutch and collector resulted in elevated equivalent forced outage rates, limiting capacity factors to around 75%. In 2023, GE replaced the turbine nozzles during a scheduled maintenance outage, causing a capacity factor of 73%. The technical issues were repaired, and by 2024, operations had improved, with the capacity factor increasing to 94%. A major maintenance outage is scheduled for fall 2025, during which GE will replace the clutch and collector. We expect capacity factors will stabilize following these replacements." During the past three full years of operation from 2022-2024, realized spark spreads were approximately $27.40 per megawatt-hour (/MWh), $13.70/MWh, and $13.30/MWh, respectively. Combined with the capacity factors, Hill Top's reported EBITDA was $114 million, $48 million, and $53 million, respectively, in 2022-2024; the 2022 EBITDA spike was driven by high power prices in that year. The GNA enhances energy margin stability compared with a fully merchant facility. The GNA links Hill Top's gas costs to power prices, providing downside protection when market heat rates are low, and effectively fixing a percentage of the energy margin. This is an advantage over merchant plants without any hedging structures, which S&P views as credit positive. Hill Top is strategically located in southwestern Pennsylvania, within the Appalachian Basin, which encompasses the prolific Marcellus and Utica shale formations. Pipeline constraints in the Appalachian production region have led to gas supply exceeding takeaway capacity, suppressing regional gas prices, and incentivizing natural gas suppliers to seek reliable, local offtake arrangements to efficiently monetize their volumes. As a result, Hill Top was able to secure a GNA with the counterparty. The GNA with the subsidiary of an investment-grade natural gas company (guaranteed by the natural gas company) includes firm supply of gas covering the majority of Hill Top's operational needs at a cost equal to a percentage of Hill Top's nodal power price. The remaining fuel requirement is exposed to market gas price. When market heat rates are low, the GNA allows Hill Top to realize better spark spreads than a merchant plant. The GNA effectively fixes the percentage of the energy margin that Hill Top will earn. Although the percentage of energy margin is fixed, the absolute dollar amount depends on power prices, which remain subject to market volatility. Another advantage of the GNA is the elimination of basis risk, since the gas price is directly tied to the plant's nodal power price. In contrast, under a heat rate call option, generators are compensated based on the generation node but hedge at a trading hub, introducing basis risk. Hill Top has a purchase obligation under the GNA, but an invoice credit mitigates risks associated with these obligations. Under the GNA, Hill Top is obligated to purchase a fixed volume of gas per day, regardless of actual demand, except in the case of a scheduled outage or force majeure. In the event of a forced outage, if gas consumption falls below this threshold, Hill Top must still pay for the full contracted quantity. However, the GNA counterparty provides an invoice credit for the unused portion, calculated as the difference between the contracted and actual quantity, multiplied by the market gas price (priced at TETCO M2), effectively reducing Hill Top's net payment obligation. Similar to a forward spark spread hedge, where the generator must make a net payment to its hedging counterparty if a forced outage occurs when the market spark spread exceeds the hedged spread, if a forced outage occurs while market heat rates exceed the GNA's implied market heat rate, Hill Top would owe a net payment to the GNA counterparty. The payment is determined by the difference between the market gas price and the contracted GNA gas price, multiplied by the shortfall in gas quantity (the fixed volume per day minus actual usage). The exception is if force majeure is claimed, in which case Hill Top would not be required to make the payment. S&P said, "Although the single-shaft configuration could lead to greater lost generation during a forced outage, we expect flexibility around force majeure and planned maintenance will help reduce financial and operational risks. The single-shaft configuration increases the risk of an entire forced outage due to its single point of failure, compared with a multi-shaft configuration, which allows partial operation during outages. However, the force majeure flexibility in the GNA provides some risk mitigation for Hill Top's obligations to pay for unused gas. Force majeure was successfully claimed for forced outages in 2021 and 2022, exempting Hill Top from payments for gas under the GNA. In addition, the planned outage in fall 2025 is expected to enhance future performance stability. We expect this maintenance effort will help mitigate reliability concerns associated with the technology and reduce the likelihood of prolonged forced outages. "Forecast DSCRs are robust during the GNA phase; minimum DSCR occurs in the post-refinancing period. Given the unique structure of the project, we separate our assessment into two phases: the GNA phase and the post-GNA phase. With the GNA arrangement fixing a major portion of the energy margin at a specific percentage, we expect the project will be more resilient in a market downturn. In addition, when combined with cleared capacity prices, our expectation for the next few capacity price cycles and high-teen spark spreads--spurred by data center growth and a temporary shortage of dispatchable supply--indicate that DSCRs during the GNA phase will remain robust, with a minimum DSCR of 2.13x and a median DSCR of 2.82x. Post-GNA, starting from 2030, we assume the plant will be fully merchant, similar to other gas-fired power plants, and we expect realized spark spreads will gradually decrease with the penetration of renewables power plants. We project a TLB debt outstanding at maturity of about $165 million in June 2032. For the post-refinancing period, we model a fully amortizing TLB due 2046, although the sponsor could choose different refinancing alternatives. Give our assumptions, we project a minimum DSCR of 1.66x and a median DSCR of 2.13x during the post-GNA phase. "We expect separateness provisions and other structural features will be put in place. S&P Global Ratings' criteria for rating project finance transactions contain certain requirements to allow the project to be rated on a stand-alone basis. These include, among others, restrictions on additional debt, mergers, pledging of security, and separateness. We have only received and reviewed the draft term sheet. The absence of these features in the final financing documents could affect the project rating. In addition, our criteria look to the presence of anti-filing mechanisms such as the appointment of an independent director whose consent is required to initiate an insolvency proceeding of the project company. The sponsor has indicated that an independent director will be appointed at Hill Top. Failing such appointment and without the addition of any other anti-filing mechanism, there is a possibility that the rating on the project could be tied to that of its sponsor, Ardian. "The stable outlook reflects our expectation that Hill Top would generate at least a minimum DSCR of 1.66x through the project's life, which includes the post-refinancing period (2033-2046). Based on our review of the current market environment, we project the TLB balance of about $165 million at maturity in 2032." S&P would take a negative rating action if Hill Top is unable to sustain a minimum DSCR of 1.35x. This could occur if: -- Hill Top realize weaker spark spreads or lower PJM capacity prices; -- Unplanned outages occur that significantly affect plant operations; -- Economic factors cause the power plants to dispatch significantly less than S&P's base-case expectation; or -- Debt paydown is substantially lower than S&P expects, leading to higher-than-expected debt balance at maturity. S&P said, "Although unlikely, we could raise the rating if we expect the project will maintain a minimum base-case DSCR above 1.8x in all years, including the post-refinancing period; and we believe operational and financial risks associated with a single-asset plant will be adequately mitigated with sufficient performance track record. "We would expect such outcomes to materialize only via significant improvement in spark spreads and uncleared capacity prices in PJM's RTO zone and if the project can continue to procure inexpensive fuel, while realizing robust capacity factors, alongside prudent asset management." HOOPERS DISTRIBUTING: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Hoopers Distributing, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The fifth interim order authorized the company to use cash collateral for its operating expenses in accordance with its budget, with a 10% variance allowed. The budget shows the company's projected expenses of $129,473.86 for the period from June 1 to 30. As protection, Kapitus, LLC's and Kalamata Capital Group, LLC's liens will extend to Hoopers' post-petition cash generated from sales and all other assets against which the secured creditors held liens. As additional protection, Kapitus will receive a cash payment of $1,334.17 by June 15. The interim order will remain in full force and effect until June 24; the replacement of or termination of the fifth interim order by a subsequent order; or the filing of a notice of default, whichever comes first. The next hearing is scheduled for June 24. About Hoopers Distributing Hoopers Distributing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00447) on February 7, 2025, listing between $500,001 and $1 million in both assets and liabilities. J.M. Cook serves as Subchapter V trustee. Judge Joseph N. Callaway presides over the case. Benjamin E.F.B. Waller, Esq., at Hendren, Redwine & Malone, PLLC is the Debtor's legal counsel. Kapitus, LLC, as secured creditor, is represented by: Byron L. Saintsing, Esq. Smith Debnam Narron Drake Saintsing & Myers, LLP P.O. Box 176010 Raleigh, NC 27619-6010 Telephone: (919) 250-2000 bsaintsing@smithdebnamlaw.com HORSEY DENISON: Seeks to Tap J.G. Cochran Auctioneers as Auctioneer ------------------------------------------------------------------- Horsey Denison Landscaping LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Maryland to employ J.G. Cochran Auctioneers & Associates, Ltd. as auctioneer. The Debtors need an auctioneer to market and sell its properties. The firm will receive a commission of 6 percent of the aggregate gross sales derived from the auction and will be withheld from the gross proceeds of sale without further application to, or order of, the court. James Cochran, an auctioneer at J.G. Cochran Auctioneers & 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: James G. Cochran J.G. Cochran Auctioneers & Associates, Ltd. 7704 Mapleville Rd. Boonsboro, MD 21713 Telephone: (301) 739-0538 About Horsey Denison Landscaping Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, Horsey Denison Landscaping reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Paul Sweeney, Esq., at YVS LAW, LLC. IH 35 TRUCKING: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------ On June 6, 2025, IH 35 Trucking 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 not be available to unsecured creditors. About IH 35 Trucking LLC IH 35 Trucking LLC is a family-owned logistics provider based in Laredo, Texas, offering temperature-controlled and flatbed freight services across North America. The Company specializes in full truckload, intermodal, and cross-border transportation, with operations extending into Mexico and Canada. Leveraging satellite tracking, Qualcomm communications, and route optimization systems, it delivers tailored long-haul and short-haul logistics solutions for temperature-sensitive goods. IH 35 Trucking LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-50057) on June 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtors are represented by Carl M. Barto, Esq. at LAW OFFICE OF CARL M. BARTO. IHEARTCOMMUNICATIONS INC: Franklin Marks $1.04MM Loan at 18% Off ---------------------------------------------------------------- Franklin Templeton ETF Trust has marked its $1,042,388 loan extended to iHeartCommunications, Inc to market at $849,978 or 82% of the outstanding amount, according to a disclosure contained in Franklin Templeton's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. Franklin Templeton is a participant in a 2024 Term Loan to iHeartCommunications, Inc. The loan accrues interest at a rate of 10.209% (1 mo. USD Term SOFR + 5.78%) per annum. The loan matures on May 1, 2029. Franklin Templeton is registered under the Investment Company Act of 1940 as an open-end management investment company consisting of fifty-one separate funds, seventeen of which are included in this report. Franklin Templeton is led by Christopher Kings, Chief Executive Officer - Finance and Administration; and Vivek Pai, Chief Financial Officer, Chief Accounting Officer and Treasurer. The Fund can be reach through: Christopher Kings Alison Baur Franklin Templeton One Franklin Parkway, San Mateo, CA 94403-1906 Telephone: (650) 312-2000 iHeartCommunications, Inc. operates as a media company. The Company offers radio and television stations, outdoor advertising displays, and live entertainment venues such as music, news, talk, sports, and other stations. iHeartCommunications serves clients worldwide. IHEARTCOMMUNICATIONS: AllianceBernstein Marks $1.1M Loan at 19% Off ------------------------------------------------------------------- AllianceBernstein Global High Income Fund has marked its $1,185,000 loan extended to iHeartCommunications, Inc to market at $960,454 or 81% of the outstanding amount, according to a disclosure contained in AllianceBernstein's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. AllianceBernstein is a participant in a Bank Loan to iHeartCommunications, Inc. The loan matures on May 1, 2029. AllianceBernstein is incorporated under the laws of the State of Maryland and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. AllianceBernstein is led by Onur Erzan, President; and Stephen M. Woetzel, Treasurer and Chief Financial Officer. The Fund can be reach through: Stephen M. Woetzel AllianceBernstein L.P. 66 Hudson Boulevard East New York, NY 10005 Telephone No.: (800) 221-5672 iHeartCommunications, Inc. operates as a media company. The Company offers radio and television stations, outdoor advertising displays, and live entertainment venues such as music, news, talk, sports, and other stations. iHeartCommunications serves clients worldwide. INGENOVIS HEALTH: XAI Octagon Marks $1.1MM 1L Loan at 59% Off ------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $1,126,270 loan extended to Ingenovis Health, Inc. to market at $467,402 or 41% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Ingenovis Health, Inc. The loan accrues interest at a rate of 3M SOFR + 4.25% per annum. The loan matures on March 6, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Ingenovis Health, Inc. Ingenovis Health is an Ohio based services company with a leading portfolio of healthcare staffing brands providing nursing, allied and physician workforce solutions comprised of traditional and fast response travel nursing & allied staffing; cardiology specialty nurse & allied staffing; acute and alternative setting staffing; locum tenens staffing; practice-based solutions; and labor disruption staffing & services across the US. Ingenovis is majority owned by Cornell Capital and Trilantic Capital Partners (the Investor Group). IR4C INC: Court Extends Cash Collateral Access to July 17 --------------------------------------------------------- IR4C, Inc. received seventh interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The seventh interim order approved the use of cash collateral for the period from May 21 to July 17, to pay business expenses set forth in the monthly budget. All secured creditors will have perfected post-petition liens on cash collateral to the same extent and with the same validity and priority as their respective pre-bankruptcy liens. Meanwhile, Lake Michigan Credit Union will continue to receive a monthly payment of $10,000 as protection. The interim order will remain in effect until IR4C's Chapter 11 case is converted to Chapter 7, a trustee is appointed, a bankruptcy plan is confirmed, or the order is terminated. The next hearing is set for July 17. About IR4C Inc. IR4C, Inc., a company in Lakeland, Fla., is the owner and operator of a mobile application fitness program using augmented reality to create virtual "races." It conducts business under the name Yes.Fit and Make Yes Happen. IR4C filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-05458) on Sept. 13, 2024. In its petition, IR4C listed total assets of $4,280,839 and total liabilities of $7,922,422. IR4C President Kevin D. Transue signed the petition. Judge Roberta A. Colton oversees the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace is the Debtor's legal counsel. Lake Michigan Credit Union, as secured creditor, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com J&L LANDSCAPE: Gets Final OK to Use Cash Collateral --------------------------------------------------- J&L Landscape Services, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The final order authorized the company to use cash collateral to fund post-petition operating expenses in accordance with its budget, with a 15% variance allowed per line item. As protection, Kings Funding Group was granted replacement liens on the company's post-petition cash, receivables, inventory and the proceeds thereof, to the same extent and priority as its pre-bankruptcy lien. Meanwhile, Caterpillar Financial Services Corporation will receive a monthly payment of $680 starting June 15 and until J&L's Chapter 11 plan is confirmed or until its authority to use cash collateral is terminated. Unless extended, J&L's authority to use cash collateral will terminate on the date when one of the following conditions occurs: July 31, 2025; dismissal or conversion of the bankruptcy case; appointment of a trustee, examiner or similar entity; court reversal, modification, or stay of the final order; or confirmation of the Chapter 11 plan. 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. JND TROPICS: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: JND Tropics LLC 2728 E Canon Dr Phoenix AZ 85028 Chapter 11 Petition Date: June 12, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-05356 Judge: Hon Madeleine C Wanslee Debtor's Counsel: Michael Carmel, Esq. MICHAEL W. CARMEL, LTD. 80 E Columbus Ave Phoenix AZ 85012 Tel: (602) 264-4965 Email: michael@mcarmellaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Daniel Rudolph as member. The Debtor failed to provide a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NA2VDGI/JND_TROPICS_LLC__azbke-25-05356__0001.0.pdf?mcid=tGE4TAMA JOE'S SPORTS: Unsecureds Will Get 1.03% of Claims over 36 Months ---------------------------------------------------------------- Joe's Sports Bar Inc. filed with the U.S. Bankruptcy Court for the Western District of North Carolina a Plan of Reorganization dated June 2, 2025. Formed on January 1, 2020, the Debtor is a North Carolina corporation that operates as a restaurant and bar with a focus on southern comfort food. Pursuant to the Debtor's income calculation, the Debtor is setting its monthly plan payment at $350.00 per month. This Plan contemplates a 36-month plan payment. The Plan of Reorganization under Chapter 11 of the Bankruptcy code proposes to pay creditors of the Debtor from the ongoing operations of the Debtor's business for a three-year period from the effective date. Class 2 consists of all Allowed General Unsecured Claims. After the expiration of the Claims Deadline, the holder of the Allowed Class 2 Claims will receive distributions in the monthly amount of $350.00. Currently, the claims register and adjustments provided for in this Plan estimate that the total amount of Class 2 Claims is $1,574,449.68, provided however, this amount includes claims that the Debtor anticipates objecting to or would be subordinated. After the claims objections, the Debtor estimates that the allowed claims of Class 2 will be $1,223,274.72. The aggregate amount for Allowed Class 2 Claim holders is $12,600.00 which is equal to a Pro Rata Share of 1.03% in the unsecured creditor pool amount of $1,223,274.72. Said payments shall be made by the Debtor to the Disbursing Agent on the 15th of each month starting the first full month after the Claims Deadline. The Disbursing Agent will disburse the funds on hand to holders of Allowed Class 2 Claims no less than once per year following the first anniversary of the effective date and on an annual basis thereafter. Class 2 is impaired by the Plan. The Equity Interests in the Debtor shall remain with the Debtor's insider. Equity Interest Holder Ryan Bybee shall continue to be the licensed qualifier for the Debtor for a period of three years from the petition date. No equity distribution shall be made to the holders of equity interests, unless and until all Allowed Claims have been paid in full. Distributions to holders of Allowed Claims will be made from available Cash, funded by the revenue generated through the Debtor's operations. A full-text copy of the Plan of Reorganization dated June 2, 2025 is available at https://urlcurt.com/u?l=Z0XP2l from PacerMonitor.com at no charge. Counsel to the Debtor: John C. Woodman, Esq. ESSEX RICHARDS PA 1701 South Boulevard Charlotte, NC 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 Email: jwoodman@essexrichards.com About Joe's Sports Bar Inc. Joe's Sports Bar Inc., (also known as Village Corner) is a member of the Scratch Made Hospitality Group, located in Concord, NC. The restaurant serves a diverse range of breakfast and lunch dishes, including options like "Biscuit Bennys," "Scrambles," "Handhelds," and "Plates/Bowls," with special dishes such as fried chicken, pulled pork, and shrimp & grits. Joe's Sports Bar Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-30207) on March 4, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge George R. Hodges handles the case. The Debtor is represented by John C. Woodman, Esq. at ESSEX RICHARDS PA. KKC RESTAURANTS: Gets Extension to Access Cash Collateral --------------------------------------------------------- KKC Restaurants, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court's third amended order approved the company's interim use of cash collateral for the period from Feb. 12 to June 14 to pay the expenses set forth in its budget, with a 10% variance allowed. As protection, Headway Capital, LLC was granted a post-petition lien on the cash collateral and all other post-petition assets to the same extent and with the same validity and priority as its pre-bankruptcy lien. The order approved a carveout for U.S. trustee and court fees. About KKC Restaurants Inc. KKC Restaurants, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22845-MAM) on December 9, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Bobby Jo McKellar, president of KKC Restaurants, signed the petition. Judge Erik P. Kimball oversees the case. The Debtor tapped The Fox Law Corporation, Inc. as general bankruptcy counsel and Shraiberg Page P.A. as local counsel. KRONOS ACQUISITION: S&P Cuts ICR to 'CCC+' on Tightening Liquidity ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Concord, Ontario-based Kronos Acquisition Holdings Inc. to 'CCC+' from 'B-'. S&P also lowered the issue-level ratings on the company's senior secured debt to 'CCC+' from 'B-' and on the unsecured debt to 'CCC-' from 'CCC'. The recovery ratings of '4' (rounded estimate 40%) on the secured debt and '6' (rounded estimate 0%) on the unsecured debt are also affirmed. The negative outlook reflects the risks that amid lower revenues and ongoing incremental operating costs, Kronos might not be able to restore its 2025 EBITDA and EBITDA interest coverage could remain meaningfully below 1.5x. Furthermore, additional new capital expenditure investments, along with other cash calls in normal course of business, could strain Kronos' liquidity cushion for the next 12 months. Kronos's operating performance and cash flow profile continues to be adversely affected following the fire incident in its Conyers, Ga. raw materials and components warehouse. In the first quarter of 2025, Kronos' EBITDA declined 30% in part due to slower than expected ramp up of its co-manufacturers and we expect it will remain under pressure through 2025. Management has announced additional investments for 2026 pool season which will widen free-cash flow deficits for 2025 and further tighten liquidity relative to our previous forecasts. The downgrade reflects the risks that Kronos' revenues, EBITDA, and coverage measures for 2025 could be pressured relative to our previous forecasts. Kronos' credit measures have deteriorated significantly, primarily due to costs related to the fire incident in the Conyers Ga. facility in end of Sept- 2024. The company's total revenues for the first quarter of 2025 declined 8.8% and EBITDA declined 30% compared with the same quarter last year. Kronos ended the last-twelve month ended April 4th-2025 with a S&P Global Ratings-adjusted debt-to-EBITDA ratio of about 15x and interest coverage significantly below 1x. In response to the fire incident and plant closures, Kronos has shifted most of its production to its Ontario, Calif. facility. The company also entered into agreements with third-party co-manufacturers that will replenish the finished goods. While the co-manufacturing operations are ramping up, it is slower than expected. S&P said, "Therefore, we expect Kronos' second quarter pool revenues also to be weaker than same quarter in 2024 and relative to our previous expectation. Recovery in pool segment revenues is expected to be in the second half of the year when the co-manufacturers reach planned capacity. We note that there are risks associated with Kronos ability to recover its revenues and EBITDA in second half of the year. We have therefore revised our revenue and EBITDA expectations lower for 2025. We continue to add back our expectations of insurance proceeds to the EBITDA calculations. Hence on an S&P Global Ratings-adjusted basis, we expect Kronos' leverage ratio to improve to 6.5x-7x and EBITDA interest coverage in the 1.5-1.6x area. However, absent insurance proceeds, we believe EBITDA interest coverage for 2025 will weaken to close to 1x." The company's liquidity cushion will further tighten for the next 12 months. In the first quarter earnings call, Kronos management team announced it does not intend to restart their Conyers facility and instead intend to set up a new manufacturing facility ahead of the 2026 pool season. Kronos will incur about US$50 million in capex through first-quarter 2026 for setting up the new facility and for idling the existing Conyers plant. These investments are on top of already high cash payments for the Conyers-related expenses the company will incur in 2025. S&P said, "We further note cash flows could remain uneven in 2025 because there will be a timing mismatch between when the company incurs the expenses and receives insurance proceeds. Even after considering the full benefit of insurance proceeds, based on our revised forecasts, Kronos' free cash flow deficits will widen to about US$120 million-US$125 million from our earlier expectation of about US$70 million-US$90 million deficits in 2025." S&P said, "Even though our EBITDA calculations include full expected proceeds from insurance, within our liquidity analysis, we only consider the actual amount of insurance proceeds received as a source of cash which is about US$88 million. The company has availability of US$157 million under its asset-based lending (ABL) facility and cash of US$43 million as of March 31, 2025. However, given the meaningful cash outflows in 2025, Kronos' liquidity cushion will tighten further relative to our earlier assessment. Hence, in our view, Kronos remains vulnerable and may not have sufficient liquidity sources to withstand unexpected situations and cash calls. Our current assessment does not include any outflows for legal fines that could emerge from the ongoing legal suits against Kronos, which, when resolved, could exacerbate pressures on liquidity." The negative outlook reflects the risks that amid the ongoing incremental operating costs to operate its pool segment in the absence of the Conyers facility and the build out of new facility, Kronos might not be able to restore its 2025 EBITDA and EBITDA interest coverage could remain meaningfully below 1.5x. Furthermore, additional new capital expenditure investments along with other cash calls in normal course of business could strain Kronos' liquidity cushion for the next 12 months. S&P could lower its ratings on Kronos within the with the next few quarters if: -- The Conyers facility-related challenges continue to affect EBITDA such that S&P Global Ratings-adjusted interest coverage weakens to below 1.5x. -- Free cash flow deficits widen greater than our forecasts, either due to delay in insurance proceeds or weakening EBITDA, triggering a liquidity shortfall. S&P believes the capital structure will continue to remain unsustainable such that company pursues a transaction, which it could view as a distressed exchange or debt restructuring. S&P could revise the outlook to stable if Kronos successfully: -- Maintain its existing customers and sales; and -- Recovers losses through insurance proceeds and sustains a level of EBITDA such that leverage improves and remains below 7x. LASEN INC: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Lasen, Inc. f/d/b/a Organ Mountain Helicopters LLC 1628 W. Williams Drive Phoenix, AZ 85027 Business Description: LaSen Inc. develops and operates airborne LiDAR systems for leak detection and pipeline inspections across North America. The Company's proprietary Airborne LiDAR Pipeline Inspection System (ALPIS) identifies methane leaks with high accuracy and efficiency, supporting right-of-way and transmission line monitoring. Founded in 1989, LaSen has inspected over 500,000 miles of pipeline and specializes in remote sensing technologies adapted from U.S. defense applications. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-05316 Judge: Hon. Brenda K Martin Debtor's Counsel: Randy Nussbaum, Esq. CAVANAGH LAW FIRM 1850 North Central Avenue Suite 1900 Phoenix, AZ 85004 Tel: 602-322-4000 E-mail: rnussbaum@cavanaghlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Dan Daffinrud signed the petition as officer. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OMQAJ3Q/LASEN_INC__azbke-25-05316__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CAS7STA/LASEN_INC__azbke-25-05316__0001.0.pdf?mcid=tGE4TAMA LASERSHIP INC: Franklin Templeton Marks $2.9MM Loan at 56% Off -------------------------------------------------------------- Franklin Templeton ETF Trust has marked its $2,985,894 loan extended to LaserShip, Inc to market at $1,298,864 or 44% of the outstanding amount, according to a disclosure contained in Franklin Templeton's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. Franklin Templeton is a participant in a Bank Loan to LaserShip, Inc. The loan accrues interest at a rate of 8.799% (3 mo. USD Term SOFR + 4.50%) per annum. The loan matures on May 7, 2028. Franklin Templeton is registered under the Investment Company Act of 1940 as an open-end management investment company consisting of fifty-one separate funds, seventeen of which are included in this report. Franklin Templeton is led by Christopher Kings, Chief Executive Officer - Finance and Administration; and Vivek Pai, Chief Financial Officer, Chief Accounting Officer and Treasurer. The Fund can be reach through: Christopher Kings Alison Baur Franklin Templeton One Franklin Parkway, San Mateo, CA 94403-1906 Telephone: (650) 312-2000 LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. Founded in 1986, LaserShip is based in Vienna, Virginia, and has sorting centers in New Jersey, Ohio, North Carolina, and Florida. LASERSHIP INC: XAI Octagon Marks $395,000 2L Loan at 39% Off ------------------------------------------------------------ XAI Octagon Floating Rate & Alternative Income Trust has marked its $395,690 loan extended to Lasership, Inc. to market at $242,689 or 61% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Secured Second Lien-Initial Term Loan to Lasership, Inc. The loan accrues interest at a rate of 3M SOFR + 4.00% per annum. The loan matures on January 2, 2029. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Lasership, Inc. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. Founded in 1986, LaserShip is based in Vienna, Virginia, and has sorting centers in New Jersey, Ohio, North Carolina, and Florida. LASERSHIP INC: XAI Octagon Marks $465,000 2L Loan at 75% Off ------------------------------------------------------------ XAI Octagon Floating Rate & Alternative Income Trust has marked its $465,412 loan extended to Lasership, Inc. to market at $117,516 or 25% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Secured Second Lien-Initial Term Loan to Lasership, Inc. The loan accrues interest at a rate of 3M SOFR + 7.00% per annum. The loan matures on August 10, 2029. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Lasership, Inc. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. Founded in 1986, LaserShip is based in Vienna, Virginia, and has sorting centers in New Jersey, Ohio, North Carolina, and Florida. LASERSHIP INC: XAI Octagon Marks $754,000 2L Loan at 43% Off ------------------------------------------------------------ XAI Octagon Floating Rate & Alternative Income Trust has marked its $754,019 loan extended to Lasership, Inc. to market at $431,676 or 57% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Secured Second Lien-Initial Term Loan to Lasership, Inc. The loan accrues interest at a rate of 1M SOFR + 5.50% per annum. The loan matures on August 10, 2029. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Lasership, Inc. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. Founded in 1986, LaserShip is based in Vienna, Virginia, and has sorting centers in New Jersey, Ohio, North Carolina, and Florida. LAZARUS INDUSTRIES: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Lazarus Industries, LLC received third interim approval from the U.S. Bankruptcy Court for the Western District of New York to use cash collateral. The order penned by Judge Carl Bucki authorized the company's interim use of cash collateral until June 16. Tompkins Community Bank and other secured creditors were granted "rollover" replacement liens on post-petition cash, accounts receivable, bank accounts and other assets, with the same validity, extent and priority as their pre-bankruptcy liens. The bank consented to the company's use of its cash collateral under the terms of their stipulation to maintain operations; pay wages, rent and utilities; and purchase supplies necessary for the business. The final hearing is set for June 16. About Lazarus Industries Lazarus Industries, LLC is a construction, fabrication, and manufacturing company based in Buffalo, N.Y. Lazarus Industries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-10417) on April 16, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Frank Lazarus, managing member of Lazarus Industries, signed the petition. Judge Carl L. Bucki oversees the case. Frederick J. Gawronski, Esq., at Colligan Law, LLP, represents the Debtor as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. LIFT SOCIETY: Court Extends Cash Collateral Access to Aug. 31 ------------------------------------------------------------- Lift Society Inc. received another extension from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to use cash collateral. The court's interim order authorized the fitness center to use cash collateral through Aug. 31 in accordance with its budget, with a 15% variance allowed per line item. As protection, the U.S. Small Business Administration, JPMorgan Chase Bank, N.A. and other secured creditors were granted a replacement lien on revenues generated by Lift Society after the petition date to the same extent, priority and validity as their pre-bankruptcy liens. In addition, SBA will continue to receive a monthly payment of $1,000. The next hearing is set for Aug. 20. About Lift Society Inc. Established in 2016, Lift Society Inc. is a boutique fitness center focused on strength and aesthetic training. The gym provides semi-private lifting sessions, with a capacity of 8 to 12 people per class, ensuring individualized guidance and expert coaching. LIFT Society has several locations across Los Angeles, including Hollywood, Studio City, Culver City, and Santa Monica. Lift Society sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10258) on February 19, 2025. In its petition, the Debtor reported total assets of $172,083 and total liabilities of $1,235,866. Judge Martin R. Barash handles the case. The Debtor is represented by: Matthew D. Resnik, Esq. RHM Law, LLP 17609 Ventura Blvd., Ste 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: matt@rhmfirm.com LOYALTY VENTURES: Alliance Virtually Writes Off $1.5MM Loan ----------------------------------------------------------- AllianceBernstein Global High Income Fund has marked its $1,518,000 loan extended to Loyalty Ventures, Inc to market at $11,388 or 1% of the outstanding amount, according to a disclosure contained in AllianceBernstein's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. AllianceBernstein is a participant in a Bank Loan to Loyalty Ventures, Inc. The loan accrues interest at a rate of 14% (PRIME 3 Month + 5.50%) per annum. The loan matures on November 3, 2027. AllianceBernstein is incorporated under the laws of the State of Maryland and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. AllianceBernstein is led by Onur Erzan, President; and Stephen M. Woetzel, Treasurer and Chief Financial Officer. The Fund can be reach through: Stephen M. Woetzel AllianceBernstein L.P. 66 Hudson Boulevard East New York, NY 10005 Telephone No.: (800) 221-5672 Loyalty Ventures Inc. provides tech-enabled, data-driven consumer loyalty solutions. LPB MHC: Court Extends Cash Collateral Access to July 22 -------------------------------------------------------- LPB MHC, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Illinois to use cash collateral until July 22, marking the fifth extension since the company's Chapter 11 filing. The fifth interim order authorized the company to continue to use cash collateral under the same terms as the prior order. A final hearing is scheduled for July 22. About LPB MHC LPB MHC, LLC, doing business as Sam C. Mitchell and Associates, filed Chapter 11 petition (Bankr. S.D. Ill. Case No. 24-40450) on November 5, 2024, with up to $10 million in both assets and liabilities. Lance P. Brown, managing member, signed the petition. Judge Mary E. Lopinot oversees the case. Robert Eggmann, Esq., represents the Debtor as legal counsel. LRS HOLDINGS: S&P Rates Senior Secured Revolving Facility 'B-' -------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to LRS Holdings LLC's $175 million senior secured revolving facility due June 1, 2028. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The new revolver provides for an extension of the maturity by roughly 21 months from the earlier maturity date of August 31, 2026, adds additional tiers to the pricing grid when first-lien net leverage exceeds 4.5x and 5.0x, and adjusts the definition of EBITDA and the restricted payments basket. S&P's 'B-' issuer credit rating and stable rating outlook on the company are unchanged. S&P said, "With the divestiture of its Wisconsin operations (partially offset by organic growth in other areas), we expect LRS' credit measures to remain weak this year, with S&P Global Ratings-adjusted debt to EBITDA of over 7.5x. The company has reduced administrative costs, renegotiated certain labor contracts, and is now investing in its sales force and in technology to grow the business and enhance profit margins. There is potential for LRS' credit measures to improve more meaningfully in 2026 when its new Indianapolis business ramps up. We could consider a positive rating action when the company's track record of performance improvement has been more fully demonstrated." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario considers a payment default in 2027 due to unexpectedly weak waste volumes and pricing in its core Midwestern market and severe declines in its profitability and cash flow because of intense competition, increased cost pressures, and client attrition. -- S&P believes LRS' lenders would aim to maximize its value and thus pursue reorganization rather than liquidation in a default scenario. Therefore, it values the company on a going-concern basis using a 6x multiple of its projected emergence EBITDA, in line with multiples it uses for its peers in the environmental services sector. Simulated default assumptions -- Simulated year of default: 2027 -- EBITDA multiple: 6x -- EBITDA at emergence: $66 million -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $376 million -- Valuation split (obligors/nonobligors): 100%/0% -- Estimated first-lien debt claims: $570 million -- Total collateral value available to first-lien debt claims: $376 million --Recovery expectations: 50%-70% (rounded estimate: 65%) All debt amounts include six months of prepetition interest. S&P assumes the revolving facility is 85% drawn at default. MAIBACH ENERGY: To Sell Locomotive to Rail Engineering for $50K --------------------------------------------------------------- Maibach Energy, LLC, dba LPG dba Lancaster Propane Gas, seek approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, to sell locomotive, free and clear of liens, claims, and encumbrances. The Debtor owns the GE Center Cab Locomotive B160/160-4 GE 747, serial 32343 built in 1955. The Debtor receives an offer from Rail Engineering Solutions, LLC, P.O. Box 1573, Simpsonville, South Carolina, 29681, or its Nominee, to purchase the Unit for the sum of $50,000.00 as set forth in the attached Purchase and Sale Agreement. The Debtor proposes that after payment in full of all administrative expenses, the sale of the Unit will be free and clear of all liens and encumbrances, but that the liens and encumbrances shall be paid in the order of their legal entitlement. The Debtor believes that after payment of the cost of sale, there will be funds remaining to be handled. The administrative expenses to be paid from the proceeds of the sale of the unit will include but not be limited to: notary charges, filing fees, certifications, etc., which would be necessary to pass good and marketable title of the Unit and to comply with the requirements of the Purchase and Sale Agreement. The remaining proceeds from the sale of the Unit will be divided accordingly: $15,000.00 to Counsel for the Debtor to apply against approved fees; and the remaining balance to be turned over to the Debtor to pay for post-petition operating expenses. The Debtor in possession believes the within sale to be in the best interest of all creditors and parties in interest. About Maibach Energy, LLC Maibach Energy, LLC is the parent company for Lancaster Propane Gas brand. The Lancaster, Pa.-based company offers tank sales and leases, propane delivery, and tank installation and services. Maibach Energy filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-13122) on September 4, 2024, listing $1,743,971 in assets and $202,498 in liabilities. William Wheaton, member, signed the petition. Judge Patricia M Mayer oversees the case. CGA Law Firm serves as the Debtor's bankruptcy counsel. MARELLI AUTOMOTIVE: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------------- Lead Debtor: Marelli Automotive Lighting USA LLC 26555 Northwestern Highway Southfield, MI 48033 Business Description: Marelli is a global automotive parts supplier based in Saitama, Japan. The Company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court District of Delaware Seventy-six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Marelli Automotive Lighting USA LLC (Lead Case) 25-11034 Automotive Lighting UK Limited 25-11035 Marelli North America, Inc. 25-11036 Marelli France 25-11037 Calsonic Kansei (Shanghai) Corporation 25-11038 Marelli North Carolina USA LLC 25-11039 Marelli Fukushima Corporation 25-11040 Marelli Automotive Systems UK Limited 25-11041 Marelli Ploiesti Romania S.R.L. 25-11042 Marelli Aftermarket Spain S.L. 25-11043 CK Trading de Mexico, S. de R.L. de C.V. 25-11044 Magneti Marelli Argentina S.A. 25-11045 Marelli Powertrain (Hefei) Co., Ltd. 25-11046 Marelli Germany GmbH 25-11047 Magneti Marelli Conjuntos de Escape S.A. 25-11048 Marelli Aftersales Co., Ltd. 25-11049 Marelli R&D Co., Ltd. 25-11050 Magneti Marelli do Brasil Industria e Comercio S.A 25-11051 Marelli Global Business Services America, S. de R.L. de C.V. 25-11052 Marelli Argentan France 25-11053 Marelli Bielsko-Biala Poland Sp. z o.o. 25-11054 Magneti Marelli Repuestos S.A. 25-11055 Marelli Automotive Chassis System (Guangzhou) Co., Ltd. 25-11056 Marelli Automotive Components (Guangzhou) Corporation 25-11057 Marelli Ride Dynamics Mexico, S. de R.L. de C.V. 25-11058 Marelli Business Service (Dalian) Co., Ltd. 25-11059 Marelli (China) Co., Ltd 25-11060 Marelli Global Business Services Europe s.r.o. 25-11061 Marelli Sistemas Automotivos Industria e ComErcio Brasil Ltda 25-11062 Marelli Automotive Components (Wuhu) Co., Ltd. 25-11063 Marelli (China) Holding Company 25-11064 Marelli Holding USA LLC 25-11065 Marelli Automotive Components (Wuxi) Corporation 25-11066 Marelli Smart Me Up 25-11067 Marelli (Guangzhou) Corporation 25-11068 Marelli Business Service Corp. 25-11069 Marelli Automotive Electronics (Guangzhou) Co., Ltd. 25-11070 Marelli Holdings Co., Ltd. 25-11071 Marelli Sophia Antipolis France 25-11072 Marelli (Thailand) Co., Ltd 25-11073 Marelli Automotive Lighting (Foshan) Co., Ltd. 25-11074 Marelli Sosnowiec Poland Sp. z. o.o. 25-11075 Marelli (Xiang Yang) Corporation 25-11076 Marelli Cabin Comfort Mexicana, S.A. de C.V. 25-11077 Marelli Automotive Lighting France 25-11078 Marelli Industria e Comercio de Componentes Automotivos Brasil Ltda. 25-11079 Marelli Aftermarket Germany GmbH 25-11080 Marelli Suspension Systems Italy S.P.A. 25-11081 Marelli Automotive Lighting Italy S.p.A. 25-11082 Marelli International Trading (Shanghai) Co., Ltd 25-11083 Marelli Tennessee USA LLC 25-11084 Marelli Cabin Comfort Trading de Mexico, S. de R.L. de C.V. 25-11085 Marelli Automotive Lighting Jihlava (Czech Republic) s.r.o. 25-11086 Marelli Aftermarket Italy S.p.A. 25-11087 Marelli Iwashiro Corp. 25-11088 Marelli Toluca Mexico S. de R.L. de C.V. 25-11089 Marelli Kechnec Slovakia s.r.o. 25-11090 Marelli Tooling (Guangzhou) Corporation 25-11091 Marelli Automotive Lighting Juarez Mexico, S.A de C.V. 25-11092 Marelli Aftermarket Poland Sp. z o.o. 25-11093 Marelli Kyushu Corporation 25-11094 Marelli Yokohama Co., Ltd. 25-11095 Marelli Automotive Lighting Tepotzotlan Mexico, S. de R.L. de C.V. 25-11096 Marelli Mako Turkey Elektrik Sanayi Ve Ticaret Anonim Sirketi 25-11097 Marelli Cluj Romania S.R.L. 25-11098 Marelli Mexicana, S.A. de C.V. 25-11099 Marelli Automotive Systems Europe PLC 25-11100 Marelli Morocco LLC 25-11101 Marelli Cofap do Brasil Ltda 25-11102 Marelli Corporation 25-11103 Marelli do Brasil Industria e Comercio Ltda. 25-11104 Marelli eAxle Torino S.R.L. 25-11105 Marelli Engineering (Shanghai) Co., Ltd. 25-11106 Marelli EPT Strasbourg (France) 25-11107 Marelli Espana S.A. 25-11108 Marelli Europe S.p.A. 25-11109 Judge: Hon. Brendan Linehan Shannon Debtors' Bankruptcy Co-Counsel: Laura Davis Jones, Esq. Timothy P. Cairns, Esq. Edward A. Corma, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19899 (Courier 19801) Tel: (302) 652-4100 Fax: (302) 652-4400 Email: ljones@pszjlaw.com tcairns@pszjlaw.com ecorma@pszjlaw.com Debtors' General Bankruptcy Counsel: Joshua A. Sussberg, P.C. Nicholas M. Adzima, Esq. Evan Swager, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: joshua.sussberg@kirkland.com nicholas.adzima@kirkland.com evan.swager@kirkland.com - and - Ross M. Kwasteniet, P.C. Spencer A. Winters, P.C. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: ross.kwasteniet@kirkland.com spencer.winters@kirkland.com Debtors' Restructuring Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Investment Banker: PJT PARTNERS INC. Debtors' Notice & Claims Agent: KURTZMAN CARSON CONSULTANTS, LLC dba VERITA GLOBAL Estimated Assets: $1 billion to $10 billion Estimated Liabilities: $1 billion to $10 billion Marisa Iasenza 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/SEXCSGI/Marellia_Automotive_Lighting_USA__debke-25-11034__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Stellantis Trade Payable/ $453,958,618 Taurusavenue 1 Customer Advance Hoofddorp, 2312 Netherlands Attn: Doug Ostermann Title: Chief Financial Officer Phone: +1 (217) 330-7428 Email: doug.ostermann@stellantis.com 2. Nissan Trade Payable/ $313,145,938 1-1, Takashima 1-Chome Customer Advance Yokohama, 220-8686 Japan Attn: Mitsuro Antoku Title: Chief Quality Officer Phone: +1 (800) 647-7261 Email: mitsuro.antoku@nissan.co.jp 3. Bosch Group Trade Payable $45,088,793 Robert-Bosch-Platz 1 Gerlingen-Schillerhohe, 70839 Germany Attn: Dr. Markus Forschner Title: Chief Financial Officer Phone: +1 (917) 421-7209 Email: markus.forschner@de.bosch.com 4. Mazda Trade Payable/ $30,091,528 3-1 Shinchi, Fuchu-Cho Customer Advance Hiroshima, 730-8670 Japan Attn: Jeff Guyton Title: Chief Financial Officer Phone: +1 (800) 222-5500 Email: jeff.guyton@mazda.com 5. Granges Trade Payable $26,141,936 Box 5505 Stockholm, 114 85 Sweden Attn: Johan Menckel Title: Chief Executive Officer Phone: +46 (8) 459-5900 Email: johan.menckel@granges.com 6. Tesla Trade Payable/ $22,215,569 1 Tesla Road Customer Advance Austin, TX 78725 United States Attn: Vaibhav Taneja Title: Chief Financial Officer Phone: +1 (888) 518-3752 Email: vtaneja@tesla.com 7. Teksid Trade Payable $21,520,637 Via Umberto II, 5 Carmagnola, 10022 Italy Attn: Virgilio Cerutti Title: Chief Executive Officer Phone: +48 (33) 853-8200 Email: virgilio.cerutti@stellantis.com 8. Nissin Kogyo Co., Ltd. Trade Payable $14,297,962 172 Kamisoyagi Yamato-City, Kanagawa 242-0029 Japan Attn: Yuichiro Asano Title: Chief Executive Officer Phone: +46 (264) 1221 9. BASF Trade Payable $14,285,830 Storkower StraBe 146 Berlin, 10407 Germany Attn: Dirk Elvermann Title: Chief Financial Officer And Chief Digital Officer Phone: +1 (973) 245-6000 Email: dirk.elvermann@basf.com 10. Macnica Trade Payable $14,084,332 1-6-3 Shin-Yokohama Yokohama, 222-8561 Japan Attn: Akinobu Miyoshi Title: Co-Chief Executive Officer Phone: +1 (408) 205-7141 Email: akinobumiyoshi@gmail.com 11. Covestro Trade Payable $13,683,540 Kaiser-Wilhelm-Allee 60 Leverkusen, 51373 Germany Attn: Sucheta Govil Title: Chief Commercial Officer Phone: +1 (412) 413-2673 Email: sucheta.govil@covestro.com 12. Integrated Micro-Electronics Trade Payable $11,998,543 North Science Avenue, Special Export Processing Zone Binan, 4024 Phillipines Attn: Eric De Candid Title: Chief Operating Officer Phone: +63 (2) 7756-6840 Email: eric.decandido@global-imi.com 13. Renesas Electronics Trade Payable $11,481,387 Toyosu Foresia Tokyo, 135-0061 Japan Attn: Hidetoshi Shibata Title: Chief Executive Officer Phone: +1 (408) 432-8888 Email: hidetoshi.shibata@renesas.com 14. Wipro Limited Trade Payable $11,426,300 Doddakannelli, Sarjapur Road Bengaluru , 560 035 India Attn: Srini Pallia Title: CEO And Managing Director Phone: +1 (732) 394-8255 Email: spallia@wipro.com 15. Wuhu Foresight Technology Co. Ltd Trade Payable $10,667,613 No. 2, Lingyuan Road Wuhu City, 241000 China Attn: Lu Wenbo Title: General Manager Phone: +86 (553) 596-3550 Email: fs@foresight-int.com 16. Mitsuba Corporation Trade Payable $10,302,024 1-2681 Hirosawa-Cho Kiryu, Gunma 376-8555 Japan Attn: Hiroaki Tanji Title: Board Member Phone: +81 (277) 52-0111 Email: h-tanji@mitsuba.co.jp 17. Mitsubishi Trade Payable $10,279,377 3-1, Marunouchi 2-Chome Tokyo, 100-8086 Japan Attn: Yuzo Nouchi Title: Corporate Functional Officer Phone: +1 (888) 648-7820 Email: yuzo.nouchi@mitsubishicorp.com 18. Bitron Trade Payable $10,124,497 Strada Del Portone 95 Grugliasco, 10095 Italy Attn: Alberto Moro Title: Chief Executive Officer Phone: +39 (011) 4029-111 Email: alberto.farci@bitron-ind.com 19. Ams-Osram Ag Trade Payable $9,967,101 Tobelbader Strasse 30 Premstaetten, 8141 Austria Attn: Aldo Kamper Title: Chief Executive Officer Phone: +43 (3136) 500-0 Email: aldo.kamper@osram.com 20. Suzuki Motor Corporation Trade Payable $9,863,244 300 Takatsuka-Machi Hamamatsu, 432-8611 Japan Attn: Masaki Kuwabara Title: Manager Of Legal Compliance Phone: +81 (53) 455-2111 Email: masakikuwabara@hhq.suzuki.co.jp 21. Qualcomm Technologies Trade Payable $9,603,170 5775 Morehouse Dr. San Diego, Ca 92121 United States Attn: Ann Chaplin Title: General Counsel And Corporate Secretary Phone: +1 (858) 587-1121 Email: achaplin@qualcomm.com 22. Avnet Trade Payable $9,463,615 2211 South 47th Street Phoenix, Az 85034 United States Attn: Michael R. Mccoy Title: General Counsel And Chief Legal Officer Phone: +1 (800) 332-8638 Email: michael.mccoy@avnet.com 23. Arrow Electronics Trade Payable $9,196,498 7340 S. Alton Way Unit 11G Centennial, Co 80112 United States Attn: Carine Jean-Claude Title: Senior Vice President And Chief Legal And Compliance Officer Phone: +1 (855) 326-4757 Email: cjeanclaude@arrow.com 24. Tiberina Group Trade Payable $8,970,886 Via Tiberina, 123 Collazzone, Pg 06050 Italy Attn: Alberto Farci Title: General Manager Phone: +42 (32) 670-9197 Email: alberto.farci@tiberina.cz 25. Unipres Corporation Trade Payable $8,546,082 Sun Hamada Bldg. 5F Yokohama, 222-0033 Japan Attn: Yukihiko Morita Title: Senior Executive Vice President, Finance & Accounting Phone: +81 (45) 477-5121 Email: info@unipresscorp.com 26. BTV Technologies Gmbh Trade Payable $8,128,940 Heinrich-Hertz-Str. 12 Unna, D-59423 Germany Attn: Maximilian Krane Title: Chief Executive Officer Phone: +49 (2303) 333-0 Email: maximiliannan@btv-gruppe.com 27. Visteon Trade Payable $7,596,117 One Village Center Van Buren Township, Mi 48111 United States Attn: Brett Pynnonen Title: Senior Vice President And General Counsel Phone: +1 (734) 627-7384 Email: bpynnonen@visteon.com 28. Valeo Trade Payable $7,540,594 100 Rue De Courcelles Paris, 75017 France Attn: Christophe Perillat Title: Chief Executive Officer Phone: +33 (0)1-40-55-20-20 Email: christophe.perillat@valeo.com 29. Pension Benefit Guaranty Pension Unliquidated Corporation 1200 K Street, NW Washington, Dc 20005 United States Attn: Lisa Clark Title: Chief Financial Officer Phone: +1 (202) 326-4400 Email: pbgcpublicaffairs@pbgc.gov 30. Pension Protection Fund Pension Unliquidated Renaissance Croydon, Cr0 2NA United Kingdom Attn: Michelle Ostermann Title: Chief Executive Officer Phone: +44 (20) 8633-4902 Email: michelle.ostermann@ppf.co.uk MARELLI AUTOMOTIVE: Seeks to Sell De Minimis Asset -------------------------------------------------- Marelli Automotive Lighting USA LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell De Minimis Asset, free and clear of liens, claims, and encumbrances. The Debtors seek to establish procedures providing the use, sale, swap, or transfer of certain assets, including any rights or interests outside of the ordinary course of business in any individual transaction to a single buyer or group of related buyers with an aggregate sale price equal to or less than $1,500,000 as calculated within the Debtors’ reasonable discretion, free and clear of all liens, claims, interests, and encumbrances. The Debtors, together with their non-Debtor affiliates are suppliers in the world and a pioneer in motorsports and in automobile manufacturing and design. With its headquarters in Saitama, Japan and over 46,000 employees located in twenty-four countries around the world. Marelli designs and produces sophisticated technologies for leading automotive manufacturers, including lighting and sensor integrations, electronic systems, software solutions, and interior design products, and collaborates with motor sports teams and other industry leaders to research and develop cutting-edge, high-performance automotive components. As part of their daily operations, the Debtors own and lease various assets associated with their operations. In the ordinary course of their operations, the Debtors routinely enter into transactions to sell or transfer assets that are no longer essential to the Debtors’ business. As such, periodic sales of De Minimis Assets are a necessary element of the Debtors' chapter 11 cases that will maximize the value of the Debtors' estates for the benefit of all stakeholders. The Debtors have a limited window of time in which they may enter into agreements or take advantage of opportunities to sell, transfer, or otherwise monetize De Minimis Assets. The cost, delay, and publicity associated with seeking individual Court approval of each De Minimis Asset Transaction could eliminate or substantially diminish the economic benefits of the transactions. The Debtors propose the following sale procedures: a. With regard to the uses, sales, or transfers of De Minimis Assets in any individual transaction or series of related transactions to a single buyer or group of related buyers with a total transaction value as calculated within the Debtors' reasonable and good faith discretion, less than or equal to $1,500,000: b. With regard to the uses, sales, or transfers of De Minimis Assets in any individual transaction or series of related transactions to or from a single buyer or group of related buyers with a total transaction value as calculated within the Debtors' reasonable and good faith discretion, greater than $1,500,000 and less than or equal to $15,000,000: The Debtors submit that the establishment of the foregoing procedures is desirable and in the best interests of the Debtors' estates, their creditors, and other parties in interest in these chapter 11 cases. The use, sale, swap, transfer, or abandonment of the De Minimis Assets will generate additional value and help preserve existing value for the benefit of the Debtors' estates and all parties in interest. About Marelli Automotive Lighting USA LLC Marelli Automotive Lighting is a leading global supplier of automotive lighting systems, developing and manufacturing headlamps, tail lights, and related components for major car manufacturers. Marelli Automotive filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. De. Case No. 25-11034) on June 11, 2025. Judge Craig T Goldblatt presides over the case. Laura Davis Jones at Pachulski, Stang, Ziehl & Jones LLP represents the Debtor as legal counsel. MAVENIR SYSTEMS: XAI Octagon Marks $476,000 1L Loan at 31% Off -------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $476,514 loan extended to Mavenir Systems, Inc. to market at $331,177 or 69% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Mavenir Systems, Inc. The loan accrues interest at a rate of 3M SOFR + 4.75% per annum. The loan matures on August 18, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Mavenir Systems, Inc. Mavenir Systems, Inc. is an American telecommunications software company, created in 2017 as a result of a three-way merger of existing companies and technologies, that develops and supplies cloud-native software to the communications service provider market. MEDICAL SOLUTIONS: Franklin Templeton Marks $3.4MM Loan at 35% Off ------------------------------------------------------------------ Franklin Templeton ETF Trust has marked its $3,414,960 loan extended to Medical Solutions Holdings, Inc to market at $2,216,309 or 65% of the outstanding amount, according to a disclosure contained in Franklin Templeton's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. Franklin Templeton is a participant in a 2021 First Lien Term Loan to Medical Solutions Holdings, Inc. The loan accrues interest at a rate of 7.891% (3 mo. USD Term SOFR + 3.50%) per annum. The loan matures on November 1, 2028. Franklin Templeton is registered under the Investment Company Act of 1940 as an open-end management investment company consisting of fifty-one separate funds, seventeen of which are included in this report. Franklin Templeton is led by Christopher Kings, Chief Executive Officer - Finance and Administration; and Vivek Pai, Chief Financial Officer, Chief Accounting Officer and Treasurer. The Fund can be reach through: Christopher Kings Alison Baur Franklin Templeton One Franklin Parkway, San Mateo, CA 94403-1906 Telephone: (650) 312-2000 Medical Solutions L.L.C. operates as a travel nursing company. The Company provides benefits such as personalized pay package, medical and dental insurance, paid private housing, and loyalty programs, as well as pet care, education and training, and friendly housing services for travel nurses. Medical Solutions serves customers in the United States. MEDICAL SOLUTIONS: S&P Downgrades ICR to 'CCC+', Outlook Negative ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Omaha-Neb.-based health care staffing company Medical Solutions Parent Holdings Inc. to 'CCC+' from 'B-'. S&P also lowered its issue-level rating on the revolver and first-lien term loan to 'CCC+' from 'B-' and on the second-lien term loan to 'CCC-' from 'CCC'. The respective recovery ratings of '3' and '6' are unchanged. S&P's negative outlook reflects our expectation for persistent softness in travel nurse demand and continued profitability pressure for Medical Solutions, despite stabilizing bill-pay spreads. This will likely keep cash flow weak through the next refinancing cycle associated with its term loan due in 2028. It also reflects the risk that the distressed trading price of Medical Solutions' debt increases the likelihood that it could pursue a distressed exchange. S&P said, "The downgrade reflects our view that Medical Solutions' capital structure is unsustainable over the medium to long term. We believe Medical Solutions highly depends on favorable conditions--including improving travel nurse demand, moderating clinical pay rates, improving financial markets, and favorable interest rates--to meet its financial commitments over the next 12-24 months, and faces considerable refinancing risks ahead of its 2028 debt maturities. The company's revenue in 2024 declined more than 32% versus our expectation of a 25% decline due to slower demand for travel nurses, which defied our previous expectation of an improvement in the second half. "While we expect Medical Solutions to benefit from stabilizing bill rates, a tentative improvement in travel nurse demand in 2025, and various cost management efforts, we believe the company's cash flow will be in the break-even range at best until debt is due in 2028. However, we do not anticipate credit or payment pressure in the next 12 months given access to a fully available revolver and that Medical Solutions will likely refinance its fully drawn accounts receivable securitization facility ahead of its April 2026 expiration. "We expect Medical Solutions' profitability to remain weak in 2025 and 2026. After a steep decline to 6.3% in 2023 from 13.4% in 2022, EBITDA margin continued to drop to 4.7% in 2024. We expect that to improve and remain in the 6% area in 2025 and 2026, supported by a stabilized bill-pay spread and further cost management efforts including headcount reduction and offshoring of services. We believe, the bill-pay spread is unlikely to change given the higher potential of a recessionary environment caused by higher tariffs, resulting in hospital systems seeking to reduce spending by lowering travel nurse demand. "We expect high S&P Global Ratings-adjusted leverage and modest free cash flow for 2025 and 2026. Given its challenged EBITDA, we expect Medical Solutions keep adjusted leverage elevated at about 14.5x in 2025, improving to the 13x-14x range in 2026 with improved EBITDA. We also anticipate increased working capital needs, with the decline in revenue to temper to 11% in 2025 and then increase 3% in 2026, which will suppress free operating cash flow (FOCF). We expect FOCF to debt to remain break-even to slightly positive in 2025 and 2026." Medical Solutions' debt is trading very low, increasing the risk of a distressed exchange. The senior secured debt (first-lien term loan and revolver facility) and second-lien term loan have steadily traded down in the past year, with a particularly steep decline in 2024. The first-lien term loan is trading in the high-50-cents on the dollar area while the second-lien term loan is trading close to 50 cents. S&P said, "We view both values as heavily distressed. This increases the risk that Medical Solutions will pursue a distressed debt restructuring or below-par repurchase with lenders receiving less than the original promise, which we would view as tantamount to default." S&P said, "We expect weak liquidity due to the receivable securitization facility expiration in early 2026. Given the facility is fully drawn, we incorporated it as a use of liquidity in our analysis. If Medical Solutions cannot refinance this facility, it would have insufficient funds to cover its obligations over the next 12 months. However, we believe the company will likely extend this facility beyond the original April 2026 expiration. "Our negative outlook reflects our expectation for persistent softness in travel nurse demand and continued profitability pressure for Medical Solutions, despite stabilizing bill-pay spreads. This will likely keep cash flow weak through the next refinancing cycle associated with its term loan due in 2028. It also reflects the risk that the distressed trading price of its debt increases the likelihood that it could pursue a distressed exchange." S&P could lower the rating on Medical Solutions if it expects a default within the next 12 months. This could occur if: -- The company cannot extend its accounts receivable securitization facility well in advance of expiration. S&P views this as unlikely. -- Profitability and cash flow significantly underperform our expectations such that we believe the company cannot cover its fixed charges over the next 12 months; or -- S&P believes the likelihood of a debt restructuring or below-par debt repurchase has increased. S&P could raise the rating on Medical Solutions if: -- Demand for its services bounces back with improved profitability such that it generates positive free cash flow on a sustainable basis; and -- S&P expects the company to refinance its 2028 maturities at market rates that would allow free cash flow to remain positive. MERIDIANLINK INC: S&P Rates New Repriced Secured Term Loan 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '2' recovery rating to MeridianLink Inc.'s proposed repriced $472 million senior secured term loan due Nov. 10, 2028. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 75%) recovery for lenders in the event of a payment default. S&P said, "Pro forma for the transaction, the company's S&P Global Ratings-adjusted debt leverage will remain unchanged at 3x, which is below our 4.0x upgrade trigger for the current rating. However, the ratings reflect our belief that MeridianLink will increase its leverage above 4.0x, given its intention to reinvest in its business, its appetite for acquisitions, and its aggressive shareholder-return strategy. Based on the company's articulated financial policy, we expect it will continue to undertake share repurchases whenever it believes its shares are trading at a discount to their intrinsic value. MeridianLink will use the proceeds from the new facility to repay its existing loan and we expect the proposed term loan will have a lower interest margin than the previous facility, which will save it about $1.2 million per year." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- MeridianLink and ML California Sub Inc. (not rated) are the borrowers under the loan agreements. -- MeridianLink's debt capitalization comprises an undrawn $50 million revolving credit facility due 2026 and a $472 million first-lien term loan due 2028 ($472 million outstanding as of March 31, 2025). -- The first-lien debt is guaranteed by the existing and subsequently acquired material, wholly owned, domestic restricted subsidiaries of the borrowers, subject to customary exceptions, and ranks pari passu in our simulated recovery waterfall. S&P assumes the collateral provided to the first-lien lenders accounts for substantially all of MeridanLink's emergence enterprise value. -- S&P's simulated default scenario contemplates a default in 2029 stemming from a failure to innovate or develop products that gain adoption, intense price competition, poor acquisition integration, a substantial decline in loan applications, or a technological failure that leads to customer attrition, a reduction in data quality, and lower profitability. -- S&P estimates the company would operate as a going concern under a bankruptcy restructuring, with an estimated emergence EBITDA of about $59 million. As such, it used an enterprise value methodology to gauge its recovery prospects by applying a 7.0x distressed multiple to our projected EBITDA at emergence. -- S&P's recovery analysis assumes that, in a simulated bankruptcy scenario, the first-lien credit facilities (revolving credit facility and term loan) would receive substantial (70%-90%) recovery. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $58.8 million -- Enterprise valuation multiple: 7.0x -- Gross enterprise value: $412 million -- The revolving credit facility is 85% drawn at default and outstanding debt balances include six months of prepetition fees and interest. Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $391 million -- Total first-lien debt claims: About $509 million (including assumed revolving credit facility borrowings) --Recovery expectations: 70%-90% (rounded estimate: 75%) MICHAEL COS: Franklin Templeton Marks $1.9MM Loan at 25% Off ------------------------------------------------------------ Franklin Templeton ETF Trust has marked its $1,942, 200 loan extended to Michaels Cos, Inc to market at $1,447,609 or 75% of the outstanding amount, according to a disclosure contained in Franklin Templeton's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. Franklin Templeton is a participant in a 2021 Term Loan B to Michaels Cos, Inc. The loan accrues interest at a rate of 8.811% (3 mo. USD Term SOFR + 4.25%) per annum. The loan matures on April 17, 2028. Franklin Templeton is registered under the Investment Company Act of 1940 as an open-end management investment company consisting of fifty-one separate funds, seventeen of which are included in this report. Franklin Templeton is led by Christopher Kings, Chief Executive Officer - Finance and Administration; and Vivek Pai, Chief Financial Officer, Chief Accounting Officer and Treasurer. The Fund can be reach through: Christopher Kings Alison Baur Franklin Templeton One Franklin Parkway, San Mateo, CA 94403-1906 Telephone: (650) 312-2000 The Michaels Companies, Inc. doing business as Michaels operates as a chain of arts and crafts stores. The Company provides arts, crafts, floral and wall decor, framing, and merchandise for makers and do-it-yourself home decorators. Michaels Companies serves customers in North America. MMA LAW: Taps David Middleman as Valuation and Marketing Consultant ------------------------------------------------------------------- MMA Law Firm, PLLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ David Middleman, a professional practicing in Tex., as asset valuation and marketing consultant. The consultant will provide these services: (a) value any offers made to purchase the estate's interest in the recovery of attorneys' fees owed from the handling firms; (b) identify and verify the universe of recoveries due to the Debtor which will involve verifying the case lists provided by it and reconcile that with other information available to Middleman; (c) support the Debtor in gathering the necessary information from the handling firms; (d) market the asset to potential buyers, leveraging Middleman's industry contacts to maximize the value of the assets; and (e) testify before the court, if necessary, regarding the valuation, marketing, or sale of the asset. Mr. Middleman will receive a 5 percent contingency fee on any gross proceeds resulting from his services, with the fee and any reasonable, pre approved out-of-pocket expenses. Mr. Middleman disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About MMA Law Firm MMA Law Firm, PLLC is a Houston-based law firm specializing in insurance claim management, negotiation and litigation. MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 24-31596) on April 9, 2024, with $100 million to $500 million in assets and $10 million to $50 million in liabilities. Zach Moseley, managing member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by Johnie Patterson, Esq., at Walker & Patterson, P.C. MODIVCARE INC: AllianceBernstein Marks $188,000 Loan at 16% Off --------------------------------------------------------------- AllianceBernstein Global High Income Fund has marked its $188,000 loan extended to ModivCare, Inc to market at $157,254 or 84% of the outstanding amount, according to a disclosure contained in AllianceBernstein's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. AllianceBernstein is a participant in a Bank Loan to ModivCare, Inc. The loan accrues interest at a rate of 11.785% (CME Term SOFR 3 Month + 7.50%) per annum. The loan matures on January 9, 2026. AllianceBernstein is incorporated under the laws of the State of Maryland and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. AllianceBernstein is led by Onur Erzan, President; and Stephen M. Woetzel, Treasurer and Chief Financial Officer. The Fund can be reach through: Stephen M. Woetzel AllianceBernstein L.P. 66 Hudson Boulevard East New York, NY 10005 Telephone No.: (800) 221-5672 Modivcare is a healthcare services leader. Their company was created to address the social determinants of health (SDoH) by providing non-emergency medical transportation, personal care, nutritious meals, and remote patient monitoring. They provide integrated technologies that support care solutions for payors and their members -- leading to greater access to care, reduced costs, and improved outcomes. MP OCTOPUS: Restaurant Equity Interest Sale to E. & V. Moran OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has granted MP Octopus Pizza, LLC and its affiliates, along with Applicable Debtor, MP Towers III LLC, to sell 33% minority equity interest in restaurants, free and clear of liens, claims, and encumbrances. The Debtors are engaged in the ownership of Marco's Pizza franchises at 4600 Summerlin Road, Ft. Myers, Florida 33919 and 2717 Santa Barbara Boulevard, Cape Coral, Florida 33914. Neither store has ever operated, as both require significant influxes of capital prior to commencing operations. The Court has approved the Debtors to sell 33% equity interest in Ft. Myers Pizza Players, LLC for $50,000 and a 33% interest in MP Towes III, LLC for $100,000. The Court held that in accordance with the terms and conditions of the Debtors' respective franchise agreements, upon Purchasers satisfying the qualifications and conforming to the Marco's Franchising, LLC's approval process, Marco's Franchising, LLC will provide written approval of the sale and shall not unreasonably withhold approval. The Court also ordered that the Purchasers are good faith purchasers and therefore entitled to the protection provided to the Purchasers. About MP Octopus Pizza, LLC MP Octopus Pizza LLC, doing business as Marco's Pizza, filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06739) on November 15, 2024, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Terry Burkholder, manager of MP Octopus Pizza, signed the petition. Judge Catherine Peek McEwen oversees the case. The Debtor is represented by: Buddy D. Ford, Esq., at BUDDY D. FORD, P.A. MTL PARTNERS: Court Extends Cash Collateral Access to July 9 ------------------------------------------------------------ MTL Partners, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division to use cash collateral. The court's fourth interim order authorized the company to use cash collateral through July 9 to pay the expenses set forth in its budget. The budget shows total expenses of $689,810 from May to July. Secured creditors were granted a post-petition lien on cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. The next hearing is scheduled for July 9. About MTL Partners LLC MTL Partners LLC, doing business as Collier's Furniture Expo, is a furniture store in Sanford, Florida, offering stationary sofas, reclining sofas, stationary sectionals, and reclining sectionals. MTL Partners sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06518) on November 27, 2024, listing total assets of $97,459 and total liabilities of $2,244,020. Michael Collier, managing member of MTL Partners, signed the petition. Judge Grace E. Robson handles the case. The Debtor is represented by: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com NEEDLE HOLDING: XAI Octagon Marks $568,000 1L Loan at 76% Off ------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $568,905 loan extended to Needle Holdings LLC to market at $136,537 or 24% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Needle Holdings LLC. The loan accrues interest at a rate of 63M SOFR + 9.50% per annum. The loan matures on April 28, 2026. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Needle Holdings LLC Needle Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides investment services. Needle Holdings serves customers in the United States. NEW CENTRAL: XAI Octagon Marks $892,000 1L Loan at 14% Off ---------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $892,456 loan extended to New Central Parent, Inc. to market at $763,720 or 86% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Central Parent, Inc. The loan accrues interest at a rate of 3M SOFR + 3.25% per annum. The loan matures on July 6, 2029. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Central Parent, Inc. Central Parent LLC of Delaware provides software solutions. The Company serves customers in the United States. NEW FORTRESS: XAI Octagon Marks $1.4 Million 1L Loan at 14% Off --------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $1,400,277 loan extended to New Fortress Energy, Inc. to market at $1,197,237 or 86% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to New Fortress Energy, Inc. The loan accrues interest at a rate of 3M SOFR + 5.50% per annum. The loan matures on October 30, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About New Fortress Energy, Inc. New Fortress Energy Inc. is a US listed energy infrastructure company operating natural gas liquefaction, re-gasification and distribution assets in Puerto Rico, Mexico, Jamaica, Nicaragua and Brazil. The company operates one floating LNG production facility and is constructing the second onshore facility in Mexico, expected to come to production in 2026. NGP XI MIDSTREAM: S&P Withdraws 'B' Issuer Credit Rating -------------------------------------------------------- S&P Global Ratings withdrew all its ratings on NGP XI Midstream Holdings, L.L.C., including its 'B' issuer credit rating and 'B' issue-level rating, following the company's full repayment of its rated debt. At the time of the withdrawal, S&P's outlook on NGP XI Midstream Holdings LLC was stable. NORTEX REDIMIX: Hearing Today on Bid to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division is set to hold a hearing today to consider another extension of Nortex Redimix, LLC's authority to use cash collateral. The company's authority to use cash collateral pursuant to the court's May 30 interim order expires today. The May 30 order approved the payment of the company's expenses from the cash collateral in accordance with the budget it filed with the court. The budget shows total operational expenses of $11,015.63 for the period from May 29 to June 12. The order granted the U.S. Small Business Administration, the company's secured creditor, replacement liens on assets of the company co-extensive with its pre-bankruptcy liens. About Nortex Redimix Nortex Redimix, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-41505) on May 28, 2025, listing up to $50,000 in both assets and liabilities. The Debtor is represented by: Howard Marc Spector, Esq. Spector & Cox, PLLC Tel: 214-365-5377 Email: hspector@spectorcox.com NORTHVOLT AB: Prospective Factory Buyer Withdraws Offer ------------------------------------------------------- An interested buyer for Northvolt's primary plant, Northvolt Ett, has withdrawn its bid, Swedish outlet Affarsvarlden reports, citing bankruptcy trustee Mikael Kubu. The major international firm, which Kubu did not name, had completed due diligence and inspected the facility before stepping away from the deal, according to the report. In a separate Affarsvarlden article, Kubu said he's now uncertain whether Northvolt Labs will be sold before Swedish Midsummer, which falls at the end of next week. About Northvolt AB Northvolt AB was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received orders from several leading automotive companies. The company is currently delivering batteries from its first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from its R&D and industrialization campus, Northvolt Labs, in Vasteras, Sweden. On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577). The cases are before the Honorable Alfredo R. Perez. Northvolt is being advised by Teneo as its restructuring and communications advisor. Kirkland & Ellis LLP, A&O Shearman and Mannheimer Swartling Advokatbyra AB are serving as legal counsel. The company has also engaged Rothschild & Co to run its marketing process. Stretto is the claims agent. OPTIMUS SERVICE: Seeks to Hires Juan C. Bigas Valedon as Counsel ---------------------------------------------------------------- Optimus Service Group seeks approval from the U.S. Bankruptcy Court for the Eastern District of Puerto Rico to employ Juan C. Bigas Valedon Law Office to handle its Chapter 11 case. Juan Bigas Valedon, Esq., the primary attorney in this representation, will be billed at his hourly rate of $350, plus expenses. The firm received a retainer of $10,000 from the Debtor. Mr. Bigas Valedon 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: Juan C. Bigas Valedon, Esq. Juan C. Bigas Valedon Law Office P.O. Box 7011 Ponce, PR 00732 Telephone: (259)-1000 Facsimile: (842)-4090 About Optimus Service Group Optimus Service Group sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02414) on May 29, 2025. In its petition, the Debtor disclosed up to $1 million in estimated assets and up to $100,000 in estimated liabilities. Honorable Bankruptcy Judge Mildred Caban Flores handles the case. Juan C. Bigas Valedon Law Office serves as the Debtor's counsel. OVERTON LLC: Seeks Chapter 11 Bankruptcy in Illinois ---------------------------------------------------- On June 3, 2025, Overton 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. About Overton LLC Overton LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B), with its principal assets situated at 3619 South State Street, Chicago, Illinois 60609. Overton LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08509) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtors are represented by Chad Hayward, Esq. at LAW OFFICES OF CHAD HAYWARD. PARADOX ENTERPRISES: Court Extends Cash Collateral Access to July 2 ------------------------------------------------------------------- Paradox Enterprises, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Winchester Division to use cash collateral until July 2, marking the 11th extension since the company's Chapter 11 filing. The 11th interim order authorized the company to use cash collateral to pay the expenses set forth in its budget and fund payments to Legalist DIP Fund I, LP and Legalist DIP SPV II, LP. The company's budget shows total disbursements of $31,080 for June. Legalist DIP Fund I and Legalist DIP SPV will be granted a replacement lien to the extent that the use of cash collateral results in a decrease in the value of their collateral. In addition, the secured creditors will receive weekly payments of $4,000 from Paradox as adequate protection. Instead, Debtor will make 12 weekly payments of $1,500 beginning July to "make up" $16,000. A final hearing is scheduled for July 1. Legalist DIP Fund and Legalist DIP SPV are represented by: Gregory C. Logue, Esq. Woolf, McClane, Bright, Allen & Carpenter, PLLC P.O. Box 900 Knoxville, TN 37901 Phone: (865)215-1000 Fax: (865)215-1001 logueg@wmbac.com About Paradox Enterprises Paradox Enterprises, LLC owns various properties valued at $6.1 million. Paradox Enterprises 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. The Debtor is represented by: Denis Graham Waldron, Esq. Dunham Hildebrand, PLLC Tel: 629-777-6519 Email: gray@dhnashville.com PICCARD PETS: Court Extends Cash Collateral Access to July 1 ------------------------------------------------------------ Piccard Pets Supplies, Corp. received seventh interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to continue to use its cash collateral until July 1. The seventh interim order authorized the company to use cash collateral to pay the expenses set forth in its budget. Piccard projects total operational expenses of $41,750 for the period from May 20 to June 19 and $13,908 for the period from June 20 to July 1. As protection for the use of their cash collateral, the company's lenders were granted replacement liens on all post-petition assets of the company to the same extent and with the same validity and priority as their pre-bankruptcy liens. The lenders are Ameris Bank, Amazon Capital Services, Inc., Fox Business Funding, First Citizens Community Bank, U.S. Small Business Administration, White Road Capital, LLC, Sellers Funding Corp., ODK Capital, LLC, Celtic Bank, and CloudFund, LLC. The next hearing is scheduled for July 1. About Piccard Pets Supplies Piccard Pets Supplies Corp., a company in Jacksonville, Fla., offers pet supplies and medications. Piccard Pets Supplies filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-02434) on Aug. 15, 2024, listing total assets of $927,465 and total liabilities of $5,323,839. Marlon Martinez, chief executive officer of Piccard Pets Supplies, signed the petition. Judge Jacob A. Brown oversees the case. The Debtor is represented by Thomas Adam, Esq., at Adam Law Group, PA. Ameris Bank is represented by: Christian P. George, Esq. Akerman LLP 50 North Laura Street, Suite 3100 Jacksonville, FL 32202 Telephone: (904) 798-3700 Facsimile: (904) 798-3730 christian.george@akerman.com PLANO SMILE: Unsecureds to Get Share of Income for 60 Months ------------------------------------------------------------ Plano Smile Studio, P.A., filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization dated June 2, 2025. Founded in 1990, the Debtor is a dentist office in Plano, Texas that specializes in bruxism treatment, root canal, gum disease treatment, tooth extraction, emergency dental care, and mouth guards. The Debtor also offers cosmetic dental treatments including dental crowns, dental bonding, teeth whitening, and dental implants. The Debtor employs four staff members and one doctor, which is the Debtor's owner, Dr. John M. Hucklebridge. Dr. Hucklebridge is a board-certified dentist with over 30 years of experience in the medical field. This Plan constitutes a chapter 11 reorganization plan for the Debtor. In summary, the Plan provides for the Debtor to restructure its debts by reducing its monthly payments to the amount of the Debtor's Disposable Income. The Debtor believes that the Plan will ensure Holders of Allowed Claims will receive greater distributions under the Plan than they would if the Debtor's Chapter 11 Case was converted to Chapter 7 and the Debtor's Assets liquidated by a Chapter 7 Trustee. Class 6 consists of Allowed General Unsecured Claims. The Debtor shall make sixty consecutive monthly payments commencing thirty days after the Effective Date in the amount of $1,213.14, which constitutes the Debtor's Disposable Income identified on the Debtor's Projections. The Holders of Allowed Unsecured Claims shall receive their pro rata share of the monthly payment. Holders of General Unsecured Claims are impaired and entitled to vote on the Plan. Class 7 consists of Allowed Equity Interest in the Debtor. Pursuant to this Plan, the Equity Interest of the Debtor shall remain vested with the Debtor's owner, Dr. John M. Hucklebridge. The Holder of Allowed Equity Interest is deemed to have accepted the Plan and is not entitled to vote on the Plan. From and after the Effective Date, the Debtor will continue to exist as a Reorganized Debtor. By reducing the Debtor's monthly obligations to creditors to the Reorganized Debtor's Disposable Income, the Reorganized Debtor will have sufficient cash to maintain operations and will allow the Reorganized Debtor to successfully operate following the Effective Date of the Plan. During the period from the Confirmation Date through and until the Effective Date, the Debtor shall continue to operate its business as a debtor-in-possession, subject to the oversight of the Bankruptcy Court as provided in the Bankruptcy Code, the Bankruptcy Rules, and all orders of the Bankruptcy Court that are then in full force and effect. In addition, the Debtor may take all actions as may be necessary or appropriate to implement the terms and conditions of the Plan. Upon Confirmation of the Plan, all actions required of the Debtor to effectuate the Plan shall be deemed authorized and approved in all respects. A full-text copy of the Plan of Reorganization dated June 2, 2025 is available at https://urlcurt.com/u?l=rd5t0u from PacerMonitor.com at no charge. About Plano Smile Studio Plano Smile Studio, P.A. is a dental practice located in Plano, Texas, specializing in both general and cosmetic dentistry. Led by Dr. John M. Hucklebridge, the studio offers a wide range of services including dental implants, smile makeovers, Invisalign, teeth whitening, veneers, and sedation dentistry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40633) on March 6, 2025. In the petition signed by John M. Hucklebridge, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Brenda T Rhoades oversees the case. The Debtor is Represented By: Brandon John Tittle, Esq. Tittle Law Group, PLLC Tel: (972) 213-2316 Email: btittle@tittlelawgroup.com PRA GROUP: S&P Alters Outlook to Negative, Affirms 'BB' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook on PRA Group Inc. (PRA) to negative from stable and affirmed the 'BB' long-term issuer credit and issue level ratings on the company and its unsecured debt; the recovery rating remains '4'. The negative outlook reflects our expectation that PRA's leverage will remain elevated, with S&P Global Ratings-adjusted debt to EBITDA above 5.0x, although we note the company's leading market position, geographical diversification, adequate liquidity profile, and no near-term refinancing risk. Since 2024, PRA has increased its purchase volume, amid strong supply and favorable pricing. This contributed to elevated leverage of above 5x as of year-end 2024 and first-quarter 2025, following a net loss in 2023 driven by a decline in expected recoveries. S&P said, "The negative outlook stems from our expectation that leverage could remain above 5x based on the company's growth trajectory. Over the past year, the distressed debt industry has seen meaningful levels of nonperforming loans (NPLs) come to market because credit card levels and charge-offs in the U.S. and Europe remain elevated. PRA capitalized on this favorable environment--characterized by robust supply, attractive pricing multiples exceeding 1.95x, and the retreat of several large competitors from portfolio investments--by acquiring about $1.4 billion of NPL's in 2024, the highest annual purchase volume in the company's history. As a result, and despite its cost management efforts, PRA maintained S&P Global Ratings-adjusted debt to EBITDA of about 5.4x last year. "We expect PRA to focus on cost management and cash collections in 2025. Historically, PRA has maintained leverage of 4.0x-5.0x. However, in first-quarter 2023, PRA revised its expected recoveries due to the underperformance of one of its core North American vintages, resulting in leverage increasing to 5.4x from 4.1x in 2022. We think the company will operate with leverage above 5.0x in 2025, then progressively deleverage from 2026 as cash collections, particularly from the legal channel, improve following the company's investments in its collections strategy and reduction in legal cycle times. "We assess PRA's leverage including a 50% add-back for portfolio amortization. Our calculation of EBITDA for PRA, as for other distressed-debt purchasers, includes an adjustment to add-back 50% of collections applied to principal, or portfolio amortization, which flows through the cash flow statement. This is to reflect the cash flow associated with collections on distressed receivables, since those collections could be used for debt repayment in theory, instead of being reinvested. Distressed-debt purchasers consistently purchase new distressed receivables to replenish their income-generating asset base and maintain profitability over the cycle. "The negative outlook reflects our expectation that PRA's leverage will remain elevated, with S&P Global Ratings-adjusted debt to EBITDA above 5.0x, although we note the company's leading market position, geographical diversification, adequate liquidity profile, and no near-term refinancing risk." S&P could lower the ratings if the company's S&P Global Ratings-adjusted debt to EBITDA is sustained above 5.0x, potentially due to: -- Underperformance through cash collections that are lower than expectations; or -- Aggressive portfolio acquisitions at the expense of deleveraging. S&P could revise the outlook back to stable if PRA operates with leverage consistently below 5.0x and maintains sufficient liquidity to meet its short-term obligations. PROMETRIC HOLDINGS: S&P Rates New $585MM First-Lien Term Loan 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Prometric Holdings Inc.'s proposed $585 million first-lien term loan maturing in 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The company is issuing the proposed term loan to refinance its existing $565 million first-lien term loan. Prometric is also refinancing its existing revolving credit facility, which will mature in 2030. S&P expects that the company will use the incremental $20 million from the refinancing to repay its outstanding revolver balance. S&P said, "We expect the company's leverage will be in the high-4x area as of year-end 2025 due to its strong performance trends. Prometric increased its revenue by approximately 12% year over year as of March 31, 2025, supported by its successful implementation of price increases, a strong performance in its English Language Assessments business, and an increase in its testing volumes. While the company has significantly reduced its customer concentration in recent years, its portfolio still includes sizable contracts which are typically up for renewal every 3-5 years. Under our base-case scenario, we assume similar performance to historical retention rates and expect Prometric will increase its revenue by the 4%-6% range over the long term while maintaining margins in the low-30% area over the next couple of years. However, if the company is unable to renew its larger contracts and offset with growth, it would materially weaken our operating performance expectations. While we see positive trends in the company's business, we would require it to reduce its leverage below 4.5x on a sustained basis and improve its free cash flow generation before raising our rating or revising the outlook." PROSPECT MEDICAL: Clark Hill Represents Multiple Parties -------------------------------------------------------- In the Chapter 11 cases of Prospect Medical Holdings Inc. and its affiliates, Clark Hill PLC filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. Clark Hill PLC represents the following creditors/parties in interests in the Chapter 11 Cases: 1. SCG Capital Corporation (Unsecured Creditor – Vendor/Equipment Lessor) * $205,505.82 (approximately); 2. KJ Manchester LLC (Unsecured Creditor – Landlord); 3. AXA XL Syndicate No. 2003 (Interested Party – Reinsurer); 4. Faraday Capital Limited, the sole underwriting member of Lloyd's syndicate 435 (Interested Party – Reinsurer); 5. Arch Insurance Syndicate No. AAL 2012 and Syndicate No. ASL 1955 (Interested Party – Reinsurer); 6. TDC National Assurance Company (Interested Party – Reinsurer); 7. Chaucer Syndicate No. 1084 (Interested Party – Reinsurer); 8. Convex Insurance UK Limited (Interested Party – Reinsurer); 9. Coverys Limited (Interested Party – Reinsurer); 10. Brit US HPL Consortium 7882 (Interested Party – Reinsurer); 11. Dale Syndicate Services Ltd. Dale Healthcare Consortium 4908 (Interested Party – Reinsurer); 12. Chubb Syndicate No. 2488 (Interested Party – Reinsurer); 13. Liberty Mutual Insurance Europe SE (Interested Party – Reinsurer); 14. Hamilton Syndicate No. 4000 (Interested Party – Reinsurer); and 15. MS Amlin Syndicate 2001 (Interested Party – Reinsurer). Each of the parties has consented to multiple representation by Clark Hill in the matter. The Firm can be reached at: CLARK HILL PLC Robert P. Franke, Esq. Andrew G. Edson, Esq. Audrey L. Hornisher, Esq. Tara L. Bush, Esq. 901 Main Street, Suite 6000 Dallas, Texas 75202 Tel: (214) 651-4300 / Fax: (214) 651-4330 Email: bfranke@clarkhill.com aedson@clarkhill.com ahornisher@clarkhill.com tbush@clarkhill.com -and- Duane J. Brescia, Esq. 3711 S. Mopac Expressway Building One, Suite 500 Austin, Texas 78746 Tel: (512) 499-3647 / Fax: (512) 499-3360 Email: dbrescia@clarkhill.com -and- Scott D. Braun, Esq. CLARK HILL PLC 130 E. Randolph Street, Suite 3900 Chicago, IL 60601 Tel: (312) 985-5529 / Fax: (312) 985-5999 Email: sbraun@clarkhill.com About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. QUALITY FIRST: Seeks Subchapter V Bankruptcy in Louisiana --------------------------------------------------------- On June 6, 2025, Quality First Construction LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. 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 Quality First Construction LLC Quality First Construction LLC provides marine transportation, construction, and logistics services along the Gulf Coast. Its operations include coastal restoration, dredging, oil and gas support, emergency response and salvage, vessel repairs and maintenance, and environmental services. Founded in 2005, the Company operates a fleet of vessels and continues to invest in infrastructure and workforce development. Quality First Construction LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11157) on June 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtors are represented by Ryan J. Richmond, Esq. at STERNBERG, NACCARI & WHITE, LLC. RENE'S TRUCKING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Rene's Trucking, Inc. received interim approval from the U.S. Bankruptcy Court, Southern District of Texas, Houston Division, to use cash collateral. Pursuant to the court's interim order, Rene's Trucking is allowed to use cash collateral through June 25 if it maintains a minimum balance of $17,700 in cash and receivables as of the petition date. Spending of cash collateral is not allowed until proof of comprehensive insurance for all business assets is filed by the company. As protection for the use of their cash collateral, Wells Fargo and the U.S. Small Business Administration will be granted replacement liens of the same type and with the same priority as their pre-bankruptcy liens. In addition, the secured lenders will receive a monthly payment of $675 (1.5% of Rene's Trucking's estimated value of $45,000) until a Chapter 11 plan for the company is confirmed. This amount is subject to adjustment at the final hearing. The final hearing is set for June 25, with objections due by June 23. About Rene's Trucking Inc. Rene's Trucking, Inc. transports fuel in the Houston, Texas area. Rene's Trucking filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-32881) on May 26, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Jose Eduardo Martinez, president and manager of Rene's Trucking, signed the petition. Lloyd A. Lim, Esq., at Kean Miller, LLP, represents the Debtor as legal counsel. RHODIUM ENCORE: Akin Gump Updates List of Ad Hoc Group Members -------------------------------------------------------------- The law firm of Akin Gump Strauss Hauer & Feld LLP filed a second supplemental verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Rhodium Enterprises Inc. ("REI") and affiliates, the firm represents the Ad Hoc Group of SAFE Parties (the "Ad Hoc Group"). Infinite Mining, LLC, a SAFE party and member of the SAFE AHG, recently was appointed by the office of the U.S. Trustee for the Southern District of Texas to serve on the Official Committee of Unsecured Creditors in Infinite Mining's capacity as a SAFE creditor. This Second Supplemental Verified Statement is filed to advise that following its appointment to the Committee, Infinite Mining has resigned from the SAFE AHG. The SAFE AHG was initially formed on November 14, 2024, and retained Akin to represent the SAFE AHG in connection with these chapter 11 cases. The SAFE AHG currently consists of the parties in-interest set forth on Exhibit A (each an "SAFE AHG Member"). Each SAFE AHG Member has represented to Akin that it is a party-in-interest, is party to a Simple Agreement for Future Equity ("SAFE") with REI, and holds claims against the Debtors that may include, but are not necessarily limited to, unsecured claims, and administrative claims in unliquidated amounts. To the extent additional SAFE parties join the SAFE AHG, the SAFE AHG reserves its right to update this Second Supplemental Verified Statement. Akin does not make any representation regarding the validity, amount, allowance, or priority of such claims and reserves all rights with respect thereto. Akin does not own, nor has Akin ever owned, any claims against or interests in the Debtors, except for claims for services rendered in connection with these chapter 11 cases. The Ad Hoc Group Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Blockchain Recovery Investment Consortium, LLC, acting in its capacity as the Complex Asset Recovery Manager and Litigation Administrator for Celsius Holding LLC (the "BRIC") 7301 SW 57th Court Suite 515 Miami, Florida 33143 * Litigation Administrator for party to non-executory SAFE agreement with REI * $50,000,000.00 2. James M. Farrar and Adda B. Delgadillo-Farrar 2805 Kings Park Lane, Modesto, CA 95355 * Party to non-executory SAFE agreement with REI * $160,000.00 3. Thomas Lienhart 660 Evening Star Lane, Cincinnati, OH 45220 * Party to non-executory SAFE agreement with REI * $100,000.00 4. Pepper Grove Holdings Limited 45 Reid Street, 2nd Floor Hamilton HM 12, Bermuda * Party to non-executory SAFE agreement with REI * $5,000,000.00 5. Private Investor Club Feeder Fund 2021-H LLC 1111 Isobel Reserve Lane, Tampa, FL 33613 * Party to non-executory SAFE agreement with REI * $6,632,340.98 6. Emil Stefkov 108 7th Ave. South, 2nd Floor, 10014 NY, New York * Party to non-executory SAFE agreement with REI * $3,000,000.00 7. Robert Schoemaker 2465 Mangum Ct., Sarasota, FL 34237 * Party to non-executory SAFE agreement with REI * $50,000.00 8. Russell's Bromeliads EQRP 401K 15104 Lost Lake Rd., Clermont, FL 34711 * Party to non-executory SAFE agreement with REI * $150,000.00 9. Ten R Ten, LLC 68 White St., Ste. 7-278 Redbank, NJ 07701 * Party to non-executory SAFE agreement with REI * $50,000.00 10. Brad Weber 1493 Red Tide Rd., Mount Pleasant, SC 29466 * Party to non-executory SAFE agreement with REI * $140,000.00 11. General Global Capital 1302 Pacific Ave., San Francsico, CA 94109 * Party to non-executory SAFE agreement with REI * $1,500,000.00 12. JWS QRP Holdings LLC 650 Ponce de Leon Ave., Ste. #213 Atlanta, GA 30308 * Party to non-executory SAFE agreement with REI * $75,000.00 13. Permit Ventures LLC 9 Cliff Rd., Weston, MA 02493 * Party to non-executory SAFE agreement with REI * $500,000.00 Counsel to the Ad Hoc Group: AKIN GUMP STRAUSS HAUER & FELD LLP Sarah Link Schultz, Esq. Elizabeth D. Scott, Esq. 2300 N. Field Street, Suite 1800 Dallas, TX 75201-2481 Telephone: (214) 969-2800 E-mail: sschultz@akingump.com E-mail: edscott@akingump.com - and - Mitchell P. Hurley, Esq. One Bryant Park New York, NY 10036-6745 Telephone: (212) 872-1000 E-mail: mhurley@akingump.com 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. Tex. 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. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RHODIUM ENCORE: Richard Camara Appointed as New Committee Member ---------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Richard Camara of Infinite Mining, LLC as additional member of the official committee of unsecured creditors in the Chapter 11 cases of Rhodium Encore, LLC and its affiliates. Meanwhile, five of the original committee members were paid in full and were removed from the committee. The committee is now composed of: 1. Cameron Reid Proof Capital Alternative Income Fund 3017 7th Street SW Calgary, Alberta Canada T2T 2X6 cameron.reid@proofcapital.ca 2. Daniel Garrie 7 Lake Bellevue Drive, Unit 206 Bellevue, WA 98005 Daniel@lawandforensics.com 3. Richard Camara Infinite Mining, LLC 17915 Goodyear Carson, CA 90746 richardcamara@me.com About Rhodium Encore Rhodium Encore, LLC is a founder-led, Texas based digital asset technology company utilizing proprietary tech to self-mine bitcoin. It 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. Michael Robinson, chief restructuring officer, signed the petitions. At the time of the filing, Rhodium Encore reported $100 million to $500 million in assets and $50 million to $100 million in liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Quinn Emanuel Urquhart & Sullivan, LLP as legal counsel, and Province as restructuring advisor. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. McDermott Will & Emery, LLP and Genesis Credit Partners, LLC serve as the committee's legal counsel and financial advisor, respectively. RITE AID: Seeks to Tap Guggenheim Securities as Investment Banker ----------------------------------------------------------------- New Rite Aid, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Guggenheim Securities, LLC as investment banker. The firm will provide these services: (a) review and analyze the business, financial condition and prospects of the Debtors; (b) evaluate the liabilities of the Debtors, their debt capacity and their strategic and financial alternatives; (c) in connection with any transaction: (i) evaluate from a financial and capital markets point of view of alternative structures and strategies for implementing the transaction; (ii) prepare offering, marketing or other transaction materials concerning the Debtors and the transaction for distribution and presentation to potential transaction counterparties; (iii) develop and implement a marketing plan with respect to the transaction; (iv) identify and solicit the review of proposals received from prospective transaction counterparties; and (v) negotiate the transaction. (d) in connection with any transaction the Debtors determine to pursue or effect in connection with a bankruptcy case, evaluation, from a financial point of view, of alternative strategies for implementing any such transaction in connection with any such bankruptcy case; and (e) such other matters as may be agreed upon by Guggenheim Securities and the Debtors in writing during the term of the engagement. The firm will be paid at these fees: (a) Monthly Fees - $200,000 per month with respect to each of March 2025 and April 2025 and $300,000 per month with respect to May 2025 and each such subsequent calendar month occurring during such period of engagement. (b) Sale Transaction Fees - with respect to any sale of control transaction, the product of 150 basis points multiplied by the aggregate consideration involved in such sale of control transaction, and with respect to any sale transaction not constituting a sale of control transaction, the product of 90 basis points, multiplied by the aggregate consideration involved in such sale transaction. In addition, the firm will seek reimbursement for expenses incurred. Brendan Hayes, a senior managing director at Guggenheim Securities, disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brendan Hayes Guggenheim Securities, LLC 330 Madison Avenue New York, NY 10017 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 Debtors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Debtors. 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. RMBQ INC: Gets Final OK to Use Cash Collateral ---------------------------------------------- RMBQ, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of California to use cash collateral. The final order approved the use of cash collateral to pay the company's operating expenses in accordance with its 13-week budget, which shows total operating disbursements of $974,114. As protection, secured creditors including BSD Capital, LLC and California Department of Tax and Fee Administration were granted replacement liens on all assets acquired by RMBQ after its Chapter 11 filing, to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, RMBQ has to make monthly payments of $2,746.18 to BSD Capital pursuant to the terms of their stipulation. About RMBQ Inc. RMBQ, Inc. operates nine food service locations including five brick-and-mortar stores, four mobile units, and a catering truck under concession agreements with Marine Corps Community Services across military bases in San Diego County. RMBQ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banke. S.D. Cal. Case No. 25-01511-JBM11) on April 16, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Raymond Gomez, chief executive officer of RMBQ, signed the petition. Judge Barrett Marum oversees the case. Joanne P. Sanchez, Esq., at Sanchez & Baltazar Attorneys, P.C., represents the Debtor as legal counsel. RMKD LIQUORS: Seeks to Hire J. Singer Law Group as Legal Counsel ---------------------------------------------------------------- RMKD Liquors Inc., doing business as Columbia Wine Co., seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ J. Singer Law Group PLLC as counsel. The firm will render these services: (a) represent the Debtor in all aspects of this subchapter V Chapter 11 case; (b) prepare and file all necessary legal documents in connection with the administration of the Debtor's estate; (c) advise the Debtor of its responsibilities and duties in the continued management and operation of its financial affairs and ensure insofar as practicable that it complies with its responsibilities; (d) appear at all appropriate meetings before this court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; (e) represent the Debtor in actions to protect and preserve its estate; (f) assist the Debtor in formulating and negotiating a plan of reorganization; and (g) perform such other further legal services to the Debtor which may be necessary herein. The firm received a retainer of $19,000 from Rohan Duggal, the Debtor's sole shareholder, officer, and director. Jeb Singer, Esq., an attorney at J. Singer 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: Jeb Singer, Esq. J. Singer Law Group, PLLC 1 Liberty Plaza, 23rd Floor New York, New York 10006 Telephone: (917) 806-5832 Email: jsinger@jsingerlawgroup.com About RMKD Liquors RMKD Liquors Inc. operates a retail liquor store in New York, offering a variety of alcoholic beverages including wine, vodka, whiskey, rum, tequila, and liqueurs. It also sells alcohol-related accessories such as bottle openers, wine bags, and wine keys, and occasionally stocks specialty items like cocktail mixers containing alcohol. RMKD Liquors sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10940) on May 7, 2025. In its petition, the Debtor reported total assets of $127,400 and total liabilities of $1,440,174. Judge David S. Jones handles the case. The Debtor is represented by Jeb Singer, Esq., at J. Singer Law Group, PLLC. SANDY HILLS: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On June 4, 2025, Sandy Hills LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern 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 Sandy Hills LLC Sandy Hills LLC is a land development company based in Babylon, New York. It focuses on acquiring and rezoning land for residential and mixed-use projects. Sandy Hills LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72181) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtors are represented by Marc A. Pergament, Esq. at WEINBERG, GROSS & PERGAMENT LLP. SHERWOOD HOSPITALITY: Gets Extension to Access Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon granted Sherwood Hospitality Group, LLC and DVKOCR Tigard, LLC another extension to use the cash collateral of L-O Sherwood Finance, LLC and L-O Tigard Finance, LLC. The court's order extended the original expiration date of May 18 to June 17. All other terms of the court's prior cash collateral order remain in full force and effect. About Sherwood Hospitality Group Sherwood Hospitality Group, LLC is a real estate holding company in Sherwood, Ore. Sherwood and its affiliate, DVKOCR Tigard, LLC, filed Chapter 11 petitions (Bankr. D. Ore. Lead Case No. 25-30484) on February 17, 2025. Alkesh R. Patel, manager, signed the petitions. At the time of the filing, Sherwood reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities while DVKOCR reported between $10 million and $50 million in both assets and liabilities. Judge Peter C. McKittrick oversees the cases. Douglas R. Ricks, Esq., at Sussman Shank LLP, represents the Debtors as legal counsel. SHILLINGS' CANNERY: Seeks to Hire The Fork CPAs as Accountant ------------------------------------------------------------- Shillings' Cannery, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ The Fork CPAs as accountant. The firm will provide these services: (a) prepare and file all necessary federal and local tax returns and related tax filings for the Debtor; and (b) assist the Debtor with tax planning, and with the preparation of financial statements. The firm will charge a flat monthly fee of $2,500 for its services. Raffi Yousefian, CPA, a member at The Fork CPAs, 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: Raffi Yousefian, CPA The Fork CPAs 3400 11th St. NW Fl. 2 Washington, DC 20010 About Shillings' Cannery Shillings' Cannery, LLC operates a restaurant located at 360 Water Street, SE, Washington D.C. Shillings' Cannery filed Chapter 11 petition (Bankr. D.D.C. Case No. 25-00145) on April 22, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Reid Shilling, manager, signed the petition. Judge Elizabeth L. Gunn oversees the case. The Debtor tapped Justin P. Fasano, Esq., at McNamee Hosea, PA as counsel and The Fork CPAs as accountant. SHIVANI CORP: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Virginia issued an order granting Shivani Corp. final approval to use cash collateral. The final order authorized Shivani Corp. to use the cash collateral of World Business Lenders, LLC, a secured lender, until the confirmation of its Chapter 11 plan or entry of an order modifying or prohibiting its use of cash collateral, whichever occurs first. As protection, World Business Lenders will be granted a replacement lien on the company's cash collateral to the same extent, validity and priority as its pre-bankruptcy lien. World Business Lenders asserts an interest in Shivani Corp.'s cash and cash equivalents, which constitute its cash collateral. Shivani Corp. previously received interim approval to access the lender's cash collateral for the period from June 2 to 11. About Shivani Corp. Shivani Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Vir. Case No. 25-60511) on April 29, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Paul M. Black oversees the case. The Debtor is represented by: H. David Cox, Esq. Cox Law Group, PLLC Tel: 434-845-2600 ecf@coxlawgroup.com SIFAT LLC: Section 341(a) Meeting of Creditors on July 1 -------------------------------------------------------- On June 3, 2025, Sifat LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on July 1, 2025 at 09:00 AM at UST-SA1, TELEPHONIC MEETING. CONFERENCE LINE:1-866-919-0527, PARTICIPANT CODE:2240227. About Sifat LLC Sifat LLC owns and manages a single commercial real estate asset, an office building located at 2115 Winnie Street in Galveston, Texas. The Company operates from Newport Beach, California, and is affiliated with the Cantour Group, which oversees property development and leasing activities for the building. Sifat LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11513) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtors are represented by David B. Golubchik, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. SILVER AIRWAYS: Stops Flights Six Months After Chapter 11 Filing ---------------------------------------------------------------- Mary Schlangenstein of Bloomberg News reports that Silver Airways, a regional airline serving the Southeastern U.S. and the Caribbean, has informed customers it will suspend all operations starting June 11, 2025, nearly six months after filing for bankruptcy protection. "Please do not go to the airport," the Florida-based carrier stated in a message on its website. "All credit card transactions should be refundable through your card issuer or travel agency." About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on December 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. Brian P. Hall, Esq., is the Debtors' legal counsel. Brigade Agency Services, LLC, as lender, is represented by Frank P. Terzo, Esq., at Nelson Mullins Riley & Scarborough, LLP. Argent Funding LLC and Volant SVI Funding LLC, as lenders, are represented by Regina Stango Kelbon, Esq. at Blank Rome, LLP. SKILLSOFT FINANCE: XAI Octagon Marks $348,000 1L Loan at 14% Off ---------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $348,726 loan extended to Skillsoft Finance II, Inc. to market at $299,140 or 86% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Skillsoft Finance II, Inc. The loan accrues interest at a rate of 1M SOFR + 5.25% per annum. The loan matures on July 14, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Skillsoft Finance II, Inc. SkillSoft Corporation provides cloud-based learning solutions, offering enterprise courseware. SOLEPLY LLC: Gets Final OK to Use Cash Collateral ------------------------------------------------- Soleply, LLC received final approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The final order authorized the company to use cash collateral to pay the expenses set forth in its 13-week budget, with a 10% variance allowed. The budget shows projected operational expenses of $404,662. As protection, Fundomate Technologies, Inc., a secured creditor, was granted a replacement lien to the same extent and with the same validity and priority as its pre-bankruptcy lien. In the event Soleply defaults or violates the final order, Fundomate is entitled to request a hearing within 10 days or an emergency hearing within 48 hours if immediate and irreparable injury, loss or damage occurs. About Soleply LLC Soleply, LLC is a retailer specializing in premium sneakers and streetwear, operates both online (soleply.com) and physical stores including its main location in Cherry Hill, N.J. The company sells a variety of branded footwear including Nike Dunks, Air Jordans, ASICS Gel-Kayano models, and adidas Yeezy products, along with high-end streetwear from brands like Fear of God Essentials, Denim Tears, and Bravest Studios. Soleply sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-12919) on March 21, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Andrew B. Altenburg, Jr. oversees the case. The Debtor is represented by Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown, LLC. SPECIAL EFFECTS: Unsecureds Will Get 45% over 60 Months ------------------------------------------------------- Special Effects Unlimited, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement for Small Business describing Chapter 11 Plan dated June 2, 2025. Since 1962, the Debtor has been in the business of live action special effects company serving the film, TV and commercial industry world-wide. Covert misappropriation funds and manipulation of accounting records by SEU's former and later COO William Moran, state and federal tax audits, six figures tax liabilities, COV-ID, Writers, Actors and Teamsters strikes which brought production to a halt reducing SEU's income to dribbles, the So Cal fires that ravaged L.A. have caused serious financial losses with orders cancelled and commercial, TV and independent film shoots cancelled, and most serious threat was the CA Dept. of Tax and Fee Administration who was threatening to revoke SEU's business license. Class 3 consists of General Unsecured Claims. The allowed unsecured claims total $138,270.69. This Class shall receive a monthly payment of $2304.51 from August 1, 2025 to July 1, 2030. This Class will receive a distribution of 45% of their allowed claims. This Class is impaired. Payments and distributions under the Plan will be funded by cash on hand on date of Plan, disposable income over the life of Chapter 11 Plan. A full-text copy of the Disclosure Statement dated June 2, 2025 is available at https://urlcurt.com/u?l=lDuC0N from PacerMonitor.com at no charge. Counsel to the Debtor: Marc Aaron Goldbach, Esq. Goldbach Law Group 111 W. Ocean Blvd., Suite 400 Long Beach, CA 90802 Telephone: (562) 696-058 Facsimile: (888) 771-5425 Email: marc.goldbach@goldbachlaw.com About Special Effects Unlimited Special Effects Unlimited, Inc. is based in Sun Valley, California, operates as a specialized rental provider of film and entertainment industry effects equipment, including weather effects, wind machines, fog systems, and physical effects equipment. The company maintains operations at 8942 Lankershim Blvd. and serves the greater Los Angeles entertainment market. Special Effects Unlimited, Inc., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10015) on January 5, 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 Victoria S. Kaufman handles the case. Marc A. Goldbach of Goldbach Law Group represents the Debtor as counsel. SPIN HOLDCO: Franklin Templeton Marks $3.7MM Loan at 15% Off ------------------------------------------------------------ Franklin Templeton ETF Trust has marked its $3,794,362 loan extended to Spin Holdco, Inc to market at $3,222,855 or 85% of the outstanding amount, according to a disclosure contained in Franklin Templeton's Form N-CSR for the Fiscal year ended March 31, 2025, filed with the Securities and Exchange Commission. Franklin Templeton is a participant in a 2021 Term Loan to Spin Holdco, Inc. The loan accrues interest at a rate of 8.562% (3 mo. USD Term SOFR + 4%) per annum. The loan matures on March 4, 2028. Franklin Templeton is registered under the Investment Company Act of 1940 as an open-end management investment company consisting of fifty-one separate funds, seventeen of which are included in this report. Franklin Templeton is led by Christopher Kings, Chief Executive Officer - Finance and Administration; and Vivek Pai, Chief Financial Officer, Chief Accounting Officer and Treasurer. The Fund can be reach through: Christopher Kings Alison Baur Franklin Templeton One Franklin Parkway, San Mateo, CA 94403-1906 Telephone: (650) 312-2000 Spin Holdco Inc. provides laundry solutions. The Company offers residential and commercial laundry solutions, as well as tire inflation and vacuum vending services at convenience stores and gas stations. Spin Holdco serves clients in North America and Europe. SPIN HOLDCO: XAI Octagon Marks $2.1 Million 1L Loan at 16% Off -------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $2,128,573 loan extended to Spin Holdco, Inc. to market at $1,793,599 or 84% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Spin Holdco, Inc. The loan accrues interest at a rate of 3M SOFR + 4.00% per annum. The loan matures on March 4, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Spin Holdco, Inc. Spin Holdco Inc. provides laundry solutions. The Company offers residential and commercial laundry solutions, as well as tire inflation and vacuum vending services at convenience stores and gas stations. Spin Holdco serves clients in North America and Europe. STEWARD HEALTH: Unsecureds Will Get 3.9% to 21.6% of Claims in Plan ------------------------------------------------------------------- Steward Health Care System LLC and its debtor affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Joint Plan of Liquidation dated June 1, 2025. Steward was formed in 2010 following the acquisition of six hospitals in Massachusetts from Caritas Christi Health Care. Over the next decade, Steward expanded its footprint and recapitalized its business through a series of transactions that broadened its national reach and expanded its model and philosophy of value based care. Following the Global Settlement and comprehensive sale process involving the disposition of substantially all the Debtors' assets, the Debtors engaged in discussions with the FILO Secured Parties and Creditors' Committee regarding a chapter 11 plan that would allow the Debtors to wind-down their affairs, liquidate their remaining assets (including but not limited to, accounts receivable from their prior operations, valuable insurance claims and other estate claims and causes of action), and distribute the proceeds to creditors. Under the terms of the FILO Settlement Term Sheet, the Debtors are required to obtain an order of the Bankruptcy Court (the "FILO Settlement Order") providing that on the earlier of the Outside Date and one (1) business day following the Confirmation Date, the Plan Administrator Committee shall transfer the Litigation Trust Assets to the Litigation Trust. On the Litigation Trust Establishment Date, Mark Kronfeld of Province, LLC will be appointed (the "Litigation Trustee") to carry out the disposition of the Litigation Trust Assets. The terms of the Litigation Trustee's engagement shall be acceptable to the Debtors, FILO Parties, and the Creditors' Committee. Pursuant to the FILO Settlement Order, the FILO Secured Parties have agreed to provide the Debtors and their estates with the use of cash collateral through the Litigation Trust Establishment Date as well as a long-term litigation financing commitment for the purpose of monetizing the Litigation Trust Assets. On the Litigation Trust Establishment Date, the FILO Parties shall extend funds (solely in accordance with the terms of and limitations contained in the FILO Settlement) to the Litigation Trust (the "Litigation Funding") on a delayed draw basis in an aggregate amount of up to $125 million (the "Initial Commitment Amount") (which is inclusive of (a) a budgeted amount of $61 million through June 27, 2025, together with any additional amounts budgeted thereafter under the DIP Budget, which, in each case, may only be incurred in the form of Secured Interim Advances, 6 and (b) the $6.5 million of Estate Funding), which funded amounts shall be available to pay litigation costs of the Litigation Trust, costs of administration of the Litigation Trust, and monetization of the Litigation Trust Assets. The Litigation Funding is necessary and incidental to the liquidating purpose of the Plan Trust. The Debtors believe the Plan maximizes value for all stakeholders. The Plan contemplates a liquidation and wind down of the Debtors' estates to provide distributions to creditors in accordance with the absolute priority rule and certain settlements provided for in the Plan, in the most efficient and expeditious manner possible. The Plan contemplates distributions on or after the Effective Date as assets are monetized, including from the following sources: * Cash available on or after the Effective Date in accordance with the Plan; * proceeds realized from the Class B Litigation Trust Interests; * proceeds realized from the Plan Trust Assets; * proceeds realized from the Retained Assets; and * any additional proceeds of the Wind Down, if any. The Plan contemplates an orderly liquidation of the Debtors' assets, and distributions will be allocated. Distributions to junior classes will only be made if senior classes are satisfied (or adequately reserved for): * Each known and identified holder of an Administrative Expense Claim (other than holders of (i) Professional Fee Claims; (ii) FILO DIP Claims; or (iii) asserted Administrative Expense Claims that are entirely contingent, unliquidated and/or disputed by the Debtors), unless otherwise agreed to by the Debtors and the applicable holder, will be sent a Consent Program Opt-Out Form (as defined herein) pursuant to which the Debtors seek the agreement of such holder to the treatment afforded to such holder under the Administrative Expense Claims Consent Program. * Each holder of an Allowed FILO DIP Claim shall receive on the Litigation Trust Establishment Date its Pro Rata Share of the Class A Litigation Trust Interests. * Each holder of an Allowed Priority Tax Claim shall receive (i) payment in full in Cash, (ii) equal annual Cash payments in an aggregate amount equal to the amount of such holder's Allowed Priority Tax Claim, together with interest at the applicable rate under section 511 of the Bankruptcy Code, over a period not exceeding five years from the Petition Date, or (iii) such other treatment consistent with section 1129(a)(9) of the Bankruptcy Code. * Each holder of an Allowed Other Priority Claim shall receive (i) payment in full in Cash; or (ii) such other treatment so as to render such holder's Allowed Other Priority Claim Unimpaired. * Each holder of an Allowed Other Secured Claim shall receive at the option of the Estate Representative (i) payment in full in Cash in an amount equal to such Claim; (ii) transfer of the collateral securing such Other Secured Claim or the proceeds thereof in satisfaction of the Allowed amount of such Secured Claim; or (iii) such other treatment so as to render such holder's Allowed Other Secured Claim Unimpaired. * Except to the extent released pursuant to the FILO Settlement Order, each holder of an Allowed FILO Bridge Claim shall (i) receive their Pro Rata Share of the Class A Litigation Trust Interests on account of their Allowed Remaining FILO Bridge Claim (unless previously received), and (ii) retain their Pro Rata Share of their Retained FILO Claims, which shall entitle such holders to their Pro Rata Share of the FILO Plan Trust Interests on the Plan Trust Establishment Date to the extent not repaid prior thereto. With respect to any Distribution of Plan Trust Assets to be made by the Plan Trustee, holders of the Allowed Retained FILO Claims shall receive 10% of the Plan Trust Recovery until paid in full. * In accordance with the PBGC Settlement, on or prior to the Effective Date, PBGC shall receive the PBGC Plan Trust Interests. With respect to any Distribution of Plan Trust Assets to be made by the Plan Trustee, holders of the Allowed PBGC Claims shall receive their Pro Rata Share of 90% of the Plan Trust Recovery until the Allowed Retained FILO Claims are paid in full and 100% of the Plan Trust Recovery after the Allowed Retained FILO Claims are paid in full, to be paid ratably among holders of Allowed PBGC Claims and Allowed General Unsecured Claims. * Except to the extent that a holder of an Allowed General Unsecured Claim agrees to less favorable treatment of such Claim, on or prior to the Effective Date, each such holder shall receive its Pro Rata Share of the GUC Plan Trust Interests. With respect to any Distribution of Plan Trust Assets to be made by the Plan Trustee, holders of the Allowed General Unsecured Claims shall receive 90% of the Plan Trust Recovery until the Allowed Retained FILO Claims are paid in full and 100% of the Plan Trust Recovery after the Allowed Retained FILO Claims are paid in full, to be paid ratably among holders of Allowed PBGC Claims and Allowed General Unsecured Claims. * On the Effective Date or as soon as practicable thereafter, all Intercompany Claims shall be adjusted, reinstated, or discharged (each without any Plan Distribution) to the extent reasonably determined to be appropriate by the Estate Representative. Class 4 consists of General Unsecured Claims. Except to the extent that a holder of an Allowed General Unsecured Claim agrees to less favorable treatment of such Claim, in full and final satisfaction, settlement, release, and discharge of such Allowed General Unsecured Claim, on or prior to the Effective Date, each such holder shall receive its Pro Rata Share of the GUC Plan Trust Interests. The allowed unsecured claims total $1,390,000,000 to $2,320,000,000. This Class will receive a distribution of 3.9% to 21.6% of their allowed claims. The Debtors and Plan Trustee shall fund Cash distributions under this Plan with Cash proceeds available from: (i) Cash available on or after the Effective Date in accordance with the Plan; (ii) proceeds realized from the Class B Litigation Trust Interests; (iii) proceeds realized from the Plan Trust Assets; (iii) proceeds realized from the Retained Assets; (iv) Cash from the Professional Fees Escrow Account (provided that the Cash proceeds of the Professional Fees Escrow Account shall be exclusively used to pay Allowed Professional Fee Claims until paid in full in Cash and any amount remaining thereafter shall be transferred to the Litigation Trust); and (v) any additional proceeds of the Wind Down, if any. A full-text copy of the Disclosure Statement dated June 1, 2025 is available at https://urlcurt.com/u?l=zrwuyr from Kroll, claims agent. The Debtors' Counsel: Clifford W. Carlson, Esq. Gabriel A. Morgan, Esq. Stephanie N. Morrison, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 E-mail: Gabriel.Morgan@weil.com Clifford.Carlson@weil.com Stephanie.Morrison@weil.com - and - Ray C. Schrock, Esq. Candace M. Arthur, Esq. David J. Cohen, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 E-mail: Ray.Schrock@weil.com Candace.Arthur@weil.com DavidJ.Cohen@weil.com About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STORMS FAMILY: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- On June 4, 2025, Storms Family Land Trust filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $3,279,886 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Storms Family Land Trust Storms Family Land Trust is a land trust that holds a single real estate asset located at 3325 NE 14 Court in Fort Lauderdale, Florida. The property is valued at approximately $2.49 million. Storms Family Land Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16373) on June 2, 2025. In its petition, the Debtor reports total assets of $2,489,590 and total liabilities of $3,279,886. Honorable Bankruptcy Judge Peter D. Russin handles the case. The Debtors are represented by Susan D. Lasky, Esq. at SUSAN D. LASKY, PA. SUMMIT BEHAVIORAL: XAI Octagon Marks $1MM 1L Loan at 18% Off ------------------------------------------------------------ XAI Octagon Floating Rate & Alternative Income Trust has marked its $1,053,345 loan extended to Summit Behavioral Health, LLC to market at $869,009 or 82% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Summit Behavioral Health, LLC. The loan accrues interest at a rate of 1M SOFR + 4.25% per annum. The loan matures on November 24, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Summit Behavioral Health, LLC Summit Behavioral Healthcare, LLC, headquartered in Franklin, Tennessee, is a provider of substance use disorder and acute psychiatric treatment. Summit operates 38 facilities in 20 states with a focus on inpatient, detox, residential and outpatient services. Summit Behavioral Healthcare, LLC is owned by private equity firm Patient Square Capital. SYSTEM1 INC: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR ------------------------------------------------------------- S&P Global Ratings revised the outlook on System1 Inc. to negative from stable. S&P also affirmed all ratings, including the 'CCC+' issuer credit rating. The negative outlook reflects S&P's expectation that leverage will remain elevated above 7x with negative free operating cash flow (FOCF) over the next year amid ongoing business headwinds and the potential for a lower rating if it envisions a default within 12 months. System1 Inc.'s operating performance remains challenged due to weak macroeconomic conditions, lower pricing for its advertising inventory, and continued declines in Google's Network business. S&P said, "The outlook revision to negative reflects continued business challenges and limited visibility into future performance such that we expect System1's credit metrics will remain weak ahead of its term loan becoming current in July 2026. We expect S&P Global Ratings-adjusted gross leverage will remain elevated at about 8x in 2025 and about 7x in 2026 and that FOCF will remain negative through at least 2026. We forecast FOCF outflows of about $10 million in both 2025 and 2026 given the company's challenging operating performance and significant earnout payments related to its past acquisition of CouponFollow." The company's performance remains challenged due to weak macroeconomic conditions, lower pricing for System1's advertising inventory, and continued declines in Google's Network business, which is where System1 derives a majority of its revenue. While System1-owned and operated products showed increased user sessions in the first quarter, total revenue for the segment was down 16% year over year, driven by a 35% decrease in advertising spend. Google's decision to opt out advertisers from AdSense for domains monetization (AFD) in favor of its new RSOC product will cause volatility and disruption in the coming quarters. This uncertainty and broader macroeconomic challenges will likely limit System1's top-line growth prospects in 2025. S&P expects S&P Global Ratings-adjusted EBITDA will increase to more than $30 million in 2025, although this is largely due to lower expected restructuring costs in 2025 versus 2024 (that we do not add back to EBITDA), given our expectation for a 7% decline in revenue. S&P said, "We expect economic conditions will weaken in the remainder of 2025, which will likely further hurt performance as its revenue somewhat depends on consumer discretionary spending and advertising budgets. Digital advertising has very short lead times, giving us very limited visibility into future performance. If economic conditions deteriorate or stagnate beyond our current expectations, System1's revenue and EBITDA generation will likely be much weaker than we currently forecast. "As a result, we believe System1 remains dependent on favorable business, economic, and financial conditions to meet its financial obligations, including its senior secured term loan maturing in July 2027 ($267.4 million outstanding). "The company's senior secured term loan continues to trade at a steep discount to par, increasing the potential for a subpar debt exchange. System1's term loan is currently trading at about 50 cents on the dollar, which we believe increases the potential it could pursue a subpar debt buyback or exchange. In January 2024, System1 repurchased over $58 million in principal value of its term loan for about 64 cents on the dollar and subsequently repurchased an additional $6 million at a similar valuation in April 2024. If the company repurchases additional debt below par, we would likely view it as distressed and tantamount to a default given challenged operating trends and uncertainty around future cash flows that provides a possibility of a conventional default occurring. "We expect System1 will maintain sufficient liquidity over the next 12 months. System1 had about $44 million of cash on the balance sheet and full availability under its $50 million revolving credit facility as of March 31, 2025, which will provide ample liquidity to fund expected FOCF deficits of about $10 million and amortization payments of $20 million over the next 12 months. "The negative outlook reflects our expectation that System1's leverage will remain elevated above 7x with negative FOCF over the next year amid ongoing business headwinds and the potential for a lower rating if we envision a default within 12 months." S&P could lower the rating on System1 if it envisions a specific default scenario within the next 12 months. This could occur if: -- The company is unable to refinance its term loan before it becomes current in July 2026; -- The company pursues a below-par debt buyback or exchange that S&P deems tantamount to a default; or -- Weakening macroeconomic conditions or more competition increase FOCF deficits and the potential for a liquidity shortfall. S&P could revise the outlook to stable if the company refinances it term loan ahead of maturity at rates that put it in a position to generate consistent positive FOCF thereafter and maintain EBITDA interest coverage comfortably above 1x. THERMOPRO INC: To Sell Thermoforming Equipment to KD Capital ------------------------------------------------------------ ThermoPro, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Assets, free and clear of liens, claims, and encumbrances. The Debtor proposes to sell the Assets through Plastics Machinery Group, acting as a broker, and to sell a separate Asset directly to KD Capital Equipment, LLC, as a purchaser or to any other purchaser approved by the Court. Debtor is a plastics thermoforming manufacturer that specializes in heavy gauge vacuum forming, pressure forming, drape forming, plastic fabrication and secondary assembly. Debtor also produces high quality promotional prize games under the d/b/a Games People Play. The Debtor is owned 100% by Weigle Holdings, Inc. 401k Plan. Gregory Weigle is the manager of the Debtor. The Assets include the following pieces of equipment: a. One 1998 MAAC 4x6 3 Station Rotary, Serial # 03627. b. One 2005 5 Axis CNC Router, Twin 5'x5' Tables, Tool Changer, Serial # C67DT3440505. c. One 2006 Thermowood 5 Axis CNC Router, Twin 5'x10' Tables, Serial # C67DT3770506. Debtor also seeks to sell one 2005 AVT 3-R PAV Thermoformer, Serial No. 8076882, as-is directly to KD Capital for the total price of $30,000.00. PMG will receive compensation in the form of commission to be paid by the buyer of any piece of equipment. The Debtor is the borrower under a loan in the original principal amount of approximately $750,000.00 from The Piedmont Bank. The Debtor is the borrower under a COVID-19 Economic Injury Disaster Loan with the Small Business Administration. The Debtor is also indebted to Revenued LLC, Unique Funding Solutions LLC, Rapid Financial Services, LLC, and Maison Capital Group, Inc. KD Capital proposes to purchase the Debtor's Asset for a total amounting to $30,000.00 with the following conditions: a. Buyer is responsible for decommissioning and loading the Asset; b. Asset is purchased subject to Bankruptcy Court approval; c. Asset is purchased subject to site inspection and approval; d. Seller agrees to send digital photos of Asset decommissioned and prep to KD Capital 24 hours prior to removal; e. Seller agree to document and send to KD Capital digital photos of the loading, securing, and tarping of the Asset on the transportation truck; and f. The Purchase Price is to be paid in full prior to removal. The Debtor believes that the sale of the Assets pursuant to the Agreements will help maximize the value of the Debtor's bankruptcy estate for the benefit of creditors. About ThermoPro, Inc. ThermoPro Inc., doing business as Prize Wheels R Fun, Games People Play, and The Golf Target, is a plastics thermoforming manufacturer based in the metro Atlanta, Georgia area, specializing in heavy gauge vacuum forming, pressure forming, drape forming, plastic fabrication, and secondary assembly. It serves a wide range of industries, including office products, medical devices, recreational vehicles, kiosks, and more. Additionally, ThermoPro offers design and development services to help clients create high-quality, engineered plastic parts. ThermoPro sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53612) on April 1, 2025. In its petition, the Debtor reported total assets of $2,127,245 and total liabilities of $1,634,653. Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Michael Pugh, Esq., at Thompson O'Brien Kappler & Nasuti, P.C. THINK SAFE: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Alabama granted Think Safe, Inc. final approval to use cash collateral. The final order penned by Judge Tamara Mitchell authorized the company to use cash collateral consistent with its budget to fund its operations. Secured creditors Caterpillar Financial Services Corporation and the U.S. Small Business Administration were granted replacement liens on assets acquired by Think Safe after the petition date. As further protection, Caterpillar and SBA will continue to receive monthly payments of $750 and $300, respectively. The payments started last month. Caterpillar is represented by: Matthew M. Cahill, Esq. Elise N. Helston, Esq. Baker Donelson Bearman Caldwell & Berkowitz, P.C. 1901 6th Avenue North, Suite 2600 Birmingham, AL 35203 Telephone: (205) 244-3839/ (205) 244-3880 mcahill@bakerdonelson.com email: ehelton@bakerdonelson.com About Think Safe, Inc. Think Safe, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-01203) on April 22, 2025, listing $100,001 to $500,000 in both assets and liabilities. Robert C Keller, Esq. at Russo, White & Keller represents the Debtor as counsel. TRIANGLE 40 RANCH: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------- On June 3, 2025, Triangle 40 Ranch LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Triangle 40 Ranch LLC Triangle 40 Ranch LLC is a limited liability company. Triangle 40 Ranch LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42047) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Robert A. Simon, Esq. at WHITAKER CHALK SWINDLE AND SCHWARTZ. TRINITAS ADVANTAGED: Hires Onyx and Martella & Black as Sale Agent ------------------------------------------------------------------ Trinitas Advantaged Agriculture Partners IV, LP and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of California to employ Onyx Asset Advisors, LLC, in partnership with Martella & Black Auction Co., as sale agent. The sale agent will provide these services: (a) assist the transportation of the assets from Pomona's facilities to Martella & Black's facility in Hanford, California, as necessary; (b) assist with the negotiation of buy-outs of leased equipment with equipment lessors, as necessary; (c) catalog assets; (d) repair the assets as necessary to prepare them for sale, subject to preapproval of associated expenses by the Debtors; (e) photograph assets; (f) solicit potential buyers of the assets; (g) market efforts related to the sale of the assets; (h) in connection with the solicitation of potential buyers, handle requests for information regarding the Debtors' equipment; (i) manage and coordinate all distributions related to the sale of the assets; (j) manage and maintain the website and/or mobile application for the purpose of managing the anticipated online public auction; and (k) provide such other auction-related services as may be requested by the Debtors from time to time. The firm will received a commission 4 percent plus reimbursement for expenses incurred. Kevin Otus and Jeremy Martella, directors of Onyx Asset Advisor and Martella & Black Auction, disclosed in court filings that the firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Kevin Otus Onyx Asset Advisor, LLC 1098 Foster City Blvd., Ste. 06-86 Foster City, CA 94404 - and - Jeremy Martella Martella & Black Auction Co. Telephone: (559) 905-2000 Email: jeremy@martellablack.com About Trinitas Advantaged Agriculture Partners IV Trinitas Advantaged Agriculture Partners IV, LP (TAAP IV) is an investment vehicle that was organized in 2015 to acquire, develop, cultivate, and operate primarily almond ranches in the Central Valley of California. TAAP IV owns and, through Trinitas Farming LLC, operates 17 almond ranches, each of which is held by a separate subsidiary, covering 7,856 planted acres in Solano, Contra Costa, San Joaquin, Fresno, and Tulare Counties. Trinitas and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 24-50211) on Feb. 19, 2024. At the time of the filing, Trinitas reported $100 million to $500 million in both assets and liabilities. Judge Dennis Montali oversees the cases. The Debtors tapped Keller Benvenutti Kim, LLP as legal counsel; Arch & Beam Global, LLC as financial advisor; and Moss Adams, LLP as tax advisor. Donlin, Recano & Company, Inc. is the claims and noticing agent. TRINITY AUTOMOTIVE: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Trinity Automotive Service Center, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division at Cincinnati, to use cash collateral. The final order penned by Judge Beth Buchanan authorized the company's use of cash collateral through July 26 to pay the expenses set forth in its budget. North Mill Credit Trust, a secured lender, and those holding a valid lien on the cash collateral were granted a replacement lien on Trinity's property that is similar to their pre-bankruptcy collateral. As additional protection, Trinity was ordered to make monthly payments in accordance with the budget. A copy of the court's order and the budget is available at https://shorturl.at/i6im3 from PacerMonitor.com. About Trinity Automotive Service Center Trinity Automotive Service Center, LLC operates as an AAMCO franchise in Cincinnati, Ohio, specializing in transmission repairs and comprehensive automotive services. Located at 370 Northland Blvd. Trinity Automotive Service Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-11009) on April 29, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Beth A. Buchanan handles the case. The Debtor is represented by Ira H. Thomsen, Esq. TRINITY ENTERPRISES: Gets Final OK to Use Cash Collateral --------------------------------------------------------- Trinity Enterprises Corporation received final approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The final order authorized the company to use cash collateral to fund its operations as per its operating budget, with a 10% variance allowed. Trinity projects total operational expenses of $175,385.31. Secured creditors TD Bank N.A. and the U.S. Small Business Administration will continue to receive monthly payments of $2,000 and $1,540, respectively. As additional protection, both secured creditors will receive a replacement lien on all of the company's assets, except avoidance actions. TD Bank is represented by: John M. Brennan, Jr., Esq. GrayRobinson, P.A. 301 E. Pine Street, Suite 1400 Orlando, FL 32801 Phone: (407) 843-8880 Fax: (407) 244-5690 Jack.Brennan@Gray-Robinson.com About Trinity Enterprises Corporation Trinity Enterprises Corporation is a family-owned painting and wall covering company based in Davie, Florida. It offers interior and exterior painting, wallpaper installation, and specialized metallic painting services, primarily serving commercial clients in the Miami area. Trinity Enterprises Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.: 25-14339) on April 21, 2025. In its petition, the Debtor reported total assets of $318,252 and total liabilities of $1,078,470. Judge Scott M. Grossman handles the case. The Debtor is represented by Thomas L. Abrams, Esq., at Thomas L. Abrams, PA. TRUDELL DOCTOR: Seeks to Hire Furr & Cohen as Bankruptcy Counsel ---------------------------------------------------------------- Trudell Doctor, MD and Associates, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Furr & Cohen, PA as bankruptcy counsel. The firm will provide 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 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 negotiations with creditors in the preparation of a plan. The firm's counsel and staff will be paid at these hourly rates: Robert Furr, Attorney $725 Alvin Goldstein, Attorney $625 Alan Crane, Attorney $625 Marc Barmat, Attorney $625 Jason Rigoli, Attorney $575 Jonathan Crane, Attorney $375 Paralegals $225 The firm received a retainer of $25,000 from the Debtor. Mr. Crane 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: Alan Crane, Esq. Furr & Cohen, PA 2255 Glades Road, Suite 419A Boca Raton, FL 33431 Telephone: (561) 395-0500 Facsimile: (561) 338-7532 Email: acrane@furrcohen.com About Trudell Doctor, MD and Associates LLC Trudell Doctor, MD and Associates LLC is a family medicine clinic based in Boynton Beach, Florida. It provides primary care services to patients aged 16 and older, including in-person and telehealth visits. The practice offers treatments in women's health, hormone therapy, geriatric and adult medicine, sports medicine, and aesthetics. Trudell Doctor, MD and Associates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16054) on May 5, 2025. In its petition, the Debtor reports total assets of $540,710 and total liabilities of $1,066,428. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Alan R. Crane, Esq., at Furr & Cohen, PA. TUI BAYSIDE: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------- On June 4, 2025, TUI Bayside LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About TUI Bayside LLC TUI Bayside LLC is a limited liability company. TUI Bayside LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16337) on June 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtors are represented by Nathan G. Mancuso, Esq. at MANCUSO LAW, P.A. U-TELCO UTILITIES: Court Extends Cash Collateral Access to June 18 ------------------------------------------------------------------ U-Telco Utilities, Inc. received second interim approval from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral. The second interim order penned by Judge Wendy Kinsella authorized the company to use cash collateral until June 18 in accordance with its budget. U-Telco projects total operational expenses of $312,858.34 from March 2025 to February 2026. The company's secured creditors will be granted rollover liens on and security interests in all collateral in which such creditors hold liens and security interests pursuant to their existing loan documents with the company. The next hearing is scheduled for June 18. About U-Telco Utilities Inc. U-Telco Utilities Inc. specializes in the rental of commercial and industrial machinery and equipment, including heavy construction machinery such as dozers, excavators, and compact track loaders. The Company provides a diverse range of equipment for construction and mining operations, offering machinery for rent to support grading, excavation, and material screening projects. U-Telco Utilities Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30126) on February 25, 2025. In its petition, the Debtor reported total assets of $544,250 and total liabilities of $1,184,527. Judge Wendy A. Kinsella handles the case. The Debtor is represented by Peter A. Orville, Esq. at Orville & McDonald Law, P.C. UNISYS CORP: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Blue Bell, Pa.-based IT services company Unisys Corp. S&P also assigned its 'B+' issue-level rating on the company's proposed senior secured notes with a recovery rating of '2' (rounded estimate: 85%). S&P said, "The stable outlook reflects our expectation that Unisys will maintain leverage (including our debt adjustment for pensions) in the low-5x range with an expectation for deleveraging in 2026, and that our modeled FOCF deficits will remain manageable over the next year." Unisys Corp. plans to issue $700 million of senior secured notes. S&P expects the company will use proceeds to refinance its $485 million of senior secured notes due 2027, make a $250 million contribution to its U.S. defined benefit pension plan ($200 million from the bond issuance and $50 million from balance sheet cash), and pay fees and expenses. The debt transaction addresses refinancing risk and gives the company flexibility to further reduce its pension exposure risk. Unisys' issuance of unsecured notes, along with the expected renewal of Unisys' ABL facility, will extend maturities past 2027 (the current maturity profile for the company's debt). S&P said, "While this opportunistically addresses refinancing risks it would otherwise have faced over the coming quarters, it also increases Unisys's reported debt and raises the level of fixed interest payments it will need to make. Still based on the use of proceeds it is expected to be largely leverage neutral on S&P adjusted debt basis and we are projecting the combined post transaction interest burden and required pension contribution to be modestly higher during the next year. More importantly we think this transaction puts Unisys in a better position to continue its strategy of reducing pension-related credit risks, such as the amount of underfunded liabilities, their sensitivity to actuarial assumptions, level and volatility of mandatory contributions it will need to make in future years, and the investment strategies it pursues." S&P said, "While the pension plan will be smaller after this transaction, we note that cash outflows (including both the added interest expense from the higher notional amount of funded debt and required pension contributions) do not immediately improve over the near term. As such, with our conservative forecast relative to guidance, we expect FOCF (after pension contributions) to be modestly negative over the next year. The company's sound liquidity position acts as an offset--the company held $393 million of cash at the end of the first quarter ($343 million pro forma for the cash usage for the pension contribution), with $118 million of availability under its ABL. We do not expect the company to make sizable acquisitions, which would meaningfully reduce its cash balance. "We view Unisys' business prospects as sound and note the potential for further margin expansion. Unisys has solid business positioning within its digital workplace solutions (DWS), cloud and infrastructure solutions (CA&I), and enterprise computing solutions (ECS) segments. The nature of its work is largely recurring, which leads to a steady renewal of contracts and sizable backlog position. At the end of 2024 the company's backlog was $2.8 billion, with an expectation that 42% of it would convert to revenue during 2025. "We view its license and support (L&S) subsegment within ECS as mission critical as the ClearPath Forward software is often the underlying technology companies use to process high volume daily transaction processing and would be difficult to rip and replace. It is also a key driver of the company's profitability. For instance L&S revenue, while only 22% of 2024 annual revenue, represented a sizable contribution to gross profit and EBITDA. We note that L&S revenue and Unisys' cash flow can be lumpy due to the timing of multiyear renewals. "We forecast a modest ramp up in Unisys' ex-L&S revenues to begin after this year as the company benefits from recent new booking wins. Management has previously identified portions in each of its three segments that should have faster growth rates than the rest of its business (such as modern workplace solutions and digital platforms and applications) and its sales team has been active in growing its book of business here. The company's traditional business should also see growth due to factors such as expanded field services and the upcoming PC refresh cycle. "We expect Unisys' profitability to improve not only from operating leverage as revenues expand, but also from management's discipline in reducing selling, general, and administrative (SG&A) expenses. The company reduced its SG&A to sales percentage by 230 basis points to 20% in 2024 year over year, pro forma for one-time costs related to savings initiatives, and has identified further savings with a long term target in the high-teens percentage range. Unisys has also optimized its labor delivery model which could be favorable for gross margins as well. "The stable outlook reflects our expectations that Unisys' revenues will be about flat year over year, in line with the lower end of management's public guidance. We expect the company to manage its cost base such that EBITDA margins are at least flat year-over-year and free cash outflows are in a manageable range of $15 million to $30 million." S&P could consider downgrading Unisys if its revenue declines, it sustains leverage of more than 6x and FOCF to debt of less than 3%, or its liquidity to service its pension cash outflows weakens. This could occur if: -- Additional investments to increase its next-generation services revenue pressures its EBITDA margins; -- Sustained delays in IT spending lead to contract delays or cancellations that cause the company's revenue to decline; or -- It increases its debt for acquisitions or shareholder returns. S&P would consider upgrading Unisys if it sustains FOCF to debt in the high-single-digit percent area (an adequate cushion to cover its cash pension contributions), leverage of less than 5x, and sufficient liquidity. VISTA PARTNERS: Hires Hahn Fife & Company as Financial Advisor -------------------------------------------------------------- Vista Partners, Inc. seeks approval from the U.S. Bankruptcy Court for District of Oregon to employ Hahn Fife & Company LLP as financial advisor. The firm will provide these services: (a) assist in the preparation and submittal of the cash flow projections as part of the Debtor's plan of reorganization; (b) assist in the preparation and submittal of the liquidation analysis as part of the Debtor's plan of reorganization; (c) prepare corporate tax returns, if required; and (d) perform such other services as may be requested from time to time. The hourly rates of the firm's professionals are: Partners $530 Staff $80 In addition, the firm will seek reimbursement for expenses incurred. Donald Fife, CPA, a partner at Hahn Fife & Company, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Donald T. Fife, CPA Hahn Fife & Company, LLP 790 East Colorado Blvd., 9th Fl. Pasadena, CA 91101 Telephone: (626) 792-0855 About Vista Partners Vista Partners Inc., doing business as Petersen - Arne, PA Distribution, Accent Design, Leisure Arts, and Newood MFG, provides a comprehensive multi-service solution for the sewing and crafting industry's distribution, shipping, and fulfillment needs. Founded in 1959, the Company is the only major craft distributor on the West Coast, perfectly positioned to distribute product originating from a global market to a wide variety of retailers. Offering a diverse selection of products, PA Distribution covers everything from essential creative supplies to trending seasonal and holiday items. The Company's services are tailored to meet the unique demands of the crafting and sewing industry, ensuring reliable inventory management and supply chain solutions. Vista Partners Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-60597) on March 5, 2025. In its petition, the Debtor reports total assets of $35,932,947 and total liabilities of $3,651,251. Honorable Bankruptcy Judge Thomas M. Renn handles the case. The Debtor tapped Joseph A.G. Sakay, Esq., at Buchalter, A Professional Corp. as counsel and Donald T. Fife, CPA, at Hahn Fife & Company, LLP as financial advisor. VWS HOLDCO: Seeks to Sell Landfill Property at Auction ------------------------------------------------------ VWS Holdco, Inc. and its affiliate seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets, free and clear of liens, claims, and encumbrances. The Debtors own and operate the Shoosmith Landfill which has is located in Chester, Virginia in Chesterfield County, approximately 10 miles south of Richmond, Virginia. The Landfill is closed. The Debtors' primary assets consist of the real property owned by the Debtors in Chester, Virginia in Chesterfield County, including without limitation, the portion of such real property consisting of the Landfill, and rights to methane gas produced at the Landfill that is presently subject to the SCR Contract. The Debtors filed the Chapter 11 Cases due to their inability to fund their operations and to immediately initiate a sale process in an effort to maximize the value of the Debtors' Assets by finding a new party to own and operate the Landfill, finalize the closure of the Landfill, assume all liabilities related to the Landfill, and to assume all maintenance responsibilities for the Landfill including but not limited to the responsibility to manage the leachate removal at the Landfill. The Debtors believe that remedying the leachate issues at the Landfill would eliminate or severely decrease the costs associated with disposing and treating the leachate, as well as limit or eliminate any environmental concerns and increase the productivity of methane gas being produced by the Landfill and thereby increase the profits generated by the methane at the Landfill to the new owner of the Landfill. With the assistance of their proposed investment banker, Teneo Securities, LLC and in consultation with their major stakeholders, the Debtors will continue its marketing process to identify one or more parties interested in pursuing a Sale of the Assets. The Debtors also seek approval of the Bidding Procedures and related relief to facilitate the marketing and sale of the Assets. The Bidding Procedures provide the formal framework for a Sale and have been structured to elicit value-maximizing bids for the Assets. The Debtors believe that a prompt sale of the Assets through the sale process described herein represents the best option available to maximize value for all stakeholders. The Debtors also propose the following key dates and deadlines for the Sale Process: -- Bidding Procedures Objection Deadline June 25, 2025, at 4:30 p.m. (ET) -- Bidding Procedures Hearing July 2, 2025 at 11:00 a.m. (ET) -- Deadline to File and Serve Assumption Notice July 7, 2025 -- Deadline to File and Serve Auction and Sale -- Notice July 7, 2025 -- Contract Objection Deadline July 21, 2025 at 4:30 p.m. (ET) -- Designation of Stalking Horse Bidder and -- Execution of Stalking Horse Agreement July 25, 2025 -- Deadline to File and Serve Stalking Horse Objections - Three (3) days after filing of Stalking Horse Notice -- Bid Deadline July 28, 2025 at 5:00 p.m. (ET) -- Deadline to Designate Qualified Bids and File Auction Notice July 31, 2025 at 12:00 p.m. (ET) -- Auction August 4, 2025 at 10:00 a.m. (ET) -- Deadline to File Notice of Successful Bidder and Back-Up Bidder August 5, 2025 (or one day after the end of the Auction) -- Deadline to Object to Sale August 12, 2025 at 4:30 p.m. (ET) Adequate Assurance Objection Deadline August 12, 2025 at 4:30 p.m. (ET) -- Sale Hearing August 20, 2025 at 11:00 a.m. (ET) The Debtors recently engaged Teneo in early June 2025 when Debtors were preparing for their bankruptcy filings. The Debtors submit that the proposed timeline is reasonable, allows parties more than sufficient time to conduct diligence and engage in the proposed process while accommodating the constraints imposed by the Debtors' liquidity situation, and should be approved. About VWS Holdco, Inc. VWS Holdco, Inc. owns and operates the Shoosmith Landfill located in Chester, Virginia in Chesterfield County. VWS Holdco sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. De. Case No. 25-10979 (JKS)) on June 1, 2025 listing total assets of $0 to $50,000 and total liabilities of $100 million to $500 million. The petition was signed by Fred Nichols as president. Judge J. Kate Stickles presides over the case. John W. Weiss, Esq. and Leah M. Eisenberg, Esq., at PASHMAN STEIN WALDER HAYDEN, P.C., represent the Debtor as legal counsel. WATCHTOWER FIREARMS: To Sell Firearm Business in Auction -------------------------------------------------------- Watchtower Firearms LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, to sell substantially all of its Assets, free and clear of liens, claims, and encumbrances. The Debtor, a limited liability company formed under the laws of the State of Delaware, is a Texas-based firearms manufacturer, whose principal products and services includes rifles, pistols, handguards, receiver sets, patented grips and muzzle brakes, safety selectors, suppressors, in-house polishing, finishing, and PVD coatings and handguns. The Debtor began operations after acquiring substantially all the assets of F-1 Firearms, LLC, another fair arms manufacturer, and certain of its affiliates in May 2023. Since 2023, the Debtor has expanded its business by 500% and received an estimated $40 million in sales orders of pistols, rifles, and accessories because of a strong demand for innovative product offerings. The Debtor is headquartered in Frisco, Texas, and it has manufacturing and storage facilities in Spring, Texas. The Debtor currently employs approximately 60 full-time employees, many of whom are former veterans of the armed forces, including the Debtor's President. The Debtor has determined that it is in the best interest of the estate to purse a transaction to sell all or substantially all of its Assets in a going concern sale. The Debtor seeks entry of the Bidding Procedures Order, approving the Bidding Procedures for the sale of all or substantially all of the Debtor's Assets, approving certain bid protections, approving a general form of Asset Purchase Agreement, scheduling the Auction, scheduling the Sale Hearing, and approving the form and notice related to the Sale Hearing. The Debtor proposes to solicit bids, conduct the Auction, and have a Sale Transaction approved on the following timeline: -- June 24, 2025 at 2:30 p.m. (CT) Hearing to approve Bidding Procedures -- June 26, 2025 Deadline to file list of Potential Assumed Contracts and Cure Notice -- By June 27, 2025 Deadline to serve Bid Packages -- July 28, 2025, at 4:00 p.m. (CT) Deadline to submit Qualified Bids -- July 30, 2025 Deadline to Announce Stalking Horse Bidder -- July 30, 2025 Notifications to Qualified Bidders -- August 4, 2025 Deadline to Object to Stalking Horse Bid -- August 8, 2025 at 9:30 a.m. (CT) Auction (if one or more Qualified Bids is received) -- By August 11, 2025 Return of Deposits to non-Qualified Bidders -- August 11, 2025 Deadline to file Notice of Successful Bidder4 -- August 13, 2025 Deadline to file Notice of Proposed Sale Order -- August 13, 2025 Deadline to file an Adequate Assurance Objection or Cure Objection -- August 15, 2025 Deadline to object to Sale -- August 18, 2025 Deadline to file the Assumed Contract Schedule -- August 20, 2025 at 1:30 p.m. (CT) Sale Hearing, to approve the results of the Auction The Debtor intends to seek the retention of the Investment Banker/Broker to solicit Bids to potentially interested parties, help evaluate those Bids and assist in conducting an Auction. The Debtor requests that the Court approve the Bidding Procedures, designed to permit an orderly and expedited sale process, to promote participation and active bidding, and to maximize value for the Debtor's estate. The Debtor is entertaining bids for a proposed going concern sale of all its Assets. Any Successful Bidder(s) will be obligated to assume the assumed liabilities as may be set forth in any purchase agreement and the Debtor will assume and assign the assumed contracts to the Successful Bidder(s), as may be set forth in any purchase agreement(s) accepted by the Debtor. Within three business days after entry of the Bidding Procedures Order, the Debtor will serve a package containing the Bidding Procedures Order, the Bidding Procedures, the APA, and the notice of Bid Deadline, Auction, and Sale Hearing, substantially in the form attached to the Bidding Procedures Order. To qualify and gain entry to the Auction, to the extent a Stalking Horse Bidder has been named, the aggregate consideration offered by a bidder must exceed the sum of the amount of the purchase price under the Stalking Horse Bid by the Initial Overbid of $300,000 plus any Break-Up Fee and any Expense Reimbursement. The Debtor may seek to assume and assign to the Successful Bidder certain executory contracts and unexpired leases to be designated by the Successful Bidder. After the Auction concludes, the Debtor will file a Notice of Successful Bidder identifying the Successful Bidder and the terms of the Successful Bid. About Watchtower Firearms LLC Watchtower Firearms LLC is a veteran-owned company offering a diverse range of firearms, including custom rifles, special edition rifles, and handguns. The Company serves military, law enforcement, hunting, and personal use markets. In addition to firearms, it provides suppressors, components, and specialized gear tailored to meet the needs of its customers. Watchtower Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40684) on February 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Joseph Acosta, Esq. at CONDON TOBIN represents the Debtor as counsel. WATERMAN-SMITH I: Case Summary & 17 Unsecured Creditors ------------------------------------------------------- Debtor: Waterman-Smith I, LLC 201 NW Railroad Ave Hammond, LA 70401 Business Description: Waterman-Smith I, LLC is a real estate lessor whose principal assets are located at 61 St. Joseph Street in Mobile, Alabama. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 25-11190 Judge: Hon. Meredith S. Grabill Debtor's Counsel: Douglas S. Draper, Esq. HELLER, DRAPER & HORN, LLC 650 Poydras Street Suite 2500 New Orleans, LA 70130 Tel: 504-299-3300 E-mail: ddraper@hellerdraper.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $50,000 to $100,000 The petition was signed by Darryl Smith as CEO. A copy of the Debtor's list of 17 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3OBURNY/Waterman-Smith_I_LLC__laebke-25-11190__0006.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2Q6444Y/Waterman-Smith_I_LLC__laebke-25-11190__0001.0.pdf?mcid=tGE4TAMA WIDE OPEN: XAI Octagon Marks $1.2 Million 1L Loan at 14% Off ------------------------------------------------------------ XAI Octagon Floating Rate & Alternative Income Trust has marked its $1,252,526 loan extended to Wide Open West Finance, LLC to market at $1,074,041 or 86% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Wide Open West Finance, LLC. The loan accrues interest at a rate of 3M SOFR + 3.00% per annum. The loan matures on December 11, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Wide Open West Finance, LLC WideOpenWest Finance, LLC operates as a provider of cable TV services. The Company offers digital cable, HDTV, DVRs, high-speed Internet, and local and long-distance phone service. WideOpenWest Finance serves customers in the United States. WINDMILL POINT: Court Extends Cash Collateral Access to June 18 --------------------------------------------------------------- Windmill Point Apartments DE, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The order signed by Judge Tiffany Geyer authorized the company's interim use of cash collateral through June 18 to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. As protection, secured creditors including Wilmington Trust, Pjeter Lulaj, and Javier DelHoyo were granted replacement liens on post-petition cash collateral, with the same validity and priority as their pre-bankruptcy liens. The next hearing will be held on June 18. About Windmill Point Apartments De Windmill Point Apartments De, LLC is a single-asset real estate debtor under U.S. bankruptcy law, as defined in 11 U.S.C. section 101(51B). Windmill sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02855) on May 13, 2025, listing between $10 million and $50 million in both assets and liabilities. Barry Watson, manager of Windmill, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden and Beaudine LLP, represents the Debtor as legal counsel. Wilmington Trust, N.A., as lender, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. SHUTTS & BOWEN LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 Email: bdennis@shutts.com rreinert@shutts.com YOUR MAID: Gets Approval to Hire Ellett Law Offices as Counsel -------------------------------------------------------------- Your Maid Majestic, LLC received approval from the U.S. Bankruptcy Court for the District of Arizona to employ Ellett Law Offices, PC as counsel. The firm will render these services: (a) examine and determine the rights and title of the Debtor in and to certain property; (b) prepare all legal documents, the Debtor's Chapter 11 Subchapter V Plan of Reorganization, and Disclosure Statement; (c) investigate, examine into, and determine the validity of any and all liens appearing to be claimed during the administration of said estate; (d) prepare all accounts, reports and other instruments required in the admnistartion of said estate; (e) generally, assist the Debtor in all matters of legal nature arising in the administration of said estate and advise with regard thereto; and (f) assist the Debtor in the collection of all accounts receivable owed to it. The hourly rates of the firm's counsel and staff are as follows: Ronald Ellett, Esq. $595 Senior Attorneys $410 Associates $295 Paralegals $255 Ronald Ellett, Esq., an attorney at Ellett Law Offices, 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: Ronald J. Ellett, Esq. Ellett Law Offices PC 2999 North 44th Street, Suite 330 Phoenix, AZ 85018 Telephone: (602) 235-9510 About Your Maid Majestic Your Maid Majestic, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05019) on June 2, 2025, listing under $1 million in both assets and liabilities. Judge Madeleine C. Wanslee oversees the case. Ronald J. Ellett, Esq., at Ellett Law Offices PC serves as the Debtor's counsel. [^] BOOK REVIEW: The Luckiest Guy in the World ---------------------------------------------- Author: Boone Pickens Publisher: Beard Books Paperback: US$34.95 Review by Gail Owens Hoelscher Buy a copy for yourself and one for a colleague on-line at: http://www.beardbooks.com/beardbooks/the_luckiest_guy_in_the_world.html "This is the story of a man who turned a $2,500 investment into America's largest independent oil company in thirty years and along the way discovered that something is terribly wrong with corporate America. Mesa Petroleum is the company, and I'm the man." Thus begins the autobiography of Boone Pickens, who prefers to be referred to without his first initial, "T." Mr. Pickens' autobiography was originally published in 1987, at the end of the rollercoaster years when he was one of the most famous (or infamous, depending on your point of view) and most-feared corporate raiders during a decade known for corporate raiding. For the 2000 Beard Books edition, Pickens wrote an additional five chapters about the subsequent, equally tumultuous, 13 years, during which time he suffered corporate raiders of his own, recapitalized, and retired, only to see his beloved company merge with Pioneer. One of his few laments is being remembered mainly for the high-profile years, rather than for the company he built from virtually nothing. Of the takeover attempts, he says: "I saw undervalued assets in the public marketplace. My game plan with Gul, Phillips, and Unocal wasn't to take on Big Oil. Hell, that wasn't my role. My role was to make money for the stockholders of Mesa. I just saw that Big Oil's management had done a lousy job for their stockholders." He would prefer to be known as a champion of the shareholder rights movement, which prompted big corporations to become more responsive to the needs and demands of their stockholders. He founded the United Shareholders Association, a group that successfully lobbied for changes in corporate governance. In a memorable interview in the May/June 1986 Harvard Business Review, Pickens said, "Chief executives, who themselves own few shares of their companies, have no more feeling for the average stockholder than they do for baboons in Africa." Boone Pickens was born in 1928 in Holdenville, Oklahoma. His grandfather was Methodist missionary to the Indians there; his father was a lawyer and small player in the oil business. People in Holdenville worked hard and used such expressions as "Root hog or die," meaning "Get in and compete or fail." The family later moved to Amarillo, Texas, where Pickens went to Texas A&M for one year, but graduated from Oklahoma State University in 1951 with a degree in geology. He worked at Phillips Petroleum for three years, and then, despite growing family obligations, struck out on his own. His wife's uncle told him, "Boone, you don't have a chance. You don't know anything." This book is a wonderful read. Pickens pulls no punches, and is as hard on himself as anyone else. He talks about proxy fights, Texas-Oklahoma football games, his three marriages, poker, takeover strategies, and unfair duck hunting practices, all in the same easy tone. You feel like he's sitting right there in the room with you. Pickens ends the introduction to this story with this: "How I got from a little town in Eastern Oklahoma to the towers of Wall Street is an exciting, unlikely, sometimes painful story. And, if you're young and restless, I'm hoping you'll make a journey similar to mine." Root hog or die! Thomas Boone Pickens Jr. -- https://boonepickens.com/ -- was an American business magnate and financier. Among his lengthy accolades, Time magazine has identified him one of it 100 most influential people, Financial World named him CEO of the Decade in 1989 and Oil and Gas Investor identified him as one of the "100 Most Influential People of the Petroleum Century." He was born in May 1928. He died September 11, 2019. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Steven Robert Wallace, II Bankr. C.D. Cal. Case No. 25-11509 Chapter 11 Petition filed June 2, 2025 represented by: Hayes, M., Esq. In re Amr Adel Elshahawany Bankr. M.D. Fla. Case No. 25-03683 Chapter 11 Petition filed June 2, 2025 represented by: Ellen M., Esq. In re IALA LLC Bankr. N.D. Ga. Case No. 25-56140 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/6KRPB5I/IALA_LLC__ganbke-25-56140__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Lokal LLC Bankr. N.D. Ga. Case No. 25-10820 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/KQX52XY/Lokal_LLC__ganbke-25-10820__0001.0.pdf?mcid=tGE4TAMA represented by: Brad Fallon, Esq. FALLON LAW PC E-mail: brad@fallonbusinesslaw.com In re Seyria Traykeyshun Smiley and Anthony Jevis Smiley Bankr. N.D. Ga. Case No. 25-10818 Chapter 11 Petition filed June 2, 2025 represented by: Mark Gensburg, Esq. In re 59 Saint Joseph I LLC Bankr. E.D. La. Case No. 25-11124 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/L5BL3DA/59_Saint_Joseph_I_LLC__laebke-25-11124__0001.0.pdf?mcid=tGE4TAMA represented by: Robin R. De Leo, Esq. THE DE LEO LAW FIRM, LLC E-mail: lisa@northshoreattorney.com In re Logan Christopher Hisaw Bankr. W.D. La. Case No. 25-50479 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/OBSMDFI/Logan_Christopher_Hisaw__lawbke-25-50479__0001.0.pdf?mcid=tGE4TAMA represented by: Ryan Richmond, Esq. E-mail: Ryan J. Richmond, Esq. STERNBERG, NACCARI & WHITE, LLC Email: ryan@snw.law In re Logan Christopher Hisaw Bankr. W.D. La. Case No. 25-50479 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/OBSMDFI/Logan_Christopher_Hisaw__lawbke-25-50479__0001.0.pdf?mcid=tGE4TAMA represented by: Ryan J. Richmond, Esq. STERNBERG, NACCARI & WHITE, LLC E-mail: ryan@snw.law In re Owano M. Pennycooke Bankr. D.N.J. Case No. 25-15839 Chapter 11 Petition filed June 2, 2025 represented by: Anthony Sodono, Esq. McMANIMON, SCOTLAND & BAUMANN, LLC E-mail: asodono@msbnj.com In re Good Works Housing LLC Bankr. E.D. Pa. Case No. 25-12224 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/PZET4EA/Good_Works_Housing_LLC__paebke-25-12224__0001.0.pdf?mcid=tGE4TAMA represented by: Roger V. Ashodian, Esq. REGIONAL BANKRUPTCY CENTER OF SOUTHEASTERN PA, P.C. E-mail: ecf@schollashodian.com In re Sequency LLC Bankr. E.D. Pa. Case No. 25-12217 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/QVPANOI/Sequency_LLC__paebke-25-12217__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jeffery Scott Lizik and Rachel Lynn Lizik Bankr. W.D. Pa. Case No. 25-21454 Chapter 11 Petition filed June 2, 2025 represented by: Andrew Pratt, Esq. In re Jonathan Ruiz Irizarry Bankr. D.P.R. Case No. 25-02516 Chapter 11 Petition filed June 2, 2025 represented by: Juan Bigas Valedon, Esq. In re St Agustin Housing Associates, L.P. Bankr. D.P.R. Case No. 25-02511 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/DPPF6QI/ST_AGUSTING_HOUSING_ASSOCIATES__prbke-25-02511__0001.0.pdf?mcid=tGE4TAMA represented by: Rafael A. Gonzalez Valiente, Esq. GODREAU & GONZALEZ LAW E-mail: rgv@g-glawpr.com In re Stephen Lemont Davis Bankr. D.S.C. Case No. 25-02097 Chapter 11 Petition filed June 2, 2025 represented by: Roger Pruitt, Esq. R.K PRUITT LAW FIRM In re Zheng Heng Zheng and Yue Xi Dong Bankr. S.D. Tex. Case No. 25-33138 Chapter 11 Petition filed June 2, 2025 represented by: Julie Koenig, Esq. COOPER & SCULLY, PC Email: Julie.Koenig@cooperscully.com In re MicroTraks, Inc. Bankr. W.D. Tex. Case No. 25-10855 Chapter 11 Petition filed June 2, 2025 See https://www.pacermonitor.com/view/2JFLPDQ/MicroTraks_Inc__txwbke-25-10855__0001.0.pdf?mcid=tGE4TAMA represented by: William B. Kingman, Esq. LAW OFFICES OF WILLIAM B KINGMAN, PC In re Jessica Renee Flores Bankr. N.D. Ga. Case No. 25-40808 Chapter 11 Petition filed June 3, 2025 Filed Pro Se In re Ismak Trust Bankr. N.D. Ga. Case No. 25-56196 Chapter 11 Petition filed June 3, 2025 See https://www.pacermonitor.com/view/XIZHQRA/Ismak_Trust__ganbke-25-56196__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Prodigal Protcol Projections, Inc. Bankr. N.D. Ga. Case No. 25-56177 Chapter 11 Petition filed June 3, 2025 Filed Pro Se In re The Mills Academy ENT Bankr. N.D. Ga. Case No. 25-56227 Chapter 11 Petition filed June 3, 2025 See https://www.pacermonitor.com/view/LOTJFPQ/The_Mills_Academy_ENT__ganbke-25-56227__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Randall Blake Summers Bankr. D. Idaho Case No. 25-40358 Chapter 11 Petition filed June 3, 2025 represented by: Steven Taggart, Esq. In re David E. Skinner Bankr. W.D. La. Case No. 25-30652 Chapter 11 Petition filed June 3, 2025 represented by: Robert Raley, Esq. In re Stokes & Stokes Properties, LLC Bankr. E.D. Pa. Case No. 25-12226 Chapter 11 Petition filed June 3, 2025 See https://www.pacermonitor.com/view/KCRJOHQ/Stokes__Stokes_Properties_LLC__paebke-25-12226__0001.0.pdf?mcid=tGE4TAMA represented by: Demetrius Parrish, Esq. LAW OFFICES OF DEMETRIUS J. PARRISH E-mail: djpbkpa@gmail.com In re Faccuseh Investments Ltd Co. Bankr. S.D. Tex. Case No. 25-33202 Chapter 11 Petition filed June 3, 2025 See https://www.pacermonitor.com/view/DPHC3YI/Faccuseh_Investments_LTD_CO__txsbke-25-33202__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re J Net Transportation, Inc. Bankr. C.D. Cal. Case No. 25-14752 Chapter 11 Petition filed June 4, 2025 See https://www.pacermonitor.com/view/3TJI7LA/J_Net_Transportation_Inc__cacbke-25-14752__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER E-mail: michael.berger@bankruptcypower.com In re Ralph Mendoza, Jr. Bankr. C.D. Cal. Case No. 25-14724 Chapter 11 Petition filed June 4, 2025 See https://www.pacermonitor.com/view/4L3JWHQ/Ralph_Mendoza_Jr__cacbke-25-14724__0001.0.pdf?mcid=tGE4TAMA represented by: Michael R. Totaro, Esq. TOTARO & SHANAHAN, LLP E-mail: Ocbkatty@aol.com In re Earl Freddy Invest LLC Bankr. N.D. Cal. Case No. 25-40986 Chapter 11 Petition filed June 4, 2025 See https://www.pacermonitor.com/view/DPJEXAY/Earl_Freddy_Invest_LLC__canbke-25-40986__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Open Throttle Inc. Bankr. M.D. Fla. Case No. 25-03433 Chapter 11 Petition filed June 4, 2025 See https://www.pacermonitor.com/view/JCSNQXI/OPEN_THROTTLE_INC__flmbke-25-03433__0001.0.pdf?mcid=tGE4TAMA represented by: Erik Johanson, Esq. ERIK JOHANSON PLLC E-mail: erik@johanson.law In re Jafar Enterprises, LLC Bankr. S.D. Fla. Case No. 25-16331 Chapter 11 Petition filed June 4, 2025 See https://www.pacermonitor.com/view/ZCTOW2I/Jafar_Enterprises_LLC__flsbke-25-16331__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re George Allen Weiss Bankr. S.D. Fla. Case No. 25-16349 Chapter 11 Petition filed June 4, 2025 See https://www.pacermonitor.com/view/6WLTUQA/George_Allen_Weiss__flsbke-25-16349__0001.0.pdf?mcid=tGE4TAMA represented by: Paul J. Battista, Esq. VENABLE LLP E-mail: pjbattista@Venable.com In re Bookz For Business Inc. Bankr. N.D. Ga. Case No. 25-56264 Chapter 11 Petition filed June 4, 2025 Filed Pro Se In re S&S Foods, Inc. Bankr. D. Mass. Case No. 25-11148 Chapter 11 Petition filed June 4, 2025 See https://www.pacermonitor.com/view/ZI36GZI/SS_Foods_Inc__mabke-25-11148__0001.0.pdf?mcid=tGE4TAMA represented by: John Sommerstein, Esq. JOHN F. SOMMERSTEIN E-mail: jfsommer@aol.com In re Pitt Stop Services, LLC Bankr. D.N.J. Case No. 25-15937 Chapter 11 Petition filed June 4, 2025 See https://www.pacermonitor.com/view/3L7QWYA/Pitt_Stop_Services_LLC__njbke-25-15937__0001.0.pdf?mcid=tGE4TAMA represented by: David A. Kasen, Esq. KASEN & KASEN P.C. E-mail: dkasen@kasenlaw.com In re Waterloo Power, LLC Bankr. W.D. Tex. Case No. 25-10866 Chapter 11 Petition filed June 4, 2025 See https://www.pacermonitor.com/view/4PEAJ6A/Waterloo_Power_LLC__txwbke-25-10866__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re Glyn Neal Owen Bankr. E.D. Va. Case No. 25-11132 Chapter 11 Petition filed June 4, 2025 represented by: Daniel Press, Esq. CHUNG & PRESS P.C. Email: dpress@chung-press.com In re William E Blankenship, Jr. Bankr. D. Md. Case No. 25-15081 Chapter 11 Petition filed June 5, 2025 represented by: Christopher Adams, Esq. In re Select Alternative Home Choice LLC Bankr. D. Md. Case No. 25-15088 Chapter 11 Petition filed June 5, 2025 See https://www.pacermonitor.com/view/JIVSUTA/Select_Alternative_Home_Choice__mdbke-25-15088__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Thomas Reyes Francisco Reyes Bankr. D. Mass. Case No. 25-11153 Chapter 11 Petition filed June 5, 2025 In re Gretna Plumbing and Drain Service LLC Bankr. D. Neb. Case No. 25-80549 Chapter 11 Petition filed June 5, 2025 See https://www.pacermonitor.com/view/3TBQK6Q/Gretna_Plumbing_and_Drain_Service__nebke-25-80549__0001.0.pdf?mcid=tGE4TAMA represented by: Lauren Goodman, Esq. MCGRATH NORTH E-mail: lgoodman@mcgrathnorth.com In re ATS-AL, Inc. Bankr. M.D. Ala. Case No. 25-31308 Chapter 11 Petition filed June 9, 2025 See https://www.pacermonitor.com/view/S6GJROA/ATS_-_AL_Inc__almbke-25-31308__0001.0.pdf?mcid=tGE4TAMA represented by: Anthony Brian Bush, Esq. THE BUSH LAW FIRM, LLC E-mail: abush@bushlegalfirm.com In re John August Ellis Bankr. D. Neb. Case No. 25-80550 Chapter 11 Petition filed June 5, 2025 represented by: Lauren Goodman, Esq. In re Tonia Marlice McCandless Bankr. D. Nev. Case No. 25-13250 Chapter 11 Petition filed June 5, 2025 In re Ethitec LLC Bankr. D.N.J. Case No. 25-15987 Chapter 11 Petition filed June 5, 2025 See https://www.pacermonitor.com/view/ZI3KE7I/Ethitec_LLC__njbke-25-15987__0001.0.pdf?mcid=tGE4TAMA represented by: Barry Miller, Esq. BARRY S MILLER ATTORNEY AT LAW E-mail: bmiller@barrysmilleresq.com In re Paw Origins LLC Bankr. D. Wyo. Case No. 25-20234 Chapter 11 Petition filed June 5, 2025 See https://www.pacermonitor.com/view/XYW3HAI/Paw_Origins_LLC__wybke-25-20234__0001.0.pdf?mcid=tGE4TAMA represented by: Clark D. Stith, Esq. CLARK D. STITH E-mail: clarkstith@wyolawyers.com In re Manuel Jesus Silva Bankr. D. Ariz. Case No. 25-05173 Chapter 11 Petition filed June 6, 2025 In re Marra Air Conditioning Services Inc. Bankr. (M.D. Fla. Case No. 25-03488) Chapter 11 Petition filed June 6, 2025 See https://www.pacermonitor.com/view/QMXV3LI/Marra_Air_Conditioning_Services__flmbke-25-03488__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Kolstein Music, Inc. Bankr. M.D. Fla. Case No. 25-03511 Chapter 11 Petition filed June 8, 2025 See https://www.pacermonitor.com/view/B7QVQVY/Kolstein_Music_Inc__flmbke-25-03511__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP E-mail: dvelasquez@lathamluna.com In re Thomas M Sueta Bankr. D.N.J. Case No. 25-16036 Chapter 11 Petition filed June 6, 2025 represented by: Marc Capone, Esq. In re Paul D. Teague Bankr. E.D.N.Y. Case No. 25-72212 Chapter 11 Petition filed June 6, 2025 represented by: Charles Higgs, Esq. In re Tight Lines Family Medicine, P.A. Bankr. E.D.N.C. Case No. 25-02137 Chapter 11 Petition filed June 6, 2025 See https://www.pacermonitor.com/view/6R2UC7A/Tight_Lines_Family_Medicine_PA__ncebke-25-02137__0001.0.pdf?mcid=tGE4TAMA represented by: JM Cook, Esq. J.M. COOK, P.A. E-mail: j.m.cook@jmcookesq.com In re Felipe Colon Borges Bankr. D.P.R. Case No. 25-02574 Chapter 11 Petition filed June 6, 2025 represented by: Juan Bigas Valedon, Esq. In re Hotel Three, Whisky, LLC d/b/a The Cellar Restaurant and Prohibition Bar Bankr. W.D. Tenn. Case No. 25-22768 Chapter 11 Petition filed June 6, 2025 See https://www.pacermonitor.com/view/IWS6WYY/Hotel_Three_Whisky_LLC_dba_The__tnwbke-25-22768__0001.0.pdf?mcid=tGE4TAMA represented by: Steven N. Douglass, Esq. HARRIS SHELTON, PLLC E-mail: sdouglass@harrisshelton.com In re Wolf and Cole LLC Bankr. D.N.J. Case No. 25-16062 Chapter 11 Petition filed June 8, 2025 See https://www.pacermonitor.com/view/D4TBHCA/WOLF_AND_COLE_LLC__njbke-25-16062__0001.0.pdf?mcid=tGE4TAMA represented by: Shmuel Klein, Esq. SHMUEL KLEIN E-mail: shmuel.klein@verizon.net In re Greene Family Enterprises, LLC dba Rita's Italian Rice Bankr. M.D. Fla. Case No. 25-01910 Chapter 11 Petition filed June 9, 2025 See https://www.pacermonitor.com/view/TKBYTIQ/Greene_Family_Enterprises_LLC__flmbke-25-01910__0001.0.pdf?mcid=tGE4TAMA represented by: Donald M. DuFresne, Esq. PARKER & DUFRESNE, P.A. E-mail: bankruptcy@jaxlawcenter.com In re Susanna Solveig Alan Bankr. M.D. Fla. Case No. 25-03832 Chapter 11 Petition filed June 9, 2025 represented by: Ryan S., Esq. In re Sangeeth V. Karai and Kasia Emilia Karai Bankr. N.D. Fla. Case No. 25-30536 Chapter 11 Petition filed June 9, 2025 represented by: Byron Wright, Esq. In re Actualis LLC Bankr. S.D. Fla. Case No. 25-16485 Chapter 11 Petition filed June 9, 2025 See https://www.pacermonitor.com/view/ILLM7CI/ Actualis_LLC__flsbke-25-16485__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Saul Adame Bankr. N.D. Ga. Case No. 25-40837 Chapter 11 Petition filed June 9, 2025 represented by: Cameron M. McCord, Esq. JONES & WALDEN, LLC In re Keith E. Coffman Bankr. W.D. Ky. Case No. 25-10498 Chapter 11 Petition filed June 9, 2025 represented by: Robert Chaudoin, Esq. LAW HARLIN PARKER In re Dan C Hale Bankr. D. Maine Case No. 25-20135 Chapter 11 Petition filed June 9, 2025 represented by: Tanya Sambatakos, Esq. MOLLEUR LAW OFFICE In re Arend R Tensen Bankr. D.N.H. Case No. 25-10393 Chapter 11 Petition filed June 9, 2025 represented by: William Gannon, Esq. In re Gilded Gatherings, LLC Bankr. D. Ariz. Case No. 25-05257 Chapter 11 Petition filed June 10, 2025 See https://www.pacermonitor.com/view/7PHA2EQ/GILDED_GATHERINGS_LLC__azbke-25-05257__0001.0.pdf?mcid=tGE4TAMA represented by: James F. Kahn, Esq. KAHN & AHART, PLLC E-mail: James.Kahn@azbk.biz In re Delicia M Haynes Bankr. M.D. Fla. Case No. 25-03547 Chapter 11 Petition filed June 10, 2025 represented by: Kenneth Herron, Jr., Esq. HERRON HILL LAW GROUP, PLLC In re Twin Cities Family Practice, P.A. Bankr. N.D. Fla. Case No. 25-30539 Chapter 11 Petition filed June 10, 2025 See https://www.pacermonitor.com/view/PWMY73I/Twin_Cities_Family_Practice_PA__flnbke-25-30539__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Angelo Langadakis, III Bankr. E.D.N.Y. Case No. 25-42795 Chapter 11 Petition filed June 9, 2025 In re Charolette Morrison Bankr. E.D.N.Y. Case No. 25-42801 Chapter 11 Petition filed June 9, 2025 represented by: Lawrence Morrison, Esq. In re Madison Avenue Westside LLC Bankr. S.D.N.Y. Case No. 25-11296 Chapter 11 Petition filed June 9, 2025 See https://www.pacermonitor.com/view/IHNNENY/Madison_Avenue_Westside_LLC__nysbke-25-11296__0001.0.pdf?mcid=tGE4TAMA represented by: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP E-mail: rlr@dhclegal.com In re William Andrew Spann Bankr. M.D. Tenn. Case No. 25-02405 Chapter 11 Petition filed June 9, 2025 represented by: William Norton, Esq. In re 3Gen Roofing LLC Bankr. W.D. Tenn. Case No. 25-10769 Chapter 11 Petition filed June 9, 2025 See https://www.pacermonitor.com/view/2B5ITOA/3Gen_Roofing_LLC__tnwbke-25-10769__0001.0.pdf?mcid=tGE4TAMA represented by: C. Jerome Teel Jr., Esq. TEEL & GAY, PLC E-mail: jerome@tennesseefirm.com In re The Vicara Group LLC Bankr. N.D. Tex. Case No. 25-42109 Chapter 11 Petition filed June 9, 2025 See https://www.pacermonitor.com/view/5GIOCEA/The_Vicara_Group_LLC__txnbke-25-42109__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com n re Stonecrest Contractors LLC Bankr. N.D. Ga. Case No. 25-56490 Chapter 11 Petition filed June 10, 2025 See https://www.pacermonitor.com/view/23GMY7I/Stonecrest_Contractors_LLC__ganbke-25-56490__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Kevin Taing Bankr. D. Mass. Case No. 25-40613 Chapter 11 Petition filed June 10, 2025 In re Timothy A Jenkins and Rebekah C Jenkins Bankr. N.D. Miss. Case No. 25-11818 Chapter 11 Petition filed June 10, 2025 represented by: Robert Gambrell, Esq. In re Voltarelli Properties Bankr. D.N.J. Case No. 25-16160 Chapter 11 Petition filed June 10, 2025 Filed Pro Se In re 999 Hempstead Turnpike LLC Bankr. E.D.N.Y. Case No. 25-72254 Chapter 11 Petition filed June 10, 2025 See https://www.pacermonitor.com/view/DJR22CA/999_Hempstead_Turnpike_LLC__nyebke-25-72254__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re PET Hotels LLC Bankr. D.P.R. Case No. 25-02627 Chapter 11 Petition filed June 10, 2025 See https://www.pacermonitor.com/view/QTQEWSA/PET_HOTELS_LLC__prbke-25-02627__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se ********* 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. 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Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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