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250617.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, June 17, 2025, Vol. 29, No. 167 Headlines 1001 WL LLC: Trustee Hires PCR Brokerage as Real Estate Broker 1346 SAXON: Seeks Chapter 11 Bankruptcy in New York 1600 WESTERN: Case Summary & 13 Unsecured Creditors 23ANDME HOLDING: Founder Reacquires Co. for $305MM in Ch. 11 Sale 301 W NORTH: Hires Levenfeld Pearlstein as Special Counsel 339 RIVER ROAD: Case Summary & Nine Unsecured Creditors 500 CITY ISLAND: Property Sale Proceeds to Fund DD Notes' Plan 9501 PROPERTY: Seeks Chapter 11 Bankruptcy in New York ACUTE HVACR: Hires Angel Oak Accounting LLC as Bookkeeper ADMIRE CARE: Hearing on Bid to Use Cash Collateral Set for June 18 ADMIRE CARE: Seeks to Hire BransonLaw PLLC as Counsel AHP HEALTH: Moody's Raises CFR to 'B1', Outlook Positive AMBASSADOR VETERANS: Seeks Chapter 11 Bankruptcy in Puerto Rico AMERI-DENT DENTAL: Gets Interim OK to Use Cash Collateral AORS REALTY: Voluntary Chapter 11 Case Summary ASPIRA WOMEN'S: Jeffrey Cohen Reports 775K Shares, Warrants AURA SYSTEMS: Posts Wider FY 2025 Loss on Higher Expenses, Charges BAMBI HEALTH: Files Amendment to Disclosure Statement BEDMAR LLC: June 19 Deadline for Panel Questionnaires BIG STORM PINELLAS: Seeks Chapter 11 Bankruptcy in Florida BIO GYMNASTICS: Seeks to Hire ACM Law Group as Counsel BIZ AS USUAL: Hires Jonathan H. Stanwood LLC as Attorney BLUEBIRD BIO: Carlyle, SK Capital Complete Acquisition BRADBURY DEODAR: Seeks Chapter 11 Bankruptcy in California CADENCE BANK: Moody's Affirms 'Ba1(hyb)' Preferred Stock Rating CINEMA MANAGEMENT: Gets Final OK to Use Cash Collateral CKM SHINING: Trustee Hires Hahn Fife & Company as Accountant CLJ HOME: Seeks to Hire James L. Lambert PC as Accountant COMPANION CARE: Seeks Cash Collateral Access CONSOLIDATED APPAREL: Gets Interim OK to Use Cash Collateral CONTRACT MANAGED: Case Summary & 20 Largest Unsecured Creditors CROWN HOLDINGS: S&P Affirms 'BB+' ICR on Lower Leverage DAIRY FARMERS: S&P Alters Outlook to Positive, Affirms 'BB+' DASHFIRE LLC: Gets OK to Use Cash Collateral Until July 19 DATAVAULT AI: Gregory Castaldo Holds 5.5% Equity Stake DECORATIVE PLUMBING: Gets Final OK to Use Cash Collateral DICK'S AUTOMOTIVE: Gets Final OK to Use Cash Collateral DIGITALSPEED COMMUNICATIONS: Unsecureds Owed $9.8M to Recover 26% DIOCESE OF BUFFALO: Parishes to Pay $80MM of $150MM Settlement DISCOVER QUARTZ: Case Summary & 20 Largest Unsecured Creditors DIVERSIFIED HEALTHCARE: All Proposals Approved at Annual Meeting DMD FLORIDA: Plan Exclusivity Period Extended to August 4 DOLCHE TRUCKLOAD: Case Summary & 11 Unsecured Creditors DOUBLE PLAY: Gets Interim OK to Use Cash Collateral Until June 23 E&J SHOE: Hires Van Horn Law Group P.A. as Counsel EDGEWELL PERSONAL: S&P Alters Outlook to Neg., Affirms 'BB' ICR EEHF 18 INC: Case Summary & 20 Largest Unsecured Creditors EGZIT CORPORATION: Court Extends Cash Collateral Access to July 11 ELDORADO GOLD: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ENDRA LIFE: Fails to Meet Nasdaq's Minimum Equity Rule ESSENTIALS MASSAGE: Seeks Chapter 11 Bankruptcy in Florida FEDERAL CAREGIVERS: Hires Tyler Bartl & Ramsdell as Counsel FINLEY DESIGN: Case Summary & 20 Largest Unsecured Creditors FIRST WAY: Claims to be Paid from Continued Operations FLY7 INSTALLATIONS: Hires Downtown Auction Company as Appraiser FRANCHISE GROUP: Seeks to Extend Plan Exclusivity to September 1 FULLER'S SERVICE: Plan Exclusivity Period Extended to July 8 GILLETTE ENTERPRISES: Gets Interim OK to Use Cash Collateral GLOBAL CLEAN: Committee Hires McDermott Will as Counsel GLOBAL CLEAN: Committee Hires Province LLC as Financial Advisor GMS SUNSET: Seeks Chapter 11 Bankruptcy in Virginia GOOD LIFE: Seeks Subchapter V Bankruptcy in Oregon GREENWAVE TECHNOLOGY: Faces Nasdaq Noncompliance Over Late 10-Q HAMMER FIBER: Inks Debt Exchange Deal With CGRPE HARRCO TRANSPORTATION: Unsecureds to Split $35K in Plan HOUSE OF PRAYER: Seeks Chapter 11 Bankruptcy in Florida I A P CONSTRUCTION: Hires Advanced Financial as Counsel IAMGOLD CORP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable INNOVATIVE MEDTECH: Amends Ticketbash Purchase Deal With $1M Payout INNOVATIVE MEDTECH: To Sell Sarah Adult, Day Care Unit for $300K INTEGRAL EXPRESS: Case Summary & 20 Largest Unsecured Creditors ION PLATFORM: S&P Assigned 'B+' ICR on Executed Merger IQSTEL INC: Signs Deal to Buy 51% of Globetopper; Closing by July 1 JACKSON HOSPITAL: Plan Exclusivity Period Extended to August 2 KLX ENERGY: Moody's Rates Sr. Secured Notes Due 2030 'Caa2' KUBERA HOTEL: Court OKs Deal to Use Wilmington's Cash Collateral LEROUX CREEK: Seeks to Extend Plan Exclusivity to August 31 LIBBEY GLASS: Moody's Alters Outlook on 'B3' CFR to Negative M.I.S. COMMODITIES: Wins Interim Approval to Use Cash Collateral MARELLI AUTOMOTIVE: Gets Interim OK to Tap $519MM Chap.11 Financing MAYFAIR-HABITAT GROUP: Hires Bach Law Offices Inc. as Attorney MEME APPAREL: Case Summary & Seven Unsecured Creditors MEMSTAR USA: Unsecureds Will Get 54% to 68% in Liquidating Plan MIMOSAS A CALI: Case Summary & 12 Unsecured Creditors MONARCHY RANCHERS: Gets Interim OK to Use Cash Collateral NATIONAL FENCE: Hires Bibeault & Associates LLC as Accountant NEUEHEALTH INC: Stockholders OK All Proposals at Annual Meeting NOBLE GOODNESS: Seeks to Hire Sacks Tierney P.A. as Counsel NORTHERN DYNASTY: Receives $12M Third Tranche Under Royalty Deal OLB TRUCKING: Hires Calvin L. Jackson P.C. as Counsel ORYX MIDSTREAM: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable PAGE AVE: Case Summary & One Unsecured Creditor PAWLUS DENTAL: Hires Hester Baker Krebs LLC as Counsel PHAIR COMPANY: Hires Grobstein Teeple as Financial Advisors PINSTRIPES INC: Considers Chapter 11 Bankruptcy Filing PLATINUM COACH: Gets Interim OK to Use Cash Collateral PMHB LLC: Hires D&C Hospitality as Real Estate Broker PROJECT PIZZA: Hires Kornfield Nyberg Bendes as Counsel PROMETRIC HOLDINGS: Moody's Ups CFR to B2, Alters Outlook to Stable PUNKO ONE: Hires Darby Law Practice Ltd as Bankruptcy Counsel PURDUE PHARMA: Ch. 11 Plan Threatens Sackler Claims, Says McKinsey QVC GROUP: Exec Chair Retains Role Under New Employment Agreement RAFTER H FARM: Case Summary & 13 Unsecured Creditors REVIVA PHARMACEUTICALS: Inks $50M ATM Sales Deal With B. Riley, AGP REVOLUTION AUTO: Claims to be Paid from Ongoing Operations ROCKY MOUNTAIN: SVP of Operations Ryan McGrath to Resign July 3 RUNWAY TOWING: Plan Exclusivity Period Extended to November 25 S&S FOODS: Gets Interim OK to Use Cash Collateral S&S HOLDINGS: Moody's Lowers CFR to B3 & Alters Outlook to Stable SAFE & GREEN: Signs LOI to Acquire Giant Containers for $3.5-Mil. SALON SUITES: Case Summary & Five Unsecured Creditors SAMYS OC: Gets Extension to Access Cash Collateral SANCTUARYSPA INC: Case Summary & 11 Unsecured Creditors SAZERAC CO: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable SCOOPIE LLC: Seeks to Hire Cooper & Scully as Counsel SEXTANT STAYS: Hires Edelboim Lieberman PLLC as Counsel SHARPLINK GAMING: Alpha Capital Cuts Stake to 0.004% SILVER AIRWAYS: Shuts Operations, Argentum Buys Assets SKYSKOPES INC: Case Summary & 20 Largest Unsecured Creditors SMALL FORTUNE: Gets Extension to Access Cash Collateral SOLANO HOME: Case Summary & Four Unsecured Creditors SOLUNA HOLDINGS: Registers 5.2M Shares Under Stock Incentive Plans SPHERE 3D: All Proposals OK'd at Annual and Special Meeting SPLAT SUPER: Moody's Assigns 'B3' CFR, Outlook Stable SURVWEST LLC: Seeks Cash Collateral Access Until Oct. 5 TBOTG DEVELOPMENT: Hires Munsch Hardt Kopf as Counsel TERRA LAKE: Trustee Files Emergency Bid to Use Cash Collateral TERRA LAKE: Trustee Hires Rappaport Osborne as Counsel THRASIO HOLDINGS: S&P Cuts ICR to 'CCC-' on Elevated Default Risk TJC SPARTECH: Moody's Withdraws 'Caa3' Corporate Family Rating TONIX PHARMACEUTICALS: Registers 3.87M Shares Under 2020 Plan, ESPP TREE CONNECTION: Unsecureds Will Get 7.5% of Claims over 5 Years TRINITY INTEGRATED: Gets Interim OK to Use Cash Collateral TRULEUM INC: Harry McMillan Appointed Interim Board Chair UNISYS CORP: Moody's Affirms 'B2' CFR, Outlook Stable VENUS CONCEPT: Amends Debt Terms With Madryn Through June 30 VIRGINIA BEACH: Hires Downtown Auction Company as Appraiser VIRGINIA PARK: Case Summary & Two Unsecured Creditors VSM PROPERTIES: Case Summary & One Unsecured Creditor WARNER BROS: Fitch Lowers LongTerm IDR to BB+, On Watch Negative WARNER BROS: Moody's Assigns 'Ba1' CFR, On Review for Downgrade WELLPATH HOLDINGS: Court Declines to Lift Stay on Gardner Suit WOLF'S LAIR: Hires Cooper & Scully PC as Counsel WORKSPORT LTD: April Sales Hit $1.22M, Driven by AL4 Launch WORTHY'S RUN: Hires Law Office of David Cahn LLC as Counsel WW INTERNATIONAL: Modifies Restructuring Support Deal WYNN RESORTS: S&P Rates Senior Secured Credit Facility 'BB+' WYNN TEC: Seeks to Hire PPL Group LLC as Auctioneer ********* 1001 WL LLC: Trustee Hires PCR Brokerage as Real Estate Broker -------------------------------------------------------------- John Patrick Lowe, the Trustee for 1001 WL, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ PCR Brokerage Houston, LLC as real estate broker. The firm will market and sell the Debtor's real property located at 1001 West Loop South in Harring County, Texas. The firm will be paid a 2 percent commission if the real property sells to a purchaser other than TIG Romspen US Master Mortgage LP, and a flat fee of $50,000 if the real property is purchased by TIG Romspen. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Travis L. Rodgers PCR Brokerage Houston, LLC 1360 Post Oak Blvd, Suite 1900 Houston, TX 77056 About 1001 WL, LLC 1001 WL, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10119) on Feb. 6, 2024. In the petition signed by Drew Dennett, authorized signatory, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger PC represents the Debtor as counsel. 1346 SAXON: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On June 12, 2025, 1346 Saxon 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 $1,531,082 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About 1346 Saxon LLC 1346 Saxon LLC owns a property located at 1346 Saxon Avenue in Bay Shore, New York. The real estate asset has an estimated value of $400,000. 1346 Saxon LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42862) on June 12, 2025. In its petition, the Debtor reports total assets of $400,000 and total debts of $1,531,082. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtors are represented by Charles Higg, Esq., at THE LAW OFFICES OF CHARLES A. HIGGS. 1600 WESTERN: Case Summary & 13 Unsecured Creditors --------------------------------------------------- Debtor: 1600 Western Venture L.L.C. 2443 W. 16th Street, Suite 36 Chicago, IL 60608 Business Description: 1600 Western Venture L.L.C. owns and manages a multi-parcel commercial property complex at 2443–2444 West 16th Street in Chicago, Illinois. The site includes multiple buildings, such as a three-story structure and a five-story warehouse, spread across several tax parcels. The Company's holdings total approximately 3.5 acres of land and are valued at $19.4 million. Chapter 11 Petition Date: June 10, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-08821 Judge: Hon. Jacqueline P Cox Debtor's Counsel: Penelope Bach, Esq. BACH LAW OFFICES P.O. Box 1285 Northbrook, IL 60065 Tel: (847) 564-0808X216 Fax: (847) 564-0985 E-mail: pnbach@bachoffices.com Total Assets: $28,776,721 Total Liabilities: $9,469,355 The petition was signed by Dorothy Flisk as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OCLCFBA/1600_Western_Venture_LLC__ilnbke-25-08821__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 13 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Carson Elevator $100,016 Services, Inc 2468 Wisconsin Ave Downers Grove, IL 60515 2. Christy Webber landscapes $9,195 2900 W. Ferdinand St Chicago, IL 60612 3. City of Chicago Water $96,008 Dept. of Finance, Utility Billing PO Box 6330 Chicago, IL 60680 4. City of Chicago Water $26,047 Dept. of Finance, Utility Billing PO Box 6330 Chicago, IL 60680 5. CommonWealth Edison $14,957 PO Box 6111 Carol Stream, IL 60197 6. CommonWealth Edison $8,686 PO Box 6111 Carol Stream, IL 60197 7. Gary Plotnick $36,900 Thompson Coburn, LLP 55 E Monroe St 37th Floor Chicago, IL 8. Illinois Department of Revenue $3,042 P.O. Box 19035 Springfield, IL 62794 9. Peoples Gas Company $3,048 PO Box 1110 Chicago, IL 60625 10. Peoples Gas Company $2,468 PO Box 1110 Chicago, IL 60625 11. Peoples Gas Company $1,597 PO Box 1110 Chicago, IL 60625 12. Peoples Gas Company $1,465 PO Box 1110 Chicago, IL 60625 13. Peoples Gas Company $980 PO Box 1110 Chicago, IL 60625 23ANDME HOLDING: Founder Reacquires Co. for $305MM in Ch. 11 Sale ----------------------------------------------------------------- Bonnie Eslinger of Law360 Bankruptcy Authority reports that on Friday, June 13, 2025, 23andMe announced that a nonprofit affiliated with founder Anne Wojcicki won the company's assets in a $305 million bankruptcy sale, beating out a competing bid from Regeneron Pharmaceuticals. 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. 301 W NORTH: Hires Levenfeld Pearlstein as Special Counsel ---------------------------------------------------------- 301 W North Avenue, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Levenfeld Pearlstein, LLC as special litigation counsel. The Debtor needs the firm's legal assistance in connection with a case (Case No. 2020 CH 6902) filed in the Circuit Court of Cook County, Illinois, captioned as 301 W. North Ave., LLC v. 315 W. North Ave., L.P., and Peter O'Brien, Sr. The firm will be paid at the rate of $785 per hour. The firm received from the Debtor a retainer of $55,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Spathis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: George J. Spathis, Esq. Levenfeld Pearlstein, LLC 120 S Riverside Plaza, Suite 1800 Chicago, IL 60606 USA Tel: (312) 476-7514 Email: gspathis@lplegal.com About 301 W North Avenue, LLC 301 W North Avenue LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B), and its main property is situated at 1552 N. North Park Avenue, Chicago, IL 60610. 301 W North Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-05275) on April 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million to $50 million each. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Robert Glantz, Esq., at Much Shelist, PC. 339 RIVER ROAD: Case Summary & Nine Unsecured Creditors ------------------------------------------------------- Debtor: 339 River Road Holdings, LLC 1604 Deerfield Road Wate Mill, NY 11976 Business Description: 339 River Road Holdings is a real estate company that owns a single property located at 339 River Road in Edgewater, New Jersey. The property has an appraised value of $80 million. Chapter 11 Petition Date: June 12, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-16275 Debtor's Counsel: Bruce H. Levitt, Esq. LEVITT & SLAFKES, P.C. 515 Valley Street Suite 140 Maplewood, NJ 07040 Tel: (973) 313-1200 Total Assets: $80 million Total Liabilities: $55,569,838 The petition was signed by Bruce Sturman as managing agent. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/C2WBYKI/339_River_Road_Holdings_LLC__njbke-25-16275__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Nine Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Edgewater Tax Collector Unknown 55 River Road Edgewater, NJ 07020 2. Gensler Architecture, Judgment $1,011,626 Design & Planning, PC Construction 1700 Broadway, Suite 400 Lien New York, NY 10019 3. High Ground Judgment $225,000 Industrial, LLC Construction 12 Industrial Drive Lien Florida, NY 10921 4. Hongkun USA Real $0 Estate Holding, LLC 122 Anderson Avenue Fort Lee, NJ 07024 5. Janice Hurewitz and Personal $0 Jeffrey Hurewitz Injury 4 Horizon Road Action Fort Lee, NJ 07024 6. Liqing Dong and Jiaoyan Yi Judgment $872,050 Attn: Edward David, Esq. Equitable Edward David & Mortgage Associates, LLC 72 Eagle Rock Avenue East Hanover, NJ 07936 7. Matrix New World Judgment $127,490 Engineering, Land Surveying and Landscape Architecture, PC 442 State Route 35, 2nd Floor Eatontown, NJ 07724 8. Mueser Rutledge Judgment $333,670 Consulting Engineers, PL Construction 14 Penn Plaza Lien 225 West 34th Street New York, NY 10122 9. William Torres Personal $0 Attn: Anthony R. Injury Fattell, Esq. Action Lord, Kobrin, Alvarez & Fattell, LLC 1283 Route 22 East Mountainside, NJ 07092 500 CITY ISLAND: Property Sale Proceeds to Fund DD Notes' Plan -------------------------------------------------------------- Secured Creditor DD Notes, LLC filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Chapter 11 Plan for 500 City Island Ave., LLC dated June 3, 2025. The Debtor is a single asset realty corporation as defined under section 101(51B) of the United States Bankruptcy Code. The Debtor owns the real property located at 500 City Island Ave., Bronx, NY 10464, (the "Property"). The Debtor acquired the Property by deed dated October 3, 2013 recorded on October 28, 2013 in the Bronx County Clerk's Office at Document ID: 201310141400799001. Affiliated debtor Ohana Restaurant Corp., dba Ohana Japanese Hibachi Seafood and Steak ("Ohana") operates a restaurant at the Property pursuant to a lease agreement (the "Lease"). DD Note, LLC holds a first position note and mortgage covering the property and a collateral assignment of rents and related assets (the "DD Mortgage"). Due to Debtor's default under the DD Mortgage, on or about March 20, 2024, DD Notes, LLC commenced an action to foreclose (the "State Court Action") on the Property in Bronx County Supreme Court, DD Notes, LLC v. 500 City Island Ave., LLC, et al, Index No. 804673/2024E. The plaintiff, DD Notes, LLC, had also filed a motion with the State Court seeking the appointment of a temporary receiver. The Debtor has stated that it filed this bankruptcy in order to the prevent the appointment of the temporary receiver sought by DD Notes LLC, and to sell the Property. The Secured Creditor has filed a motion to approve a sale of Debtor's real property and to approve bidding procedures in connection with the sale (the "Sale Motion"). These filings will permit the sale process to proceed in a relatively rapid fashion with a tentative outside closing date of 20 days following the entry of the Bankruptcy Court Order confirming the Plan, which date will be set by the Court in connection with the Sale Motion. The Secured Creditor intends to seek Bankruptcy Court approval of the auction results simultaneously with the hearing to consider confirmation of this Plan, with a closing to follow shortly thereafter so the transaction qualifies for transfer tax exemptions under Section 1146(a) of the Bankruptcy Code. DD Notes has obtained a Broker's Price Opinion which values the Property at approximately $1,800,000. The proceeds of the sale will be used to fund the plan with distributions to be made on a waterfall basis to creditors in order of priority. The Plan contemplates the expeditious liquidation of the Debtor's Property, with the proceeds to be used to pay creditors of the Debtor. As required by the Code, the Creditor's Plan places all claims in various classes and describes the treatment each class will receive. The Plan also states whether each class of claims is impaired or unimpaired. If the Plan is confirmed, your recovery will be limited to the amount provided by the Plan. Class 4 consists of All Unsecured Claims. The Class 4 Claims are comprised of the NYS Department of Taxation and Finance's general unsecured claim in the amount of $2199.20 and the IRS's general unsecured claim in the amount of $9368.95. Class 4 Claims will be paid from the proceeds of a sale of the Debtor's Property, if any. Class 4 Claims are impaired and are entitled to vote. The Plan shall be implemented and funded through the sale of the Property in accordance with the Auction sale process conducted pursuant to the terms of the Approved Bid Procedures. The results of the Auction shall be confirmed at the Confirmation Hearing and incorporated as part of the Plan and Confirmation Order. A full-text copy of the Disclosure Statement dated June 3, 2025 is available at https://urlcurt.com/u?l=vPh83b from PacerMonitor.com at no charge. Attorney for the Secured Creditor: Ronald M. Terenzi, Esq. Terenzi & Confusione, P.C. 401 Franklin Avenue, Suite 304 Garden City, NY 11530 (516) 812-0800 Email: rterenzi@tcpclaw.com About 500 City Island Ave. 500 City Island Ave., LLC is engaged in activities related to real estate. The Debtor is the fee simple owner of a single-story, single-tenant commercial building valued at $2.95 million. 500 City Island Ave. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-11263) on July 22, 2024, listing $2,950,000 in total assets and $1,400,000 in total liabilities. Norberto Rodriguez, managing member, signed the petition. Judge John P. Mastando, III oversees the case. The Law Office of James J. Rufo represents the Debtor as legal counsel. 9501 PROPERTY: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On June 12, 2025, 9501 Property 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 9501 Property LLC 9501 Property LLC is a single-asset real estate company that owns and operates a single real property asset, in accordance with the definition under U.S. bankruptcy law. 9501 Property LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42848) on June 12, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtors are represented by Vivian M. Williams, Esq. at VMW LAW PC. ACUTE HVACR: Hires Angel Oak Accounting LLC as Bookkeeper --------------------------------------------------------- Acute HVACR, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Angel Oak Accounting, LLC as bookkeeper. The firm's services include: a. monthly account reconciliations; b. financial reporting; c. bankruptcy reporting, including monthly operating reports; and d. cash flow and budget reporting. The firm will be paid a flat monthly fee of $3,706. In addition to the flat monthly fee, the firm will also prepare all applicable state and federal income tax returns for a flat fee of $600 per tax year. Ms. Dolbeck disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stephanie Dolbeck Angel Oak Accounting, LLC 259 Belvedere Drive Eutaville, SC 29048 Tel: (843) 419-6953 About Acute HVACR, LLC Acute HVACR, LLC is a heating, ventilation, air conditioning, and refrigeration contractor based in Summerville, S.C. Acute HVACR sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-01661) on May 1, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Elisabetta Gm Gasparini handles the case. The Debtor is represented by Michael Conrady, Esq., at Campbell Law Firm, PA. ADMIRE CARE: Hearing on Bid to Use Cash Collateral Set for June 18 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division is set to hold a hearing on June 18 to consider another extension of Admire Care, LLC's authority to use cash collateral. The company's authority to use cash collateral pursuant to the court's June 4 order expires on June 18. The June 4 order approved the payment of the company's expenses from the cash collateral in accordance with the budget it filed with the court. The order granted the company's lenders a lien on the cash collateral and all other assets acquired by the company after the petition date to the same extent and with the same validity and priority as their pre-bankruptcy lien. About Admire Care LLC Admire Care LLC is a home health care services provider based in Clermont, Florida that offers medical and non-medical care to patients in their homes. Admire Care LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No. 25-03163-GER) on May 27, 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 Tiffany P. Geyer handles the case. The Debtors are represented by Jeffrey Ainsworth, Esq. at BransonLaw PLLC. ADMIRE CARE: Seeks to Hire BransonLaw PLLC as Counsel ----------------------------------------------------- Admire Care, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ BransonLaw, PLLC as counsel. The professional services the firm is to render include: a. prosecute and defend any causes of action on behalf of the Debtor; prepare, on behalf of the Debtor, all necessary applications, motions, reports and other legal papers; b. assist in the formulation of a plan of reorganization; and c. provide all other services of a legal nature. The firm's attorneys and paralegals will be paid at their hourly rates between $560 to $200 plus out-of-pocket expenses. The firm also received an advance fee of $7,395 for post-petition services from the Debtor. Jeffrey Ainsworth, Esq., an attorney at BransonLaw, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Email: jeff@bransonlaw.com About Admire Care, LLC Admire Care LLC is a home health care services provider based in Clermont, Florida that offers medical and non-medical care to patients in their homes. Admire Care LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No. 25-03163-GER) on May 27, 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 Tiffany P. Geyer handles the case. The Debtors are represented by Jeffrey Ainsworth, Esq. at BransonLaw PLLC. AHP HEALTH: Moody's Raises CFR to 'B1', Outlook Positive -------------------------------------------------------- Moody's Ratings upgraded AHP Health Partners, Inc.'s ("AHP Health" dba "Ardent Health") corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD. Moody's also upgraded AHP Health's backed senior secured bank credit facility rating to Ba3 from B1 and senior unsecured notes rating to B3 from Caa1. The outlook is positive. The ratings upgrade reflects Moody's expectations that AHP Health will maintain solid credit metrics with very good liquidity. Moody's anticipates that the company will continue to operate with debt/EBITDA in the low 3.0x range. The company reduced its debt/EBITDA materially after a pay down of approximately $100 million in senior secured term loan borrowings using internal resources in 2024. RATINGS RATIONALE AHP Health's B1 CFR reflects the company's good scale with dominant position in the company's key markets. The rating benefits from the company's business model of working effectively with select not-for-profit health systems in joint venture partnership arrangements. Moody's estimates that the company's debt/EBITDA was approximately 3.3x at the end of March 31, 2025. AHP Health's rating is constrained by geographic concentration in Texas, Oklahoma and New Mexico, from where it derives more than 75% of its revenue. The company also has concentrated ownership structure with two investors owning approximately 75% of the company's shares. Other constraining factors include industrywide challenges of cost inflation and reimbursement pressures. Moody's expects that AHP Health will maintain very good liquidity over the next 12 to 18 months. As of March 31, 2025, the company's cash and cash equivalents totaled $495 million, of which approximately $50 million was held by the company's joint ventures. The company also had $295 million available under its $325 million asset-based revolving credit facility (ABL). Moody's expects that AHP Health will generate free cash flow of about $85 million in the next 12 months. The ABL contains a springing minimum fixed charge coverage covenant of 1.0x that is tested when availability falls below the greater of $25.0 million or 10% of the ABL. Moody's do not expects the covenant on the ABL will be tested. Moody's also expects the company to remain in compliance with the three Ventas Master Lease financial covenants (portfolio coverage ratio greater than/equal to 2.2x, guarantor fixed charge ratio greater than/equal to 1.2x, and guarantor net leverage ratio less than/equal to 6.75x). The company's alternate liquidity options are limited, as the majority of its assets are encumbered by bank credit facilities. AHP Health's senior secured first lien term loan is rated Ba3, one notch higher than the B1 CFR. This reflects its priority position to a considerable amount of unsecured notes. The term loan has a second lien pledge on substantially all of the company's accounts and other receivables that are securing the $325 million ABL facility (unrated). The senior unsecured notes are rated B3, reflecting the notes' junior position to a significant amount of senior secured debt. The positive outlook reflects the company's improving free cash flow and a commitment to operate with debt/EBITDA in the low 3x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if AHP Health sustains debt/EBITDA below 3.5x while maintaining sustained organic growth and consistently positive free cash flow. The ratings could be downgraded if liquidity weakens or if AHP Health experiences a deterioration in operating performance that can include a decline in margins or cash flow coverage metrics. A downgrade could also occur if the company makes a material debt-funded acquisition or shareholder initiative, or if debt/EBITDA is sustained above 4.5x. AHP Health Partners, Inc., headquartered in Brentwood, TN, is a leading provider of healthcare through a system of 30 acute care hospitals and approximately 280 sites of care across six states in the US. The company is listed on the New York Stock Exchange; however, approximately 75% of its shares are owned by two investors (EGI-AM Investments, L.L.C. and Pure Health Holding PJSC). Revenues for the twelve months ended March 31, 2025, totaled about $6.0 billion. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AMBASSADOR VETERANS: Seeks Chapter 11 Bankruptcy in Puerto Rico --------------------------------------------------------------- On June 13, 2025, Ambassador Veterans Services of Puerto Rico LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to court filing, the Debtor reports $4,068,135 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Ambassador Veterans Services of Puerto Rico LLC Ambassador Veterans Services of Puerto Rico LLC operates a nursing and intermediate care facility for veterans in Juana Diaz, Puerto Rico. The Company provides residential healthcare services to eligible veterans at its location in Barrio Amuelas. Ambassador Veterans Services of Puerto Rico LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02690) on June 13, 2025. In its petition, the Debtor reports total assets of $2,567,403 and total liabilities of $4,068,135. The Debtors are represented by Javier Vilarino, Esq. at VILARINO AND ASSOCIATES LLC. AMERI-DENT DENTAL: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Ameri-Dent Dental Laboratory, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division to use cash collateral. The interim order signed by Judge Catherine Peek Mcewen authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditor. Kapitus Servicing Inc. and other creditors with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. As additional protection, Ameri-Dent Dental Laboratory was ordered to make monthly payments of $500 to Kapitus starting this month. About Ameri-Dent Dental Laboratory Ameri-Dent Dental Laboratory, LLC is a dental laboratory likely specializing in the manufacturing of dental prosthetics, appliances, and customized dental products. Ameri-Dent Dental Laboratory sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02876) on May 2, 2025. In its petition, the Debtor reported between $10,000 and $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Catherine Peek McEwen handles the case. The Debtor is represented by James W. Elliott, Esq., at McIntyre Thanasides Bringgold, Elliott. AORS REALTY: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: AORS Realty, LLC 525 Teaneck Road Ridgefield Park NJ 07660 Business Description: AORS Realty leases real estate properties for rental operations. Chapter 11 Petition Date: June 13, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-16292 Debtor's Counsel: Diana Woody, Esq. SCURA WIGFIELD, HEYER, STEVENS & CAMMAROTA LLP 1599 Hamburg Turnpike Wayne NJ 07470 Tel: 201-490-4777 E-mail: dwoody@scura.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Addy M. Ors as member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XVKQCUA/AORS_Realty_LLC__njbke-25-16292__0001.0.pdf?mcid=tGE4TAMA ASPIRA WOMEN'S: Jeffrey Cohen Reports 775K Shares, Warrants ----------------------------------------------------------- Jeffrey K. Cohen, Director at Aspira Women's Health Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of June 2, 2025, he beneficially owned 320,141 shares of common stock directly and 5,000 shares indirectly through his spouse. He also holds a warrant to purchase 450,318 shares of common stock, exercisable beginning September 12, 2025, at an exercise price of $0.50 per share, subject to a reduced price of $0.25 if exercised within two years of issuance. A full-text copy of Mr. Cohen's SEC report is available at: https://tinyurl.com/ydatmmuw About Aspira Women's Health Formerly known as Vermillion, Inc., Aspira Women's Health Inc. -- http://www.aspirawh.com-- is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases. OvaWatch and Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they provide a comprehensive portfolio of blood tests to aid in the detection of ovarian cancer for the 1.2+ million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of 99% and is used to assess ovarian cancer risk for women where initial clinical assessment indicates the mass is indeterminate or benign, and thus surgery may be premature or unnecessary. Ova1Plus is a reflex process of two FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian malignancy in women planned for surgery. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Form 10-K Report for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in total assets, $8.05 million in total liabilities, and a total stockholders' deficit of $2.56 million. The Company's working capital deficit was $1,285,000 at Dec. 31, 2024. AURA SYSTEMS: Posts Wider FY 2025 Loss on Higher Expenses, Charges ------------------------------------------------------------------ Aura Systems, Inc., reported a net loss of $21.14 million on $50,000 in revenue for the fiscal year ending Feb. 28, 2025, widening from a $4.22 million loss on $56,000 in revenue a year earlier, as disclosed in the Company's Form 10-K filed with the Securities and Exchange Commission. The larger loss reflects higher stock-based compensation, a loss on debt extinguishment to a related party, and changes in the fair value of a derivative liability. For the year ended Feb. 28, 2025, the Company used cash in operations of $3.2 million, and at Feb. 28, 2025, had a stockholders' deficit of $37.6 million. In addition, at Feb. 28, 2025, notes payable and related accrued interest with an aggregate balance of $5.2 million have reached maturity and are past due. Prior to Fiscal 2020, the Company relied on equity financing and private debt to maintain liquidity, with no access to a bank credit line. The Company said it will need additional debt or equity funding to continue operations. Management estimates it requires $6 million to sustain current activities and boost shipment volumes in Fiscal 2026. Aura Systems said it cannot guarantee that additional financing will be available or that it will meet commercial targets needed to sustain operations. The Company warned that issuance of additional shares of equity in connection with such financing could dilute the interests of its existing stockholders, and such dilution could be substantial. If the Company cannot raise the needed funds, it will also be forced to make further substantial reductions in its operating expenses, which could adversely affect its ability to implement current business plan and ultimately viability as a company. As of Feb. 28, 2025, Aura Systems had $1.48 million in total assets, $39.07 million in total liabilities, and a total shareholders' deficit of $37.59 million. In an audit report dated June 13, 2025, Weinberg & Company, P.A. issued a "going concern" qualification citing that during the year ended Feb. 28, 2025, the Company incurred a net loss of $21 million, used cash in operations of $3 million, and at Feb. 28, 2025, had a stockholders' deficit of $37 million. In addition, at Feb. 28, 2025, notes payable and related accrued interest with an aggregate balance of $5 million have reached maturity and are past due. These matters raise substantial doubt about the Company's ability to continue as a going concern. The company said its ability to remain a going concern hinges on increasing revenue, securing additional financing, improving operating efficiencies, and cutting expenses to achieve profitability. Without sufficient cash flow or new funding, it may need to scale back or eliminate discretionary spending, potentially harming its long-term liquidity and operations. Management acknowledged it lacks committed capital sources and is uncertain whether financing will be available on acceptable terms. The going concern notice from its independent auditor could deter potential investors or lenders. The complete text of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/826253/000121390025054252/ea0245450-10k_aura.htm About Aura Systems Headquartered in Lake Forest, CA, Aura Systems, Inc., develops and manufactures electric motors and generators using proprietary axial flux induction technology. The Company offers solutions for commercial, industrial, and military applications under the AuraGen and VIPER brands. It focuses on designing high-efficiency, compact, and magnet-free machines, with ongoing development in electric vehicle systems, mobile power generation, and renewable energy integration. Aura operates primarily in North America with plans for global expansion through partnerships, licensing, and joint ventures. BAMBI HEALTH: Files Amendment to Disclosure Statement ----------------------------------------------------- Bambi Health, Inc., submitted a First Amended Disclosure Statement for First Amended Plan of Reorganization dated June 3, 2025. Under the Plan, all existing Equity Interests will be cancelled, and the Debtor will issue new Equity to its lenders in exchange for a release of the debt held by those lenders. The Debtor will also devote a significant amount of its held assets toward the payment of Creditors. The Plan will be funded with the funds that are not for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor. The Plan provides for payment of Administrative Expenses and Priority Tax Claims in accordance with the Bankruptcy Code, and projects payment to Allowed General Unsecured Claims. Since the Petition Date, the Debtor has remained cashflow neutral, and has made all postpetition payroll, tax, insurance and other essential vendor payments. The Debtor's sales increase monthly, and the Debtor believes that it will be able to operate cashflow positive soon without the need for additional funding. The Debtor believes that it has sufficient funds to make the payments anticipated by the Plan and can emerge from bankruptcy in a position to operate cashflow neutral to cashflow positive. The Debtor has taken a number of steps in the Chapter 11 Case to implement its restructuring. Prior to the Petition Date, the Debtor began the process of analyzing its operations and determined, in its business judgment, how it could reorganize its operations and such reorganization continues. The Debtor was also able to retain its much-needed workforce. Also, during the Chapter 11 Case, among other things, the Debtor obtained and was granted permission to use debtor-in-possession financing. Prior to the Petition Date, the Debtor worked to evaluate the Debtor's capital needs and potential out-of-court and in-court financing alternatives, including debtor-in-possession financing. The Debtor is a startup tech company which, when combined with the Debtor's financial position, has impacted the Debtor's ability to attract additional capital and has contributed significantly to the Debtor's liquidity constraints. Like in the prior iteration of the Plan, the Debtor estimates that General Unsecured Claims total approximately $77,585.55. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a different treatment, the Debtor proposes to pay $50,000.00 to the holders of Allowed General Unsecured Claims, in cash, on a pro rata basis on the Effective Date or as soon as practicable thereafter. The treatment and consideration to be received by holders of Class 2 Allowed Claims shall be in full settlement, satisfaction, release and discharge of their respective Claims and Liens. Class 3 consists of Holders of Equity Interests. Existing Equity Interests shall be discharged, cancelled, released and extinguished, and holders thereof shall not receive or retain any distribution under the Plan on account of such Equity Interests. Unless otherwise set forth in the Plan, pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good-faith compromise and settlement of all Claims and Equity Interests and controversies resolved pursuant to the Plan. Ballots must be received by Debtor's counsel before the Voting Deadline on July 7, 2025. A full-text copy of the First Amended Disclosure Statement dated June 3, 2025 is available at https://urlcurt.com/u?l=ZxQ1M7 from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin S. Mann, Esq. Cross & Simon, LLC 1105 North Market Street, Suite 901 Wilmington, DE 19801 Tel: (302) 777-4200 Fax: (302) 777-4224 About Bambi Health Bambi Health, Inc., is a Delaware corporation having been incorporated on April 14, 2022. Bambi Health filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 25-10384) on March 4, 2025. At the time of filing, the Debtor estimated $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Laurie Selber Silverstein presides over the case. The Debtor is represented by Kevin S. Mann, Esq., of Cross & Simon, LLC. BEDMAR LLC: June 19 Deadline for Panel Questionnaires ----------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Bedmar LLC. 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/39ustv87 and return by email it to Benjamin A. Hackman -- Benjamin.A.Hackman@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Thursday, June 19, 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 Bedmar LLC Bedmar LLC is a real estate company based in San Diego, California, that owns and manages manufacturing, laboratory, and office properties across several U.S. locations, including Massachusetts, California, and Florida. Its portfolio includes multiple sites in Bedford, Allston, Marlborough, San Diego, Fremont, and Alachua. The Company's current operations are primarily focused on managing and winding down these sites. Bedmar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Del. Case No. 25-11027) on June 9, 2025. In its petition, the Debtor reported estimated assets and liabilities of $50 million to $100 million. The petition was signed by Christopher S. Sontchi as independent manager. The Honorable J Kate Stickles handles the case. Richards Layton & Finger, P.A. is the Debtors' counsel. The Debtor's financial and restructuring advisor is Douglas Wilson Companies. The Debtor's claims and noticing agent is Epiq Corporate Restructuring LLC. BIG STORM PINELLAS: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------------- On June 13, 2025, Big Storm Pinellas 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 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Big Storm Pinellas LLC Big Storm Pinellas LLC operates a brewery and taproom in Clearwater, Florida. The Company produces a range of craft beers and spirits, offering on-site dining and beverages in a large indoor-outdoor venue. It is affiliated with Big Storm Brewing Co., a regional craft beverage producer. Big Storm Pinellas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03975) on June 13, 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 Roberta A Colton handles the case. The Debtors are represented by Jake C. Blanchard, Esq. at BLANCHARD LAW, P.A. BIO GYMNASTICS: Seeks to Hire ACM Law Group as Counsel ------------------------------------------------------ BIO Gymnastics and Athletics Unlimited LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ ACM Law Group as counsel. The firm's services include: a. advising the Debtor regarding its rights and obligations under the Bankruptcy Code; b. preparing and filing necessary pleadings and motions; c. representing the Debtor in hearings and proceedings before this Court; d. assisting with the formulation and confirmation of a plan of reorganization; and e. performing other legal services as may be necessary in this case. The firm will be paid $250 per month, until the total amount of $1,250 is paid. Ms. Martin disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Antoinette C. Martin, Esq. ACM Law Group, P.C. 1050 Crown Pointe Parkway Atlanta, GA 30338 Tel: (470) 298-6369 Email: antoinette@acmlawgroup.com About BIO Gymnastics and Athletics Unlimited LLC BIO Gymnastics and Athletics Unlimited, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20676) on May 14, 2025. Judge James R. Sacca presides over the case. BIZ AS USUAL: Hires Jonathan H. Stanwood LLC as Attorney -------------------------------------------------------- Biz as Usual, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Law Office of Jonathan H. Stanwood, LLC as its attorney. The firm's services include: a. advising the Debtor of its rights and obligations under the Bankruptcy Code; b. assisting the Debtor in preparation of the schedules and other required pleadings; c. representing the Debtor at the meeting of creditors and other examinations; d. preparing all necessary applications, motions, answers, responses, and similar pleadings; and e. assisting the Debtor in the formulation and prosecution of confirmation of a reorganization plan. The firm will charge $325 per hour for attorney's services and paralegals at $125 per hour. Mr. Stanwood has no other connection and/or interest adverse to the debtor, its creditors, any other party in interest, as stated in the filing. The counsel can be reached through: Jonathan H. Stanwood, Esq. Law Office of Jonathan H. Stanwood, LLC 8 Penn Center, Suite 1000 1628 JFK Blvd Philadelphia, PA 19103 Tel: (215) 569-1040 Fax: (215) 689-4084 Email: jhs@stanwoodlaw.com About Biz as Usual, LLC Biz as Usual LLC leases real estate properties and operates from Ardmore, Pennsylvania. Biz as Usual LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11985) on May 20, 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 Derek J. Baker handles the case. The Debtors are represented by Jonathan Stanwood, Esq. at JONATHAN H. STANWOOD, LLC. BLUEBIRD BIO: Carlyle, SK Capital Complete Acquisition ------------------------------------------------------ bluebird bio announced the completion of its sale to funds managed by global investment firms Carlyle (NASDAQ: CG) and SK Capital Partners, LP. With the closing of the transaction, bluebird's common stock has ceased trading and will no longer be publicly listed. Carlyle and SK Capital have provided significant primary capital to support and scale bluebird's commercial delivery of gene therapies for patients with sickle cell disease, ß-thalassemia, and cerebral adrenoleukodystrophy. David Meek, who became Chief Executive Officer of bluebird at close, said, "Today marks the beginning of a new era for bluebird as its go-forward financial backing and leadership team will better enable all stakeholders to realize the full potential of our revolutionary therapies. Historically, bluebird has excelled as a scientific innovator and should be very proud of the many achievements it has delivered to patients. Our vision is to further that legacy of scientific excellence while improving the commercial execution of our approved products to rapidly expand access to lifechanging gene therapies." "We are excited to back bluebird in partnership with SK Capital. We believe providing bluebird the necessary funding along with the new leadership team will help bluebird realize its full potential," said Joe Bress, Carlyle Partner and Global Co-Head of Healthcare. Bali Muralidhar, Co-Managing Partner and Chief Investment Officer & COO of Abingworth, Carlyle's life sciences investment franchise, added, "There is an incredible opportunity to bring bluebird’s groundbreaking therapies to more patients in need, and we look forward to advancing bluebird in its mission." "SK Capital looks forward to partnering with David and his team as well as Carlyle to scale bluebird's pioneering gene therapies that can make a lifechanging difference for patients around the world," said Aaron Davenport, Managing Director at SK Capital, adding, "We believe our deep collective experience in manufacturing and commercializing therapies can help drive the next chapter of bluebird’s growth." Incoming Team Bolsters Commercial Gene Therapy Experience The company's momentum is reinforced by a deeply experienced management team, led by CEO David Meek. David brings more than 30 years of leadership in life sciences, including as CEO of Mirati Therapeutics and Ipsen. David is joined by Tom Klima as Chief Commercial & Operating Officer, Debasish Roychowdhury, M.D., as Chief Medical Officer, Wendy DiCicco as Chief Financial Officer, and Ellen Forest as Chief People Officer. Additional details are available at https://www.bluebirdbio.com/about-us/leadership. From Scientific Breakthroughs to Delivery at Scale With the transaction now closed, bluebird is prioritizing expanding its manufacturing infrastructure, streamlining the patient journey, supporting treatment centers, and strengthening its payer partnerships. The acquisition provides the strategic and financial backing needed to meet rising demand and drive commercial and operational excellence across the organization. "bluebird has demonstrated what's possible through effective gene therapy," David added. "Now we will build the ecosystem to ensure every patient who needs these therapies can access them." About bluebird bio Inc. bluebird bio, Inc. was incorporated in Delaware on April 16, 1992, and is headquartered in Somerville, Massachusetts. The Company is a biotechnology firm dedicated to researching, developing, and commercializing potentially curative gene therapies for severe genetic diseases based on its proprietary lentiviral vector gene addition platform. Since its inception, bluebird bio has focused nearly all its resources on research and development efforts related to its product candidates and the commercialization of its approved products, including activities to manufacture product candidates, conduct clinical studies, perform preclinical research, provide administrative support, and market and commercially manufacture its approved products. In its report dated March 27, 2025, the Company's auditor, Ernst & Young LLP, issued a "going concern" qualification citing that the Company has suffered recurring operating losses and negative operating cash flows, projects non-compliance with covenants in the Loan and Security Agreement and has stated that substantial doubt exists about the Company's ability to continue as a going concern. bluebird reported a net loss of $240.72 million in 2024 compared to a net loss of $211.91 million in 2023. As of Dec. 31, 2024, the Company had $460.23 million in total assets, $491.77 million in total liabilities, and a total stockholders' deficit of $31.53 million. BRADBURY DEODAR: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------------- On June 12, 2025, Bradbury Deodar 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 to $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Bradbury Deodar LLC Bradbury Deodar LLC is a limited liability company. Bradbury Deodar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14929) on June 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtors are represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. CADENCE BANK: Moody's Affirms 'Ba1(hyb)' Preferred Stock Rating --------------------------------------------------------------- Moody's Ratings has affirmed short-term and long-term ratings and assessments of Cadence Bank. Rating affirmations include Cadence's long-term issuer rating of Baa2, long-and short term deposit ratings of A2/Prime-1, and Baseline Credit Assessment (BCA) and Adjusted BCA of baa1. Moody's also affirmed Cadence's long-and short-term Counterparty Risk Assessments of A3(cr)/Prime-2(cr), long-and short term Counterparty Risk Ratings (local and foreign currency) of Baa1/Prime-2, and preferred stock non-cumulative Ba1 (hyb) rating. Cadence's long-term issuer rating and long-term deposit rating outlooks were changed to stable from negative. RATINGS RATIONALE Cadence's rating affirmation and change in outlook to stable reflect its moderating exposure to commercial real estate (CRE) construction lending and the bank's enduring asset quality, core deposit franchise, and limited use of market funding. However, these strengths are offset by Cadence's remaining concentration in CRE and the heightened downside risks in Moody's US economic outlook. Additionally, liquidity remains a relative weakness to the bank's credit profile. The stable outlook reflects Moody's assessments that Cadence's capital and asset quality will continue to endure and improve. As of March 31, 2025, Cadence's CRE concentration accounted for 2.2 times its Moody's Ratings-adjusted tangible common equity (TCE), down from 2.3 times at year-end 2023. Over the same period, Cadence also reduced its construction exposure to 78% of TCE from 91%, further reducing its asset risk profile. Cadence's allowance for credit losses remained stable at 1.34% at March 31, 2025, several multiples above its Q1 2025 net charge-offs of 0.27% of average loans, a credit positive. While Cadence's CRE concentration level has declined, it remains above the peer median of Moody's Ratings-rated US banks, making it a key credit challenge amid heightened downside risks in Moody's US economic outlook. A prolonged period of uncertainty could lead to a sharper economic slowdown than Moody's expects, or even an economic downturn. Such a downside scenario, together with higher-for-longer interest rates, would pose significantly greater challenges for the bank's modest construction lending portfolio. Positively, the bank's CRE portfolio is currently performing well despite the existing challenges in certain segments of the commercial real estate market and underwriting and loan portfolio performance remain strong. On April 28, 2025, Cadence announced that it was acquiring Texas-based Industry Bancshares which had total deposits of $4.5 billion and total loans of $1.1 billion. Pro-forma for the acquisition, which Cadence expects to close in the second half of this year, the bank expects its Common Equity Tier 1 (CET1) capital ratio will decline to 11.0% from 12.4% as of March 31, 2025. This acquisition comes shortly after Cadence's acquisition of FCB Financial Corp, the bank holding company for First Chatham Bank in Savannah, Georgia, announced on January 22, 2025. As of September 30, 2024 (unaudited), First Chatham reported total assets of $590 million, total loans of $329 million and total deposits of $510 million. While these acquisitions are relatively modest, minimizing integration risks, they underscore Cadence's acquisitive nature and pose a potential risk of deposit runoff. Profitability remains a strength, with Moody's expectations that net income to tangible assets (TA) will be in the 1.0% to 1.25% range. Net income to TA was 1.09% in the first quarter of 2025. Adjusted return on average assets rose to 1.15% in the first quarter of 2025 from 1.11% in the fourth quarter of 2024 and 0.62% in the fourth quarter of 2023, benefiting from the repositioning of the bank's securities portfolio. Cadence's modest liquidity remains a relative weakness. The bank's liquid banking assets has stabilized around 20% of total banking assets, but still below 25.9% at year-end 2023 and weaker than similarly rated peers. Liquid resources have declined as the bank has funded net loans and leases which increased by 3.7% year-over-year. As of Q1 2025, Cadence holds 2.7% of its assets in cash and cash equivalents. Partially offsetting this relative weakness is Cadence's good deposit franchise in its geographic footprint and low exposure to office properties despite its CRE concentration. Reliance on market funding has also declined following the regional banking stress in the spring of 2023. Market funds as a percentage of tangible assets declined to 2.0% as of March 31, 2025 down from 7.9% a year earlier and 8.5% as of December 31, 2023. The stable outlook reflects Moody's expectations that Cadence will continue to reduce its CRE concentration, maintain its capitalization, measured as Moody's Ratings-adjusted TCE to RWA, above 11%, and sustain adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Cadence's ratings could be upgraded if the bank meaningfully lowers its CRE concentration and either reduces its reliance on market funding or increases its stock of liquid assets. An upgrade would also be contingent on the bank improving its earnings profile while maintaining better-than-peer asset quality and a TCE ratio above 11.5%. Cadence's ratings could be downgraded if there are signs of weakening underwriting discipline or a rebuilding of the CRE concentration. A sustained decline in capitalization below 10.5% or a deterioration in liquidity could also lead to a ratings downgrade. The principal methodology used in these ratings was Banks published in November 2024. Cadence Bank's "Assigned BCA" score of baa1 is set three notches below the "Financial Profile" initial score of a1 to reflect the risk of Cadence's concentration in CRE lending and funding structure. CINEMA MANAGEMENT: Gets Final OK to Use Cash Collateral ------------------------------------------------------- John Pringle, the Chapter 11 trustee for Cinema Management Group, LLC, received final approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The final order signed by Judge Neil Bason authorized the trustee to use the cash collateral to pay the expenses set forth in its budget, with a 10% variance. Netflix Worldwide Entertainment LLC, Hanmi Bank, Banc of California National Association, and Bondit LLC may assert liens on Cinema's cash collateral. As protection, the secured creditors will receive replacement liens on, and security interests in, the cash collateral and all other assets of the estate that are subject to their pre-bankruptcy liens. In case of any diminution in the value of their interests in their pre-bankruptcy collateral, the secured creditors will be granted allowed superpriority administrative expense claims in the same priority as the replacement liens. Banc of California N.A. is represented by: Alex M. Weingarten, Esq. Willkie Farr & Gallagher LLP 2029 Century Park E Los Angeles, CA 90067 Telephone: (310) 855-3000 Facsimile: (310) 855-3099 Email: aweingarten@willkie.com -- and -- Elizabeth A. Wayne, Esq. Willkie Farr & Gallagher LLP 300 N LaSalle Dr Chicago, IL 60654 Telephone: (312) 728-9000 Facsimile: (312) 728-9199 Email: ewayne@willkie.com -- and -- Jennifer J. Hardy, Esq. Willkie Farr & Gallagher LLP 600 Travis St Houston, TX 77002 Telephone: (713) 510-1700 Facsimile: (713) 510-1799 Email: jhardy2@willkie.com About Cinema Management Group Cinema Management Group, LLC is an international sales company that was launched in 2003 and was previously headed by veteran sales and distribution executive, Edward Noeltner. Since 2003, the company has added over 80 feature film titles to its line-up. It currently holds distribution rights related to 82 feature films. Cinema Management Group filed Chapter 7 voluntary petition (Bankr. C.D. Calif. Case No. 24-20369) on December 20, 2024. The case was converted to one under Chapter 11 on February 6, 2025, and John Pringle was appointed as Chapter 11 trustee on February 10, 2025. Judge Neil W. Bason oversees the case. The Chapter 11 trustee is represented by Levene, Neale, Bender, Yoo & Golubchik L.L.P. CKM SHINING: Trustee Hires Hahn Fife & Company as Accountant ------------------------------------------------------------ A. Cisneros, the Trustee of CKM Shining Stars, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Hahn Fife & Company, LLP as accountant. The firm will review the Debtor's books and records, provide forensic analysis, review financial documents, and prepare any required estate income tax returns. The firm will be paid at these rates: Partner $530 per hour Staffs $80 per hour The firm will also be reimbursed for reasonable out-of-pocket 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 CKM Shining Stars, LLC CKM Shining Stars is engaged in activities related to real estate. CKM Shining Stars, LLC filed its voluntary petition for relief under Chapter 11 of the Bankrutpcy Code (Bankr. C.D. Cal. Case No.24-11238) on May 15, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Margaret Levecke as manager. Judge Scott C. Clarkson presides over the case. Robert P. Goe, Esq. at GOE FORSYTHE & HODGES LLP represents the Debtor as counsel. Arturo Cisneros is the Chapter 11 Trustee of the company. CLJ HOME: Seeks to Hire James L. Lambert PC as Accountant --------------------------------------------------------- CLJ Home Healthcare, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ James L. Lambert, PC as accountant. The firm will perform various financial and other professional services including, but not limited to payroll services, tax preparation, and bookkeeping. The firm will be paid $1,200 per month for the services rendered. Mr. Lambert disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James L. Lambert James L. Lambert, PC 1003 Beckett Ste 207 San Antonio, TX 78213-1372 Tel: (210) 829-8299 About CLJ Home Healthcare, LLC CLJ Home Healthcare, LLC provides in-home pediatric nursing care to medically fragile children. CLJ Home Healthcare filed Chapter 11 petition (Bankr. W.D. Texas Case No. 25-50983) on May 5, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Teresa Gutierrez, administrator, signed the petition. Judge Michael M. Parker oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. COMPANION CARE: Seeks Cash Collateral Access -------------------------------------------- Companion Care Partners, LLC asked the U.S. Bankruptcy Court for the Eastern District of Pennsylvania for authority to use cash collateral. The Debtor provides in-home care services for elderly and disabled individuals and has operated since 2014. It was significantly impacted by a February 2024 cyberattack on Change Healthcare, which delayed payments for services by disrupting billing and claims processing. This resulted in cash flow issues, delays in employee payments, and operational challenges. To keep the business running, the Debtor's principal resorted to personal funds, credit cards, and merchant financing. The Debtor has approximately $1.46 million in total debt, of which $690,000 is believed to be secured. It now seeks court authorization to use cash collateral to pay essential business expenses such as payroll, rent, utilities, and administrative costs, asserting that failure to do so would lead to a shutdown of operations and risk the well-being of its vulnerable client base. The Debtor argued that secured creditors will be adequately protected through the existence of an equity cushion, consistent with Third Circuit case law, which has found equity cushions of 20% or more sufficient for adequate protection. About Companion Care Partners Companion Care Partners, LLC provides in-home care services for elderly and disabled individuals and has operated since 2014. The Debtor filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-11859) on May 9, 2025, listing under $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Demetrius J. Parrish Jr., Esq., is the Debtor's legal counsel. CONSOLIDATED APPAREL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Consolidated Apparel, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The second interim order signed by Judge Mindy Mora authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by lenders. The budget shows total operational expenses of $61,543 for May and $62,220 for June. Lenders including Wells Fargo Bank, CHTD Company, and Credibly of Arizona, LLC were granted replacement liens, junior to statutory and court-approved professional fees. The order does not decide the validity or extent of any creditor's lien. The next hearing is scheduled for July 8. About Consolidated Apparel Inc. Consolidated Apparel Inc., operating as Native Outfitters and MTO Wear, 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 is represented by Craig I. Kelley, Esq. CONTRACT MANAGED: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Contract Managed Services, LLC 7825 National Turnpike Louisville, KY 40214 Business Description: Contract Managed Services, LLC provides third-party logistics services including contract packaging, order fulfillment, warehousing, and distribution. Founded in 1996, the Company now operates over 100,000 square feet of modern facilities in Louisville, Kentucky. It is privately owned and managed by professionals with decades of experience in packaging and distribution. Chapter 11 Petition Date: June 14, 2025 Court: United States Bankruptcy Court Western District of Kentucky Case No.: 25-31420 Judge: Hon. Joan A Lloyd Debtor's Counsel: Charity S. Bird, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 710 West Main Street Fourth Floor Louisville, KY 40202 Tel: (502) 540-8285 Fax: (502) 540-8282 E-mail: cbird@kaplanjohnsonlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gary Allan Milby as owner & CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G5UNZXQ/Contract_Managed_Services_LLC__kywbke-25-31420__0001.0.pdf?mcid=tGE4TAMA CROWN HOLDINGS: S&P Affirms 'BB+' ICR on Lower Leverage ------------------------------------------------------- S&P Global Ratings revised its assessment of Crown Holdings Inc.'s financial risk profile upward to significant from aggressive. S&P affirmed its ratings on Crown, including its 'BB+' issuer credit rating. The stable outlook reflects S&P's expectation that Crown will continue to generate solid cash flow and maintain S&P Global Ratings-adjusted leverage close to 3.5x over the next 12 months. Crown plans to maintain company-adjusted net leverage close to 2.5x, well below its previous target of 3.0x-3.5x. In July 2024, Crown announced a new long-term net leverage target of 2.5x. Higher earnings, strong cash flow generation, and the sale of its approximate 20% ownership stake in Eviosys facilitated an improvement in Crown's credit metrics in 2024. In December, KPS Capital Partners L.P. completed the sale of Eviosys and Crown received $338 million of proceeds from the distribution. The company used the proceeds, along with cash on hand, to redeem its EUR600 million senior unsecured notes due May 2025 and make an early payment of $400 million on its U.S. dollar term loan facility due 2027. The combination of both higher EBITDA and lower net debt resulted in company-adjusted net leverage improving to 2.7x by the end of the year. S&P Global Ratings-adjusted net debt to EBITDA is about 1x higher than the company's calculation after accounting for restructuring costs and our adjustments to debt. S&P said, "We believe the company will continue to generate solid free cash flow of $800 million-$850 million in 2025, particularly given its return to a more normalized level of capital expenditure (capex). We assume the company will continue to return capital to shareholders through dividends and share repurchases while maintaining S&P Global Ratings-adjusted leverage of 3.25x-3.75x. As such, we revised our assessment of Crown's financial risk profile upward. However, we view rating upside as confined by the limited track record of its revised financial policy and the absence of a firm commitment to investment-grade ratings. As a result, we have revised the financial policy and comparable ratings analysis modifiers to negative from neutral. "We expect higher global beverage can shipments in 2025, led by its Americas and Europe segments, will be partially offset by weaker volumes in its Transit Packaging business. Above-market volume growth in Crown's Americas segment and the continued conversion to aluminum cans from glass in Europe led to global beverage can growth of 5% in 2024. The strong growth in these segments was partially offset by volume declines in its Asia-Pacific segment due to its prior-year commercial actions and weaker consumer purchasing power across the region. Demand remained solid in South America and Europe through the first quarter of 2025, with volumes up 11% in Brazil and 5% in Europe compared with the same prior-year quarter. In 2025, we expect Crown's beverage can volume growth in North America to align with the overall market, following years of outperformance given its underexposure to mass beer, at around 1%. We also believe favorable trends in Europe will continue leading to mid-single-digit percent volume growth during the year." However, higher volumes and significant earnings growth in Crown's global beverage business continue to be partially offset by weaker demand in its Transit Packaging segment due to soft global industrial activity. Furthermore, Crown stated its Transit Packaging business could be most affect by tariffs, both directly and indirectly, as its customers remain cautious on capital spending. S&P expects segment performance to remain muted in 2025 before improving in 2026. The stable outlook reflects S&P's expectation that Crown will continue to generate solid cash flow and maintain S&P Global Ratings-adjusted leverage close to 3.5x over the next 12 months. S&P could lower its rating on Crown if: -- The company sustains leverage greater than 5x, which could occur if consumer demand weakens and global economic activity declines from S&P's base-case forecast, leading to lower earnings and poor operating leverage. S&P could raise its rating on Crown if: -- The company maintains S&P Global Ratings-adjusted debt to EBITDA well below 4x; -- Free operating cash flow to debt above 10%; and -- A firm commitment to a financial policy commensurate with these credit measures including capital investments, shareholder rewards, and potential acquisitions. DAIRY FARMERS: S&P Alters Outlook to Positive, Affirms 'BB+' ------------------------------------------------------------ S&P Global Ratings affirmed all its ratings on Kansas City, Kan.-based Dairy Farmers of America (DFA), including the 'BBB' issuer credit rating and revised the outlook to positive from stable. S&P also affirmed the 'BBB' issue-level rating on the company's senior unsecured private placement notes and 'BB+' issue-level rating on the company's preferred equity securities. The positive outlook reflects S&P's expectations for the company to maintain S&P Global Ratings-adjusted leverage below 3.5x, including during periods of seasonally high working capital outflows. S&P said, "In fiscal 2024, DFA significantly outperformed our expectations, driven by higher margins and strong FOCF the company applied to debt repayment. Increased volumes from recent expansion investments and a decline in operating expenses due to lower input costs propelled a 15.5% year-over-year growth in S&P Global Ratings-adjusted EBITDA. The majority of the improvement came from the cooperative's dairy brands division. The cooperative also generated $485 million in FOCF, a marked increase from $96 million in 2023, although the timing of farmer member milk payments and distributions, which were likely deferred to 2025. DFA utilized this strong cash flow to pay down $315 million in net debt and boosted its cash and short-term investments to $222.5 million. Consequently, DFA's S&P Global Ratings-adjusted leverage improved to 2.4x. Although we project working capital to be a headwind in fiscal 2025, likely moderating FOCF to more normalized levels, we expect DFA to sustain leverage below 3.5x, which could result in an upgrade to the extent seasonal working capital swings do not cause leverage to periodically exceed 3.5x "Although DFA will continue investing periodically in growth, we believe the impact potential mergers and acquisitions (M&A) or growth capital expenditures (capex) will have on leverage will be less consequential than in the past. DFA has a track record of levering up for acquisitions, such as Dean Foods (2020) and Pacific Dairy Solutions and Richmond Beverage Solutions (2022), then successfully deleveraging after such deals. For example, leverage spiked to close to 10x and 6x for these deals, respectively, before coming back down to the 3.5x-4.5x range in subsequent quarters. Moreover, these acquisitions have materially shifted the company's business and earnings mix toward its higher margin commercial businesses and branded dairy products, which we believe is more stable and better positioned for growth than milk marketing. This should lead to less pronounced leverage increases during periods of increased investment. As such, we expect the company will be able to maintain its lower leverage profile while also having the optionality to pursue bolt-on acquisitions or invest more heavily in its existing plant network. "Our financial risk profile for DFA continues to incorporate the additional flexibility the cooperative has over the timing and amounts of its member payments. DFA's large scale of operations and strong member base afford it the additional financial flexibility to adjust the size and timing of member payouts during weaker operating cycles for relatively stable cash flows. In addition, member payments are subordinated to debt claims. Under its current capital plan and after a series of acquisitions, DFA will continue to sustain member equity inflows of about $90 million annually, a portion of which it may prioritize for debt repayment. Because of this flexibility, we relax our cash flow metric ranges by a half-turn compared with most corporate issuers when assessing DFA's financial risk profile. "The positive outlook reflects our expectations for the company to maintain S&P Global Ratings-adjusted leverage well below 3.5x despite periodically facing periods of high seasonal working capital borrowings and slightly softer operating performance in 2025." S&P could revise its outlook to stable if the company's peak leverage regularly exceeds 3.5x. This could occur if: -- Working capital requirements, including amounts due to members and haulers, become a significant headwind to FOCF; -- The company experiences material input cost inflation and profitability weakens significantly below S&P's base case; or -- The company transacts transformational M&A or undertakes large growth capital investments. S&P said, "We could raise our rating over the next 24 months if the company performs in line with our base case and sustains leverage below 3.5x, including during seasonally higher working capital periods when debt balances are elevated. An upgrade would also be predicated on our expectation that the company would maintain its current financial policy and not significantly increase leverage for large M&A." DASHFIRE LLC: Gets OK to Use Cash Collateral Until July 19 ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota authorized Dashfire, LLC and affiliates to use cash collateral until July 19. The order penned by Judge Katherine Constantine authorized the companies' use of cash collateral to pay opertaing expenses in accordance with their budget. As protection, Live Oak Banking Company and the U.S. Small Business Administration were granted replacement liens on assets acquired by the companies after the petition date that are similar to their pre-bankruptcy collateral. These post-petition assets do not include Chapter 5 claims. In addition, the companies were ordered to make monthly payments of $4,965 to Live Oak Bank and $400 to SBA, and keep their property insured as further protection to the secured creditors. About Dashfire LLC Dashfire, LLC filed Chapter 11 petition (Bankr. D. Minn. Case No. 25-41264) on April 22, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Lee Egbert, president of Dashfire, signed the petition. Judge Katherine A. Constantine oversees the case. Karl Johnson, Esq., at MJB Law Firm PLLC, represents the Debtor as bankruptcy counsel. DATAVAULT AI: Gregory Castaldo Holds 5.5% Equity Stake ------------------------------------------------------ Gregory Castaldo disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of May 27, 2025, he beneficially owned 4,558,098 shares of Datavault AI, Inc.'s common stock, consisting of 2,221,557 shares with sole voting and dispositive power and 2,336,541 shares with shared voting and dispositive power, representing 5.5% of the company's 81,460,022 shares outstanding as of May 30, 2025. Gregory Castaldo may be at: 3776 Steven James Drive Garnet Valley, PA 19060 A full-text copy of Mr. Castaldo's SEC report is available at: https://tinyurl.com/5ezfzvue About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a “going concern” qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. The Company has incurred net operating losses each year since inception. As of December 31, 2024, the Company had cash and cash equivalents of $3.3 million and reported net cash used in operations of $17.5 million during the year ended December 31, 2024. The Company expects operating losses to continue in the foreseeable future because of additional costs and expenses related to research and development activities, plans to expand its product portfolio, and increase its market share. The Company's ability to transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure. DECORATIVE PLUMBING: Gets Final OK to Use Cash Collateral --------------------------------------------------------- Decorative Plumbing Distributors, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of California to use its lenders' cash collateral to pay operating expenses in accordance with its budget. The lenders, Bank of America, N.A. and the U.S. Small Business Administration, were granted replacement security interests in, and liens on, all post-petition property of the company except Chapter 5 claims. As additional protection, the company will make a monthly payment of $23,000 to Bank of America and $2,527 to SBA. The ruling also granted super-priority claims to lenders and ensures their liens remain intact in the event of case conversion or dismissal. About Decorative Plumbing Distributors Decorative Plumbing Distributors, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40140) on January 28, 2025, listing up to $10 million in assets and up to $50 million in liabilities. Anne Butler, chief executive officer of Decorative Plumbing Distributors, signed the petition. Judge Charles Novack oversees the case. Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little P.C., represents the Debtor as legal counsel. Bank of America, N.A., as lender, is represented by: Jennifer Witherell Crastz, Esq. Hemar, Rousso & Heald, LLP 15910 Ventura Boulevard, 12th Floor Encino, CA 91436-2829 Tel: (818) 501-3800 Fax: (818) 501-2985 Email: jcrastz@hrhlaw.com DICK'S AUTOMOTIVE: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California issued a final order authorizing Dick's Automotive Transport, Inc. to use cash collateral to pay the remaining amount in its budget. The amount approved is $142,721.34 for June, which the court finds to be the minimum amount necessary "to avoid irreparable harm" to the company. About Dick's Automotive Transport Dick's Automotive Transport, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-51752) on Nov. 18, 2024, with $1 million to $10 million in both assets and liabilities. Judge M. Elaine Hammond oversees the case. The Debtor tapped Robert G. Harris, Esq., at the Law Offices of Binder and Malter as counsel and Barry Drake at Drake Business Services Inc. as accountant. DIGITALSPEED COMMUNICATIONS: Unsecureds Owed $9.8M to Recover 26% ----------------------------------------------------------------- Digitalspeed Communications, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania an Amended Disclosure Statement with respect to Amended Plan of Reorganization dated June 3, 2025. The Debtor is a domestic corporation formed and incorporated under the laws of the Commonwealth of Pennsylvania on April 1, 2003. The Debtor is a telecommunications service provider/carrier/utility that is registered, regulated and compliant with the Federal Communications Commission and other government agencies. It provides services to direct customers and resellers, including private-label resellers that market the Debtor's services under their name/brand to their end-user customers. Mr. Pasternack is the sole shareholder of the Debtor. The Debtor commenced the Chapter 11 Case to protect and preserve its business, maximize property available to satisfy its creditors and to reorganize its affairs. Following over ten years of litigation, a single creditor had threatened and taken actions in a Massachusetts state court proceeding that, if successful, had the potential to destroy the value of the Debtor's assets and its ongoing business enterprise to the detriment of every other creditor of the Debtor and stakeholder. The Debtor's filing of this Chapter 11 Case was necessary to preserve and rehabilitate its business as a going concern for the benefit of the Debtor, the Debtor's estate and all creditors. Class 3A consists of all General Unsecured Convenience Claims. Except to the extent that a Holder of an General Unsecured Convenience Claim and the Debtor agree to less favorable treatment, each Holder of an Allowed General Unsecured Convenience Claim shall receive, in full and final satisfaction, compromise, settlement, release, and discharge of, and in exchange for its Claim, Cash in an amount equal to 15% of the amount of such Allowed General Unsecured Convenience Claim; provided, however, if the aggregate amount of distributions to holders of Allowed General Unsecured Convenience Class Claims would otherwise exceed the Class 3A Fund, holders of such Claims shall receive their Pro Rata share of the Class 3A Fund within forty-five days following the later of (a) the Effective Date or (b) the date that such General Unsecured Convenience Claim becomes Allowed (if such Claim becomes Allowed after the Effective Date. For the avoidance of doubt, holders of Allowed General Unsecured Convenience Claims shall receive distributions solely under this Class 3A and not under Class 3B. The allowed unsecured claims total $20,000. This Class will receive a distribution of 15% of their allowed claims. Class 3A is Impaired under the Plan. Therefore, Holders of General Unsecured Convenience Claims are entitled to vote to accept or reject the Plan. Class 3B consists of all General Unsecured Claims. Except to the extent that a Holder of a Class 3B General Unsecured Claim and the Debtor agree to less favorable treatment, each Holder of an Allowed Class 3B General Unsecured Claim shall receive, in full and final satisfaction, compromise, settlement, release, and discharge of, and in exchange for such Allowed General Unsecured Claim, its Pro Rata share of the following: * the initial Distribution of $1,600,000 from GUC Fund within forty-five days following the later of (a) the Effective Date or (b) the date that such Class 3B General Unsecured Claim becomes Allowed (if such Claim becomes Allowed after the Effective Date); and * for each year after the Effective Date (for a four-year period after the Effective Date), a Distribution of the amount of $250,000 from the GUC Fund. The first Distribution shall be made twelve months after the Effective Date, the second Distribution to be made twenty-four months after the Effective Date, the third Distribution to be made thirty-six months after the Effective Date, and the fourth Distribution to be made forty-eight months after the Effective Date. The allowed unsecured claims total $9,800,000. This Class will receive a distribution of 26% of their allowed claims. Class 3B is Impaired, and each Holder of an Allowed General Unsecured Claim is entitled to vote to accept or reject the Plan. Class 4 consists of all Equity Interests in the Debtor. As of the Effective Date, the Interests in the Debtor shall remain unchanged and equal to the structure that existed on the Petition Date. Distributions under the Plan shall be funded from the following sources: * the Reorganized Debtor shall fund the initial deposit of $1,600,000 [$1,100,000 from the Equity Security Holder's Contribution and the Non-Debtor Related Entities Settlement Payment of $500,000] into the GUC Fund and the deposit of $10,000 into the Class 3A Fund with proceeds from the Equity Security Holder’s Contribution in accordance with the terms of the Plan and Confirmation Order; * the Reorganized Debtor shall fund the Distributions on account of and to satisfy Allowed Class 3A Claims exclusively from the Class 3A Fund in accordance with the terms of the Plan and Confirmation Order; * the Reorganized Debtor shall fund the Distributions on account of and to satisfy Allowed Class 3B Claims exclusively from the GUC Fund in accordance with the terms of the Plan and Confirmation Order; and * the Reorganized Debtor shall fund Distributions on account of and to satisfy all other Allowed Claims including, the Cure Amounts, with proceeds from the Equity Security Holder's Contribution and Cash on hand on and after the Effective Date in accordance with the terms of the Plan and the Confirmation Order. A full-text copy of the Amended Disclosure Statement dated June 3, 2025 is available at https://urlcurt.com/u?l=M3rtMF from PacerMonitor.com at no charge. The firm can be reached through: Aris J. Karalis, Esq. Karalis PC 1900 Spruce St #6605 Philadelphia, PA 19103 Tel: (215) 546-4500 Email: akaralis@karalislaw.com About Digitalspeed Communications DigitalSpeed Communications, Inc. d/b/a Slingshot Techonologies Corporation in West Conshohocken, PA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Pa. Case No. 25-10500) on Feb. 6, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Adam H. Pasternack as president, signed the petition. Judge Ashely M. Chan oversees the case. KARALIS PC serves as the Debtor's legal counsel. DIOCESE OF BUFFALO: Parishes to Pay $80MM of $150MM Settlement -------------------------------------------------------------- Gina Christian of OSV News reports that the parishes in the Diocese of Buffalo are set to contribute $80 million toward a $150 million bankruptcy settlement intended to compensate survivors of clergy sexual abuse. The funds must be deposited into a trust by July 15, 2025. Bishop Michael W. Fisher stated on June 9, 2025 that "the entire Catholic community must be involved" in closing this painful chapter and offering restitution to those harmed by abuse. The diocese will contribute an additional $30 million directly, while affiliated Catholic organizations will add $10 million. The rest will be covered through real estate sales, said diocesan communications director Joe Martone. Negotiations with insurers are ongoing, with hopes of recovering up to $150 million more in coverage for claims. The settlement, reached in principle on April 22, would resolve the diocese's five-year-long bankruptcy case, which began in 2020. The case includes approximately 891 abuse claims -- one of the highest totals in the nation -- brought under New York's Child Victims Act (CVA), which temporarily lifted time limits for survivors to file civil lawsuits, the report states. To raise funds, the diocese has been selling properties, including the former Christ the King Seminary, sold in February for $4.2 million. However, most of the proceeds from that sale are restricted due to legal protections related to donor intent, according to a June 6, 2025 ruling by Chief Bankruptcy Judge Carl L. Bucki. Martone said further diocesan staff cuts are not currently being considered, as the workforce has already been reduced from around 300 to roughly 80 since 2017. Under the "Road to Renewal" restructuring initiative, about half of the diocese's 160 parishes and 36 worship sites are expected to merge or close. Selling church buildings remains complicated, as canon law requires properties to be relegated for non-religious but morally acceptable use before being sold. "Rural churches priced under $1 million tend to sell more easily," Martone said. "But larger or more expensive urban properties are harder to repurpose." The diocese is holding meetings with parish leaders to outline their individual contributions and provide details of the overall settlement. Martone acknowledged lingering anger and confusion among parishioners but said the goal is to "resolve the bankruptcy and offer some measure of compensation to survivors." Parish contributions, based on unrestricted assets as of August 31, 2024, range from 10% to 75%. Parishes marked for closure will be assessed at 80%, though that could be partially refunded if closures are overturned by the Vatican. Martone noted the structure is designed to prevent financial collapse at any single parish, OSV News reports. Parishes that contribute will also receive legal protection from future claims through a proposed channeling injunction, which would direct all current and potential abuse claims into a settlement trust. Martone said that as lawmakers in New York and other states consider reopening filing windows, indemnity through meaningful settlement contributions could be essential. Nearly half of the diocese's parishes have been named in claims, making broad participation in the settlement critical, according to report. Martone said the goal is to emerge from bankruptcy with a path forward: "We're working to make restitution while preserving as many parishes as possible and continuing the mission of the Church." About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is the diocese's counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP are its special litigation counsel; and Phoenix Management Services, LLC is its financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DISCOVER QUARTZ: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Discover Quartz and Granite, LLC c/o Angelica DeSouza 1202 SW 17th St, Unit 101 Ocala, FL 34471 Business Description: Discover Quartz and Granite LLC fabricates and installs custom countertops using quartz, granite, and natural stone. The Company operates in Florida, with facilities in Ocala and Orlando, serving residential and commercial clients. Chapter 11 Petition Date: June 15, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-01983 Judge: Hon. Jacob A Brown Debtor's Counsel: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expy. Jacksonville FL 32211 E-mail: bkmickler@planlaw.com Total Assets: $952,930 Total Liabilities: $2,535,353 The petition was signed by Angelica De Souza as manager. 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/3CDXRKA/DISCOVER_QUARTZ_AND_GRANITE_LLC__flmbke-25-01983__0001.0.pdf?mcid=tGE4TAMA DIVERSIFIED HEALTHCARE: All Proposals Approved at Annual Meeting ---------------------------------------------------------------- At the annual meeting of shareholders, Diversified Healthcare Trust's shareholders voted on the election of Christopher J. Bilotto, Alan Felder, Lisa Harris Jones, Phyllis M. Hollis, Dawn K. Neher, Adam Portnoy, and Jeffrey P. Somers as Trustees to the Company's Board of Trustees each for a one year term of office continuing until the Company's 2026 annual meeting of shareholders and until her, his or their respective successor is duly elected and qualifies. The Company's shareholders also voted and approved on a non-binding advisory resolution on the compensation paid to the Company's named executive officers as disclosed pursuant to Item 402 of Regulation S-K in the 2025 Proxy Statement. Furthermore, the Company's shareholders also approved the Diversified Healthcare Trust Second Amended and Restated 2012 Equity Compensation Plan, which amended and restated the Company's existing Amended and Restated 2012 Equity Compensation Plan to increase by 3,500,000 the total number of common shares of beneficial interest, $.01 par value per share, available for awards and to extend the term of the plan until May 29, 2035, the tenth anniversary of the Annual Meeting. The Company's Trustees and officers, employees of The RMR Group LLC, consultants, advisors and other persons or entities providing management, administrative or other services to us or to our subsidiaries are eligible to receive awards under the Equity Compensation Plan. A copy of the Equity Compensation Plan that was approved by the Company's shareholders was included as Annex A to the Company's proxy statement for the Annual Meeting, which proxy statement was filed with the Securities and Exchange Commission on March 20, 2025, and is available at the SEC's website at www.sec.gov. The terms and conditions of the Equity Compensation Plan are described in detail in the 2025 Proxy Statement. Lastly, the Company's shareholders also ratified the appointment of Deloitte & Touche LLP as the Company's independent auditors to serve for the 2025 fiscal year. About Diversified Healthcare Trust Diversified Healthcare Trust (Nasdaq: DHC) -- https://www.dhcreit.com -- is a REIT organized under Maryland law that primarily owns medical office and life science properties, senior living communities, and other healthcare-related properties throughout the United States. As of June 30, 2024, DHC's approximately $7.2 billion portfolio included 370 properties in 36 states and Washington, D.C., occupied by approximately 500 tenants, and totaling approximately 8.4 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $41 billion in assets under management as of June 30, 2024, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. * * * In June 2025, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Diversified Healthcare Trust (DHC) and its 'B' issue-level ratings on its senior secured notes and guaranteed senior unsecured notes. The recovery ratings are unchanged at '1'. S&P also affirmed its 'CCC+' issue-level rating on its non-guaranteed senior unsecured notes, and revised the recovery rating to '3' from '4'. S&P revised the outlook to positive from negative, reflecting the possibility that S&P could raise its ratings on DHC over the next 12 months if the company effectively navigates its near-term debt maturities and maintains its positive operating performance, such that it views its capital structure as sustainable. DMD FLORIDA: Plan Exclusivity Period Extended to August 4 --------------------------------------------------------- Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida extended DMD Florida Development 2, LLC and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 4 and October 6, 2025, respectively. As shared by Troubled Company Reporter, the Debtors recently attended a judicial settlement conference with Florida Restaurant Franchise Group, IX, LP ("FRFG IX"), the largest secured creditor in these cases. The Debtors and FRFG IX, along with various third parties, have come to an agreement to settle their claims and have signed a settlement agreement. The motion to compromise controversy and approve settlement was filed on April 25, 2025. The 9019 Motion has not yet been set for hearing. The Debtors explain that court approval of the settlement will have material effects on the plan and treatment of various claims by the Debtors. The Debtors claim that they are seeking an extension in good faith and not to unnecessarily delay the progress of the case. Such an extension, if granted, will not prejudice the legitimate interests of creditors and other parties in interest. Counsel to the Debtors: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Tel: (561) 961-0922 Email: awernick@wernicklaw.com About DMD Florida Development 2 DMD Florida Development 2, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10088) on Jan. 6, 2025, with up to $1 million in assets and up to $50 million in liabilities. Jack Flechner, manager and co-chief executive officer, signed the petition. Judge Scott M. Grossman oversees the case. Aaron A. Wernick, Esq., at Wernick Law, PLLC, is the Debtor's bankruptcy counsel. DOLCHE TRUCKLOAD: Case Summary & 11 Unsecured Creditors ------------------------------------------------------- Debtor: Dolche Truckload Corp. 473 West Northwest Highway, Suite 2E Palatine, IL 60067 Business Description: Dolche Truckload Corp. provides full truckload transportation services across the United States, including refrigerated, dry van, and hazardous materials freight. The Company operates a fleet of trucks and offers tailored logistics solutions from its headquarters in Palatine, Illinois. Chapter 11 Petition Date: June 15, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-09093 Judge: Hon. Deborah L Thorne Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 E-mail: david.freydin@freydinlaw.com Total Assets: $1,944,419 Total Liabilities: $3,410,448 The petition was signed by Desislava Evans as president. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D2SQAXA/Dolche_Truckload_Corp__ilnbke-25-09093__0001.0.pdf?mcid=tGE4TAMA DOUBLE PLAY: Gets Interim OK to Use Cash Collateral Until June 23 ----------------------------------------------------------------- Double Play Oil & Gas, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral. The court's order authorized the company's interim use of cash collateral through June 23 to pay the expenses set forth in its budget. As protection, creditors with an interest in cash collateral will be granted replacement liens to the same extent and with the same priority and validity as their pre-bankruptcy liens. The final hearing is scheduled for June 23. About Double Play Oil & Gas Inc. 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. Texas 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, P.C., represents the Debtor as legal counsel. E&J SHOE: Hires Van Horn Law Group P.A. as Counsel -------------------------------------------------- E&J Shoe Wholesale, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Van Horn Law Group, P.A. as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal papers; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiations with its creditors in the preparation of the plan. The hourly rates of the firm's law clerk, paralegals, and attorneys range from $150 to $450. In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. The firm received a retainer in the total amount of $12,238 from the Debtor. Chad Van Horn, Esq., an attorney at Van Horn Law Group, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chad T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (561) 621-1360 Email: info@cvhlawgroup.com About E&J Shoe Wholesale, Inc. E&J Shoe Wholesale Inc. is a footwear wholesaler based in Miami, Florida. The Company, established in 1998, supplies affordable shoes to retailers and is known for its broad selection and competitive pricing. E&J Shoe Wholesale Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15906) on May 27, 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 Robert A. Mark the case. The Debtors are represented by Chad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. EDGEWELL PERSONAL: S&P Alters Outlook to Neg., Affirms 'BB' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based Edgewell Personal Care Co. to negative from stable. S&P also affirmed all its ratings on the company, including the 'BB' issuer credit rating and 'BB' issue-level rating on the senior unsecured debt. The recovery rating remains '3'. The negative outlook reflects the possibility that S&P's could lower the ratings within the next 12 months if Edgewell's profitability does not improve, resulting in leverage sustained above 4x. The rating affirmation reflects S&P's view that Edgewell can mitigate near-term uncertainty and increased tariff-related costs through continued brand investments and productivity initiatives. Edgewell's reported revenue and S&P Global Ratings-adjusted EBITDA for the six months ended March 31, 2025, declined 3% and 10%, respectively, compared to the same period in 2024. This was mainly due to weak performance in its North America business, which reported a 3.9% decline in organic sales. The wet shave segment continues to be negatively affected by weaker consumption trends, declining traffic in the drug channel, and price competition from the company's largest competitor. Additionally, Edgewell has experienced execution missteps over the past few quarters, which contributed to out-of-stock situations and a subsequent loss of market share in its shave preparation and feminine care businesses. Specifically, in its feminine care business, the company's discontinuation of the Stayfree brand and consolidation into Carefree was delayed in its rollout, further compounded by a competitor's heightened discounting strategy. While S&P understands that the shelf resets of Carefree at the retailer level are mostly complete, competition in the space remains intense. S&P said, "We expect revenue declines will moderate over the coming quarters, supported by the improvement in supply, higher brand investments, and improved retailer inventory levels. Furthermore, we anticipate--subject to weather conditions--that Edgewell's sun and skin care businesses will perform well, given their participation in large sectors with good demand dynamics (solid margins and low private-label risk)." Edgewell's international businesses (primarily Japan, Europe, and Latin America), which account for about 45% of total sales, continue to perform well, and S&P expects low-single-digit percent organic revenue growth in those businesses in fiscal 2025, supported by distribution and market share gains, primarily in wet shave and sun care. S&P said, "We revised our base case forecast downward to reflect the heightened macroeconomic uncertainty, weakening spending trends, and lower travel and leisure budgets. Additionally, while we expect tariffs will have a limited effect on credit metrics in fiscal 2025 given the company pulled forward inventory purchases ahead of tariff implementation, we believe they will be a material headwind in fiscal 2026. We assume about $40 million-$50 million unmitigated tariff effect on EBITDA on an annualized basis (mainly consisting of U.S. tariffs on chemicals required for sun care, steel, aluminum, and tariffs on U.S. exports to Canada). The company reiterated its focus on advertising and promotions, which we expect will help stabilize its market share and sales volumes, although at a cost. Further, Edgewell's productivity initiatives continue to be margin accretive, albeit partially offset by related restructuring costs, which we do not add back to adjusted EBITDA. "Consequently, we now expect leverage will remain elevated at about 4.2x at the end of fiscal 2025 compared to 4x at the end of fiscal 2024 (5x as of March 31, 2025). Our base case assumes revenue grows 1%-2% in fiscal 2026, supported by increased brand investments and stabilizing category demand and market share. We expect EBITDA margins will remain steady with productivity gains offset by tariffs and higher trade spending, resulting in leverage of about 3.9x at the end of fiscal 2026. "We expect the company will focus on deleveraging in line with its company-reported net leverage target of 2x-3x (3.8x as of March 31, 2025, which includes seasonal borrowings for working capital), although it's unlikely to reach this target in 2025. We assume Edgewell will focus on repaying borrowings under its revolver and receivables facility ($191 million and $133 million, respectively, as of March 31, 2025), although not entirely in 2025, using free operating cash flow (FOCF). Further, we expect the company will maintain a prudent capital allocation policy--which will include modest dividends of about $30 million annually and continued share repurchases (albeit at levels that do not impede its deleveraging target)." The company may also occasionally undertake bolt-on acquisitions that temporarily weaken its credit metrics. That said, Edgewell demonstrated the ability to deleverage following its $235 million acquisition of Cremo in 2020 and $310 million acquisition of Billie in 2021, despite being subject to substantial pandemic-related volatility. Nevertheless, several risks could prevent Edgewell from restoring profitability and deleveraging over the next year. Although S&P Global Ratings' economists expect the U.S. economy will grow modestly in 2025 and 2026, the expected probability of a recession beginning within the next 12 months was recently increased to 35% amid global trade uncertainty. As a result, consumer spending pressures could escalate through 2025. If weak operating conditions last longer or higher tariffs permanently materialize, Edgewell's profitability could be depressed beyond 2026. Further, the company competes against much larger, well-capitalized operators such as Procter & Gamble Co. (P&G), Unilever U.S. Inc., and Kimberly-Clark Corp., all of which have substantially greater resources than Edgewell and are market leaders in most of the product categories in which they participate. Therefore, Edgewell has very limited ability to increase pricing in an inflationary environment where competition remains intense, and consumer spending weakens. Moreover, in the event of escalating prices across the economy, consumers could trade down from Edgewell's higher-margin premium products to lower-margin offerings, including its private-label options. The negative outlook reflects the possibility that S&P could lower the ratings within the next 12 months if Edgewell's profitability does not improve, resulting in leverage sustained above 4x. S&P could lower its ratings if S&P expects leverage will be sustained above 4x. This could happen if: -- Operating performance falls short of our expectations due to reduced consumer spending or tariff headwinds; -- Competition from larger rivals, including online, escalates, resulting in market share losses; -- Contributions from productivity initiatives are lower than expected; -- The company experiences supply chain disruptions or loses shelf space at retailers; or -- Financial policies become more aggressive than S&P expects, including materially higher share repurchases, multiple bolt-on acquisitions, or a transformational acquisition. S&P could revise its outlook to stable if Edgewell improves its operating performance such that S&P Global Ratings-adjusted leverage is sustained below 4x. This could happen if it: -- Edgewell successfully executes its growth, innovation, and cost savings strategy; and -- Consumption trends for the company's products remain healthy. EEHF 18 INC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: EEHF 18, Inc. d/b/a Sunrise Bakery and Coffee Shop 506 Bolton Street New Bedford, MA 02740 Business Description: EEHF 18 Inc. operates a bakery and coffee shop under the name Sunrise Bakery & Coffee Shop in New Bedford, Massachusetts. The Company offers Portuguese-style pastries, breads, and other baked goods through its retail locations. Chapter 11 Petition Date: June 15, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11218 Judge: Hon. Christopher J Panos Debtor's Counsel: John Sommerstein, Esq. JOHN F. SOMMERSTEIN 1091 Washington Street Gloucester, MA 01930 Tel: (617) 523-7474 Fax: (617) 523-7474 E-mail: jfsommer@aol.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Richard M. Freeman, the firm's president, signed the petition. 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/3CNT3SQ/EEHF_18_Inc__mabke-25-11218__0001.0.pdf?mcid=tGE4TAMA EGZIT CORPORATION: Court Extends Cash Collateral Access to July 11 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois extended Egzit Corporation's authority to use cash collateral from June 6 to July 11. The ninth interim order signed by Judge Deborah Thorne authorized the company to use cash collateral in accordance with its budget, which outlines the company's projected monthly operational expenses of $151,600. The next hearing is set for July 9. About Egzit Corporation Egzit Corporation is a provider of general freight trucking services in Darien, Ill. Egzit Corporation filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-13990) on Sept. 20, 2024, with $1 million to $10 million in both assets and liabilities. Neema Varghese of NV Consulting Services serves as Subchapter V trustee. Judge Deborah L. Thorne oversees the case. The Debtor is represented by: Peter C. Nabhani, Esq. Law Office Of Peter C. Nabhani Tel: 312-219-9149 Email: pcnabhani@gmail.com ELDORADO GOLD: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Eldorado Gold Corporation's (Eldorado Gold) Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has also affirmed Eldorado Gold's senior unsecured notes at 'B+' with a Recovery Rating of 'RR4' and the secured revolving credit facility (RCF) at 'BB+'/'RR1'. The ratings reflect Eldorado Gold's limited scale and concentration, average cost position, average operating reserve life greater than 10 years, and execution and regulatory risks in Greece. The ratings incorporate relatively low execution risk completing the Skouries project given fairly low-cost committed financing, the company's interest rate, exchange rate and metals price hedging activity, and its solid liquidity. The Stable Outlook reflects Fitch's expectations that Eldorado Gold will maintain sufficient liquidity and annual gold production at an average of over 500,000 oz. while EBITDA leverage is sustained below 3.0x. Key Rating Drivers Skouries Adds Scale/Copper: Successful completion of the Skouries copper-gold project in Greece would improve the company's overall cost position, add scale and provide diversification through copper exposure. Execution risk at Skouries appears limited, given the Amended Investment Agreement ratified by the Greek government in March 2021 and because phase two was 66% complete as of March 31, 2025. The company has committed debt financing for 80% of construction expenditures at relatively favorable interest rates, and Fitch expects liquidity to be sufficient to support completion of the project. The company expects construction at Skouries to cost approximately USD1,217 million, of which USD614 million remains as of March 31, 2025, and to produce the first copper-gold concentrate in 1Q26 with commercial production in mid-2026. The technical report from Jan. 22, 2022, indicates a nine-year mine life for phase one and a further 11 years for phase two, producing 140,000 oz. of gold and 67 million pounds of copper per year on average over the life of the mine at cash costs in the low first quartile. Competitive Cost Position: Fitch expects Eldorado Gold to maintain an average cost position in the second quartile of CRU International Group's all-in sustaining global cost curve through the forecast. The current high unit cash costs at Olympias will likely continue to moderate through 2025 with improved productivity. The company's key Kisladag (Turkiye) mine was in the second quartile of CRU International Limited's 2024 gold all-in sustaining costs. Efemcukuru (Turkiye), the Lamaque Complex (Canada) and Olympias (Greece) were in the third quartile. Kişladağ accounted for 33%, the Lamaque Complex accounted for 38%, Efemcukuru accounted for 15% and Olympias accounted for 13% of 2024 gold production. Skouries FCF Structurally Subordinated: FCF from Skouries will be structurally subordinated due to the project's financing and because the borrower of those loans is not a guarantor of the Eldorado Gold debt. Fitch expects that distributions will be subject to an excess cash flow sweep while amounts are still outstanding. Gold Price Sensitivity: Fitch estimates a USD100/oz. drop in the price of gold would reduce EBITDA by roughly USD42 million in 2025 as approximately 93% of revenue is derived from gold sales. The rating case assumes gold prices at USD2,400/oz. in 2025 moderating to USD2,100/oz. in 2026, USD2,000/oz. in 2027 and USD1,800/oz. in 2028. This compares to realized gold prices of USD2,405/oz. in 2024, USD2,933/oz. in 1Q25 and current gold prices over USD3,300/oz. Fitch expects EBITDA to be approximately USD530 million in 2025 before increasing as Skouries achieves commercial production. Recovery Rating Criteria Variation: Fitch applied a variation for Eldorado Gold's RCF ratings, assigning a rating three notches above the IDR at 'BB+' with a Recovery Rating of 'RR1'. This is higher than the 'RR3' indicated by its "Country-Specific Treatment of Recovery Ratings Criteria." The security from Eldorado Gold (Quebec) Inc.'s secured guaranty overcollateralizes the RCF. This supports a higher Recovery Rating than the 'RR3' that would result from the weighted average of the recovery caps for Canada and Turkiye, where the economic value of the guarantors could be realized. The RCF rating may change if the collateral value of the Canadian subsidiary's secured guaranty changes. Peer Analysis Eldorado Gold with 2024 production of 520,293 oz. of gold compares with IAMGOLD Corporation's (B+/Stable) 2024 consolidated gold production of 712,000 oz. Fitch expects Eldorado Gold to generate higher EBITDA than IAMGOLD beginning in 2026 with the completion of Eldorado Gold's Skouries project. Eldorado Gold will have five operating mines once Skouries is completed, compared with IAMGOLD's three operating mines. Eldorado Gold is smaller and less diversified than copper, zinc and precious metals producer Hudbay Minerals Inc. (BB-/Stable), but larger and more diversified than copper producer Ero Copper Corp. (B/Stable). Eldorado Gold has some operations in higher regulatory risk jurisdictions compared with Hudbay and Ero Copper. Operating reserve life in 2024 for Eldorado Gold was 14 years, which compares favorably with most investment-grade-rated gold mining peers. Eldorado Gold's cost position is similar to most investment-grade gold mining peers. Eldorado Gold's EBITDA leverage was 1.3x at March 31, 2025 compared with EBITDA leverage for IAMGOLD at 1.4x and Hudbay at 1.3x. Key Assumptions - SOFR at 4.10% in 2025 and 3.95%, thereafter; - Gold sales at 460,000/oz. in 2025, 605,000/oz. in 2026, 660,000/oz. in 2027, and 690,000/oz. in 2028; - Gold prices at USD2,400/oz. in 2025, USD2,100/oz. in 2026, USD2,000/oz. in 2027 and USD1,800/oz. in 2028; - Copper prices at USD8,800/tonne in 2025 and USD8,000/tonne in 2026 and 2027, and USD7,500 in 2028; - EBITDA margins average 57% weighted toward the ramp-up of Skouries; - Capex at USD990 million in 2025, USD420 million in 2026 and USD250 million in each of 2027 and 2028; - Skouries project financing drawn down with expected spending, hedged as announced and amortized according to the agreement. Recovery Analysis The recovery analysis assumes Eldorado Gold, exclusive of Hellas Gold Single Member S.A., would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Its going-concern EBITDA assumption of USD130 million for Eldorado Gold reflects the industry's move from top-of-the-cycle gold prices to a sustained weak price environment, and excludes Skouries results, which would stress the corporate capital structure. The going-concern EBITDA estimate reflects its view of a sustainable, post-reorganization EBITDA upon which the enterprise valuation (EV) is based. Fitch typically uses EV multiples in the 4.0x-6.0x range for mining companies, given the cyclical nature of commodity prices. Eldorado Gold's 5.0x multiple, at the midpoint of the range, reflects its relatively small size and average cost but higher country risk. An EV of 5.0x EBITDA is applied to the going-concern EBITDA to calculate a post-reorganization EV after an assumed 10% administrative claim of USD495 million. The USD350 million revolver is assumed to be fully drawn upon default. The first-lien revolver loans are senior to the senior unsecured notes. The allocation of value in the liability waterfall results in a recovery corresponding to 'RR4' for the senior unsecured notes. The 'RR1' recovery rating for the revolving credit facility reflects the over collateralization provided by the secured guarantee of Eldorado Gold (Quebec) Inc. The five-year low Canadian segment EBITDA of $174 million at a 5x multiple results in an EV of $872 million and 2.5x coverage of the $350 million revolving credit facility. This is a variation from its "Country-Specific Treatment of Recovery Ratings Criteria" under which an "RR3" would result based on the weighted average of the caps for Canada and Turkiye where the economic value of the guarantors could be realized. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expectations for EBITDA leverage sustained above 3.3x; - Deviation from financial policy without a clear path toward deleveraging during periods of heavy investment spending. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Visibility into the completion of the Skouries; - EBITDA leverage sustained below 2.3x; - Average cost position maintained in second quartile of the global cost curve; - Visibility into maintaining low-risk mines with an average operating mine life greater than 10 years. Liquidity and Debt Structure Cash on hand was USD978 million and USD241 million was available under the USD350 million senior secured RCF due in 2028, as of March 31, 2025. The RCF is used for an LOC supporting the company's contributions to fund the Skouries project. Fitch believes the RCF will increase to full availability in 2026 as contributions to Skouries proceed with construction activities. The facility has a net debt/EBITDA covenant maximum of 3.5x and an interest coverage covenant of no less than 3.0x. Fitch believes the company will remain in compliance with these covenants. Issuer Profile Eldorado Gold is a mid-tier, average cost, Canadian domiciled gold and base metals producer operating four mines: Kisladag and Efemcukuru located in western Turkiye, Lamaque in Canada, and Olympias in northern Greece. The company also owns the Skouries project in Greece. Criteria Variation Fitch has applied a criteria variation for Eldorado Gold's RCF ratings to be three notches above the IDR at 'BB+' with a Recovery Rating 'RR1'. The over-collateralization provided by the secured guaranty of Canadian subsidiary, Eldorado Gold (Quebec) Inc., is consistent with the higher recovery rating. A Recovery Rating of 'RR3' would result from the weighted average of the caps of Canada and Turkiye where the economic value of the guarantors could be realized, under its "Country-Specific Treatment of Recovery Ratings Criteria." MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Eldorado Gold Corporation LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT B+ Affirmed RR4 B+ ENDRA LIFE: Fails to Meet Nasdaq's Minimum Equity Rule ------------------------------------------------------ ENDRA Life Sciences Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a letter from The Nasdaq Stock Market LLC indicating that, because the Company's stockholders' equity as reported in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 was $1,752,885, the Company is no longer in compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies listed on The Nasdaq Capital Market to maintain a minimum of $2,500,000 in stockholders' equity for continued listing. Nasdaq's letter has no immediate impact on the listing of the Company's common stock, which will continue to be listed and traded on The Nasdaq Capital Market, subject to the Company's compliance with the other continued listing requirements. Nasdaq's letter provides the Company 45 calendar days, or until July 11, 2025, to submit a plan to regain compliance. If the plan is accepted, the Company can be granted up to 180 calendar days from May 27, 2025 (or until November 23, 2025), to evidence compliance. There can be no assurance that the Company will be able to regain or maintain compliance with all applicable continued listing requirements or that its plan will be accepted by the Nasdaq staff. In the event the plan is not accepted by the Nasdaq staff, or in the event the plan is accepted but the Company fails to regain compliance within the plan period, the Company would have the right to a hearing before an independent panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company does appeal any delisting determination by Nasdaq to a panel, that such appeal would be successful. The Company intends to take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and remain listed on Nasdaq. The Company is currently evaluating its available options to resolve the deficiency and regain compliance with the Nasdaq minimum stockholders' equity requirement. The Company intends to submit the compliance plan by the Nasdaq deadline. However, there can be no assurance that the Company's compliance plan will be accepted by Nasdaq, that it be able to regain compliance with Nasdaq Listing Rule 5550(b)(1), maintain compliance with the other Nasdaq listing requirements or be successful in appealing any delisting determination. About ENDRA Life Sciences Headquartered in Ann Arbor, MI, ENDRA Life Sciences Inc. -- http://www.endrainc.com/-- is the pioneer of Thermo-Acoustic Enhanced UltraSound (TAEUS), a ground-breaking technology being developed to assess tissue fat content and monitor tissue ablation during minimally invasive procedures, at the point of patient care. TAEUS is focused on the measurement of fat in the liver as a means to assess and monitor steatotic liver disease and metabolic dysfunction-associated steatohepatitis, chronic liver conditions that affect over two billion people globally, and for which there are no practical diagnostic tools. The report of the Company's independent accounting firm, RBSM LLP contained a “going concern” qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has an accumulated deficit, which raise substantial doubt about Company's ability to continue as a going concern. As of Dec. 31, 2024, ENDRA Life Sciences had $4.45 million in total assets, $1.89 million in total liabilities, and $2.56 million in total stockholders' equity. ESSENTIALS MASSAGE: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------------- On June 13, 2025, Essentials Massage and Facials of Trinity 54 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports $8,225,240 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Essentials Massage and Facials of Trinity 54 LLC Essentials Massage and Facials of Trinity 54 LLC operates a wellness and beauty spa offering massages, facials, body sculpting, and spa packages. The Company provides customized, results-focused treatments that blend relaxation with aesthetic goals. It serves clients from its location in Trinity, Florida. Essentials Massage and Facials of Trinity 54 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03987) on June 13, 2025. In its petition, the Debtor reports total assets of $33,228 and total liabilities of $8,225,240. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtors are represented by Kristina Feher, Esq. at FEHER LAW, PLLC. FEDERAL CAREGIVERS: Hires Tyler Bartl & Ramsdell as Counsel ----------------------------------------------------------- Federal Caregivers Home Care LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Tyler, Bartl & Ramsdell, P.L.C. to perform legal services. The firm's services include: a. assisting with required bankruptcy schedules and related forms; b. representing the Debtor at creditors' meetings; c. advising the Debtor of its duties and responsibilities under the Bankruptcy Code; d. assisting in preparing monthly financial forms and in analyzing cash flow and financial matters; e. advising the Debtor in connection with executory contracts; f. drafting documents to reflect agreements with creditors; g. resolving motions for relief from stay and adequate protection; h. negotiating for obtaining financing and use of cash collateral, as necessary, and determining whether reorganization, dismissal or conversion is in the best interests of the Debtor and its creditors; i. working with creditors' committee and other counsel, if any; j. working on any disclosure statement and plan of reorganization; and k. handling other matters that arise in the normal course of administration of the Debtor's bankruptcy estate. The firm will be paid at the rate of $490 per hour for attorneys, $250 per hour for paralegals, and will be reimbursed for its out-of-pocket expenses. The retainer fee is $26,738. Steven Ramsdell, Esq., a partner at Tyler, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Steven B. Ramsdell, Esq. Tyler, Bartl & Ramsdell, P.L.C. 300 N. Washington St., Suite 310 Alexandria, VA 22314 Tel: (703) 549-5003 Email: SRamsdell@TBRCLaw.com About Federal Caregivers Home Care LLC Federal Caregivers Home Care LLC is a healthcare business providing home care services in Northern Virginia. Federal Caregivers Home Care LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11041) on May 23, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Steven B. Ramsdell, Esq. at Tyler, Bartl & Ramsdell, P.L.C. FINLEY DESIGN: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Finley Design, P.A. d/b/a Finley Design PA Architecture + Interiors 7806 NC Highway 751 Suite 110 Durham, NC 27713 Business Description: Finley Design provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client- centered solutions, offering design leadership and project execution across various commercial and residential sectors. Chapter 11 Petition Date: June 13, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-02252 Debtor's Counsel: Philip M. Sasser, Esq. SASSER LAW FIRM 2000 Regency Parkway Suite 230 Cary, NC 27518 Tel: 919-319-7400 Fax: 919-657-7400 E-mail: travis@sasserbankruptcy.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million Kerry Finley signed the petition as president A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7EAYSAY/Finley_Design_PA__ncebke-25-02252__0001.0.pdf?mcid=tGE4TAMA FIRST WAY: Claims to be Paid from Continued Operations ------------------------------------------------------ First Way, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated June 3, 2025. The Debtor, an Illinois corporation, is a trucking company that provides freight transportation services and was established in 2020. The Debtor's current operation involves freight transport throughout the United States for a fee. First Way conducts its business operations from 9640 Sidney Hayes Road, Orlando, FL 32824 and also maintains its assets in Orlando, Florida. Prior to the Petition Date, First Way experienced an increase in operating expenses (namely fuel and insurance costs) which resulted in a reduction in income available for the Debtor to meet its debt obligations. With overhead increasing and revenue of freight services remaining relatively constant, First Way found itself unable to support its existing debt structure without a restructuring of its balance sheet. Following the receipt of multiple demands from lenders who financed the acquisition of certain trucking equipment, Debtor elected to seek Chapter 11 relief to preserve its operations and restructure its balance sheet for the benefit of its creditors and estate. Class 17 consists of all Allowed General Unsecured Claims against the Debtor. The Debtor's projected Disposable Income shall be set forth in a Feasibility Analysis filed contemporaneously with the solicitation package for the Plan and served on all interested parties or interested parties may request a copy from undersigned counsel. In full satisfaction of the Allowed Class 17 General Unsecured Claims, Holders of Class 17 Claims shall receive a pro rata share of Distributions equivalent to the Debtor's Disposable Income, which payments shall commence on the 14th day following the Effective Date. In a liquidation scenario, the value received by holders of Allowed Class 17 Claims would be $0.00 as Debtor's vehicle inventory and personal property is fully encumbered. The maximum Distribution to Class 17 Claimholders shall be equal to the total amount of all Allowed Class 7 General Unsecured Claims. Class 17 is Impaired. Class 18 consists of all equity interests in First Way, Inc. Class Interest Holdersshall retain their respective Interests in First Way Inc. in the same proportions such Interests were held as of the Petition Date (i.e., 100.00% Interest retained by Mr. Iulian Cosiuc). Class 18 is Unimpaired. The Plan contemplates the Debtor will continue to manage and operate its business in the ordinary course, but with restructured debt obligations. It is anticipated the Debtor's postconfirmation business will mainly involve continued operation of its freight hauling business, the income from which will be committed to make the Plan Payments to the extent necessary. As negotiations with creditors are ongoing which may impact the Debtor's projected income and expenses over the 3-year Plan Term, a feasibility analysis will be filed and served contemporaneously with the solicitation package accompanying the Plan. Funds generated from the Debtor's operations through the Effective Date will be used for Plan Payments; however, the Debtor's cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Subchapter V Plan dated June 3, 2025 is available at https://urlcurt.com/u?l=pYKdB4 from PacerMonitor.com at no charge. Counsel to the Debtor: 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. FLY7 INSTALLATIONS: Hires Downtown Auction Company as Appraiser --------------------------------------------------------------- Fly7 Installations LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Downtown Auction Company as its appraiser. The firm will provide these services: a. view, examine, evaluate and ascertain the current condition of all the assets – personal property of the Debtor in Possession; and b. provide a written appraisal and expert opinion of the fair market value based on the condition, secondary market potential, current comparable sales as well as any other factors that may impact the value of all the assets -- personal property of the Debtor in Possession. The firm will be paid $1,500 for the appraisal services. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nancy S. Zedd Downtown Auction Company 201 Westover Ave Unit 203 Norfolk, VA 23507 Tel: (757) 713-1711 About Fly7 Installations LLC Fly7 Installations LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 25-70482) on March 8, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Frank J Santoro presides over the case. Carolyn Anne Bedi, Esq. at Bedi Legal, P.C. represents the Debtor as counsel. FRANCHISE GROUP: Seeks to Extend Plan Exclusivity to September 1 ---------------------------------------------------------------- Franchise Group, Inc., and its Debtor Affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 1 and October 29, 2025, respectively. The Debtors explain that these Chapter 11 Cases are undoubtedly large and complex with nearly $2 billion of funded debt obligations, 53 jointly-administered Debtor entities, a complex corporate and capital structure. As such, administering these Chapter 11 Cases requires significant input from the Debtors' management team and advisors on a wide range of complicated matters necessary to bring structure and consensus to a large and complex process. Accordingly, the size and complexity of these Chapter 11 Cases weigh in favor of extending the Exclusivity Periods. Since the Petition Date, the Debtors have paid their undisputed postpetition obligations in the ordinary course or as otherwise provided by Bankruptcy Court order. Importantly the Debtors maintain their ability to continue to pay their bills throughout these chapter 11 cases in light of the liquidity provided by the DIP Facility and through the continued use of cash collateral. Accordingly, this factor weighs in favor of extending the Exclusivity Periods. The Debtors' request for an extension of the Exclusivity Periods is the Debtors' second such request and comes less than seven months after the Petition Date. During this time, the Debtors have accomplished a great deal, including achieving the Global Settlement and Confirmation of the Plan with respect to the Confirmation Debtors, and continue to work diligently with all stakeholders towards consummating the Plan and Confirming a Plan with respect to TopCo. The Debtors assert that they are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. The Debtors have been diligently moving these chapter 11 cases forward. The Debtors seek an extension of the Exclusivity Periods to ensure that the Plan goes effective prior to the expiration of the Exclusivity Periods. Thus, the Debtors' request for an extension to the Exclusivity Periods is not requested for the impermissible purpose of pressuring creditors to agree to a plan of reorganization. To the contrary, the Debtors' request for an extension of the Exclusivity Periods is supported by their key stakeholders, including the Ad Hoc Group, the Freedom Lender Group, and the Creditors' Committee. Co-Counsel to the Debtors: Edmon L. Morton, Esq. Shella Borovinskaya, Esq. Matthew B. Lunn, Esq. Allison S. Mielke, Esq. Shella Borovinskaya, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 E-mail: emorton@ycst.com mlunn@ycst.com amielke@ycst.com sborovinskaya@ycst.com Co-Counsel to the Debtors: KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP Joshua A. Sussberg, P.C. Nicole L. Greenblatt, P.C. Derek I. Hunter 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: joshua.sussberg@kirkland.com nicole.greenblatt@kirkland.com derek.hunter@kirkland.com - and – Mark McKane, P.C. 555 California Street San Francisco, California 94104 Telephone: (415) 439-1400 Facsimile: (415) 439-1500 Email: mark.mckane@kirkland.com About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FULLER'S SERVICE: Plan Exclusivity Period Extended to July 8 ------------------------------------------------------------ Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois extended Fuller's Service Center Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 8 and October 8, 2025, respectively. As shared by Troubled Company Reporter, the Debtor is engaged in the business of car washing, auto repair and automotive maintenance from the leased premises located at 102 West Chicago Avenue, Hinsdale, Illinois ("Leased Premises"). The Debtor has been diligently pursuing the administration of this Chapter 11 case with a view toward formulating a prompt exit strategy. Moreover, the Debtor needs to analyze all of the claims filed by the Bar Date in order to formulate a proper classification scheme under the Plan and the manner in which allowed claims in such classes will be treated. Also, the extensive Rule 2004 Discovery served by the Richards Family Representatives has consumed much of the Debtor's limited administrative resources. Finally, the Debtor and other defendants are currently attempting to settle the litigation claims emanating from the Accident. The Debtor claims that this request is not being made for the improper purpose of causing unnecessary delay, and the company believes that this request is in the best interests of the Debtor's estate and its creditors. No creditor will be prejudiced or harmed by the extensions requested in this Motion. Fuller's Service Center, Inc. is represented by: David K. Welch, Esq. Brian P. Welch, Esq. Burke, Warren, MacKay & Serritella, P.C. 330 N. Wabash Ave., Suite 2100 Chicago, Illinois 60611 Tel: (312) 840-7000 Fax: (312) 840-7900 About Fuller's Service Center, Inc. Fuller's Service Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025. In the petition signed by Douglas A. Fuller Jr., president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. GILLETTE ENTERPRISES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Gillette Enterprises, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral until July 22 in accordance with its budget. The Debtor's cash collateral includes, without limitation, cash, deposit accounts, accounts receivable, and proceeds from business operations. As protection for the use of their cash collateral, lenders including Regions Bank and the U.S. Small Business Administration were granted a replacement lien on assets similar to their pe-bankruptcy collateral, with the same extent, validity and priority as their pre-bankruptcy lien. The next hearing is set for July 22. The Debtor identifies Regions Bank and SBA as its primary secured creditors. Regions Bank holds a first-position lien under Loan #4192, originally $1,097,300, with a current balance of approximately $417,469. The bank also holds a third-position lien under Loan #4649, with a current balance of $263,899, which the Debtor also believes is wholly unsecured. Meanwhile, SBA holds a second-position lien from a $415,000 COVID-EIDL loan, now approximately $141,214 and believed to be wholly unsecured. The Debtor believes that the lenders' security interests extend to its accounts receivable and other assets, which it intends to continue using in the ordinary course of business. The Debtor generates approximately $62,000 in monthly gross revenue, with current available cash collateral totaling about $137,795 (including cash on hand and funds in deposit accounts). Regions Bank is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street Suite 3200 Tampa, FL 33602 drobbins-boehner@burr.com mguerra@burr.com About Gillette Enterprises Gillette Enterprises LLC operates a metaphysical retail store in Sarasota, Florida, offering books, crystals, and specialty gifts and has been in business since 1992. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:25-bk-03803-CPM) on June 6, 2025. In the petition signed by Anthony Gillette, managing director, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Catherine Peek McEwen oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, represents the Debtor as legal counsel. GLOBAL CLEAN: Committee Hires McDermott Will as Counsel ------------------------------------------------------- The official committee of unsecured creditors of Global Clean Energy Holdings, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ McDermott Will & Emery LLP as counsel. The firm will provide these services: a) advise the Committee with respect to its rights, powers, and duties in the Chapter 11 Cases; b) participate in in-person and telephonic meetings of the Committee and subcommittees formed thereby, if any; c) assist and advise the Committee in its meetings and negotiations with the Debtors and other parties in interest regarding the Chapter 11 Cases; d) assist the Committee in analyzing claims asserted against, and interests in, the Debtors, and in negotiating with the holders of such claims and interests and bringing, or participating in, objections or estimation proceedings with respect to such claims and interests; e) assist the Committee in analyzing the Debtors' assets and liabilities, including in its review of the Debtors' Schedules of Assets and Liabilities, Statements of Financial Affairs, and other reports prepared by the Debtors, investigating the extent and validity of liens and participating in and reviewing any proposed transfer, sale, or disposition of the Debtors' assets, financing arrangements, and cash collateral stipulations or proceedings; f) assist the Committee in its investigation of the acts, conduct, assets, liabilities, management, and financial condition of the Debtors, the Debtors' historic and ongoing operations of their businesses, and the desirability of the continuation of any portion of those operations, and any other matters relevant to the Chapter 11 Cases; g) assist the Committee in its analysis of, and negotiations with the Debtors or any third party related to, financing, asset disposition transactions, and compromises of controversies, reviewing and determining the Debtors' rights and obligations under leases and executory contracts, and assisting, advising, and representing the Committee in any manner relevant to the assumption and rejection of executory contracts and unexpired leases; h) assist the Committee in its analysis of, and negotiations with, the Debtors or any third party related to, the formulation, confirmation, and implementation of a chapter 11 plan(s) and all documentation related thereto (including the disclosure statement); i) assist, advise, and represent the Committee in understanding its powers and duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; j) assist and advise the Committee with respect to communications with the general creditor body regarding significant matters in the Chapter 11 Cases; k) respond to inquiries from individual creditors as to the status of, and developments in, the Chapter 11 Cases; l) represent the Committee at hearings and other proceedings before the Court and other courts or tribunals, as appropriate; m) review and analyze complaints, motions, applications, orders, and other pleadings filed with the Court, and advise the Committee with respect to formulating positions with respect, and filing responses, thereto; n) assist the Committee in its review and analysis of, and negotiations with the Debtors and their non-Debtor affiliates related to intercompany claims and transactions; o) review and analyze third-party analyses and reports prepared in connection with the Debtors' potential claims and causes of action, advise the Committee with respect to formulating positions thereon, and perform such other diligence and independent analysis as may be requested by the Committee; p) advise the Committee with respect to applicable federal and state regulatory issues, as such issues may arise in the Chapter 11 Cases; q) assist the Committee in preparing pleadings and applications, and pursuing or participating in adversary proceedings, contested matters, and administrative proceedings as may be necessary or appropriate in furtherance of the Committee's duties; r) take all necessary or appropriate actions as may be required in connection with the administration of the Debtors' estates, including with respect to a chapter 11 plan and related disclosure statement; and s) perform such other legal services as may be necessary or as may be requested by the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Partners $1,500 to $2,365 per hour Associates $895 to $1,485 per hour Non-Lawyer Professionals $300 to $1,320 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Charles Gibbs, Esq., a partner at McDermott Will & Emery, 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 following is provided in response to the request for additional information set forth in D.1 of the Appendix B Guidelines: (a) McDermott has not agreed to variations from, or alternatives to, its standard or customary billing arrangements for this engagement; (b) none of McDermott's professionals included in this engagement have varied their rates based on the geographic location of the Chapter 11 Cases; (c) McDermott did not represent the Committee before the Petition Date; and (d) McDermott expects to develop a budget and staffing plan to comply with the U.S. Trustee's requests for information and additional disclosures, and any orders of the Court. Recognizing that unforeseeable fees and expenses may arise in large chapter 11 cases, McDermott may need to amend the budget as necessary to reflect changed circumstances or unanticipated developments. The firm can be reached through: Charles R. Gibbs, Esq. McDermott Will & Emery LLP 2801 North Harwood Street, Suite 2600 Dallas, TX 75201 Tel: (214) 295-8000 Fax: (972) 232-3098 About Global Clean Energy Holdings, Inc. Global Clean Energy Holdings Inc. is a renewable energy company that produces ultra-low carbon fuels from proprietary strains of Camelina sativa, a nonfood crop. It manages the full value chain -- from cultivation to fuel production -- at facilities including its plant in Bakersfield, Calif. It operates internationally and collaborates with growers to support large-scale Camelina cultivation. Global Clean Energy Holdings and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case 25-90113) on April 16, 2025. In its petition, Global Clean Energy Holdings reported total assets of $1,598,001,000 and total debts of $1,584,749,000 as of Sept. 30, 2024. Judge Alfredo R. Perez handles the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as general bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Lazard Freres & Co, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor; and Hilco Valuation Services, LLC as appraisal advisor. Epiq Bankruptcy Solutions, LLC is the Debtors' noticing and claims agent. GLOBAL CLEAN: Committee Hires Province LLC as Financial Advisor --------------------------------------------------------------- The official committee of unsecured creditors of Global Clean Energy Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Province, LLC as financial advisor. The firm's services include: (a) becoming familiar with and analyzing the Debtors' DIP budget, assets and liabilities, and overall financial condition; (b) reviewing financial and operational information furnished by the Debtors; (c) monitoring the sale process, interfacing with the Debtors' professionals, and advising the Committee regarding the process; (d) scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; (e) analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; (f) assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; (g) preparing, or reviewing as applicable, avoidance action and claim analyses; (h) assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP budgets, and monthly operating reports; (i) advising the Committee on the current state of these chapter 11 cases; (j) advising the Committee in negotiations with the Debtors and third parties as necessary; (k) if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and (l) providing other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. The firm will be paid at these rates: Managing Directors and Partners $850 to $1,450 per hour Vice Presidents, Directors, and Senior Directors $700 to $1,050 per hour Analysts, Associates, and Senior Associates $350 to $825 per hour Paraprofessional / Admin $270 to $450 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul Navid,, a partner at Province, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul Navid,, Esq. Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Tel: (702) 685-5555 About Global Clean Energy Holdings, Inc. Global Clean Energy Holdings Inc. is a renewable energy company that produces ultra-low carbon fuels from proprietary strains of Camelina sativa, a nonfood crop. It manages the full value chain -- from cultivation to fuel production -- at facilities including its plant in Bakersfield, Calif. It operates internationally and collaborates with growers to support large-scale Camelina cultivation. Global Clean Energy Holdings and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case 25-90113) on April 16, 2025. In its petition, Global Clean Energy Holdings reported total assets of $1,598,001,000 and total debts of $1,584,749,000 as of Sept. 30, 2024. Judge Alfredo R. Perez handles the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as general bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Lazard Freres & Co, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor; and Hilco Valuation Services, LLC as appraisal advisor. Epiq Bankruptcy Solutions, LLC is the Debtors' noticing and claims agent. GMS SUNSET: Seeks Chapter 11 Bankruptcy in Virginia --------------------------------------------------- On June 11, 2025, GMS Sunset LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. 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 GMS Sunset LLC 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. GMS Sunset LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11181) on June 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated Liabilities between $100,000 and $500,000. The Debtors are represented by Daniel Press, Esq. at CHUNG & PRESS, P.C. GOOD LIFE: Seeks Subchapter V Bankruptcy in Oregon -------------------------------------------------- On June 11, 2025, Good Life Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon. 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 Good Life Inc. 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. Good Life Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-61636) on June 11, 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 Thomas M. Renn handles the case. The Debtors are represented by Keith Y Boyd, Esq. at KEITH Y BOYD, PC. GREENWAVE TECHNOLOGY: Faces Nasdaq Noncompliance Over Late 10-Q --------------------------------------------------------------- Greenwave Technology Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a staff determination letter from Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC notifying the Company that because it has not yet filed its Form 10-Q for the fiscal year ended March 31, 2025, Nasdaq has determined that the Company has failed to comply with the filing requirement set forth in Listing Rule 5250(c) (1). The Staff has informed the Company that it has 60 calendar days from May 23, 2025, to submit a plan to regain compliance. If the Staff accepts the Company's plan of compliance, then it may grant the Company an exception of up to 180 calendar days from the Filing's due date, or until November 17, 2025, to regain compliance. The Company intends to prepare and submit a plan of compliance for the Staff's review, but there can be no assurance that: (1) such plan will be accepted by the Staff, (2) if accepted, the Company will be able to complete its plan in the timeframe required, or (3) the Company will be able to remain in compliance with the applicable Nasdaq listing requirements on an ongoing basis. The Company, by filing the Form 8-K, discloses its receipt of the notification from Nasdaq in accordance with Nasdaq Listing Rule 5810(b). About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, VA, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. For detailed financials and updates, visit www.GWAV.com. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $63,087,617 in total assets, $26,132,634 in total liabilities, and a total stockholders' equity of $36,954,983. HAMMER FIBER: Inks Debt Exchange Deal With CGRPE ------------------------------------------------ Hammer Fiber Optics Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on May 24, 2025, the Company entered into an Assignment and Assumption Agreement with Michael Sevell and Caban Global Reach Private Equity LP, a Delaware limited partnership. Under the agreement, Mr. Sevell assigned to CGRPE a convertible note previously issued by the Company in the principal amount of $2,680,798.50 (the "Loan") as a capital contribution to CGRPE, in accordance with Section 721 of the Internal Revenue Code. On May 25, 2025, the Company and CGRPE executed a Debt Exchange Agreement pursuant to which the full principal amount of the Loan was exchanged for 10,154,542 shares of common stock of the Company, at a per-share conversion price of $0.264. This conversion fully extinguishes the Company's debt obligation and was consummated pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended. The conversion price was determined by mutual agreement between the parties and reflects the fair market value of the Company's common stock on the transaction date. No placement agent fees, commissions, or underwriting costs were incurred in connection with this transaction. In connection with the Debt Exchange Agreement, the Revised and Restated Convertible Note Agreement between the Company and Mr. Sevell, dated May 15, 2025, and subsequently assigned to CGRPE, was fully satisfied and terminated upon issuance of the equity. In conjunction with this transaction, the Company notes that both Michael Sevell and Michael Cothill, who serve as directors of the Company and are significant stakeholders in its strategic direction, have also been appointed as General Partners of Caban GlobalReach Private Equity LP ("CGRPE"), a Delaware limited partnership that has recently become a capital partner to the Company. This disclosure is being made in recognition of the fact that this constitutes a related party transaction. In accordance with best corporate governance practices and applicable law, the Board of Directors appointed an independent CGPRE Transactions Committee, composed solely of disinterested directors - Eric Maire and Mark Stogdill - to review, evaluate, and approve the terms of the transaction. The Committee was formed by Board resolution on May 23, 2025 and provided formal approval of the transaction via written consent on May 24, 2025. The full Board then ratified the Committee's approval. The transaction, including the assignment of the convertible note and its subsequent exchange for equity, was conducted at arm's length and deemed fair to the Company. The Board determined that the transaction aligns with the Company's objective of securing non-toxic, equity-based financing from strategic sources and is in the best interest of all shareholders. Additionally, as disclosed in the Definitive Information Statement on Schedule 14C filed on May 23, 2025, the Company is in the process of formally changing its corporate name. This change will take effect no earlier than 21 days after the mailing date of the Information Statement, which occurred on May 28, 2025. The Company will announce the effective date of the name change in a subsequent filing. Full text of the forms of the Assignment and Assumption Agreement and the Debt Exchange Agreement are available at https://tinyurl.com/3jpvwajh & https://tinyurl.com/ycywv6vb, respectively. About Hammer Fiber Optics Hammer Fiber Optics Holdings Corp. is now an alternative telecommunications carrier that is poised to position itself as a premier provider of diversified dark fiber networking solutions as well as high-capacity broadband wireless access networks in the United States and abroad. As of July 31, 2024, the Company had $3,036,829 in total assets, $3,998,146 in total liabilities, and a total stockholders' deficit of $961,317. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated February 4, 2025, citing that the Company has consistently sustained losses since its inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. HARRCO TRANSPORTATION: Unsecureds to Split $35K in Plan ------------------------------------------------------- Harrco Transportation Services Inc. and Harrco Van Lines Incorporated filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan dated June 2, 2025. The Debtors own and operate a moving and storage business. Michael Harris and Robin Gruber are the principal of the Debtors. Due to a downturn in the moving and storage business, specifically related to the downturn in the real estate market, the Debtors fell behind on their debt obligations to their landlord, resulting in the filing of an eviction. In addition, the Debtors were unable to make payments to its only secured Toyota Industries Commercial Finance, Inc. The Debtor haves accumulated a significant amount of debt, including to the landlord and Toyota, as well as some personal injury claims (that are coverage by insurance, which necessitated a financial restructuring. The Debtor asserts that it will have sufficient net disposable monthly income due to future earnings to make the payments required under the Plan. In order produce the income necessary to fund the Plan, the Debtor will continue to run its moving and storage business and the income generated from the sales and service will be sufficient to fund ongoing operating expenses and the Debtors' Plan distributions provided for herein. Class 2 consists of non-priority unsecured claims. The Debtors shall pay to nonpriority unsecured creditors the sum of $35,000 pro rata beginning within 180 days from the Effective Date. Based upon the liquidation analysis provided for herein, there would be no distribution to Class 2 general unsecured claimants in the event of a liquidation. Accordingly, the payments to be made to Class 2 claimants under the Plan will exceed the amount to be paid to Class 2 claimants in the event of a liquidation. Under the Plan, all creditors of the Debtor will participate in some manner in the distributions to be made hereunder. The Debtor believes that the distributions contemplated in the Plan are fair and afford all claimants equitable treatment. A full-text copy of the Subchapter V Plan dated June 2, 2025 is available at https://urlcurt.com/u?l=1GLjMi from PacerMonitor.com at no charge. Counsel to the Debtor: Joe M. Grant, Esq. Lorium Law 197 S. Federal Hwy, Suite 200 Boca Raton, FL 33432 Tel: (561) 361-1000 Fax: (561) 672-7581 Email: jgrant@loriumlaw.com About Harrco Transportation Services Inc. Harrco Transportation Services Inc. own and operate a moving and storage business. The Debtor sought protection under Chaptern 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12323) on March 3, 2025, with $0 to $50,000 in assets and liabilities. Judge Peter D. Russin presides over the case. Joe M. Grant, Esq. represents the Debtor as legal counsel. HOUSE OF PRAYER: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------- On June 11, 2025, House of Prayer Church of South Florida Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About House of Prayer Church of South Florida Inc. House of Prayer Church of South Florida Inc. operates as a Pentecostal church in Opa-Locka, Florida. The organization offers religious services and community programs from its facility, which also houses a school and daycare. House of Prayer Church of South Florida Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16711) on June 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtors are represented by Ariel Sagre, Esq. at SAGRE LAW FIRM, P.A. I A P CONSTRUCTION: Hires Advanced Financial as Counsel ------------------------------------------------------- I A P Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Advanced Financial Services, Inc. as counsel. The firm will prepare payroll, payment of payroll and sales taxes; prepare and file federal and state tax returns; and perform all other accounting services for the Debtor including, but not limited to, preparation of monthly operating reports and preparation of payments as part of the Plan of Reorganization, which may be necessary herein. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm will be paid a retainer in the amount of $5,000. Mr. Auriemma disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Salvatore L. Auriemma Advanced Financial Services, Inc. 25 Enterprise Ct Newport, RI 02840 Tel: (630) 279-8330 Fax: (630) 279-8629 Email: info@afstax.com About I A P Construction, Inc. I A P Construction, Inc. filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-02709) on February 24, 2025, listing up to $1 million in both assets and liabilities. Ian Proce, president of I A P, signed the petition. Judge Deborah L. Thorne oversees the case. David R. Herzog, Esq., represents the Debtor as legal counsel. IAMGOLD CORP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed IAMGOLD Corporation's (IAMGOLD) Long-Term Issuer Default Rating (IDR) at 'B+'. Fitch has also affirmed the company's secured RCF and senior secured second lien term loan at 'BB-' with a Recovery Rating of 'RR3', and its senior unsecured notes at 'B+'/'RR4'. The Rating Outlook is Stable. The ratings and Outlook reflect the improved business profile from the completion of the Cote Gold project, and Fitch's expectation that EBITDA leverage will be sustained below 3.0x. Key Rating Drivers Cote Improves Operational Profile: IAMGOLD owns 70% of the Cote Gold project unincorporated joint venture (JV). Cote Gold achieved its first gold pour in 1Q24 and commercial production in August 2024 and is ramping up to full production. The mine currently has an 18-year life. Fitch expects Cote Gold to increase IAMGOLD's 2025-2028 attributable average annual gold production by roughly 300,000 ounces, compared with 2024 attributable production of 543,000 ounces, excluding 124,000 ounces from Cote Gold. Cost Position Improves: Fitch views the Essakane mine's high-cost position as partially offset by solid mine lives and lower cost positions at Westwood and Cote Gold. According to CRU International Group's all-in sustaining cost data, IAMGOLD's average cost position is expected to improve from the fourth quartile to the third quartile in 2025. According to CRU, the Essakane mine, located in Burkina Faso, has a fourth-quartile all-in sustaining cost position. The mine, in which IAMGOLD has a 90% interest, has a four-year mine life and accounted for 61% of 2024 attributable production. Westwood, located in Canada, stabilized production to improve its cost position into the lower half of the cost curve. The mine has a seven-year mine life and represented 20% of 2024 attributable production. Gold Price Sensitivity: Fitch estimates a USD100/oz drop in the price of gold would reduce EBITDA by roughly USD74 million in 2025. The rating case assumes gold prices at USD2,400/oz in 2025 moderating to USD2,100/oz in 2026, USD2,000/oz in 2027 and USD1,800/oz in 2028. This compares with realized gold prices of USD2,330/oz in 2024, USD 2,731/oz in 1Q25 and current gold prices over USD3,300/oz. Fitch expects EBITDA to be approximately USD754 million in 2025. Deleveraging Capacity: Fitch expects IAMGOLD to generate positive FCF beginning in 2H25, and to retain cash in advance of debt maturities or to reduce them opportunistically. EBITDA leverage was 1.4x as of March 31, 2025, and Fitch expects it to be sustained below 3.0x. Peer Analysis IAMGOLD, with 2024 consolidated production of 712,000 oz, is comparable to Eldorado Gold Corporation (B+/Stable), with 2024 production of 520.293 oz. IAMGOLD has higher-cost mines, higher country risk and a shorter operating reserve life compared with Eldorado Gold. IAMGOLD has three mines, compared with Eldorado Gold 's four operating mines and one near-term project. IAMGOLD is larger in terms of EBITDA than copper producers Ero Copper Corp. (B/Stable) and Taseko Mines Limited (B-/Stable), with a lower cost position than Taseko and a higher cost position than Ero Copper. IAMGOLD's EBITDA leverage was 1.4x as of March 31, 2025, compared with Eldorado Gold's 1.3x and Hudbay Minerals Inc.'s (BB-/Stable) 1.3x. Key Assumptions - SOFR at 4.10% in 2025 and 3.95% thereafter; - Consolidated gold production about 850,000 oz per year on average; - Gold prices of USD2,400/oz in 2025, USD2,100/oz in 2026, USD2,000/oz in 2027 and USD1,800/oz in 2028; - Annual capex around USD300 million, on average; - Excess cash flow applied to debt repayment. Recovery Analysis The recovery analysis assumes IAMGOLD would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim. The going concern EBITDA estimate of USD295 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. The going concern EBITDA assumption reflects the industry's move from top of the cycle gold prices to a sustainably lower weak gold price environment, which would stress the capital structure. An enterprise value multiple of 4.0x EBITDA is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple reflects the high-cost position at IAMGOLD's mines currently in operation and elevated country risk associated with Burkina Faso as well as improvements in profile from Cote Gold. The revolver is assumed to be 80% drawn given the liquidity requirement of USD150 million and the total net debt maximum ratio of 3.5x which would bite into revolver availability under its GC EBITDA assumption. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' for the first lien RCF. However, per Fitch's "Country-Specific Treatment of Recovery Ratings Criteria," Fitch applies a cap of 'RR3' to reflect its view that roughly 50% of EBITDA will come from Canada (Group A) and 50% will be generated in Burkina Faso (Group D). Therefore, Fitch caps the instrument's Recovery Ratings at 'RR3' resulting in 'BB-' rating for the first lien secured RCF. The second lien term loans recover at an 'RR3', resulting in a 'BB-' rating. The unsecured notes recover at 'RR4', resulting in a 'B+' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 3.3x; - Negative FCF or a material deterioration in cost position or production profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Annual gold production sustained above 800,000 oz, with average all-in sustaining costs trending toward the lower half of the global cost curve; - EBITDA leverage sustained below 2.3. Liquidity and Debt Structure As of March 31, 2025, IAMGOLD had USD317 million in cash on hand and USD429 million available under its USD650 million secured RCF maturing in 2028. The RCF is subject to early maturity dates if the term loans or notes are not repaid or refinanced prior to the stated maturity dates of those instruments. Fitch expects FCF to be positive beginning in 2H25. RCF financial covenants include a total net debt ratio maximum of 3.5x, a senior secured debt ratio maximum of 2.0x, EBITDA to interest ratio minimum of 3.0x, and a minimum liquidity of USD150 million. Fitch expects IAMGOLD to be in compliance with these covenants. Issuer Profile IAMGOLD is a mid-tier gold mining company with three operating gold mines: the Essakane mine in Burkina Faso, the Cote mine in Canada and the Westwood mine in Canada. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- IAMGOLD Corporation LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ senior secured LT BB- Affirmed RR3 BB- Senior Secured 2nd Lien LT BB- Affirmed RR3 BB- INNOVATIVE MEDTECH: Amends Ticketbash Purchase Deal With $1M Payout ------------------------------------------------------------------- As previously disclosed, on or about April 25, 2025, Innovative MedTech, Inc. entered into an Asset Purchase Agreement, pursuant to which a newly formed subsidiary of the Company would purchase assets of Grand Concierge LLC, d/b/a Ticketbash, a New York limited liability company associated with retail and wholesale event ticket pricing, and the development of software and artificial intelligence related to the ticket business, in consideration of: (i) the issuance by the Company to Ticketbash's owners of Company equity consisting of 20,000,000 shares of common stock and 1,151,500 shares of Series A Convertible Preferred Stock (which preferred stock is convertible into 115,150,000 shares of common stock) and additional shares as necessary to ensure that the shares issued constitute 60% of the total number of fully diluted shares of the Company, (ii) the future payment of two million dollars ($2,000,000) to Ticketbash based on revenue and income milestones to be determined by the parties in the future, and (iii) the future payment of percentage royalties to Ticketbash based on aggregate revenues generated by the New Subsidiary as follows: 2% of revenue up to $15,000,000, 4% of revenue from $15,000,000-$25,000,000, and 5% of revenue in excess of $25,000,000. Under the Asset Purchase Agreement, the Company was also required to invest an additional $1,000,000 in development of the Tickebash Assets. On May 30, 2025, because of existing encumbrances on the Assets, the Company and Ticketbash entered into Amendment No. 1 to Asset Purchase Agreement, providing that: (i) instead of making the Additional Cash Investment, the Company would pay $1,000,000 to Ticketbash within 10 months, and upon completion of Initial Cash Payment, the Assets will be immediately transferred to the Company; (ii) the Equity Purchase Price would instead consist of a number of shares of Company preferred stock having voting rights equal to 60% of the total voting rights of the Company, and which shares of preferred stock shall have no economic rights, except that such shares shall automatically convert into 60% of the total number of outstanding shares of Common Stock on a fully diluted basis (following issuance of conversion shares) calculated as of June 1, 2025, upon the payment by the Company of the Initial Cash Payment; (iii) the Additional Cash Purchase Price shall be paid over a 36-month period based on revenue and income milestones to be determined by the parties in the future. About Innovative Medtech Innovative Medtech, Inc., headquartered in Blue Island, Illinois, provides health and wellness services through its RX Vitality digital health app and its subsidiary Sarah Day Care Centers, Inc. SarahCare, acquired in 2021, is an adult day care franchisor with two corporate-owned centers and 23 franchises across 13 U.S. states, offering seniors medical care, daily activities, and other supportive services. In an auditor report dated Oct. 15, 2025, Tampa, Florida-based Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification, citing that the Company has incurred net losses and working capital deficits. These factors, along with the need for additional financing to meet its business plans, raise substantial doubt about the Company's ability to continue as a going concern. For the years ended June 30, 2024 and 2023, the Company reported a net loss of $7,938,897 and $3,647,947, respectively. As of June 30, 2024, the Company maintained total assets of $651,881, total liabilities including long-term debt of $6,134,843 along with an accumulated deficit of $44,561,210. INNOVATIVE MEDTECH: To Sell Sarah Adult, Day Care Unit for $300K ---------------------------------------------------------------- Innovative Medtech, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Securities Purchase Agreement with Colbico, LLC pursuant to which the Company will sell to the Buyer the Company's shares of capital stock of both of Sarah Adult Day Services, Inc., an Ohio corporation, and Sarah Day Care Centers, Inc., an Ohio corporation, for $300,000 to paid to the Company within 30 days of closing. The Buyer shall have a 30-day period following execution of the Securities Purchase Agreement to determine whether to proceed with the transactions contemplated by that agreement or terminate the agreement. The Securities Purchase Agreement contains standard representations, warranties, indemnification provisions, and conditions to closing. About Innovative Medtech Innovative Medtech, Inc., headquartered in Blue Island, Illinois, provides health and wellness services through its RX Vitality digital health app and its subsidiary Sarah Day Care Centers, Inc. SarahCare, acquired in 2021, is an adult day care franchisor with two corporate-owned centers and 23 franchises across 13 U.S. states, offering seniors medical care, daily activities, and other supportive services. In an auditor report dated Oct. 15, 2025, Tampa, Florida-based Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification, citing that the Company has incurred net losses and working capital deficits. These factors, along with the need for additional financing to meet its business plans, raise substantial doubt about the Company's ability to continue as a going concern. For the years ended June 30, 2024 and 2023, the Company reported a net loss of $7,938,897 and $3,647,947, respectively. As of June 30, 2024, the Company maintained total assets of $651,881, total liabilities including long-term debt of $6,134,843 along with an accumulated deficit of $44,561,210. INTEGRAL EXPRESS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Integral Express, Inc. 241 Amberwood Court Bloomingdale, IL 60108 Business Description: Integral Express Inc. is a freight carrier that provides interstate transportation services across the United States. The Company operates a fleet of trucks and trailers to haul general freight, including refrigerated goods and hazardous materials. Chapter 11 Petition Date: June 15, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-09090 Judge: Hon. Jacqueline P. Cox Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd., Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 E-mail: david.freydin@freydinlaw.com Total Assets: $626,000 Total Liabilities: $2,092,677 Pavlin Panev signed the petition in his capacity as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SFWAM7A/Integral_Express_Inc__ilnbke-25-09090__0001.0.pdf?mcid=tGE4TAMA ION PLATFORM: S&P Assigned 'B+' ICR on Executed Merger ------------------------------------------------------ S&P Global Ratings assigned its 'B+' issuer credit rating to financial data and intelligence software company ION Platform Investment Group Ltd. (ION Platform). This rating is in line with the preliminary rating S&P assigned on May 8, 2025. The stable outlook reflects the company's high recurring revenue base and strong profitability, which will support steady earnings and free operating cash flow (FOCF) generation over the next 1-2 years while it works to combine the existing ION businesses. S&P expects ION Platform will expand its S&P Global Ratings-adjusted EBITDA margin to about 53% in 2025, as it realizes cost savings, such that its debt to EBITDA improves toward 7.0x. S&P said, "We assigned our 'B+' issuer credit rating to ION Platform following the execution of its merger agreement, which was in line with our expectations. We expect the formal close of the transaction will occur imminently. Our base-case assumptions for ION Platform have not changed materially since we assigned the preliminary rating on May 8, 2025. "Now that the company has completed its proposed merger, we expect to review our ratings on the related ION Group subsidiaries (ION Trading Technologies Ltd., and Cerved Group SpA) under our group rating methodology." IQSTEL INC: Signs Deal to Buy 51% of Globetopper; Closing by July 1 ------------------------------------------------------------------- iQSTEL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Unit Purchase Agreement with Craig Span, as seller, and Globetopper, LLC, a Delaware limited liability company, pursuant to which the Company agreed to acquire 51% of the membership interests of Globetopper from the seller. Pursuant to the Agreement, the Company will acquire 51% of the membership interests of Globetopper for a total purchase price consisting of $700,000, payable as follows: * $50,000 upon execution of the Agreement; $50,000 in cash on the Closing Date; * $50,000 in cash 30 days after the Closing Date, secured by a promissory note and pledge agreement; * $50,000 in cash 60 days after the Closing Date, secured by a promissory note and pledge agreement; * $500,000 in restricted common shares of the Company, calculated at a 20% discount to the volume weighted average price (VWAP) during the five days preceding the Closing Date. Additional payments based on Globetopper's EBITDA growth, payable in common shares of the Company at a 20% discount to the greater of the VWAP during the five days following the applicable period or preceding the payment date, will be payable as follows: * September 30, 2026: 50% of the positive difference between EBITDA at acquisition and EBITDA 12 months post-Closing. * September 30, 2027: 50% of the positive difference between EBITDA 12 months and 24 months post-Closing. The closing is expected to occur on or before July 1, 2025, subject to the satisfaction of customary closing conditions, including due diligence and the accuracy of representations and warranties. Either party may terminate the Agreement if the closing does not occur by July 10, 2025. The Company will invest up to $1,200,000 in Globetopper over 24 months post-Closing in monthly installments of $50,000, subject to the achievement of specified quarterly financial targets. The Seller will remain as Chief Executive Officer of Globetopper for at least two years post-Closing, with a reasonable salary and benefits to be agreed upon. The operating agreement of Globetopper will be amended to reflect a new board of directors consisting of three members, with the Company designating two members and the Seller designating one, with decisions made by majority vote. Both parties agreed to mutual indemnification for breaches of representations, warranties, or covenants, with the Seller's indemnification liability capped at 10% of the purchase price received. The description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is available at https://tinyurl.com/3urxmd7n About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. JACKSON HOSPITAL: Plan Exclusivity Period Extended to August 2 -------------------------------------------------------------- Judge Christopher L. Hawkins of the U.S. Bankruptcy Court for the Middle District of Alabama extended Jackson Hospital & Clinic, Inc., and its affiliated debtors' exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 2 and October 1, 2025, respectively. As shared by Troubled Company Reporter, based on the factors and the history of these proceedings, the Debtors submit that sufficient "cause" exists pursuant to section 1121(d) of the Bankruptcy Code to extend the Exclusive Periods. The following relevant factors each weighs in favor of an extension of the Exclusive Periods: * The Debtors' Chapter 11 Cases Are Complex. While the Debtor only consists of two units, this case is still complex given the particular challenges of dealing with a financially distressed hospital and all of the unique issues that come along with a business entity dealing with life and death decisions daily. Additionally, the Debtor maintains a fairly complex corporate and capital structure, a vast network of operations, and a multitude of parties in interest, secured lenders, tort claimants, vendors, and staffing issues, among others. Therefore, this case is unquestionably large and complex. * The Debtors Have Made Good Faith Progress. In the three months since the Petition Date, the Debtors have made significant progress in stabilizing the Debtors' operations and have made progress toward an exit strategy. Moreover, the Debtors filed their Sale Motion, seeking to liquidate some or all of their assets, on April 18, 2025. The Sale Motion contains fairly tight milestones, including a bid deadline of June 16, 2025, an Auction, if needed, of June 19, 2025, a Sale Hearing on July 1, 2025 and an outside Closing Date of July 27, 2025. These tight windows and expedited relief will ensure that this case continues to progress in an efficient and productive manner. * An Extension of the Exclusive Periods Will Not Prejudice Creditors. Continued exclusivity will permit the Debtors to maintain flexibility and optionality so that competing plans do not derail the Debtors' bankruptcy process. Moreover, throughout these Chapter 11 Cases, the Debtors have had ongoing and transparent communications with their major creditor groups, including their secured lenders. Extending the Exclusive Periods will benefit the Debtors' estates, their creditors, and all other key parties in interest. Among other things, the Debtors have actively engaged with the Creditors' Committee concerning their assets and potential paths forward. * An Extension Will Not Pressure Creditors. The Debtors are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders. To the contrary, the Debtors are proposing an extension of exclusivity in order to have additional time to finalize their strategy and engage with their prepetition secured lenders and other stakeholders in restructuring negotiations without the distraction, confusion, and unnecessary expense that could be created by multiple competing plans. Counsel for the Debtors: Derek F. Meek, Esq. Marc P. Solomon, Esq. Catherine T. Via, Esq. James H. Haithcock III, Esq. Burr & Forman LLP 420 20th Street North, Suite 3400 Birmingham, Alabama 35203 Telephone: (205) 251-3000 E-mail: dmeek@burr.com msolomon@burr.com jhaithcock@burr.com cvia@burr.com About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. KLX ENERGY: Moody's Rates Sr. Secured Notes Due 2030 'Caa2' ----------------------------------------------------------- Moody's Ratings assigned a Caa2 rating to KLX Energy Services Holdings, Inc.'s (KLXE) senior secured notes due 2030 and changed the ratings outlook to stable from negative. The Caa1 Corporate Family Rating and Caa1-PD Probability of Default Rating were affirmed. The Speculative Grade Liquidity Rating (SGL) was changed to SGL-3 from SGL-4. "KLXE's refinancing transaction extended its maturity profile, providing the company with a longer runway to continue its efforts to grow its business, supporting a stable outlook for the ratings," said Jake Leiby, Moody's Ratings Vice President. "However, the outlook for oilfield services activity has become more uncertain and potentially challenging, and the senior secured notes contain a number of financial maintenance and restrictive covenants." RATINGS RATIONALE KLXE's Caa1 CFR reflects the diversified nature of its oilfield services product offering and geographic diversity with exposure to multiple basins onshore in the US, offset by its relatively small scale in a highly competitive and cyclical industry. The company's financial results depend on the capital spending and activity levels of its US onshore upstream customer base. Moody's expects KLXE's successful efforts in high-grading its customer base to provide some insulation from weakening upstream spending and activity, however, the oilfield services industry is highly competitive and the company's scale leaves it disadvantaged compared to a number of significantly larger competitors with greater financial resources and product diversity. The SGL-3 rating reflects Moody's expectations for KLXE to maintain adequate liquidity through at least 2026. The company had $15 million of cash on hand and $44 million of available borrowing capacity under its ABL as of March 31, 2025. Moody's expects KLXE's existing liquidity and cash flow generation will be sufficient to cover cash needs including interest and capital spending. KLXE's ABL has a $125 million commitment and will mature in 2028. The senior secured notes require KLXE to maintain net leverage of 4.5x through 2025, 4.0x through 2026, 3.5x through 2027, 3.0x through 2028, and 2.5x thereafter. The senior secured notes also contain restrictive covenants that cap annual capital spending at the greater of $65 million or 7% of LTM revenue and an excess cash flow sweep which requires 75% of excess cash flow to be used for debt repayment if net leverage is above 1.5x, stepping down to 50% when net leverage is in the 1.0-1.5x range and 25% when net leverage is below 1.0x. The ABL requires KLXE to maintain a fixed charge coverage ratio of at least 1.0x if borrowing availability falls below $7 million. Moody's expects KLXE to remain in compliance with its covenants through at least 2026, but note that KLXE's EBITDA generation has been volatile in recent years and could face downward pressure in the event that oilfield services demand declines more significantly in response to weaker commodity prices. KLXE's $232 million senior secured notes due in March 2030 are rated Caa2, one notch below the CFR. The senior secured notes benefit from a second lien on the ABL collateral and a first lien on substantially all of the company's other assets. The ABL facility will mature in March 2028 and provides for a maximum of $125 million of committed capacity, subject to a borrowing base calculation. The ABL also contains an overadvance facility that provides $5 million of borrowing capacity in addition to the existing borrowing base and a FILO facility that provides borrowing capacity through incremental advance rates on the borrowing base of the lesser of $10 million and 5% of incremental accounts receivable. The stable outlook reflects KLXE's limited refinancing risk and debt amortization requirements. Although KLXE's financial results have faced headwinds owing to a challenging US onshore oilfield services market, Moody's expects its successful efforts in recent years to align itself with larger customers with more stable drilling programs to result in KLXE's revenue outperforming the overall US rig count in 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS KLXE's ratings could be upgraded if it meaningfully grows its EBITDA and maintains adequate liquidity. An upgrade could also be considered if leverage were to be sustained below 2.0x. KLXE's ratings could be downgraded if its EBITDA declines more significantly than expected, liquidity deteriorates or EBITDA to interest expense were to fall below 1.5x. KLXE is a publicly-traded provider of drilling, completion, production, and intervention services and products, primarily to E&P companies in major US onshore producing regions. The principal methodology used in these ratings was Oilfield Services published in January 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. KUBERA HOTEL: Court OKs Deal to Use Wilmington's Cash Collateral ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, Oakland Division approved a stipulation between Kubera Hotel Properties, LP and Wilmington Trust National Association, authorizing interim use of cash collateral. The stipulation allows Kubera to use the secured creditor's cash collateral until Aug. 31 in accordance with its budget. As protection, Wilmington, trustee for a commercial mortgage trust, will be granted a lien on assets acquired by the Debtor after the bankruptcy filing. Wilmington will also receive a monthly payment of $30,000, starting this month as further protection. The Debtor's motion for authority to use cash collateral filed on June 6 was taken off calendar without prejudice, with the Debtor and Wilmington reserving all rights. Wilmington is represented by: Meagen E. Leary, Esq. Marcus O. Colabianchi, Esq. Geoffrey A. Heaton, Esq. Duane Morris, LLP Spear Tower One Market Plaza, Suite 2200 San Francisco, CA 94105-1127 Telephone: +1 415 957 3000 Fax: +1 415 957 3001 mcolabianchi@duanemorris.com gheaton@duanemorris.com About Kubera Hotel Properties LP Kubera Hotel Properties LP operates a 113-room hotel located at 920 University Avenue, Berkeley, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40996) on June 6, 2025. In the petition signed by Pradeep Kantilai T. Khatri, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Charles Novack oversees the case. Ryan C. Wood, Esq., at the Law Offices of Ryan C. Wood, Inc., represents the Debtor as bankruptcy counsel. LEROUX CREEK: Seeks to Extend Plan Exclusivity to August 31 ----------------------------------------------------------- Leroux Creek Food Corporation and Edward Stuart Tuft asked the U.S. Bankruptcy Court for the District of Colorado to extend their exclusivity periods to file a plan to August 31, 2025. The Debtors commenced their Chapter 11 bankruptcy proceeding due to environmental issues that impacted Leroux's profitability and litigation with its largest secured creditor American AGCredit, FLCA and American AGCredit, PCA ("AGCredit"), which caused financial and cash flow problems. Since the Petition Date, as anticipated, orchard growth and production has begun to increase and Debtors have been in discussions with AGCredit to reach a resolution. The Debtors claim that they require additional time to finalize its agreement with AgCredit and incorporate such terms into the Plan of Reorganization. The Debtors anticipate that the Leroux and Tuft plans will be closely related due to the relationship between the Debtors. Therefore, the Debtors respectfully requests an extension of the exclusive period for an additional 90 days from the date the current exclusive period, through and including August 31, 2025, as well as an extension of the 180-day period to solicit acceptances of their initial Plans of Reorganization for an additional 90 days. Leroux Creek Food Corp., LLC is represented by: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Phone: (303) 534-4499 Email: JWeinman@allen-vellone.com KSender@allen-vellone.com BPompea@allen-vellone.com Edward Stuart Tuft is represented by: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Phone: (303) 832-2400 Email: jmd@kutnerlaw.com About Leroux Creek Food Corporation Leroux Creek Food Corporation, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15015) on August 27, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Edward Tuft as president. Judge Michael E Romero presides over the case. Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C., is the Debtor's counsel. LIBBEY GLASS: Moody's Alters Outlook on 'B3' CFR to Negative ------------------------------------------------------------ Moody's Ratings changed Libbey Glass LLC's (Libbey) outlook to negative from stable. At the same time, Moody's affirmed the company's ratings, including its B3 Corporate Family Rating, B3-PD Probability of Default Rating, and the B3 rating on the company's backed senior secured first lien term loan. The negative outlook reflects Libbey's recent free cash flow deficit amid a challenging operating environment. Softer demand for the company's products due to macroeconomic uncertainty, weakening consumer spending, and lower food service traffic is pressuring volumes and free cash flow generation. As a result, Libbey's revenue declined in the low single digit percentage year-over-year in the past two years, and the company reported a free cash flow deficit of around $9 million in fiscal 2024. Moody's anticipates that demand headwinds will persist and Moody's projects an ongoing modest free cash flow deficit in 2025. Libbey is also still in negotiations on a new contract with labor unions in the US, which creates uncertainty around potential operational disruptions or higher operating costs which could further constrain free cash flow. The company is also exposed to higher tariffs costs as it imports a meaningful amount of its dinnerware and flatware products from Asia, primarily China. Libbey manufactures the majority of products sold in the US at its US and Mexico plants, and products coming from its Mexico plant are tariff exempt under the US-Mexico-Canada (USMCA) trade agreement. The company's North American manufacturing is a competitive advantage versus competitor imports, however, an increase in tariff costs may negatively impact the company's profitability and cash flow if unable to offset these impacts with commercial pricing actions. The ratings affirmation reflects Libbey's adequate liquidity supported by good availability on its revolver and lack of near term maturities, which provides financial flexibility to navigate the challenging operating environment over the next 12 months. As of March 31, 2025, the company had around $60 million availability on its $100 million asset based lending (ABL) revolving facility expiring September 2029. However, there is uncertainty around the company's ability to sustainably improve its profitability and free cash flow generation amid weaker consumer spending and increasing operating costs. RATINGS RATIONALE Libbey's B3 CFR reflects its relatively modest scale and narrow product focus in the mature and highly competitive glassware and tabletop industry, and its elevated operational risk given the high fixed operating costs associated with manufacturing the vast majority of its glass products in-house. The high fixed cost makes it difficult to mitigate prolonged demand pressures and creates profit margin volatility. Lower consumer discretionary spending power and weakening macro-economic conditions is negatively impacting demand for the company's products. Libbey's debt/EBITDA leverage is high at 4.6x as of the last twelve months (LTM) period ending March 31, 2025 given its exposure to cyclicality and modestly positive free cash flow generation, which provides limited cushion to absorb potential future earnings volatility. Governance risk factors include the company's ownership by a group of previous lenders to the company with no single firm having majority control and event risk related to a debt financed shareholder distribution or ownership consolidation transaction. The rating also reflects Libbey's good market position in the glassware and tabletop industry with good channel diversification and an established e-commerce business. The company benefits from some recurring demand for glassware because of breakage, particularly in the foodservice channel. Libbey's adequate liquidity is supported by $59.6 million availability on its $100 million revolving facility due September 2029 as of March 31, 2025, which provides financial flexibility to fund business seasonality, investments in working capital and capital expenditure projects. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects Moody's expectations for ongoing modestly weak free cash flow generation amid demand headwinds from macroeconomic uncertainty and lower consumer discretionary spending, and the potential for the company's capital structure becoming unsustainable over the next 12 months. The ratings could be upgraded if the company increases its revenue scale while demonstrating consistent organic revenue growth and EBITDA margin expansion, debt/EBITDA is sustained below 5.0x, and EBITDA minus capital expenditures to interest is above 1.5x. A ratings upgrade would also require at least good liquidity highlighted by free cash flow-to-debt sustained above 7.5% and minimal reliance on revolver borrowings. The ratings could be downgraded if the company's operating results deteriorate with sustained revenue declines or a reduction in the EBITDA margin, or if it fails to generate positive free cash flow on an annual basis, or EBITDA minus capital expenditures to interest is below 1.0x. The ratings could also be downgraded if liquidity deteriorates for any reason including continuous large revolver borrowings. Headquartered in Toledo, Ohio, Libbey Glass LLC (Libbey) designs, manufactures, and markets glass tableware products and designs and markets ceramic dinnerware and flatware products. The company distributes its products to the foodservice, retail, and business-to-business channel, primarily in the Americas. Since emerging from bankruptcy in November 2020, Libbey is owned by a broad group of pre-bankruptcy lenders with no single firm having majority control. Revenue for the last 12 months (LTM) period ending March 31, 2025 is $573 million. The principal methodology used in these ratings was Consumer Durables published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. M.I.S. COMMODITIES: Wins Interim Approval to Use Cash Collateral ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Palm Beach Division granted M.I.S. Commodities, Inc.'s motion to use cash collateral on an interim basis. M.I.S. was authorized to use cash collateral to pay its operating expenses in accordance with its 30-day budget. The U.S. Small Business Administration holds a valid, perfected blanket lien on all of the company's personal property. As protection, SBA was granted a post-petition replacement lien nunc pro tunc to the petition date on all post-petition assets to the same extent and priority as its pre-bankruptcy lien. In addition, SBA will receive a monthly payment of $2,494, starting this month. If SBA's lien does not fully protect against any diminution in the value of its collateral, the agency will be granted a super-priority administrative expense claim. The final hearing is scheduled for June 25. About M.I.S. Commodities Inc. M.I.S. Commodities Inc. is a commodity broker based in Delray Beach, Fla. M.I.S. Commodities sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15027) 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 Erik P. Kimball handles the case. The Debtor is represented by Adam I. Skolnik, Esq. MARELLI AUTOMOTIVE: Gets Interim OK to Tap $519MM Chap.11 Financing ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that on Thursday, June 12, 2025, a Delaware bankruptcy judge approved Marelli Corp.'s interim request to tap $519 million from its $2 billion debtor-in-possession financing, providing the auto parts supplier with necessary funding as it moves toward a potential debt-for-equity swap that would shift ownership to its DIP lenders. About Marelli Automotive Lighting USA LLC Marelli Automotive Lighting USA LLC 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. Marelli Automotive Lighting USA LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C. and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A. Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice & Claims Agent. MAYFAIR-HABITAT GROUP: Hires Bach Law Offices Inc. as Attorney -------------------------------------------------------------- The Mayfair-Habitat Group Incorporated seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Bach Law Offices, Inc. as attorneys. The firm will provide these services: a. represent the Debtor in matters concerning negotiation with creditors; and b. prepare a plan and disclosures statement, examining and resolving claims filed against the estate, preparation and prosecution of adversary matters, and otherwise to represent each Debtor in matters before the bankruptcy court. The firm will be paid at $425 per hour. The firm received from the Debtor a retainer of $10,000, plus filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul M. Bach, Esq., a partner at Bach Law Offices, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About The Mayfair-Habitat Group Incorporated The Mayfair-Habitat Group Incorporated is a property management and real estate investment company based in Plainfield, Illinois. The Debtor's principal assets are located at 7337 S. South Shore Drive, Chicago, IL 60649, and consist of 31 parcels of land. The Mayfair-Habitat Group Incorporated sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06308) on April 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by Paul M. Bach, Esq. at BACH LAW OFFICES. MEME APPAREL: Case Summary & Seven Unsecured Creditors ------------------------------------------------------ Debtor: MEME Apparel LLC 1282 E 10th St. Brooklyn, NY 11230-4719 Business Description: MEME Apparel LLC is a clothing retailer offering seasonal apparel collections for men and women. It operates through an online platform and a physical storefront in Brooklyn, New York. The Company's designs often reflect internet culture and contemporary fashion trends. Chapter 11 Petition Date: June 12, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-42851 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Thomas Weiss, Esq. VISHNICK MCGOVERN MILIZIO LLP 3000 Marcus Ave Suite 1E9 Lake Success NY 11042 E-mail: tweiss@vmmlegal.com Total Assets: $125,441 Total Liabilities: $1,263,178 Shlomo Cohen signed the petition as the authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EG4FELQ/MEME_Apparel_LLC__nyebke-25-42851__0001.0.pdf?mcid=tGE4TAMA MEMSTAR USA: Unsecureds Will Get 54% to 68% in Liquidating Plan --------------------------------------------------------------- Memstar USA Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated June 3, 2025. Memstar was a manufacturer of technologically advanced Reverse Osmosis membranes used in water and wastewater treatment applications. The Debtor is a Delaware corporation which is wholly owned by its sole stockholder, Memstar Holding Pte Ltd., a Singaporean private company ("PTE"). The majority owner of MHPL is CITIC Envirotech Pre. Ltd ("CEPL"), which is a part of the CITIC Group, a Chinese national state owned entity. CEPL, pre-petition was funding certain cash flow shortfalls experienced by the Debtor. After the Filing Date, the Snyder continued to negotiate with the Debtor, and the Snyder reduced its offer and after further negotiations the Debtor and Snyder agreed to a sales price of $7.7 million. The Debtor has identified Snyder as the sole potential entity interested in the assets of the Debtor for a price that will significantly benefit the bankruptcy estate and the Debtor's creditors. The Debtor has for over a year and a half marketed itself and has found an eligible buyer. The Snyder's offer is the highest and best offer to the Debtor for the Debtor's assets at this time. The sale will allow for the Debtor's business to continue to operate. This will result in most of the Memstar employees continuing to be employed. The sale will also allow for Memstar to reach an agreement with the Montgomery County ad valorem taxing authorities (the "Tax Authorities") to reach an agreement regarding a pre-petition tax abatement. This agreement will save the bankruptcy estate several hundreds of thousands of dollars that might otherwise arguably have been a secured claim. The sale generated proceeds to pay off the three secured claims each of which were accruing interest because each of the claimants are over secured creditors. Those claimants were Amerisource, the Tax Authorities and Synder TX, Inc. The aggregate of the principal balance of that secured debt was approximately $3.8 million. (Amerisource $3,267,474; Tax Authorities $200,000 (for 2024) and $46,000 (for pro rata 2025); and Synder Tx $350,000). The Plan contemplates a liquidation of the Debtor and its Estate. The primary objective of the Plan is to maximize the value of recoveries to all Holders of Allowed Claims and to distribute all property of the Estate that is or becomes available for distribution generally in accordance with the priorities established by the Bankruptcy Code. The Debtor believes that the Plan accomplishes this objective and is in the best interest of the Estate and therefore seek to confirm the Plan. The Debtor sold substantially all its assets on April 11, 2025. Under the terms of the Sale, the Debtor retained certain litigation claims, funds, and other assets in order to wind down its operations and make distributions to Creditors with Allowed Claims. Class 3 consists of General Unsecured Claims. In full and final satisfaction of each Allowed General Unsecured Claim, the Holder of such Claim shall receive in full and final satisfaction of such Holder's Allowed Claim its Pro Rata Share of Liquidating Trust Units. This Class will receive a distribution of 54% to 68% of their allowed claims. Class 3 General Unsecured Claims are impaired; Holders of such Claims are entitled to vote on the Plan. Class 4 consists of all Equity Interests. On the Effective Date, all Equity Interests will be deemed cancelled and extinguished. Holders of Equity Interests will receive no property or Distribution under the Plan on account of such Equity Interests. On and after the Effective Date, the Liquidating Agent will, among other things, (i) investigate and, if appropriate, pursue Causes of Action and Avoidance Actions, including the Causes of Action, (ii) administer, monetize and liquidate Assets, (iii) resolve all Disputed Claims, if appropriate, and (iv) make all Distributions in accordance with the Plan. The Liquidating Agent shall be authorized to take such actions without further order of the Bankruptcy Court; provided, however, the Liquidating Agent may seek such Bankruptcy Court authority as the Liquidating Agent, in its absolute discretion, deems necessary or appropriate. Certain Powers and Duties of the Liquidating Agent and Liquidating Trustee. A full-text copy of the Combined Disclosure Statement and Plan dated June 3, 2025 is available at https://urlcurt.com/u?l=OSCnW6 from PacerMonitor.com at no charge. Counsel to the Debtor: Michael J. Durrschmidt, Esq. Kim E. Lewinski, Esq. DYKEMA GOSSETT PLLC 5 Houston Center 1401 McKinney Street, Suite 1625 Houston, TX 77010 Telephone: (713)-904-6874 Facsimile: (855) 262-3749 Email: mdurrschmidt@dykema.com Email: klewinski@dykema.com About Memstar USA Inc. Memstar USA Inc. owns the property located at 3655 Pollock Drive, Conroe, TX 77303. The Property encompasses 10 acres of land, a 41,000 sq. ft. manufacturing plant, and a 4,500 sq. ft. office building. The current value of the Property is estimated at $7.5 million. Memstar USA Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30764) on February 7, 2025. In its petition, the Debtor reports total assets of $8,712,000 and total liabilities of $10,547,608. The Debtor is represented by Michael J. Durrschmidt, Esq. at DYKEMA GOSSETT PLLC. MIMOSAS A CALI: Case Summary & 12 Unsecured Creditors ----------------------------------------------------- Debtor: Mimosas A Cali Life LLC d/b/a Mimosas d/b/a Story Anaheim 8150 E. Santa Canyon Road Anaheim, CA 92808 Business Description: Mimosas A Cali Life LLC operates bar and restaurant venues under the names Mimosas and Story Anaheim. The establishments offer a variety of food and beverage services, including brunch, lunch, dinner, and cocktails, with a focus on spirits, wine, and beer. They are based in California and cater to weekday and weekend dining experiences. Chapter 11 Petition Date: June 12, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-14956 Judge: Hon. Vincent P Zurzolo Debtor's Counsel: David Goodrich, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: 714-966-1000 E-mail: Cyoshonis@go2.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chad R. Reinhardt as managing member. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FGUE34A/MIMOSAS_A_CALI_LIFE_LLC__cacbke-25-14956__0001.0.pdf?mcid=tGE4TAMA MONARCHY RANCHERS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Monarchy Rancheros de Santa Fe, LLC got the green light from the U.S. Bankruptcy Court for the District of New Mexico to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral from June 13 to 25 to pay operating expenses in accordance with its budget. Rancheros de Santa Fe, Inc., a secured creditor, asserts a lien on the cash collateral. As protection, Rancheros de Santa Fe, Inc. will be granted replacement liens on property acquired by the Debtor after the petition date that is similar to its pre-bankruptcy collateral. The secured creditor has adequate protection for its security interest in cash collateral during the interim period without receiving payment, according to the court order. The next hearing is set for June 25. The Debtor, which operates an RV park in Santa Fe County, New Mexico, filed for Chapter 11 relief on June 5, and continues to manage its assets as a debtor-in-possession. Rancheros de Santa Fe, Inc. is identified as the sole known creditor asserting a lien on cash collateral, with a claimed debt of approximately $3.45 million secured by the Debtor's assets. The collateral is estimated to be worth about $4.7 million, and the Debtor had around $53,066 in cash at filing. Rancheros de Santa Fe, Inc. is represented by: Kathleen T. Ahghar, Esq. Moses, Farmer, Glenn, Gutierrez & Werntz, P.C. P.O. Box 30087 Albuquerque, NM 87190 Telephone: 505-843-9440 kathleen@moseslaw.com karla@moseslaw.com About Monarchy Rancheros de Santa Fe Monarchy Rancheros de Santa Fe, LLC owns and operates Rancheros de Santa Fe RV Park and Resort, an RV park and lodging facility near Santa Fe, New Mexico. The property features full hookups, short- and long-term rentals, and amenities including a seasonal pool, hiking trails, and a renovated retail store. Located 11 miles from downtown Santa Fe, it offers guests access to the city's cultural attractions in a quiet desert setting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 25-10691) on June 5, 2025. In the petition signed by Daniel Galvan, authorized member, the Debtor disclosed $5,032,566 in assets and $3,440,000 in liabilities. Judge Robert H. Jacobvitz oversees the case. Marcus Sedillo, Esq., at Gatton & Associates, P.C., represents the Debtor as legal counsel. NATIONAL FENCE: Hires Bibeault & Associates LLC as Accountant ------------------------------------------------------------- National Fence and Supply Co. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Bibeault & Associates LLC as accountant. The firm will render general accounting and tax services and assist the Debtor in fulfilling its bankruptcy reporting requirements. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bibeault disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert M. Bibeault, CPA 235 Promenade Street Suite 120 Providence, RI 02908 Tel: (401) 329-5900 Email: bob@bibeaultcpa.com About National Fence and Supply Co. National Fence and Supply Co. is a specialized contractor operating in the fencing industry that provides fence installation services and supplies various fencing materials and related products to residential and commercial customers throughout the region. National Fence and Supply sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10914) on May 1, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Hilmy Ismail, Esq., at the Law Office of Hilmy Ismail. NEUEHEALTH INC: Stockholders OK All Proposals at Annual Meeting --------------------------------------------------------------- NeueHealth, Inc. on May 29, 2025, held its annual meeting of stockholders. There were 6,617,884 shares of common stock represented at the Annual Meeting. The stockholders of the Company voted as follows on the following matters at the Annual Meeting: (1) Election of Directors: * Kedrick D. Adkins Jr., Linda Gooden, Jeffrey R. Immelt, Manuel Kadre, Stephen Kraus, Mohamad Makhzoumi, Matthew G. Manders, G. Mike Mikan, Robert J. Sheehy, Andrew Slavitt were elected to serve as directors until the 2026 annual meeting of stockholders. (2) Ratification of the appointment of Deloitte & Touche LLP: * The appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2025 was ratified. (3) Non-binding advisory vote on executive compensation. * The compensation of the Company's named executive officers for 2024 was approved on a non-binding, advisory basis. About NeueHealth Inc. Headquartered in Doral, FL, NeueHealth Inc. -- http://www.neuehealth.com/-- is a value-driven healthcare company rooted in the belief that every health consumer deserves high-quality, coordinated care. The Company operates through two primary segments -- NeueCare and NeueSolutions -- each focused on optimizing the healthcare experience for consumers, providers, and payors with a consumer-centric, value-based care model. NeueCare provides accessible, affordable healthcare across diverse populations, including those in the ACA Marketplace, Medicare, and Medicaid, through both owned and affiliated clinics. NeueSolutions empowers providers and medical groups to succeed in performance-based care models. This segment also participates in the Centers for Medicare & Medicaid Innovation's (CMMI) ACO REACH program, ensuring high-quality healthcare access for Medicare beneficiaries. In its report dated March 21, 2025, Deloitte & Touche LLP, the Company's auditor since 2020, issued a “going concern” qualification attached in the Company's Form 10-K for the year ended Dec. 31, 2024, stating that the Company has a history of operating losses, negative cash flows from operations and does not have sufficient cash on hand or available liquidity to meet its obligations. These conditions raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, NeueHealth had $544.38 million in total assets, $930.49 million in total liabilities, $48.58 million in redeemable noncontrolling interests, $747.48 million in redeemable series A preferred stock, $172.94 million in redeemable series B preferred stock, and a total shareholders' deficit of $1.36 billion. NOBLE GOODNESS: Seeks to Hire Sacks Tierney P.A. as Counsel ----------------------------------------------------------- Noble Goodness, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Arizona to employ Sacks Tierney P.A. as counsel. The firm's services include: (a) advising and assisting the Debtors with respect to the obligations and limitations imposed upon them as debtors in bankruptcy; (b) advising the Debtors with respect to the continued operation of their business while in bankruptcy; (c) advising the Debtors with respect to the treatment of claims against their bankruptcy estates and the assumption or rejection of executory contracts; (d) preparing pleadings and applications and attending all hearings and examinations necessary to the proper administration of the Debtors' Bankruptcy Cases and any related proceedings; (e) advising and assisting the Debtors in the formulation and presentation of a plan of reorganization; and (f) any other necessary action concerning any of the above-mentioned matters. The firm will be paid at the rates of $220 to $590 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ray disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Wesley D. Ray, Esq. Philip R. Rudd, Esq. Sacks Tierney P.A. 4250 N. Drinkwater Blvd., 4th Floor Scottsdale, AZ 85251-3693 Telephone: (480) 425-2600 Facsimile: (480) 970-4610 Email: Wesley.Ray@SacksTierney.com Philip.Rudd@SacksTierney.com About Noble Goodness, LLC Noble Goodness, LLC operates a bakery and eatery in Phoenix, Ariz. Noble Goodness sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04874) on May 29, 2025, listing up to $10 million in both assets and liabilities. Jason Raducha, a member of Noble Goodness, signed the petition. Wesley D. Ray, Esq., at Sacks Tierney, PA, represents the Debtor as legal counsel. NORTHERN DYNASTY: Receives $12M Third Tranche Under Royalty Deal ---------------------------------------------------------------- Northern Dynasty Minerals Ltd. announced that it has received payment of $12 million representing the third tranche investment under the Company's royalty agreement dated July 26, 2022, as amended. Concurrent with the completion of the investment, the Company and the royalty investor agreed to further amend the terms of the Royalty Agreement to increase flexibility of payment installments and to extend the July 26, 2025 expiration date. Under the initial amendment to the Royalty Agreement, as reported in the Company's news release dated November 13, 2023, the Royalty Holder received, among other things, the right to fund the three remaining $12 million tranches on or before July 26, 2025. Completion of each additional tranche entitles the Royalty Holder the right to receive an additional 2% of the payable gold production and 6% of the payable silver production from the Pebble Project. In exchange for an early payment of the third $12 million tranche before the July 26, 2025 deadline, the Company has agreed to extend the deadline for completion of the remaining two tranches to September 30, 2025. Additionally, if the fourth $12 million tranche is completed on or before September 30, 2025, the Royalty Holder will have the right to complete the fifth and final $12 million tranche investment at any time up to and including December 31, 2025. The aggregate total purchase price of $60 million and maximum royalty rates (10% of payable gold production and 30% of payable silver production) remain unchanged from the original Royalty Agreement. "We are pleased to see the Royalty Holder make its third payment of $12 million, bringing its total investment in the royalty up to $36 million of a possible $60 million available under the Royalty Agreement," said Ron Thiessen, Northern Dynasty President and CEO. About Northern Dynasty Minerals Ltd. Northern Dynasty Minerals Ltd. is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project. In its report dated March 27, 2025, Deloitte LLP, the Company's auditor in Vancouver, Canada, issued a "going concern" qualification, stating that the Company incurred a consolidated net loss of $33 million for the year ended Dec. 31, 2024, and had a consolidated deficit of $729 million as of that date. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Northern Dynasty reported a net loss of C$36.15 million for the year ending Dec. 31, 2024, compared to a net loss of C$21 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company reported total assets of C$137.16 million, total liabilities of C$39.96 million, and total equity of C$97.20 million. OLB TRUCKING: Hires Calvin L. Jackson P.C. as Counsel ----------------------------------------------------- OLB Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Georgia to employ Calvin L. Jackson, P.C. as counsel. (a) give the Debtor in possession legal advice with respect to the duties and powers as a Debtor in possession and the continued operation of its business; (b) prepare on behalf of the Debtor the necessary applications, answers reports, and other legal papers; (c) prepare pleadings and applications, and to conduct examinations incidental to the administration of the estate; (d) take any and all action necessary to the proper preservation and administration of the estate; (e) assist the Debtor in possession in the preparation and filing of a statement of financial affairs and schedule of assets and liabilities; (f) assist the Debtor in possession in the preparation and filing of a plan of reorganization; and (g) perform all of the legal services for the debtor in possession which may be necessary herein. The firm will be paid at the rate of $250 per hour. The Debtor paid the firm a retainer of $5,238. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Jackson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Calvin L. Jackson, Esq. Calvin L. Jackson, P.C. P.O. Box 7221 Warner Robins, GA 31095 Tel: (478) 923-9611 About OLB Trucking, LLC OLB Trucking, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Ga. Case No. 25-30060-SDB) on May 23, 2025. The Debtor hires Calvin L. Jackson, P.C. as counsel. ORYX MIDSTREAM: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings affirmed Oryx Midstream Services Permian Basin LLC's ratings, including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, Ba3 senior secured term loan rating, and Ba1 senior secured super priority revolving credit facility rating. The outlook remains stable. These actions follow the announcement of a $150 million add-on to the senior secured term loan to fund a dividend to Oryx Midstream's sponsors. RATINGS RATIONALE The increase in Oryx Midstream's debt to fund a dividend to its sponsors will weaken its stand-alone credit metrics, with the company's leverage relative to distributions received remaining high and not declining as previously expected. This negative effect from the increase in debt has been offset by the strengthening credit profile of Plains Oryx Permian Basin LLC (the Permian JV), with significant growth achieved since its inception. These counterbalancing factors support the affirmation of Oryx Midstream's Ba3 CFR. Oryx Midstream's Ba3 CFR is supported by its 35% ownership in the Permian JV, its strong contractual rights and ability to influence key decisions including capital spending and M&A, and the Permian JV's strong position as a provider of crude oil gathering and transportation services in the Permian basin. The Permian JV is a joint venture between Plains All American Pipeline L.P. (Plains, Baa2 stable) and Oryx Midstream Holdings LLC (unrated; a portfolio company of Stonepeak Partners LP) and is among the largest midstream services providers in the Permian basin. The Permian JV has experienced meaningful growth in EBITDA and free cash flow generation in recent years through both organic growth projects and M&A. Moody's expects the Permian JV to continue to benefit from production growth in the basin, although growth may slow or even decline given the lower oil price environment. The JV has taken on debt to fund acquisitions, however, this debt has been structured to amortize to zero over short periods of time. Moody's considers the JV to be of low Baa credit quality given its business profile, scale, strategic importance to Plains, and the implicit burden to support its owners debt. Oryx Midstream is reliant on JV distributions to service its term loan debt and debt service requirements at the Permian JV may influence the distributions that Oryx Midstream receives. The term loan includes an excess cash flow sweep to protect lenders, however, Oryx Midstream's leverage is expected to remain below the threshold for excess cash flow sweeps. Moody's expects Oryx Midstream to maintain adequate liquidity through at least 2026. The company's sole source of cash flow is the distributions it receives from the JV but it also has a $50 million revolver due in 2026. Moody's expects Oryx Midstream to extend its revolver on similar terms well before its maturity. There is an excess cash flow sweep mechanism under the credit facility's terms that requires repayment of debt with 75% of any excess cash flow if Oryx Midstream's leverage (Holdco debt/proportionate JV EBITDA) remains above 5.0x, although this percentage is reduced to 50% if leverage ratio remains between 4.5x and 5.0x, and to 0% below 4.5x. The JV distributions will comfortably cover the Holdco's debt service requirements, which includes interest payments and 1% mandatory amortization per annum. The company is also required to maintain a debt service coverage ratio in excess of 1.1x. Moody's expects the company to remain well in compliance with this covenant through at least 2026. The term loan is rated Ba3, the same as the CFR because of the small size of the revolver relative to the term loan. The $50 million revolver is rated Ba1, reflective of its super-senior priority to the company's assets over the term loan. Moody's views the Ba1 rating as more appropriate given the holdco nature of Oryx Midstream and the underlying credit profile of the JV than the rating suggested by Moody's Loss Given Default for Speculative-Grade Companies Rating Methodology. The stable outlook reflects Moody's expectations that Oryx Midstream will maintain stable to modestly improving stand-alone credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Oryx Midstream's ratings could be upgraded if the Permian JV sustains its credit profile while Oryx Midstream's stand-alone financial leverage based on its distributions received is sustained below 5x. The ratings could be downgraded if the JV takes on material financial leverage or if cash flow generation and distributions are more volatile than expected, or if Plains is downgraded. The ratings could also be downgraded if stand-alone leverage based on distributions is sustained over 7x. Oryx Midstream Services Permian Basin LLC, headquartered in Midland, Texas, owns a 35% ownership stake in a joint venture (Plains Oryx Permian Basin LLC) with a large crude oil gathering and transportation system in the Permian basin. The JV between Plains and Oryx was formed in the fourth quarter of 2021. The company is majority-owned by affiliates of Stonepeak Partners LP and ownership stakes are also held by an affiliate of the Qatar Investment Authority and management. The principal methodology used in these ratings was Midstream Energy published in February 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PAGE AVE: Case Summary & One Unsecured Creditor ----------------------------------------------- Debtor: Page Ave Partners LLC Richmond Valley Road Staten Island, NY 10309 Business Description: Page Ave Partners LLC owns a single real estate asset located on Richmond Valley Road in Staten Island, New York. The property has an estimated value of $1.5 million. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-42844 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Jonathan S. Pasternak, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212-286-1884 Email: jsp@dhclegal.com Total Assets: $1,500,000 Total Liabilities: $4,000,000 The petition was signed by Isaac Genuth as managing member. The Debtor listed SOF Richmond Rd LLC as its only unsecured creditor, with a $2.5 million claim. The creditor's address is listed c/o Frank Dell'Amore, Esq. of Jaspen Schlesinger Et Al., Garden City, New York. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CVCQSAQ/Page_Ave_Partners_LLC__nyebke-25-42844__0001.0.pdf?mcid=tGE4TAMA PAWLUS DENTAL: Hires Hester Baker Krebs LLC as Counsel ------------------------------------------------------ Pawlus Dental, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Hester Baker Krebs LLC as counsel. The firm will provide these services: (a) take necessary or appropriate actions to protect and preserve the Debtor's estate; (b) prepare on behalf of the Debtor necessary or appropriate legal papers in connection with the administration of its estate; (c) provide advice, represent, and prepare necessary documentation and pleadings regarding debt restructuring, statutory bankruptcy issues, post-petition financing, real estate, business and commercial litigation, tax, and, as applicable, asset dispositions; (d) counsel the Debtor with regard to its rights and obligations and its powers and duties in the continued management and operations of its business and properties; (e) take necessary or appropriate actions in connection with a plan or plans of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; and (f) act as general bankruptcy counsel for the Debtor and perform all other necessary or appropriate legal services in connection with the Chapter 11 case. The firm will be paid as follows: Jeffrey Hester, Member $450 John Allman, Member $420 Marsha Hetser, Paralegal $215 Tricia Hignight, Paralegal $215 The firm received from the Debtor an initial retainer of $7,500. Mr. Hester disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Telephone: (317) 608-1129 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About Pawlus Dental, Inc. Pawlus Dental, Inc. provides comprehensive dental services in Columbus, Ind., focusing on preserving natural teeth and enhancing smile aesthetics. The practice offers treatments including dental implants, sleep apnea management, clear aligners, periodontal and cosmetic care, preventive and restorative dentistry, wisdom teeth extraction, root canal therapy, and sedation dentistry. Pawlus Dental sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-02780) on May 14, 2025, listing $890,156 in total assets and $1,119,328 in total liabilities. John G. Pawlus, president and owner of Pawlus Dental, signed the petition. Judge James M. Carr oversees the case. John Allman, Esq., at Hester Baker Krebs, LLC is the Debtor's bankruptcy counsel. German American Bank, as lender, is represented by: Bruce A. Smith, Esq. Rhonda S. Miller, Esq. Smith & Miller, LLP P.O. Box 387 Bargersville, IN 46106 Phone: (812) 802-0222 bsmith@smithmillerlaw.com rmiller@smithmillerlaw.com PHAIR COMPANY: Hires Grobstein Teeple as Financial Advisors ----------------------------------------------------------- The Phair Company LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of California to employ Grobstein Teeple LLP as financial advisors. The firm's services include: (i) monitoring Debtors' financial condition and operating performance; (ii) assisting with preparation of Debtors' monthly operating reports and periodic reports for Debtors' limited liability companies; (iii) performing due diligence with respect to the assets and liabilities, business, financial conditions, and opportunities for Debtors to enhance the value of their assets; (iv) interacting with the Internal Revenue Service on Debtors' behalf regarding formerly submitted tax returns, and amending such tax returns to the extent necessary; (v) preparing estate tax returns; (vi) assisting with the drafting of a Chapter 11 plan, including providing projections and valuations, as necessary; and (vii) performing any and all other services incident and necessary for the smooth administration of the bankruptcy cases. The firm will be paid at these rates: Partners/Principals $400 to $700 per hour Managers/Directors $325 to $485 per hour Staff/Senior Accountants $145 to $325 per hour Paraprofessionals $105 to $200 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Teeple disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joshua R. Teeple Grobstein Teeple LLP Los Angeles Headquarters 6300 Canoga Avenue Ste 1500W Woodland Hills, CA 91367 Tel: (818) 532-1020 About The Phair Company LLC The Phair Company LLC is a limited liability company. The Phair Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-00667) on February 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Vincent Renda, Esq. at PINNACLE LEGAL P.C. represents the Debtor as counsel. PINSTRIPES INC: Considers Chapter 11 Bankruptcy Filing ------------------------------------------------------ Reshmi Basu and Jill R. Shah of Bloomberg News report that Pinstripes Inc., a dining and entertainment company known for its venues featuring bowling, bocce, and food service, is considering filing for Chapter 11 bankruptcy as early as next week, according to sources familiar with the matter. The company has been in private negotiations with its lenders and is receiving legal advice from Ropes & Gray, the sources said, requesting anonymity due to the confidential nature of the discussions. A Chapter 11 filing would allow Pinstripes to continue operating while restructuring its debt, the report states. Pinstripes is also working with advisory firm CR3 Partners, the sources added. About Pinstripes Inc. Pinstripes Inc. is a dining and entertainment company known for its venues featuring bowling, bocce, and food service. PLATINUM COACH: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Platinum Coach, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. The court's order authorized the company's interim use of cash collateral until August 31 to pay operating expenses in accordance with its budget. As protection for the use of its cash collateral, the U.S. Small Business Administration will be granted replacement liens on all of the Debtor's assets and will receive a monthly payment of $500, starting July 5. The company's authority to use cash collateral terminates upon the occurrence of so-called events of default, including failure to comply with the terms of the order; use of cash collateral in excess of the budget; dismissal or conversion of its Chapter 11 case; and appointment of a trustee or examiner. About Platinum Coach Limousine Platinum Coach Limousine Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41666) on May 12, 2023, listing under $1 million in both assets and liabilities. Gregory Novak, president, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor tapped the Law Offices of Alla Kachan, PC as legal counsel and Wisdom Professional Services Inc. as accountant. PMHB LLC: Hires D&C Hospitality as Real Estate Broker ----------------------------------------------------- PMHB, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ D&C Hospitality Investments LLC d/b/a HREC Investment Advisors as real estate broker. The firm will market and sell the Debtor's real property located at 329 Rockwood Road, Arden, NC 28704. The firm will be paid a transaction fee equal to the greater of $300,000 or 1.10 percent of the gross proceeds. Mr. Patel disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bhavesh Patel D&C Hospitality Investments LLC d/b/a HREC Investment Advisors 6400 S. Fiddler's Green Circle Suite 1730 Greenwood Village, CO 80111 Tel: (813) 787-7291 Email: sstephens@hrec.com About PMHB, LLC PMHB, LLC is a hotel development company based in Asheville, N.C. PMHB sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-10038) on March 2, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge George R. Hodges handles the case. The Debtor is represented by Dennis O'Dea, Esq., at SFS Law Group. An official committee of unsecured creditors has been appointed in the Debtor's Chapter 11 case. PROJECT PIZZA: Hires Kornfield Nyberg Bendes as Counsel ------------------------------------------------------- Project Pizza, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Kornfield, Nyberg, Bendes, Kuhner & Little, P.C. as counsel. The firm will render these services: a. give Debtor legal advice with respect to its powers and duties as debtor-in-possession and the continued operation of its business and management of its property; b. prepare on behalf of applicant, as debtor-in-possession, the necessary applications, answers, orders, reports and other legal papers; and c. perform all other legal services for Debtor which may be necessary in this case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm was paid a pre-petition retainer in the amount of $25,000, plus $1,738 filing fee. Chris D. Kuhner, Esq., a partner at Kornfield, Nyberg, Bendes, Kuhner & Little, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chris D. Kuhner, Esq. Kornfield, Nyberg, Bendes, Kuhner & Little, P.C. 1970 Broadway, Suite 600 Oakland, CA 94612 Tel: (510) 763-1000 Fax: (510) 273-8669 Email: c.kuhner@kornfieldlaw.com About Project Pizza, LLC Project Pizza, LLC operates Fiorella Clement, a neighborhood Italian restaurant in San Francisco known for wood-fired pizzas, handmade pastas, and seasonal dishes. The restaurant serves customers through dine-in, takeout, and delivery. Project Pizza sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30397) on May 5, 2025. In its petition, the Debtor reported total assets of $78,855 and total liabilities of $1,001,045. Judge Hannah L. Blumenstiel handles the cases. The Debtor is represented by Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little P.C. PROMETRIC HOLDINGS: Moody's Ups CFR to B2, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded Prometric Holdings Inc.'s (Prometric) Corporate Family Rating to B2 from B3 and its Probability of Default Rating to B2-PD from B3-PD. The ratings on the existing first lien credit facility, consisting of a $75 million revolving credit facility due October 2027 and a $570.57 million term loan due January 2028, were also upgraded to B1 from B2. At the same time, Moody's assigned B1 ratings to the proposed first lien credit facilities, consisting of a $75 million revolving credit facility due June 2030 and a $585 million term loan due June 2032. The existing instrument ratings will be withdrawn at closing of the proposed refinancing. The rating outlook was changed to stable from positive. The rating upgrade reflects Prometric's continued improvement in financial performance and leverage metrics, supported by volume growth, pricing initiatives, and strategic acquisitions. Prometric's Moody's-adjusted leverage (including Holdco debt) has improved to 4.8x and Moody's expects that it will decline further to a low 4x range over the next 12 months. Free cash flow has strengthened due to higher testing volumes and completion of some sizable capital spending initiatives, including cloud migration, enhancements to remote testing technology, and ERP implementation. Moody's expects free cash flow to debt to remain in the mid-single digits over the next 12 months. Prometric's immigration-related language testing has experienced high double-digit volume growth and now represents a significant portion of total company growth. In Canada —the largest market for this segment — English Language Assessment volumes have increased steadily over the past three years, while Japan has seen rising demand from foreign workers due to demographic shifts. Moody's views this immigration-driven business as a source of diversification from the core high-stakes testing business. While Prometric does not hold exclusive contracts in this area and is exposed to policy risk, long-term demographic trends provide structural support. The core business - assessment delivery – which remains the dominant segment, has achieved low single-digit growth, driven by the introduction of pricing escalators in contracts and incremental revenue from additional services. New business wins and assessment development have also contributed to growth. These factors have resulted in strong year-to-date revenue growth of approximately 14% through the second quarter FY25. Moody's views the refinancing transaction, which extends the term loan maturity by seven years and reduces interest expense, alongside the sponsor's commitment to deleveraging, positively as both enhance the company's credit profile. RATINGS RATIONALE The B2 CFR reflects Prometric's modest scale, elevated financial leverage of 4.8x debt-to-EBITDA for the twelve months ended March 31, 2025, and customer concentration risks. Operating performance has improved over the past 18 months, due to higher testing volumes, new business wins, and completed initiatives to optimize test center utilization and rationalize the network. Prometric operates over 6,000+ secure testing centers across more than 160 countries, which enhances its ability to attract and retain customers. The ratings are also supported by the company's established position in the testing and assessment services market, along with long-standing customer relationship and multi-year contracts, provides strong revenue visibility. Moody's expects retention rates to remain in the high 90s. Prometric also benefits from moderate cyclical exposure, as educational-related testing volumes tend to rise during economic downturns, offsetting declines in more economically sensitive segments such as for employment. The addition of remote testing capabilities has further reduced the risk of client losses compared to when the company relied solely on in-center testing capabilities several years ago. Liquidity, on a pro forma basis for the transaction, remains adequate. Prometric has $13 million in cash, and the proposed $75 million revolving credit facility maturing in 2030 is expected to be undrawn at closing but used at peak borrowings. Additionally, Moody's projects positive free cash flow between $20 - $25 million over the next 12 months. These cash flows are expected to provide adequate coverage of the $5.8 million in required annual term loan amortization. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Prometric will continue improving its financial profile over the next 12-18 months through modest growth, margin expansion and consistent cash generation. The outlook also incorporates the expectation that the sponsor will maintain a conservative financial policy, avoiding aggressive dividend distributions in favor of continued deleveraging. The ratings could be upgraded if the company increases testing volume, revenue and earnings, diversifies its customer base, sustains debt-to-EBITDA leverage below 4.0x; and maintains free cash flow as a percentage of debt in the high single-digits. The ratings could be downgraded if revenue and earnings decline due to factors such as lower testing volume, customer losses, increased competition or higher operating costs. Weak free cash flow, debt-to-EBITDA above 5.5x, or a deteriorating liquidity could also lead to a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Prometric, headquartered in Baltimore, Maryland, is a provider of testing and assessment services to educational testing providers, associations, and corporations globally. Prometric was acquired by funds affiliated with BPEA EQT in January 2018. The company generated about $438 million of revenue for the trailing twelve months ended March 31, 2025. PUNKO ONE: Hires Darby Law Practice Ltd as Bankruptcy Counsel ------------------------------------------------------------- Punko One, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Darby Law Practice, Ltd as bankruptcy counsel. The firm will render these services: (a) advise the Debtor of its rights, powers and duties in the continued operation of business and management of its properties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of its estate; (d) attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; (e) appear before the court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; (f) pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and (g) perform all other necessary legal services in connection with the Chapter 11 case. Kevin Darby, Esq., the primary attorney in this representation, will be billed at his hourly rate of $550. The firm received from the Debtor a retainer of $6,000. Mr. Darby 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: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Tel: (775) 322-1237 Fax: (775) 996-7290 Email: kevin@darbylawpractice.com About Punko One, LLC Punko One, LLC, operating as Muley's Bar & Family Grill, is a local restaurant and bar establishment located in Spring Creek, Nevada. Punko One sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50441) on May 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Judge Hilary L. Barnes handles the case. The Debtor is represented by Kevin A. Darby, Esq., at Darby Law Practice, Ltd. PURDUE PHARMA: Ch. 11 Plan Threatens Sackler Claims, Says McKinsey ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that McKinsey & Co. has requested that a New York bankruptcy judge deny approval of Purdue Pharma's Chapter 11 disclosure statement, arguing that the plan lacks clarity regarding how it would handle the firm's potential claims against the Sackler family, the company's former owners. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QVC GROUP: Exec Chair Retains Role Under New Employment Agreement ----------------------------------------------------------------- QVC Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company executed a new employment agreement with Gregory B. Maffei to continue serving as Executive Chairman of QVC Group, Inc. Mr. Maffei has served as Executive Chairman since March 2018 and, prior to such time, served as President and Chief Executive Officer and a director of the Company and its predecessor. The Company believes that Mr. Maffei's institutional knowledge and continued involvement will prove invaluable as the Company continues to navigate macro-economic factors impacting its businesses and focuses on executing its strategic priorities, achieving its business objectives and driving the future of live social shopping. * Term: The Employment Agreement provides for an initial term expiring December 31, 2025, which will be automatically extended through December 31, 2026 unless a notice of nonrenewal is provided by either party at least 30 days prior to December 31, 2025, or Mr. Maffei's employment with the Company ends before such date. * Base Salary; Bonus: Pursuant to the Employment Agreement, Mr. Maffei will receive an annual base salary of $1 million, retroactive to January 1, 2025 and reduced by the amount of nonemployee director compensation previously paid to Mr. Maffei for his service on the Board of Directors during 2025. For each calendar year during the Term, Mr. Maffei will be considered for a bonus so long as he remains employed with the Company through the end of such year. Whether Mr. Maffei will be awarded any such bonus and the amount of any bonus will be determined by the Compensation Committee of the Board in its sole discretion. * Termination: The Employment Agreement also provides that, on any termination of Mr. Maffei's employment, he will be entitled to his accrued base salary through the date of termination, any unpaid expense reimbursements, any vested benefits owed in accordance with other applicable plans, programs and arrangements of the Company, any discretionary bonus with respect to a calendar year ending prior to the date of termination awarded but unpaid, and the continuance of certain indemnification rights. In addition, in the event Mr. Maffei's employment is terminated during the Term by the Company without Cause or by Mr. Maffei for Good Reason (each as defined in the Employment Agreement), Mr. Maffei will be entitled to a severance payment equal to the amount of his base salary that he would have earned through the remainder of the Term had it not been so terminated, subject to the execution of a release. The following description of Mr. Maffei's Employment Agreement is qualified in its entirety by reference to the Employment Agreement, which is available at https://tinyurl.com/y9dspvcv About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through our subsidiaries and affiliates, we operate in North America, Europe and Asia. Its principal businesses and assets include our consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of Dec. 31, 2024, QVC Group had $9.24 billion in total assets, $10.13 billion in total liabilities, and $885 million in total stockholders' equity. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. RAFTER H FARM: Case Summary & 13 Unsecured Creditors ---------------------------------------------------- Debtor: Rafter H Farm and Ranch, LLC Rafter H Commodities 238 County Road 435 Jonesboro, TX 76538-1482 Business Description: Rafter H Commodities is a family-run agricultural business based in Texas. The Company engages in diversified farming activities, emphasizing sustainable homesteading and livestock production. Chapter 11 Petition Date: June 11, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 22-10112 Judge: Hon. Brad W Odell Debtor's Counsel: Joseph Fredrick Postnikoff, Esq. ROCHELLE MCCULLOUGH, LLP 300 Throckmorton Street, Suite 520 Fort Worth TX 76102-2929 Tel: (817) 347-5261 E-mail: JPostnikoff@romclaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sam Hemphill as managing member. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZWZUBMA/Rafter_H_Farm_and_Ranch_LLC__txnbke-25-10112__0001.0.pdf?mcid=tGE4TAMA REVIVA PHARMACEUTICALS: Inks $50M ATM Sales Deal With B. Riley, AGP ------------------------------------------------------------------- Reviva Pharmaceuticals Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an At Market Issuance Sales Agreement with B. Riley Securities, Inc. and Alliance Global Partners, serving as agents, with respect to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.0001 per share, having an aggregate offering price of up to $50 million through the Agents. Any Shares offered and sold in the Offering will be issued pursuant to the Company's shelf Registration Statement on Form S-3 (File No. 333-276848) filed with the Securities and Exchange Commission on February 2, 2024, which was declared effective on February 13, 2024, the related prospectus contained therein, and the prospectus supplement relating to the Offering to be filed with the SEC and any applicable additional prospectus supplements related to the Offering that form a part of the Registration Statement. The Agents may sell the Shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 of the Securities Act of 1933, as amended, including, without limitation, sales made through The Nasdaq Capital Market or on any other existing trading market for the Common Stock. The Agents will use commercially reasonable efforts to sell the Shares from time to time consistent with their normal trading and sales practices and applicable state and federal rules, regulations and Nasdaq rules, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay the Agents a commission equal to three percent of the gross sales proceeds of any Shares sold through the Agents under the Agreement, and also has provided the Agents with customary indemnification and contribution rights. The Agents are not required to sell any specific number or dollar amount of the Shares, but will use commercially reasonable efforts to sell, on behalf of the Company, all of the Shares requested to be sold by the Company, consistent with their normal trading and sales practices, on mutually agreed terms between the Agents and the Company. There is no arrangement for funds to be received in any escrow, trust or similar arrangement. The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is available https://tinyurl.com/jwbtv23f About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a “going concern” qualification in its report dated Apr. 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15.5 million in total assets, $14.7 million in total liabilities, and a total stockholders' equity of $0.8 million. REVOLUTION AUTO: Claims to be Paid from Ongoing Operations ---------------------------------------------------------- Revolution Auto Brokers, L.L.C. filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana an Original Subchapter V Plan of Reorganization dated June 3, 2025. The Debtor owns and operates a used car dealership in LaPlace, LA. The Debtor has two members: Mickey and Linda Landry. Mr. Landry serves as the Debtor's manager and runs the Debtor on a day-to-day basis. The Debtor's primary asset is its real estate located at 500 Hemlock Street, LaPlace, LA 70068-3923 (the "Hemlock Property"). The Debtor's other assets include its used vehicle inventory (which is usually three to four vehicles per month) and its leases of Parcels #2 and #3 of the Hemlock Property. The Debtor sought relief under Subchapter V because it had been sued in Hamilton County, State of Indiana by NextGear. See NextGear Capital, Inc. v. Revolution Auto Brokers, L.L.C. et al, 29D01-2412-PL-014072 (the "Indiana Action"). After the Petition Date, NextGear voluntarily dismissed the Indiana Action without prejudice. The Debtor has formulated this Plan of Reorganization. The Debtor intends to distribute its Projected Disposable Income to holders of Allowed Claims over the Commitment Period. Class 2 contains holders of Allowed General Unsecured Claims. The Debtor has identified the following Persons as holders of General Unsecured Claims: First Insurance Funding ($4,108.58); Next Gear ($93,929.77); LDR ($4,922.84); and Westchester Surplus Lines ($651.00). The treatment of Class 2 shall depend on whether the holders of Allowed General Unsecured Claims vote to accept or reject the Plan as a Class, pursuant to section 1126(c) of the Bankruptcy Code. If Class 2 votes to ACCEPT the Plan, each holder of an Allowed General Unsecured Claim shall receive: * a Pro Rata share of quarterly deferred Cash payments of $4,000.00, payable on each quarterly Distribution Date for a period beginning on the first Distribution Date after holders of Allowed Administrative Claims are paid in full and continuing until the earlier of (i) the date the Claim is paid in full or (ii) the date of the refinance; and * a Pro Rata share of the unpaid balance of such holder's Allowed General Unsecured Claim from the net proceeds of a refinance of the Hemlock Property, which refinance shall be completed no later than four years after the Effective Date of the Plan. If Class 2 votes to REJECT the Plan, each holder of an Allowed General Unsecured Claim shall receive a Pro Rata share of quarterly deferred Cash payments of $4,000.00, payable on each quarterly Distribution Date beginning on the first Distribution Date after holders of Allowed Administrative Claims are paid in full and continuing and continuing until the date the Claim is paid in full. If Class 2 rejects the Plan, the Debtor estimates holders of Allowed General Unsecured Claims will be paid in full by the 32nd quarterly Distribution Date which would be after the fifth anniversary of the Effective Date. Class 2 is Impaired. Holders of Class 2 Claims are entitled to vote to accept or reject this Plan. Class 3 consists of Equity Security Holders Mickey and Linda Landry. As the sole holders of Equity Securities in the Debtor, Mickey and Linda Landry shall retain their membership interests. Mickey and Linda Landry are Unimpaired, and thus, is deemed to accept this Plan. The Debtor shall fund the Plan from the ongoing operation of its used car dealership business and rental income generated from the lease of a portion of its real property to an auto repair shop. On average, the Debtor sells approximately three used vehicles per month, yielding an average net profit of $2,000 per vehicle, or $6,000 per month. In addition, the Debtor receives $3,000 per month in fixed rental income from the auto repair shop under a lease. These combined revenues will be used to pay Administrative Claim, fund distributions to creditors, and satisfy the Debtor's obligations under the Plan. To the extent necessary to meet Plan obligations, the Debtor shall maintain reasonable business expenses and control overhead to preserve Projected Disposable Income available for distribution. The Debtor shall continue to operate in the ordinary course of business, including acquiring inventory for resale, managing operating expenses, and maintaining its lease arrangement with the auto repair shop. The Debtor believes that its historical revenue and cost structure will support the proposed Plan payments and provide sufficient cash flow during the Commitment Period. A full-text copy of the Subchapter V Plan dated June 3, 2025 is available at https://urlcurt.com/u?l=9WwMwv from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan J. Richmond, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Tel: (225) 412-3667 Fax: (225) 286-3046 Email: ryan@snw.law About Revolution Auto Brokers Revolution Auto Brokers, L.L.C., owns and operates a used car dealership in LaPlace, LA. The Debtor filed Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 25-10403) on March 6, 2025, with up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Meredith S. Grabill oversees the case. The Debtor tapped Sternberg, Naccari & White, LLC as legal counsel. ROCKY MOUNTAIN: SVP of Operations Ryan McGrath to Resign July 3 --------------------------------------------------------------- Rocky Mountain Chocolate Factory, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Ryan McGrath, SVP of Operations, notified the Company of his intention to resign effective July 3, 2025. Mr. McGrath's resignation is not the result of any disagreement with the Company or the Company's Board of Directors on any matter relating to the operations, policies or practices of the Company. About Rocky Mountain Chocolate Factory Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an international franchisor, confectionery producer, and retail operator. Founded in 1981, the Company produces an extensive line of premium chocolate candies and other confectionery products. New York, N.Y.-based CohnReznick LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated June 13, 2024, attached to the Company's Annual Report on Form 10-K for the year ended February 29, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations in recent years and is dependent on debt financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. RUNWAY TOWING: Plan Exclusivity Period Extended to November 25 -------------------------------------------------------------- Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the Eastern District of New York extended Runway Towing Corp.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 25, 2025 and January 24, 2026, respectively. As shared by Troubled Company Reporter, the Debtor has commenced a lawsuit against the City of New York and other defendants due to the City cancelling its tow license and it is seeking $100,000,000.00 in damages and $50,000,000.00 for punitive damages. Litigation counsel for the lawsuit is Margolin & Pierce. That lawsuit is in its early stages and the proceeds from that lawsuit will be used to fund the Debtor's Plan of Reorganization. The Debtor believes that it will prevail in the litigation. The Debtor explains that the Debtor will not be able to file a plan or fund the plan without the lawsuit proceeds. Accordingly, the Debtor will need additional time to file a plan of reorganization, and the purpose of this Motion is to extend the Debtor's exclusivity period. Runway Towing Corp. is represented by: James H. Shenwick, Esq. Shenwick & Associates 116 Plymouth Drive Scarsdale, NY 10583 Telephone: (917) 363-3391 Email: jshenwick@gmail.com About Runway Towing Corp. Runway Towing Corp. filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 25-11764) on Feb. 28, 2025, listing under $1 million in both assets and liabilities. James H. Shenwick, Esq., at Shenwick & Associates serves as the Debtor's counsel. S&S FOODS: Gets Interim OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts granted S&S Foods, Inc. authorization to use cash collateral on an interim basis to fund its business operations. The company was authorized to use cash collateral, including cash on hand and proceeds from accounts receivable in accordance with its 13-week budget. The budget projects total operational expenses of $683,541. As protection, Olympus Lending, LLC, Paz Funding Source, LLC and other secured creditors with valid, perfected, and unavoidable liens as of the petition date will be granted post-petition replacement liens. The next hearing is scheduled for June 24. About S&S Foods, Inc. S&S Foods, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mas. Case No. 25-11148) with $0 to $50,000 in assets and $0 to $50,000 in laibilities. Judge Hon. Christopher J Panos oversees the case. The Debtor is represented by: John F. Sommerstein Law Offices Of John F. Sommerstein Tel: 617-523-7474 Email: jfsommer@aol.com S&S HOLDINGS: Moody's Lowers CFR to B3 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded S&S Holdings, LLC's (S&S) ratings, including its corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD, senior secured first lien term loans and senior secured notes rating to B3 from B2, and senior secured second lien term loan rating to Caa2 from Caa1. The outlook was changed to stable from negative. The downgrades reflect the company's revenue and EBITDA declines (pro-forma for the aphabroder acquisition) over the past several quarters and Moody's expectations for continued weakness in 2025. Revenue and gross profit declines have been driven by lower industry volumes, some market share losses and lower pricing. At the same time, the integration of alphabroder has proceeded ahead of plan, which will likely accelerate cost savings. In 2026, Moody's projects revenue recovery and continued synergy realization, leading to earnings growth. Moody's model Moody's-adjusted debt/EBITDA in the low-7x range and EBITA/interest expense of 1x in 2025, improving to low 6x and 1.2x in 2026. RATINGS RATIONALE S&S' B3 CFR is constrained by its high leverage and recent weakness in operating performance. Moody's-adjusted debt/EBITDA pro-forma for the full-year impact of the alphabroder acquisition was at 7.6x as of March 31, 2025, up from 6.5x as of June 30, 2024. Operating performance has been below expectations since the acquisition as industry demand weakened and competitors gained market share. Moody's do not expect a significant direct impact from higher tariffs on the company's operations in the near term because S&S has secured a significant portion of its 2025 inventory, its private brands represent a small portion of sales, sourcing is well-diversified, and vendors are likely to absorb a significant portion of tariffs given the pass-through nature of the distribution model. However, Moody's expects demand in both the corporate and consumer segments to continue to decline as a result of weaker consumer discretionary spending and decelerating economic growth. Further, despite the alphabroder integration being ahead of plan, the acquisition still carries risks due to its size and strategic nature. S&S' credit profile is also constrained by the company's operations in the niche and competitive blank apparel distribution sector and high supplier concentration with its top vendor. The rating also reflects governance considerations, including financial strategies that have supported debt-financed acquisitions. S&S' credit profile is supported by the company's adequate liquidity over the next 12-18 months. Moody's expects modestly negative free cash flow in 2025 after mandatory term loan amortization payments, reflecting significant working capital benefits that offset high automation capital expenditures and integration charges. However, liquidity benefits from good revolver availability and lack of near-term maturities. For 2026, Moody's expects cash flow to be modestly positive, driven by higher earnings, normalized capital expenditures, and modest working capital use. The credit profile is also supported by the company's scale with roughly $3.8 billion in pro-forma revenue and a leading position in the US imprintable apparel distribution market. While credit metrics and cash flow currently incorporate significant costs related to the integration, Moody's expects these costs to decline in 2026, while the company will also benefit from a leaner cost structure, distribution center automation and improved service levels. In addition, S&S has low customer concentration and a broad geographic footprint in North America that allows its product to reach customers within one to two business days. The company executed well on its growth plans following the 2021 leveraged buyout (LBO) and has made significant investments in key staff, salesforce, warehouse capacity, technology and automation. The stable outlook reflects Moody's projections for adequate liquidity and improving earnings performance. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if earnings significantly improve and free cash flow turns solidly positive. Quantitatively, the rating could be upgraded if debt/EBITDA declines below 6x or EBITA/interest expense improves to 1.75x. The rating could be downgraded if EBITDA does not improve or if liquidity weakens for any reason, including negative free cash flow and significant revolver reliance. The ratings could also be downgraded if vendor relationships deteriorate or if the integration of alphabroder does not generate the expected earnings growth and synergy realization. Quantitatively, the rating could be downgraded if EBITA/interest expense is maintained below 1.0x. Headquartered in Bolingbrook, Illinois, S&S is a specialty distributor of imprintable apparel, including t-shirts, fleece, athletic wear, outerwear, headwear, wovens and accessories. Pro-forma for the alphabroder acquisition, revenue for the twelve months ending March 31, 2025 was approximately $3.8 billion. The company has been majority owned by affiliates of Clayton, Dubilier & Rice since 2021. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SAFE & GREEN: Signs LOI to Acquire Giant Containers for $3.5-Mil. ----------------------------------------------------------------- Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a non-binding Letter of Intent with Giant Group America, Inc. to purchase 100% of the issued and outstanding securities of Giant Containers Inc., for a purchase price of $3.5 million, entitling the Company to full and complete ownership of Giant post-closing. Giant Containers is a global developer of custom modular shipping container structures, trusted by some of the world's most iconic brands and institutions including Tesla, Nike, General Motors, and Yale University. With years of experience serving the residential, commercial, industrial, and government sectors, Giant Containers has earned a reputation for award-winning, high-quality craftsmanship, cutting-edge design, and sustainable construction practices. Giant currently has more than $6.8 million in active projects under contract. As part of the transaction, Safe & Green will assume these projects and client relationships, and will serve as the primary manufacturing arm for these and future projects post-closing. Giant's pipeline of projects includes commercial, residential, and industrial builds across North America, with clients such as Live Nation, Houston Airport, and GCT Deltaport, among others. The Purchase Price will be paid as follows: * $1.75 million to be paid in certified funds at closing, and * $1.75 million to be paid via delivery of a promissory note which shall accrue interest at a rate of 5% per annum, and which shall be paid over a period of 24 months post-closing in quarterly installments of interest and principal. The Letter of Intent provides that the parties will make their best efforts to executive the definitive documents within 15 days of the Effective Date, and to close the transaction on or before June 15, 2025. The Letter of Intent further provides that Daniel Kroft, principal of the Seller and of Giant, shall be hired by the Company post-closing as the Company's Vice President of Business Development with a one-year term, a base annual salary of $250,000, eligibility for stock options customary for Company executives, and restrictive covenants regarding non-competition and non-solicitation customary for Company executives. Safe & Green Chairman and CEO Mike McLaren commented, "This strategic acquisition directly supports our mission to transform critical infrastructure through modular, ESG-aligned solutions. Giant brings a robust portfolio of current and upcoming projects, a strong pipeline of repeat clients, and deep expertise in modular construction. Additionally, bolstering our executive team with Daniel Kroft with his industry experience and entrepreneurial leadership will be instrumental in driving future growth as we strengthen our commitment to building long-term shareholder value." The proposed acquisition remains subject to customary conditions, including satisfactory due diligence, final negotiation and execution of definitive agreements, board approvals, and any necessary regulatory approvals. Final terms in the definitive agreements are subject to change from the LOI. About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $6,071,524 in total assets, $18,531,832 in total liabilities, and a total stockholders' deficit of $12,460,308. SALON SUITES: Case Summary & Five Unsecured Creditors ----------------------------------------------------- Debtor: Salon Suites Holding Inc. 1371 E 48th St Brooklyn, NY 11234 Chapter 11 Petition Date: June 13, 2025 Court: United Stated Bankruptcy Court Eastern District of New York Case No.: 25-42883 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Michael A. King, Esq. MICHAEL E. KING, ESQ. 41 Schermerhorn Street, Suite 228 Brooklyn, NY 11201 Tel: 646-824-9710 Fax: 347-227-1266 E-mail: Romeo1860@aol.com Total Assets: $935 Total Liabilities: $1,818,083 The petition was signed by Djenane Bartholomew as owner. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VWKSMFQ/SALON_SUITES_HOLDING_INC__nyebke-25-42883__0001.0.pdf?mcid=tGE4TAMA SAMYS OC: Gets Extension to Access Cash Collateral -------------------------------------------------- Samys OC, LLC received fourth interim approval from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral. The fourth interim order authorized the company to use cash collateral to pay operating expenses set forth in its budget, with a variance of 10%. The company projects total operational expenses of $950,660.90 for June. As protection, secured creditors Dream First Bank and the U.S. Small Business Administration were granted replacement liens on all post-petition cash collateral and other property of the company to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Dream First Bank will receive a monthly payment of $59,913.90. The interim order provides for a carve-out of up to $125,000 for attorney fees and expenses, and up to $25,000 for other professional fees and disbursements. A final hearing is scheduled for June 25. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy counsel. Dream First Bank, as secured creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman, LLP 100 N. Broadway, Ste. 950 Wichita, KS 67202-2216 Telephone: (316) 265-7741 Facsimile: (316) 267-7803 hill@hitefanning.com SANCTUARYSPA INC: Case Summary & 11 Unsecured Creditors ------------------------------------------------------- Debtor: Sanctuaryspa Inc. 6487 E. PCH Long Beach, CA 90803 Business Description: Sanctuary Spa is a boutique day spa in Long Beach offering a range of services including facials, massages, body treatments, dermaplaning, chemical peels, and DiamondGlow treatments. The spa customizes services to individual needs and emphasizes a holistic approach to skincare. It operates in a tranquil setting designed to promote wellness and relaxation. Chapter 11 Petition Date: June 12, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-14964 Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 E-mail: michael.berger@bankruptcypower.com Total Assets: $50,397 Total Liabilities: $1,032,222 The petition was signed by Crista Rossi as chief executive officer. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CPJPRMQ/Sanctuaryspa_Inc__cacbke-25-14964__0001.0.pdf?mcid=tGE4TAMA SAZERAC CO: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings assigned a 'BB-' issuer credit rating to U.S.-based Sazerac Company Inc. and a 'BB-' issue-level rating to its proposed term loan B. The recovery rating is '3', indicating its expectations for meaningful (50%-70%; rounded estimate 60%) recovery in the event of a payment default. The stable outlook reflects S&P's expectation that Sazerac will grow revenue by mid-single digits, while continuing to expand its EBITDA margin by more than 130 basis points (bps) over the next year, enabling it to reduce leverage below 5x. The company has leading market shares in spirits and a diversified brand portfolio, albeit less premium than peers in categories outside whiskeys. Sazerac is the largest distiller in the U.S. and third-largest in the world by volume, with a vast brand portfolio that includes more than 525 spirits brands across whiskey, vodka, tequila, ready to drink (RTD) and other spirits categories. Some of the company's more notable brands are Fireball and Buffalo Trace. The company recently acquired Svedka (the fourth-largest vodka brand by volume in the U.S.) and Buzzballz (the fifth-largest RTD brand by volume in the U.S. with ongoing share gains). Overall, Sazerac has 30 of the top 100 whiskeys and vodkas by volume in the U.S. More than 50% of the company's brands are value priced or at the lower end of the premium price range, many of which the company has been able to successfully leverage into lower price package offerings, like single serve shooters, to grow sales faster than the broader industry. The company is highly acquisitive and actively pursuing market share in different categories within the spirits and alcoholic beverage sectors. The recent agreements to acquire Buzzballz and Svedka represent its strategy to expand its leading market position in brands with higher velocities and lower price points. Svedka provides Sazerac with another market leading vodka and the opportunity to position and distribute the vodka differently with their in-house sales and marketing team. The Buzzballz acquisition fills an immediate strategic gap in the RTD space, with the sector's fastest growing RTD, surpassing leaders in the category including High Noon (vodka seltzer) and Surfside (vodka tea). The Buzzballz acquisition should add over $150 million of annualized EBITDA, while Svedka should add around $40 million, with further revenue and synergy opportunities for Sazerac to realize. S&P said, "Pro forma leverage is high but we project it will improve. We estimate pro forma S&P Global Ratings-adjusted leverage will be around 5.2x at close of the transaction and fall closer to 4.5x by fiscal-year-end 2026 (ending June 30, 2025) as margins and free operating cash flow (FOCF) improve. Fiscal 2025 operating cash flows were negligible primarily because of one-time compensation expense for its retiring CEO. Without those payments reoccurring in fiscal 2026, we expect the company will generate more than $100 million in FOCF. Future FOCF should continue to grow as the company improves its fixed cost absorption and tightly manages its working capital to partially offset outflows for future aged liquid inventories." Sazerac's portfolio is well positioned to benefit from industry trends in the alcoholic beverage sector. The broader spirits market should maintain a low- to mid-single-digit category growth profile, with RTD offerings growing faster. Moreover, the decline in beer consumption and the under-penetration of spirits in U.S. households offer Sazerac's brand portfolio additional room to grow domestically. There is also opportunity for Sazerac to bring its premium bourbon portfolio to the EU and other markets, where the spirit is underserved despite the presence of other whiskeys. Customer concentration is minimal under the company's new distribution strategy. Sazerac's new route market strategy introduced in 2023 is not overly concentrated, given that no single distributor accounts for more than about 10% of Sazerac's distribution. This has allowed Sazerac to take full control of merchandising and marketing where it has demonstrated a proven track record of penetration and brand revival as seen most recently with its ability to grow Southern Comfort year over year following its acquisition Ongoing dividends and future payment for Buzzballz deferred purchase obligation will mute more meaningful deleveraging, while acquisition risk could further pressure leverage. Sazerac pays distributions to members of the owning family for estate planning purposes. Following the Buzzballz acquisition, the company now has material amortization payments over the next several years to satisfy its deferred purchase obligation. S&P said, "Because of these distributions and payments, we are not projecting the company to repay debt over the next two to three years (beyond mandatory amortization). Moreover, given Sazerac's acquisitive history, the risk of future debt-funded mergers and acquisitions (M&A) could add to leverage. Therefore, ratings upside will likely be limited well beyond a year to assess the degree to which the company sustains our projected lower leverage." S&P said, "The stable outlook reflects our expectation that Sazerac will grow revenue by mid-single digits and continue to moderately expand EBITDA margins through 2027. This should enable the company to reduce leverage below 5x over the next year. "We could lower our ratings if Sazerac sustains S&P Global Ratings -adjusted leverage above 5x and the company faces challenges integrating both the acquisitions." This could occur if the company: -- Faces significant macroeconomic pressure, possibly including a prolonged slowdown in consumer spending in the spirits and alcoholic beverage categories; -- The company's brands fall out of favor with consumers, leading to persistently weak volumes and declining margins. -- Undertakes further debt-funded M&A. Although not likely over the next 12 to 18 months, S&P could take a positive rating action if Sazerac reduces and sustains leverage below 5x. This could occur if the company: -- Successfully integrates Svedka and Buzzballz, while continuing to grow sales for both brands. -- Improves its FOCF so that it can continue to fund its capital allocation priorities without external financing. -- Does not demonstrate an ongoing track record of pursuing debt financed acquisitions that precludes them from sustaining leverage in line with S&P's projections. SCOOPIE LLC: Seeks to Hire Cooper & Scully as Counsel ----------------------------------------------------- The Scoopie, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Cooper & Scully, PC as legal counsel. The firms will render these services: (a) prepare and file schedules and a statement of financial affairs; (b) negotiate with creditors and handle routine motions such as motions for relief from stay, cash collateral motions and the myriad of bankruptcy motions that will be filed in this case; (c) file objections to claims, if necessary; (d) perform legal work necessary to sell property of the estate; (e) draft, file and prosecute adversary proceedings necessary to determine the extent, validity and priority of liens; (f) draft, file and prosecute avoidance actions if necessary; (g) draft, file and prosecute adversary proceedings, motions and contested pleadings as necessary; (h) prepare and file a Plan and Disclosure Statement; (i) conduct discovery that is required for the completion of the case or any matter associated with the case; (j) perform all legal matters that are necessary for the completion of the case; and (k) perform miscellaneous legal duties to complete the bankruptcy case. The firm will be paid at these rates: Julie Koenig, Attorney $450 per hour Paralegal $125 per hour The firm received from the Debtor the amount of $2,000 as retainer, and $1,738 for filing fee. Ms. Koenig 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: Julie Koenig, Esq. Cooper & Scully, P.C. 900 Jackson St Ste 100 Dallas, TX 75202 Tel: (214) 712-9500 About The Scoopie, LLC The Scoopie, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32929) on May 28, 2025. In the petition signed by Jarred Allen, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Julie M. Koenig, Esq., at Cooper & Scully, PC, represents the Debtor as legal counsel. SEXTANT STAYS: Hires Edelboim Lieberman PLLC as Counsel ------------------------------------------------------- Sextant Stays, Inc. d/b/a Roami seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Edelboim Lieberman PLLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and properties; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the case; (c) advise the Debtor in connection with post-petition financing arrangements and draft documents relating thereto; (d) take all necessary action to protect and preserve the Debtor's estate; (e) prepare on behalf of the Debtor all legal papers necessary to the administration of the estate; (f) negotiate and prepare on the Debtor's behalf a plan of reorganization, disclosure statements and all related agreements and/or documents, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (g) attend meetings with third parties and participate in negotiations with respect to the above matters; (h) appear 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; and (i) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The firm will be paid as follows: Brett Lieberman, Esq. $625 per hour Mordan B. Edelboim, Esq. $625 per hour Attorneys $300 - $625 per hour Legal Assistants $260 per hour Paralegals $260 per hour In addition, the firm will seek reimbursement for expenses incurred. Since the commencement of the engagement through May 2025, the firm has issued monthly invoices1 to Debtor in the total aggregate amount of $73,823.65. On or about May 20, 2025, the Debtor executed a supplemental engagement agreement with the firm in connection with its bankruptcy case. On or about May 20, 2025, the firm received an additional $100,000 from the Debtor for services to be rendered both pre-filing and post-filing of the bankruptcy. Morgan Edelboim, Esq., a partner at Edelboim, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Morgan Edelboim, Esq. Edelboim Lieberman Revah PLLC 20200 W. Dixie Highway, Suite 905 Aventura, FL 33180 Tel: (305) 768-9909 Fax: (305) 928-1114 Email: morgan@elrolaw.com About Sextant Stays, Inc. d/b/a Roami Sextant Stays, Inc., doing business as Roami, is a hospitality company that offers urban group travel accommodations in cities such as Miami and New Orleans. Founded in 2016, the company manages entire buildings to provide consistent, design-forward spaces aimed at delivering memorable and connected travel experiences. Sextant Stays' approach bridges the gap between traditional hotels and inconsistent vacation rentals, catering to modern travelers seeking comfort, reliability, and style. Sextant Stays sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15908) on May 27, 2025, listing $5,033,274 in assets and $15,895,759 in liabilities. Andreas King-Geovanis, chief executive officer of Sextant Stays, signed the petition. Judge Robert A. Mark oversees the case. Brett Lieberman, Esq., at Edelboim Lieberman, PLLC represents the Debtor as legal counsel. SHARPLINK GAMING: Alpha Capital Cuts Stake to 0.004% ---------------------------------------------------- Alpha Capital Anstalt disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of May 30, 2025, it beneficially owned 284,550 shares of common stock of Sharplink Gaming Inc., representing 0.004% of the company's 69,764,811 shares outstanding as of that date. The shares are held with sole voting and dispositive power. Alpha Capital Anstalt may be reached through: Konrad Ackermann, Director Altenbach 8, FL-9490 Vaduz, Liechtenstein Tel: 011-423-2323195 A full-text copy of Alpha Capital's SEC report is available at: https://tinyurl.com/2s3tz5dj About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report on the 2024 annual results. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. The Company has a track record of net losses and noted that it may be unable to achieve or sustain profitability going forward. The Company experienced net income of $10,099,619 for the year ending Dec. 31, 2024, compared to a net loss of $14,243,182 for the years ended Dec. 31, 2023. As of Dec. 31, 2024, the Company had an accumulated deficit of $(77,808,959). SILVER AIRWAYS: Shuts Operations, Argentum Buys Assets ------------------------------------------------------ Silver Airways, LLC, abruptly shut flight operations and is completing a sale of its assets to Argentum Acquisition Co., LLC. Argentum emerged as the winning bidder for the assets with an offer of $5,755,000 in cash plus additional amounts and the assumption of certain liabilities. The Debtor scheduled an auction but no other party submitted a qualified bid. "We regret to inform you that we are ceasing operations as of today, June 11, 2025. In an attempt to restructure in bankruptcy, Silver entered into a transaction to sell its assets to another airline holding company, who unfortunately has determined to not continue Silver's flight operations in Florida, the Bahamas and the Caribbean," Silver informed customers via an Instagram post. "Please do not go to the airport. All credit card purchases should be refunded through your credit card company or your travel agency." A sale hearing before Judge Peter Russin was conducted on June 4, 10 and 11, and another is scheduled for June 24, as the final iterations of the proposed sale order and asset purchase agreement have yet to be signed due to unresolved issues with the unions and the purchaser. Argentum says it has not agreed to pay certain of the administrative expenses sought by the Debtor and it is not requesting that the Debtor stay in place in Chapter 11. The buyer says wants to remove the provision that provides that "Purchaser shall pay all administrative expenses incurred by Seller, including United States Trustee fees, professional fees, and ordinary course expenses incurred by the estate for the period commencing June 11, 2025 and ending on the date the Purchaser informs Seller it no longer requires Seller to remain a chapter 11 debtor." Meanwhile, the Association Of Flight Attendants-CWA and International Brotherhood of Teamsters, Local Union No. 1224 (IBT Local 1224) and the International Brotherhood of Teamsters-Airline Division (IBT-AD), which represents Silver Airways' flight attendants of the pilots, says the Debtor has failed to comply with key procedural and substantive obligations under the applicable collective bargaining agreements. IBT says the pilots and flight attendants are represented by unions, are on seniority lists, and have pre-existing CBAs that the purchaser is legally required to recognize and honor. IBT says the sale documents fail to acknowledge that the CBAs are binding upon Argentum as a "successor employer", and the unions cannot at this time meaningfully evaluate whether the "CBAs are being assumed, rejected, or improperly ignored." The purchaser counters that it is not responsible for the payment of the Debtor's obligations as demanded by the unions, nor will it acknowledge and agree that it is a successor employer under the CBA. Argentum has outlined modifications to the proposed sale order to provide that: "The Purchaser will acquire the assets of the Seller to operate the business of Seller and to the extent practicable Purchaser will continue as an airline, but Purchaser is not a successor of the Seller nor its estate, there is no continuity or continuity of enterprise between the Purchaser and the Seller, and there is no common identity between the Seller and the Purchaser." All assets of Seaborne, and the equity interests in Seaborne owned by Silver, are excluded from the Silver sale transaction. The deal with Argentum does not include the leases for aircraft, and equipment leased from Jetstream Aviation Capital, LLC and Azorra Eagle entities. The asset purchase agreement identifies Wexford Capital Senior Vice President Wayne Heller as Argentum's CEO. According to his LinkedIn profile, Mr. Heller is also president and CEO of Alaska-based Aleutian Airways, and Jacksonville, Florida-based Sterling Airways. He was executive vice president and COO of Republic Airways Holdings from 1999 to 2015. Counsel to buyer Argentum: Michael A. Shiner, Esq. Tucker Arensberg, P.C. One PPG Place, Suite 1500 Pittsburgh, PA 15222 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 Dec. 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. Lawyers at Tucker Arensberg, P.C. represent Argentum Acquisition Co., LLC, emerged as the winning bidder for the airline's assets with an offer of $5,755,000 in cash plus additional amounts and the assumption of certain liabilities. SKYSKOPES INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: SkySkopes, Inc. 1628 W. Williams Drive Phoenix, AZ 85027 Business Description: SkySkopes Inc. provides aviation and geospatial services to clients in the oil and gas, infrastructure, electric utility, and geospatial sectors. The Company operates a fleet of drones, helicopters, and fixed-wing aircraft, and offers data-driven solutions through a team of industry professionals. Chapter 11 Petition Date: June 13, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-05420 Judge: Hon. Daniel P Collins 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: $10 million to $50 million Estimated Liabilities: $10 million to $50 million Dan Daffinrud signed the petition as treasurer and secretary. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MMVJTWY/SKYSKOPES_INC__azbke-25-05420__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Advanced Helicopter Services Services $75,127 17986 County Road 94B Provided Woodland, CA 95695 Dayhanna Dera Email: ddera@advheli.com Phone: 530-669-7115 ext 224 2. Armada Systems Inc. Vendor $56,810 11 Funston Ave. Ste A San Francisco, CA 94129 Sam Picarro Email: spicarro@armada.aid Phone: 415-727-6147 3. BAGZ Consulting LLC Fees $100,000 9545 Via Del Sol Caliente Tucson, AZ 85748 Irene Binuya Email: irene@bagzconsulting.com Phone: 424-644-9607 4. BlueCross BlueShield of North Premiums $108,522 Dakota 4510 13th Avenue South Fargo, ND 58121 Jolene Groninger Email: jolene.groninger@bcbsnd.com Phone: 701-858-5015 5. Capital Assist LLC Loan $70,030 2 Executive Blvd, Ste 305 Suffern, NY 10901 Isaac H. Greenfield Esq. Phone: 718-564-6268 6. CFG Merchant Solutions Loan $539,596 180 Maiden Lane, 15th Floor New York, NY 10038 Joe Huguenot Email: jhuguenot@cfgms.com Phone: 646-880-6762 7. Clearfund Solutions Loan $219,312 99 Wall Street New York, NY 10005 Jack Email: support@clearfund.com Phone: 646-809-4146 8. Core Funding Source LLC Loan $109,596 49 Front St., Suite 6 Rockville Centre, NY 11570 Email: info@corefundingsource.com Phone: 323-760-9590 9. English Air Service Services $56,843 3409 Corsair Circle Provided Santa Maria, CA 93455 Taylor English Email: taylor@flyeasaero.com Phone: 805-478-4598 10. ESRI Inc Fees $56,843 380 New York St Redlands, CA 92373 Anne Linane Mann Email: amann@esri.com Phone: 888-377-4575 ext133 11. Hexagon Helicopters Inc Services $104,220 P.O. Box 696 Provided Elkhorn, NE 68022 Email: hexagonhelicopters@gmail.com Phone: 402-885-0189 12. McCraken Alliance Services $301,678 Partners LLC Provided 7440 Calm Springs Drive Flowery Branch, GA 30542 Marilyn Owen Email: marilyn.owen@mapcfo.com Phone: 770-965-2581 13. Meged Funding Group Loan $168,283 1 Princeton Ave Brick, NJ 08724 Moshe Lud Email: Moshe@megedfunding.com Phone: 929-551-0831 14. Network Center Inc Services $80,661 3487 University Provided Drive S Fargo, ND 58104 Brad Gorder Email: brad.gorder@netcenter.net Phone: 800-723-5353 15. River Capital Partners LLC Loan $186,083 36 Airport Rd WA 98701 Eli Email: notices@riveradvance.com Phone: 845-376-0994 16. Rommel & Alderman Services $363,880 Consulting LLC Provided 4100 W. Alameda Ave., Suite 300 Burbank, CA 91505 Eric Alderman Email: ealderman@raconsultingllc.com Phone: 319-830-6628 17. Southside Apartments Ltd Rent $135,622 12100 Wilshire Blvd #1400 Los Angeles, CA 90025 Richard Tell Email: rtell@suite1400.com Phone: 310-254-3027 18. Three V Technologies Inc Services $112,172 524 N. San Vicente Blvd Provided Los Angeles, CA 90048 Donald Brady Email: donaldb@threev.ai Phone: 260-632-7239 19. Tuck Mapping Solutions Inc Services $69,553 4632 Aerial Way Provided Big Stone Gap, VA 24219 Brandi McAfee Email: bmcafee@tuckmapping.com Phone: 276-523-4669 20. Vertex Unmanned Services $91,398 14212 23rd Avenue Provided Minneapolis, MN 55447 Paula Noess Email: paula@vertexunmanned.com Phone: 612-900-3440 SMALL FORTUNE: Gets Extension to Access Cash Collateral ------------------------------------------------------- Small Fortune Hunter, LLC received third interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The order penned by Judge David Warren authorized the company's interim use of cash collateral to pay the expenses set forth in its 30-day budget, which covers the period June 1 to 30. The budget projects total operational expenses of $77,612.33 for June. BayFirst National Bank, BriteCap, WebBank and The LCF Group are the company's creditors that may assert a lien on the cash collateral. As protection, secured creditors will be granted a lien on post-petition revenue and other assets of the company to the same extent and with the same priority as their pre-bankruptcy lien. The next hearing is set for July 1. BayFirst National Bank is represented by: Phillip M. Fajgenbaum, Esq. Parker Poe Adams & Bernstein, LLP 620 South Tryon Street, Suite 800 Charlotte, NC 28202 Telephone: (704) 372-9000 phillipfajgenbaum@parkerpoe.com About Small Fortune Hunter Small Fortune Hunter, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01203) on April 1, 2025, listing up to $50,000 in assets and up to $500,000 in liabilities. Michael Seighman, member-manager of Small Fortune Hunter, signed the petition. Judge David M. Warren oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. SOLANO HOME: Case Summary & Four Unsecured Creditors ---------------------------------------------------- Debtor: Solano Home Solutions, LLC 28102 Thornton Road Thornton, CA 95686 Business Description: Solano Home Solutions, LLC is a real estate company classified as a single-asset real estate Debtor. Chapter 11 Petition Date: June 12, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-22931 Judge: Hon. Christopher D. Jaime Debtor's Counsel: Peter G. Macaluso, Esq. LAW OFFICE OF PETER G. MACALUSO 7230 South Land Park Drive #127 Sacramento, CA 95831 Tel: 916-392-6591 Fax: 916-392-6590 E-mail: info@pmbankruptcy.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Caroline Marie Hegarty as managing member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3PF5SGQ/Solano_Home_Solutions_LLC__caebke-25-22931__0001.0.pdf?mcid=tGE4TAMA SOLUNA HOLDINGS: Registers 5.2M Shares Under Stock Incentive Plans ------------------------------------------------------------------ Soluna Holdings, Inc. filed a Registration Statement with the U.S. Securities and Exchange Commission Pursuant to General Instruction E to Form S-8 under the Securities Act of 1933, as amended for the purpose of registering additional shares of the Company's common stock, par value $0.001 per share, issuable under the Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan, as amended (f/k/a Mechanical Technology, Incorporated 2021 Stock Incentive Plan), and the Soluna Holdings, Inc. Amended and Restated 2023 Stock Incentive Plan, as amended. Subject to certain adjustments, beginning on January 1, 2025, and continuing through June 30, 2027, the maximum number of shares of Common Stock available for issuance under the 2021 Plan represents 22.75% of the number of shares of Common Stock outstanding on the first trading day of each quarter (the "2021 Limitation of Grant Provision") and, beginning on July 1, 2023, the maximum number of shares of Common Stock available for issuance under the 2023 Plan represents 23.75% of the number of shares of Common Stock outstanding on the first trading day of such quarter (the "2023 Limitation of Grant Provision"). This Registration Statement registers: (i) 2,606,077 additional shares of Common Stock available for issuance under the 2021 Plan pursuant to the 2021 Limitation of Grant Provision, based upon the total number of shares of Common Stock outstanding on April 1, 2025, and (ii) 2,583,592 additional shares of Common Stock available for issuance under the 2023 Plan pursuant to the 2023 Limitation of Grant Provision, based upon the total number of shares of Common Stock outstanding on April 1, 2025. The shares of Common Stock registered pursuant to this Registration Statement are of the same class of securities as the: (i) 99,367 shares of Common Stock, as adjusted for the 1-for-25 reverse stock split effective as of October 16, 2023, registered for issuance under the 2021 Plan, pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-260614) filed on October 29, 2021, and (ii) 978,155 shares of Common Stock registered for issuance under the 2021 Plan and 1,312,356 shares of Common Stock registered for issuance under the 2023 Plan, pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-277067) filed on February 14, 2024. The information contained in the Company's Registration Statements on Form S-8 (Registration Nos. 333-260614 and 333-277067) are hereby incorporated by reference pursuant to General Instruction E. Any items in the Company's Registration Statements on Form S-8 (Registration Nos. 333-260614 and 333-277067) not expressly changed hereby shall be as set forth in the Company's Registration Statements on Form S-8 (Registration Nos. 333-260614 and 333-277067). A full-text copy of the Registration Statement is available at https://tinyurl.com/38885spj About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, issued a “going concern” qualification in its report dated Mar. 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2024, Soluna Holdings had $98.68 million in total assets, $48.74 million in total liabilities, and $49.93 million in total equity. SPHERE 3D: All Proposals OK'd at Annual and Special Meeting ----------------------------------------------------------- Sphere 3D Corp. held an Annual and Special Meeting of Shareholders. Of the 26,178,282 shares of the Company's common shares outstanding as of the record date, 11,102,646 shares or approximately 42%, were represented at the Meeting, constituting a quorum present at the Meeting. The shareholders considered four proposals at the Meeting, each of which is described in more detail in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 17, 2025. The proposals include: 1. Election of Directors On a vote taken regarding the election of directors, it was declared that the shareholders approved a resolution to elect Timothy Hanley, Susan Harnett, and Duncan J. McEwan as directors of Sphere 3D Corp. for the ensuing year or until their successors are duly elected or appointed. 2. Ratification of the Selection of Auditors On a vote taken regarding the ratification of the selection of auditors, it was declared that the shareholders approved a resolution to appoint MaloneBailey LLP as auditors of Sphere 3D Corp. 3. Approval of the 2025 Stock Plan On a vote taken regarding approval of the 2025 Performance Incentive Plan, it was declared that the shareholders approved a resolution to approve the 2025 Performance Incentive Plan. 4. Approval of Share Consolidation On a vote taken regarding a consolidation of the common shares of the Company, it was declared that the shareholders approved a special resolution to amend the Articles of the Company to potentially consolidate the Company's common shares. About Sphere 3D Sphere 3D Corp. (Nasdaq: ANY) is a cryptocurrency miner, growing its industrial-scale digital asset mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best-in-class data center operators. Sphere 3D is dedicated to increasing shareholder value while honoring its commitment to strict environmental, social, and governance standards. For more information about the Company, please visit Sphere3D.com. In its report dated March 28, 2025, the Company's auditor MaloneBailey, LLP, issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and does not expect to have sufficient cash on hand to fund its operations that raises substantial doubt about its ability to continue as a going concern. SPLAT SUPER: Moody's Assigns 'B3' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings assigned to SPLAT Super HoldCo, LLC (SPLAT) a B3 corporate family rating and a B3-PD probability of default rating. Moody's also assigned a B3 rating to SPLAT's $425 million senior secured first lien term loan, $175 million senior secured first lien revolving credit facility and $80 million senior secured first lien delayed draw term loan. The outlook is stable. Ratings are subject to review of final documentation. Proceeds from the proposed $425 million term loan along with equity contribution will be used to finance the acquisition of Sizzling Platter, LLC (Sizzling Platter) by Bain Capital and to add $47 million of cash to the balance sheet. Moody's expects the remainder to be financed with secured debt. The transaction also includes a $175 million revolving credit facility and a $80 million delayed draw term loan, both of which are expected to be undrawn at the closing of the transaction. Pro forma debt/EBITDA is 6.2x and EBITA/interest expense is 1.2x as of April 2025. The ratings of Sizzling Platter, LLC, will be withdrawn upon transaction close and repayment of existing outstanding debt. RATINGS RATIONALE SPLAT's B3 CFR reflects governance considerations particularly its high pro forma leverage and weak interest coverage following the close of its leveraged buyout by Bain. The CFR also reflects its modest scale with 826 restaurants, concentration in a single brand with Little Caesar's representing approximately 57% of its locations and modest geographic concentration. Moody's views positively the company's focus on value offerings across multiple day parts which is expected to drive steady demand from cost-conscious consumers and the strong brand recognition of its franchised brands that includes Little Caesar's, Wingstop, Jamba, Dunkin' and Jersey Mikes. As such, Moody's expects revenue and EBITDA growth over the next 12-18 months from contribution from new units, modest same store sales growth and increased cost efficiencies from its larger scale. Moody's forecasts an improvement in leverage to the low 5x range and EBITA/interest to improve modestly to 1.5x because of the high debt service obligations. However, SPLAT is operating in a macro environment that is challenging, including weak foot traffic across the industry, inflation-weary customers and weak consumer confidence. The company also faces volatility in commodity costs and labor, all of which present risks to Moody's growth forecast. Lastly, the transaction improves SPLAT's liquidity supported by an undrawn $175 million revolver and $47 million of pro forma cash on the balance sheet. The stable outlook reflects Moody's expectations that SPLAT's credit metrics will improve over the next 12-18 months and that it will maintain adequate liquidity. Moody's assigned a CIS-4 to SPLAT Super HoldCo, LLC. This indicates that the rating is lower than it would have been if ESG exposures did not exist. This reflects SPLAT's private equity ownership with aggressive financial policies including a tolerance for elevated leverage and a board composition that is comprised of predominantly insiders. Marketing terms for the new credit facility include the following (final terms may differ materially): Incremental pari passu debt capacity up to the greater of $165.4 million and 100% of pro forma consolidated EBITDA, plus unlimited amounts subject to 5.50x first lien net leverage ratio. There is an inside maturity sublimit up to the greater of $165.4 million and 100% of consolidated EBITDA. Additional debt up to the greater of 40% of Financing EBITDA and a corresponding amount of consolidated EBITDA can be guaranteed or incurred by non-loan parties or secured by non-collateral as Designated Alternative Security Debt. A "blocker" provision restricts any investments of material intellectual property in unrestricted subsidiaries. The credit agreement is expected to include "Serta" protection. Amounts up to 100% of unused capacity from the Available RP Capacity Debt Basket, plus 200% of the Available Additional Basket may be reallocated to incur debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require continued healthy operating performance, debt/EBITDA sustained below 5.5x and EBITA/interest expense sustained above 1.75x. An upgrade would also require a balanced financial policy that supports stronger credit metrics, good liquidity and positive free cash flow. A downgrade could occur if performance deteriorates such that debt/EBITDA were sustained above 6.75x or EBITA/interest expense sustained below 1.25x. Other factors for a downgrade also include aggressive financial policies that favor shareholders such as debt-financed dividends or if free cash flow turns negative. Headquartered in Murray, Utah, Sizzling Platter, LLC owns and operates 471 Little Caesars, 89 Jambas, 187 Wingstop, 32 Dunkin', 7 Sizzler's Steak House, 5 Red Robin Gourmet Burgers, 2 Cinnabon and 33 Jersey Mike's franchised restaurants as of April 20, 2025. Revenue for the twelve month period ended April 2025 was $1.15 billion. Following the close of the transaction, Sizzling Platter, LLC will be a wholly owned subsidiary of BCPE Flavor Issuer, Inc., which is a wholly owned subsidiary of SPLAT Super HoldCo, LLC. The principal methodology used in these ratings was Restaurants published in August 2021. SURVWEST LLC: Seeks Cash Collateral Access Until Oct. 5 ------------------------------------------------------- Ken Yager, the Chapter 11 Trustee of Survwest, LLC, asked the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral. Specifically, the Trustee intends to use cash collateral through October 5 under previously approved terms -- modified slightly in accordance with its proposed amended final order and updated budget. The Trustee recounted the procedural background, beginning with SurvWest, LLC's Chapter 11 bankruptcy petition filed on September 5, 2024. Since then, the court entered a series of interim cash collateral orders between September and December 2024 to allow the debtor limited use of its funds for operations. On December 11, 2024, the debtor filed a motion to approve a formal Cash Collateral Agreement with two of its primary secured creditors: TBK Bank, SSB and the U.S. Small Business Administration. The agreement outlined terms for the use of cash collateral and proposed adequate protection for the secured creditors. The court approved this agreement on January 6. On March 29, the Trustee filed a motion seeking interim use of cash collateral and a final hearing date. The court granted this motion on April 30, setting a final hearing for May 29, and requiring submission of a revised budget by May 12. The Trustee complied with this deadline, and no objections to the proposed budget were filed by the May 23 deadline. As of June 5, counsel for the Trustee had communicated with both TBK Bank and the SBA. The SBA confirmed it does not object to the amended final order. TBK Bank's position had not yet been communicated, so the Trustee filed the motion with the expectation of submitting a supplement to note TBK Bank's stance once received. Because of this, the motion was not filed as "agreed," though it is timely under the court's directive. The Trustee's proposed amended final order allows continued use of cash collateral in line with the existing agreement with the SBA and TBK Bank, while also reflecting the updated operational needs and budget through October 5. It further sought authorization to extend the use of cash collateral beyond that date, contingent on either written consent from the lenders or further court approval. Additionally, the secured creditors will continue to receive adequate protection to safeguard their interests during the use of their collateral. TBK Bank is represented by: Duncan E. Barber, Esq. Otteson Shapiro, LLP 7979 E. Tufts Avenue, Suite 1600 Denver, CO 80237 Tel: (720) 488-0220 Fax: (720) 488-7711 dbarber@os.law About SurvWest LLC SurvWest LLC, formerly known as SurvTech Solutions LLC, is a diversified engineering firm specializing in surveying and mapping; subsurface utility engineering (SUE); and utility coordination for clients across the United States. SurvWest filed Chapter 11 petition (Bankr. D. Colo. Case No. 24-15214) on September 6, 2024, with total assets of $7,301,456 and total liabilities of $9,447,402. Mathew Barr, president of SurvWest, signed the petition. Judge Thomas B. Mcnamara handles the case. The Debtor is represented by David Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C. TBOTG DEVELOPMENT: Hires Munsch Hardt Kopf as Counsel ----------------------------------------------------- TBOTG Development, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Munsch Hardt Kopf & Harr, P.C. as counsel. The firm will provide these services: a. serve as attorneys of record for the Debtor and to provide representation and legal advice to the Debtor throughout the Bankruptcy Case; b. assist the Debtor in carrying out its duties under the Bankruptcy Code, including advising the Debtor of such duties, its obligations, and its legal rights; c. consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties-in-interest concerning administration of the Bankruptcy Case; d. assist in potential sales of the Debtor's assets; e. prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and other legal papers and documents to further the Debtor's estate's interests and objectives; f. assist the Debtor in connection with formulating, negotiating and confirming a chapter 11 plan; g. assist the Debtor in analyzing and appropriately treating the claims of creditors, including objecting to claims and trying claim objections; h. appear before this Court and any appellate courts or other courts having jurisdiction over any matter associated with the Bankruptcy Case; i. defend the Debtor against any and all actions and claims made in the Bankruptcy Case against the Debtor and its property; and j. perform all other legal services and provide all other legal advice to the Debtor as may be required or deemed to be in the interest of its estate in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Davor Rukavina, Shareholder $900 per hour Jay Ong, Shareholder $750 per hour Beverly Bass, Associate $440 per hour Heather Valentine, Paralegal $235 per hour The firm received from the Debtor a retainer of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jay H. Ong, Esq., a partner at Munsch Hardt Kopf & Harr, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jay H. Ong, Esq. Davor Rukavina, Esq. Beverly A. Bass, Esq. Munsch Hardt Kopf & Harr, P.C. 1717 West 6th Street, Suite 250 Austin, TX 78703 Tel: (512) 391-6100 Fax: (512) 391-6149 Email: jong@munsch.com drukavina@munsch.com bbass@munsch.com About TBOTG Development, Inc. TBOTG Development, Inc., owns and operates The Bluffs on The Guadalupe, a subdivision in Comal County, Texas, having an appraised value of $32.1 million. TBOTG Development filed a Chapter 11 petition (Bankr. W.D. Texas Case No. 24-10411) on April 16, 2024, with $35,996,538 in total assets and $22,885,007 in total liabilities. William T. Korioth, president, signed the petition. Judge Shad Robinson oversees the case. Kell C. Mercer, PC and Armbrust & Brown, PLLC serve as the Debtor's bankruptcy counsel and special litigation counsel, respectively. TERRA LAKE: Trustee Files Emergency Bid to Use Cash Collateral -------------------------------------------------------------- Leslie Osborne, the Chapter 11 Trustee of Terra Lake Heights, LLC, asked the U.S. Bankruptcy Court for the Southern District of Florida, South Lauderdale Division, for authority to use the cash collateral of Big Real Estate Finance II, LLC. The Debtor, a multi-unit apartment complex in Tallahassee, FL, filed for Chapter 11 protection on April 23, and Trustee Osborne was appointed on May 20. The Debtor allegedly owes the Lender approximately $19.8 million, secured by a first-priority lien on the Debtor's real and personal property, including leases, rents, equipment, and accounts. The Trustee believes the rental income constitutes cash collateral 11 U.S.C. under section 363(a) and seeks to use it for necessary business expenses like utilities, insurance, and property management. To protect the Lender's interests, the Trustee proposed granting a post-petition lien on all future revenue and providing adequate protection against any decrease in collateral value. The Trustee intends to work from a budget (currently in draft form) that may be revised pending review and lender approval. Additionally, the Trustee plans to retain a management company and seek court approval for related fees. About Terra Lake Heights Terra Lake Heights, LLC is a limited liability company in Hollywood, Fla. Terra Lake Heights sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14464) on April 23, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, P.A. Leslie Osborne is the Chapter 11 trustee appointed in the Debtor's case. TERRA LAKE: Trustee Hires Rappaport Osborne as Counsel ------------------------------------------------------ Les S. Osborne, the Trustee for Terra Lake Heights, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Rappaport Osborne & Rappaport, PLLC as counsel. The firm will render these services: (a) give advice to the Chapter 11 Trustee with respect to his powers and duties as a Chapter 11 Trustee and the continued management of the operation of Debtors' business; (b) advise the Chapter 11 Trustee with respect to his responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements, and with the rules of the court; and (c) prepare and defend motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case. The firm will be paid at these hourly rates: Jordan L. Rappaport $675 per hour Les Osborne $550 per hour Paralegals $100 to $350 In addition, Rappaport Osborne will be reimbursed for reasonable out-of-pocket expenses incurred. Jordan L. Rappaport, Esq., a partner of Rappaport Osborne, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Rappaport Osborne can be reached at: Jordan L. Rappaport, Esq. Rappaport Osborne & Rappaport, PLLC 1300 North Federal Highway, Suite 203 Boca Raton, FL 33432 Tel: (561) 368-2200 About Terra Lake Heights, LLC Terra Lake Heights, LLC is a limited liability company in Hollywood, Fla. Terra Lake Heights sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14464) on April 23, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, P.A. THRASIO HOLDINGS: S&P Cuts ICR to 'CCC-' on Elevated Default Risk ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Thrasio Holdings Inc. to 'CCC-' from 'CCC'. S&P said, "At the same time, we lowered our issue-level rating on the company's $90 million senior secured first-out term loan to 'CC' from 'CCC+' and revised the recovery rating to '5' from '2' to reflect its lower asset base. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 25%) recovery in the event of a payment default. We also lowered our issue-level rating on its $276 million second-out term loan to 'C' from 'CC'. The '6' recovery rating is unchanged and continues to indicate our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default." The negative outlook reflects the increased likelihood that Thrasio will default or engage in a distressed exchange in the next six months absent unanticipated and significantly favorable changes in its circumstances. The downgrade reflects Thrasio's persistent operational challenges, which have increased the risk it will default in the next six months. Since its emergence from bankruptcy in June 2024, the company's revenue and EBITDA have continued to decline due to weak demand amid the challenging consumer environment, as well as the effects of management's asset sales and portfolio rationalization. In its 2024 audit, Thrasio's auditors cast substantial doubt around its ability to continue as a going concern due to its operating losses and cash outflows. The company has also reduced the number of brands in its portfolio to 40 from over 200 prior to its bankruptcy. S&P said, "In 2025, we expect Thrasio's top-line revenue and EBITDA will decline as it continues to evaluate its brand portfolio and divest non-performing brands. We also forecast the company will continue to generate an FOCF deficit, which will further deplete its cash balance. The interest payments on Thrasio's first- and last-out term loans are paid-in-kind (PIK) for the first year following its emergence from bankruptcy. Starting June 18, 2025, which will mark the second year following its emergence, the company's interest payments will either be cash or PIK depending on whether it meets the $50 million liquidity threshold. Thrasio's cash balance currently exceeds the $50 million threshold, thus we expect it will start making cash interest payments next quarter and convert them to PIK in the next few quarters when its cash balance drops below $50 million. The credit agreement also contains a $30 million minimum liquidity covenant, which is tested weekly. We believe the company's headroom under this covenant headroom is tight and anticipate it could breach the covenant if it underperforms our forecast. "Thrasio is highly exposed to tariffs and we believe it has limited pricing power to absorb tariff-related pressures. China accounts for 55% of the company's total outsourced products, while it derives the remainder from the U.S and other regions in Asia. We believe Thrasio will mitigate the effects of the tariffs though cost sharing with its vendors, shifting its production to countries facing lower tariff rates, and adjusting its inventory management. We believe the company has limited pricing power because consumers continue to seek value products. Thrasio's brands are small niche brands mainly in the home and kitchen, bedding, outdoor, pet, personal care, and cleaning categories, where they compete against the offerings from large consumer products companies that benefit from greater financial and marketing resources. Our forecast assumes that tariffs will negatively affect the company's performance for the majority of fiscal year 2025 and persist through fiscal year 2026. That said, we expect Thrasio will be able to mitigate roughly half of the tariff-related increase in its costs through supplier negotiations and alternative sourcing." The negative outlook reflects the increased likelihood that Thrasio will default in the next six months. S&P could lower its rating on Thrasio if: -- S&P believes a default is a virtual certainty; or -- The company announces a distressed restructuring or amends its credit agreement in a manner that S&P views as tantamount to a default. S&P could take a positive rating action on Thrasio if it believes a default is less likely in the next six months. This could occur if: -- The company turns around its declining business and stabilizes its revenue and EBITDA, leading to positive FOCF generation; and -- It maintains a sufficient forecast covenant cushion. TJC SPARTECH: Moody's Withdraws 'Caa3' Corporate Family Rating -------------------------------------------------------------- Moody's Ratings has withdrawn all credit ratings of TJC Spartech Acquisition Corp, including the Caa3 Corporate Family Rating and Caa3-PD Probability of Default Rating. Moody's have also withdrawn the Caa3 rating on the backed senior secured first lien bank credit facility consisting of a revolver expiring in 2026 and a term loan due in 2028. Prior to the withdrawal, the rating outlook was negative. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Headquartered in Maryland Heights, MO, Spartech converts base polymers or resins into extruded plastic sheet, roll-stock, thermoformed packaging, specialty film laminates, and cast acrylic. Revenue for the last 12 months ended September 30, 2024 was $392 million. Spartech was carved out of chemical producer, Polyone, and is a portfolio company of The Jordan Company, L.P. since 2021. TONIX PHARMACEUTICALS: Registers 3.87M Shares Under 2020 Plan, ESPP ------------------------------------------------------------------- Tonix Pharmaceuticals Holding Corp. filed a Registration Statement with the U.S. Securities and Exchange Commission Pursuant to General Instruction E to Form S-8 under the Securities Act of 1933, as amended, for the purpose of registering additional shares of the Company's common stock, par value $0.001 per share, under the Company's Amended and Restated 2020 Stock Incentive Plan, as amended, and the Company's 2025 Employee Stock Purchase Plan. The number of shares of Common Stock available for issuance under the 2020 Plan is subject to an automatic annual increase on January 1 of each year beginning in 2021 and ending on (and including) January 1, 2030, in an amount equal to the difference between (x) twenty percent (20%) of the total number of shares of Common Stock outstanding on December 31st of the preceding calendar year, and (y) the total number of shares of Common Stock reserved under the 2020 Plan on December 31st of such preceding calendar year (including shares subject to outstanding awards, issued pursuant to awards or available for future awards), or a lesser number of shares of Common Stock determined by the board of directors of the Company (the "Evergreen Provision"). This Registration Statement registers an aggregate of 873,321 additional shares of Common Stock available for issuance under the 2020 Plan as a result of the Evergreen Provision (the "Evergreen Shares"). In addition, this Registration Statement registers an aggregate of 1,000,000 shares of Common Stock added to the 2020 Plan on May 9, 2025 (the "Additional Shares"), and 2,000,000 shares of Common Stock available for issuance under the 2025 ESPP. The Evergreen Shares, the Additional Shares and the ESPP Shares registered pursuant to this Registration Statement are of the same class of securities as the 3,663 shares of Common Stock registered for issuance under the 2020 Plan pursuant to currently effective Registration Statements on Form S-8 (Registration Nos. 333-239152, 333-257437, 333-265705, 333-272746 and 333-283651) filed on June 12, 2020, June 25, 2021, June 17, 2022, June 16, 2023, and December 6, 2024, respectively. The information contained in the Company's Registration Statements on Form S-8 (Registration No. 333-239152, 333-257437, 333-265705 333-272746 and 333-283651) is hereby incorporated by reference pursuant to General Instruction E. A full-text copy of the Registration Statement is available at https://tinyurl.com/5ctwvxnm About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of December 31, 2024, the Company had $162.9 million in total assets, $23.3 million in total liabilities, and $139.6 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TREE CONNECTION: Unsecureds Will Get 7.5% of Claims over 5 Years ---------------------------------------------------------------- The Tree Connection, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania an Amended Disclosure Statement describing Chapter 11 Plan dated June 3, 2025. The Debtor has operated as a full-service provider of professional tree care, landscaping, and hardscaping services for the past seventeen years. The Debtor became involved in certain disputes with creditors that proved untenable for the Debtor's operations and lead to the filing of the Debtor's bankruptcy proceeding. Since the Petition Date, the Debtor has reevaluated its projects and business operations, reduced overhead expenses, enhanced its collection efforts, and remains focused on maintaining and pursuing profitable projects. This refinement of operations results directly in the Debtor's ability to propose a distribution to unsecured creditors and reorganize its debts. The Debtor has operated with the consensual use of cash collateral since Petition Date and poised to receive a $35,000 cash infusion to fund the Plan, from Ryan Sipple. Class 10 consists of General Unsecured Claims. Class 10 claims are Impaired. The allowed unsecured claims total $446,100.35. This Class will receive a distribution of $35,000.00 or 7.5% of their allowed claims over 5 years. The treatment and consideration to be received by holders of Class 10 Allowed Unsecured Claims shall be in full settlement, satisfaction, release and discharge of their Claims and liens. This class includes all deficiency Claims and any portion of any Claims of any priority unsecured creditor which is not entitled to priority. Class 11 consists of holders of an interest in the Debtor. The Class 11 is Unimpaired. In a corporation, entities holding preferred or common stock are equity interest holders. In a partnership, equity interest holders include both general and limited partners. In a limited liability company (LLC), the equity interest holders are the members. Finally, with respect to an individual who is a debtor, the debtor is the equity interest holder. The Interest Holders shall retain their interest in the Debtor by contributing new capital or assets that are essential to the reorganization and that benefit the General Unsecured Creditors. The Plan will be funded by the ongoing operations of the Debtor, carried out by existing management, and the continued efforts of the Debtor and management to maximize the Debtor's presence in the marketplace while striving to keep overhead low. As well as a new value $35,000 cash equity contribution from Ryan Sipple. In exchange for the $35,000 cash infusion Ryan Sipple will retain in equity interest in the Debtor. A full-text copy of the Amended Disclosure Statement dated June 3, 2025 is available at https://urlcurt.com/u?l=69hXMd from PacerMonitor.com at no charge. About The Tree Connection, LLC The Tree Connection LLC offers tree services, landscaping, and hardscaping services. The Tree Connection LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-14410) on December 11, 2024. In the petition filed by Ryan Sipple, as sole member/managing member, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by: Thomas D. Bielli, Esq. BIELLI & KLAUDER, LLC 1095 Spruce Street Philadelphia, PA 19103 Tel: (215) 642-8271 E-mail: tbielli@bk-legal.com TRINITY INTEGRATED: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Trinity Integrated Healthcare, LLC got the green light from the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay operating expenses in accordance with its budget. Payments for items like rent, patient care ombudsman fees and "adequate protection" to creditors with valid interests in the Debtor's assets must be set aside in a segregated or trust account and not paid until the final hearing. As protection, secured creditors will be granted replacement liens on assets acquired by the Debtor after the petition date, with the same validity and priority as their pre-bankruptcy liens. A status hearing is scheduled for July 7. The Debtor is a family-owned operator of residential behavioral health facilities in Phoenix, Arizona. Originally established as Lords Integrated Care LLC, the entity was renamed Trinity Integrated Healthcare LLC due to licensing issues. The Debtor's assets include a Wells Fargo account with $24,474, aged accounts receivable totaling $150,000, and equipment with a liquidation value of $50,000. JPMorgan Chase Bank holds a UCC lien on the Debtor's business assets and may claim its revenues as cash collateral. Meadows Bank, though not contracted directly with the Debtor, may claim a similar interest based on its previous loan agreement with Lords, the Debtor's predecessor. About Trinity Integrated Healthcare Trinity Integrated Healthcare, LLC is a Phoenix-based healthcare provider specializing in psychiatric and substance abuse treatment services. Trinity Integrated Healthcare LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04479) on May 16, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. The Debtors are represented by Chris D. Barski, Esq. at Barski Law. TRULEUM INC: Harry McMillan Appointed Interim Board Chair --------------------------------------------------------- Truleum, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on May 12, 2025, the Board of Directors was notified of the passing of its Chairman, Robert Flynn. In light of this unexpected loss, the Board of Directors has appointed Harry McMillan as an interim member of the Board and Interim Chairman, effective immediately. Mr. McMillan will serve in this capacity until the next annual meeting of shareholders. A seasoned executive with decades of leadership experience, Mr. McMillan has been actively involved with the Company as a senior advisor and brings a deep understanding of Truleum's operations and strategic priorities. He currently serves as: * Manager of AEI Acquisition Company, LLC, the majority shareholder of the Company; * President of AEI Management, Inc., which along with AEI Acquisition Company, LLC, has previously entered into lending agreements with the Company that remain in effect as of the date of this disclosure; * Founder and majority shareholder of Fidare Consulting Group, Inc., which provides consulting services to the Company under an active agreement. "Robert's contributions to Truleum were significant, and his loss is deeply felt throughout the organization," said Harry McMillan. "I am honored to serve in this interim capacity and will work closely with the Board and management to ensure continuity and advance the Company's mission." The Company will provide further updates regarding permanent Board leadership following the annual meeting. About Truleum Truleum, Inc. -- www.truleum.com -- is an energy company focused on the exploration, development, and production of oil and natural gas reserves. The company aims to leverage advanced technologies to optimize extraction processes and maximize resource efficiency. The Company has minimal cash or other current assets and does not have an established ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations, according to the Company's Quarterly Report for the period ended March 31, 2024. The Company have not yet filed its Annual Report on Form 10-K for the year ended December 31, 2024. UNISYS CORP: Moody's Affirms 'B2' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings affirmed Unisys Corporation's (Unisys) corporate family rating at B2 and probability of default rating at B2-PD. Concurrently, Moody's assigned B2 ratings to its proposed senior secured notes due 2031. Moody's also affirmed its existing $485 million senior secured global notes due 2027 at B2. The speculative grade liquidity rating remains unchanged at SGL-2. The outlook is stable. Unisys provides information technology (IT) services and software globally. The net proceeds from the proposed notes and cash will be used to repay the notes due 2027 and to fund a portion of Unisys' long term US pension deficit. The B2 rating assigned to the notes due 2027 will be withdrawn when they are repaid. Moody's considers the $776 million underfunded amount of Unisys' pensions as of December 31, 2024 as debt. Therefore, whether through liability management initiatives or cash contributions, Moody's considers reductions in the amount of underfunding as equivalent to debt repayment and the company's plan as a credit and leverage-neutral transaction. Unisys has removed over $2 billion of pension liabilities since 2020. The company still faces future cash contributions to its US pension plan, assuming no changes in actuarial assumptions, pension asset performance, or regulatory changes that could alter future cash contribution requirements, albeit those future payments will be lower following the planned contributions. Moody's expects the company may pursue other liability reduction actions, including using its cash to make contributions, thereby reducing its underfunded status. RATINGS RATIONALE The B2 CFR reflects Unisys' moderately high debt/EBITDA of 4.8x as of March 31, 2025, small scale relative to larger competitors, and the challenges of operating within the highly competitive IT services industry. Moody's expects little or no organic revenue growth over the next 12-18 months. Over 75% of revenue comes from recurring sources, comprised of software license renewals, maintenance and digital workplace services and outsourcing contracts. Although certain contracts may depress profitability in the initial implementation phase, these contracts provide a base of recurring revenues once the company begins to recognize revenues. These relationships also provide a customer base into which Unisys can sell additional services. Although Moody's anticipates EBITDA margin will remain about 14% in 2025 and 2026, the decline of EBITDA margins from about 19% in 2021 pressures the credit profile. All financial metrics cited reflect Moody's standard adjustments. Evolving technologies and customer requirements require continued investment in solutions that can materially influence the profitability of a contract over time. Unisys competes against much larger organizations with greater financial resources to fund such investments, including Accenture plc (Aa3 stable), DXC Technology Company (Baa2 negative) and Kyndryl Holdings, Inc. (Baa2 stable), and non-US and low-cost providers, like Infosys Limited (Baa1 stable) and Tata Consultancy Services Limited (Baa1 stable). Unisys' credit profile benefits from the diverse end markets that it serves, including commercial, financial institutions, and public sector, which contributes to revenue stability given the differing demand drivers of each of these separate end markets. The stream of high margin, although highly episodic, but generally predictable, software license revenues from its Enterprise Computing Solutions segment significantly improves Unisys' profit margin and cash flow during periods of increased scheduled software license renewals, somewhat explaining the volatile profitability rate trend. Additional support to the B2 CFR is provided by Moody's anticipations for gross margin expansion in Unisys' non-license and support business lines over the next two to three years. The SGL-2 liquidity rating reflects Moody's anticipations for at least $50 million of free cash flow (before required pension payments) in 2025. Unisys' liquidity is also underpinned by its high cash balance and the unrated $125 million ABL revolver expiring October 2027, which is secured by a priority claim in eligible accounts receivable. Unisys has announced that it intends to extend the revolver maturity date to 2030 in the near term. Moody's expects that Unisys will remain in compliance with the financial covenant on the revolver over the next 12 to 15 months. Following the US pension funding, Moody's anticipates no minimum US pension payments will be required until after 2025. Underfunded non-US pension plan payments will remain around $30 million in both 2025 and 2026. The proposed senior secured notes are rated B2, which is the same as the B2 CFR and one notch lower than the modelled B1 outcome per Moody's Loss Given Default for Speculative-Grade Companies methodology (LGD Methodology). The proposed notes are ranked behind the company's ABL revolver and certain priority payables, pari passu with its underfunded non-US pension obligations and ahead of the underfunded US pension and other unsecured obligations in Moody's hierarchy of claims at default. The proposed notes benefit from secured upstream guarantees from certain domestic subsidiaries. The B2 senior secured notes rating reflects Moody's anticipations for additional reductions in the amount of US pension underfunding in the next 12 to 18 months, reducing the first-loss support those obligations convey to the proposed senior secured notes. The stable outlook reflects Moody's expectations for little to no revenue growth, some improvement in non-license and support business line gross margins and good liquidity over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Unisys achieves organic revenue growth in a low-to-mid single-digit percentage range, sustains debt/EBITDA below 4.0x and free cash flow (before required pension payments) to debt around 8%, takes steps required to bring the US and international pension plans to fully-funded status and maintains a conservative financial policy. The ratings could be downgraded if Unisys revenue declines or if profitability or cash flow generation weakens such that Moody's expects debt/EBITDA will be sustained above 5.5x or free cash flow (before required pension payments) to debt will remain below 5% on a more than temporary basis. A diminished liquidity profile or more aggressive financial strategies, featuring large, debt-funded acquisitions or shareholder returns could also lead to lower ratings. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Unisys Corporation (NYSE:UIS), based in Blue Bell, PA, provides IT services and enterprise server software worldwide. Moody's expects 2025 revenue of about $2 billion. VENUS CONCEPT: Amends Debt Terms With Madryn Through June 30 ------------------------------------------------------------ Venus Concept Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, Venus Concept USA, Inc., a wholly-owned subsidiary of the Company, Venus Concept Canada Corp., a wholly-owned Canadian subsidiary of the Company, and Venus Concept Ltd., a wholly-owned Israeli subsidiary of the Company ("Venus Israel" and together with the Company, Venus USA and Venus Canada, the "Loan Parties"), entered into a Consent Agreement with Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP ("Madryn Cayman," and together with Madryn, the "Lenders" or the "Holders"). The Consent Agreement granted relief under the Loan and Security Agreement (Main Street Priority Loan), dated December 8, 2020, among the Lenders, as lenders, and Venus USA, as borrower, such that: (i) certain minimum liquidity requirements under the MSLP Loan Agreement are waived through June 30, 2025, and (ii) Venus USA is permitted to apply the June 8, 2025 cash interest payment due under each Note (as defined in the Consent Agreement) to the respective outstanding principal balance of each Note. Fifteenth Bridge Loan Amendment: Additionally, May 30, the Loan Parties entered into a Fifteenth Bridge Loan Amendment Agreement with the Lenders. The Fifteenth Bridge Loan Amendment amended that certain Loan and Security Agreement, dated April 23, 2024, among Venus USA, as borrower, the Company, Venus Canada and Venus Israel, as guarantors, and the Lenders, as lenders (as amended from time to time, the "Bridge Loan"), to extend the maturity date of the Bridge Loan from May 31, 2025 to June 30, 2025. Notes Consent Agreement: Furthermore, on the same date, the Loan Parties entered into a Consent Agreement with and Lenders. The Note Consent Agreement granted relief under those certain secured subordinated convertible notes issued by the Company in favor of the Lenders, dated March 31, 2025, such that (i) certain minimum liquidity requirements under 2025 Notes are waived through June 30, 2025. Full text copies of the Consent Agreement, Fourteenth Bridge Loan Amendment, and the Note Consent Agreement are filed as exhibits to the Form 8-K available at https://tinyurl.com/tcbymdp9. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VIRGINIA BEACH: Hires Downtown Auction Company as Appraiser ----------------------------------------------------------- Virginia Beach Patios, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Downtown Auction Company as its appraiser. The firm will provide these services: a. view, examine, evaluate and ascertain the current condition of all the assets -- personal property of the Debtor in Possession; and b. provide a written appraisal and expert opinion of the fair market value based on the condition, secondary market potential, current comparable sales as well as any other factors that may impact the value of all the assets -- personal property of the Debtor in Possession. The firm will be paid $1,500 for the appraisal services. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nancy S. Zedd Downtown Auction Company 201 Westover Ave Unit 203 Norfolk, VA 23507 Tel: (757) 713-1711 About Virginia Beach Patios, Inc. Virginia Beach Patios, Inc. is a family-owned contractor specializing in designing and building custom outdoor living spaces, including custom pools, outdoor kitchens, fire features, or artistic structures. The Company is committed to delivering high-quality craftsmanship and creating functional, beautiful environments that enhance the homeowner's outdoor experience. With personalized service and innovative designs, the Company transforms ordinary yards into extraordinary outdoor retreats. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-70478) on March 7, 2025. In the petition signed by Angela Marie Rose, president, the Debtor disclosed $186,926 in assets and $1,233,715 in liabilities. Carolyn Bedi, Esq., at Bedi Legal, P.C., represents the Debtor as bankruptcy counsel. VIRGINIA PARK: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Virginia Park 1, LLC (Lead Case) 25-11308 165 East Broadway 3rd Fl New York NY 10002 Virginia Park 2, LLC 25-11309 165 East Broadway 3rd Fl New York, NY 10002 Herman Kiefer Development, LLC 25-11310 1151 Taylor St Detroit MI 48202 Business Description: Herman Kiefer Development, LLC is a real estate development firm leading the adaptive reuse of a 38-acre, 862,000-square-foot former hospital campus in Detroit, Michigan. The Company is repositioning the site for commercial use by innovative businesses and undertaking the rehabilitation of vacant residential properties in the surrounding neighborhood. Virginia Park 1, LLC provides real estate- related services, including property management and support activities, in connection with properties in Michigan. Chapter 11 Petition Date: June 10, 2025 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Martin Glenn Debtors' Restructuring & General Bankruptcy Counsel: Andrew K. Glenn, Esq. Jed I. Bergman, Esq. Richard Ramirez, Esq. Malak S. Doss, Esq. GLENN AGRE BERGMAN & FUENTES LLP 1185 Avenue of the Americas 22nd Floor New York, New York 10036 Tel: (212) 970-1601 Tel: (212) 970-1600 Email: aglenn@glennagre.com jbergman@glennagre.com rramirez@glennagre.com mdoss@glennagre.com Virginia Park 1, LLC's Estimated Assets: $1 million to $10 million Virginia Park 1, LLC's Estimated Liabilities: $500,000 to $1 million Virginia Park 2's Estimated Assets: $1 million to $10 million Virginia Park 2's Estimated Liabilities: $1 million to $10 million Herman Kiefer Development, LLC's Estimated Assets: $10 million to $50 million Herman Kiefer Development, LLC's Estimated Liabilities: $1 million to 10 million Ron Castellano signed the petitions in his capacity as a member of Castellano Member, LLC, the manager of the Debtors. The petitions were signed by Ron Castellano as member of Manager, Castellano Member, LLC. Full-text copies of the petition are available for free on PacerMonitor at: https://www.pacermonitor.com/view/IGELMCA/Virginia_Park_1_LLC__nysbke-25-11308__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/INMYSZQ/Virginia_Park_2_LLC__nysbke-25-11309__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/IVQJ72Q/Herman_Kiefer_Development_LLC__nysbke-25-11310__0001.0.pdf?mcid=tGE4TAMA List of Virginia Park 1, LLC's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American Express Various $49,581 P.O. Box 409050, Expenses Fort Lauderdale, FL 33340-9050 Phone: 1-800-492-3344 2. TD Bank Loan Loan $19,995 P.O. Box 566 Lewiston, ME 04243 Phone: 1-800-738-5635 VSM PROPERTIES: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: VSM Properties, LLC 1006 Cherohala Skyway Tellico Plains, TN 37385 Business Description: VSM Properties LLC is a real estate management company based in Tellico Plains, Tennessee. It owns commercial properties in the area, including the riverside building at 1641 Cherohala Skyway. Chapter 11 Petition Date: June 12, 2025 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 25-31124 Judge: Hon. Suzanne H Bauknight Debtor's Counsel: Edward J. Shultz, Esq. TARPY, COX, FLEISHMAN & LEVEILLE, PLLC 1111 N Northshore Dr Suite N-290 Knoxville, TN 37919 Tel: (865) 588-1096 Fax: (865) 588-1171 E-mail: eshultz@tcflattorneys.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by Mohit Mankad as chief executive manager. The Debtor reported the Tennessee Department of Revenue, through the Tennessee Attorney General's Office Bankruptcy Unit, as its only unsecured creditor with a claim amounting to $20,000. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FJEPYYA/VSM_Properties_LLC__tnebke-25-31124__0001.0.pdf?mcid=tGE4TAMA WARNER BROS: Fitch Lowers LongTerm IDR to BB+, On Watch Negative ---------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Warner Bros. Discovery, Inc. (WBD), Discovery Communications, LLC (Discovery), Warner Media, LLC (WM), WarnerMedia Holdings, Inc. (WMH), and Discovery Communications Benelux B.V. (DCB) to 'BB+' from 'BBB-'. Fitch has downgraded Discovery's Short-Term IDR to 'B' from 'F3.' Fitch has also downgraded Discovery's and WMH's senior unsecured debt to 'BB+' with a Recovery Rating of 'RR4' from 'BBB-' and WM's senior unsecured debt to 'BB'/'RR5' from 'BB+'. Fitch has placed all the ratings on Rating Watch Negative (RWN). The downgrade reflects Fitch's expectation post-transaction, WBD will be smaller and less diversified in a secularly declining industry and have elevated leverage. Depending on the final capital structure, a multi-notch downgrade is possible. Fitch expects to resolve the RWN once further separation details are available, with completion anticipated by mid-2026. The RWN reflects uncertainty about WBD's future capital structure and deployment priorities. Key Rating Drivers Complex Separation and Debt Exchange Transactions: The separation of WBD into WBD Global Networks (RemainCo) and WBD Streaming & Studios (SpinCo) introduces significant uncertainty regarding its credit profile. The absence of pro forma financials and a clear target capital structure hinders an assessment of the post-transaction credit and is a key driver for the RWN. WBD also announced a complex, multi-pool tender and consent process with extensive covenant stripping. Fitch views the debt exchange terms as somewhat aggressive and anticipates that they may exert considerable downward pressure on WBD's credit profile. Uncertain Post-Transaction Profile: There is low visibility on the post-transaction capital structure for RemainCo. It will absorb approximately half of the refinanced bridge facility, implying roughly $8.75 billion of new secured debt, senior to any remaining WBD bonds not tendered back to the company. Based on this, Fitch estimates that RemainCo's gross leverage will be in the mid 4x area, similar to the current leverage of the combined company. Fitch views this estimated leverage level as aggressive, particularly for a business segment facing declining revenues and margin compression. Smaller Scale and Less Diversification: The separation of the streaming and studio business will leave RemainCo as a significantly smaller and less-diversified company within a secularly declining industry. Fitch expects continued revenue decline and margin compression in the linear business, which could further constrain RemainCo's financial flexibility and financial structure. The Global Networks business will be heavily reliant on legacy assets with diminishing profitability. It will be less resilient to market headwinds, even with contributions from WBD's digital assets. Strong FCF Generation at Global Networks: Fitch expects RemainCo to generate robust FCF due to its modest capital intensity. RemainCo will have a 20% equity stake in SpinCo post-transaction, which management plans to monetize to reduce debt. Depending on the value of the stake and the amount utilized for debt repayment, this could substantially improve RemainCo's leverage and financial flexibility. Linear Network Secular Threats: Fitch recognizes the threats to WBD's linear cable networks, as Fitch expects multichannel video programming distributor (MVPD) subscribers to continue their long-term secular decline. Despite the global reach and relative strength of WBD's networks, Fitch anticipates cash flow generation and margins in RemainCo will remain under pressure long-term. Peer Analysis WBD RemainCo's post-separation ratings will reflect its much smaller standalone size, lack of revenue diversification, and dubious prospects for sustainable long-term revenue and EBITDA growth. RemainCo will lack the size and diversification of The Walt Disney Company (A-/Stable), NBC Universal Media LLC (A-/Stable), and Paramount Global (BBB-/Negative). Fitch also expects RemainCo to have higher leverage than all of them. Comcast is the largest MVPD and cable multiple system operator in the U.S., serving about 31.2 million residential and business customer relationships as of Dec. 31, 2024. The company owns 100% of NBCUniversal Media LLC, one of the largest, diversified media companies in the U.S. While NBCUniversal Media currently has legacy linear cable networks comparable to RemainCo, it continues to benefit from a rapidly growing direct-to consumer (DTC) platform with Peacock as well as a studio business. NBCUniversal Media's legacy linear cable networks revenue is slightly higher than its estimate for RemainCo, while Fitch estimates EBITDA for RemainCo to be slightly higher than NBCUniversal's. Paramount Global, a global media, streaming and entertainment company, creates premium content and experiences for audiences worldwide through its segments: TV Media, DTC and Filmed Entertainment. The company is comparable to pre-separation WBD. Similar to NBCUniversal, Paramount's legacy linear cable channel segment will continue to benefit from its fast-growing DTC platform (Paramount+). Fitch estimates Paramount's legacy linear cable business to generate lower revenue and EBITDA than that of RemainCo. Key Assumptions On a pre-separation basis: - Total revenue expected to decline low single-digits as linear network declines continue, partially offset by increases in DTC revenue. Studio revenue is expected to vary annually depending on the quantity and quality of film content, with the company clearly focused on reinvigorating the DC Comics franchise with the 2025 reboot of 'Superman'. - Margins remain roughly flat as ongoing DTC growth is offset by continued margin compression at networks and slight improvement in studio margins. - Capex intensity remains around 2.5%, though increasing briefly in 2025 due to studio expansion and incremental investments in the 'Harry Potter Shanghai' attraction. - Fitch-calculated annual FCF should remain consistent between the high $3 billion to low $5 billion range. - No M&A or share buybacks over the near term, in line with Discovery's behavior after the SNI acquisition. Fitch does not expect share buybacks to resume until the company reaches the upper end of its 2.5x-3.0x leverage target - Near-term FCF geared toward debt repayment, driving leverage below Fitch's negative sensitivity of 3.5x in 2028. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Removing the RWN: - Completion of separation into two separate standalone public companies; - Announcement of post-transaction capital structures and pro-forma financials. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch-calculated EBITDA leverage fails to approach 2.0x, 12 to 18 months post-transaction close; Fitch may reassess this sensitivity as transaction close approaches. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch does not anticipate any positive rating action while the completion of the separation transaction is pending. Liquidity and Debt Structure As of March 31, 2025, WBD had $3.9. billion cash and full availability under its $6 billion unsecured revolver, maturing in October 2029, with two 364-day extensions. Fitch excludes the $2.0 billion CP program (full availability) given the overlap with the revolver availability and the 'B' Short-Term IDR. Aggregate near-term maturities are $584 million for the remainder of 2025, $2.2 billion in 2026 and $4.7 billion in 2027. Issuer Profile WBD was formed by the April 2022 merger of WarnerMedia and Discovery, Inc. It is the second largest global media company and offers scripted and unscripted content across a broad range of internal and external distribution platforms. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Discovery Communications, LLC LT IDR BB+ Downgrade BBB- ST IDR B Downgrade F3 senior unsecured LT BB+ Downgrade RR4 BBB- senior unsecured ST B Downgrade F3 Warner Media, LLC LT IDR BB+ Downgrade BBB- senior unsecured LT BB Downgrade RR5 BB+ Discovery Communications Benelux B.V. LT IDR BB+ Downgrade BBB- ST IDR B Downgrade F3 Warner Bros. Discovery, Inc. LT IDR BB+ Downgrade BBB- WarnerMedia Holdings, Inc. LT IDR BB+ Downgrade BBB- senior unsecured LT BB+ Downgrade RR4 BBB- WARNER BROS: Moody's Assigns 'Ba1' CFR, On Review for Downgrade --------------------------------------------------------------- Moody's Ratings assigned Warner Bros. Discovery, Inc.'s (WBD) a Ba1 Corporate Family Rating and a Ba1-PD Probability of Default Rating. Concurrently, Moody's downgraded the backed senior unsecured notes ratings of Discovery Communications, LLC and WarnerMedia Holdings, Inc. to Ba1 from Baa3. Moody's also placed these ratings on review for downgrade. Previously, the outlooks for these issuers were negative. In addition, Moody's downgraded Discovery Communications, LLC's backed commercial paper program rating to Not Prime from Prime-3 and withdrew the Baa3 long term issuer rating of WBD. On June 9, 2025, WBD announced a plan to separate its streaming and studios business (WBD S&S) into a new publicly traded company. Concurrently, with this announcement, the company launched a cash tender and consent solicitation for ~$35.5 billion of outstanding bonds. According to WBD, the tender will be funded by a $17.5bn committed secured bridge facility from JP Morgan, which is expected to be refinanced with permanent secured financing at both Global Networks (WBD GN) and WBD S&S in connection with the split. The closing of the tender offer is not contingent upon the closing of the separation. Post split, WBD GN will retain up to 20% of WBD S&S, designed to deliver incremental cash in a future sale that will be applied to further debt reduction. Non-consenting note holders and notes not repurchased as a result of proration will remain at WBD GN post separation. Management expects the separation to be completed by mid 2026, subject to the satisfaction of customary conditions and regulatory approvals. RATINGS RATIONALE The downgrade reflects WBD's persistent operating challenges and a change in its financial policies to include secured debt in its capital structure pre and post separation. Given the revenue and profitability pressures caused by the declining linear television business, uncertainty as to the timing of future deleveraging and the financial policy change, Moody's viewed the credit profile as inconsistent with an investment grade rating. WBD's Ba1 ratings reflects the company's asset quality, breadth and diversity within the media and entertainment segment, large scale, and free cash flow generation. WBD's combination of complementary content offerings, strong intellectual property, and high-quality production capabilities has allowed it to remain competitive within the crowded direct-to-consumer (DTC) landscape, specifically among established streaming platforms, many of which operate with stronger balance sheets and greater operating scale. Over the past two years, WBD's DTC platform has made significant progress measured by the number of users on its platform but it remains small compared to the relative size of Netflix, Amazon and Disney. In addition, WBD's linear networks continue to face material secular pressures due to accelerating cord-cutting and declining engagement trends for traditional pay TV networks. WBD's linear networks provide the bulk of the company's free cash flows. Pre-separation, Moody's expects WBD to continue generating upwards of $4 billion of free cash flow in 2025 and 2026. Governance and in particular a change in the company's financial policies were key drivers of the rating action. This reflects management's stated intention to use secured debt to fund the debt tender offer and as part of its capital structure post- split, thereby reducing the company's financial flexibility. Moody's have withdrawn the Baa3 LT issuer rating of WBD. Moody's have decided to withdraw the rating(s) for Moody's own business reasons. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings on review for further downgrade considers the company's smaller operating scale (as measured by revenue and EBITDA), reduced revenue diversification, and uncertainties regarding its pro forma capital structure and financial policies post separation. Pro forma for the split, WBD's revenue base will be around 50% lower and largely dependent on revenue from distribution fees and advertising sales, which continue to face secular and competitive pressures as a result of shifting viewing habits from linear-pay TV to streaming. Moody's reviews will focus on (i) the tender and the separation concluding as planned upon receipt of all necessary approvals, (ii) an assessment of the remaining business and operating strategies of WBD GN, and (iii) the expected post-transaction debt capital structure, liquidity and financial policies. If a substantial portion of the unsecured debt is acquired in the tender offer, the senior unsecured debt could be downgraded at the close of the tender to reflect its subordination in the capital structure. Moody's expects the ratings to remain on review for downgrade after the close of the tender to offer to reflect the pressures on the credit profile from the proposed separation. The CFR and PDR could be downgraded by one or more notches upon the conclusion of the review related to the separation. Upon conclusion of the review related to the separation, the senior unsecured notes could be downgraded up to two notches below the CFR depending on degree of subordination of the notes in the capital structure. Warner Bros. Discovery, Inc. with its headquarters in New York, NY is a leading global media and entertainment company that creates and distributes one of the world's most complete portfolios of content and brands across television, film, and streaming. The principal methodology used in these ratings was Media published in June 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WELLPATH HOLDINGS: Court Declines to Lift Stay on Gardner Suit -------------------------------------------------------------- Judge Donald W. Molloy of the United States District Court for the District of Montana denied the plaintiff's motion for sanctions and motion to lift stay of the case captioned SPENCER GARDNER, Plaintiff, vs. MISSOULA COUNTY, JOHN/JANE DOES 1-13, MEDICAL CONTRACTOR d/b/a/ WELLPATH, MICHAEL HASH, COMMANDER ZIEGLER, COMMANDER KOWALSKI, TARA TACKET, KELLY ANN KLAUBER, BRIANNA CHRISTINE FREDRICK, Defendants, Case No. 23-cv-00146-DWM (D. Mont.) as it applies to the Wellpath defendants. On May 1, 2025, an order was entered lifting the stay that had been previously imposed as to the County Defendants but leaving the stay in place relative to the Wellpath Defendants. The Wellpath Defendants were directed keep the Court updated regarding the ongoing bankruptcy proceedings. Gardner asserts that the Wellpath Defendants have been evasive and incomplete in their disclosures and that the bankruptcy stay has since expired. Gardner provides limited information in support of his request for sanctions. He claims that Wellpath failed to identify parent companies and certified that it has none, which he believes is refuted by the corporate structure chart filed in the Bankruptcy Court. He also suggests that Wellpath has not updated this Court adequately regarding the bankruptcy proceedings. Wellpath Defendants acknowledge that the automatic stay in the bankruptcy proceedings has now expired. The stay applicable to the Wellpath entities expired on May 9, 2025, while the stay applicable to the non-debtor defendants expired on May 7, 2025. On May 1, 2025, the Bankruptcy Court entered an order confirming Wellpath's First Amended Joint Chapter 11 Plan of Reorganization; the Plan took effect on May 9, 2025. Wellpath Defendants advise this Court that they are currently working with and awaiting further guidance from bankruptcy counsel regarding the handling of claims against Debtor entities under the Chapter 11 Liquidating Plan. In response to Gardner's motion for sanctions, Wellpath contends that Federal Rule of Civil Procedure 37(c) is inapplicable, because no discovery has been served by Gardner, accordingly, no corresponding duty to disclose and/or supplement exists under Rule 26(a) or (e). To the extent that Gardner argues that Wellpath's Corporate Disclosure is inadequate under Rule 7.1, Wellpath asserts Gardner has offered not factual basis, supporting document or legal authority to substantiate his claim. The Court agrees. Wellpath has now updated the Court on the status of the bankruptcy proceedings. The Court holds the stay imposed in the present matter will remain in effect temporarily, pending further update from Wellpath Defendants. Counsel for the Wellpath Debtor Defendants Brianna Christine Fredrick, Kelly Ann Klauber, Unknown Medical Contractors and/or Corporation, d/b/a Wellpath must file a status report within 30 days of this Order and explain how they believe the United States Bankruptcy Court for the Southern District of Texas proceedings in Case No. 24-90533 affects the instant matter. Gardner's obligation to immediately advise the Court and opposing counsel of any change of address and its effective date remains ongoing. A copy of the Court's decision is available at https://urlcurt.com/u?l=eDe4mo from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq. at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WOLF'S LAIR: Hires Cooper & Scully PC as Counsel ------------------------------------------------ Wolf's Lair Ranch, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Cooper & Scully, PC as counsel. The firms will render these services: (a) prepare and file schedules and a statement of financial affairs; (b) negotiate with creditors and handle routine motions such as motions for relief from stay, cash collateral motions and the myriad of bankruptcy motions that will be filed in this case; (c) file objections to claims, if necessary; (d) perform legal work necessary to sell property of the estate; (e) draft, file and prosecute adversary proceedings necessary to determine the extent, validity and priority of liens; (f) draft, file and prosecute avoidance actions if necessary; (g) draft, file and prosecute adversary proceedings, motions and contested pleadings as necessary; (h) prepare and file a Plan and Disclosure Statement; (i) conduct discovery that is required for the completion of the case or any matter associated with the case; (j) perform all legal matters that are necessary for the completion of the case; and (k) perform miscellaneous legal duties to complete the bankruptcy case. The firm will be paid as follows: Julie Koenig, Attorney $450 per hour Paralegal $125 per hour Prior to filing the bankruptcy case, the Debtor paid the firm $20,000 as retainer, plus the filing fee of $1,738. Ms. Koenig 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: Julie Koenig, Esq. Cooper & Scully, P.C. 900 Jackson St Ste 100 Dallas, TX 75202 Tel: (214) 712-9500 About Wolf's Lair Ranch, LLC Wolf's Lair Ranch LLC owns six separate land tracts in Kimble County, Texas, with a combined value of $3.19 million, according to a court document citing valuations by the Kimble County Appraisal District. The holdings include parcels from surveys such as M R Braggins Survey #36 and T W & N G R R Co Surveys #25 and #61, totaling several hundred acres across the county. Wolf's Lair Ranch LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32890) on May 27, 2025. In its petition, the Debtor reports total assets of $3,188,280 and total liabilities of $4,778,519. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtors are represented by Julie M. Koenig, Esq. at COOPER & SCULLY, P.C. WORKSPORT LTD: April Sales Hit $1.22M, Driven by AL4 Launch ----------------------------------------------------------- Worksport Ltd., a U.S. based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is excited to announce record-high April sales totaling about $1.22 million, with its premium AL4 tonneau cover accounting for approximately 40% of total product sales -- a milestone achievement for a product that launched just weeks earlier. As of the end of April 2025, 80% of the AL4 product line -- 20 out of 25 planned models -- has been successfully rolled out. With only five additional models remaining to complete a full application lineup, Worksport anticipates the line's growth trajectory to continue accelerating through Q2 and beyond. Dealer adoption of the AL4 has also shown encouraging momentum, following a classic snowball pattern where initial sample orders often lead to expanded, repeatable purchases from new dealer accounts. "The AL4's performance just weeks after availability exceeded our internal expectations of uptake, and validates the significant market demand for American-made, premium tonneau covers," said Steven Rossi, Chief Executive Officer of Worksport Ltd. "Its success is already being felt in both our dealer and direct-to-consumer channels. We believe this is only the beginning, with more SKUs on the way and a strong dealer reorder cycle emerging." Management notes that the AL4's rapid uptake is a key contributor to the Company's strengthening revenue base, driven by its blend of durability, user-centric features, and competitive pricing. Manufactured in Worksport's state-of-the-art U.S. facility using over 90% domestic content, the AL4 continues to differentiate itself from foreign-sourced alternatives that often lack the quality and margin profile desired by Worksport's growing network of dealers. Looking ahead, the Company expects Q2 revenue to notably surpass Q1 results, driven by the AL4 ramp-up, expanding B2B dealer relationships, and continued strength in e-commerce. Management also anticipates stronger revenue acceleration in Q3 and Q4, as Worksport prepares to introduce its upcoming clean-tech innovations--the SOLIS solar-integrated tonneau cover and the COR portable power system--later in 2025. Worksport believes the combination of a robust tonneau cover business and emerging clean-tech product pipeline positions the Company for substantial growth, expanding margins, and enhanced shareholder value in the quarters ahead. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Mar. 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of Dec. 31, 2024, the Company had $25,736,660 in total assets, $8,323,029 in total liabilities, and a total stockholders' equity of $17,413,631. WORTHY'S RUN: Hires Law Office of David Cahn LLC as Counsel ----------------------------------------------------------- Worthy's Run Furniture, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ the Law Office of David Cahn, LLC as counsel. The firm's services include: a. advising the Debtor legal advice with respect to his powers and duties as Debtor-in-Possession; b. advising the Debtor concerning, and assisting in the negotiation and documentation of, financing agreements, debt restructurings, cash collateral arrangements and related transactions, as applicable; c. representing the Debtor in defense of any proceedings instituted to reclaim property or to obtain relief from the automatic stay under section 362(a) of the bankruptcy Code; d. representing the Debtor in any proceedings instituted with respect to use of cash collateral; e. attending any and all meetings pursuant to 11 U.S.C. Sec. 341 and any and all court hearings scheduled; f. reviewing the nature and validity of liens asserted against the property of the Debtor and advising the Debtor concerning the enforceability of such liens, as applicable; g. advising the Debtor concerning the actions that it might take to collect and to recover property for the benefit of the Debtor's estate; h. preparing on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules and other documents, and reviewing all financial and other reports to be filed in this Chapter 11 case; i. advising the Debtor concerning, and preparing responses to, applications, motion, pleadings, notices and other papers that nay be filed and service in this Chapter 11 case; j. counseling the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization or liquidation and related documents; k. performing all other legal services it is qualified to handle for and on behalf of the Debtor that may be necessary or appropriate in the administration of this Chapter 11 case; and l. performing all other legal services for the Debtor which may be necessary herein and to accomplish the goals of this reorganization. David Cahn will be paid at these hourly rates: Attorney $350 Paralegal $100 The firm received a retainer fee of $10,000 from Debtor, and filing fee of $1,738.. David E. Cahn, Esq., at the Law Office of David Cahn, LLC, disclosed in court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: David E. Cahn, Esq. Law Office of David Cahn, LLC 13842A Outlet Dr., #175 Silver Spring, MD 20904 Tel: (301) 799-8072 About Worthy's Run Furniture, LLC Worthy's Run Furniture, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-14820) on May 28, 2025. In the petition signed by Todd A. Gladfelter, sole member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. David Cahn, Esq., at Law Office of David Cahn, LLC, represents the Debtor as bankruptcy counsel. WW INTERNATIONAL: Modifies Restructuring Support Deal ----------------------------------------------------- As previously reported, on May 6, 2025, WW International, Inc. and certain of its subsidiaries entered into a restructuring support agreement (including a restructuring term sheet annexed thereto (the "Reorganization Term Sheet") and together with all annexes and exhibits thereto, the "RSA") with certain holders of, or investment advisors, sub-advisers or managers of discretionary accounts that hold, loans and/or revolving commitments (the "Credit Agreement Claims") under the Company's credit agreement and the Company's 4.500% senior secured notes due 2029 (the "Senior Secured Notes Claims" and together with the Credit Agreement Claims, the "First Lien Claims") (collectively, the "Initial Consenting Creditors" and, together with any subsequent holder, investment advisor, sub-adviser or manager that has or will become a party to the RSA by joinder, the "Consenting Creditors"). On May 30, 2025, the Company Parties and the requisite Consenting Creditors (the "Requisite Consenting Creditors") agreed (which agreement is binding on all Consenting Creditors) to modify certain of the terms of the reorganization. As previously disclosed, each holder of First Lien Claims will receive, among other recoveries, its pro rata share of $465 million of takeback debt (which, at the time of the initial RSA signing, could have been in the form of senior secured term loans or senior secured notes, at the election of each holder). Pursuant to the RSA Modification, the Company Parties and the Requisite Consenting Creditors agreed to modify the New Takeback Debt to remove the option to elect between senior secured term loans and senior secured notes. As a result, all New Takeback Debt will be issued in the form of new senior secured term loans. All other terms of the RSA remain in full force and effect. On the same date, the Company filed with the Court: (i) an amended Plan (the "Amended Plan") and (ii) a supplement to the Plan (the "Plan Supplement"). The Amended Plan makes certain technical modifications as well as implements the removal of the option to elect the form of the New Takeback Debt. The Plan Supplement provided substantially final versions of the expected new governing documents for the reorganized Company and the New Takeback Debt. A copy of the Amended Plan is available at https://tinyurl.com/yhy38trc About WW International Inc. WW International, Inc. provides weight control programs. It offers subscriptions for commitment plans that give their clients access to meetings and online subscriptions and give their members guidance and access to a supportive community to help enable them for healthy habits. WW International filed Chapter 11 petition (Bankr. D. Del. Case No. 25-10829) on May 6, 2025. In the petition signed by Felicia DellaFortuna, chief financial officer, the Debtor disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by Christin Cho, Esq. and Simon Franzini, Esq., at Dovel & Luner, LLP. WYNN RESORTS: S&P Rates Senior Secured Credit Facility 'BB+' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue-level rating and '1' recovery rating to Wynn Resorts Finance LLC's (WRF) $1.25 billion senior secured revolving credit facility and $753 million term loan A due in 2030. The '1' recovery rating indicates S&P's expectation of very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default. WRF, a subsidiary of Wynn Resorts Ltd., intends to use proceeds from the new term loan A and cash from its balance sheet to repay its existing term loan A due in 2027 and for related fees and expenses. The transaction is largely debt-for-debt, so S&P's 'BB-' issuer credit ratings on WRF and parent Wynn Resorts are unchanged. The transaction extends Wynn's maturity profile, and the larger revolver enhances liquidity. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P said, "We assigned our 'BB+' issue-level rating to WRF's new secured credit facility, consisting of a $1.25 billion revolving credit facility and $753 million term loan A due in 2030. The '1' recovery rating indicates our expectation of very high (90%-100%; rounded estimate: 95%) recovery." -- WRF's secured lenders benefit from a security pledge of up to 15% of Wynn Las Vegas' total assets. S&P said, "Because of the increased quantum of WRF secured debt in our simulated default scenario (since we assume the revolver is 85% drawn at default), we no longer estimate that WRF's emergence valuation is sufficient to fully satisfy secured debt claims. Therefore, we now allocate 15% of our gross enterprise value for Wynn Las Vegas to WRF's secured lenders." As a result, there is less value available to WRF's and Wynn Las Vegas' unsecured creditors. -- S&P said, "Despite this change, our 'BB-' issue-level rating and '3' recovery rating on Wynn Las Vegas' senior notes are unchanged. However, we revised our rounded estimate for recovery to 60% from 65%. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery." -- WRF's unsecured noteholders benefit from an unsecured guarantee from Wynn Las Vegas that provides a pari passu claim against the Wynn Las Vegas value. Therefore, S&P allocates its estimate of its value on a pro rata basis between the Wynn Las Vegas claims and WRF unsecured claims. -- S&P said, "Accordingly, our issue-level rating on WRF's senior notes remains 'BB-'. Although we revised our rounded estimate of recovery for WRF senior notes to 60% from 65%, the '3' recovery rating is unchanged. While we previously estimated 70%-90% recovery, the recovery rating is capped at '3' to reflect the risk that these creditors' recovery prospects were at greater risk of impairment by the issuance of additional priority or pari passu debt before default, like the company's increased revolver." -- S&P said, "Because WRF secured creditors are slightly overcollateralized based on our emergence valuation, unsecured noteholders would benefit from excess value after the satisfaction of the secured claims. Wynn Las Vegas creditors do not benefit from any residual value because WRF does not guarantee its debt obligations. Because of this, the recovery prospects for WRF unsecured noteholders are minimally higher than for Wynn Las Vegas noteholders, although the difference is not sufficient to support a higher rounded estimate or recovery rating." -- S&P said, "Our simulated default scenario for WRF considers a payment default in 2029 (in line with our average four-year default assumption for 'BB-' rated credits), reflecting some combination of a severe and prolonged global recession that impairs cash flow across its portfolio of properties, increased competitive pressures from other casinos on the Las Vegas Strip and in the northeast U.S., increased borrowing for potential large-scale development projects, and a reduced ability to distribute cash from Wynn Macau." -- S&P said, "Our emergence EBITDA of about $555 million is generated by WRF's Las Vegas casinos, Encore Boston Harbor, and a modest dividend from Wynn Macau. It incorporates significant cyclicality in the Las Vegas market and the high quality of Wynn's assets." -- S&P uses a 7.5x emergence multiple to value WRF, which is 1x higher than our average for the leisure industry because of Wynn's very-high-quality Las Vegas and Massachusetts assets. -- WRF's $1.25 billion revolving credit facility is 85% drawn at default. Simulated default assumptions -- Year of default: 2029 -- EBITDA at emergence: About $555 million -- EBITDA multiple: 7.5x Simplified waterfall -- Gross recovery value: $4.2 billion -- Net recovery value after administrative expenses (5%): $3.9 billion -- WRF/Wynn Las Vegas valuation split: 47%/53% -- Value available for WRF secured claims: $1.85 billion -- Estimated WRF secured claims: $1.81 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Residual value available for WRF unsecured claims: $40 million -- Pro rata share of Wynn Las Vegas value: $1.6 billion -- Total value available to WRF unsecured claims: $1.6 billion -- Estimated senior unsecured claims: $2.6 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) -- Value available for Wynn Las Vegas senior notes claims: $538 million -- Estimated Wynn Las Vegas senior notes claims: $903 million --Recovery expectations: 50%-70% (rounded estimate: 60%) All debt amounts include six months of prepetition interest. WYNN TEC: Seeks to Hire PPL Group LLC as Auctioneer --------------------------------------------------- Wynn Tec, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ PPL Group LLC as auctioneer. The firm will sell some or all of the Debtor's assets by means of an auction sale. The firm will not receive a commission or payment from the Debtor. The firm will receive 100 percent of the proceeds less $35,000 for expenses. Auction buyers will be charged an 18 percent buyer's premium, with 15 percent retained by Auctioneer and 3 percent retained by service provider, unless otherwise negotiated by Auctioneer. Pre-sale and post-sale buyers will be charged an 18 percent buyer's premium that will be exclusively retained by Auctioneer. Mr. Solimene disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Will Solimene PPL Group LLC 105 Revere Drive, Suite C Northbrook, IL 60062 Tel: (224) 927-5300 About Wynn Tec, Inc. Wynn Tec Inc. is a small business corporation based in Loganton, Pa. Wynn Tec Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00751) on March 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mark J. Conway handles the case. The Debtor is represented by Robert E Chernicoff, Esq., at Cunningham and Chernicoff, PC. Bayfirst National Bank, as lender, is represented by: Keri P. Ebeck, Esq. Bernstein-Burkley, P.C. 601 Grant Street, 9th Floor Pittsburgh, PA 15219 Telephone: (412) 456-8112 E-mail: kebeck@bernsteinlaw.com Clinton County, as lender, is represented by: Justin K. Houser, Esq. Coploff, Ryan & Houser 136 E. 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