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250618.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, June 18, 2025, Vol. 29, No. 168 Headlines 1600 WESTERN: Seeks Chapter 11 Bankruptcy in Illinois 23ANDME HOLDING: States Sue to Stop Personal Genetic Data Sale 59 SAINT JOSEPH: Seeks to Hire De Leo Law Firm LLC as Attorney 8787 RICCHI: Unsecured Creditors Will Get 100% over 36 Months ACCOUNTING LAB: Unsecured Creditors to Split $122K over 3 Years ALBERT WHITMAN: Gets OK to Hire Kevin Kelly as Financial Advisor ALPINE HOSPITALITY: Unsecureds to Get Share of Remaining Funds AMERICAN MARICULTURE: Gets Extension to Access Cash Collateral ANGELA'S BRIDALS: Hires Jill M. Flinton CPA PLLC as Accountant ARCOUB INC: Seeks to Hire Peter Spindel Esq. P.A. as Attorney AT HOME GROUP: Case Summary & 30 Largest Unsecured Creditors AT HOME GROUP: Debt-for-Equity Plan to Cut $1.62-Bil. in Debt AT HOME GROUP: Hit by Tariffs, Files for Chapter 11 With Plan ATLANTA PEDIATRIC: Amends Unsecured Claims Pay Details BEELINE HOLDINGS: Directors Opt for Equity in Lieu of Cash Awards BEELINE HOLDINGS: Issues $372K Subordinated Note to CEO BEELINE HOLDINGS: Sells 174.5K Shares for $152.5K Under ELOC Deal BEXIN REALTY: Court Extends Cash Collateral Access to Aug. 18 BEYOND MANAGEMENT: Seeks to Hire Tamarez CPA LLC as Accountant BIG STORM REAL ESTATE: Case Summary & Three Unsecured Creditors BLUE APPLE: Amends Unsecured Claims Pay Details BOWERS BUSINESS: Case Summary & Five Unsecured Creditors BRAND INDUSTRIAL: Moody's Cuts CFR to Caa1, Outlook Stable BURGESS BIOPOWER: Gets Court Okay for Chapter 11 Debt-Equity Swap CAROLINA'S CONTRACTING: Hires Arnold & Smith as Special Counsel CHAR GRILL: Gets Extension to Access Cash Collateral CHARLIE'S HOLDINGS: Sells $1.5M in PACHA Products to RJ Reynolds CHLOE'S NYC: Court Extends Cash Collateral Access to June 27 CITIUS PHARMACEUTICALS: Issues $1M Promissory Note to Pagoda CORNERSTONE GENERATION: S&P Affirms Preliminary 'BB-' ICR DARLING INGREDIENTS: S&P Rates New Unsecured Euro Notes 'BB+' DELEK LOGISTICS: Moody's Affirms 'B1' CFR, Outlook Stable DELEK US: Moody's Cuts CFR to 'B1', Outlook Negative DI ANTAR GROUP: Case Summary & 12 Unsecured Creditors DOWNTOWN UTICA: Case Summary & Eight Unsecured Creditors EEGEE'S LLC: Claims to be Paid from Settlement Fund EEHF 18 INC: Seeks Subchapter V Bankruptcy in Massachusetts EUROS EL TINA: Pizarro Seeks Appointment of Receiver EVANS INVESTMENT: Seeks to Hire Shepherd & Wood LLP as Counsel FAIR OFFER: Court OKs Leitchfield Property Sale to Jaron Fannon FIBRE-TECH INC: Claims to be Paid from Disposable Income FLEET RENTS: Gets Extension to Access Cash Collateral FREE SPEECH: Alex Jones, Family Sued Over Transfer of Assets FUEL FITNESS: Court Extends Cash Collateral Access Until July 21 FUEL HOMESTEAD: Court Extends Cash Collateral Access to July 21 FUEL REYNOLDA: Court Extends Cash Collateral Access to July 21 GEISLERS LANE: Claims to be Paid from Property Sale Proceeds GENTLE HAND: Voluntary Chapter 11 Case Summary GIO LIQUOR: Gets Court OK to Use Cash Collateral GMB TRANSPORT: Unsecureds to Get No Less Than 30% in Plan HADLOCK ENTERPRISES: Case Summary & 18 Unsecured Creditors HMC COMPANY: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable HOLDEN I LLC: Seeks to Hire De Leo Law Firm LLC as Attorney HOOTERS OF AMERICA: Real American Spearheads Bid After Bankruptcy INSPIREMD INC: Names Michael Lawless as Chief Financial Officer INSPIREMD INC: Re-Elects 2 Directors, OKs Auditor at Annual Meeting INSTITUTO DE EDUCACION: Seeks to Tap Jose O. Ayala as Accountant INTEGRAL EXPRESS: Seeks Subchapter V Bankruptcy in Illinois INVATECH PHARMA: Gets Final OK to Use Cash Collateral IYA FOODS: Seeks to Hire Rabin Worldwide as Sales Agent JBRI CONSTRUCTION: Court OKs Continued Use of Cash Collateral JOANN INC: Asks Bankruptcy Court to Block Vendors' Ohio Lawsuit JUS BROADCASTING: Court Extends Cash Collateral Access to July 31 JUXTAPOSE HOSPITALITY: Gets OK to Hire Robl & Bowen as Attorney KING ESTATES: Updates Unsecured Claims Pay Details KOSMOS ENERGY: S&P Cuts ICR to 'CCC+' on Rising Liquidity Pressure KUBOTA OF KNOXVILLE: Hires Tarpy Cox Fleishman as Counsel KUBOTA OF KNOXVILLE: Hires Tarwater & Company PC as Accountant LA TANA: Court OKs Deal to Use SBA's Cash Collateral Until Sept. 30 LAFLEUR NURSERIES: Case Summary & 20 Largest Unsecured Creditors LAKE COUNTY: Files Emergency Bid to Use Cash Collateral LAZARUS INDUSTRIES: Has Deal on Cash Collateral Access LEFEVER MATTSON: Hires Slote Links & Boreman as DRE Advisor LEVEL 3 FINANCING: S&P Rates New $1BB Senior Secured Notes 'B+' LGI HOMES: S&P Downgrades ICR to 'B+', Outlook Negative MARELLI HOLDINGS: Davis Polk Advises Mizuho Bank in Chapter 11 MERCHANTS BANK: Moody's Affirms Ba1 Issuer Rating, Outlook Stable MID-KANSAS REAL: Mosley Property Sale to Professional Home OK'd MINI MANIA: Seeks Cash Collateral Access MT DISTILLERY: Gets OK to Hire Weber & Company PC as Accountant NAPA MANAGEMENT: Moody's Cuts CFR & Secured 1st Lien Debt to Caa1 NAUTICA'S EDGE: Gets OK to Hire Robl & Bowen LLC as Attorney NEW JERSEY: New Value & Continued Operations to Fund Plan Payments NEWFOLD DIGITAL: S&P Lowers ICR to 'CCC' ICR, Outlook Negative NOURISH BUYER: S&P Assigns 'B' ICR, Outlook Stable NXT ENERGY: Shareholders OK All Proposals at Annual Meeting ODS INC: Case Summary & Three Unsecured Creditors OUTLAW STEAKBURGERS: Gets Final OK to Use Cash Collateral PEACHY ATHLETIC: Gets Final OK to Use Cash Collateral PEGASUS BUILDERS: Seeks to Hire Wernick Law PLLC as Attorney PEOPLE WHO CARE: Updates Several Unsecured Claims Pay Details PIKE CORP: S&P Upgrades ICR to 'B+' on Improved Credit Metrics PINEAPPLE PROPERTIES: Unsecureds to Get 100 Cents on Dollar in Plan PINNACLE GROUP: Lender Disputes Bid to Tap Weil, Gotshal as Counsel PROOFPOINT INC: S&P Affirms 'B-' ICR on Debt Issuance QUEST SOFTWARE: S&P Upgrades ICR to 'CCC+' on Lower Cash Burn RADIOLOGY PARTNERS: Moody's Ups CFR to B3, Alters Outlook to Stable RADISSON DEVELOPMENT: Case Summary & 16 Unsecured Creditors RAFTER H FARM: Section 341(a) Meeting of Creditors on July 9 RITHM CAPITAL: S&P Rates New $500MM Senior Unsecured Notes 'B-' ROYAL JET: Court Extends Cash Collateral Access to Aug. 31 SANTOSELJACH LLC: Claims Will be Paid from Property Sale/Refinance SANUWAVE HEALTH: Dustin Libby Named EVP of Commercial Operations SHEPHERD MEMORIAL: Court Orders New Receivership Auction SIX FLAGS: S&P Alters Outlook to Negative, Affirms 'BB' ICR SOLANO HOME: Seeks Chapter 11 Bankruptcy in California SPLAT SUPER: S&P Rates New $500MM Senior Secured Notes 'B' STEEL FABRICATORS: Court OKs Equipment Sale to KDM Steelworks STERNE WOOD: Gets Interim OK to Use Cash Collateral STOKES & STOKES: Hires Demetrius J. Parrish Jr. as Attorney SUNNOVA ENERGY: Cuts 55% Workforce to Reduce Operating Costs SUNNOVA ENERGY: Moody's Lowers PDR to 'D-PD' on Bankruptcy Filing SUNNOVA ENERGY: Paul Weiss & Porter Hedges Advise DIP Lenders SUNSHINE PEDIATRICS: Case Summary & Six Unsecured Creditors TERRA LAKE: Trustee Taps Rappaport Osborne & Rappaport as Counsel THERMOPRO INC: Hires Plastics Machinery as Equipment Sales Broker TMK HAWK: Moody's Affirms 'Caa1' CFR & Alters Outlook to Negative UNDER ARMOUR: S&P Rates $400MM Senior Unsecured Notes 'BB-' UNIFIED SCIENCE: Seeks to Hire Swenson Law Group as Legal Counsel VIVAKOR INC: Board OKs Plan to Issue Special Stock Dividend VIVAKOR INC: Issues $172.5K Convertible Pomissory Note VIVAKOR INC: Revenue Up 133% in Q1 2025 to $37.3 Million VSM PROPERTIES: Seeks Chapter 11 Bankruptcy in Tennessee WATCHMEN SECURITY: Hires Barnes & Thornburg LLP as Special Counsel WE LOVE DOGS: Court OKs Deal to Use SBA's Cash Collateral WHITE FOREST: Hires Babst Calland Clements as Special Counsel WORLD WIDE INVESTMENT: Case Summary & Three Unsecured Creditors WT REPAIR: Hearing to Use Cash Collateral Set for July 10 X-LASER LLC: Gets Interim OK to Use Cash Collateral ZAHAV VENTURES: Voluntary Chapter 11 Case Summary ZAHRCO ENTERPRISES: Gets Final OK to Use Cash Collateral [] AlixPartners Publishes Annual Restructuring Survey ********* 1600 WESTERN: Seeks Chapter 11 Bankruptcy in Illinois ----------------------------------------------------- On June 10, 2025, 1600 Western Venture LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports $9,469,355 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1600 Western Venture LLC 1600 Western Venture LLC owns and manages a multi-parcel commercial property complex at 2443â-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. 1600 Western Venture LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08821) on June 10, 2025. In its petition, the Debtor reports total assets of $28,776,721 and total Liabilities: $9,469,355. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtors are represented by Penelope Bach, Esq. at BACH LAW OFFICES. 23ANDME HOLDING: States Sue to Stop Personal Genetic Data Sale -------------------------------------------------------------- The Associated Press reports that on Monday, June 16, 2025, 27 states and the District of Columbia filed a lawsuit in bankruptcy court aiming to block 23andMe from selling customers' genetic data without their explicit consent. The lawsuit follows efforts by a biotechnology company to acquire the struggling firm through bankruptcy proceedings. Oregon Attorney General Dan Rayfield, speaking on behalf of the coalition, said that DNA data, biological samples, medical records, and other health-related information are far too personal to be treated as standard assets in a business sale. "Such sensitive data must not be sold without clear, informed consent from the individuals involved," Rayfield said in a statement. Founded in 2006, 23andMe became widely known for its at-home DNA testing kits that allow users to explore their ancestry and connect with relatives. The company also pursued health research and drug development but has struggled financially since going public in 2021. In March, it filed for Chapter 11 bankruptcy in the Eastern District of Missouri after laying off 40% of its workforce, raising alarms about the fate of its vast collection of consumer data, according to The Associated Press. Regeneron Pharmaceuticals, which announced a $256 million bid to buy 23andMe last month, has stated that it will honor existing privacy policies and legal obligations. The company assured that any use of customer data would follow current consents, privacy terms, and applicable laws, and would be safeguarded by appropriate security protocols. An independent, court-appointed consumer privacy ombudsman is reviewing the potential impact of the sale on customer privacy and is expected to deliver a report to the court by Tuesday. 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. 59 SAINT JOSEPH: Seeks to Hire De Leo Law Firm LLC as Attorney -------------------------------------------------------------- 59 Saint Joseph I LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire The De Leo Law Firm LLC as counsel. The De Leo Law Firm LLC will serve as the Debtor's legal counsel in its Chapter 11 bankruptcy proceedings. The firm will be paid at these rates: Robin De Leo, Esq. $390 per hour Paralegals $125 per hour The Debtor paid the firm a retainer in the amount of $16,738. As disclosed in the court filings, De Leo Law does not represent or hold any interest adverse to the Debtor and is a disinterested party, as defined by the Bankruptcy Code. The firm can be reached through: Robin R. De Leo, Esq. The De Leo Law Firm, LLC 800 Ramon St. Mandeville, LA 70448 Tel: (985) 727-1664 Fax: (985) 727-4388 Email: lisa@northshoreattorney.com About 59 Saint Joseph I LLC 59 Saint Joseph I LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-11124) on June 2, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Meredith S Grabill presides over the case. Robin R. De Leo, Esq. at The De Leo Law Firm LLC represents the Debtor as counsel. 8787 RICCHI: Unsecured Creditors Will Get 100% over 36 Months ------------------------------------------------------------- 8787 Ricchi LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement describing Plan of Reorganization dated June 4, 2025. The Debtor is engaged in the commercial real estate business within Dallas County, Texas. The Debtor was organized in November 2019 and in December 2019 acquired the former Mary Kay Towers located in the southwest corner of North Stemmons Freeway and Regal Row in Dallas, Texas; more precisely at 8777 N. Stemmons Freeway and 8787 N. Stemmons Freeway, Dallas, Texas 76205 (the "Property"). The Property is the principal asset of the Debtor and its sole source of income. The Debtor acquired the Property with an intent of rehabilitation of the then-struggling commercial offices. Unfortunately, the acquisition came less than three months before the onset of the COVID-19 pandemic and non-essential business shutdowns by Dallas County, Texas. The postCOVID commercial real estate market has endured, and continues to undergo, a dramatic reshuffling. Marked by this lack of success, the Debtor began the process of a pivoting-redevelopment of the Property to rentable residential units. Given the high investment needs, the lack of cooperation from the party holding the Original Note, and the generally slow speed with which approvals can occur, the Debtor was unable to fully transition into this redevelopment before it became necessary to file this Chapter 11 Case to preserve and maximize the recoverable value for Holders of Claims and Interests. In general, the Plan provides a comprehensive proposal for the New Equity Interests in the Reorganized Debtor to be issued to CADG (or other Purchaser under the Plan) and in return the Reorganized Debtor will receive certain cash consideration via the Initial Plan Payment and commitment for Exit Financing to make the contemplated Plan Payments. The Reorganized Debtor will continue with its redevelopment strategy for the Property, from commercial to residential use, with the ultimate objective of prepayment of the Plan Payments upon closing of a Refinance Transaction. In sum, the Plan provides Holders of Claims a clear payment schedule along with the prospective upside of prepayment, which the Debtor projects will occur within the Initial Plan Period. Class 6 consists of General Unsecured Claims. Except to the extent that a Holder of a General Unsecured Claim agrees to a less favorable treatment of its Allowed Claim, in full and final satisfaction, settlement, release, and discharge of and in exchange for each Allowed General Unsecured Claim, each such Holder shall receive: (i) payment in full in Cash over thirty-six equal monthly installments without interest on such Allowed General Unsecured Claims after the Plan Effective Date. This Class will receive a distribution of 100% of their allowed claims. This Class is impaired. The Reorganized Debtor shall make use of a combination of: (i) the Initial Plan Payment, to be funded to the Reorganized Debtor by the Plan Funder on or before the Plan Effective Date; (ii) its business income; and (iii) the Exit Financing committed to provided by the Plan Funder on market rate terms or terms more favorable to the Reorganized Debtor. CADG, or such other Plan Funder as it may be under the Plan, will acquire one hundred percent of the New Equity Interests in the Reorganized Debtor. All existing Interests in the Debtor shall be cancelled effective on the Plan Effective Date. A full-text copy of the Disclosure Statement dated June 4, 2025 is available at https://urlcurt.com/u?l=ylZn7S from PacerMonitor.com at no charge. Counsel to the Debtor: Frank J. Wright, Esq. Law Offices of Frank J. Wright PLLC 1800 Valley View Lane 250 Farmers Branch TX 75234 Tel: (214) 238-4153 Email: frank@fjwright.law About 8787 Ricchi LLC 8787 Ricchi, LLC is a commercial real estate company that owns and manages properties in Dallas, Texas. 8787 Ricchi sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31144) on March 31, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Frank Jennings Wright, Esq. at Law Offices of Frank J. Wright, PLLC. ACCOUNTING LAB: Unsecured Creditors to Split $122K over 3 Years --------------------------------------------------------------- The Accounting Lab Group LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Chapter 11 Plan dated June 3, 2025. TAL is a Florida limited liability company which provides accounting, bookkeeping, and financial advisory services for physicians, veterinarians and dental practices. The Debtor's principal address is 1540 International Parkway, Suite 2000, Lake Mary, FL 32746, but it also operates through remote personnel in (19) different states. The Debtor's current team is comprised of approximately forty W-2 employees and approximately fifteen 1099 independent contractors, who all serve in different capacities including: office administration, sales, bookkeeping provider, and accounting service provider. The Debtor's decision to seek Chapter 11 protection stems from significant disruptions to its business caused by a former employee's breach of their employment agreement. Prior to his resignation, the former employee solicited and stole the Debtor's commercial information and proprietary trade secrets regarding its business methods and confidential information on its competitors, which information is currently being used to the detriment of the Debtor and its estate. All Claims against the Debtor shall be classified and treated pursuant to the terms of the Plan. The Plan designates Classes of Claims. There are three Classes of Secured Claims; one Class of Unsecured Claims; and one Class of Equity Interests. The Plan provides the respective Holders of Allowed Administrative Claims, Allowed Priority Claims, and Allowed Priority Tax Claims, if any, will be paid in full on the Effective Date, over time as permitted by the Bankruptcy Code, or in accordance with the treatment specified herein. Class 4 consists of all Allowed General Unsecured Claims against the Debtor. As set forth in the Debtor's financial projections, the Debtor anticipates net income totaling $121,636.00 over the next years. In full satisfaction of the Allowed Class 4 General Unsecured Claims, Holders of Class 4 Claims shall receive a pro rata share of Distributions totaling $121,636.00 paid pursuant to the following payment schedule, which payments shall commence on the Effective Date: Quarters 1 through 4 (Plan Year 1): $10,136.34 per quarter. Quarters 5 through 8 (Plan Year 2): $10,136.34 per quarter. Quarters 9 through 12 (Plan Year 3): $10,136.34 per quarter. In a liquidation scenario, the value received by holders of Allowed Class 4 Claims would be $0.00. The maximum Distribution to Class 4 Claimholders shall be equal to the total amount of all Allowed Class 4 General Unsecured Claims. Class 4 is Impaired. Class 5 consists of all equity interests in the Debtor. The Class 5 Interest Holder(s) shall retain their respective Interest in the Debtor (i.e., 50.00% Dr Corico McCray Sr. and 50.00% Robert Craig), in the same proportion such Interest were held as of the Petition Date. Class 5 is Unimpaired. The Plan contemplates that the Debtor will continue to manage and operate its business in the ordinary course with a restructured balance sheet following the reduction of debt service requirements. The Debtor's financial projections further demonstrate the Debtor's ability to meet its obligations under its proposed Plan of Reorganization. A full-text copy of the Disclosure Statement dated June 3, 2025 is available at https://urlcurt.com/u?l=go0hHg 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 The Accounting Lab Group The Accounting Lab Group LLC is a Florida-based firm specializing in accounting, tax planning, and business management services. The Company provides tailored solutions to help business owners minimize taxes, optimize revenue, reduce overhead, and streamline operations. The Company works closely with professionals such as physicians, dentists, veterinarians, and small businesses to enhance their financial performance and efficiency. The Accounting Lab Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No.: 25-01659) on March 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. at Latham Luna Eden & Beaudine LLP. ALBERT WHITMAN: Gets OK to Hire Kevin Kelly as Financial Advisor ---------------------------------------------------------------- Albert Whitman & Company received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Kevin Kelly as financial advisor. Mr. Kelley will render these services: a. assist in preparing, negotiating, and revising cash collateral budgets; b. support the Debtor's plan confirmation process, including preparation of a liquidation analysis; c. assist the Debtor with the preparation of monthly operating reports, cash flow forecasts, and other reports as may be needed in the administration of the Chapter 11 Case; d. provide such specific valuation or other financial analyses as the Debtor may require; e. assist in developing an overall strategy for the sale of the Debtor, should the Debtor decide to pursue that option and assist in the sale process; f. provide testimony in court (including expert testimony) if necessary or as reasonably requested by counsel with respect to matters upon which Kevin Kelly has provided advice or professional opinions; and g. provide such other support as may be reasonably requested by the Debtor or its counsel that falls within Kevin Kelly's expertise, experience, and capabilities. Mr. Kelly charges $425 per hour for his services. Mr. Kevin assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. 101(14). Mr. Kelley can be reached at: Kevin Kelly 551 Fifth Avenue, Suite 400 New York, NY 10176 Tel: (212) 697-2299 x572 About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. William J. Factor, Esq., is the Debtor's legal counsel. ALPINE HOSPITALITY: Unsecureds to Get Share of Remaining Funds -------------------------------------------------------------- Alpine Hospitality, Inc., submitted a Third Amended Combined Plan of Reorganization and Disclosure Statement dated June 4, 2025. The Debtor has complied with all requirements of the Bankruptcy Code and of the Office of the U.S. Trustee, including attending the Initial Debtor Interview and its Meeting of Creditors, and the filing of monthly operating reports. The Debtor also worked diligently to continue to operate the Hotel and maintain its business as a going concern during while in possession of the Hotel. The Debtor hired a broker to market and sell the Hotel to the general public. The realtor received a number of inquiries, as well as offers to purchase the Hotel. CHS agreed to purchase the Hotel for $7.5 million. Debtor filed a motion to approve the sale to CHS, which was approved by this Court. CHS was allowed to use its claim against the estate as a credit against the purchase price, and paid the remainder in cash. The closing on the sale of the Hotel occurred on approximately April 21, 2025. As required under the order approving the sale, any funds remaining after approved payments to creditors are currently held in escrow at the title company handling the sale ("Remaining Funds"). The closing statement shows that the title company is holding $634,647 in Remaining Funds on behalf of the Debtor. CHS withdrew its proofs of claim filed against the estate, and is no longer a creditor or party in interest. All claims secured by the Hotel were either paid in full, or paid the value of the collateral securing the claim. The SBA was paid $100,000 on account of the value of the collateral securing its claim. The SBA holds substantial remaining claim. The SBA's remaining claim is secured by the value of the cash the Debtor held as of the filing date in the amount of $185,847.26. Any balance due to the SBA after payment of its secured claim will be treated as a general unsecured claim. The Debtor agreed in its cash collateral proposal to provide replacement liens against any reduction in the SBA's collateral. The Debtor is no longer operating and is filing this Plan to distribute the Remaining Funds to creditors and parties in interest. Class 2 consists of General Unsecured Allowed Claims. The Class 2 claimant shall receive a pro-rata distribution from the Remaining Funds after secured claims, priority claims, and Administrative Claims are paid in full ("Unsecured Creditor Funds"). Class 2 shall not be paid until after all senior creditor classes have been paid. The Class 2 claimants shall not receive more than payment of the principal amount of their Allowed Claim. Class 2 will receive a pro-rata share of the Unsecured Creditor Funds on or before one hundred twenty (180) days after the Effective Date ("Unsecured Creditor Payment Date"). Feasibility of the Debtor's Plan requires an analysis of the Debtor’s ability to facilitate the Plan payments. The Debtor is no longer operating, and its only assets are the Remaining Funds and approximately $81,486.26 as cash in the bank as of May 31, 2025 ("Cash"). The Remaining Funds are currently held in escrow at a title company pending further instructions from this Court and Bankruptcy counsel for the Debtor. The Debtor is no longer operating the Hotel and its sole operations are to facilitate the terms of this Plan. A full-text copy of the Third Amended Combined Plan and Disclosure Statement dated June 4, 2025 is available at https://urlcurt.com/u?l=a3xVuU from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Brinen, Esq. Jenny M.F. Fujii, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: jmf@kutnerlaw.com About Alpine Hospitality Alpine Hospitality, Inc., is a Colorado corporation and operates the Ramada by Wyndham Denver International Airport located at 6210 N. Tower Road, Denver, Colorado 80246. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-14064) on July 19, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Wanda Bertoia as president. Judge Joseph G. Rosania Jr. presides over the case. The Debtor tapped Jeffrey S. Brinen, Esq., at Kutner Brinen Dickey Riley, PC, as counsel and Ryu Inc. as accountant. AMERICAN MARICULTURE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- American Mariculture, Inc. and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use the cash collateral of their lenders. The court's fourth interim order authorized the companies to use cash collateral to pay the expenses set forth in its budget, with a 10% variance allowed. As of the petition date, the companies had cash of approximately $47,000, inventory and accounts receivable, which are deemed uncollectable and having no value. Cargill Financial Services International, Inc., the National Oceanic and Atmospheric Administration and the U.S. Small Business Administration assert an interest in the cash collateral, which stemmed from the loans obtained by the companies from the lenders. The companies owe $3 million to Cargill, $2.65 million to NOAA, and $2 million to SBA. As protection for the use of their cash collateral, the lenders will be granted liens on the cash collateral and all other assets acquired by the companies after the petition date, to the same extent and with the same validity and priority as their pre-bankruptcy liens. To the extent such protection is insufficient to protect the lenders from any diminution in value of their pre-bankruptcy liens on the cash collateral, the lenders will be granted an administrative priority claim. The next hearing is set for July 9. A copy of the court's order and the budget is available at https://shorturl.at/l4OBM from PacerMonitor.com. About American Mariculture Inc. American Mariculture Inc. is a food production company located at 9703 Stringfellow Road, Saint James City, Fla. American Mariculture sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00022) on January 8, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Caryl E. Delano handles the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. is the Debtors legal counsel. Cargill Financial Services International, as lender, is represented by: Brian Sikes ' President Cargill Financial Services International, Inc. Fax No. (952) 984-3905 -- and -- Will Brunnquell, Esq. In-House Counsel Cargill Financial Services International, Inc. Will_brunnquell@cargill.com ANGELA'S BRIDALS: Hires Jill M. Flinton CPA PLLC as Accountant -------------------------------------------------------------- Angela's Bridals, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Jill M. Flinton CPA PLLC as accountant. The firm's services include: a) preparation and filing of New York State quarterly sales tax returns and any 2025 income tax returns; and b) preparation of Debtor's Monthly Operating Reports. The accountant's rates are as follows: a) Flat Rate Services: (i) 2025 Income tax returns - fixed fee to be determined in late 2025 b) Hourly Services: (i) Monthly Operating Reports $200 per hour (ii) Sales tax returns $200 per hour Jill M Flinton CPA PLLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Jill Flinton, CPA Jill M Flinton CPA PLLC 800 NY-146 Suite 385 Clifton Park, NY 12065 Phone: (518) 460-5165 About Angela's Bridals Inc. Angela's Bridals, Inc. operates a brick-and-mortar bridal shop that sells dresses and other accessories. Angela's Bridals filed Chapter 11 petition (Bankr. N.D. N.Y. Case No. 25-10119) on February 4, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Janet M. Cooper, president of Angela's Bridals, signed the petition. Michael Boyle, Esq., at Boyle Legal LLC, represents the Debtor as legal counsel. ARCOUB INC: Seeks to Hire Peter Spindel Esq. P.A. as Attorney ------------------------------------------------------------- Arcoub Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Peter Spindel, Esq., P.A. as attorney. 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; (c) prepare legal documents; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these rates: Attorneys $450 per hour Paralegals $100 per hour The firm will be paid a retainer of $2,500. As disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Spindel, Esq. PETER SPINDEL, ESQ., PA 5775 Blue Lagoon Dr., Ste. 300 Miami, FL 33126 Tel: (786) 355-4631 Fax: (305) 448-7788 Email: peterspindel@gmail.com About Arcoub Inc Arcoub Inc filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15191) on May 8, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Laurel M Isicoff presides over the case. Peter Spindel, Esq. at PETER SPINDEL, ESQ., PA represents the Debtor as counsel. AT HOME GROUP: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: At Home Group Inc. 9000 Cypress Waters Blvd Coppell, TX 75019 Business Description: At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs approximately 7,170 people. Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court District of Delaware Forty-two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- At Home Group Inc. (Lead Case) 25-11120 Ambience Intermediate, Inc. 25-11147 Ambience Parent, Inc. 25-11148 At Home Assembly Park Drive Condominium Association 25-11149 At Home Companies LLC 25-11150 At Home Gift Card LLC 25-11151 At Home Holding II Inc. 25-11152 At Home Holding III Inc. 25-11153 At Home Procurement Inc. 25-11154 At Home Properties LLC 25-11155 At Home RMS Inc. 25-11156 At Home Stores LLC 25-11157 Compass Creek Parkway LLC 25-11158 Nodal Acquisitions, LLC 25-11159 Rhombus Dev, LLC 25-11160 Transverse II Development LLC 25-11161 1000 Turtle Creek Drive LLC 25-11125 10460 SW Fellowship Way LLC 25-11141 10800 Assembly Park Dr LLC 25-11142 11501 Bluegrass Parkway LLC 25-11143 12990 West Center Road LLC 25-11144 1376 E. 70th Street LLC 25-11126 15255 N Northsight Blvd LLC 25-11145 1600 East Plano Parkway, LLC 25-11127 1720 N Hardin Blvd LLC 25-11121 19000 Limestone Commercial Dr, LLC 25-11146 1944 South Greenfield Road LLC 25-11128 2016 Grand Cypress Dr LLC 25-11129 2301 Earl Rudder Frwy S LLC 25-11130 300 Tanger Outlet Blvd LLC 25-11122 3002 Firewheel Parkway LLC 25-11131 3015 W 86th St LLC 25-11132 334 Chicago Drive, LLC 25-11123 3551 S 27th Street LLC 25-11133 361 Newnan Crossing Bypass LLC 25-11124 4200 Ambassador Caffery Pkwy LLC 25-11134 4304 West Loop 289 LLC 25-11135 4700 Green Road LLC 25-11136 4801 183A Toll Road, LLC 25-11137 7050 Watts Rd LLC 25-11138 8651 Airport Freeway LLC 25-11139 9570 Fields Ertel Road LLC 25-11140 Judge: Hon. J. Kate Stickles Debtors' Delaware Restructuring Counsel: Joseph M. Mulvihill, Esq. Robert S. Brady, Esq. Edwin J. Harron, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: jmulvihill@ycst.com rbrady@ycst.com eharron@ycst.com Debtors' Restructuring Counsel: Nicole L. Greenblatt, P.C. Matthew C. Fagen, P.C. Elizabeth H. Jones, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: nicole.greenblatt@kirkland.com matthew.fagen@kirkland.com elizabeth.jones@kirkland.com Debtors' Financial Advisor: ALIXPARTNERS LLP Debtors' Investment Banker: PJT PARTNERS, INC. Debtors' Noticing & Claims Agent: OMNI AGENT SOLUTIONS, INC. Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Jeremy Aguilar as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UFRXWCQ/At_Home_Group_Inc__debke-25-11120__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. U.S. Bank N.A. Unsecured $58,000,000 Attn: Tim Williamson Bond Trustee U.S. Bancorp Center 800 Nicollet Mall Minneapolis, MN 55402 Phone: 206-344-4655 Email: tim.williamson@usbank.com 2. Brentwood Originals Trade $5,339,030 Attn: Keshauna Bryant 3780 Kilroy Airport Way Long Beach, CA 90806 Phone: 310-637-6804 Email: AR@brentwoodoriginals.com 3. Yotrio Corp Trade $3,852,647 Attn: Jason Shih 1100 Coiner Ct City of Industry, CA 91748 Phone: 626-923-1116 Email: jason@yotrioint.com 4. Jordan Manufacturing Co., Inc. Trade $3,592,940 Attn: Mendy Aul 1200 S 6th St Monticello, IN 47960 Phone: 1-765-215-1894 Email: mendy.a@jordanmanufacturing.com 5. Pillow Perfect Inc Trade $2,887,565 Attn: Paul Ratner 318 Bell Park Dr Woodstock, GA 30188 Phone: 770-926-1122 Email: pratner@pillowperfect.com 6. Home Fashions Int'l Trade $2,188,773 Attn: Kellie Martin 859 Victory Trail Rd Gaffney, SC 29340 Phone: 765-414-1403 Email: kellie.martin@westgatehome.com 7. Cui Liu Designs, LLC (Import) Trade $2,035,910 Attn: Cui Liu 1845 Butterworth Murray, KY 42071 Phone: 270-589-8413 Email: cuiliu@cuiliudesigns.com 8. Realty Income Corp Lease $1,766,483 Attn: Alic Kelso Agreement 11995 El Camino Real San Diego, CA 92130 Phone: 858-284-5478 Email: akelso@realtyincome.com 9. Loloi Rugs Trade $1,728,875 Attn: Amir Loloi 4501 Spring Valley Rd Dallas, TX 75244 Phone: 372-503-5656 Email: amir.loloi@loloirugs.com 10. Transform Holdco LLC Lease $1,470,415 Attn: Kirk Williams Agreement 5407 Trillium Blvd, Ste B120 Hoffman Estates, IL 60192 Phone: 404-441-1570 Email: kirk.williams@transformco.com 11. Euro-Tapis NV Trade $1,469,775 Attn: Nico Pappijn Courtenstraat 1 8791 Beveren-Leie Waregem, Belgium Phone: 32 475 421 305 Email: nico@eurotapis.be 12. CTM International Giftware Inc Trade $1,197,314 Attn: Lucy Scuralli 11420 Albert Hudon Montreal, QC H1G 3J6 Canada Phone: 514-324-4200 Email: ida@ctm-inter.com 13. Natco Products Trade $1,160,281 Attn: David Litner 155 Brookside Ave West Warwick, RI 02893 Phone: 401-828-0300 Email: dlitner@natcohome.com 14. Japi S/A Industria e Comercio Trade $1,135,060 Attn: Paulo Silva Gomes Av Prof Maria Do Carmo Gui Trevo De Itu - Cep, SP 13209-500 Brazil Phone: 55 11 4532 3332 Email: anna.clara@japi.com.br 15. Taizhou Bolvda Craft Co., Trade $1,113,385 Ltd (Import) Attn: Vicky Yang Liangshui Village, Gucheng Linhai City, 130317000 China Phone: 135-8613-7988 Email: yang@china-qinda.com 16. Pegasus Home Fashions, LLC Trade $1,002,527 Attn: Jessica Amos P.O. Box 290 400 Rte 34 Colts Neck, NJ 07722 Phone: 270-952-1840 Email: j.amos@pegasushomefashions.com 17. Lumisource, LLC Trade $1,001,216 Attn: Irene Lee-Dibenedetto 2950 Old Higgins Rd Elk Grove Village, IL 60007 Phone: 847-699-8988 Email: irenelee@lumisource.com 18. Sherwood Southwest, LLC Trade $997,731 Attn: Patrick O'Brien 400 Title Dr Lewisville, TX 75056 Phone: 561-866-9408 Email: pobrien@sherwoodbed.com 19. Vereit Operating Partnership LP Lease $974,291 Attn: Vallerie Cavaness Agreement 11995 El Camino Real San Diego, CA 92130 Phone: 858-284-5167 Email: remittance@realtyincome.com 20. Satori Home Ltd Trade $917,180 Attn: Jason G.R. Moss 1578 Sherman Ave Evanston, IL 60201 Phone: 1-847-840-3148 Email: jasonm@satorihomeltd.com 21. Seasons (HK) Ltd Trade $893,816 Attn: Alex Wong 6th Fl, Block A Chung Mei Center, 15 Hing Yip St Kwun Tong, KLN Hong Kong Phone: 852-2312-0110 Email: alexwong@seasonsltdgroup.com 22. Regal Home Collections, Inc (Dom) Trade $794,553 Attn: Jimmy Tawil 99 9th St Brooklyn, NY 11215 Phone: 212-213-3323 Email: jimmy@regalhome.net 23. Xiamen Share-Well Industrial & Trade $775,665 Trading Corp, Ltd Attn: Pan Pan 5F, No. 392 Lin Hou Rd Huli Dist, Xiamen, 150 China Phone: 86-592-5768511 Email: pan@share-well.com 24. Roadie, Inc Logistics $759,903 Attn: Orlando Barnes 7778 McGinnis Ferry Rd, Ste 270 Suwanee, GA 30024 Phone: 678-554-6645 Email: AR@roadie.com 25. National Retail Properties, Inc Lease $724,862 Attn: Ninibet Balladin Agreement P.O. Box 947205 Atlanta, GA 30394-7205 Phone: 407-540-7506 Email: ninibet.balladin@nnnreit.com 26. Staples Trade $710,268 Attn: Andrea Bond P.O. Box 95230 Chicago, IL 60694 Phone: 214-683-9567 Email: andrea.bond@staples.com 27. Dior International Ltd Trade $683,468 Attn: Joey Ko 6/F, 6-7 Wah Wai Center 38-42 Au Pui Wan St Fo Tan, Shalin, NT Hong Kong Phone: 852-2687-0420 Email: dior@dior.com.hk 28. JS Royal Home USA Inc (Import) Trade $666,653 Attn: Kirk Shipley 13451 S Point Blvd Charlotte, NC 28273 Phone: 704-661-4294 Email: kshipley@jsroyalhome.com 29. Oriental Weavers USA, Inc Trade $618,648 Attn: Alex Lopes 3252 Dug Gap Rd Dalton, GA 30720 Phone: 800-832-8020 Email: alopes@owrugs.com 30. Mohawk Home Trade $595,673 Attn: Tom Merriman P.O. Box 130 3032 Sugar Valley Rd Sugar Valley, GA 30746 Phone: 908-358-4136 Email: tom_merriman@mohawkind.com AT HOME GROUP: Debt-for-Equity Plan to Cut $1.62-Bil. in Debt ------------------------------------------------------------- At Home Group Inc. has sought Chapter 11 bankruptcy protection after reaching an agreement with lenders on a balance sheet restructuring that will eliminate $1.620 billion of the Company's nearly $2 billion in funded debt. As of the Petition Date, the Debtors have $1.998 billion in principal amount of total funded debt obligations: * $375 million outstanding under the ABL credit facility due July 23, 2026, with Bank of America, N.A., as administrative agent; * $579 million under a term loan facility due July 24, 2028, with Wilmington Trust, National Association, as administrative and collateral agent (successor to Bank of America, N.A.); * $300 million outstanding under senior secured notes due July 15, 2028 pursuant to an indenture with U.S. Bank Trust Company, National Association, as trustee and notes collateral agent; * $200 million outstanding under secured Cayman notes due May 12, 2028 pursuant to an indenture with Wilmington Trust, National Association, as trustee and notes collateral agent; * $483 million outstanding under secured exchange notes due May 12, 2028 pursuant to an indenture with Wilmington Trust, as trustee and notes collateral agent; and * $58 million outstanding under 7.125% senior unsecured notes due July 15, 2029 with U.S. Bank Trust Company, National Association, as trustee. The Debtors on June 16, 2025, entered into a restructuring support agreement with the support of holders of approximately 96% of the Company's first lien debt. The RSA contemplates a chapter 11 filing funded by the consensual use of cash collateral and a priming superpriority senior secured debtor-in-possession financing multi-draw term loan in the amount of $600 million, of which $200 million is comprised of a new money commitment. Pursuant to the RSA, the DIP Facility will convert to equity in the Reorganized Debtors upon exit and the Reorganized Debtors will emerge with a significantly deleveraged balance sheet and right-sized operations primed for success. The Restructuring Transactions contemplated by the RSA will eliminate $1.620 billion of the Company's existing $1.998 billion in debt. On the effective date of the plan, the Reorganized Debtors will enter into an exit asset-based lending facility, which will be applied to refinance the Prepetition ABL Credit Facility. The Debtors have negotiated a debtor-in-possession financing facility in the amount of $600 million. The proceeds of the DIP Facility will be applied to fund the Chapter 11 cases and to roll up $400 million of the Pari first lien obligations owed to the DIP lenders, comprised of the Term Loan, the 4.875% Secured Notes, the Exchange Notes Obligations, the Cayman Note, and intercompany notes. Pursuant to the RSA, the DIP Facility will convert to equity in the Reorganized Debtors upon exit. According to the restructuring term sheet attached to the RSA, the Debtors will file a Plan that provides that: * Holders of such allowed Superpriority DIP Claims will receive either (a) 98% of the common stock of the Reorganized Debtors or (b) with cash in full; * Holders of ABL facility claims will receive payment in full in cash with the proceeds of the exit ABL facility; * Holders of the Cayman Note, the 4.875% secured notes, intercompany notes, the term loans, and 4.875% secured notes will receive a pro rata share of the remaining equity of the Reorganized Debtors; * Holders of unsecured will have some recovery but won't be paid in full under the Plan. The restructuring term sheet still has blanks as to the recovery for unsecured claims; and * Hellman & Friedman won't receive any distributions on account of its interests, and those interests will be extinguished under the Plan. The DIP Facility contains the following milestones: -- Entry of Interim DIP Order: June 21, 2025 -- Filing of Chapter 11 Plan and Disclosure Statement: July 7, 2025 -- Entry of Final DIP Order: July 21, 2025 -- Entry of Order Approving Disclosure Statement: August 15, 2025 -- Confirmation of Chapter 11 Plan: October 14, 2025 -- Effective Date of Chapter 11 Plan: October 28, 2025 Counsel to the Ad Hoc Group: Stephen Zide, Esq. Eric Hilmo, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 E-mail: Stephen.Zide@dechert.com Eric.Hilmo@dechert.com Counsel to the Sponsor: Rachel Strickland, Esq. Erin Ryan, Esq. Fried, Frank, Harris, Shriver & Jacobson LLP One New York Plaza New York, NY 10004 E-mail: Rachel.Strickland@friedfrank.com Erin.Ryan@friedfrank.co About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. AT HOME GROUP: Hit by Tariffs, Files for Chapter 11 With Plan ------------------------------------------------------------- At Home Group Inc. has sought Chapter 11 bankruptcy protection to pursue a balance-sheet restructuring that would hand ownership of the company to its existing lenders. Headquartered in Coppell, Texas, At Home sells home decor and furnishings in its 260 large format retail locations across 40 states and through the Company's e-commerce website. The Company currently operates in 260 stores across 40 states. As of the Petition Date, the Company employs approximately 7,170 individuals who work in its retail stores and its corporate and distribution center functions. The Company was founded in 1979 under the name Garden Ridge Pottery with the opening of a housewares and craft store in Schretz, Texas. Garden Ridge emerged from chapter 11 bankruptcy in 2005, and in June 2014, announced plans to rebrand all stores and change its name to At Home to better reflect the Company's core focus on home decor and enable its aspirations for future expansion. After listing on the New York Stock Exchange in August 2016, the Company was taken private by private equity firm Hellman & Friedman LLC in a $2.8 billion transaction in July 2021. Due to aftereffects of the COVID-19 pandemic, the Company, like many retailers, dealt with a number of financial and operational headwinds in 2022. In December 2023 the existing Chief Executive Officer retired and At Home appointed Brad Weston as the new CEO in June 2024. Brad then worked to recruit a new senior management team and recalibrate At Home's strategy and operational focus. In advance of the 2026 maturity date of the ABL credit facility, At Home in January 2025 initiated discussions with the Prepetition ABL Agent who raised concerns with the Company's existing liquidity constraints and likely inability to pay its upcoming maturities. In the midst of the Company's attempts to address its liquidity situation and during the early stages of the management team's transformation strategy, tariffs imposed during the new Trump administration began to adversely impact the retail industry. In January 2025, a 10% tariff was imposed on all Chinese imports, and in April 2025, a cumulative 145% tariff on goods imported from China took effect. On June 11, 2025, the United States announced an agreement with China for a cumulative tariff of 55% on all Chinese imports. "At Home, a company that relies heavily on foreign suppliers, was -- and remains -- significantly impacted by these tariff policies. Accordingly, while At Home has had to deal with tariffs for some time given the nature of its business, the volatility of the current tariff environment came at a time when the management team was working to address the Company's existing issues. These newly imposed tariffs and the uncertainty of ongoing U.S. trade negotiations intensified the financial pressure on the Company, accelerating the need for a comprehensive solution," Jeremy Aguilar, CFO of the Company explained in court filings. The Company at the beginning of 2025 retained AlixPartners, LLC, PJT Partners Inc., and Kirkland & Ellis LLP as advisors as it continued to assess its liquidity, monitor its cash position, and identify the best way to navigate forward. In March 2025, Redwood Capital Management, LLC, Farallon Capital Advisors, L.L.C., and Anchorage Capital Advisors, L.P. -- Ad Hoc Group -- sent the Company a comprehensive restructuring proposal that contemplated a nearly complete deleveraging of the capital structure and a new money investment. In the months leading up to the Petition Date, the Company engaged in good faith arm's-length negotiations that included extensive diligence and meetings with the Ad Hoc Group. As a result of those negotiations, on June 16, 2025, the Debtors entered into a restructuring support agreement (the "RSA") with the support of holders of approximately 96% of the Company's first lien debt. The RSA sets forth terms of a prearranged financial restructuring that will eliminate substantially all of the Company's nearly $2 billion in funded debt and provide a capital infusion of $200 million to support the Company through its restructuring process and beyond. Pursuant to the RSA, following the consummation of its restructuring, the Company expects there will be a transition of ownership of At Home to the lenders supporting the RSA and providing the Company with new capital, including funds affiliated with Redwood Capital Management, LLC, Farallon Capital Management, L.L.C., and Anchorage Capital Advisors, L.P. About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. ATLANTA PEDIATRIC: Amends Unsecured Claims Pay Details ------------------------------------------------------ Atlanta Pediatric Therapy, Inc., and Applied Pediatrics Inc. submitted a Second Modification to Plan of Reorganization dated June 3, 2025. The Debtors modify their Plan in accordance with Section 1193(a) of the Bankruptcy Code. The changes do not materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. The Plan, and specifically Article 4, Section 4.8 of the Plan, Class 8: General Unsecured Claims, is hereby amended. Article 4, Section 4.8 (Class 8: General Unsecured Claims), is hereby amended. Article 4, Section 4.8 of the Plain, is modified to the include the following: "Debtors shall pay the Holders of Class 8 General Unsecured Claims a pro rata share of $108,432.22 consisting of the projected disposable income of the Debtors received over the life of the Plan (60 months) less any amounts disbursed for payment of Administrative Expense Claims as provided in Article 4.10 ("Plan Payment Procedures")." Except as expressly set forth in this Modification, all terms and provisions of the Plan remain in full force and effect. A full-text copy of the Second Modified Plan dated June 3, 2025 is available at https://urlcurt.com/u?l=w5pBJK from PacerMonitor.com at no charge. Attorney for the Debtor: Cameron M. McCord, Esq. JONES & WALDEN LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: cmccord@joneswalden.com About Atlanta Pediatric Therapy Atlanta Pediatric Therapy, Inc., is a speech pathologist in Georgia. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-51457) on Feb. 7, 2024, with up to $50,000 in assets and $1 million to $10 million in liabilities. George Rosero, president, signed the petition. Judge Wendy L. Hagenau oversees the case. Cameron M. McCord, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. BEELINE HOLDINGS: Directors Opt for Equity in Lieu of Cash Awards ----------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved grants of cash and restricted stock to its non-employee directors and stock options to senior executives. The equity grants were made under the Company's 2025 Equity Incentive Plan and are subject to shareholder approval of the Plan. The cash grants were not subject to shareholder approval. The table lists the amount of cash awarded to four non-employee directors in addition to $50,000 grants to them and one other non-employee director effective May 1, 2025, payable quarterly in arrears subject to continued service. Name Amount of Cash Awarded Joseph Caltabiano $45,833 Eric Finnsson $90,000 Jospeh Freedman $91,667 Stephen Romano $28,333 Each of the persons elected to receive 100% of the cash awards in the table in shares of restricted common stock at $0.92 per share except Mr. Finnsson who has elected to receive 50% of the cash in common stock and 50% in cash. The common stock portion each elected is also subject to shareholder approval of the Plan. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, 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 incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, $17.5 million in total liabilities, and a total stockholders' equity of $49 million. BEELINE HOLDINGS: Issues $372K Subordinated Note to CEO ------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company issued Nicholas R. Liuzza, Jr., the Chief Executive Officer and a director, a subordinated demand promissory note of $372,241. The subordinated promissory note included $250,000 lent to the Company by an unaffiliated third-party which sum Mr. Liuzza personally paid on behalf of the Company. The subordinated promissory note bears interest at a rate of 8% per annum. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, 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 incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, $17.5 million in total liabilities, and a total stockholders' equity of $49 million. BEELINE HOLDINGS: Sells 174.5K Shares for $152.5K Under ELOC Deal ----------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company sold a total of 174,505 shares of common stock for total gross proceeds of $152,517 under that certain Amended and Restated Common Stock Purchase Agreement and related Amended and Restated Registration Rights Agreement dated March 7, 2025, which ELOC Agreement was previously disclosed on the Company's Current Report on Form 8-K filed on March 10, 2025. The Company also issued 68,405 shares of common stock to the purchaser pursuant to the provisions of the ELOC Agreement relating to prior sales. The sales were made pursuant to the Company's registration statement on Form S-3 (File No 333-284723) and a prospectus supplement filed thereunder dated March 26, 2025. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, 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 incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, $17.5 million in total liabilities, and a total stockholders' equity of $49 million. BEXIN REALTY: Court Extends Cash Collateral Access to Aug. 18 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York issued its sixth interim order extending Bexin Realty Corporation's authority to use its lender's cash collateral. The sixth interim order authorized the company to use the cash collateral of Cathay Bank through Aug. 18 to pay the expenses set forth in its budget, with a 10% variance. Bexin owns two contiguous, mixed use rental buildings located at 24-26 and 28-30 West 125th St., New York. The property is subject to a senior priority lien held by the lender in an amount not less than $17,395,111.73 as of the petition date. Cathay Bank also holds a senior priority lien on substantially all of the company's assets, including cash, rents, rents receivables and leases, which constitute cash collateral. The bank claims it was owed an amount not less than $17,395,111.73 as of the petition date. As protection, Cathay Bank will receive a monthly payment of $20,000 and will be granted replacement security interests in and liens on all property of the company to the extent and with the same priority as its pre-bankruptcy lien. To the extent of any diminution in value of its collateral, Cathay Bank will have a superpriority administrative expense claim Bexin's authority to use cash collateral will terminate if certain events occur, including a default under the order; a conversion of the company's Chapter 11 case to one under Chapter 7; or the appointment of a Chapter 11 trustee. A final hearing is scheduled for Aug. 18. About Bexin Realty Corporation Bexin Realty Corporation is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bexin Realty filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-12080) on November 27, 2024, listing between $10 million and $50 million in both assets and liabilities. Bahram Benaresh, president of Bexin Realty, signed the petition. Judge Martin Glenn handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP. Cathay Bank, as lender, is represented by: Conrad K. Chiu, Esq. Amanda Schaefer, Esq. Pryor Cashman LLP 7 Times Square New York, NY 10036-6569 Telephone: (212) 421-4100 Facsimile: (212) 326-0806 cchiu@pryorcashman.com aschaefer@pryorcashman.com BEYOND MANAGEMENT: Seeks to Hire Tamarez CPA LLC as Accountant -------------------------------------------------------------- Beyond Management Development Investment Group Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Tamarez CPA, LLC as accountant. The firm will render these services: a) reconcile financial information to assist Debtor in the preparation of monthly operating reports; b) assist in the reconciliation and clarification of proof of claims filed and amount due to creditors; c) provide general accounting and tax services by maintaining the books and record under general accepted accounting principles (GAAP); d) prepare quarterly tax returns for the PR Department of Treasury, Internal Revenue Services and PR Department of Labor and Human Resources; e) prepare employees' annual withholding statements (w2), annual informative returns (480s) and related year-end reconciliation reports; f) assist in the filing of sales and use taxes and payroll taxes deposits; g) prepare annual returns: income taxes, annual report, personal property return, volume business declaration, workmen's compensation declaration and federal unemployment; h) assist the Debtor and Debtor's counsel in the preparation of the supporting documents for the Chapter 11 Reorganization Plan. Tamarez CPA will receive a fixed monthly rate of $1,000, plus reimbursement of actual out-of-pocket expenses incurred in this case. The fixed monthly rates do not include the sales and use taxes as imposed by PR Act 72 of May 2015, currently 4 percent of the billed fees. The firm received a post-petition retainer in the total amount of $2,080. Albert Tamarez Vasquez, CPA, owner of Tamarez CPA, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Albert Tamarez Vasquez, CPA Tamarez CPA, LLC 1519 Ave. Ponce De Leon, Suite 412 San Juan, PR 00909 Telephone: (787) 795-2855 Facsimile: (787) 200-7912 Email: atamarez@tamarezcpa.com About Beyond Management Development Investment Group Beyond Management Development Investment Group Corp. filed Chapter 11 petition (Bankr. D.P.R. Case No. 25-01160) on March 17, 2025, listing under $1 million in both assets and liabilities. The Law Offices of Hector Eduardo Pedrosa Luna serves as the Debtor's counsel. BIG STORM REAL ESTATE: Case Summary & Three Unsecured Creditors --------------------------------------------------------------- Debtor: Big Storm Real Estate, LLC 12707 49th Street N. Suite 200 Clearwater, FL 33762 Business Description: Big Storm Real Estate, LLC owns a property at 12707 49th Street N. in Clearwater, Florida, valued at $6.5 million based on a CBRE appraisal dated May 24, 2023. Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04024 Judge: Hon. Roberta A Colton Debtor's Counsel: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. 8221 49th Street N. Pinellas Park, FL 33781 Tel: 727-531-7068 E-mail: jake@jakeblanchardlaw.com Total Assets: $6,500,000 Total Liabilities: $12,630,967 The petition was signed by Joshua Rizack as chief restructuring officer. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ENIVNZY/Big_Storm_Real_Estate_LLC__flmbke-25-04024__0001.0.pdf?mcid=tGE4TAMA BLUE APPLE: Amends Unsecured Claims Pay Details ----------------------------------------------- Blue Apple Books, LLC and Harriet Ziefert, Inc., submitted a First Amended Combined Plan of Reorganization and Disclosure Statement for Small Business dated June 3, 2025. Payments pursuant to the Plan will be paid from the reorganized Debtor's cash flow. Class 2 consists of General Unsecured Claims. The Debtor shall pay pro rata distribution of $25,000 per year for all claims over $6,000, paid quarterly beginning on the 90th day after effective date of the Plan, ending in on month 48. Classes 2 and 3 will share $25,000 per year for four years on a pro rata basis. No distributions will will paid on account of individual claims of Harriet Ziefert. This Class is impaired. Class 3 consists of the Unsecured Claims of Pomum Lieber. This Class shall receive pro rata distribution of $25,000 per year, paid quarterly beginning on the 90th day after effective date of the Plan, ending in four years after the effective date of the plan. Classes 2 and 3 will share $25,000 per year for four years on a pro rata basis. Harriet Ziefert, separate from her status as equity holder, is the author of 328 books published by Blue Apple Books, LLC and Harriet Ziefert, Inc. $252,487 of the royalties owed to Harriet Ziefert, as author, on the sale of these books have been deferred, and will not receive any payments under the plan. Equity interest holders other than Pomum Lieber will retain their interests unimpaired. Nondebtor third party will purchase the 12% equity interests of Pomum Lieber for $37,500 payable in cash when confirmation order becomes final and nonappealable. On Confirmation of the Plan, all property of the Debtors, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtors. The Debtors expect to have sufficient cash on hand to make the payments required on the Effective Date. $25,000/year will be paid pro rata to all claimants in combined Classes 2 and 3, to be funded from Blue Apple Books, LLC’s excess cash flow. A full-text copy of the First Amended Combined Plan and Disclosure Statement dated June 3, 2025 is available at https://urlcurt.com/u?l=tIhW8F from PacerMonitor.com at no charge. Counsel to the Debtor: Kenneth A. Rosen, Esq. Ken Rosen Advisors PC 80 Central Park West 3B New York, NY 10023 Telephone: (973) 493-4955 Email: ken@kenrosenadvisors.com About Blue Apple Books Blue Apple Books, LLC filed Chapter 11 petition (Bankr. D.N.J. Case No. 25-11469) on February 13, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Stacey L. Meisel presides over the case. Kenneth Alan Rosen, Esq., at Ken Rosen Advisors, PC, is the Debtor's legal counsel. BOWERS BUSINESS: Case Summary & Five Unsecured Creditors -------------------------------------------------------- Debtor: Bowers Business Park, LLC 2010 Canada Drive East Syracuse, NY 13057 Business Description: Bowers Business Park, LLC is engaged in the construction of nonresidential buildings, including commercial and industrial structures. The Company typically handles new construction, renovation, and maintenance of office buildings, warehouses, and other commercial facilities. Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court Northern District of New York Case No.: 25-30473 Debtor's Counsel: Scott J. Bogucki, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. 930 Convention Tower 43 Court Street Buffalo, NY 14202 Tel: (716) 845-6446 Fax: (716) 845-6475 Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bryan Bowers as managing member. 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/NBQTQIQ/Bowers_Business_Park_LLC__nynbke-25-30473__0001.0.pdf?mcid=tGE4TAMA BRAND INDUSTRIAL: Moody's Cuts CFR to Caa1, Outlook Stable ---------------------------------------------------------- Moody's Ratings downgraded the ratings of Brand Industrial Services, Inc. (Brand), including the Corporate Family Rating to Caa1 from B3, Probability of Default Rating to Caa1-PD from B3-PD, rating on its senior secured term loan C to Caa1 from B3, rating on the senior secured first lien notes to Caa1 from B3, and rating on the senior secured first lien revolving credit facility due 2028 to Caa1 from B3. The rating outlook is stable. "The downgrade of Brand Industrial Services's ratings reflects the company's weak operating performance and high leverage that constrains its operating and financial flexibility, as well as limited visibility as to when the company will generate positive free cash flow," stated James Wilkins, Moody's Ratings Vice President. "Moody's believes that the company needs to generate positive free cash flow, reduce leverage and lower the cost of debt service for its debt capital structure to be sustainable." RATINGS RATIONALE Brand's Caa1 CFR reflects weak operating results, negative free cash flow and weak credit metrics. The company's 2024-2025 revenue has been relatively flat with modest advances in some end markets insufficient to offset weakness in the rental business, the commercial business tied to office and multi-family residences and European business volumes. While the company has initiatives in place to improve its sales efforts and address new target end markets, the uncertain macroeconomic environment, market volatility, geopolitical risks and potentially little near-term reduction in interest rates may result in developers and other customers hesitant to spend on new capital projects, challenging Brand's efforts to grow its top line. Additionally, before the company can realize positive cash flow form new business, Moody's expects the company to incur additional spending on resources to enter new markets and it takes time for the company to secure new business wins. It will be difficult for the company to transition to generating positive free cash flow without achieving earnings growth. Recent weakness in operating margins and high debt service costs that have contributed to the continued generation of negative free cash flow pose challenges to Brand's operational and financial flexibility. The company has yet to demonstrate the ability to generate positive free cash flow since 2020, when a decline in business activity and a large reduction in working capital resulted in positive free cash flow. Without generating positive free cash flow and reducing its debt, it is uncertain if Brand's capital structure will be sustainable. The company reduced debt by ~$1 billion in 2023 when its sponsors provided a cash injection in conjunction with the debt refinancing. However, rising interest expense continues to be a drag on cash flow generation as the cost of servicing debt is currently higher than prior to the 2023 debt refinancing due to higher interest rates and the expiration of favorable interest rate caps ($1.5 billion notional amount). The company's credit metrics are weak. Leverage is high, as indicated by a debt to EBITDA ratio of 7.8x as of March 31, 2025. Interest coverage has declined over the past year with EBITDA to interest expense of 1.3x and EBITA to interest expense of 0.7x for the twelve months ended March 31, 2025. Retained cash flow to debt was 1.3% for the twelve months ended March 31, 2025. The Caa1 ratings on the senior secured bank credit facility and the senior secured first lien notes are at the same level as the Caa1 CFR and reflect the fact that all of the debt is secured, benefit from guarantees from the US subsidiaries of the borrowers and rank pari passu. Brand has adequate liquidity supported by a revolving credit facility, a receivables financing facility, cash flow from operations and existing cash balances. It is uncertain if the company will generate meaningful positive free cash flow in 2025-2026 and therefore liquidity may decline somewhat over the next 12-18 months. As of March 31, 2025, the company had $198.1 million of outstanding letters of credit and $115 million of borrowings under its $676.6 million revolving credit facility that matures in August 2028. The credit facility has a springing maximum Consolidated Secured Leverage Ratio financial covenant of 7.0x, which is triggered only if over 35% of the revolver is drawn. The $700 million receivables financing facility due January 2027, is subject to a borrowing base limitation and had $503.7 million in borrowings and $5 million in letters of credit outstanding as of March 31, 2025. The next debt maturity is in January 2027, when the receivables financing facility matures. Since the company refinanced its debt in mid-2023, it obtained $150 million of additional term loan borrowings in April 2024, and in February 2025 executed a $100 million addon to its senior secured notes, to offset negative free cash flow and replenishing liquidity. The stable outlook assumes Brand will grow earnings, improve operating performance and maintain adequate liquidity until such time as the business generates sufficient free cash flow to sustain its existing capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity deteriorates, interest coverage declines or the company continues to generate negative free cash flow. The ratings could be upgraded if the company generates positive free cash flow, debt and interest costs decline such that the company has a sustainable capital structure, interest coverage improves with EBITA-to-Interest expense above 1.0x, leverage declines below 6x and liquidity is adequate with no near-term debt or financing facility maturities. Brand Industrial Services, Inc., headquartered in Atlanta, GA, is the largest provider of scaffolding, insulation, coatings and other industrial services within the following market segments in North America: upstream, midstream, and downstream oil & gas, power generation, industrial and infrastructure. The company is majority owned by Clayton, Dubilier & Rice and Brookfield Business Partners. 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, if any, was not material to the ratings addressed in this announcement. BURGESS BIOPOWER: Gets Court Okay for Chapter 11 Debt-Equity Swap ----------------------------------------------------------------- Rick Archer of Law360 reports that a Delaware bankruptcy judge on June 15, 2025, signed off on the Chapter 11 reorganization plan for Burgess BioPower, a New Hampshire power plant operator, allowing the company to restructure through a debt-to-equity swap. About Burgess BioPower The Debtors comprise renewable energy power companies that own and operate a 75-megawatt biomass-fueled power plant located on an approximately 62-acre site in Berlin, New Hampshire. Berlin Station owns the Facility and the Facility Site, and Burgess BioPower leases the Facility pursuant to a long-term lease. Burgess BioPower also holds the necessary regulatory licenses for the operation of the Facility. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10235) on February 9, 2024, with $10 million to $50 million in assets and $100 million to $500 million in liabilities. Dean Vomero, chief restructuring officer, signed the petitions. Judge Laurie Selber Silverstein oversees the case. The Debtors tapped GIBBONS P.C. as Delaware counsel; FOLEY HOAG LLP as general bankruptcy counsel; and SSG CAPITAL ADVISORS, L.P. as investment banker. CAROLINA'S CONTRACTING: Hires Arnold & Smith as Special Counsel --------------------------------------------------------------- Carolina's Contracting LLC received approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to hire Arnold & Smith, PLLC as special counsel. The counsel will continue to assist the Debtor in the collection of moneys owed to it by Land Development Solutions, LLC, including but not limited to filing the appropriate liens on construction projects where relevant. The firm will be paid at these rates: Ronnie Crisco, Esq. $350 per hour Paralegal $195 per hour Ronnie D. Crisco Jr., Esq., a partner at Arnold & Smith, PLLC, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Ronnie D. Crisco Jr., Esq. Arnold & Smith, PLLC The Historic John Price Carr House 200 N McDowell St Charlotte, NC 28204 Phone: (704) 370-2828 Fax: (704) 370-2202 Email: Ronnie.Crisco@arnoldsmithlaw.com About Carolina's Contracting LLC Carolina's Contracting LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reports total assets of $31,405,291 and total liabilities of $25,942,522. The Debtor is represented by Dirk W. Siegmund, Esq. at IVEY, MCCLELLAN, SIEGMUND, BRUMBAUGH & McDONOUGH, LLP. CHAR GRILL: Gets Extension to Access Cash Collateral ---------------------------------------------------- Char Grill Benson, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use its secured creditors' cash collateral. The court's fifth order authorized the company's interim use of cash collateral in accordance with its budget, with a 10% variance. The budget shows total operational expenses of $126,878.85 for the period from June 2 to July 1. As protection for the use of their cash collateral, secured creditors including Northeast Bank, the U.S. Small Business Administration, BayFirst National Bank, Kapitus, LLC, and BoomFundedwere were granted a lien on the company's revenue and other assets acquired post-petition to the same extent and priority as they had prior to the company's bankruptcy filing. Char Grill Benson owes $239,624 to Northeast Bank, $500,000 to SBA, $314,203 to BayFirst, $132,086 to Kapitus, and $97,371 to BoomFunded. The next hearing is scheduled for July 1. About Char Grill Benson Char Grill Benson, LLC is a local fast-food chain in Benson, N.C., serving charcoal-grilled burgers, fries and shakes. Char Grill Benson filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00459) listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Jennifer K. Bennington serves as Subchapter V trustee. Judge David M. Warren presides over the case. Philip Sasser, Esq., at Sasser Law Firm is the Debtor's bankruptcy counsel. BayFirst National Bank, as secured creditor, 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 Kapitus, LLC, as secured creditor, is represented by: Kylie L. Hamilton, Esq. Smith Debnam Narron Drake Saintsing & Myers, LLP P.O. Box 176010 Raleigh, NC 27619-6010 Telephone: (919) 250-2000 khamilton@smithdebnamlaw.com CHARLIE'S HOLDINGS: Sells $1.5M in PACHA Products to RJ Reynolds ---------------------------------------------------------------- Charlie's Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company amended the Asset Purchase Agreement with R. J. Reynolds Vapor Company pursuant to which the Buyer purchased three additional PACHA synthetic products and related assets that are covered by a premarket tobacco application first submitted by the Company in 2022, bringing the total purchased by the Buyer, to date, to fifteen products. The purchase price for the Additional Assets was $1.5 million paid at closing. The full text of the form of Amendment is available at https://tinyurl.com/yw8neubv About Charlie's Holdings Inc. Charlie's Holdings, Inc. (OTCQB: CHUC) is an industry leader in the premium, nicotine-based vapor products space. The Company's products are sold around the world to select distributors, specialty retailers, and third-party online resellers through subsidiary companies Charlie's Chalk Dust, LLC and Don Polly, LLC. Charlie's Chalk Dust, LLC has developed an extensive portfolio of brand styles, flavor profiles, and innovative product formats. Don Polly, LLC creates innovative hemp-derived products and brands. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has incurred significant operating losses, negative cash flows from operations, and has an accumulated deficit. The Company is dependent on its ability to increase revenues and obtain financing to continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CHLOE'S NYC: Court Extends Cash Collateral Access to June 27 ------------------------------------------------------------ Chloe's NYC, LLC received second interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral through June 27. The company needs to use its cash collateral -- funds in its bank account and revenue from business operations -- to continue running its bar/restaurant and pursue reorganization. The U.S. Small Business Administration is the Debtor's only secured creditor, with a $150,000 loan secured by the Debtor's personal property. The Debtor offered paying the SBA $467 per month equal to interest accruing on the loan's adequate protection for the use of cash collateral. This, along with replacement liens on post-petition assets, is intended to preserve the SBA's security interest without causing harm. Chloe's NYC has submitted an interim budget outlining ordinary business expenses, which include rent, wages, utilities, and insurance. All income is being deposited into a court-required debtor-in-possession account. A final hearing is scheduled for June 25. About Chloe's NYC LLC Chloe's NYC LLC is Brooklyn-based limited liability company. Chloe's NYC LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-4217) on May 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and$1 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by: Ronald D Weiss Ronald D. Weiss, Esq. Tel: 631-271-3737 Email: weiss@ny-bankruptcy.com CITIUS PHARMACEUTICALS: Issues $1M Promissory Note to Pagoda ------------------------------------------------------------ Citius Pharmaceuticals, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company issued an unsecured promissory note for an aggregate principal amount of $1 million to PAGODA RESOURCES, INC, a Pennsylvania corporation. The Note is not convertible into any equity securities of the Company. The Note is due and payable on December 2, 2025, and accrues interest at a rate of 15.00% per year, compounded monthly, until the Note is repaid in full. The Company has the absolute right to prepay the Note in whole or in part at any time and from time to time, without prepayment premium or penalty, with any prepayment credited first against accrued interest, then principal. The Note also contains customary events of default. If a default occurs and is not cured within the applicable cure period or is not waived, any outstanding obligations under the Note may be accelerated. Repayment of the Note has been personally guaranteed by Leonard Mazur, Chairman and Chief Executive Officer of the Company, through the execution and delivery of an Unconditional Personal Guaranty, the form of which is attached to the Note as Exhibit A. The full text of the Note is available at https://tinyurl.com/7d32mdwb About Citius Pharmaceuticals Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. The Company's goal generally is to achieve leading market positions by providing therapeutic products that address unmet medical needs yet have a lower development risk than usually is associated with new chemical entities. New formulations of previously approved drugs with substantial existing safety and efficacy data are a core focus. The Company seeks to reduce development and clinical risks associated with drug development yet still focus on innovative applications. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 27, 2024, citing that the Company has suffered recurring losses and has a working capital deficit as of Sept. 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CORNERSTONE GENERATION: S&P Affirms Preliminary 'BB-' ICR --------------------------------------------------------- S&P Global Ratings affirmed its preliminary 'BB-' rating on Energy Capital Partners' (ECP) senior secured credit facilities. The recovery rating remains '3'. S&P said, "Our 'BB-' ratings reflect our expectation of strong market fundamentals for the next few years supported by an expected surge in power demand driven by AI and data centers' high energy consumption, plus the strong results in the PJM 2025-2026 capacity auction, which should result in strong cash flow generation for the upcoming two years. The rating also reflects our view of high cash flow visibility in the upcoming years due to energy hedges. "Based on our view of the portfolio's expected operating performance and projections of market-driven variables such as energy and capacity prices in PJM, we forecast debt service coverage ratios above 2x during the term loan B period, and a minimum debt service coverage ratio (DSCR) of about 1.41x in the post refinancing period, where we model a fully amortizing repayment profile through 2042. "The stable outlook reflects our belief that improved energy and capacity market dynamics and steady operating performance will allow Cornerstone to reduce leverage throughout the life of the TLB via its 50% cash flow sweep mechanism." Cornerstone will be composed of three assets with a total capacity of about 2.6 GW. The assets include Lawrenceburg, an approximately 1.2 GW combined cycle gas turbine (CCGT) facility in Lawrenceburg, Ind.; Waterford, a 905-megawatt (MW) CCGT in Waterford, Ohio; and Darby, a 472 MW simple cycle peaking facility in Mount Sterling, Ohio. All assets are in the RTO region of PJM and sell power into the American Electric Power (AEP) Dayton Hub. Cornerstone engages in hedging and bilateral capacity sales, although it primarily sells energy and capacity on a merchant basis. The project will ultimately be owned by ECP. All else equal, the upsize will increase opening leverage and total debt service over the life of the TLB. Other variables, including the spread on the TLB and changes in the SOFR forward curve since the initial transaction, have also shifted. At the time of the initial transaction in October, the assumed pricing on the senior secured facilities was SOFR + 375 basis points (bps). Investor sentiment regarding the current and perceived future strength of energy markets drove the facilities to price 50 bps better than expected at SOFR + 325 bps. Additionally, macroeconomic conditions and expectations have shifted since the time of the initial transaction, culminating in an upward shift in the SOFR curve, which more than offsets the impact of the better pricing. S&P said, "Our in-house capacity price assumptions have increased since the original transaction in October, which support the increase in debt service borne by the higher debt quantum and slightly higher all-in interest rate assumptions. In April, we published revised capacity price assumptions for PJM that reflect incremental positive momentum. Our assumptions increased by $50/MW-day for the 2026/27 auction to $250/MW-day and by $25/MW-day in the next several auctions thereafter. The PJM capacity price floor of $175/MW-day and cap of $325/MW-day for the next two uncleared delivery years have been introduced since the time of the original transaction, which we view as decreasing downside exposure and adding cash flow visibility. The increase in capacity revenues and cash flows during the TLB term helps to offset the increase in debt service and supports de-leveraging. However, due to the higher opening debt quantum and an incorporated draw of $50 million of the project's incremental debt basket that does not require a rating affirmation, we now expect $925 million of debt outstanding at maturity." The minimum DSCR essentially remains unchanged at around 1.4x and continues to occur in the refinancing period. Driving this outcome is a two-year extension of the asset lives of Lawrenceburg and Waterford, in addition to higher capacity cash flows in the refinancing period. Lawrenceburg and Waterford are two efficient CCGTs that sit advantageously on the PJM dispatch curve. Although they are older assets having reached COD in the early 2000s, the independent engineer opined at the time of the original transaction that, should the plants continue to follow prudent operating and maintenance procedures, they could operate into the 2040s. S&P said, "We believe the plants are being and will continue to be maintained sufficiently under ECP's ownership. We believe their size and efficiency also support their continued operations over this time frame. In the outer years of our forecast, we reduce dispatch levels to account for lower cost resources and new technologies entering the dispatch curve. Given its relative inefficiency, Darby's asset life remains unchanged, and we continue to assume operations will cease in 2040. The increased cash flows over our refinancing period, where we assume a sculpted, fully amortizing debt structure, and an additional two years for the portfolio to repay the debt remaining at maturity result in an improved minimum DSCR." S&P said, "The stable outlook reflects our belief that improved energy and capacity market dynamics and steady operating performance will allow Cornerstone to achieve DSCRs of above 2x over the life of the TLB and a minimum DSCR of about 1.4x in the refinancing period. We expect a debt balance of about $925 million at maturity." S&P could consider a negative rating action if Cornerstone's DSCR falls below 1.35x on a sustained basis. This could occur if: -- There is material deterioration in spark spreads and cleared capacity prices. -- If operational issues reduce generation or increase cost, or if market or economic factors result in decreased levels of dispatch. -- Additionally, S&P could also consider a negative rating action if Cornerstone is unable to de-lever on pace with its expectations, resulting in a higher debt balance at maturity and a lower minimum DSCR in the term loan's refinancing period. S&P could consider a positive rating action if Cornerstone is able to de-lever faster than our expectations such that its minimum DSCR increases beyond 1.8x in the refinancing period. This could occur if: -- Cornerstone can realize higher spark spreads than S&P anticipates over its forecast, or if PJM capacity prices clear higher than our current expectations. -- Cornerstone can lock in cash flows via bilateral capacity sales at prices higher than we anticipate, or if Cornerstone's dispatch increases significantly beyond what S&P's forecast contemplates; and -- Cash flow sweeps are above our expectations during the TLB period so the amount outstanding at refinancing is materially lower than the expected $925 million. DARLING INGREDIENTS: S&P Rates New Unsecured Euro Notes 'BB+' ------------------------------------------------------------- S&P Global Ratings assigned a 'BB+' issue-level rating on Darling Ingredients Inc.'s (BB+/Stable/--) proposed EUR750 senior unsecured euro notes due 2032. The recovery rating is '3', indicating its expectation for meaningful (50% - 70%; rounded estimate: 65%) recovery in the event of a payment default. The issuance of the euro notes is part of a larger leverage-neutral refinancing transaction that the company is undertaking. It includes the launch of a new $900 million farm credit term loan A facility due June 2031 (not rated) and a new $2.0 billion revolving credit facility expiring in June 2030 (not rated). Darling will use proceeds from the new facilities to pay down its existing farm credit term loan A-1 and term loan A-3 due December 2026, and partially pay down the term loan A-2 and term loan A-4 due in December 2026. It will use proceeds from the proposed euro notes to pay down the remaining term loan A-2 and term loan A-4 balances and redeem the existing EUR515M senior unsecured euro notes due in May 2026. S&P said, "Our 'BB+' issuer credit rating on Darling is also unchanged. In the first quarter of 2025, Darling's core feed and food segments both benefitted from higher fat prices with stable raw material volumes, resulting in margin expansion and EBITDA growth. Excluding Diamond Green Diesel (DGD), EBITDA from Darling's core business grew by 15%. Darling's share of DGD EBITDA fell sharply to $6 million from $115 million in the prior year comparable period, primarily due to the transition from the blender tax credit to the producer's tax credit, delayed guidance on tax policy, tariffs on imported feedstocks, and downtime for catalyst turnarounds. Nevertheless, Darling received $129.5 million in dividends from DGD and paid down $146 million in debt during the quarter. Overall, S&P Global Ratings-adjusted leverage declined to 3.6x compared with 3.9x in the same quarter last year. In our base case, we expect Darling will deleverage below 3.5x in fiscal 2025 (primarily from a rebound in earnings in tis food and feed ingredient business segments), which is in line with our expectations for the rating." Irving, Texas-based Darling is a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients. It collects and processes animal byproducts from protein manufacturers, used cooking oil, and bakery residual recycling and recovery solutions. It develops and produces a wide range of ingredients for customers with diverse end-market usage, such as pharmaceuticals, food, pet food, animal feed, industrials, fuel, bioenergy, and fertilizer industries. The company has 260 operating facilities globally. As of fiscal year-end 2024, it generated 57% of its revenue from North America, 29% from Europe, 9% from South America, with the remaining 5% spread across China and other regions. In addition, the company operates a 50/50 joint venture (JV), DGD, with Valero Energy Group, to produce renewable diesel fuel and related byproducts. The JV operates three renewable diesel plants, two in St. Charles, La. and one in Port Arthur, Texas. S&P expects DGD will generate a significant portion of the company's growth as sustainable renewable energy increases demand for its SAF products, especially from the aviation industry. The company accounts for this JV as an investment in an unconsolidated subsidiary via the equity accounting method. Issue Ratings--Recovery Analysis Key analytical factors -- S&P said, "Under a simulated default scenario, we assume Darling would reorganize because we believe the company has established market positions in the rendering industry, which has high barriers to entry. Consequently, we continue to use an enterprise-value approach to assess recovery prospects under a distressed-case scenario." -- S&P's simulated default scenario considers a payment default in 2030 because of a significant decline in finished-product prices, unfavorable foreign exchange rates, and a sharp drop in protein processing demand, exacerbated by less restaurant traffic. All these factors lead to a significant sales decline, margin squeeze, and insufficient liquidity. -- Darling's capital structure has borrowing subsidiaries in various jurisdictions, some of which only guarantee debt borrowed by those subsidiaries. However, the credit agreement has a collection allocation mechanism to adjust facilities outstanding in the event of a default so that there will be no priority claims in local jurisdictions and various lenders will be treated equally. S&P said, "We value the company on a going-concern basis using a 5.5x multiple of our projected emergence EBITDA, which includes our assumption that the company's share in DGD would remain with the company at emergence, contribute to our emergence enterprise value (EV), and be available to senior secured deficiency and unsecured claims on an unsecured basis, albeit at distressed levels from current EBITDA at the JV. The multiple is higher than the standard assumption for U.S.-based agribusiness and commodity foods. This reflects Darling's leadership position in the fragmented rendering animal byproducts industry and growth prospects compared with its peers. We use a 10% cyclicality adjustment for potential cyclical rebounds in EBITDA in line with the standard assumption for the agribusiness and commodity foods industry." The company's pro forma capital structure will consist of: -- A new $2.0 billion first-lien secured cash flow revolver expiring in June 2030 (not rated); -- A new $900 million farm credit term loan A due in June 2031 (not rated); -- New EUR750 million senior unsecured euro notes due in June 2032; -- $500 million, 5.25% senior unsecured notes due in April 2027; and -- $1.0 billion 6.0% senior unsecured notes due in June 2030. Simulated default assumptions -- Year of default: 2030 -- EBITDA at emergence: $990 million -- Implied EV multiple: 5.5x Simplified waterfall -- Emergence EBITDA: $990 million -- Multiple: 5.5x -- Gross recovery value: $5.4 billion -- Net recovery value (after 5% administrative expenses): $5.2 billion -- Obligor/nonobligor valuation split: 23.5% U.S. obligors, 14% (Europe, the Middle East, and Asia obligors), 6% (Canada obligors), 57% (rest of the world nonobligors including DGD) -- Collateral value available to senior secured debt including unsecured deficiency claims: $2.7 billion -- Estimated senior secured claims: $2.7 billion -- Collateral value available to senior unsecured debt: $3.3 billion -- Estimated senior unsecured claims including senior secured deficiency claims: $3.2 billion --Recovery range for unsecured debt: 50%-70% (rounded estimate: 65%; capped at '3') All debt amounts include six months of prepetition interest. DELEK LOGISTICS: Moody's Affirms 'B1' CFR, Outlook Stable --------------------------------------------------------- Moody's Ratings affirmed Delek Logistics Partners, LP's ("DKL") B1 Corporate Family Rating and B1-PD Probability of Default Rating. The ratings on its senior unsecured notes were upgraded to B2 from B3. The SGL-3 Speculative Grade Liquidity rating (SGL) is unchanged. The ratings outlook is stable. "The affirmation of Delek Logistics' B1 Corporate Family Rating reflects the growth in the company's asset base and earnings," stated James Wilkins, Moody's Ratings Vice President. "The company continues to pursue acquisitions, but the use of equity funding has moderated the increase in the company's debt and kept leverage in line with the rating." RATINGS RATIONALE DKL's B1 CFR reflects its stable cash flow, growing asset base and increased revenues and earnings from third party customers. The stable cash flow from operations is underpinned by long-term, fee-based contracts with minimum volume commitments for pipeline transportation, terminal and storage services. DKL is majority owned and controlled by Delek US Holdings, Inc. (DK, B1 negative), the owner of the general partner, and provides critical infrastructure, a coordinated growth strategy and a source of external financing to DK. It is also supported by demand for its storage and transportation and wholesale marketing and terminalling services, which benefit from long-term contracts. DKL has a goal of developing into a full-service midstream provider with crude oil, natural gas and water handling capabilities. It has potential growth opportunities from organic projects as well as acquisitions of assets dropped down from its parent or sourced from third parties, which have diversified its asset base and will increase third party earnings to over one-half of 2025 earnings. Leverage (debt / EBITDA = 5.2x as of March 31, 2025) is moderate for the rating, but the company does not consistently produce positive free cash flow due to the high distributions and growth capital spending. The credit profile is constrained by high distributions, the modest scale of operations and customer concentration risk with DK as its single largest customer and little ability to replace DK's cash flow should DK experience refinery downtime. The refining and marketing industry profit margins are volatile and DK's profitability has been weak even prior to the industry entering a cyclically lower refining margin environment in the second half of last year. The senior unsecured notes were upgraded to B2 from B3, reflecting the greater proportion of senior unsecured debt compared to the higher priority secured revolver obligations and Moody's expectations that can be sustained going forward despite the potential for future acquisitions. The senior unsecured notes B2 rating, one notch below the B1 CFR, reflects the contractual subordination of the notes to obligations under DKL's secured credit facility. The revolving credit facility is secured by a first priority lien on substantially all of DKL's assets. The SGL-3 Speculative Grade Liquidity Rating reflects Moody's expectations DKL will maintain adequate liquidity supported by positive cash flow from operations and unused capacity under its revolving credit facility due in October 2027. As of March 31, 2025, DKL had a modest cash balance ($2 million) and the $1.15 billion revolver had $705.1 million of borrowings and available borrowing capacity of about $445 million, as of March 31, 2025. The revolver has three financial covenants -- a maximum Total Leverage Ratio of 5.25x and maximum Senior Leverage Ratio of 3.75x (with 0.25x step up provisions for up to four quarters for both leverage ratios for certain qualifying growth initiatives) and a minimum Interest Coverage Ratio of 2.0x. Moody's expects the company to remain in compliance with the financial covenants through 2026. The next maturity of notes is in 2028. The stable outlook reflects Moody's expectations that DKL will generate stable earnings and grow through asset acquisitions and modest organic growth projects without significantly increasing leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if DKL continues to increase its scale and grow EBITDA, sources an increasing majority of earnings from third parties and achieves positive free cash flow, while maintaining leverage (Debt / EBITDA) below 4.0x. Given DK's controlling ownership and importance as a counterparty, an upgrade would also require that DK's CFR is sustained at B1 or higher. The ratings could be downgraded if leverage (debt /EBITDA) were to rise above 5.0x on a sustained basis or liquidity were to deteriorate. DK's CFR declining below B2 could also lead to a downgrade of DKL's rating. Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, is a midstream logistics company with crude oil and product transportation pipelines and crude oil gathering systems, terminals and storage facilities. Its general partner is 100% owned by Delek US Holdings, Inc. (NYSE: DK) and management, and the common units are owned by DK and public unitholders (~36% LP interest as of March 31, 2025). 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. DELEK US: Moody's Cuts CFR to 'B1', Outlook Negative ---------------------------------------------------- Moody's Ratings downgraded the ratings of Delek US Holdings, Inc. ("Delek"), including the Corporate Family Rating to B1 from Ba3, Probability of Default Rating to B1-PD from Ba3-PD and the rating on the senior secured term loan B to B2 from B1. The SGL-3 Speculative Grade Liquidity Rating remains unchanged. The rating outlook is negative. "The downgrade of Delek US Holdings, Inc.'s ratings reflects its weak credit metrics, high gross debt serviced by earnings of its refining assets and the need for the company to improve the profitability of its refining assets," stated James Wilkins, Moody's Ratings Vice President - Senior Analyst. RATINGS RATIONALE Delek's CFR was downgraded to B1 because of its weak profit margins, negative free cash flow, high gross leverage on its refining and marketing operations and Moody's expectations the company will continue to generate negative free cash flow due to below mid-cycle industry crack spreads and Delek's planned capital expenditures in excess of maintenance levels. Delek's gross debt, excluding the debt of Delek Logistics Partners, LP (DKL, B1 stable), is high considering the cash flow generation potential of the refining assets throughout the industry cycle. On a consolidated basis, the company currently has high leverage as a result of generating negative EBITDA and retained cash flow during the twelve months ended March 31, 2025. Debt funded projects or acquisitions could increase debt or delay improvement in leverage. Delek has been pursuing various initiatives to improve its cost structure and optimize its refining operations, which the company expects will generate run rate savings of $120 million per year in the second half 2025. However, Moody's do not expect the savings to lead to positive free cash flow generation in 2025. Delek's elevated cash balances ($622 million at Delek excluding DKL cash as of March 31, 2025) have historically supported its liquidity through volatile refining market cycles, but have declined, providing less of a liquidity cushion and financial flexibility. Delek has modest scale in the refining business and is exposed to volatile profit margins. Its four refineries that are geographically focused and have a combined crude oil throughput capacity of 302 thousand barrels per day (mbpd). The refineries are positioned in Texas, Louisiana and Arkansas where they can benefit from both growing Permian crude oil production and other locally-sourced crudes that are purchased at a discount to WTI Cushing prices. The company also benefits from more stable earnings generated by midstream operations through its ownership interest in DKL. However, the company is considering strategic initiatives to unlock shareholder value, which could reduce DK's ownership in DKL and that would be detrimental to DK's credit profile if not paired with meaningful reductions in DK's debt. The secured term loan is rated B2, one notch below the B1 CFR, reflecting the priority claim of the $1.1 billion revolving credit facility, which shares the same collateral as the term loan, but has a first lien on working capital and a second lien on fixed assets, whereas the term loan has a first lien priority claim on fixed assets and a second lien on working capital. Moody's views the B2 rating assigned to the term loan as more appropriate than the rating indicated by Moody's Loss Given Default for Speculative-Grade Companies methodology given the inherent volatility of the company's trade payables and lack of material other debt outstanding that is subordinated to the term loan. A large source of Delek's earnings, as reported in its consolidated financials, are from the midstream operations of DKL. However, DKL does not guarantee the Delek term loan and the term loan is structurally subordinated to the DKL notes with respect to the cash flow generated by DKL. Delek maintains adequate liquidity reflected in its SGL-3 Speculative Grade Liquidity rating. The liquidity position is supported by the large cash balance ($622 million at Delek excluding DKL cash as of March 31, 2025), significant availability under committed bank facilities and distributions from DKL, its logistics MLP subsidiary. For the twelve months ended March 31, 2025, Delek's consolidated free cash flow was negative (-$961 million) due to weak refining margins. Refining margins have improved in 2025 from the low levels experienced in the fourth quarter 2024, but remain below mid-cycle levels. At the end of Q1 2025, Delek's $1.1 billion ABL revolving credit facility had no borrowings and outstanding letters of credit totaling $383 million, leaving $717 million of borrowing capacity. The facility matures Oct. 26, 2027. The revolver has a minimum fixed charge coverage ratio of 1.0x, which is only tested if excess availability is less than the greater of 10% of the revolver borrowing base (capped at $1.1 billion) and $90 million. Moody's do not expect the covenant to be tested through 2026. The company's liquidity position further benefits from an inventory intermediation agreement with Citibank Energy Inc. that covers three refineries and provides up to $800 million of working capital funding. The agreement was established in December 2022 and matures in January 2027. Should the agreement not be renewed at maturity, Delek would have to invest a substantial amount in working capital. The obligation under the inventory intermediation agreement totaled $433.6 million as of March 31, 2025. Delek's common unit holdings in Delek Logistics Partners, LP is a potential source of alternate liquidity for Delek. The company's term loan matures in November 2029 and the first DKL notes maturity is in 2028. The negative outlook reflects high leverage on the refining assets at the current level of earnings, weak cash flow generation and the need for Delek to execute on its Enterprise Optimization Plan (EOP) initiatives to make its refining assets competitive through refining cycles. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if operating performance of the refining operations does not improve, such that the company does not generate positive free cash flow with mid-cycle refining margins or if liquidity deteriorates. A meaningful decline in the cash balance or increase in net debt without the benefit of more reliable positive free cash flow from the refining assets could result in a downgrade. The ratings could be upgraded if operating performance improves, including successful execution on projects underpinning the EOP to improve the cost position of its refining assets, the refining operations generate positive free cash flow, and gross debt is reduced enabling DK to sustain stand-alone credit metrics supportive of a higher rating. Delek US Holdings, Inc. (NYSE: DK), headquartered in Brentwood, Tennessee, is an independent refining and wholesale marketing company with 302 Mbpd of total crude oil throughput capacity at four refineries and midstream assets. Additionally, it holds a ~63% (as of March 31, 2025, including the general partner interest) stake in the midstream logistics company, Delek Logistics Partners, LP (NYSE: DKL, B1 stable) which operates crude oil, natural gas and water midstream assets. The principal methodology used in these ratings was Refining and Marketing published in August 2021. Delek's B1 Corporate Family Rating is two notches above the scorecard-indicated outcome of B3 reflecting cyclically weak conditions in the refining industry and the benefits of its large cash balance relative to Delek's outstanding debt. DI ANTAR GROUP: Case Summary & 12 Unsecured Creditors ----------------------------------------------------- Debtor: Di Antar Group, LLC d/b/a Shaburina Shabu-Shabu Hot Pot d/b/a Shaburina 2720 152nd Ave., NE No. 130 Redmond, WA 98052 Business Description: Di Antar Group LLC operates restaurant ventures in the United States, including "Shaburina," a Korean/Japanese-style hot pot restaurant offering Shabu Shabu in Redmond, Washington. The restaurant features a self- serve, all-inclusive buffet concept that allows customers to customize their meals. The Company also sources and imports restaurant supplies and equipment. Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court Western District of Washington Case No.: 25-11655 Judge: Hon. Christopher M Alston Debtor's Counsel: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 E-mail: courtmail@expresslaw.com Total Assets: $78,100 Total Liabilities: $1,267,198 The petition was signed by Hee Soo Kim 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/3RYY5FI/Di_Antar_Group_LLC__wawbke-25-11655__0001.0.pdf?mcid=tGE4TAMA DOWNTOWN UTICA: Case Summary & Eight Unsecured Creditors -------------------------------------------------------- Debtor: Downtown Utica Development, LLC 501 Bleecker Street Utica, NY 13501-1000 Business Description: Downtown Utica Development, LLC is a single- asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court Northern District of New York Case No.: 25-60539 Debtor's Counsel: Scott J. Bogucki, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. 930 Convention Tower 43 Court Street Buffalo, NY 14202 Tel: (716) 845-6446 Fax: (716) 845-6475 Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bryan Bowers as managing member. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SDRM57Y/Downtown_Utica_Development_LLC__nynbke-25-60539__0001.0.pdf?mcid=tGE4TAMA EEGEE'S LLC: Claims to be Paid from Settlement Fund --------------------------------------------------- Eegee's, LLC filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement describing Chapter 11 Plan dated June 4, 2025. On or about January 20, 2025, Debtor filed its Motion for Entry of (I) an Order (A) Approving Bidding Procedures in Connection with the Sale of Substantially All of the Debtor's Assets, (B) Approving Entry into Stalking Horse Asset Purchase Agreement, (C) Scheduling an Auction and Sale Hearing, (D) Approving Procedures for the Assumption and Assignment of Executory Contracts and Unexpired Leases, (E) Approving the Form and Manner of Notices Relating to the Sale, and (F) Granting Related Relief; and (II) Approving the Sale of Substantially All of the Debtor's Assets Free and Clear of Liens, Claims and Interests, (B) Approving the Assumption and Assignment of Executory Contracts and Unexpired Leases, and (C) Granting Related Relief (the "Sale Motion"). On February 19, 2025, Debtor filed its Notice of: (A) Proposed Sale of Debtor's Assets; (B) Stalking Horse Asset Purchase Agreement; (C) Bidding Procedures; (D) Objection Deadline; and Auction and Sale Hearing ("Notice of Sale"). On April 18, 2025, the Court entered its Order: (I) Approving Asset Purchase Agreement; (II) Authorizing the Sale of Substantially All of Debtor's Assets Free and Clear of Liens, Claims, Encumbrances and Other interests; (III) Authorizing the Assumption and Assignment of Executory Contracts and Unexpired Leases; and (IV) Granting Related Relief ("Sale Order"). Attached as Exhibit A to the Sale Order is the Asset Purchase Agreement ("APA") by and between the Debtor and Gladstone Capital Corporation. In accordance with its rights under the APA, Gladstone assigned the APA to an affiliate, eegee Acquisition Corp. ("eegee Acquisition"). On April 23, 2025, the Debtor and eegee Acquisition closed on the sale of the Purchased Assets. Pursuant to the Sale Order and as described in the Report of Sale, the Debtor sold all right, title and interest in substantially all of its assets to eegee Acquisition. The remaining assets of the Debtor are comprised of the $250,000 contained within the Settlement Fund. The $250,000 Settlement Fund is comprised of the cash component of the purchase price under the Asset Purchase Agreement between the Debtor and Gladstone that was approved by the Sale Order, which Settlement Fund is to be used for the sole and exclusive benefit of the holders of Allowed General Unsecured Claims. The Debtor anticipates the total amount of Allowed Unsecured Claims in Class 1-A will be approximately $4,297,370.17 owed for business-related debt. Class 1-A consists of all Allowed General Unsecured Claim, including Allowed Claims of trade creditors and Allowed Rejection Damage Claims of landlords and contract counterparties. Holders of Class 1-A Claims will receive a Pro Rata Share of the Settlement Fund. Class 2 consists of Equity Interests in the Debtor. The holders of Class 2 Equity Interests shall receive no distribution under the Plan and shall have no claim against, or right to receive any portion of, the Settlement Fund. In addition, upon the Effective Date, the Equity Interests shall be cancelled. The Plan Administrator shall make distributions to holders of Class 1- A Claims from the Settlement Fund. A full-text copy of the Disclosure Statement dated June 4, 2025 is available at https://urlcurt.com/u?l=UjGEbA from PacerMonitor.com at no charge. Counsel to the Debtor: Martin J. McCue, Esq. Patrick F. Keery, Esq. Keery McCue, PLLC 6803 East Main Street, Suite 1116 Scottsdale, AZ 85251 Tel: (480) 478-0709 Fax: (480) 478-0787 Email: mjm@keerymccue.com pfk@keerymccue.com About Eegee's, LLC Eegee's, LLC, owner and operator of a fast food restaurant, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-10470) on Dec. 6, 2024. In the petition signed by CEO Christopher Westcott, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda K. Martin oversees the case. Patrick Keery, Esq., at KEERY McCUE, PLLC, is serving as the Debtor's legal counsel. EEHF 18 INC: Seeks Subchapter V Bankruptcy in Massachusetts ----------------------------------------------------------- On June 15, 2025, EEHF 18 Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. 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 EEHF 18 Inc. EEHF 18 Inc., doing business as A Sunrise Bakery and Coffee Shop, 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. EEHF 18 Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass.Case No. 25-11218) on June 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtors are represented by John Sommerstein, Esq. at JOHN F. SOMMERSTEIN. EUROS EL TINA: Pizarro Seeks Appointment of Receiver ---------------------------------------------------- In the case styled MARIA JOSE PIZARRO, Plaintiff v. EUROS EL TINA RESTAURANT LOUNGE and BILLIARDS CORP., SANTIAGO QUEZADA, and SANTIAGO QUEZADA, Jr., Defendants, Case No. 1:20-cv-05783-AKH (S.D.N.Y.), the Plaintiff seeks appointment of a receiver over all real property owned by defendant Santiago Quezada located in the Dominican Republic, including that identified in his bankruptcy schedules, Mr. Quezada's 2020 Mercedes Benz GLS located in the Dominican Republic and his 100% ownership interest in El Tina Fish Market Corp. The Plaintiff adks the Honorable Alvin K. Hellerstein for an Order: -- directing Mr. Quezada to promptly transfer title to all Dominican real property constituting Property to be Received, and title and keys to the 2020 Mercedes Benz vehicle constituting Property to be Received to the receiver, so that the receiver can sell the same; -- directing Mr. Quezada to turn over to the receiver all stock shares and/or certificates he holds in El Tina Fish Market Corp. so that the receiver can sell the shares, or collect Mr. Quezada's future distributions, dividends and/or profits from El Tina Fish Market Corp; -- directing Mr. Quezada, if the aforementioned certificates of El Tina Fish Market Corp. stock are missing or unavailable, to execute and deliver to the receiver, replacement stock certificates, a lost stock affidavit and/or any other instrument necessary to effectuate delivery of the stock to the receiver; -- directing the receiver to distribute proceeds of the sale of the Property to be Received to Mr. Quezada's judgment creditors, according to the priority determined by this Court; -- authorizing the receiver to employ Dominican counsel, for the purpose of enforcing the receiver's order of appointment within the Dominican Republic; and -- granting such other and further relief as this Court deems just and proper. The Plaintiff brings this action under Title VII of the Civil Rights Act of 1964, the New York State Human Rights Law, and the New York City Human Rights Law to redress her civil and legal rights. Euros El Tina Restaurant Lounge is a domestic corporation organized and existing under the laws of the State of New York. El Tina Bar is a cozy neighborhood spot in the heart of New York City. The Plaintiff is represented by: Jeffrey Chubak, Esq. 131 West 35th Street 12th Floor New York, NY 10001 Telephone: (212) 490-4700 E-mail: jchubak@aminillc.com - and - Evan Brustein, Esq. Brustein Law PLLC 299 Broadway, 17th Floor New York, NY 10007 Telephone: (212) 233-3900 E-mail: evan@brusteinlaw.com EVANS INVESTMENT: Seeks to Hire Shepherd & Wood LLP as Counsel -------------------------------------------------------------- Evans Investment Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Shepherd & Wood LLP as counsel. The firm's services include: a. consulting with Debtor concerning its present financial situation, Debtor's realistic achievable goals, and the efficacy of various forms of bankruptcy to achieve its goals; b. preparing the documents necessary to commence the bankruptcy case; c. advising Debtor concerning his duties as debtor-in-possession in Chapter 11; d. identifying, prosecuting, and defending claims and causes of actions assertable by or against the estate; e. preparing applications, motions, answers, briefs, records, reports, notices, proposed orders, and other papers in connection with administration of the estate, including the formulation of the Chapter 11 plan, drafting the plan and disclosure statement, and prosecuting legal proceedings to seek confirmation of the plan; f. if necessary, preparing, and prosecuting pleadings to avoid preferential transfers or transfers deemed fraudulent as to creditors, motions for authority to borrow money, sell property, or compromise claims and objections to claims; and g. taking all necessary action to protect and preserve the estate, and all other legal services requested. The firm will be paid at these rates: E. Vincent Wood, Attorney $485 per hour Jim Shepherd, Attorney $485 per hour Gina Morris, Paralegal $175 per hour Nicole Zorrilla, Legal Assistant $125 per hour The firm will be paid a retainer in the amount of $12,550. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Vincent Wood, Esq., a partner at Shepherd & Wood LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: E. Vincent Wood, Esq. James A. Shepherd, Esq. Shepherd & Wood LLP 2950 Buskirk Ave., #300 Walnut Creek, CA 94597 Tel: (925) 278-6680 Fax: (925) 955-1655 Email: general@shepwoodlaw.com About Evans Investment Partners Evans Investment Partners, LLC is a limited liability company based in San Francisco, Calif. Evans Investment Partners sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30342) on April 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. The Debtor is represented by E. Vincent Wood, Esq., at Shepherd & Wood, LLP. FAIR OFFER: Court OKs Leitchfield Property Sale to Jaron Fannon --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Tennessee has approved Fair Offer Cash Now, Inc., to sell Real Estate in a private sale, free and clear of liens, interests, and encumbrances. The Debtor's Property is located at 1126 Morrison Clifty Creek Road, Leitchfield, KY, 42754 , and the Debtor has a fee simple 100% ownership interest in the Property. The Debtor has entered into a Purchase Agreement with Jaron Fannon for the Property with the price of $185,000.00. The closing is scheduled to occur on the sale of the Property on or June 15, 2025. The counsel for the Debtor has conferred with counsel for Hiam Family Trust and it is the understanding of the parties that are willing to entered into an agreed order, subject to approval by the Court, whereby the net proceeds of the sale after closing costs and real estate commissions are placed in Debtor’s counsel escrow account. The Debtor's real estate agent will be paid a 3% sales commission. The Buyer's real estate agent will be paid a sales commission of 3.0% of the purchase price. The Court has authorized the Debtor to sell the Property in a private sale to Fannon. The Court also ordered that net proceeds from the sale of the Property after real estate commissions, closing costs, and satisfaction of any outstanding property taxes shall be deposited into a trust account maintained by the Debtor's counsel, Jay Lefkovitz. About Fair Offer Cash Now, Inc. Fair Offer Cash Now owns 27 properties all located in Alabama, Kentucky, Missouri, Tennessee, Georgia and Mississippi having a total current value of $4.94 million. Fair Offer Cash Now, Inc. in Murfreesboro, TN, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Tenn. Case No. 24-03495) on Sept. 11, 2024, listing $4,942,400 in assets and $4,783,400 in liabilities. Bradley Smotherman as president, signed the petition. Judge Charles M Walker oversees the case. LEFKOVITZ & LEFKOVITZ serves as the Debtor's legal counsel. FIBRE-TECH INC: Claims to be Paid from Disposable Income -------------------------------------------------------- Fibre-Tech 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, a family owned and operated swimming pool contractor, was formed as a Florida corporation on or about April 6, 1987 by two brothers, Andrew and Scott Morris. The Debtor's Plan will be funded by inome derived from projected disposable income. The Debtor's projected disposable income will, among other things, result in (a) all operating expenses and reserves, (b) payment of all administrative expenses of the chapter 11 case which are currently estimated to be $40,000.00, for all professional fees including the fees of the Debtor's counsel and subchapter V Trustee; (c) payment of priority tax claims, if any; and (d) payment of a percentage of the allowed claims of unsecured creditors once all claims are allowed. The final Plan payment is expected to be paid in the 60th month from confirmation of the Plan whih is anticipated to be made in calendar year 2030. This Plan of Reorganization proposes to pay all creditors of the Debtor from projected disposable income derived from business operations. This Plan consists of four classes of creditors. The Plan contains two classes of secured claims, one class of non-priority unsecured claims and one class of equity interest holders. This Plan also provides for the payment of administrative claims. Class 3 consists of all non-priority unsecured claims. The Debtor estimates the total amount of the unsecured allowed claims will ultimately approximately $1,117,976.80, which includes the disputed claim of the Brumms, various vendors, and customer deposits. The Brumms alleged they are owed approximately $150,000.00 which amount the Debtor disputes. The Debtor reserves the right to object to any claim as scheduled or filed once the Debtor completes its claims analysis. Each Holder of an allowed unsecured claim shall receive monthly payments on a pro rate basis, after the effective date, consistent with the Plan and the projections. Class 4 consists of the equity interests of the Debtor. All equity interests of the Debtor will be maimtained in the same percentage as existed pre-petition. The equity, interests are as follows: * Five percent interest is owned by the Debtor's Vice President Seth Morris; and * Ninety-five percent interest is owned by the Debtor's President, Scott Morris. The Plan will be funded from income derived from projected disposable income. If necessary, Scott Morris may contribute or loan funds post-confirmation. JASM or the landlors may also agree to reduce or defer rent in an effort to prevent any future plan default. A full-text copy of the Subchapter V Plan dated June 3, 2025 is available at https://urlcurt.com/u?l=UBalXl from PacerMonitor.com at no charge. Attorneys for the Debtor: JOHNSON, POPE, BOKOR, RUPPERL & BURNS, LLP Alberto F. Gomez, Jr., Esq. 400 North Ashley Drive, Ste. 3100 Tampa, FL 33602 Telephone: 813-225-2500 Facsimile: 813-223-7118 Email: Al@jpfirm.com Fibre-Tech Inc. Fibre-Tech Inc., a family owned and operated swimming pool contractor, was formed as a Florida corporation on or about April 6, 1987 by two brothers, Andrew and Scott Morris. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02205) on April 9, 2025, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Roberta A. Colton presides over the case. Alberto F. Gomez, Jr., Esq. at Johnson Pope Bokor Ruppel & Burns, LLP, is the Debtor's legal counsel. FLEET RENTS: Gets Extension to Access Cash Collateral ----------------------------------------------------- Fleet Rents, LLC received second interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The order penned by Judge Patricia Mayer authorized the company's interim use of cash collateral in accordance with its budget. The company may exceed the disbursements set forth in the budget by up to 10%. As protection from any diminution in the value of their pre-bankruptcy collateral, the company's secured creditors were granted replacement liens on post-petition assets acquired by the company using their cash collateral to the same extent and priority as their pre-bankruptcy liens. In addition, Fleet Rents was authorized to continue making regular monthly payments on its secured loans. Fleet Rents believes its property, accounts receivable and equipment have a value of no less than $2,065,838. Considering that its books demonstrate that secured debts are less than $1,078,933.87, the company believes that even considered conservatively, the secured creditors have a significant equity cushion of at least $986,904.13 with respect to valid liens. Additionally, the secured debt falls into two categories: debt secured by vehicles and equipment ($892,964) and debt secured by personal property and accounts receivable ($186,869), much of which is disputed, contingent or unliquidated. Compared with its overall asset value is $2,065,838.00, Fleet Rents' assets exceed the secured liabilities, especially those related to cash and receivables. A final hearing is scheduled for July 16, with objections due by July 9. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/JY31G from PacerMonitor.com. About Fleet Rents LLC Fleet Rents, LLC provides full-service maintenance and repair for commercial vehicles and equipment. It offers a range of services including project ramp-ups, preventative maintenance, DOT annual inspections, nationwide campaigns, mechanical repairs, and fabrication and welding. Fleet Rents sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11605) on April 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Patricia M. Mayer handles the case. The Debtor is represented by: Ronald S. Gellert, Esq. Gellert Seitz Busenkell & Brown, LLC Tel: 302-425-5806 Email: rgellert@gsbblaw.com FREE SPEECH: Alex Jones, Family Sued Over Transfer of Assets ------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that bankruptcy trustee Christopher Murray is seeking to recover millions of dollars in assets that Alex Jones allegedly concealed from creditors through a series of transfers involving family members prior to his 2022 Chapter 11 filing. In three lawsuits filed June 13, 2025 in the U.S. Bankruptcy Court for the Southern District of Texas, Murray claims Jones, anticipating massive legal liabilities from over $1 billion in court judgments tied to his false claims about the 2012 Sandy Hook school shooting, attempted to shield cash, property, and other valuables from the bankruptcy estate. Jones, along with his wife Erika Wulff Jones and father David R. Jones, is accused of participating in what Murray called "a series of textbook fraudulent transfers." These transactions allegedly included the transfer of approximately $2 million, luxury vehicles, and a ranch to his family, as well as the conveyance of valuable real estate to a trust he controlled while insolvent. The complaints also seek to reclaim a $767,000 Austin condominium held in a family trust and recover over $1.4 million moved from one of Jones' business entities to a personal trust, according to Bloomberg Law. "These asset protection tactics were often complex and carried out with help from legal and financial advisors, as well as friends and relatives," Murray wrote. Jones initially filed for bankruptcy to reorganize his finances and retain control of his Infowars media company. However, after failing to win over creditors with a reorganization plan, a trustee was appointed to oversee the liquidation of his estate. Efforts to sell Infowars assets have been slowed by disputes and tensions between Jones, the trustee, and the families of Sandy Hook victims. Earlier this month, Judge Christopher M. Lopez signaled that the long-running case needs to be resolved soon, according to report. Jones is represented by Jordan & Ortiz PC and Broocks Law Firm PLLC. The trustee is represented by Jones Murray LLP and Porter Hedges LLP, the report states. Case: In re Alexander E. Jones, Bankr. S.D. Tex., No. 22-33553, complaints filed June 13, 2025. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FUEL FITNESS: Court Extends Cash Collateral Access Until July 21 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, extended Fuel Fitness, LLC's authority to use cash collateral to fund its operations. The ninth interim order authorized the company to use cash collateral for the period from June 22 to July 21 pursuant to its monthly budget, with a 10% variance. The budget shows total projected expenses of $78,880 for the interim period. Fuel Fitness' bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Newtek Bank N.A., and SofiaGrey, LLC. Fuel Fitness owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As protection, the secured creditors were granted a continuing post-petition security interest in and lien on all personal property of the company to the same extent and with the same priority as their pre-bankruptcy liens. As further protection, Live Oak Banking Company will receive payment of $5,000 on or before July 15. The next hearing is scheduled for July 15. About Fuel Fitness LLC Fuel Fitness, LLC, a company in Raleigh, N.C., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03698) on Oct. 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 Phone: (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL HOMESTEAD: Court Extends Cash Collateral Access to July 21 --------------------------------------------------------------- Fuel Homestead, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, to use cash collateral. The court's ninth interim order authorized the company to use cash collateral from June 22 to July 21 to pay the operating expenses set forth in its budget, with a 10% variance. The budget shows total projected expenses of $96,430 for the interim period. Fuel Homestead's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. Fuel Homestead owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As protection, the secured creditors were granted a continuing post-petition security interest in and lien on all personal property of the company to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Live Oak Banking Company will receive payment in the amount of $5,000 on or before July 15. The next hearing is set for July 15. About Fuel Homestead Fuel Homestead, LLC, a company in Raleigh, N.C., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03699) on October 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL REYNOLDA: Court Extends Cash Collateral Access to July 21 -------------------------------------------------------------- Fuel Reynolda, LLC received ninth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund its operations. The ninth interim order authorized the company to use cash collateral for the period from June 22 to July 21, pursuant to its monthly budget, with a 10% variance. The budget shows total projected expenses of $95,680 for the interim period. Fuel Reynolda's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. Fuel Reynolda owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As protection, the secured creditors were granted a continuing post-petition security interest in and lien on all personal property of the company to the same extent and with the same priority as their pre-bankruptcy liens. In addition, Live Oak Banking Company will receive payment of $5,000 on or before July 15 as further protection. The next hearing is set for July 15. About Fuel Reynolda Fuel Reynolda, LLC -- https://fuelfitnessclubs.com/about/ -- doing business as Fuel Fitness, is a fitness center that offers the best free weights, strength training/cardio equipment, group fitness classes, personal training, childcare, recovery studio and smoothie bar. Fuel Reynolda sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03700) on October 22, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. Philip Sasser, Esq., at Sasser Law Firm is the Debtor's bankruptcy counsel. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com GEISLERS LANE: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------ Geislers Lane Group, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan dated June 4, 2025. The Debtor is a New Jersey Limited Liability Company that speculates in real property transactions. The Debtor’s management before, during and after the bankruptcy proceeding was, is and will be conducted by its members Lawrence E. Bathgate, II and Chaim Melcer. The Debtor's management before, during and after the bankruptcy proceeding was, is and will be conducted by its members Lawrence E. Bathgate, II and Chaim Melcer. The estimated General Unsecured Claims is "unknown", according to the Disclosure Statement. This Class shall retain ownership of its equity interests in the Debtor. The Plan proposes to assume the Contract, which shall be funded from the sale of real property. There are two members of the Debtor, Lawrence E. Bathgate II and Chaim Melcer. Messrs. Bathgate and Melcer hold an interest in seller entities as parties to these property contracts. By the end of September of 2025, proceeds from the sale of the first of the following five real properties will generate sufficient cash flow for the Debtor to pay the $2,900,000.00 balance of Contract. Details of the property closings with seller ownership interest percentages are as follows: * Manchester Township, the property closed in December of 2024 for $20,500,000. So far $14,350,000.00 has been paid, and the final payment of $6,150,000.00 will be paid on or before December 15, 2025. The Purchaser is the County of Ocean. 80% ownership (the "Manchester Contract"); * 43 acres in Woolwich Township, Gloucester County – under contract to NorthPoint with a balance owed of $22,000,000.00, which should close before October 1, 2025. There will be $7,500,000.00 paid at closing, with the balance of $14,500,000.00 paid over 3 years with interest at 8% per annum payable quarterly. 100% ownership (the "Pancoast Contract"); * 68 acres in Woolwich Township, Gloucester County – also under contract of sale to NorthPoint Development for $35,000,000.00 and should close before October 1, 2025 with $7,500,000.00 to be paid on closing and the balance paid over 3 years with interest at 8% per annum quarterly (including an additional principal payment due and payable by January 2026). 66.66% ownership (the "Woolwich Contract"); * 257 acres in Howell Township, Monmouth County – closing must occur by February 2026. The purchase price is $32,000,000 to D.R. Horton ("DRH”) (a NYSE company, and the largest homebuilder in America). The first payment is $14,000,000.00, the second and final payment of $18,000,000.00 is due in 18 months (100% ownership) (the "Tyrpak Contract"); * 100 acres in West Deptford Township, Gloucester County – under contract of sale to DRH for $10,000,000.00. Most approvals have been received, and closing is scheduled for the first half 2026 (90% ownership) (the "West Deptford Contract"). The Manchester property has already closed and a final payment of $6.150,000.00 is due by December 15, 2025 from which the sellers are entitled to 80% of the proceeds, or, approximately $4.9 million. The balance of the properties are expected close in accordance with the timeframes with the next property to close not later than October 1, 2025. A full-text copy of the Disclosure Statement dated June 4, 2025 is available at https://urlcurt.com/u?l=9knPhv from PacerMonitor.com at no charge. Attorneys for the Debtor: Timothy P. Neumann, Esq. Geoffrey P. Neumann, Esq. Broege, Neumann, Fischer & Shaver, LLC 25 Abe Voorhees Drive Manasquan, NJ 08736 Telephone: (732) 223-8484 Email: timothy.neumann25@gmail.com About Geislers Lane Group Geislers Lane Group LLC is a New Jersey Limited Liability Company that speculates in real property transactions. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-18405) on Aug. 26, 2024. In the petition filed by Fred Melcer, managing member, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Timothy P. Neumann, Esq., at Broege, Neumann, Fischer & Shaver, LLC serves as the Debtor's counsel. GENTLE HAND: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Gentle Hand LLC Gentle Hand of Palm Bay ALF LLC 826 Hunan Street NE Palm Bay, FL 32907 Business Description: Gentle Hand LLC dba Gentle Hand of Palm Bay ALF LLC operates an assisted living facility in Palm Bay, Florida. The Company provides residential care services in a licensed setting with a six-bed capacity. Chapter 11 Petition Date: June 17, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-03727 Judge: Hon. Lori V. Vaughan Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com Total Assets: $2,060,651 Total Liabilities: $1,015,547 Marlene Hart, a member of M & A LLC, signed the petition on behalf of the Debtor's sole membership interest owner. The Debtor has confirmed in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4JWUH6Q/Gentle_Hand_LLC__flmbke-25-03727__0001.0.pdf?mcid=tGE4TAMA GIO LIQUOR: Gets Court OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division entered a stipulated order authorizing Gio Liquor, Inc. to use cash collateral. The order authorized the company to use funds, including cash collateral, under an amended budget, with a weekly spending cap of $30,000. As protection, replacement liens were granted to purported secured creditors on post-petition assets of the same type and with the same priority as their as their pre-bankruptcy liens, excluding avoidance actions. In addition, Gio Liquor was ordered to make three monthly payments to its creditors, 4-Score, LLC and WarCon Development, LLC, starting this month. 4-Score and WarCon retain the right to seek further relief from the court regarding Gio Liquor's assets, including its real estate at 12400 W. Warren Ave., Detroit, Mich. A final hearing is scheduled for June 26. About Gio Liquor Inc. Gio Liquor Inc., a Michigan-based liquor retailer, filed Chapter 11 petition (Bankr. E.D. Mich. Case No. 25-45091) on May 18, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Maria L. Oxholm handles the case. The Debtor is represented by Robert N. Bassel, Esq. at Robert Bassel, Attorney At Law. GMB TRANSPORT: Unsecureds to Get No Less Than 30% in Plan --------------------------------------------------------- GMB Transport LLC submitted a Second Amended Small Business Plan of Reorganization under Subchapter V dated June 3, 2025. The Debtor's goal in this reorganization is to: (a) maintain necessary collateral and repay the secured creditors associated with its necessary equipment the present value of said equipment, with interest, over the life of the plan of reorganization; and (c) provide a reasonable dividend back to its general unsecured creditors. Creditors who are entitled to payment will be paid as an ongoing concern over the five-year plan term. The Plan shall be funded from ongoing revenues derived by the Debtor's ongoing business operations. The final Plan payment is expected to be paid 60-months from date of Confirmation. Non-priority unsecured creditors holding allowed claims will receive distributions of no less than 30%. This Plan provides for full payment of administrative expenses and priority claims upon confirmation of the Plan, unless otherwise noted in the plan, or by such other terms as stipulated by and between the Debtor and the respective administrative or priority Creditor. Class 5 consists of All General Unsecured Creditors. If allowed, shall receive their pro rata share of $73,897.40 with a distribution of no less than 30%. Disputed Claims that have failed to file a claim will receive no distribution. Class 6 consists of Equity Interest holders. Class 6 Equity Shareholders shall make additional contributions, as necessary, to further fund the Debtor's operations. Class 6 Equity Shareholders may hold pre petition general unsecured claims against the Debtor. In contemplation of maintaining full ownership interest in the Debtor, Equity Shareholders have agreed to waive any claims owed by Debtor to Mr. Bornt. The Plan will be implemented by the Debtor remitting payment to creditors as provided for herein from the Debtor's cash flow as well as ongoing capital contributions (as necessary) from the Debtor's membership. Upon Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Second Amended Plan dated June 3, 2025 is available at https://urlcurt.com/u?l=z5ILHW from PacerMonitor.com at no charge. Counsel to the Debtor: Michael L. Boyle, Esq. Boyle Legal, LLC 64 2nd Street Troy, NY 12180 Telephone: (518) 407-3121 E-mail: mike@boylebankruptcy.com About GMB Transport LLC GMB Transport, LLC was formed on June 23, 2020, and provides trucking services to a variety of industries. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-60857) on October 27, 2024, with up to $500,000 in assets and up to $1 million in liabilities. Scott J. Bornt, chief executive officer, signed the petition. Judge Patrick G. Radel oversees the case. Michael Boyle, Esq., at Boyle Legal LLC, is the Debtor's bankruptcy counsel. HADLOCK ENTERPRISES: Case Summary & 18 Unsecured Creditors ---------------------------------------------------------- Debtor: Hadlock Enterprises, LLC d/b/a Autoglass Clinic and Mobile Radio 22411 Foss Rd. Poulsbo, WA 98370 Business Description: Hadlock Enterprises, LLC, doing business as Autoglass Clinic and Mobile Radio, provides auto glass repair and replacement, car audio installation, and window tinting services. The Company serves individual and commercial clients across automotive, residential, and marine sectors. Its offerings include RV and boat glass services as well as home and commercial glass solutions. Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court Western District of Washington Case No.: 25-11654 Debtor's Counsel: Steven M. Palmer, Esq. CAIRNCROSS & HEMPELMANN, P.S. 524 Second Avenue Suite 500 Seattle, WA 98104 Tel: 206-587-0700 Fax: 206-587-2308 Email: spalmer@cairncross.com Total Assets: $275,750 Total Liabilities: $2,170,473 Russell F. Hadlock signed the petition as managing member. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/22JFXZQ/Hadlock_Enterprises_LLC__wawbke-25-11654__0001.0.pdf?mcid=tGE4TAMA HMC COMPANY: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed all its ratings on HMH Co. (formerly Houghton Mifflin Harcourt Co.), including the 'B-' issuer credit rating. The stable outlook reflects S&P's view that stable market share in the company's base business and better profitability overall will lead to leverage declining to the mid-6x area by the end of 2025, while free operating cash flow (FOCF) remains minimal due to the high interest burden and a lighter adoption schedule. HMH Co. (formerly Houghton Mifflin Harcourt Co.) expanded EBITDA meaningfully in 2024 due to an improved cost structure. As a result, despite a lighter adoption schedule in 2025, S&P forecasts leverage to be in the mid-6x area at year end. Nevertheless, HMH's cost of debt remains elevated and S&P forecasts S&P Global Ratings-adjusted EBITDA interest coverage of less than 1.5x and very little free operating cash flow in 2025. S&P said, "Despite declining debt leverage, we expect HMH's high cost of debt and the cyclicality of textbooks adoption schedule in California, Florida, and Texas will constrain free cash flow. A strong adoption schedule, a higher proportion of digital sales (which has higher margins) and cost savings initiatives have allowed the company to offset the challenges at its Heineman division and grow EBITDA such that leverage improved to 6.7x as of Dec. 31, 2024, from 8.7x the prior year. In 2025, we forecast revenue decline in the low single digit, reflecting a lighter adoption schedule. We expect EBITDA margin to expand by 100 basis points, however, as the company realizes the full benefits of its cost savings initiatives. This should result in leverage in the mid-6x area at year-end 2025. Nevertheless, we expect cash flow generation will be minimal this year, primarily hampered by lower demand in the company's base business and continued high interest expenses." Solid performance in HMH's base business, accelerating digital adoptions, and cost savings initiatives have partially offset challenges with the company's Heinemann products. Negative media coverage exacerbated by a regulatory shift in some states toward a heavier focus on phonics instruction have constrained demand for two key authors at Heinemann in the past couple of years and the company has been unable to stem the decline in demand. However, solid growth in Core products due to strong purchasing across open territory and adoption states, as well as growth in supplemental products and a more favorable sales mix away from lower-margin print-based Heinemann products to higher-margin digital products have partially offset the decline in Heinemann products. Overall, accelerating digital adoptions has improved HMH's margin profile and EBITDA generation. Finally, the company has dramatically improved its cost structure in the past couple of years, realizing more than $100 million in run rate annualized costs savings as of year-end 2024 linked to initiatives following its buy out by Veritas in 2022 and the acquisition of student assessment company NWEA. HMH has a narrow product focus in the U.S. K-12 educational-publishing and learning-solutions market. The company is exposed to cyclical state and local government spending as well as a curriculum adoption market that can fluctuate considerably from year to year. Slowing birth rates nationwide are also negatively affecting student enrollment, although school districts are increasing their spending per student, supporting demand growth for educational materials. HMH has a very small international presence and no exposure to the higher education market. HMH's leading position within the U.S. K-12 digital and print educational-publishing markets partially offsets these factors. In addition, its business transformation is ongoing, including shifting its billings to digital from print, growing annual subscription and connected revenues through student assessment, intervention, and supplemental products, which have more stable profitability than its core educational business. Annual recurring revenue represented about a third of total revenue in 2024, versus about 10% in 2021. In addition, continuous product development (plate capex) versus large investments for a peak adoption year improves efficiency and reduces the need for large investment spending for peak adoption years. These factors will help to reduce volatility in the company's FOCF generation, which has historically been robust at the top of the cycle and negative during troughs. S&P said, "The stable outlook reflects our view that stable market share in the company's base business and better profitability overall will lead to leverage declining to the mid-6x area by the end of 2025, while FOCF remains minimal due to the high interest burden and a lighter adoption schedule. "We could lower the rating if we expect margins will weaken materially and HMH's cash flows turn negative on a sustained basis such that its financial commitments appear unsustainable. This could occur if the company posted weaker-than-expected operating performance due to loss in market share or margin deterioration." S&P could raise the rating if the company is able to improve and sustain S&P Global Ratings-adjusted debt to EBITDA of less than 7x (including future dividends and acquisitions) and maintain FOCF to debt above 3%. This could occur if: -- The company maintains market share and margins in its core businesses while stemming off declines at its Heineman division; -- The company is able to refinance and lower its cost of debt; and -- S&P believes the company is unlikely to use leverage to fund shareholder returns or acquisitions. HOLDEN I LLC: Seeks to Hire De Leo Law Firm LLC as Attorney ----------------------------------------------------------- Holden I LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire The De Leo Law Firm LLC as counsel. The De Leo Law Firm LLC will serve as the Debtor's legal counsel in its Chapter 11 bankruptcy proceedings. The firm will be paid at these rates: Robin De Leo, Esq. $390 per hour Paralegals $125 per hour The Debtor paid the firm a retainer in the amount of $16,738. As disclosed in the court filings, De Leo Law does not represent or hold any interest adverse to the Debtor and is a disinterested party, as defined by the Bankruptcy Code. The firm can be reached through: Robin R. De Leo, Esq. The De Leo Law Firm, LLC 800 Ramon St. Mandeville, LA 70448 Tel: (985) 727-1664 Fax: (985) 727-4388 Email: lisa@northshoreattorney.com About Holden I LLC Holden I LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-11125) on June 2, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge Meredith S Grabill presides over the case. Robin R. De Leo, Esq. at The De Leo Law Firm LLC represents the Debtor as counsel. HOOTERS OF AMERICA: Real American Spearheads Bid After Bankruptcy ----------------------------------------------------------------- Kevin Harrish of Men's Journal reports that the iconic Hooters restaurant chain is facing tough times after filing for bankruptcy earlier this year and abruptly closing several locations across the country in recent weeks. But wrestling legend Hulk Hogan is stepping in with hopes of reviving the brand. According to Business Insider, Hogan's beer company, Real American Beer, is leading a bid to acquire Hooters of America, including all of the chain’s remaining restaurants. Terri Francis, CEO of Real American Beer, confirmed the effort, stating that Hogan is fully invested in saving the well-known brand. "Hulk Hogan and Real American Beer are fully committed to protecting and revitalizing the iconic American brand Hooters," Francis told Business Insider. If successful, the acquisition could bring fresh opportunities to the struggling chain. A source familiar with the matter told Business Insider the group plans to introduce new revenue streams, such as branded merchandise, and focus on attracting a younger customer base, according to Men's Journal. "Cheap beer and greasy wings aren't what younger generations are looking for," the source said. "Hulk can fix that." Despite recent financial struggles, Hooters has insisted it isn’t going anywhere, the report states. "Hooters will be well-positioned to continue our iconic legacy under a pure franchise business model," the company said in a statement to USA Today. "We are committed to supporting our impacted team members throughout this process and are incredibly grateful to our valued customers for their loyalty and dedication to the Hooters brand." Whether Hulk Hogan will play a role in the brand’s revival remains to be seen, the report relays. About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. INSPIREMD INC: Names Michael Lawless as Chief Financial Officer --------------------------------------------------------------- InspireMD, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company appointed Michael Lawless as Chief Financial Officer of the Company, effective on or before June 30, 2025. On the Effective Date, Mr. Lawless will succeed Craig Shore, whose employment as the Company's Chief Financial Officer will be terminated simultaneous with Mr. Lawless's appointment. "We are thrilled to welcome Mike to the InspireMD team, and we look forward to his expertise and experience to lead our next phase of growth including our pending launch of CGuard Prime in the U.S. market," said Marvin Slosman, CEO of InspireMD. "I would also like to thank Craig for his many years of leadership. Craig was instrumental in building the financial and operational foundation of InspireMD, and his contributions have established a lasting legacy as will his active participation in a seamless transition of the role." "I'm honored to step into the role of CFO at InspireMD during such a pivotal time in the company's commercial evolution," said Mr. Lawless. "Craig has set a high standard at InspireMD and I'm grateful for the foundation he built. Like Craig, I'm deeply committed to advancing InspireMD's mission and values. I look forward to working with the leadership team to accelerate InspireMD's momentum, build sustainable growth, and help propel the company into its commercial expansion." Mr. Lawless, age 58, is an experienced public company Chief Financial Officer with decades of financial leadership throughout the healthcare space. Mr. Lawless served as the Chief Financial Officer of Lifeward Ltd. (Nasdaq: LFWD) (f/k/a ReWalk Robotics Ltd.), a medical device company that designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, from September 2022 to June 2025. Prior to Lifeward, Mr. Lawless served as a Chief Financial Officer consultant for Danforth Danforth Advisors, LLC, a provider of financial consulting services to the life sciences industry. From 2015 to 2020, Mr. Lawless held several financial leadership positions including Division CFO at Azenta, Inc. (formerly Brooks Automation, Inc.), a worldwide provider of management solutions for biological samples. Previously, Mr. Lawless also held financial leadership roles for AECOM Technology, Inc., PerkinElmer, Inc., Momenta Pharmaceuticals, Inc. and CTI Molecular Imaging, Inc. Mr. Lawless has a Bachelor of Arts degree in Economics from Swarthmore College, a Master of Business Administration degree from the Tuck School of Business at Dartmouth College and is a Certified Public Accountant. In connection with Mr. Lawless's appointment as Chief Financial Officer, the Company and Mr. Lawless entered into an employment agreement, dated June 2, 2025. Mr. Lawless's term of employment will commence on the Effective Date, is to remain in effect for three years, unless earlier terminated, and is to be automatically renewed for successive one-year terms after the Initial Employment Term. As consideration for his services as Chief Financial Officer, Mr. Lawless will be entitled to receive an annual base salary of $375,000, less applicable payroll deduction and tax withholdings, which will be reviewed by the board of directors of the Company on an annual basis for increase. In additional, Mr. Lawless will also be entitled to annual performance bonuses in an amount up to 50% of the Base Salary, as may be in effect from time to time, for each calendar year during his employment with the Company based on the extent to which performance criteria/financial results for the applicable year have been met. In the event Mr. Lawless voluntarily resigns without good reason, the Company may, in its sole discretion, shorten the notice period and determine the date of termination without any obligation to pay Mr. Lawless any additional compensation other than the accrued obligations and without triggering a termination of Mr. Lawless's employment without cause. In the event the Company terminates Mr. Lawless's employment for cause or Mr. Lawless voluntarily resigns without good reason, the Company shall have no further liability or obligation to Mr. Lawless under the Employment Agreement. Notwithstanding the foregoing, in the event that the Employment Agreement expires as a result of the Company's decision not to renew it, the Company shall, subject to the execution and timely return by Mr. Lawless of a release of claims, pay Mr. Lawless cash payments totaling $100,000 in the aggregate, payable in equal instalments on the Company's regular pay dates that occur during the period commencing on the 60th day following his employment termination date and ending on the last day of the restricted period; provided, however, that if, at any time within the period commencing on the date that is three months prior to the termination of his employment agreement, the Company and a third party execute a definitive, written, and binding agreement to enter into certain transactions described therein that, if consummated, would constitute a change in control, then Mr. Lawless's termination shall be deemed a termination by the Company without cause or for good reason, as of the date such Sale Agreement is executed; provided, further, that any amounts payable to Mr. Lawless pursuant to such termination shall be reduced by any amounts previously paid to him upon expiration of the Employment Agreement, termination by the Company for cause or voluntary resignation by Mr. Lawless without good reason. If Mr. Lawless's employment is terminated: (i) by the Company without cause or (ii) by Mr. Lawless for good reason (other than in the event of a change in control), then Mr. Lawless shall receive, subject to the execution and timely return by Mr. Lawless of a release of claims, the following: (a) a severance pay in an amount equal to his Base Salary for six months, (b) his entire performance bonus for any calendar year for which he has already worked the entire year but the bonus has yet to be paid, (c) the annual amount of the performance bonus, paid at 50%, for the calendar year in which his termination of employment occurs that he would have received had his employment not been terminated during such year, and (d) if Mr. Lawless is eligible for and timely elects to continue receiving group medical insurance pursuant to the "COBRA" law, six months of the share of the premium for health coverage that is paid by the Company for active and similarly-situated employees who receive the same type of coverage (or a taxable monthly cash payment in lieu thereof if the Company determines it cannot pay such amounts without potentially violating applicable law). In addition, in the event of a change in control, if at any time Mr. Lawless's employment is terminated by the Company, including by nonrenewal, upon or during the three-month period before or within the twelve-month period following a change in control other than a termination for cause, Mr. Lawless shall receive, subject to the execution and timely return by Mr. Lawless of a release of claims, the following change in control benefits: (a) severance pay equal to his Base Salary for an additional twelve months; (b) his entire performance bonus for any calendar year for which he has already worked the entire year but the bonus has yet to be paid; (c) the annual amount of the Performance Bonus, paid at 100%, for the calendar year in which his termination of employment occurs that he would have received had his employment not been terminated during such year; (d) 100% of all unvested stock options, shares of restricted stock, restricted stock units, stock appreciation rights, or similar stock-based rights granted to him shall vest and, if applicable, be immediately exercisable and any risk of forfeiture included in such restricted or other stock grants previously made to him shall immediately lapse; (e) if Mr. Lawless is eligible for and timely elects to continue receiving group medical insurance pursuant to the "COBRA" law, twelve months of the share of the premium for health coverage that is paid by the Company for active and similarly-situated employees who receive the same type of coverage (or a taxable monthly cash payment in lieu thereof if the Company determines it cannot pay such amounts without potentially violating applicable law); and (f) in addition, Mr. Lawless may exercise any outstanding stock options or stock appreciation rights until the earlier of: (x) the last date on which such stock options or stock appreciation rights could have been exercised pursuant to the terms of the applicable award agreement, irrespective of his termination of employment; and (y) the date that is one year following his employment termination date. Subject to the Company's Compensation Committee approval, on the Effective Date, Mr. Lawless will be granted: (a) stock options to purchase 212,000 shares of common stock, and (b) 465,000 shares of restricted stock under the Company's 2024 Inducement Plan. The Options and the Restricted Stock will be granted as an inducement material to Mr. Lawless entering into employment with the Company, in accordance with Nasdaq Listing Rule 5635(c)(4). The Options and the Restricted Stock will vest over three years, with one-third vesting on the first anniversary of the grant date and the remainder vesting in two equal installments on the second and third anniversaries of the grant date, subject to Mr. Lawless being continuously employed by the Company as of such vesting dates. The Options will have a ten-year term and an exercise price equal to the closing price of the Company's common stock on the date of grant. About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $46.8 million in total assets, $10.7 million in total liabilities, and $36.1 million in total stockholders' equity. INSPIREMD INC: Re-Elects 2 Directors, OKs Auditor at Annual Meeting ------------------------------------------------------------------- InspireMD, Inc. held its 2025 annual meeting of stockholders. As of April 15, 2025, the record date for the Annual Meeting, there were 30,635,356 shares of common stock issued and outstanding and entitled to vote on the proposals presented at the Annual Meeting, of which 20,478,807, or 66.84%, were present in person or represented by proxy, which constituted a quorum. The holders of shares of the Company common stock are entitled to one vote for each share held. Proposals submitted to a vote of the Company's stockholders at the Annual Meeting are as follows: Proposal No. 1. Election of Directors. The stockholders re-elected Michael Berman and Scott R. Ward to serve on the board of directors of the Company, as Class 2 directors, for a term of three years or until their respective successor is elected and qualified. Proposal No. 2. Ratification of Auditors. The stockholders ratified the appointment of Kesselman & Kesselman, a member of PricewaterhouseCoopers International Limited, as the Company's independent registered public accounting firm for the 2025 fiscal year. About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $46.8 million in total assets, $10.7 million in total liabilities, and $36.1 million in total stockholders' equity. INSTITUTO DE EDUCACION: Seeks to Tap Jose O. Ayala as Accountant ---------------------------------------------------------------- Instituto de Educacion y Tecnologia Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Jose O. Ayala, CPA, MBA, an accountant practicing in Toa Alta, Puerto Rico. The accountant will render these services: (a) assist the Debtor in gathering and compiling the necessary information required to file the Chapter 11 petition and court required information and schedules; (b) provide consulting services and assist the Debtor and its attorney in documenting the reorganization plan to be filed in the case; (c) prepare monthly operating reports; (d) prepare all necessary tax returns to ascertain the Debtor is in full compliance with its fiscal responsibilities; and (e) assist the Debtor and its attorney in all matters related to court instructions, transactions, and or information requests of an accounting or financial nature. The accountant's hourly rates are as follows: Jose Ayala, CPA, MBA $190 Senior Accountant $125 Staff Accountant $75 In addition, the accountant will seek reimbursement for expenses incurred. Mr. Ayala also requires a retainer of $10,000 for this case. Mr. Ayala disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Jose O. Ayala, CPA, MBA Urb Ciudad Jardin III Toa Alta, PR 00953 Telephone: (939) 438-0254 Email: jayalacpa@gmail.com About Instituto de Educacion y Tecnologia Inc. Instituto de Educacion y Tecnologia Inc. is a non-profit educational institution operating in Puerto Rico that provides educational services through a contract with the Department of Education of Puerto Rico valid until June 30, 2025. Instituto de Educacion y Tecnologia Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 25-02193-11) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtors are represented by Carmen D. Conde Torres, Esq. at C. CONDE & ASSOC. INTEGRAL EXPRESS: Seeks Subchapter V Bankruptcy in Illinois ----------------------------------------------------------- On June 15, 2025, Integral Express Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports $2,092,677 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Integral Express Inc. 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. Integral Express Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09090) on June 15, 2025. In its petition, the Debtor reports total assets of $626,000 and total liabilities of $2,092,677. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtors are represented by David Freydin, Esq. at LAW OFFICES OF DAVID FREYDIN. INVATECH PHARMA: Gets Final OK to Use Cash Collateral ----------------------------------------------------- InvaTech Pharma Solutions, LLC received final approval from the U.S. Bankruptcy Court for the District of New Jersey to use its secured creditors' cash collateral. The final order authorized the company to use the cash collateral of Citibank N.A., Provident Bank and the U.S. Small Business Administration as per the budget, except those funds held in Citibank IMMA Account ending 8856. The secured creditors' cash collateral includes, but is not limited to, cash of InvaTech held in a depository institution; accounts receivable; and post-petition proceeds from the cash collateral. As protection, the secured creditors will be granted security interest in and lien on all post-petition assets of the company, to the extent and with the same priority as their pre-bankruptcy security interest in and lien. The SBA reserves its right to later assess the extent of any secured interest and, in the meantime, is entitled to share in all replacement liens in the same priority as the pre-bankruptcy liens. Applicable to Provident only, InvaTech has agreed to remit payment of $450 per day, to be paid monthly at approximately $13,500 per month. Applicable to Citibank only, the company was authorized to remit to Citibank the amounts reflected in the budget. Any stipulation or determination by InvaTech that the liens securing its indebtedness to Citibank and Provident in an amount not less than $2,583,729.51, plus applicable interest, fees, charges and costs, must be binding on any party-in-interest. As of Feb. 24, Citibank asserted a claim of $235,159.4 against InvaTech, including interest, secured by a lien on all or substantially all assets of the company. On Sept. 22, 2023, a judgment in the amount of $2,189,980.75 was recovered in favor of Provident against InvaTech. On May 16, 2020, SBA provided a disaster relief loan of $500,000, which, in October 2021, was increased to $2,000,000. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/H2Q5Z from PacerMonitor.com. About InvaTech Pharma Solutions LLC InvaTech Pharma Solutions LLC, doing business as Inva Tech Pharma Solutions LLC and Inva-Tech Pharma Solutions LLC, is a specialty pharmaceutical company that develops, manufactures, and markets generic prescription products. The Company's cGMP-compliant facility supports ANDA scale manufacturing and packaging of tablets, capsules, and liquid in bottles. With a dedicated team, InvaTech is committed to meeting industry regulations, exceeding deadlines, and delivering exceptional service to its partners. InvaTech Pharma Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-11482) on February 13, 2025. In its petition, the Debtor reported estimated assets between $1 billion and $10 billion and estimated liabilities between $10 million and $50 million. Judge Christine M. Gravelle oversees the case. Daniel M. Stolz, Esq., at Genova Burns, LLC is the Debtor's legal counsel. Citibank, N.A., as secured creditor, is represented by: Teresa Sadutto-Carley, Esq. Goetz Platzer LLP One Penn Plaza 31st Floor New York, NY 10119 Telephone: 212-593-3000 Facsimile: 212-593-0353 tsadutto@goetzplatzer.com Provident Bank, as secured creditor, is represented by: Angela Nascondiglio Stein, Esq. Meyner and Landis LLP One Gateway Center, Suite 2500 Newark, NJ 07102 (973) 602-3432 astein@meyner.com IYA FOODS: Seeks to Hire Rabin Worldwide as Sales Agent ------------------------------------------------------- Iya Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Rabin Worldwide, Inc. as its sales agent. The services provided by Rabin will include: (a) preparing appropriate marketing materials and disseminating them to market the assets; (b) furnishing the necessary labor to conduct a sale and otherwise to fulfill Rabin's obligations under the Sales Agent Agreement; and (c) conducting the sale of the assets. The firm will receive compensation as follows: a. Rabin will advance $600,000 to the Debtor as a deposit for the total amount that Rabin anticipates the Debtor will realize from the Auction. As reimbursement for the Deposit, Rabin will retain the first $600,000 in collected gross sale proceeds on the sale of all Assets. b. If gross sale proceeds on the Conditional Assets are more than $760,000, Rabin will earn a commission of (x) five percent (5%) of collected gross sale proceeds on the Conditional Assets in the event that such gross sale proceeds equal or exceed $800,000; and (y) all remaining sale proceeds after the Debtor has received the net amount of $760,000 (which shall be inclusive of any portion of the Deposit Reimbursement paid by the Owner from the gross sale proceeds on the Conditional Assets) in the event that such gross sale proceeds are greater than $760,000 but less than $800,000. c. For the sale of the "Other Assets," Rabin will earn a five percent (5%) commission of collected gross sales regardless of the amount of gross sale proceeds for such Other Assets. d. Rabin will receive an 18% Buyer's Premium from the sale of the Assets. The Buyers Premium will be paid by the purchasers at the Auction and will be added to the purchase price. e. Rabin shall advance all expenses to be incurred in connection with the preparation, set up, and sale of the Assets and shall be entitled to be reimbursed up to $30,000 of this amount from the first sale proceeds over $600,000. Rabin is a disinterested party within the meaning of section 101(14) of the Bankruptcy Code, according to court filing. The firm can be reached through: Shira Weissman Rabin Worldwide, Inc. 21 Locust Avenue, Ste. 2A Mill Valley, CA 94941 Tel: (415) 522-5700 About Iya Foods Inc. Iya Foods Inc. is a company that specializes in producing and offering African superfoods. Its products are plant-based, gluten-free, non-GMO, kosher, and free from preservatives, additives, or artificial ingredients. The company focuses on creating nutritious and delicious ingredients that can be used in a variety of recipes, making them accessible to people with dietary preferences or restrictions, such as those following vegan or gluten-free diets. Iya Foods filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00341) on January 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Deborah L. Thorne handles the case. The Debtor is represented by Justin R. Storer, Esq., at the Law Office of William J. Factor. Village Bank and Trust, N.A., a secured creditor, is represented by: Andrew H. Eres, Esq. Dickinson Wright PLLC 55 W. Monroe, Suite 1200 Chicago, IL 60603 Phone: (312) 377-7891 Email: aeres@dickinson-wright.com JBRI CONSTRUCTION: Court OKs Continued Use of Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division issued an order granting JBRI Construction Services, LLC's request for continued use of cash collateral. The court order authorized the company to use the cash collateral of M&T Equipment Finance under a revised budget. The company may deviate from the budget by up to 10%. The budget shows total monthly expenses of $108,005.65, which include JBRI's monthly payment of $1,370 to M&T as protection for the company's use of cash collateral. This payment will start on July 1. M&T will retain its replacement liens in the same manner and position as held pre-bankruptcy, according to the court order. The bankruptcy court previously issued a final order authorizing JBRI to access cash collateral. This authorization terminated on April 18 after the company defaulted on its monthly payments to M&T. JBRI requested that M&T use the $11,000 received from the sale of a 2012 Caterpillar Dozer to make those payments but that request was refused. M&T claims it is owed $71,448.002 and asserts interest in JBRI's equipment valued at $225,000 and other assets valued at $260,396. About JBRI Construction Services JBRI Construction Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-35173) on November 4, 2024, with total assets of $1,240,722 and total liabilities of $1,597,807. Thomas Benevegnu, president of JBRI, signed the petition. Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Julie M. Koenig, Esq., at Cooper & Scully, P.C. JOANN INC: Asks Bankruptcy Court to Block Vendors' Ohio Lawsuit --------------------------------------------------------------- Jeff Montgomery of Law360 reports that bankrupt fabric retailer Joann Inc. has requested that a Delaware bankruptcy judge halt an Ohio state lawsuit brought by vendors against seven of the company's top executives. The vendors allege they were misled into extending credit to the 80-year-old retailer during the period between its first and second Chapter 11 filings. About Joann Inc. JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10418). JOANN listed $2,257,700,000 in assets against $2,440,700,000 in liabilities as of Oct. 28, 2023. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Kroll Restructuring Administration, LLC is the noticing agent. JOANN Inc., on April 30, 2024 successfully emerged from its court-supervised financial restructuring process. 2nd Attempt Joann Inc. sought voluntary Chapter 11 petition for the second time under U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25 10068) on Jan. 15, 2025. Kirkland & Ellis is serving as legal counsel to JOANN, with Centerview Partners LLC serving as financial advisor and Alvarez & Marsal North America, LLC serving as restructuring advisor. JUS BROADCASTING: Court Extends Cash Collateral Access to July 31 ----------------------------------------------------------------- Jus Broadcasting Corporation and its affiliates received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. The court's third interim order authorized the company and its affiliates, Jus Punjabi LLC, and Jus One Corp., to use cash collateral from June 6 to July 31 to fund operations in accordance with a court-approved budget. The companies' cash collateral includes assets in which secured creditors, JPMorgan Chase Bank, N.A. and CESC-COVID EIDL Service Center, have liens or security interests. Jus Broadcasting entered into a secured line of credit borrowing with JPMorgan in 2020, and a $2 million loan agreement with EIDL in 2021. The next hearing is scheduled for July 23, with objections due by July 16. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/gNvig from PacerMonitor.com. About Jus Broadcasting Corp Jus Broadcasting Corp sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 1-24-45180-jmm) on December 11, 2024. In the petition signed by Penny K, Sandthu, president and sole principal, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Leo Fox, Esq., at Law Office of Leo Fox, Esq., is the Debtor's bankruptcy counsel. JPMorgan Chase Bank N.A., as secured creditor, is represented by: A. Albert Buonamici, Esq. Buonamici & LaRaus, LLP. 222 Bloomingdale Road Suite 301 White Plains, NY 10605 (914) 288-9200 JUXTAPOSE HOSPITALITY: Gets OK to Hire Robl & Bowen as Attorney --------------------------------------------------------------- Juxtapose Hospitality Group Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Robl & Bowen LLC as its attorneys. The firm's services include: a. advising the Debtor regarding potential benefits and potential disadvantages of the Chapter 11 process, as applicable to Debtor's circumstances; b. preparing the bankruptcy Petition, Schedules of Assets and Liabilities, Statement of Financial Affairs, company Resolution, and similar documents; c. assisting the Debtor with the preparation of such "first day motions" as may be necessary, including any motions regarding authorization to utilize cash collateral, motions to authorize payment of pre-petition claims, and similar filings; d. assisting the Debtor in providing documents to the United States Trustee's ("U.S. Trustee's") office for review in advance of the Initial Debtor Interview ("IDI"); e. assisting Debtor in preparing for the IDI and participating in the IDI with Debtor's representative; f. assisting Debtor in preparing for the examination provided for by Bankruptcy Code Section 341 (the "341 Meeting") and participating in the 341 Meeting with Debtor's representative; g. preparing the status report required in a Subchapter V case; h. participating the status conference required in a Subchapter V case; i. advising Debtor of Debtor's rights, duties and obligations as debtor-in-possession; j. reviewing claims filed in the case and assisting Debtor in evaluating such claims for potential objections; k. conducting or defending examinations pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure as may be deemed desirable or necessary; l. consulting with Debtor and representing Debtor with respect to formulating a Chapter 11 plan of reorganization, and in the Chapter 11 plan confirmation process; m. assisting Debtor with the preparation of monthly operating reports; n. performing legal services incidental and necessary to carrying out the day-to-day operations of Debtor's business activities; o. instituting and prosecuting necessary adversary proceedings and contested matters; and p. taking any and all other actions incident to the proper preservation and administration of Debtor's estate and business. The firm will be paid at these rates: Michael Robl, Esq. $475 per hour Maxwell Bowen, Esq. $425 per hour Rene Pennington, Esq. $425 per hour Dejanae Bridges (paralegal) $175 per hour The firm received a retainer in the amount of $10,000. Robl & Bowen is "disinterested" and does "not hold or represent an interest adverse to the estate" within the meaning of Section 327 of the bankruptcy code, according to court filings. The firm can be reached through: Michael D. Robl, Esq. Maxwell W. Bowen, Esq. ROBL & BOWEN, LLC 3754 Lavista Road, Suite 250 Tucker, GA 30084 Tel: (404) 373-5153 Fax: (404) 537-1761 Email: max@roblgroup.com Email: michael@roblgroup.com About Juxtapose Hospitality Group Inc. Juxtapose Hospitality Group Inc. is an Atlanta-based hospitality company Juxtapose Hospitality Group Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54709) on April 29, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Michael D. Robl, Esq. at Robl Law Group LLC. KING ESTATES: Updates Unsecured Claims Pay Details -------------------------------------------------- King Estates LLC submitted a Second Modified Plan of Reorganization for Small Business dated June 3, 2025. The Debtor has evicted tenants, renovated, and rehabilitated 8 properties. Donald and Drew Hill reside in the 9th property at 10 Fieldcrest Drive, Columbus, New Jersey and maintain the current regular monthly mortgage payments. The Debtor signed listing agreements with Jeffrey Cofsky of RE/MAX Cherry Hill to sell 26 Elmhurst Avenue, Trenton, NJ and 3525 North 18th Street, Philadelphia, PA. The net proceeds of each sale after paying all ordinary and necessary closing costs will be used to pay arrears on the remaining properties owned by the Debtor. The 6 remaining properties are in the process of being rented and/or refinanced to pay creditors. Once the properties are rented there will be net positive cash flow in July, and mortgage payments can recommence. The 6 remaining rental properties will be included in a portfolio refinance by September 30, 2025. The secured creditors will be paid at closing. Donald & Drew Hill have connections and experience in the mortgage/financing industry and expect a portfolio refinance with a loan to value ratio of 70%. Once rehab/renovations are completed by September 30, 2025, a 70% loan will satisfy all creditors. Class 8 consists of General Unsecured Claims. Only 3 claims filed: Funding Made Simple ($11,738.00); Capital One ($1,334.58); and Michael W. Forte, Esq. ($12,300.41). This Class will receive 100% within a year after sale proceeds paid to admin., secured & priority creditors. Payments begin upon sale of 2 properties & portfolio refinance of 6 properties. Continued rental of properties. Jeffrey Cofsky of RE/MAX Cherry Hill listing sale of properties at 26 Elmhurst Avenue and 3525 N 18th Street, Philadelphia, PA to pay secured creditors and arrears. 6 Additional properties to be refinanced as a portfolio and proceeds to pay by September 30, 2025 all secured, administrative, and unsecured claims. The Debtor will retain 10 Fieldcrest Drive and continue regular monthly mortgage payments. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The Debtor's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post- confirmation taxes, of $135,348.00. The final Plan payment is expected to be paid one year after confirmation. Properties at 404 Main Street and 13 Melony Lane were rented by April 2025 and generate positive cash flow of $11,279.00. Sales of 26 Elmhurst Avenue and 3525 N. 18th Street will provide payment in full to secured creditors and cure of arrears on other properties. Portfolio refinance or 6 remaining properties to pay mortgage arrears, administrative, and unsecured creditors by September 30, 2025. A full-text copy of the Modified Plan dated June 3, 2025 is available at https://urlcurt.com/u?l=TGKfAD from PacerMonitor.com at no charge. Counsel to the Debtor: Carol L. Knowlton, Esq. GORSKI & KNOWLTON PC 311 Whitehorse Ave, Suite A Hamilton, NJ 08610 Tel: (609) 964-4000 Fax: (609) 528-0721 E-mail: cknowlton@gorskiknowlton.com About King Estates LLC King Estates LLC is the owner of six properties located in New Jersey having a total current value of $1.88 million. King Estates LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-20454) on October 22, 2024. In the petition filed by Donald Hill, as authorized representative, the Debtor reports total assets of $1,880,100 and total liabilities of $1,019,965. The Debtor is represented by Allen I. Gorski, Esq. at GORSKI & KNOWLTON PC. KOSMOS ENERGY: S&P Cuts ICR to 'CCC+' on Rising Liquidity Pressure ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating two notches to 'CCC+' from 'B' on Kosmos Energy Ltd. S&P said, "At the same time, we lowered our issue-level rating on Kosmos' unsecured debt to 'CCC' from 'B' and revised our recovery rating to '5' from '4', due to a lower estimated valuation at our recovery price assumptions. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 15%) recovery of principal to creditors in the event of a payment default. "The negative outlook reflects the likelihood that we could lower the rating if the company is unable to refinance its near-term maturities in a timely and favorable manner or if liquidity deteriorates further." Incorporating the company's weaker-than-expected performance in the first quarter, and our current commodity price assumptions (Brent oil of $60 per barrel for the remainder of 2025 and $65 per barrel in 2026 and beyond), S&P now projects Kosmos Energy Ltd., a Dallas-based oil and gas exploration and production (E&P) company, will face a significant free operating cash flow (FOCF) deficit in 2025. Its heavy debt maturity schedule combined with increasing liquidity pressures lead us to believe the company's capital structure is unsustainable and it will rely on favorable conditions to meet its debt obligations. S&P said, "The downgrade reflects our view that the company depends on favorable business and financial conditions to meet its upcoming debt maturities. Kosmos reported weaker-than-expected EBITDA in the first quarter of 2025, primarily due to the planned maintenance outages at the Jubilee Floating Production Storage and Offloading (FPSO) vessel in Ghana and the scheduled shutdown of the Kodiak's field host facility in the Gulf of Mexico. Additionally, the first liquefied natural gas (LNG) cargo from the Greater Tortue Ahmeyim (GTA) project offshore Mauritania and Senegal was delayed into early April, pushing associated revenue recognition into the second quarter. As of March 31, 2025, Kosmos had approximately $3.2 billion in S&P Global Ratings-adjusted debt, resulting in a gross leverage ratio of 7.0x on an annualized EBITDA basis at quarter end. With the first LNG cargo now exported--a major milestone for the project--the partnership should start recognizing revenue from this project, in which Kosmos holds a 27% working interest. Assuming no further major shutdowns, we anticipate Kosmos will ramp up production from GTA and continue growing its volumes from its assets in Ghana and the Gulf of Mexico. This production growth, combined with a more than 50% reduction in capital expenditures compared with prior years, should support improvements in credit metrics, assuming commodity prices remain favorable. "To partially mitigate price risk, the company hedged approximately 50% of its anticipated 2025 oil production, with a price floor of approximately $65 per barrel. However, the company faces a heavy debt maturity schedule beginning 2026, and thus, we believe the company's current capital structure is unsustainable and that it will rely on favorable conditions to meet its debt obligations. With our expectations of negative free cash flow generation and tighter liquidity, we expect the company will need to refinance its upcoming maturities in the near term. "The company faces a significant debt maturity schedule over the next three years. As of March 31, 2025, Kosmos had $250 million outstanding on its 7.125% senior notes due April 2026, $350 million of 7.750% senior unsecured notes due May 2027, and $400 million of its 7.50% senior notes due 2028, with $900 million of unsecured notes maturing in subsequent years. In addition, as of March 31, 2025, Kosmos had $1 billion drawn on its $1.35 billion reserve-based lending (RBL) credit facility due December 2029, which begins amortizing in 2027. While we do not anticipate a default in the next 12 months, the concentration of maturities over the next few years significantly elevates refinancing risk. To support near-term liquidity needs, Kosmos could seek to raise funding secured against its assets in the Gulf of Mexico or GTA assets, which are currently unencumbered. "We revised our assessment of Kosmos' liquidity to less than adequate from adequate. As of March 31, 2025, the company had total liquidity of $400 million, including $50 million of cash and $350 million of availability under its RBL. Kosmos does not have adequate sources of liquidity from cash flow generation, assuming Brent oil price assumptions of $60 per barrel for the remainder of 2025, and cash on hand to address upcoming maturity without refinancing. Additionally, we now estimate the company runs the risk of breaching its RBL maintenance covenant (net leverage not more than 3.5x) during 2025. If the company breaches the leverage covenant, it has 45 days to address the issue by making a prepayment, contributing equity, or taking other corrective actions, unless it secures a waiver or a new agreement from the lenders. We expect the company will be able to negotiate a waiver, as it had during the COVID-19-related downturn." Springing maturity on RBL facility could pressure liquidity further. The company's RBL facility has a springing maturity provision that applies to all notes maturing through 2029. Under the terms, if the company does not refinance the relevant notes or pass a forward-looking 18-months liquidity test demonstrating full repayment capacity, the RBL maturity accelerates to six months prior to the applicable bond maturity. While Kosmos successfully passed the 18-month liquidity test related to its April 2026 maturity last year, avoiding a springing maturity trigger, it remains subject to ongoing six-month liquidity tests every March and September, and will face its next 18-month test tied to the May 2027 notes in November 2025. While failing a six-month test does not trigger the springing maturity, failure of the 18-month liquidity test in November 2025 would accelerate the RBL maturity (with $1 billion currently drawn as of March 31, 2025) to November 2026. Given this structure, S&P believes the company faces near-term refinancing risk related to its outstanding April 2026 and May 2027 notes. S&P said, "The negative outlook reflects the likelihood that we could lower the rating if the company is unable to refinance its near-term maturities in a timely and favorable manner or if liquidity deteriorates further. Additionally, it reflects our view that the company could engage in a transaction we could view as distressed. "We could lower our rating on Kosmos if the company fails to address its upcoming maturities in a timely and favorable manner or its liquidity profile deteriorates further. This would most likely occur if operational challenges lead to production falling below our current expectations, or if the company fails upcoming liquidity tests, triggering the springing maturity provision under its RBL. Additionally, we could lower the rating if the company engages in a refinancing transaction that we would consider distressed. "We could revise the outlook to stable if the company successfully addresses its upcoming debt maturities in a manner we do not consider to be distressed while also improving its liquidity profile. An improvement in liquidity profile could also result from oil prices exceeding our current expectations or production levels surpassing our existing estimates." KUBOTA OF KNOXVILLE: Hires Tarpy Cox Fleishman as Counsel --------------------------------------------------------- Kubota of Knoxville LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Tarpy, Cox, Fleishman & Leveille, PLLC, as counsel. The firm will include all matters dealing with the Chapter 11 bankruptcy including, but not limited to, litigation in the bankruptcy, federal, and state courts. The firm will be paid at these rates: Ed Shultz $350 per hour Thomas Leveille $385 per hour Associate $250 per hour Paralegal/law clerk $75 to $95 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received an initial retainer of $20,000. Lynn Tarpy, a partner at Tarpy, Cox, Fleishman & Leveille, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kelli D. Holmes, Esq. Lynn Tarpy, Esq. Tarpy, Cox, Fleishman & Leveille, PLLC 1111 N. Northshore Drive, Suite N-290 Knoxville, TN 37919 Tel: (865) 588-1096 Email: kholmes@tcflattorneys.com ltarpy@tcflattorneys.com About Kubota of Knoxville LLC Kubota of Knoxville LLC is a certified Kubota equipment dealership based in Knoxville, Tennessee. The Company offers tractors, mowers, utility vehicles, and farming implements, along with maintenance and parts services. Founded in 2011, it serves customers across East Tennessee. Kubota of Knoxville LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31018) 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. KUBOTA OF KNOXVILLE: Hires Tarwater & Company PC as Accountant -------------------------------------------------------------- Kubota of Knoxville LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Tarwater & Company, PC as accountant. Services to be performed include all matters dealing with the general accounting, filing of federal tax returns for the Debtor, and help with the Monthly Operating Report. The firm will be paid at these rates: Bethany Fleenor $200 per hour Todd Graves $250 per hour Ashley Thomas $375 per hour Nathan Ervin $375 per hour Joe Tarwater, CPA $400 per hour Joe Tarwater, CPA, managing partner at Tarwater & Company, disclosed in the court filing that his firm has no interest materially adverse to the Debtor or its estate. The firm can be reached through: Joe Tarwater, CPA Tarwater & Company, PC 6216 Highland Place Way, Suite 202 Knoxville, TN 37919 Tel: (865) 584-0294 About Kubota of Knoxville LLC Kubota of Knoxville LLC is a certified Kubota equipment dealership based in Knoxville, Tennessee. The Company offers tractors, mowers, utility vehicles, and farming implements, along with maintenance and parts services. Founded in 2011, it serves customers across East Tennessee. Kubota of Knoxville LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31018) 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. The Debtors are represented by Lynn Tarpy, Esq. at TARPY, COX, FLEISHMAN & LEVEILLE, PLLC. LA TANA: Court OKs Deal to Use SBA's Cash Collateral Until Sept. 30 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada approved a stipulation between La Tana, LLC and the U.S. Small Business Administration, allowing the company to use the agency's cash collateral. The stipulation authorizes the company to use cash collateral until Sept. 30 to pay operating expenses in line with its budget. As protection, SBA will receive a replacement lien on post-petition revenues of the company and a monthly payment of $350. In addition, the agency is entitled to a superpriority claim during the pendency of the company's bankruptcy case. As of the petition date, La Tana owed $146,221.26 to SBA. This SBA loan is secured by the company's personal property. About La Tana, LLC La Tana, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50375) on April 24, 2025, listing between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. Judge Hilary L Barnes oversees the case. The Debtor is represented by: Kevin A. Darby, Esq. Darby Law Practice, Ltd Tel: 775-322-1237 kevin@darbylawpractice.com LAFLEUR NURSERIES: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Lafleur Nurseries and Garden Center, LLC 6275 W State Road 46 Sanford, FL 32771 Business Description: Lafleur Nurseries and Garden Center, LLC operates a retail garden center in Sanford, Florida. The Company offers a wide selection of plants, trees, and landscaping materials, and provides related services such as landscape design, installation, and irrigation system support. Chapter 11 Petition Date: June 17, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-03734 Judge: Hon. Lori V Vaughan Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com Total Assets: $568,637 Total Liabilities: $3,283,410 The petition was signed by Jacob W. Burnham as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RNMN2BI/Lafleur_Nurseries_and_Garden_Center__flmbke-25-03734__0001.0.pdf?mcid=tGE4TAMA LAKE COUNTY: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- Lake County Hospitality, LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois for authority to use cash collateral. The Debtor needs access to cash collateral belonging to its sole secured creditor, Albany Bank and Trust Company, N.A., to pay expenses, including a payroll totaling approximately $39,064, franchise fees, utility costs, and other operational expenses. Albany holds a lien on the Debtor's assets, including its hotel property located at 900 W. Lake Cook Road in Buffalo Grove, Ill. These assets secure a loan balance of approximately $4.8 million. The Debtor proposed granting Albany replacement liens on post-petition assets as adequate protection. It argued that the bank will not be harmed by the use of the funds. A court hearing is scheduled for June 25. About Lake County Hospitality Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. The Debtor is represented by Paul M. Bach, Esq., at Bach Law Offices. LAZARUS INDUSTRIES: Has Deal on Cash Collateral Access ------------------------------------------------------ Lazarus Industries, LLC asked the U.S. Bankruptcy Court for the Western District of New York for authority to use cash collateral. A construction, fabrication and manufacturing firm in Buffalo, N.Y., Lazarus Industries is operating as a debtor-in-possession following its bankruptcy filing on April 14. The Internal Revenue Service, the Debtor's secured creditor, holds three federal tax liens totaling approximately $184,236, which are placed in sixth, seventh, and eighth secured positions on the Debtor's assets, including cash, accounts receivable and inventory. Prior to the bankruptcy, the Debtor secured loans and financing from various creditors, including Tompkins Community Bank, the U.S. Small Business Administration, Rapid Finance, Vox Funding, and Velocity Capital, each holding successively subordinate security interests in the Debtor's assets. The IRS' liens filed more than 45 days before the bankruptcy now prime other creditors' interests in certain assets under federal tax law. The Debtor intends to use cash collateral, which consists of funds subject to the IRS' liens to pay operating expenses. The IRS has agreed to allow the use of this cash collateral under a stipulation that grants it replacement liens on post-petition assets, including accounts receivable and equipment, and ensures monthly payments of $3,301.88 beginning July 1. The agreement also includes terms for IRS access to the Debtor's financial records, timely tax filings and deposits, and conditions under which the IRS may terminate the Debtor's authority to use the collateral. It stipulates that upon default or certain triggering events like case dismissal or appointment of a trustee, the agreement terminates and the IRS may seek relief from the automatic stay or move to convert the case to Chapter 7. The court's approval is required for the agreement to take effect retroactive to the bankruptcy filing date. About Lazarus Industries Lazarus Industries, LLC is a construction, fabrication, and manufacturing company based in Buffalo, N.Y. Lazarus Industries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-10417) on April 16, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Frank Lazarus, managing member of Lazarus Industries, signed the petition. Judge Carl L. Bucki oversees the case. Frederick J. Gawronski, Esq., at Colligan Law, LLP, represents the Debtor as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. LEFEVER MATTSON: Hires Slote Links & Boreman as DRE Advisor ----------------------------------------------------------- Lefever Mattson, a California corporation seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Slote, Links & Boreman, PC as California Department of Real Estate (DRE) advisor. The firm will advise the Debtors regarding compliance with regulations promulgated by the DRE -- including on topics related to licensing, trust fund handling, advertising -- as the Debtors manage and sell their large and varied real estate portfolio. The firm will be paid these rates: Partners $625 per hour Associate Attorneys $525 per hour Paralegals $120 per hour As disclosed in the court filing, Slote, Links & Boreman, PC is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Adam G. Slote Slote, Links & Boreman, PC 50 California St, 34th Floor San Francisco, CA 94111 Tel: (415) 393-8001 About Lefever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LEVEL 3 FINANCING: S&P Rates New $1BB Senior Secured Notes 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '1' recovery rating to Level 3 Financing Inc.'s proposed $1 billion of senior secured notes due 2033. Level 3 is a wholly owned subsidiary of U.S.-based telecommunications service provider Lumen Technologies Inc. The '1' recovery rating indicates S&P's expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. The company will use proceeds from these notes to refinance about $925 million of its 10.5% senior secured notes due 2030. S&P views this transaction as credit positive for Lumen because it will push out its debt maturities by about three years and reduce its interest expense, given that S&P expects the pricing on the new notes will be more favorable than for its existing secured notes." All of S&P's existing ratings on Lumen, including the 'B-' issuer credit rating, are unchanged because it does not expect the transaction will affect its credit metrics and continue to forecast its S&P Global Ratings-adjusted leverage will be in the 4.8x-5.0x range in 2026 following the $5.75 billion sale of its fiber-to-the-home broadband business to AT&T Inc. LGI HOMES: S&P Downgrades ICR to 'B+', Outlook Negative ------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issue-level rating and revised the recovery rating to '2' from '3' on The Woodlands, Tx.-based homebuilder, LGI Homes Inc.'s (LGIH) senior unsecured notes. The '2' recovery rating indicates S&P's expectation for substantial recovery (70%-90%; rounded estimate: 75%) in the event of a payment default. S&P said, "The negative outlook reflects our expectation that leverage will remain elevated over the next six to twelve months despite solid growth in community count, reasonably stable cycle times, and amid volatile demand. We project S&P Global Ratings-adjusted debt to EBITDA will remain in the 5.5x-6x area at year-end 2025 before potentially improving toward 5x by year-end 2026." LGIH's EBITDA to interest coverage, profitability metrics, and leverage are forecasted to remain weak over the next twelve months. S&P said, "We expect EBITDA interest coverage to be approximately 2x-2.5x at year end 2025 as the company's interest expense increased with is recent refinancings paired with decreased EBITDA due to recent macroeconomic headwinds. Additionally, the company's profitability metrics such as EBITDA margins and return on capital have been compressed when compared to pre-pandemic historical averages, we forecast these metrics to be pressured for the remainder of 2025. Offsetting the downward pressure is the company's adequate liquidity position, with $302.4 million available on the $1.1825 billion unsecured revolver with 82.2% of commitments maturing on April 28, 2029; the remaining 17.8% matures April 28, 2028." However, the company's interest burden, and current forecasted EBITDA, present little cushion at the current rating for 2025, particularly given the company has historically relied heavily on its revolving credit facility (RCF) for land spending and investments in continuing operations. S&P is currently in a period of uncertainty regarding the macroeconomic outlook due to the current administration's policies around tariffs and immigration. U.S. tariffs have exceeded our expectations in both size and scope, raising the downside risks to our current macroeconomic baseline. Consequently, S&P Global economists have increased its probability of recession to 30%-35%. As the overall impact to builders and consumers is currently difficult to quantify, S&P said, "We expect leverage will remain elevated through 2025 and into early 2026 due to fewer homes closed than previously forecast. We forecast LGIH's absorption rate will decrease to 3.2 sales per community per month from our previous forecast of 4.0 in 2024. The decreased sales pace is a result of overall affordability challenges amid the higher interest rate environment, timing in community count openings, and general competition in its key markets. We believe the company will also experience flat year-over-year average selling prices (ASP), and pressured gross margins by up to 200 basis points. Thus, we believe 2025 adjusted gross margins come in at approximately 24%-25%. This contributes to debt to EBITDA remaining elevated at 5.5x-6.0x in 2025. As more communities come online, and the company's selling, general, and administrative (SG&A) expenses will strengthen due to the same increase of 10%-15% in communities over the next 12 months, we believe the company's improvement in margins could result in deleveraging in the outer years. The company is dealing with a difficult demand environment, leading us to project 0% increase in homes closed in 2025 compared with 2024, primarily due to the company's increase in homes sold to wholesale buyers, of which accounted for approximately 18% of home sales in the first quarter. We expect that percentage to remain through the end of the year. We project the company will remain focused on returns from previously invested capital and continue its trend as a high-volume entry-level focused builder. "The negative outlook reflects our expectation that leverage will remain elevated over the next six months due to market headwinds, decrease in operating margins, and costs to open additional communities. That coupled with the macroeconomic headwinds the industry is facing creates a more challenging market for LGIH. We project S&P Global Ratings-adjusted debt to EBITDA will remain elevated in 2025 and 2026 at 5.5x-6x and approximately 5x, respectively." S&P could lower its ratings by a minimum of one notch if: -- LGIH's operating performance does not improve in line with S&P's current projections, with S&P Global Ratings-adjusted debt to EBITDA remains at or above 5x over the next 12 months; or -- S&P Global Ratings-adjusted EBITDA to interest coverage drops below 2x over the next 12 months. S&P could revise the outlook to stable if: -- LGIH's operating performance improves modestly, with continued earnings growth leading to EBITDA trending above $300 million with no additional incremental debt; and -- Credit protection measures improve modestly, with S&P Global Ratings-adjusted EBITDA to interest coverage comfortably above 2x with no sign of degradation. MARELLI HOLDINGS: Davis Polk Advises Mizuho Bank in Chapter 11 -------------------------------------------------------------- Davis Polk is advising Mizuho Bank, Ltd. (Tokyo Central Branch) in various capacities, including as the largest lender to Marelli Holdings Co., Ltd. and certain of its subsidiaries, in connection with Marelli's chapter 11 proceedings. On June 11, 2025, Marelli; certain funds and accounts managed by Kohlberg Kravis Roberts & Co. L.P., as equity sponsor; Mizuho, as a lender under Marelli's approximately $350 million emergency super senior term loan facility; and lenders, including Mizuho, holding a supermajority of Marelli's approximately $4.5 billion senior term and revolving loan facility, entered into a restructuring support agreement (RSA). On the same day, Marelli filed for chapter 11 in the U.S. Bankruptcy Court for the District of Delaware with a prearranged plan of reorganization reflecting the terms of the RSA. The RSA contemplates, among other things, (i) a 45-day marketing process; (ii) the incurrence of a debtor-in-possession (DIP) facility, which includes approximately $1.1 billion of new money backstopped by an ad hoc group of senior lenders and a 47.5% roll-up of senior loan claims held by the DIP lenders; (iii) repayment in full of the $350 million emergency loan facility upon final approval of the DIP facility (subject to certain conditions); (iv) a guaranteed 11% recovery to holders of senior loan claims; (v) reinstatement or payment in full of all general unsecured claims; and (vi) if the marketing process does not produce an overbid, an equitization of the DIP facilities into 100% of the reorganized common equity of Marelli upon consummation of a chapter 11 plan of reorganization. At a hearing on June 12, 2025, the Bankruptcy Court granted the debtors' entry into the DIP facility on an interim basis, as well as other customary relief. Marelli is a Tier 1 automotive supplier and one of the largest automotive components suppliers in the world. Headquartered in Saitama, Japan, Marelli operates in 24 countries around the world and supplies over 65 OEMs and brands such as Stellantis, Nissan, Volkswagen, BMW and Mercedes Benz. Marelli primarily manufactures advanced automotive components and systems, including automotive lighting and sensor systems, and electronic and software solutions, such as screen displays and engine and vehicle controls. The Davis Polk restructuring team includes partner Timothy Graulich, counsel Erika D. White and Richard J. Steinberg, and associates Lara Luo, Kevin L. Winiarski and Jonathan (Zhenyang) He. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Marelli Marelli is a "Tier 1" automotive supplier and one of the largest automotive components suppliers in the world. Headquartered in Saitama, Japan, Marelli operates in 24 countries around the world and supplies over 65 OEMs and brands such as Stellantis, Nissan, Volkswagen, BMW, and Mercedes Benz. With around 45,000 employees worldwide, the Marelli footprint includes over 150 sites globally. In 2024, Marelli generated over $10 billion of revenue. On June 11, 2025, Marelli Holdings Co. Ltd. and its affiliates commenced voluntary chapter 11 cases (Bankr. D. Del. Lead Case No. 25-11034). The cases are pending before the Honorable Judge Craig T. Goldblatt in Delaware. Around 80% of the Company's lenders have signed an agreement to support the Company' Chapter 11 restructuring in the U.S., which will deleverage Marelli's balance sheet and strengthen its liquidity position. Kirkland & Ellis LLP is serving as legal counsel to Marelli. PJT Partners Inc. is serving as financial advisor, and Alvarez & Marsal LLC is serving as restructuring advisor to Marelli. Verita Global, formerly KCC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP, Houlihan Lokey, and AlixPartners LLP are serving as advisors to the ad hoc group of lenders. MERCHANTS BANK: Moody's Affirms Ba1 Issuer Rating, Outlook Stable ----------------------------------------------------------------- Moody's Ratings has affirmed the ratings and assessments of Merchants Bancorp and its lead bank subsidiary, Merchants Bank of Indiana (together "Merchants"). Merchants Bank of Indiana has a long-term local currency issuer rating of Ba1 and long-term and short-term local currency bank deposit ratings of Baa1/Prime-2, together with a Baseline Credit Assessment (BCA) of baa3 and an Adjusted BCA of baa3. Merchants Bank of Indiana also has long-term and short-term Counterparty Risk Assessments of Baa2(cr)/Prime2(cr) and long-term and short-term local currency and foreign currency Counterparty Risk Ratings of Baa3/Prime-3. The holding company Merchants Bancorp has a Ba2 long-term local currency issuer rating, a Ba3 (hyb) local currency preferred stock non-cumulative rating and a (P)Ba3 local currency preferred shelf non-cumulative rating. The outlooks on the long-term local currency bank deposit and issuer ratings of Merchants Bank of Indiana were changed to stable from negative. The outlook on the long-term local currency issuer rating of Merchants Bancorp was changed to stable from positive. RATINGS RATIONALE The affirmation of Merchants' ratings reflects its improved capital profile and modestly lower commercial real estate (CRE) concentration, favorable trends that are offset by a recent rise in the level of its nonperforming loans. In particular, Merchants' tangible common equity/risk-weighted assets ratio on a Moody's Ratings-adjusted basis (TCE/RWA) grew to 9.2% at March 31, 2025 from 7.8% at year-end 2023. Over the same period, Merchants' CRE/TCE declined to 4.5x from 6.1x. However, Merchants' Moody's Ratings-calculated problem loans to total loans ratio rose to 2.5% at March 31, 2025, up from 0.6% at year-end 2023, highlighting stress on some of its borrowers from continued elevated interest rates. The improvement in Merchants' capital metrics is due to both growth of the numerator, specifically retained earnings and a 2024 common stock issuance, as well as management actions to constrain the denominator, particularly the execution of credit linked notes and credit default swaps on various pools of loans, which provide credit protection and also reduce risk-weighted assets. Moody's expects further modest growth of Merchants' capital in the coming quarters, but its TCE/RWA ratio will likely remain below the median of rated US banks. On the other hand, Merchants' securities portfolio has a minimal level of unrealized losses owing to its very short duration, so its capital metrics are not inflated from the exclusion of unrealized securities losses, unlike those of many rated banks. With respect to CRE, notwithstanding the recent decline in its concentration, Moody's expects Merchants' business mix to remain heavily focused on originating loans to support multifamily residential and healthcare properties, specifically affordable housing loans. Merchants' loans are largely underwritten to federal agency guidelines, giving them multiple avenues for disposition, including securitizations and sales to debt funds. As such, absent unanticipated growth in Merchants' capital position, its CRE concentration is unlikely to decline further. At 4.5x TCE, Merchants' CRE concentration is among the highest of rated US banks. Beyond CRE, Merchants is also focused on single-family mortgages through both its mortgage warehouse business and first-lien home equity portfolio, and on Small Business Administration (SBA) loans. Notwithstanding its focus on government-agency eligibility, the recent increase in Merchants' level of nonperforming loans reflects the impact of higher interest rates on some of its floating-rate loan borrowers as well as the financial deterioration of a few sponsors. Merchants' net charge-off levels, which have been very low historically, rose to 30 basis points annualized in Q1 2025 and could climb further, particularly if the level of interest rates does not decline. Higher net charge-offs would also weigh on Merchants' profitability metrics, though its earnings profile remains strong, supported by a low cost/income ratio. Regarding liquidity, that is also supported by Merchants' emphasis on loans with government-agency eligibility, which results in quickly turning assets. Merchants funding mix is also centered on short-dated sources, including custodial deposits from its mortgage warehouse clients, a short-duration CD book, and borrowed funds, primarily Federal Home Loan Banks (FHLB) advances of limited term. Merchants' level of uninsured deposits was modest at roughly 24% of total deposits at March 31, 2025. Still, the lack of a large base of retail/commercial operating accounts reflects a comparatively weaker deposit funding profile than many rated peers, in Moody's views. Overall, Merchants' continued respectable earnings, improved capital and reduced concentration risk support the outlook change to stable from negative on the long-term local currency bank deposit and issuer ratings at Merchants Bank of Indiana. The outlook change to stable from positive on the long-term local currency issuer rating at Merchants Bancorp reflects the lack of further improvement in holding company double leverage since the positive outlook was assigned a year ago. Indeed, at March 31, 2025, double leverage was approximately 133%, similar to where it stood at 30 June 2024, due to incremental preferred stock issuance in late 2024. As such, Merchants Bancorp's Ba2 issuer rating is currently one notch below the Ba1 issuer rating of Merchants Bank of Indiana. This notching gap could be eliminated if double leverage reduces below 125% and stays there, which would lower holding company creditors' structural subordination. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Merchants' ratings is unlikely absent a further material rise in its TCE/RWA ratio, to at least 10.5%, a continued reduction in its CRE concentration and greater holdings of on-balance-sheet liquidity. However, Merchants' holding company long-term local currency issuer rating could be upgraded independent of the above criteria if double leverage receded below 125% and remained there. Merchants' ratings could be downgraded if its credit costs climbed significantly from current levels, if its CRE concentration grew back above 5.5x TCE, if its profitability materially deteriorated and/or if its TCE/RWA ratio dropped below 9.0%. In a scenario where Merchants' ratings were downgraded, its holding company issuer rating could be affirmed at its current level as long as double leverage continues to decline. The principal methodology used in these ratings was Banks published in November 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. MID-KANSAS REAL: Mosley Property Sale to Professional Home OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Kansas has permitted Mid-Kansas Real Estate Holdings, LC to sell Property in a private sale, free and clear of liens and encumbrances. The Debtor owned nine separate pieces of real estate in and around the Wichita area. The Debtor generates income by leasing all or portions of that real estate to both residential and commercial tenants in exchange for monthly payments of rent. The Courth has authorized the Debtor to sell its property located at t 5345 S. Mosley Street, Wichita, Kansas 67216 to Professional Home Management, LLC or its designee with the purchase price of $125,000.00. The Mosley Property is single-family home that MKREH leased to residential tenants. The proposed sale of the Mosley Property free and clear of all liens, claims, encumbrances and other interests is approved and confirmed and any liens, claims, encumbrances, and other interests shall attach to the proceeds of the sale in accordance with the Bankruptcy Code and other applicable laws. The Debtor is authorized and directed to sell and convey the Mosley Property to the Buyer on the terms to be negotiated by the parties and approved by the Court. About Mid-Kansas Real Estate Holdings, LC Mid-Kansas Real Estate Holdings, LC is a lessor of real estate in Wichita, Kansas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 23-10709) on July 19, 2023, with $1 million to $10 million in both assets and liabilities. Rickey E. Hodge Jr., manager, signed the petition. Judge Mitchell L. Herren oversees the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the Debtor as bankruptcy counsel. MINI MANIA: Seeks Cash Collateral Access ---------------------------------------- Mini Mania, Inc. asked the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral. The Debtor needs to use cash collateral to continue operating through Nov. 22. The Debtor's business generates revenue primarily through upfront customer payments and has limited receivables. It has filed a Second Amended Plan and is implementing various financial strategies to address ongoing challenges. The Debtor identifies Bank of America, N.A. as the likely senior and fully secured creditor with a properly perfected lien in the cash collateral, although other entities also assert interests. The Debtor projects approximately $1,071,000 in receipts and $1,037,135 in disbursements over the proposed period, resulting in a positive net cash flow of $33,865. It proposed to continue making monthly adequate protection payments of $1,900 to Bank of America. To maintain operational flexibility, the Debtor requested authorization to deviate from its proposed budget by up to 20% for expense categories under $1,000 and up to 15% for categories above that amount. If a greater variance is needed, the Debtor proposed a notice and objection process, allowing Bank of America 48 business hours to respond. Additionally, the Debtor asked for permission to roll over unspent budgeted funds for use in future weeks within the same category and to apply up to 75% of any excess gross revenue toward increased costs of goods sold, with the remainder allocated to general expenses. As adequate protection for secured creditors, the Debtor noted that its continued operation will generate revenue and preserve asset value. All assets are adequately insured and the Debtor will grant replacement liens to creditors holding valid prepetition liens, with the same scope and limitations. A hearing on the matter is set for July 7. Bank of America is represented by: Raffi Khatchadourian, Esq. Hemar, Rousso & Heald, LLP 15910 Ventura Boulevard, 12th Floor Encino, CA 91436 Telephone: (818) 501-3800 Facsimile: (818) 501-2985 info@hrhlaw.com About Mini Mania Inc. Mini Mania Inc., doing business as Sprintboostersales.com, owns and operates automotive parts, accessories, and tire stores. On the Web: https://minimania.com/ Mini Mania sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-22456) on June 4, 2024, listing total assets of $1,155,121 and total liabilities of $3,312,513. Jonathan Harvey, president of Mini Mania, signed the petition. Judge Fredrick E. Clement oversees the case. The Debtor is represented by Steven R. Fox, Esq., at The FoxLaw Corporation, Inc. MT DISTILLERY: Gets OK to Hire Weber & Company PC as Accountant --------------------------------------------------------------- MT Distillery LLC received approval from the U.S. Bankruptcy Court for the District of Montana to employ Dan Tracy, CPA with Weber & Company, PC as accountant. The firm will be preparing Form 1065 tax returns for the Debtor for tax year 2024 and short year return for 2025. The fee for completing each year will be $1,760 per year for a total fee of $3,520. Weber & Company represents no interest adverse to the Debtor or the estate in the matters upon the accountant is to be engaged. The firm can be reached through: Dan Tracey, CPA Weber & Company CPAs PC 406 Main Street, Ste A Stevensville, MT 59870 Tel: (406) 777-9966 Fax: (406) 777-5644 Email: dan@webercocpa.com MT Distillery MT Distillery LLC -- http://www.themtdistillery.com/-- doing business as The Montana Distillery, is located in beautiful downtown Stevensville, MT. It is Montana's oldest fully functioning distillery since prohibition. MT Distillery LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 24-90081) on April 29, 2024. In the petition filed by Sharie L. McDonald, managing member, the Debtor estimated assets up to $50,000 and liabilities between $500,000 and $1 million. Matt Shimanek, Esq., at Shimanek Law PLLC serves as the Debtor's counsel. NAPA MANAGEMENT: Moody's Cuts CFR & Secured 1st Lien Debt to Caa1 ----------------------------------------------------------------- Moody's Ratings downgraded NAPA Management Services Corporation's ("NAPA") corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD. Moody's also downgraded the rating of the company's senior secured first lien credit facility to Caa1 from B3. The outlook remains stable. The ratings downgrade reflects Moody's expectations of a reduction in the company's EBITDA driven by compression in margins and continued revenue decline. Moody's expects leverage to increase in the next 12-18 months, and remain elevated at above 10x. The company's good liquidity position will help support the company's operations. Liquidity is bolstered by a good cash balance and access to an undrawn revolving credit facility. RATINGS RATIONALE NAPA's Caa1 CFR reflects Moody's expectations of rising financial leverage, given the continued loss of scale and customers. Moody's expects leverage to rise from 6.7x as of LTM March 2025, to over 10x in the next 18 months, driven by continued revenue declines due to customer attrition, lack of new contract wins and expected margin compression. The margins compression is attributed to general labor pressures in anesthesia and the expected cessation of high-margin contract exit payments that benefited the company in 2023, 2024, and 2025. The rating benefits from increasing demand for anesthesia services and the company's position as one of the largest anesthesiology providers. Moody's expects NAPA to maintain good liquidity supported by a substantial cash balance as of March 2025. Moody's expects the company will be free cash flow positive in 2025 and moderately free cash flow negative in 2026. Liquidity is also supported by fully available $80 million revolving credit facility expiring in February 2027. The revolver has a springing maximum first lien net leverage covenant, which Moody's do not expect the company to violate if triggered over the next 12 to 18 months. Alternate liquidity is limited as the majority of assets are encumbered by bank credit facilities. The senior secured first lien debt represents the preponderance of the company's debt. Therefore, the individual debt instrument ratings (for term loan and revolver) are at the same level as the company's corporate family rating. The stable outlook incorporates Moody's expectations that NAPA's leverage will remain very high in the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company's operating performance improves, evidenced by growth in earnings and margins. Maintaining good liquidity as well as Moody's expectations of Debt/EBITDA to be remain below 7.5x could support an upgrade. The ratings could be downgraded if the company's operating performance deteriorates further, and liquidity weakens. A downgrade could also occur if the capital structure becomes unsustainable, increasing the probability of default. Headquartered in Melville, NY, NAPA Management Services Corporation is a leading provider of outsourced anesthesia and perioperative services in the United States with over 30 years of experience as a clinician-led, single specialty-focused organization. The company provides anesthesia and perioperative services to over 2 million patients annually in 17 states across various customer sites and care settings including hospitals, ambulatory surgery centers and in office-based settings. NAPA Management Services Corporation is owned by private equity sponsor American Securities and Leonard Green & Partners. The company generated $1.7 billion of revenues in 2024. 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. NAUTICA'S EDGE: Gets OK to Hire Robl & Bowen LLC as Attorney ------------------------------------------------------------ Nautica's Edge LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Robl & Bowen LLC as its attorneys. The firm's services include: a. advising the Debtor regarding potential benefits and potential disadvantages of the Chapter 11 process, as applicable to Debtor's circumstances; b. preparing the bankruptcy Petition, Schedules of Assets and Liabilities, Statement of Financial Affairs, company Resolution, and similar documents; c. assisting the Debtor with the preparation of such "first day motions" as may be necessary, including any motions regarding authorization to utilize cash collateral, motions to authorize payment of pre-petition claims, and similar filings; d. assisting the Debtor in providing documents to the United States Trustee's ("U.S. Trustee's") office for review in advance of the Initial Debtor Interview ("IDI"); e. assisting Debtor in preparing for the IDI and participating in the IDI with Debtor's representative; f. assisting Debtor in preparing for the examination provided for by Bankruptcy Code Section 341 (the "341 Meeting") and participating in the 341 Meeting with Debtor's representative; g. preparing the status report required in a Subchapter V case; h. participating the status conference required in a Subchapter V case; i. advising Debtor of Debtor's rights, duties and obligations as debtor-in-possession; j. reviewing claims filed in the case and assisting Debtor in evaluating such claims for potential objections; k. conducting or defending examinations pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure as may be deemed desirable or necessary; l. consulting with Debtor and representing Debtor with respect to formulating a Chapter 11 plan of reorganization, and in the Chapter 11 plan confirmation process; m. assisting Debtor with the preparation of monthly operating reports; n. performing legal services incidental and necessary to carrying out the day-to-day operations of Debtor's business activities; o. instituting and prosecuting necessary adversary proceedings and contested matters; and p. taking any and all other actions incident to the proper preservation and administration of Debtor's estate and business. The firm will be paid at these rates: Michael Robl, Esq. $475 per hour Maxwell Bowen, Esq. $475 per hour Rene Pennington, Esq. $425 per hour Dejanae Bridges (paralegal) $175 per hour The firm received a retainer in the amount of $20,000. Robl & Bowen is "disinterested" and does "not hold or represent an interest adverse to the estate" within the meaning of Section 327 of the bankruptcy code, according to court filings. The firm can be reached through: Michael D. Robl, Esq. Maxwell W. Bowen, Esq. ROBL & BOWEN, LLC 3754 Lavista Road, Suite 250 Tucker, GA 30084 Tel: (404) 373-5153 Fax: (404) 537-1761 Email: max@roblgroup.com Email: michael@roblgroup.com About Nautica's Edge LLC Nautica's Edge LLC owns two properties in Atlanta, Georgia. The first is a rental home at 6550 Powers Ferry Rd NW, with an estimated value of $915,000. The second is a 3.52-acre undeveloped parcel at 6500 Powers Ferry Rd NW, valued at around $750,000. Nautica's Edge LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54710) on April 29, 2025. In its petition, the Debtor reports total assets of $1,670,000 and total liabilities of $505,000. The Debtor is represented by Michael D Robl, Esq. at ROBL & BOWEN LLC. NEW JERSEY: New Value & Continued Operations to Fund Plan Payments ------------------------------------------------------------------ New Jersey Orthopaedic Institute LLC and Northlands Orthopaedic Institute LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Combined Disclosure Statement and Plan of Reorganization dated June 4, 2025. Debtor New Jersey Orthopaedic Institute LLC, formerly McInerney Orthopaedic and Sports Medicine, LLC, was established in 2009. Northlands Orthopaedic Institute LLC was created in October 2019, strictly for the separation of claims processed in and out of network. All out-of-network claims are submitted through Northlands Orthopaedic Institute; all in-network claims with insurance carriers are submitted through New Jersey Orthopaedic Institute. Together, these Debtors form an orthopedic and sports medicine practice that provides medical and surgical services to patients. The practice also offers services to numerous local schools, as well as medical coverage during high school football games. Currently, the practice has four doctors and one mid-level provider. This is a reorganization plan. In other words, the Proponents seek to accomplish payments under the Plan by making distributions from present assets and future cash flows. The Effective Date of the proposed Plan is the date on which an order confirming the Plan is entered. The current members of the Debtors and these departing doctors and associated parties – Anthony Festa, M.D., Anthony Scillia, M.D., Craig Wright, M.D., John Callaghan, M.D., Casey Pierce, M.D., and Academy Orthopaedics LLC (collectively, the "Judgment Plaintiffs") engaged in a contested "business divorce" over the terms of their departure and the financial obligations created thereby. On April 23, 2025, the Debtors and the Judgment Creditors engaged in a Court-facilitated mediation. During that mediation, the Debtors and the Judgment Creditors reached a settlement of all issues in the Adversary Proceeding and bankruptcy cases (the "Settlement Agreement"). The Judgement Creditors have allowed secured claims in the amount of $2,434,565.41 secured by the FL Escrow and Saul Escrow, and general unsecured claims of $5,373,822.31. The Judgment Creditors will accept and support any Plan consistent with the Settlement Agreement. Dr. McInerney and his wife Lisa McInerney (the "McInerneys") will make the following transfers (the "New Value Contribution"): * The McInerneys will cause the funding shortfall in the cash balance plan administered by Merrill Lynch (the "Cash Balance Plan") to be paid, shall direct the Cash Balance Plan to disburse to the Judgment Creditors their portion of the Cash Balance Plan to accounts of the Judgment Creditors' choosing and shall transfer cash or assets worth $300,000.00 from Dr. McInerney's portion of the Cash Balance Plan to the Judgment Creditors, as the Judgment Creditors direct. * The McInerneys will transfer their membership interests in the entities that own the real estate located at 504 Valley Rd, Suite 22, Wayne, NJ 07470 and the real estate located at 622 Eagle Rock Avenue, West Orange, NJ 07052. * Dr. McInerney will personally guarantee the Debtors' obligations under the aforementioned promissory note. Class #2(a) consists of General Unsecured Creditors of New Jersey Orthopaedic Institute LLC; aggregate amount of claims is approximately $6.7 million, including unsecured portions of the claims of the Judgment Creditors. The Judgment Creditors will receive $300,000 over 30 months on account of their claims against both Debtors, representing an effective 2.79% distribution on account of their Class 2(a) claims. All other Class 2(a) creditors will receive a pro rata 3% distribution over 30 months. Class #2(b) consists of General Unsecured Creditors of Northlands Orthopaedic Institute LLC; aggregate amount of claims is approximately $5.5 million, including unsecured portions of the claims of the Judgment Creditors. The Judgment Creditors will receive $300,000 over 30 months on account of their claims against both Debtors, representing an effective 2.79% distribution on account of their Class 2(b) claims. All other Class 2(b) creditors will receive a pro rata 3% distribution over 30 months. Class 3 is unimpaired by this Plan. All equity holders retain their equity postconfirmation on account of the New Value Contribution. Payments and distributions under the Plan will be funded by the following: * Held Funds: Distributions from the FL Escrow and Saul Escrow will be made to the Judgment Creditors pursuant to the Settlement Agreement. Any remaining funds in the Saul Escrow will be used to pay administrative claims as they are allowed. Any further funds will be applied to the Debtors' ordinary course expenses or towards other payments under the Plan, as the Debtors determine in their business judgment. * Operations: Net cash from operations will fund incremental monthly payments under the Plan. * New Value Contribution: Pursuant to the Settlement Agreement, the McInerneys have made or will make the New Value Contribution from their shares of the Cash Balance Plan, their ownership in real estate holding entities and from their other sources of funds. These are contributions of money or money's worth exceeding $300,000, are reasonably equivalent to the unimpaired equity interests retained pursuant to this Plan and are necessary to the performance of this Plan. * Potential Affiliation Agreement: The Debtors are pursuing an opportunity to affiliate their practice with other larger healthcare providers. A successful affiliation agreement will permit the practice to bill more patients as in-network, and to charge higher negotiated in network rates, both of which will increase the collectability and profitability of operations. A full-text copy of the Combined Disclosure Statement and Plan dated June 4, 2025 is available at https://urlcurt.com/u?l=Z5P3nm from PacerMonitor.com at no charge. The Debtor's Counsel: Stephen B. Ravin, Esq. SAUL EWING LLP 1037 Raymond Blvd. Suite 1520 Newark, NJ 07102 Tel: (973) 286-6714 Email: stephen.ravin@saul.com About New Jersey Orthopaedic Institute New Jersey Orthopaedic Institute LLC provides specialized care in orthopaedics and sports medicine, offering cutting-edge treatments to patients of all ages. The institute serves a diverse range of patients, including athletes and community members, and is the team physician for several local high schools and universities. NJOI specializes in a wide range of orthopedic procedures, including joint replacements for the shoulder, hip, and knee, as well as the treatment of complex orthopedic trauma and sports medicine conditions affecting the shoulder, elbow, wrist, hand, hip, knee, ankle, and foot. With six locations and a multilingual staff, NJOI focuses on education and patient-centered care to improve quality of life and help patients return to daily activities. New Jersey Orthopaedic Institute LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-11370) on February 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge John K. Sherwood handles the case. Stephen B. Ravin, Esq., at Saul Ewing LLP, serves as the Debtor's counsel. NEWFOLD DIGITAL: S&P Lowers ICR to 'CCC' ICR, Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered all its ratings on Newfold Digital Holdings Group Inc., including the issuer credit rating to 'CCC' from 'CCC+'. S&P also lowered its issue-level ratings on the company's first-lien term loan to 'CCC' from 'CCC+' and second-lien term loan to 'CC' from 'CCC-'. The '3' and '6' recovery ratings are unchanged. The negative outlook reflects the refinancing risks Newfold faces on its upcoming revolver maturity and the likelihood S&P will downgrades the company if it fails to refinance in the coming months, as this would suggest an even greater probability of a distressed restructuring or payment default. Newfold Digital's revolving credit facility matures in less than 12 months and S&P believes the company lacks sufficient internal liquidity to repay the roughly $223 million of outstanding borrowings prior to the facility's maturity. S&P believes Newfold has somewhat weak credit metrics, a challenging operating environment, rapidly approaching debt maturities, and faces heightened risk of a distressed debt restructuring or payment default within the next 12 months if the company is not able to extend the facility over the near term. Newfold Digital is facing heightened risk of defaulting on its revolving credit facility in 2026 absent an extension or repayment. Newfold's revolving credit facility has approximately $223 million in outstanding borrowings and matures on Feb. 10, 2026. As of March 31, 2025, the company's cash balance of $133 million is insufficient to cover these outstanding borrowings. Newfold will need to extend or repay this obligation to avoid a default because it has insufficient cash to cover the maturity. S&P believes it could be difficult for the company to refinance its revolver on satisfactory terms due to its weak performance in 2024, which was characterized by increased competition, higher customer acquisition costs, and underperforming growth initiatives. In addition, Newfold's cash flow generation capacity remains weak due to higher interest expense from a leveraging dividend transaction in late 2023 and higher base rates on its $2.5 billion of unhedged floating-rate debt. The company's leverage also remains high in the high-6x area. Furthermore, the distressed-like trading prices of Newfold's debt could complicate its access to the debt markets and challenge its ability to execute a successful refinancing. During the first-quarter earnings call, the company announced it might sell some assets to raise cash to repay the revolver. While the asset sale would likely affect EBITDA, if the company uses all proceeds to repay debt, it will enable the company to pay off its revolver, alleviate near-term liquidity and maturity concerns, and improve its leverage. The negative outlook reflects the risk of a downgrade if Newfold fails to address the revolver maturity over the next few months. S&P said, "We believe the company will generate positive free cash flow in 2025 and beyond, despite interest rates remaining high. Newfold also has a long history of generating relatively stable subscription-based revenue and remains one of the largest players in its market. We believe the company could extend the maturity of its revolver if it demonstrates good operating performance over the remainder of 2025 and presents a credible operating plan that improves its lenders' confidence regarding its revenue and EBITDA growth trajectory." S&P said, "While we believe the company's plan to streamline its brands and reduce complexity is essential, it will add uncertainty to the company's near-term operating outlook, further weighing on the refinancing process. If Newfold cannot refinance its revolver over the next few months, we could lower our rating because this would indicate a high likelihood of a default or subpar debt exchange over the subsequent six months. "The negative outlook reflects our belief that Newfold's recent weaker-than-expected performance could hinder its ability to refinance its revolver in a timely matter under favorable terms. "We could lower our rating on Newfold if we see a risk of a distressed debt restructuring or payment default occurring within six months. "We could raise the ratings on Newfold if its operating performance improves and successfully addresses its 2026 revolver maturity, either by refinancing or receiving external support from shareholders, such that we no longer view a distressed restructuring or payment default as likely in the next 12 months." NOURISH BUYER: S&P Assigns 'B' ICR, Outlook Stable -------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to functional dairy protein ingredient processor, Nourish Buyer I Inc. (doing business as Actus Nutrition). S&P said, "In addition, we assigned our 'B' issue-level rating to the company's proposed first-lien TLB and RCF. The recovery rating is '3', indicating our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. "The stable outlook reflects our expectation that favorable growth prospects in its protein-based ingredients business and expansion into adjacent protein-based ingredients from recent investments in additional manufacturing capacity will lead to $60 million free operating cash flow (FOCF) and S&P Global Ratings-adjusted leverage approaching 5x in fiscal 2026 despite negative FOCF in the near term." Nourish Buyer I Inc. is proposing a $1,250 million first-lien term loan B (TLB) due 2032 and $250 million revolving credit facility (RCF) due 2030 to repay debt, fund a $143 million dividend, and pay related fees and expenses. This transaction reflects a recapitalization of cumulative dividends totaling $435 million since the company was bought by its current owners, Butterfly Equity, and results in pro forma S&P Global Ratings-adjusted debt to EBITDA of 6.3x compared with 5.0x for the 12-months-ended March 31, 2025. S&P said, "The proposed transaction will result in a highly leveraged capital structure and marks the company's second dividend recapitalization in nine months. Pro forma for the transaction, we estimate S&P Global Ratings-adjusted leverage of approximately 6.3x, approaching 5x over the next 12 months as sales growth accelerates. As a manufacturer of whey, milk, and other protein-based ingredients, Actus Nutrition benefits from a favorable growth outlook as these ingredients are key inputs to consumer protein-based products like shakes, bars, and powders, which are growing at rates faster than the broader packaged food industry. In addition, performance is benefiting from a reversal of industrywide destocking trends that had pressured demand over the past two years. Therefore, we expect continued revenue growth with improved cash flow conversion from lower working capital and capital expenditures (capex) requirements, the latter from soon-to-be completed capacity expansion. This should lead to quick deleveraging. Although our base case forecast incorporates leverage declining to below 5x by fiscal-year-end 2027 (ending June 30), the company's financial sponsor owner, Butterfly Equity, is now undertaking a second dividend recapitalization, after a $292 million debt-financed dividend in July of 2024. We believe this signals an aggressive financial policy and reinforces our view that the company's financial risk profile will remain highly leveraged despite the ability to rapidly deleverage." The company has a well-positioned operating footprint to take advantage of favorable consumer trends for its whey- and milk-based ingredients, but remains exposed to commodity market volatility. Shifting consumer preferences toward health and wellness, increased adoption of high-protein diets, and expanding markets for sports nutrition continue to drive demand for protein powders. Companies with strong supply chain integration, diversified product offerings, and innovation in sustainable and specialty proteins are well positioned to capitalize on these trends and drive long-term growth. Actus Nutrition benefits from a strong operating footprint, supported by established production facilities and efficient supply chain. It benefits from strategic advantages such as contracting with smaller cheese manufacturers to source raw materials, enabling it to lock in margins once it negotiates prices with its customers. Moreover, the company has recently expanded its product offering into milk protein concentrates (MPCs), enhancing its product diversification and aligning with increased demand for growing high-protein ingredients in nutrition and functional food markets. Still, the company has faced significant earnings volatility in the past. Most recently in the second half of calendar 2023 and first half of 2024, margins contracted because of industrywide inventory destocking as customers reversed their very high order volumes after they built up raw materials inventories in 2021 and 2022 to avoid production shortages. Prior to this period, between 2020 and 2021, an industry supply glut of whey protein isolates (WPI) led to a temporary oversupply of whey and whey derivatives, and when coupled with lower prices, caused significant margin contraction. Therefore, S&P continues to factor volatility in its business risk assessment on the company to account for exposure to commodity pricing, supply chain disruptions, and working capital volatility. FOCF will likely turn positive by 2026 as growth capex tapers off and working capital unwinds, but debt repayment may be muted. The company's reported FOCF was negative $30 million in fiscal 2024. S&P said, "We project a deficit of $43 million in fiscal 2025 from still elevated capex and working capital requirements (because of higher whey input costs and built-up inventory for new capacity). However, EBITDA also grew during this period supporting our view that the company's working capital headwinds were not related to operating underperformance but rather reflected an inflationary input cost cycle that is now normalizing and a strategic investment to expand into MPCs with a new facility. This expansion modestly strengthens its competitive position by broadening its product offering while also improving cost efficiencies through localized input sourcing. It also supports incremental revenue growth and should lead to higher EBITDA while increasing cash flows as built-up inventories for the new plant are unwound. As such, we project the company to turn FOCF positive by fiscal 2026 as most of its expansion capex is completed. When coupled with our expectations for lower milk-based input costs, this will likely result in a more than $80 million rebound in operating cash flow. Still, debt repayment may be more muted than our base case expectations depending on future capex. The company is required to apply 50% of its excess cash flows toward debt reduction under the proposed terms of its refinancing proposal. However, we recognize the company may elect to apply its cash flow toward more growth investments, which could delay our base case projections for leverage below 5x beyond fiscal year-end 2026." The company may pursue opportunistic purchases of existing manufacturing facilities but is not likely to pursue large mergers and acquisitions (M&A). S&P said, "We expect the company to periodically pursue acquisitions of single facilities to leverage the scale of its existing operating footprint, as Actus has done recently with the Sparta facility acquisition. Such acquisitions have historically been small, typically well below $50 million, as the company focuses on easy-to-integrate, stand-alone facilities that complement its niche ingredient capabilities rather than large scale consolidation. Its strategic growth plans do not contemplate large M&A because it remains focused on leveraging the existing operating footprint in its core product where it has a manufacturing advantage. Therefore, we believe releveraging the balance sheet through large M&A is unlikely." S&P said, "The stable outlook reflects our expectation that Actus Nutrition will improve its FOCF as growth capex moderates and working capital requirements fall, enabling its S&P Global Ratings-adjusted leverage to decline closer to 5x over the next 12 months. Underpinning this outlook is our view that demand for the company's protein-based nutritional products will remain high, with support from consumer health trends and growing interest in high-protein diets. "We could lower our rating on Actus Nutrition over the next year if the company does not improve its annual FOCF to more than $10 million or if it sustains S&P Global Ratings-adjusted debt to EBITDA of more than 6.5x." This could occur if: -- It pursues large debt-funded acquisitions or shareholder returns; or -- It continues to face significant working capital requirements either from raw material input cost inflation or supply chain disruptions; or -- Its operating performance underperforms our expectations, which could result from excess industry production that pressures pricing, margin compression from high input cost inflation, or a decline in sales volume from increased competition. While unlikely within the next 12 months, S&P could raise its rating if the company explicitly commits to, and demonstrates, sustained S&P Global Ratings-adjusted debt to EBITDA of less than 5x. To achieve this, the company would have to maintain its current EBITDA while refraining from future debt-financed shareholder returns or larger-than-expected M&A. NXT ENERGY: Shareholders OK All Proposals at Annual Meeting ----------------------------------------------------------- NXT Energy Solutions Inc. released the voting results from its Annual Meeting of Shareholders. Shareholders approved the following: * Election of Directors: Eight directors of the Company were elected to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed. * Appointment of Auditors: MNP LLP were appointed as the auditors of the Company for the next year at a remuneration to be determined by the Board of Directors. * Unallocated Options Resolution. The resolution to approve the Company's Amended and Restated Stock Option Plan was passed. * Deferred Share Unit Plan Resolution. The resolution for the approval of the Deferred Share Unit Plan and the unallocated entitlements issuable thereunder was passed. About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method. This system can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures, and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. Calgary, Canada-based MNP LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2025, citing that the Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for a year beyond the date of auditor's report, unless additional financing is obtained or new revenue contracts are completed. This raises substantial doubt about the Company's ability to continue as a going concern. ODS INC: Case Summary & Three Unsecured Creditors ------------------------------------------------- Debtor: ODS, Inc. d/b/a Four Seasons Fitness d/b/a Four Seasons Health Club 626 Delsea Drive North Glassboro, NJ 08028 Business Description: ODS, Inc. operates a fitness and recreational facility in Glassboro, New Jersey, offering gym services under the name Four Seasons Health Club. The Company provides amenities such as cardio and strength equipment, indoor turf, group exercise classes, and pickleball courts. It has been in operation since the early 1990s. Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-16371 Debtor's Counsel: E. Richard Dressel, Esq. LEX NOVA LAW, LLC 10 E. Stow Road Suite 250 Marlton, NJ 08053 Tel: 856-382-8211 Fax: 856-406-7398 E-mail: rdressel@lexnovalaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million Christopher William signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XR5J2RI/ODS_Inc__njbke-25-16371__0001.0.pdf?mcid=tGE4TAMA OUTLAW STEAKBURGERS: Gets Final OK to Use Cash Collateral --------------------------------------------------------- Outlaw Steakburgers, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Tyler Division, to use its lender's cash collateral. The final order penned by Judge Joshua Searcy authorized the company's use of cash collateral to fund working capital, operating expenses, capital expenditures, fixed charges, and payroll. Equity Bank, the company's lender, was granted a replacement lien on and security interests in the company's assets to the same extent and with the same validity and priority as their pre-bankruptcy liens. In the event the protection provided to Equity Bank is not enough to cover any diminution in the value of its collateral, the lender will be granted an allowed superpriority administrative expense claim. Outlaw Steakburgers' authority to use cash collateral terminates upon the occurrence of so-called events of default, which include the company's failure to comply with the material terms of the final order and failure to file a Chapter 11 plan within 90 days after the petition date About Outlaw Steakburgers Outlaw Steakburgers, LLC filed Chapter 11 petition (Bankr. E.D. Texas Case No. 25-60236) on April 22, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Esther Yeager, corporate representative, signed the petition. Judge Joshua P. Searcy oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. PEACHY ATHLETIC: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Peachy Athletic, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The final order signed by Judge Roberta Colton authorized the company's use of cash collateral to pay the operating expenses set forth in its budget through the effective date of its Chapter 11 plan of reorganization. Each creditor 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 its pre-bankruptcy lien. Payment processors holding funds owed to Peachy Athletic were ordered to release such funds to the company. The liens of merchant cash advance (MCA) lenders against funds held by the payment processors attach to the cash collateral. As of the petition date, Peachy Athletic had cash of approximately $6,000 and inventory of $200,000, which constitutes cash collateral. The company's secured indebtedness consists of short-term financing from MCA lenders. The company has received funding from MCA lenders that claim an interest in its accounts receivable or security interests in other assets of the company. About Peachy Athletic Peachy Athletic, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06501) on November 1, 2024, with $100,001 to $500,000 in assets and $100,001 to $500,000 in liabilities. Judge Roberta A. Colton oversees the case. The Debtor is represented by: Scott A. Stichter, Esq. Stichter, Riedel, Blain & Postler, P.A. 110 E. Madison St., Suite 200 Tampa, FL 33602 Phone: (813) 229-0144 Email: sstichter.ecf@srbp.com PEGASUS BUILDERS: Seeks to Hire Wernick Law PLLC as Attorney ------------------------------------------------------------ Pegasus Builders Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Wernick Law, PLLC as attorneys. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties as a Debtor-in-possession and the continued management of business operations; (b) advise the Debtor with respect to their responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the cases; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiations with creditors in the preparation of a plan. The firm will be paid at these rates: Aaron A. Wernick, Esq. $765 per hour Corinne Aftimos, Esq. $665 per hour Hayley Harrison, Esq. $665 per hour Paralegals $425 per hour The firm was paid a retainer in the amount of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Aaron Wernick, Esq., a partner at Wernick Law, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: 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 Pegasus Builders Inc. Pegasus Builders Inc. is a licensed general contractor specializing in luxury custom homes and equestrian estates across Wellington and South Florida. The Company holds licenses in general contracting, engineering, and roofing, backed by over 25 years of experience in the Florida market. It serves both residential and commercial clients and actively participates in philanthropic initiatives supporting various local and national organizations. Pegasus Builders Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16181) on May 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtors are represented by Aaron Wernick, Esq. at WERNICK LAW PLLC. PEOPLE WHO CARE: Updates Several Unsecured Claims Pay Details ------------------------------------------------------------- People Who Care Youth Center Inc. submitted a Second Amended Disclosure Statement describing First Amended Chapter 11 Plan of Reorganization dated June 3, 2025. The Plan is a reorganizing plan. In other words, the Proponent seeks to accomplish payments under the Plan by its earnings from the operation of the Debtor as a duly-licensed congregate living health facility. Class 4 consists of the Unsecured Claim of the California Department of Parks and Recreation. Except for updating the outstanding amount, this treatment is the same as the plan treatment in case No (Case No. 2:18- bk-10290-RK), Docket No. 152, as confirmed, in which this Claimant was a member of Class 7 of such plan. The Class 4 Claimant shall have its claim reduced at the rate of $37,500 per year for every year (and prorated for every partial year) that the Debtor provides community recreational programs ("Programs") in accordance with paragraph 61 of the Addendum to AIRCRE Standard Industrial Commercial Single Tenant Lease Gross dated March 15, 2019 for the property known as 1512 W. Slauson Avenue, Los Angeles, California 90047 ("Lease"), and which is attached to the Notice of Debtor's Entry into Real Property Lease Pursuant to Court Order Granting Motion for Authority to (A) Enter into Real Property Lease; (B) Use Cash Collateral; (C) Provide Adequate Protection; and (D) Pay Commission to Real Estate Broker, Docket No. 59 (Case No. 2:18-bk10290-RK). When the Lease ends, the Debtor shall continue to provide Programs substantially consistent with the terms of the Lease. Unless due to health or safety reasons, force majeure, or acts of God, should the Debtor cease to provide Programs in accordance with the terms of the Lease (or, after Lease termination, substantially consistent with the terms of the Lease) for three consecutive months, the remaining balance of the claim shall become due and payable as a general unsecured claim, and the Class 4 Claimant shall have all of its rights at state law to enforce payment of its remaining allowed claim. Class 5 consists of All General Unsecured Claims Other than Claims in Convenience class. Allowed general unsecured claims shall receive a total of 100% over 120 months from the Effective Date in full satisfaction of their claims, commencing at the end of the first calendar quarter after the Effective and every calendar quarter thereafter. Like in the prior iteration of the Plan, the Debtor will pay 100% of such claims on the Effective Date to all Allowed General Unsecured Claims in the amount of $1,000 or less OR as to which its holder elects to receive $500 in full satisfaction thereof ("Convenience Class"). It is projected that on the Effective Date, the Debtor will have approximately $115,000 on the Effective Date. The amount available as of the Effective Date may be less than $270,000 by an amount equal to allowed administrative amounts paid before the Effective Date order, which will reduce the amounts due on the Effective Date by a corresponding amount. A full-text copy of the Second Amended Disclosure Statement dated June 3, 2025 is available at https://urlcurt.com/u?l=arwtTx from PacerMonitor.com at no charge. Counsel to the Debtor: Giovanni Orantes, Esq. The Orantes Law Firm, PC 3435 Wilshire Blvd., Suite 2920 Los Angeles, CA 90010 Tel: (213) 389-4362 Fax: (877) 789-5776 Email: go@gobklaw.com About People Who Care Youth Center People Who Care Youth Center Inc., is a non-profit corporation that provides child daycare to low-income working parents in South Central Los Angeles. Its primary asset is a commercial real property building located at 1502 and 1512 West Slauson Avenue Los Angeles, California. People Who Care Youth Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-16449) on Oct. 3, 2023. In the petition filed by Michelle McArn, as CEO, the Debtor estimated assets between $500,000 and $1 million and estimated liabilities between $100 million and $500 million. PIKE CORP: S&P Upgrades ICR to 'B+' on Improved Credit Metrics -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on electric utility construction, repair, and engineering services provider Pike Corp. to 'B+' from 'B'. S&P said, "At the same time, we raised our issue-level ratings on the company's existing revolving credit facility and first lien term loan to 'BB' from 'BB-'. The recovery rating remains '1' (rounded estimate: 95%). "Additionally, we raised our issue-level ratings on the company's existing senior unsecured facilities to 'B' from 'B-'. The recovery rating remains '5' (rounded estimate: 10%). "The stable outlook reflects our expectation that Pike will experience stable revenue growth in its core business in 2025, with margins stabilizing in the low- to mid-19% range, supporting sustained S&P Global Ratings-adjusted debt to EBITDA in the mid-4x area and FOCF to debt in the mid- to high-single-digit percent area. "We expect Pike's core business to experience healthy growth in 2025 and 2026 with normalizing margins, giving way to leverage sustained below 5x. The company's revenue grew approximately 5.3% in 2024, driven by a significant increase in storm-related services revenue and incremental revenue contributions from the company's acquisition of United Engineering & Construction Inc. This was partially offset by a modest decline in the company's core revenues as storm work temporarily displaces labor availability to perform core work, as well as lower spend on core services from utility customers that reallocated maintenance capital expenditures (capex) to storm restoration efforts. Storm work accounted for less than 10% of revenue in 2024 but carries significantly higher margins than core work, driving outsized EBITDA growth. As a result, Pike's S&P Global Ratings-adjusted EBITDA margins grew 470 basis points in 2024 to 22.4%, also aided by improved operational efficiencies and strong execution. As a result, the company's S&P Global Ratings-adjusted debt to EBITDA decreased by 1.5x from year-end 2023 to 3.9x. "In 2025, we expect Pike's service mix to return to a higher level of core services relative to storm-related services. We expect these services to see strong growth, driven by the expectation of multibillion dollar spend by the company's utility customers in effort to modernize an aging U.S. grid and address load growth needs. We expect utilities will continue to invest heavily in modernizing aging transmission and distribution infrastructure to improve resiliency and efficiency and to address increasing demand for new energy sources that requires new transmission lines to connect to the grid. We believe urban population growth, data center demand, and electrification of transportation will result in utilities increasing capital spending. In addition to investments in resiliency for distribution networks to natural disasters and extreme weather events. We view Pike's work that primarily focuses on maintenance and upgrades for electric distribution and transmission as mission-critical and, as such, believe utility customers will continue to allocate stable and likely increasing spend toward the services the company offers. As such, we expect revenue growth of 7.5%-8.5% in 2025, growing at a similar rate in 2026. "Due to the projections for a lower proportion of high-margin storm work, we expect S&P Global Ratings-adjusted EBITDA margin contraction in 2025 to the low- to mid-19% area. Margins during the year will also be burdened by a $20 million one-time cost during the first quarter related to nonrecurring incentives for prior periods. In 2026, given the reduction in one-time incentive costs, we expect Pike's margins to expand to the high-19% area. We note the margin profile could see upside should the company experience a level of storm-work higher than we currently forecast (less than 5% of revenue). "Given these expectations, we expect Pike's S&P Global Ratings-adjusted debt to EBITDA to be in the mid-4x area in 2025, improving to the mid- to low-4x range in 2026. We believe the company has ample headroom for its leverage to remain below 5x should it experience temporary volatility in volumes or margins." Pike will continue to generate healthy free cash flows in 2025 and 2026. The company reported S&P Global Ratings-adjusted FOCF in excess of $400 million in 2024 because of improved earnings and large working capital inflows from storm-related services. This resulted in S&P Global Ratings-adjusted FOCF to debt of 16.2% in 2024. S&P said, "In 2025 and 2026, we expect it to continue to generate strong FOCF, but at a more normalized level given the expectation for lower nominal EBITDA generation due to the lower contribution of storm work. We expect the company to have working capital outflows of $110 million-$130 million in 2025 and 2026 to support revenue growth, which will also hinder FOCF generation relative to 2024. As such, we expect Pike to generate S&P Global Ratings-adjusted FOCF of $210 million-$230 million in 2025 and $265 million-$285 million in 2026. This results in S&P Global Ratings-adjusted FOCF to debt of 7.5%-8.5% in 2025, improving to 9%-10% in 2026." S&P said, "We expect Pike to continue to maintain adequate liquidity to support the business. The company ended the first quarter with approximately $335 million of total liquidity comprising $151 million of cash and $184 million of availability on its revolving credit facility net of letters of credit. We note approximately $43 million of its $253 million revolving credit facility will expire in July 2025, which we do not currently include in our liquidity calculation. However, we expect the company will be able to replace these expiring commitments within its existing lender group ahead of the July maturity or soon thereafter. Even if Pike is unable to replace these commitments, we believe the company's liquidity would continue to be sufficient to support the business even during periods of temporary volatility. "The stable outlook reflects our expectation that Pike will experience stable revenue growth in its core business in 2025, with margins in the low- to mid-19% range that will support sustained S&P Global Ratings-adjusted debt to EBITDA in the mid-4x area with FOCF to debt in the mid- to high-single-digit percent area." S&P could lower its ratings on Pike if: -- Its S&P Global Ratings-adjusted debt to EBITDA exceeds 5x; or -- Its S&P Global Ratings-adjusted FOCF to debt falls below 5%. This could occur if the company experiences a decline in volumes or margin compression due to unforeseen execution issues or it pursues materially higher debt-funded acquisition spend than currently forecasted. S&P could raise its ratings on Pike if: -- It sustains S&P Global Ratings-adjusted debt to EBITDA below 4x with low risk of increasing back above 4x; and -- It generates S&P Global Ratings-adjusted FOCF to debt above 10% on a sustained basis. S&P could also raise its ratings if the company continues to grow in a credit supportive manner such that its scale is more comparable to larger rated peers in the engineering and construction space. PINEAPPLE PROPERTIES: Unsecureds to Get 100 Cents on Dollar in Plan ------------------------------------------------------------------- Pineapple Properties of SA, LLC, 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 is the owner/operator of an 8 room Bed and Breakfast business which operates at 44 Spanish St, St. Augustine, Florida. The business was started in July of 2016 by Brian A. Funk and Emery D. McClune and has continuously operated since that time. The Debtor Pineapple Properties of SA 2, LLC owns the real estate while Pineapple Properties of SA, LLC operates the Bed and Breakfast. The business provides full service BNB stays with brunch, room service and various parking/transportation services included for guests. The Debtor suffered a slowdown in bookings and income as a result of COVID travel restrictions, inability to hire staff and related general slowdown in real estate as interest rates have risen over the past two years. As a result of the slow down in the business the Debtor had been sued by the first mortgage holder South State Bank for foreclosure of the mortgage lien on the real estate. That case was pending at the time of the filing of this Chapter 11. This Chapter 11 followed in order to restructure the existing secured, priority and unsecured debt. The Debtor is planning to finish the renovations needed to market the property for sale and list the property for sale within the next 6-12 months. Any funds received will be used to pay secured and unsecured creditors in full upon closing of the sale. This Plan of Reorganization proposes to pay unsecured creditors of the Debtor all disposable income during months 1-36 from future income of the Debtor derived from income generated from the business that the Debtor owns in order to obtain a discharge. This Plan provides for 4 class(es) of secured claims, 3 Classes of Priority Claims and 1 class of unsecured claims. Unsecured creditors holding allowed claims will receive distributions which the proponent of this Plan has valued at approximately 100 cents on the dollar based upon current projections of disposable income. This Plan also provides for the payment of administrative and priority claims either upon the effective date of the Plan or as allowed under the Bankruptcy Code. Class 6 consists of All General Unsecured Claims. To the extent that unsecured claims are filed and allowed, the Debtor shall pay the total amount of unsecured claims upon closing of the sale of the Debtor's corporate real estate for 100% repayment of all unsecured claims. A full-text copy of the Subchapter V Plan dated June 3, 2025 is available at https://urlcurt.com/u?l=RuOmEU from PacerMonitor.com at no charge. The firm can be reached at: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlingon Expy. Jacksonville FL 32211 Tel: (904) 725-0822 Fax: (904) 725-0855 Email: bkmickler@planlaw.com About Pineapple Properties of SA Pineapple Properties of SA, LLC, operates the 44 Spanish Street Inn located in St. Augustine, Fla. Originally built in 1920, the Inn offers guests a historic setting with modern amenities. The Inn has eight guest rooms, each featuring private baths, and provides convenient access to local attractions. Pineapple Properties of SA sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-00647) on March 5, 2025, listing $13,172 in assets and $1,184,420 in liabilities. Brian A. Funk as managing member, signed the petition. Judge Jacob A Brown oversees the case. Bryan K. Mickler, Esq., at Mickler & Mickler is the Debtor's legal counsel. SouthState Bank N.A., as secured creditor, is represented by: Christian P. George, Esq. 50 North Laura Street, Suite 3100 Jacksonville, FL 32202 Telephone: (904) 798-3700 Facsimile: (904) 798-3730 christian.george@akerman.com PINNACLE GROUP: Lender Disputes Bid to Tap Weil, Gotshal as Counsel ------------------------------------------------------------------- Randi Love of Bloomberg Law reports that the primary lender for a portfolio of rent-stabilized New York City apartment buildings is opposing the appointment of Weil, Gotshal & Manges LLP as bankruptcy counsel. In a June 13, 2025 filing with the U.S. Bankruptcy Court for the Southern District of New York, Flagstar Bank NA argued that Weil faces a conflict of interest because it also advises Zarasai Group Ltd., the largest nonbankrupt equity holder, on restructuring strategies and debt obligations. The properties, affiliated with Joel Wiener's Pinnacle Group, entered Chapter 11 bankruptcy in May 2025, the report states. About Pinnacle Group Based in Sunrise, Fla., Pinnacle Group and its subsidiaries are wholesalers of motor vehicle parts and accessories. Pinnacle Group and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 19-13519) on March 19, 2019. In its petition, Pinnacle Group estimated assets of $500,000 to $1 million and liabilities of $1 million to $10 million. Judge John K. Olson oversees the case. Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC, is the Debtor's bankruptcy counsel. PROOFPOINT INC: S&P Affirms 'B-' ICR on Debt Issuance ----------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on U.S.-based Proofpoint Inc., as well as its 'B-' issue-level rating on the existing first-lien debt. S&P said, "At the same time, we assigned our 'B-' issue-level rating and '3' recovery rating to the company's proposed $444 million incremental first-lien term loan. "The stable outlook reflects our expectation that Proofpoint will increase its pro forma revenue and EBITDA by 10%-15% annually over the next few years. We expect the business will continue to be highly recurring and anticipate the company will generate positive free cash flow over the next 12 months despite the incremental interest expense from the Hornetsecurity acquisition. "We view the acquisition of Hornetsecurity as a positive for Proofpoint's business, despite the incremental debt issuance involved. Hornetsecurity is a fast-growing target, projected to achieve year-over-year growth of nearly 18%-20% over the next two years, which is modestly ahead of Proofpoint's current revenue growth metrics. We expect the acquisition will generate approximately $60 million in EBITDA, with further improvements from about $15 million in projected synergies as well as revenue growth." Hornetsecurity primarily serves managed service providers (MSPs), which represent a new client base that Proofpoint has not targeted previously. This presents a growth opportunity to replicate Hornetsecurity's success in Europe by establishing a network of MSP customers in the U.S. Proofpoint, a provider of email security, information protection, and compliance platforms, plans to raise $444 million of incremental first-lien debt and $1.22 billion of second-lien debt to fund the acquisition of Hornetsecurity, a provider of cloud-based email security, backup, and compliance solutions for SMBs in Europe. Proofpoint has room in its capital structure to absorb the incremental debt. Proofpoint has meaningfully de-levered since its 2021 LBO. Despite $3 billion in 2025 debt issuance ($1.35 billion from the dividend recap earlier in 2025 and $1.664 billion due to the Hornetsecurity acquisition), S&P expects the company to absorb incremental interest costs and generate positive free cash flow. S&P's base case assumes S&P Global Ratings-adjusted leverage rising to above 9x in 2025 but improving to under 8x by the end of fiscal 2026, with 2026 free operating cash flow (FOCF) to debt above 3% area, thereby supporting its 'B-' issuer credit rating. The rating reflects Proofpoint's highly recurring business and a solid mergers and acquisitions (M&A) track record. Proofpoint has benefited from strong revenue growth and improving profitability since its acquisition by Thoma Bravo. The company benefits from a recurring revenue business model (about 98% recurring revenues), and strong net retention rates for its products (consistently above 105% over the past few years). S&P said, "Our view of the rating also stems from strong balance sheet cash (close to $200 million of cash and full access to its $300 million revolving credit facility) and improving margins since the LBO (with S&P Global Ratings-adjusted EBITDA margins improving by more than 10% over the past three years). The company has paid out over $600 million in restricted stock unit (RSU) payments since the LBO, which has resulted in negative FOCF over the past few years. However, the company has minimal RSU payments outstanding as of 2025. The company has also done a good job integrating its recent acquisitions (Illusive Networks in December 2022 and Tessian in December 2023). We expect the company will continue to use its liquidity for tuck-in acquisitions." S&P said, "The stable outlook reflects our expectation that Proofpoint will increase its pro forma revenue and EBITDA by 10%-15% annually over the next few years due to the strength of its product portfolio. We expect the business will continue to be highly recurring and anticipate the company will generate positive free cash flow over the next 12 months despite the incremental interest expense from the Hornetsecurity acquisition. "Although unlikely given our expectation for positive free cash flow generation, we could lower our rating on Proofpoint if it faces revenue and EBITDA declines that cause its free cash flow after debt service to approach break-even with no prospects for improvement. This would lead us to view its capital structure as unsustainable." Although unlikely within the next 12 months, S&P could upgrade Proofpoint over the longer term if it sustains its revenue growth while improving profitability such that the company meets the following metrics: -- S&P Global Ratings-adjusted leverage of about mid-7x; -- Free cash flow to debt of about 4% or better. S&P would also need to believe the company can sustain its capital structure with lower leverage while pursuing its acquisition and shareholder-return objectives. QUEST SOFTWARE: S&P Upgrades ICR to 'CCC+' on Lower Cash Burn ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Quest Software US Holdings Inc. to 'CCC+' from 'SD' (selective default). S&P said, "We also withdrew all our issue-level and recovery ratings on its prior debt facilities that have been fully repaid or exchanged. We will rate the company's new debt facilities in the coming days. "The stable outlook reflects our view that Quest has sufficient liquidity to meet its operating and debt servicing requirements over the next 12 months. At the same time, we believe the company's elevated leverage, business execution risks, and weak cash generation after debt servicing could make its long-term capital structure unsustainable. "We believe the recent debt restructuring provides Quest with a temporary financial reprieve to focus on structural business improvements. We expect Quest to return to positive FOCF of up to $20 million in fiscal 2027 due to the reduced cash interest burden under its new debt capital structure. In addition to the increase in total liquidity, we believe the debt restructuring provides the company with several years of financial flexibility to focus on operational improvements ahead of its term loan maturities in February 2029. In particular, its lower cash interest expense reflects partial payment-in-kind (PIK) features or below-market interest rate margins for most debt tranches (excluding its first-lien first out term loan). Given the debt restructuring action did not materially reduce its outstanding debt balance, S&P Global Ratings' adjusted leverage remains very high at about 11x. Therefore, we believe its cash interest burden could increase after future refinancing actions, even with operating performance improvements. "Quest will need good business execution to return to consistent revenue growth. We expect Quest's revenues to decline 1%-2% in fiscal 2026 (albeit with recurring revenues growing 1%) amid an uncertain macroeconomic environment and headwinds related to its shift toward subscription and term license revenues from perpetual licenses. However, we believe the company may stabilize revenue in fiscal 2027 by reinvesting cost savings in product innovation and various go-to-market functions such as customer renewals, marketing and channel partnerships. As a result of these reinvestments, we expect S&P Global Ratings' adjusted EBITDA margins to remain mid-30% over the next few years. Nonetheless, we believe strong business execution will be necessary for the company to maintain consistent revenue and EBITDA growth given the ongoing revenue transition headwinds and the highly competitive nature of its markets. "The stable outlook reflects our view that Quest has sufficient liquidity over the next 12 months to meet its operating and debt servicing requirements. At the same time, we believe the company's elevated leverage, uncertain business execution to return to sustained revenue growth, and weak cash generation after debt servicing could make its long-term capital structure unsustainable. We also note that the company's cash interest burden could increase after future refinancing actions given the below-market interest rate margins or partial PIK interest for several of its debt tranches." S&P could lower its rating on Quest if S&P believes there is significant risk of a distressed debt exchange or default scenario over a 12-month period. This could be due to: -- Underperformance in its business execution plan, resulting in weaker-than-expected revenue or EBITDA margins. This would lead to greater uncertainty in refinancing upcoming debt maturities without an amendment or exchange we consider less than the original promise of its debt obligations to lenders; or -- Sustained negative FOCF generation beyond fiscal 2026 or significantly reduced total available liquidity. While S&P views it as unlikely over the next 12 months, it could upgrade Quest if: -- The company returns to sustained organic revenue growth, which could include improving net revenue retention rates, stabilizing the impact of the transition to recurring revenues, or market share gains; -- S&P has greater visibility around the company's long-term business profile including potential divestments; -- S&P expects long-term EBITDA cash interest coverage will improve toward mid-1x and FOCF to debt of at least 2% on a sustained basis. S&P's assessment incorporates its view that its cash interest expense would likely increase in future debt-refinancing activities; and -- The company maintains a history of sustained liquidity improvements after accounting for potential seasonality and debt servicing outflows. RADIOLOGY PARTNERS: Moody's Ups CFR to B3, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded Radiology Partners, Inc.'s ("Radiology Partners") Corporate Family Rating to B3 from Caa1 and Probability of Default Rating to B3-PD from Caa1-PD. Concurrently Moody's upgraded the ratings on the $240 million backed senior secured first lien revolving credit facility to Ba3 from B1, ratings on the backed senior secured first lien term loan B, $150 million backed senior secured revolving credit facility and senior secured first lien global notes due 2029 to B2 from B3, and ratings on the senior secured global notes due 2025, senior unsecured global notes due 2028, and senior secured second lien global notes due 2030 to Caa2 from Caa3. The outlook was revised to stable from positive. The ratings upgrade reflects ongoing deleveraging following the recapitalization in February 2024 and improved performance. Moody's expects debt to EBITDA, which was approximately 7.5x at March 31, 2025, to trend into the high 6.0x range over the next 12 to 18 months. The ratings upgrade also reflects the company's recent progress in bringing volumes back in-network, which should drive improved working capital and lower No-Surprise-Act (NSA) related expenses. In addition, EBITDA growth will potentially benefit from the recent transition service agreement with Envision Healthcare covering continuity of care. The stable outlook reflects Moody's expectations that Radiology Partners will gradually reduce its leverage and maintain good liquidity in the next 12-18 months. RATINGS RATIONALE Radiology Partners' B3 CFR is constrained by the company's high financial leverage and risks tied to its aggressive growth strategy. The rating is also constrained by ongoing risks tied to working capital pressure from the NSA, including uncertainty surrounding timing of receivables collection from out of network payors. The rating is supported by Radiology Partners' position in a fragmented industry as the largest radiology practice in the US, diversification by geography and customer type, stable business prospects, and favorable payor mix. The rating also reflects Moody's expectations for improved free cash flow due to improved working capital, a reduction in cash add-backs, and ongoing organic growth. The company's debt/EBITDA was approximately 7.5x for the twelve months ending March 31, 2025 on an adjusted basis. Moody's expects the company's leverage will decline into the high 6.0x range over the next 12-18 months due to EBITDA growth from new business wins, ongoing pricing initiatives and business optimization, as well as organic volume growth. Deleveraging will be slowed by an increase in debt tied to PIK interest. Moody's expects Radiology Partners will maintain very good liquidity. Radiology Partners had $134 million of cash at March 31, 2025 and $387 million of availability under its $390 million revolving credit facilities. Moody's expects more than $100 million of free cash flow in 2025 and growth in 2026, both benefitting from PIK interest, improved working capital, and lower NSA related costs. Radiology Partners' revolving credit facility has a maximum first lien net leverage covenant of 7.75x. Moody's expects the company will maintain sufficient buffer within the covenant. First lien net leverage was approximately 3.9x at March 31, 2025. Radiology Partners' assets are pledged as collateral for the secured credit facilities, thereby limiting the sale of assets as an alternative source of liquidity. The Ba3 rating on the $240 million backed senior revolving credit facility reflects its senior position in the capital structure, such that these lenders would be repaid in full before any distributions to the other secured lenders. The B2 ratings assigned to the backed senior secured first lien term loan, $150 million backed revolving credit facility, and senior secured first lien global notes is two notches lower than the Ba3 rating on the super senior facility, and one notch higher than the B3 CFR. This reflects the instruments' effective subordination to the super senior debt as well as its second priority lien on substantially all assets and the loss absorption provided by junior debt. The Caa2 rating on the second lien global notes is two notches below the CFR. This reflects the effective subordination of the second lien notes to all of the more senior secured debt. The Caa2 ratings on the non-exchanged senior secured global notes due 2025 and senior unsecured notes due 2028 reflect their subordinated rankings to all exchanged debt tranches in the payment waterfall. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if there is continued growth in earnings and profitability while maintaining good liquidity demonstrated by sustained positive free cash flow. Quantitatively, debt to EBITDA sustained below 6.0x could support an upgrade. The ratings could be downgraded if the company's operating performance and/or liquidity deteriorates, including sustained negative free cash flow, or if financial policies become more aggressive. Headquartered in El Segundo, CA, Radiology Partners, Inc. is the largest radiology practice in the US The company's services include diagnostic and interventional radiology. Radiology Partners, Inc. employs more than 4,000 radiologists that provide services to more than 3,400 hospitals and outpatient facilities across all 50 states. Radiology Partners' physician partners own nearly 30% of the company, and financial sponsor New Enterprise Associates Inc. (NEA), Starr, and LPs of NEA, LPs of Starr, and other investors own the remainder. The company's LTM revenues were approximately $3.0 billion as of March 31, 2025. 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. RADISSON DEVELOPMENT: Case Summary & 16 Unsecured Creditors ----------------------------------------------------------- Debtor: Radisson Development Company, LLC 8276-8280 Willett Parkway Baldwinsville, NY 13027 Case No.: 25-30472 Business Description: Radisson Development Company, LLC owns and manages a medical office complex at 8276– 8280 Willett Parkway in Baldwinsville, New York. The property includes multiple buildings operating as a single integrated project known as the Radisson Health Center, generating income primarily through leasing office and medical space. It qualifies as a single-asset real estate debtor as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court Northern District of New York Debtor's Counsel: Scott J. Bogucki, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. 930 Convention Tower 43 Court Street Buffalo, NY 14202 Tel: (716) 845-6446 Fax: (716) 845-6475 Estimated Assets: $0 to $50,000 Estimated Liabilities: $50 million to $100 million The petition was signed by Bryan Bowers as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M64YUAI/Radisson_Development_Company_LLC__nynbke-25-30472__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 16 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AC 37 LLC Business Debt $1,042,023 1209 Orange Street Wilmington, DE 19801 2. Apple Roofing Corporation Business Debt $3,222,023 124 Pickard Drive East Syracuse, NY 13211 3. Asbestos & Environmental Business Debt $6,232,022 Consulting Corp 6308 Fly Road E. Syracuse, NY 13057 4. Bowers Development, LLC Business Debt $6,232,022 6308 Fly Road E. Syracuse, NY 13057 5. Holland Property Management Business Debt $512,023 37 Dieskay Street Lake George, NY 12845 6. M&S Fire Protection, LLC Business Debt $6,232,022 6798 Fly Road E. Syracuse, NY 13057 7. Mauro Site Development, Inc. Business Debt $982,022 7009 Lehman Street Clay, NY 13041 8. National Grid Business Debt $6,232,022 40 Sylvan Road North Waltham, MA O2451 9. National Grid Business Debt $6,232,022 40 Sylvan Road North Waltham, MA O2451 10. National Grid Business Debt $6,232,022 40 Sylvan Road North Waltham, MA O2451 11. Onondaga County Business Debt $6,232,022 Water Authority P.O. Box 4949 Syracuse, NY 13221 12. Onondaga County Business Debt $6,232,022 Water Authority P.O. Box 4949 Syracuse, NY 13221 13. Onondaga County Business Debt $6,232,022 Water Authority P.O. Box 4949 Syracuse, NY 13221 14. Sunstream Corporation Business Debt $472,023 6 Spring Forest Avenue Binghamton, NY 13905 15. Truax & Hovey, LTD Business Debt $10,192,023 4433 Buckley Road W Liverpool, NY 13089 16. View-Tech, Inc. Business Debt $4,102,023 500 Plum Street Syracuse, NY 13204 RAFTER H FARM: Section 341(a) Meeting of Creditors on July 9 ------------------------------------------------------------ On June 11, 2025, Rafter H Farm and Ranch LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on July 9, 2025 at 09:00 AM by Telephone. About Rafter H Farm and Ranch LLC Rafter H Farm and Ranch LLC is a family-run agricultural business based in Texas. The Company engages in diversified farming activities, emphasizing sustainable homesteading and livestock production. Rafter H Farm and Ranch LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-10112) on June 11, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brad W. Odell handles the case. The Debtors are represented by Joseph Fredrick Postnikoff, Esq. at ROCHELLE MCCULLOUGH, LLP. RITHM CAPITAL: S&P Rates New $500MM Senior Unsecured Notes 'B-' --------------------------------------------------------------- S&P Global Ratings assigned its 'B-' debt rating to Rithm Capital Corp.'s proposed $500 million senior unsecured notes due 2030. The company intends to use the net proceeds to redeem its 2025 senior unsecured notes (which had an outstanding balance of $275 million as of March 31, 2025); it also intends to use the net proceeds for general corporate purposes, including the repayment of other indebtedness. S&P favorably views the company's action to address its upcoming refinancing risk. S&P's debt rating on the proposed senior unsecured notes is one notch below the issuer credit rating (B/Stable/--). This is because it expects Rithm's priority debt to remain above 30% of adjusted assets and its unencumbered assets-to-unsecured debt ratio to remain well above the covenant limit of 1.2x. The proposed notes are subject to financial covenants, including one that requires the company's total unencumbered assets to be no less than 120% of total unsecured debt. S&P expects the company to be covenant compliant, with ample cushion. S&P said, "Pro forma for the proposed transaction, we expect the company's leverage, measured as debt to adjusted total equity, to remain within our base-case expectation of 4.5x-6.0x. As of March 31, 2025, its leverage was 5.2x, slightly down from 5.5x at year-end 2024. "Our stable outlook on the Rithm issuer credit rating reflects our expectation that the company will continue to generate stable earnings and maintain adequate liquidity, as well as our expectations regarding its leverage." ROYAL JET: Court Extends Cash Collateral Access to Aug. 31 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York extended Royal Jet Car Corp.'s authority to use cash collateral from April 30 to Aug. 31. As protection, the U.S. Small Business Administration will be granted post-petition replacement liens on the company's assets regardless of whether such assets were acquired by the company prior to or after its Chapter 11 filing, subject to the carve-out. In addition, SBA will continue to receive a monthly payment of $300. The monthly payments started in May. The company's authority to use cash collateral terminates upon failure by the company to make timely monthly payments; the use of cash collateral in excess of the budget; the entry of a court order granting relief from or modifying the automatic stay; dismissal or conversion of the company's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or a default by the company in reporting financial or operational information required by the interim order or agreements with SBA that is not cured. About Royal Jet Car Corp. Royal Jet Car Corp. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42508) on July 18, 2023, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Jil Mazer-Marino presides over the case. Alla Kachan, Esq., at the Law Offices of Alla Kachan P.C., is the Debtor's bankruptcy counsel. SANTOSELJACH LLC: Claims Will be Paid from Property Sale/Refinance ------------------------------------------------------------------ SantosEljach, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a First Amended Disclosure Statement describing Plan of Reorganization dated June 3, 2025. The Debtor owns a piece of residential real property in which the principals of the Debtor reside. The managing members are Natanael Santos and Katherine Eljach. All of the Debtor's income is derived from rent paid by the principals. The Debtor owns real property located at 516 Muirfield Drive, Atlantis, FL 33462 (the "property"). The Debtor leases the property to the principals. There is not a written lease. The property is subject to a mortgage held by Brookhill Capital Holdings, LLC, and has been foreclosed and reduced to judgment. Brookhill obtained a judgment in the amount of $3,532,235.87 on January 3, 2025. The property was scheduled for foreclosure sales on February 3, 2025. The foreclosure sale was re-set for March 17, 2025. The bankruptcy was filed on March 14, 2025, stopping the sale. The Debtor is seeking alternatives to having the property foreclosed. The principals are exploring re-finance options or selling the property. The principals have expended hundreds of thousands of dollars refurbishing and improving the property. It is the Debtor's intention to pay Brookhill the sum of $4,000.00 per month for a period of 12 months while the Debtor attempts to refinance or sell the property. The Debtor's ability to fully fund the plan depends solely on the Debtor's receipt of rent from the principals. The Plan shall provide for the payment of all expenses of this proceeding, including fees due the Office of the U.S. Trustee. Class 2 consists of the unsecured pre-petition claim of KCL Leasing in the sum of $100,000.00. If the property is refinanced, KCL Leasing will be paid $500.00 per month for 60 months. If the property is sold, KCL will be paid from any proceeds from the sale remaining after Brookhill and all administrative claims are paid. If the property is sold at foreclose, KCL Leasing will not likely receive any payment. This class is impaired. Class 3 consists of equity holders. The equity holders in the Debtor will continue to own and operate the Debtor. A full-text copy of the First Amended Disclosure Statement dated June 3, 2025 is available at https://urlcurt.com/u?l=UjLNej from PacerMonitor.com at no charge. Counsel to the Debtor: Brian K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Tel: (561) 478-2500 Fax: (561) 478-3111 Email: briankmcmahon@gmail.com About SantosEljach LLC SantosEljach, LLC owns real property located at 516 Muirfield Drive, Atlantis, FL 33462 (the "property"). The Debtor filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-12778) on March 14, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Mindy A. Mora oversees the case. The Debtor tapped Brian K. McMahon PA as counsel. SANUWAVE HEALTH: Dustin Libby Named EVP of Commercial Operations ---------------------------------------------------------------- SANUWAVE Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Nanci Gilmore, the Chief Commercial Officer of the Company, was terminated without cause, effective as of May 30, 2025. Pursuant to her offer letter, dated January 11, 2023, subject to her execution, delivery and non-revocation of a release of claims and her compliance with the restrictive covenants in her Offer Letter, Ms. Gilmore is entitled to receive an aggregate of $97,916.67 in cash, which is equal to five months of her annual base salary, payable in equal installments on the Company's regular payroll schedule. In connection with Ms. Gilmore's termination, Dustin Libby joined the Company as Executive Vice President of Commercial Operations on June 3, 2025. Mr. Libby brings 20 years of medical device experience focused on commercial growth, sales operations, and launch execution. His career includes leadership roles at Abiomed where, as director of commercial operations, he helped scale a $15M surgical business to over $500M in revenue. Other roles include experience at Smith & Nephew, Arthrex, and Hill-ROM, where he directed sales enablement, operational strategy, KOL development, and product launches across multiple therapeutic areas. This depth of experience positions Dustin to drive scale, agility, and growth at Sanuwave. He earned his B.S. degree in Product Design & Development at Keene State College "We are pleased to welcome Dustin to Sanuwave at this exciting time in our growth plans," said CEO Morgan Frank. "He brings the experience in scaling teams and systems and the 'run through walls' energy that will see us through the next evolutions of our plans to extend our leadership in the wound care market." "I am thrilled to join Sanuwave and leverage my two decades of medical device experience to drive significant commercial growth. I'm driven to scale our innovative technologies to reach more patients and make a meaningful impact on their lives." Mr. Libby began work at Sanuwave on June 3, 2025. About SANUWAVE Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology Company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses, has negative working capital, and needs to refinance its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SHEPHERD MEMORIAL: Court Orders New Receivership Auction -------------------------------------------------------- Bill Moss of Hendersonville Lightning reports that a judge has ordered a second auction for Shepherd Memorial Park after the first public sale failed to receive any bids. Superior Court Judge Marvin P. Pope set the new auction for 10 a.m. on Thursday, June 26, 2025 on the steps of the Grove Street Courthouse. The renewed sale effort comes as the North Carolina Cemetery Commission's lawsuit enters its fourth year with no resolution. In related actions, the state Board of Funeral Service shut down the 100-year-old Thos. Shepherd & Son funeral home, and the Cemetery Commission placed the memorial park under receivership following multiple customer complaints. Judge Pope initially approved a public sale in December with a minimum bid of $1.22 million, based on an appraisal that valued the property between $900,000 and $1.4 million. But the March 5 auction failed to draw interest. The upcoming sale will move forward with no minimum bid, according to Hendersonville Lightning. "There is no minimum, but the judge must still approve the final sale," said Mark White, the court-appointed auctioneer. A legal notice set to appear in the June 11, 2025, edition of the Lightning states that all bids will be subject to court approval, with a confirmation hearing scheduled immediately after the auction. The sale will include the cemetery property, along with equipment, vehicles, office furniture, accounts receivable, and the business's goodwill. Interested bidders can inspect the equipment -- including backhoes, mowers, front-loaders, and other tools -- on Wednesday, June 25, 2025, from 10 a.m. to 4 p.m. Under North Carolina law, only licensed cemetery operators are eligible to purchase the property, according to report. Altmeyer Funeral Homes, which acquired the Shepherd funeral home at auction in 2022 for $2.025 million, is considered a potential bidder. The company, which also owns Forest Lawn and Shuler funeral homes in the area, now operates the former Shepherd location as Church Street Funeral & Cremation. About Shepherd Memorial Park Shepherd Memorial Park is a cemetery located in Hendersonville, North Carolina, founded in 1954. SIX FLAGS: S&P Alters Outlook to Negative, Affirms 'BB' ICR ----------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB' issuer credit rating on Six Flags Entertainment Corp. The company is raising a $500 million add-on to its existing term loan B due 2031, and it will use the proceeds to repay its outstanding $200 million senior secured notes due 2025, with the balance to repay revolver borrowings. The proposed transaction is debt-for-debt and does not materially affect S&P's credit measures. S&P said, "Our 'BBB-' issue-level rating on Six Flags' secured debt and our 'BB-' issue-level rating on the company's unsecured debt are unchanged. "The negative outlook reflects our expectation that Six Flags's leverage will remain above our 4.5x downgrade threshold through at least 2025. "The negative outlook revision reflects our expectation that Six Flags' leverage will remain above our 4.5x downgrade threshold through at least 2025. We downwardly revised our assumption for attendance, in-park spending, revenue and EBITDA through 2026 at Six Flags Entertainment Corp. due to weaker-than-anticipated operating performance primarily at Six Flags branded parks and rising macroeconomic risks. In addition, a combination of weather-related disruptions and elevated costs related to the merger integration over the past several quarters have slowed the company's deleveraging path. Its first quarter 2025 operations were further affected by calendar shifts and inclement weather, though the first quarter is a small contributor to annual performance due to seasonality. These disruptions to attendance have been exacerbated by planned changes to operating days, pricing adjustments to season pass programs, and higher costs associated with the integration of the merger. In addition, legacy Six Flags park attendance recovery continues to lag legacy Cedar Fair attendance and pre-pandemic levels. In addition, following the close of the merger of legacy Six Flags and Cedar Fair operations, Six Flags Entertainment Corp.'s operating performance underperformed our expectations, slowing down the initial pace of expected deleveraging. Extreme weather events in late 2024 decreased attendance at its parks: Hurricane Beryl disrupted demand across multiple parks in early July; Hurricane Debby affected early August operations; and Hurricane Helene disrupted operations during the last week of September. Furthermore, Six Flags reported that through the five-week period ended May 4, 2025, attendance increased a very modest 1%. Season pass sales were up 6%, which could increase attendance during the peak summer season absent further weather disruptions. S&P said, "However, we assume modest attendance growth in our base case of 0%-1% across the portfolio, primarily due to higher season pass sales. This is partially offset by modest declines in per capita spending, which we expect will decrease given lower-yielding season passholders and group visitation. Furthermore, we expect the company will realize the remainder of its $120 million in run-rate cost synergies it originally targeted post-merger by the end of 2025, partially offset by ongoing merger and other integration costs. As a result, we now forecast S&P Global Ratings-adjusted leverage to be in the low-5x area at the end of 2025, above our 4.5x downgrade threshold." S&P said, "Despite leverage being above our downgrade threshold, we believe it is plausible for Six Flags to reduce leverage below 4.5x by the end of 2026. In its May 2025 investor presentation, Six Flags publicly stated its target to reduce leverage below its policy target of 4x, which it expects to achieve by the end of 2026. The company plans to invest an aggregate $1 billion in capital spending at its parks between 2025 and 2026 on new rides and attractions, technology infrastructure upgrades, improved amenities, and food and beverage offerings in efforts to broaden the parks' appeal to a wider customer demographic and increase attendance. The company also identified an incremental $60 million of reduced costs it expects to realize by the end of 2026 in addition to its original $120 million plan following the closing of the merger. We believe most of these cost synergies are attainable. In addition, we assume the company uses excess cash flow forecast in our base case for debt repayment, which will reduce the company's S&P Global Ratings-adjusted leverage to the mid-4x area by the end of 2026. "Although not in our base case, we expect Six Flags could further reduce leverage from planned asset sales. The company announced that Six Flags America and its accompanying water park, Hurricane Harbor, in Bowie, MD, will permanently close at the end of the 2025 operating season and be marketed for sale and redevelopment. On its investor day call, the company also discussed plans to sell excess land in Richmond, VA. Management estimates these assets could generate gross proceeds of at least $200 million and could be used to reduce debt and accelerate leverage reduction. "However, the company remains exposed to high seasonality, weather-related event risk, and consumer discretionary spending. Our rating also incorporates the company's exposure to seasonality. The majority of the company's revenue and EBITDA is generated in the second and third quarter throughout the summer. Demand for regional theme parks is also exposed to cyclical discretionary spending. In 2025, we expect heightened macroeconomic uncertainty is likely to remain. Trade conflicts and market volatility may continue to weigh on consumer and business sentiment, and entertainment spending decisions can be delayed or cancelled. Near-term demand patterns for regional theme parks attendance appear undisturbed for now, but prolonged lower consumer confidence may limit spending. Regional theme parks typically benefit, at least a little, from moderate economic weakness as consumers opt for cheaper entertainment options, but a strained consumer may reduce in-park spending. "Partially offsetting the risk factors is Six Flags' portfolio of drive-to assets, which we believe will experience less operating volatility in a downturn and periods of reduced consumer discretionary spending than destination travel because theme parks are easier to access and are a relatively low-cost form of entertainment. In addition, because of the considerable barriers to entry to theme park development, including high capital costs and stringent regulations, it is unlikely that competitor parks will be developed in the markets in which Six Flags operates. Nevertheless, Six Flags competes more broadly with other out-of-home entertainment options, including live events operators of larger size and greater financial resources. To remain competitive, the company needs to reinvest in its parks with new rides and attractions to increase attendance. Planned capital investments over the next several years could limit financial flexibility in an economic downturn. "The negative outlook reflects our expectation that Six Flags Entertainment Corp.'s leverage will remain above our 4.5x downgrade threshold through at least 2025 as it makes planned investments in its park portfolio and incurs costs from the merger integration. "We could lower our rating on Six Flags if we no longer expect the company's operating performance will improve such that leverage will moderate below our 4.5x downgrade threshold in 2026. This would likely be caused by a prolonged economic downturn causing consumer spending to decline and operating performance to deteriorate, weather disruptions during peak seasonal periods, or operational missteps during the integration. "We could revise the outlook to stable if Six Flags' ongoing investments in its parks achieve meaningful improvements in operating performance such that leverage declines below our 4.5x downgrade threshold. Although unlikely over the next 12 months due to our forecast leverage and the company's financial policy, we could raise our rating if the company broadens its scale and diversity of operations to reduce seasonality and operating volatility. We would also need to be confident that Six Flags maintained a disciplined financial policy regarding acquisitions, shareholder returns, and development spending, such that leverage is sustained below 3.5x." SOLANO HOME: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On June 12, 2025, Solano Home Solutions LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Solano Home Solutions LLC Solano Home Solutions LLC is a real estate company classified as a single-asset real estate Debtor. Solano Home Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22931) on June 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by Peter G. Macaluso, Esq. at LAW OFFICE OF PETER G. MACALUSO. SPLAT SUPER: S&P Rates New $500MM Senior Secured Notes 'B' ---------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to SPLAT Super HoldCo LLC's (d/b/a Sizzling Platter) proposed $500 million senior secured notes due 2032. This offering is part of the financing for the company's acquisition by Bain Capital. S&P said, "The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The proposed senior secured notes will be pari passu with the credit agreement announced last week, which includes a $425 million seven-year first-lien term loan B, an $80 million seven-year first-lien delayed-draw term loan, and a $175 million five-year first-lien revolving credit facility. Bain Capital's acquisition of Sizzling Platter will involve $925 million of funded debt at close, including the term loan and notes. "Our 'B' issuer credit rating on Sizzling Platter reflects its high leverage after the acquisition. We expect the company's S&P Global Ratings-adjusted leverage will be 6.2x in 2025. Our rating also considers Sizzling Platter's sufficient operating cash flow to fund its organic growth investments, as we anticipate it will prioritize expansion over shareholder distributions in the near term. We continue to expect that leverage will gradually decline, supported by rising EBITDA from same-restaurant sales growth and additional restaurants." STEEL FABRICATORS: Court OKs Equipment Sale to KDM Steelworks ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado has approved Steel Fabricators Inc. to sell Equipment, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtor to sell the 2021 Accupress Advantage 740012 Press Brake to KDM Steelworks in the total of amount of $120,000.00. The Court held that the transfer of the Equipment shall vest the Buyer, or its assignees or designees, with all right, title, and interest of Debtor in the Equipment, free and clear of any and all purported encumbrances or claims. The Buyer is granted and is entitled to all of the protections provided to a good faith purchaser of the Bankruptcy Code. About Steel Fabricators Inc. Steel Fabricators, Inc., doing business as SFI, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-17584) on December 23, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Heidi Fox, CEO, signed the petition. Judge Joseph G. Rosania Jr. presides over the case. Katharine S. Sender, Esq. at Allen Vellone Wolf Helfrich & Factor, P.C. represents the Debtor as legal counsel. STERNE WOOD: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Sterne Wood, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of California to use cash collateral. At the hearing held on June 12, the court authorized the Debtor's interim use of cash collateral and set a further hearing for July 17. The Debtor is a real estate development company that owns three contiguous parcels in the Hillcrest neighborhood of San Diego, Calif. Combined, the properties are valued at approximately $5.4 million, encumbered by $3.4 million in secured debt (hard money loans), leaving an estimated $2 million in equity. Due to an unexpected personal issue, the Debtor's two primary investors chose to wind down their investment and sell the properties. The Debtor defaulted on loan obligations roughly 4–6 months ago, prompting a foreclosure threat. A bankruptcy case was filed on May 13, one day before a trustee sale. The properties are currently leased to month-to-month tenants and generate approximately $16,382 per month in rental income. This income constitutes cash collateral of secured creditors. The Debtor argued that secured creditors have substantial equity cushions, budgets protect their interests by preserving property value through necessary maintenance, and the anticipated sale of the properties in 4–6 months will fully repay secured creditors. About Sterne Wood LLC Sterne Wood LLC is a limited liability company in San Diego, Calif. Sterne Wood sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-01945) on May 13, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge J. Barrett Marum oversees the case. The Debtor is represented by Donald Reid, Esq., at the Law Office of Donald W. Reid. STOKES & STOKES: Hires Demetrius J. Parrish Jr. as Attorney ----------------------------------------------------------- Stokes & Stokes Properties seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire The Law Offices Of Demetrius J. Parrish, Jr., as attorney. The firm will render these services: a. provide legal advice with respect to the Debtor's power and duties as debtors in possession in the continued operation of its business; b. pursuit of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; c. prepare on behalf of the Debtors necessary applications, motions, answers, orders, reports and other legal papers; d. appear in Court and otherwise protecting the interests of the Debtor before the Court; and e. perform all legal services for the Debtor which may be necessary and proper in these proceedings. Demetrius J. Parrish, Jr. will be paid at the hourly rate of $350. He will also be reimbursed for reasonable out-of-pocket expenses incurred. Demetrius J. Parrish, Jr., a partner of The Law Offices Of Demetrius J. Parrish, Jr., 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. Demetrius J. Parrish, Jr. can be reached at: Demetrius J. Parrish, Jr., Esq. THE LAW OFFICES OF DEMETRIUS J. PARRISH, JR. 7715 Crittenden St., Suite 360 Philadelphia, PA 19118 Tel: (215) 735-3377 About Stokes & Stokes Properties Stokes & Stokes Properties sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12226) on June 3, 2025, listing up to $50,000 in both assets and liabilities. Judge Ashely M Chan presides over the case. Demetrius J. Parrish, Jr., Esq. at The Law Offices Of Demetrius J. Parrish represents the Debtor as counsel. SUNNOVA ENERGY: Cuts 55% Workforce to Reduce Operating Costs ------------------------------------------------------------ Jonathan Touriño Jacobo of PV Tech reports that Sunnova, a major U.S. residential solar installer, has laid off more than half of its workforce, while one of its Delaware-based subsidiaries has filed for Chapter 11 bankruptcy. According to an 8-K filing published on June 5, 2025, and disclosed to the U.S. Securities and Exchange Commission on May 29, 2025, Sunnova's Board of Directors approved a major workforce reduction effective May 30, 2025. The move impacts approximately 718 employees and is aimed at cutting operating costs and preserving value for stakeholders, the company said. Among those let go was interim Chief Financial Officer Robyn Liska, who had been appointed in April. Sunnova confirmed it had reached an executive severance agreement with Liska following her termination. The job cuts come just days after the U.S. Department of Energy significantly reduced a previously approved $3 billion loan guarantee to $371.6 million. The new figure reflects the partial guarantees already issued for the company's securitized financing, according to PV Tech. Despite a stronger performance in 2024 compared to the prior year, Sunnova still posted a $448 million net loss. First-quarter results for 2025 have yet to be released. The company also received a non-compliance notice from the New York Stock Exchange (NYSE) for failing to file its Q1 2025 Form 10-Q on time, as required under Section 802.01E of the NYSE Listed Company Manual. Sunnova has until November 19, 2025, to submit the overdue filing. This follows another warning from the NYSE in April, which gave the company six months to raise its stock price above the $1 minimum listing requirement. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNNOVA ENERGY: Moody's Lowers PDR to 'D-PD' on Bankruptcy Filing ----------------------------------------------------------------- Moody's Ratings downgraded Sunnova Energy International Inc.'s (Sunnova) probability of default rating to D-PD from Ca-PD/LD following the company's filing for Chapter 11 bankruptcy protection. Concurrently, Moody's have removed the LD designation from Sunnova's PD. At the same time, Moody's affirmed Sunnova's corporate family rating of Ca and Sunnova Energy Corporation's (SEC) senior unsecured rating of Ca. Sunnova's speculative grade liquidity rating of SGL-4 is unchanged. Subsequent to the rating action, Moody's will withdraw all ratings of Sunnova due to the bankruptcy filing. Governance considerations are material to the rating action because of Sunnova' high debt leverage, negative cash flow generation, and significantly constrained liquidity sources, all of which contributed to the bankruptcy filing. RATINGS RATIONALE The Chapter 11 filing has resulted in a downgrade of Sunnova's PDR to D-PD, reflecting the company's default on its debt agreements. On June 8, 2025, Sunnova filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas. The Chapter 11 filing included Sunnova, SEC and Sunnova Intermediate Holdings, LLC (unrated). The company's securitization vehicles, which contain operating projects, are not part of the filing. However, the filing constitutes an event of default that automatically accelerates the obligations under its warehouse facilities, including Sunnova EZ-Own Portfolio, LLC and Sunnova TEP Holdings, LLC (unrated). The principal methodology used in these ratings was Unregulated Utilities and Unregulated Power Companies published in December 2023. Sunnova's Ca rating is five notches below the methodology scorecard-indicated outcome of B2. The wide differential between the two reflects the company's strained liquidity and bankruptcy filing. SUNNOVA ENERGY: Paul Weiss & Porter Hedges Advise DIP Lenders ------------------------------------------------------------- The law firms of Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Porter Hedges LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Sunnova Energy International Inc. and affiliates, the firms represent the Ad Hoc Group of DIP Lenders. The Ad Hoc Group was formed by certain unaffiliated holders (each, a "Member") of the Debtors' senior notes and convertible senior notes ("Notes") under that certain (a) Indenture, dated as of September 26, 2023, by and among Sunnova Energy Corporation, as issuer, certain guarantors party thereto, and Wilmington Trust, National Association, as Trustee, (b) Indenture, dated as of August 17, 2021, by and among Sunnova Energy Corporation, as issuer, certain guarantors party thereto, and Wilmington Trust, National Association, as Trustee, (c) Indenture, dated as of August 19, 2022, by and among Sunnova Energy International Inc., as issuer, and Wilmington Trust, National Association, as Trustee, and (d) Indenture, dated as of May 20, 2021, by and among Sunnova Energy International Inc., as issuer, and Wilmington Trust, National Association, as Trustee. In March 2025, an ad hoc group of holders of the Notes, including the Members, retained Paul, Weiss to represent it as counsel in connection with the Debtors' potential bankruptcy case. Shortly before the Petition Date, the Notes ad hoc group separated, with solely the Members forming the Ad Hoc Group of DIP Lenders. In June 2025, the Ad Hoc Group of DIP Lenders retained Paul, Weiss in connection with the Debtors’ potential bankruptcy case, and further retained Porter Hedges to serve as its co-counsel with respect to such matters. Counsel represents only the Ad Hoc Group of DIP Lenders. Counsel does not undertake to represent the interests of, and are not a fiduciary for, any other creditor, party in interest, or other entity. In addition, neither the Ad Hoc Group of DIP Lenders nor any member of the Ad Hoc Group of DIP Lenders (i) has assumed any fiduciary duties to any other creditor or person, or (ii) purports to act, represent, or speak on behalf of any other entities in connection with the Chapter 11 Cases. The Ad Hoc Group of DIP Lender Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Farallon Capital Management, L.L.C., solely as manager on behalf of certain funds and accounts One Maritime Plaza, Suite 2100 San Francisco, CA 94111 * 11.75% Senior Notes: $108,000,000 * Total Principal Amount of Notes Beneficially Owned: $108,000,000 2. Keyframe Capital Partners, L.P., in its capacity as investment manager to and on behalf of its managed funds that are beneficial holders 65 East 55th Street, 35th Floor New York, NY 10022 * 5.875% Senior Notes: $17,845,000 * 11.75% Senior Notes: $21,483,000 * 0.25% Convertible Notes: $51,450,000 * 2.625% Convertible Notes: $4,200,000 * Total Principal Amount of Notes Beneficially Owned: $94,978,000 3. Funds and/or accounts managed, advised, or affiliated with Oaktree Capital Management, L.P. 333 South Grand Ave., 28th Floor Los Angeles, CA 90071 * 5.875% Senior Notes: $173,910,000 * 11.75% Senior Notes: $50,743,000 * 0.25% Convertible Notes: $106,199,000 * 2.625% Convertible Notes: $61,469,000 * Total Principal Amount of Notes Beneficially Owned: $392,321,000 4. Owl Creek Credit Opportunities Master Fund L.P. 640 Fifth Ave 20th Floor New York NY 10019 * 5.875% Senior Notes: $7,189,000 * 11.75% Senior Notes: $33,763,000 * 0.25% Convertible Notes: $36,542,000 * Total Principal Amount of Notes Beneficially Owned: $77,494,000 Co-Counsel to the Ad Hoc Group of DIP Lenders: PORTER HEDGES LLP John F. Higgins, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Jack M. Eiband, Esq. 1000 Main Street, 36th Floor Houston, Texas 77002 Telephone: (713) 226-6000 Facsimile: (713) 228-1331 Email: jhiggins@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com jeiband@porterhedges.com -and- PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Andrew N. Rosenberg, Esq. Robert A. Britton, Esq. Michael J. Colarossi, Esq. Zachary Singer, Esq. Lindsay A. Wasserman, Esq. 1285 Avenue of the Americas New York, NY 10019 Telephone: (212) 373-3000 Facsimile: (212) 757-3990 Email: arosenberg@paulweiss.com rbritton@paulweiss.com mcolarossi@paulweiss.com zsinger@paulweiss.com lwasserman@paulweiss.com About Sunnova Energy Sunnova Energy International Inc. provides residential solar and energy storage services across the United States and its territories. The Company offers a full-service model that includes the design, installation, and maintenance of solar energy systems for homeowners. Founded in 2012 and headquartered in Houston, Sunnova serves hundreds of thousands of customers nationwide. On June 1, 2025, Sunnova TEP Developer, LLC, filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. On June 8, 2025, Sunnova Energy Corporation, Sunnova Energy International Inc., and Sunnova Intermediate Holdings, LLC, each filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The cases are pending before the Honorable Alfredo R. Perez and are jointly administered under In re Sunnova Energy International Inc. (Bankr. S.D. Tex. Lead Case No. 25-90160). The Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. Sunnova Energy disclosed $13,353,699,000 in assets against $10,668,606,000 in debt as of Dec. 31, 2024. The Debtors tapped KIRKLAND & ELLIS LLP as general bankruptcy counsel; BRACEWELL LLP as co-bankruptcy counsel; MOELIS & COMPANY LLC as investment banker; and ALVAREZ & MARSAL NORTH AMERICA, LLC, as financial advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the claims agent. SUNSHINE PEDIATRICS: Case Summary & Six Unsecured Creditors ----------------------------------------------------------- Debtor: Sunshine Pediatrics, PC 5040 N. 15th Avenue S104 Phoenix, AZ 85015 Business Description: Sunshine Pediatrics, PC provides pediatric healthcare services in Phoenix, Arizona. The clinic offers routine checkups, immunizations, and specialized care for infants, children, and adolescents. Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-05458 Debtor's Counsel: Lawrence D. Hirsch, Esq. PARKER SCHWARTZ, PLLC 7310 N 16th Street Suite 300 Phoenix, AZ 85020 Tel: (602) 282-0477 Fax: (602) 282-0478 Email: lhirsch@psazlaw.com Total Assets: $500,000 to $1 million Total Liabilities: $1 million to $10 million The petition was signed by Maritza Irizarry as owner and president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4RADI2A/Sunshine_Pediatrics_PC__azbke-25-05458__0001.0.pdf?mcid=tGE4TAMA TERRA LAKE: Trustee Taps Rappaport Osborne & Rappaport as Counsel ----------------------------------------------------------------- Leslie S Osborne, Chapter 11 trustee of 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 its attorney. 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/or defend motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case. Rappaport Osborne will be paid at these hourly rates: Jordan L. Rappaport $650 Les Osborne $675 Paralegals $100 to $350 In addition, Rappaport Osborne will be reimbursed for reasonable out-of-pocket expenses incurred. Jordan Rappaport, 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. Terra Lake Heights LLC 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 reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. THERMOPRO INC: Hires Plastics Machinery as Equipment Sales Broker ----------------------------------------------------------------- ThermoPro Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Plastics Machinery Group as equipment sales broker. The firm will market these equipments for sale.: a. one 1998 MAAC 4x6 3 Station Rotary, Serial # 036227; b. one 2005 5 Axis CNC Router, Twin 5'x5' Tables, Tool Changer, Serial # C67DT3440505; c. one 2006 Thermowood 5 Axis CNC Router, Twin 5'x10' Tables. Serial # C67DT3770506; and d. one 2005 AVT 5'x8' Rotary Pressureformer, Serial # Q6UJ9A000QGJ. The firm will receive compensation according with the firm's standard practices. Plastics Machinery Group is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code as required by Sec. 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached through: Todd Harrell Plastics Machinery Group 5455 Perkins Rd Bedford Heights, OH 44146 Tel: (440) 498-4000 Fax: (440)498-4001 About ThermoPro Inc. ThermoPro Inc., d/b/a Prize Wheels R Fun, Games People Play, and The Golf Target, is a plastics thermoforming manufacturer based in the metro Atlanta, Georgia area, specializing in heavy gauge vacuum forming, pressure forming, drape forming, plastic fabrication, and secondary assembly. ThermoPro serves a wide range of industries, including office products, medical devices, recreational vehicles, kiosks, and more. Additionally, the Company offers design and development services to help clients create high-quality, engineered plastic parts. ThermoPro Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53612) on April 1, 2025. In its petition, the Debtor reports total assets of$2,127,245 and total liabilities of $1,634,653. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Michael Pugh, Esq. at THOMPSON, O'BRIEN, KAPPLER & NASUTI, P.C. TMK HAWK: Moody's Affirms 'Caa1' CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings affirmed TMK Hawk Parent, Corp.'s (Trimark) Caa1 Corporate Family Rating and Caa1-PD Probability of Default Rating. Moody's also affirmed the Caa2 ratings on the company's senior secured term loans due June 2029, comprising a $65 million Tranche A and a $150 million Tranche B. Moody's also changed the outlook to negative from stable. Moody's affirmed the ratings because the company has adequate liquidity and continues to implement growth and cost-saving initiatives that will mitigate some of the customer pressure through margin improvements. The initiatives include network optimization, working capital improvements, consolidation to established ERP platforms, and data mapping and analytics that are providing critical cost transparency to improve bidding discipline and profitability on new projects. These actions should position the company for stronger profitability gains as marketplace pressures ease. The outlook revision to negative reflects the company's continued high leverage and weak free cash flow in an environment where customer spending is being challenged by slower economic growth and restaurant traffic. Trimark's restaurant end market is experiencing earnings pressure due to a slowdown in traffic and cost increases that could lead to fewer new units and delays in remodels. Moody's expects Trimark's debt-to-EBITDA leverage to decline but remain above 10x (incorporating Moody's standard adjustments and excluding the troubled debt restructuring adjustment to debt) over the next 12 months due to a challenging operating environment. Trimark's sales fell in 2024 and in the first quarter of 2025 and Moody's anticipates the operating headwinds could make it challenging for the company to grow over the next year. Trimark's profitability has improved marginally since the debt restructuring in January 2024 though not by as much as anticipated at the time of the ratings assignment, leaving leverage at a very high level. Improvement in cash flow is necessary as the term loans transition away from pay-in-kind options over the next several years. Moody's expects Trimark to maintain adequate liquidity over the next 12 months. As of March 2025, available liquidity consisted of $25 million of undrawn capacity on its super senior term loan, $5.2 million in cash and $59.5 million of borrowing capacity under its $320 million ABL facility (unrated). Availability under the ABL is somewhat constrained by the borrowing base, which has declined due to strong collections and inventory management that reduced working capital. The company's initiatives to improve procurement, contracting and demand planning are driving lower inventory needs. Moody's projects free cash flow will remain negative in a $5 – 30 million range over the next year even though the company is exercising its option to PIK a portion of its Tranche A and Tranche B loans as well as the unsecured term loan. Moody's expects the company will remain reliant on its revolver though Moody's anticipates the revolver and super senior term loan capacity is sufficient to fund the cash needs. Following the February 2025 extension of the ABL facility to February 2027, Trimark has no near-term maturities aside from roughly $2.2 million of required annual term loan amortization starting in June 2025. RATINGS RATIONALE Trimark's Caa1 CFR, reflects the persistently high financial leverage, negative free cash flow, continued reliance on its asset-based lending (ABL) revolver, and challenges to execute a meaningful operational turnaround in a period of weaker economic growth and pressures on restaurant traffic and spending. TriMark's end market is concentrated in the foodservice/restaurant sector with a majority of its revenue relating to cyclical equipment sales that is dependent on new construction activity and remodels that clients can defer in periods of stress. TriMark's earnings and leverage should improve as it executes its growth and cost initiatives. But Moody's believes the company will need good execution of operational initiatives including bidding discipline and cost management, and some improvement in end market conditions to sustainably reduce leverage and generate sustained positive cash flow when cash interest costs on the term loans step up due to PIK features ending on the company's term loans. TriMark's credit profile continues to benefit from its strong market position as the second-largest foodservice equipment and supplies dealer in the US, long-standing customer relationships, and a recurring revenue stream from supply replenishment and equipment replacement. The company's national scale and value-added services provide a competitive advantage, although its limited e-commerce capabilities remain a credit challenge. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company improves earnings and cash flow generation such that debt-to-EBITDA is sustained below 6.5x and EBITA-to-interest is sustained above 1.5x. The company would also need to maintain at least adequate liquidity and generate consistent positive free cash flow. The ratings could be downgraded if operating performance deteriorates through market share losses, lower new orders, pricing pressure or cost increases, the company's debt-to-EBITDA remains elevated, if free cash flow remains negative, or liquidity deteriorates. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. TriMark is a distributor of foodservice equipment and supplies in North America, providing all non-food products used by restaurants and other foodservice operators. In addition, the company offers value-added services, which include design, procurement, and installation of commercial kitchens for foodservice operations. TriMark is owned by a group of existing lenders, led by Ares Management, L.P., Oaktree Capital Management, L.P., and Bayside Capital following a January 2024 debt restructuring. The company generated approximately $2.26 billion of revenue for the twelve months ended March 31, 2025. UNDER ARMOUR: S&P Rates $400MM Senior Unsecured Notes 'BB-' ----------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to U.S.-based athletic performance apparel and footwear company Under Armour Inc.'s proposed $400 million senior unsecured notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. The company is also entering into a new $1.1 billion senior secured revolving credit facility due 2030 which will replace the existing revolver due 2028. The new revolving credit facility is not rated. S&P said, "We expect the company will use the net proceeds from the issuance of notes and $200 million in borrowings under the revolving credit facility to redeem $600 million outstanding on the company's 3.5% senior unsecured notes due 2026 and pay related fees at or prior to its maturity. We will withdraw our issue-level ratings on the company's existing 3.5% notes after they are repaid. Our ratings on the proposed notes are based on preliminary terms and are subject to review upon the receipt of final documentation. "We expect this transaction will be leverage neutral. However, we note the company will likely pay higher interest costs, which will slightly weaken our free operating cash flow expectations. "Our 'BB-' issuer credit rating and stable outlook on Under Armour are unchanged. We expect revenue will decline by a low-single-digit percent rate in fiscal 2026 (ending month day) due to ongoing global economic softness. We also expect EBITDA margin will decline to the high-8% area from the low double digit area historically due to ongoing restructuring charges and higher product costs from the proposed tariffs. Despite these challenges, we forecast S&P Global Ratings-adjusted leverage will remain around 3.0x over the next 12 months, which is a significant reduction from 6.1x this past year given the $266 million litigation settlement that distorted credit metrics this past year." Issue Ratings--Recovery Analysis Key analytical factors The company's capital structure will be comprised of the following: -- $1.1 billion revolving credit facility due June 2030 (not rated) -- $400 million senior unsecured notes due June 2030 (rated) S&P said, "The company is a U.S.-based corporation. In the event of an insolvency proceeding, we anticipate the company would file for protection under the U.S. federal bankruptcy court system and would not involve other foreign jurisdictions. We believe creditors would receive maximum recovery in a payment default scenario if the company reorganized instead of being liquidated. This is because of the company's portfolio of well-recognized brands and its long-standing customer relationships. "Therefore, in evaluating the recovery prospects for debtholders, we assume the company continues as a going concern and arrive at our emergence enterprise value (EV) by applying a multiple to our assumed emergence EBITDA." Simulated default assumptions S&P's simulated default assumes a payment default in 2029 stemming from the company's business continuing to deteriorate because of significant competition from rivals with greater resources, the inability to develop products that resonate with consumers, lack of success with sponsorship deals, and continued decline in the sporting goods sector. This causes lower revenue and cash flow. As a result, the company could fund cash flow shortfalls with available cash and revolver borrowings. Calculation of emergence EBITDA: -- Debt service assumption: $97 million (assumed default year interest and amortization) -- Minimum capital expenditure (capex) assumption: $112 million -- Preliminary emergence EBITDA: $209 million -- Operational adjustment: $52 million (25%) -- Emergence EBITDA: $261 million S&P estimates $1.57 billion gross emergence EV, which incorporates a 6.0x multiple to emergence EBITDA; the higher multiple reflects company's leadership in U.S. athletic footwear and apparel industry and continued investment in its strong brand image despite slowing growth. Simplified waterfall -- Net recovery value (after 5% administrative cost): $1.49 billion -- Valuation split in % (obligor/nonobligor): 75%/25% -- Residual value for unsecured creditors: $564 million -- Total unsecured claims: $458 million --Unsecured claims recovery expectations: 65% (recovery rating: '3' capped) Note: All debt amounts include six months of prepetition interest. UNIFIED SCIENCE: Seeks to Hire Swenson Law Group as Legal Counsel ----------------------------------------------------------------- Unified Science LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to hire Swenson Law Group, LLC as its legal counsel. The firm will render these legal services: (a) prepare schedules, statements, and plan of reorganization; (b) prepare legal papers; (c) advise the Debtor in connection with any potential sale of assets; (d) analyze claims and prosecute any claims objections; and (e) perform all other necessary legal services in connection with this Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Attorney $350 Paralegal $125 The firm received a retainer in the amount of $15,000. Evan Swenson, Esq., an attorney at the Swenson Law Group, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Evan M. Swenson, Esq. Swenson Law Group, LLC 118 E. Grand Avenue Eau Claire, WI 54701 Telephone: (715) 835-7779 Facsimile: (715) 835-2573 Email: evan@swensonlawgroup.com About Unified Science LLC Unified Science LLC, doing business as United Science, provides services, consulting, and manufacturing for the pharmaceutical and nutraceutical industries. The company offers product development, process engineering, analytical development, and compliance services. It positions itself as a scientific partner supporting clients from development through to product launch. Unified Science sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-11162) on May 19, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Catherine J. Furay handles the case. The Debtor is represented by Evan M. Swenson, Esq., at Swenson Law Group, LLC. VIVAKOR INC: Board OKs Plan to Issue Special Stock Dividend ----------------------------------------------------------- Vivakor, Inc. announced that its Board of Directors has approved a plan to issue a special dividend to Vivakor shareholders. Vivakor currently holds 206,595 (approximately 13.5% of the outstanding common) shares of Adapti, Inc., a company that manages the marketing of products, data and companies through its AdaptAI software platform that matches products with the influencers to attempt to generate the best results. Based on Vivakor's current shares outstanding of approximately 47,297,347 and excluding 20,963,229 shares held by the Company's Chief Executive Officer and Chief Financial Officer who are waiving their right to the dividend, each Vivakor shareholder will be entitled to receive approximately 0.0079 shares of Adapti, Inc. common stock per Vivakor share. Based on the current share price of Adapti's common stock, the special dividend is currently valued at approximately $0.815 million. Vivakor's Board of Directors will be establishing a date of record for the dividend in the next couple of weeks. Adapti, Inc., formerly known as Scepter Holdings, Inc., filed its Form 10 Registration Statement with the U.S. Securities and Exchange Commission in September 2024 and has since become a mandatory SEC reporting company. An entity controlled by Vivakor's Chief Executive Officer, Mr. James Ballengee, has signed a definitive agreement for Adapti to acquire certain operations from the entity. More information regarding this transaction can be found in Adapti, Inc.'s filings with the SEC. About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, 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 a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $241 million in total assets, $125.9 million in total liabilities, and a total stockholders' equity of $115.1 million. VIVAKOR INC: Issues $172.5K Convertible Pomissory Note ------------------------------------------------------ Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it issued a convertible promissory note to a non-affiliated accredited investor in the aggregate principal amount of $172,500 in connection with a Securities Purchase Agreement entered into by and between the Company and certain Holders. Under the terms of the SPA and the Note, the Company received $150,000, the Note matures 12 months from the date of issuance, has a 15% original issuance discount, has a one-time 10% interest charge applied at the issuance date, and is convertible at 80% of the lower of (a) the closing price of the Company's common stock as traded on either the Nasdaq or the New York Stock Exchange or the NYSE Amex Exchange (as applicable) on the trading day immediately prior to the date a notice of conversion is submitted in writing to the Company under the Note, or (b) the average of the four lowest VWAPS over the 20 trading days prior to the applicable Notice Date. In connection with the issuance of the Note, the Company will issue the Holder 12,500 shares of its common stock as additional incentive to enter into the SPA and the Note. The issuance of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the Holder is accredited investor and familiar with our operations. About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, 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 a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $241 million in total assets, $125.9 million in total liabilities, and a total stockholders' equity of $115.1 million. VIVAKOR INC: Revenue Up 133% in Q1 2025 to $37.3 Million -------------------------------------------------------- Vivakor, Inc. announced financial and operational results for the three months ended March 31, 2025. Key Financial Highlights for the Three Months Ended March 31, 2025 (yoy): * Revenue increased 133% to $37.3 million; * Gross profit increased 345% to $4.8 million; * Gross margin of 12.7%; * Adjusted EBITDA increased to $2.5 million; * Total assets at $248.2 million; and * Stockholders' equity at $108.8 million. Revenue breakdown: * Terminaling and storage at $21.8 million; * Terminaling and storage (related party) at $2.0 million; * Transportation logistics at $11.0 million; and * Transportation logistics (related party) at $2.5 million. Management Commentary: Vivakor Chairman and Chief Executive Officer James Ballengee commented, "Our first quarter results were as expected and demonstrate the strength of our long-term contracts. While transportation volumes were down slightly due to the impact of global events and the uncertainty associated with such, our margins remained relatively flat, as we adjusted our framework of operating expenses. And as crude oil pricing dropped from the mid-$70's to the mid-60's during the quarter, our EBITDA remained flat." Ballengee concluded, "Our midstream assets, comprised of vehicles and trailers, pipeline facilities, crude oil transfer stations, terminal equipment and storage tanks, are contracted at our highest revenue levels in company history. We are in midst of some expansion now with several more planned over time, which we anticipate will enable us to contract at even higher revenues to support increased demand. We believe 2025 is off to a great start and could shape up to be another record year." Financial Results for Three Months Ended March 31, 2025: * Revenue for the three months ended March 31, 2025 increased $21.3 million, or 133%, to $37.3 million, compared to $16.0 million for the three months ended March 31, 2024. This increase in revenue is primarily attributed to the sales of logistics and terminaling realized through the operations of our newly acquired Endeavor Entities' businesses, which were acquired through a business combination and closed on October 1, 2024. * Gross profit for the three months ended March 31, 2025 increased $3.7 million, or 345%, to $4.8 million, compared to $1.1 million for the three months ended March 31, 2024. The resulting gross margin for the three months ended March 31, 2025 was 12.7%, compared to 6.7% for the three months ended March 31, 2024. * Operating loss for the three months ended March 31, 2025 increased $4.8 million, or 298%, to $6.4 million, compared to $1.6 million for the three months ended March 31, 2024. Operating loss of the three months ended March 31, 2025 included non-cash expenses totaling $8.2 million, consisting of depreciation and amortization expense of $5.8 million, stock-based compensation of $0.8 million and $1.6 million loss on disposition of assets; compared to the operating loss for the three months ended March 31, 2024, which included non-cash expenses totaling $1.3 million, comprised of $1.0 million of depreciation and amortization expense and $0.3 million in stock-based compensation for the three months ended March 31, 2024. * Adjusted EBITDA for the three months ended March 31, 2025 increased $327,000 to $319,000, compared to negative Adjusted EBITDA of $7,000 for the three months ended March 31, 2024. Our Adjusted EBITDA is calculated by adjusting earnings before interest, taxes, depreciation, and amortization (EBITDA) for non-cash or one-time expenses, including unrealized gains or losses on marketable securities, stock compensation expense, non-qualified stock option expense and loss on disposition of assets, which led to net adjustments to EBITDA for the three months ended March 31, 2025 and 2024 of approximately $6.7 million and $1.4 million, respectively. * Net loss for the three months ended March 31, 2025 increased $5.6 million, or 300%, to $7.5 million, compared to $1.9 million for the three months ended March 31, 2024. The resulting net loss per share of common stock loss for the three months ended March 31, 2025, was ($0.21), compared to a net loss per share of common stock of ($0.07) for the three months ended March 31, 2024. About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, 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 a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $241 million in total assets, $125.9 million in total liabilities, and a total stockholders' equity of $115.1 million. VSM PROPERTIES: Seeks Chapter 11 Bankruptcy in Tennessee -------------------------------------------------------- On June 12, 2025, VSM Properties LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Tennessee. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About VSM Properties LLC 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. VSM Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31124) on June 12, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtors are represented byEdward J. Shultz, Esq. at TARPY, COX, FLEISHMAN & LEVEILLE, PLLC. WATCHMEN SECURITY: Hires Barnes & Thornburg LLP as Special Counsel ------------------------------------------------------------------ Watchmen Security LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Barnes & Thornburg LLP as special counsel. The firm will represent the Debtor as its special litigation counsel in connection with any and all disputes and litigation between Debtor and the Ark Parties, including, but not limited to, the Ark Motions and any subpoenas served in connection therewith. The 2025 billing rates are: Chris Bayh, Partner $705 per hour Angela Freeman, Partner $610 per hour Jonathan Sundheimer, Partner $635 per hour David Kitchin, Associate $510 per hour Kelsey Dilday, Associate $505 per hour Reginald Cloyd, Associate $485 per hour Jordan Oliver, Associate $430 per hour Patricia Ellis, Paralegal $330 per hour Janel Barsich, Project Manager $305 per hour In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. Jonathan Sundheimer, Esq., a partner at Barnes & Thornburg, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan Sundheimer, Esq. Barnes & Thornburg LLP One N. Wacker Drive, Suite 4400 Chicago, IL 60606 Telephone: (312) 357-1313 About Watchmen Security LLC Watchmen Security, LLC is a commercial security, and surveillance company in Indianapolis, Ind. It specializes in physical security, camera installation, surveillance and low voltage security. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 24-00087) on Jan. 9, 2024, with up to $50,000 in assets and $1 million to $10 million in liabilities. Austin Smith, chief executive officer, signed the petition. Judge James M. Carr oversees the case. David Krebs, Esq., at Hester Baker Krebs, LLC represents the Debtor as legal counsel. WE LOVE DOGS: Court OKs Deal to Use SBA's Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada approved a stipulation between We Love Dogs, LLC and the U.S. Small Business Administration, allowing the company to use the agency's cash collateral. The stipulation authorizes the company to use cash collateral until Sept. 30 to pay operating expenses in line with its budget. As protection, SBA will receive a replacement lien on post-petition revenues of the company and a monthly payment of $200. In addition, the agency is entitled to a superpriority claim during the pendency of the company's bankruptcy case. As of the petition date, We Love Dogs owed $146,221.26 to SBA. This SBA loan is secured by the company's personal property. About We Love Dogs We Love Dogs, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50420) on May 8, 2025, listing under $1 million in both assets and liabilities. Nathan Smith, Esq., serves as Subchapter V trustee. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd. serves as the Debtor's counsel. WHITE FOREST: Hires Babst Calland Clements as Special Counsel ------------------------------------------------------------- White Forest Resources, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Babst, Calland, Clements and Zomnir, P.C. as special counsel. The special counsel will provide general legal services with regard to ongoing corporate, transactional, environmental, and land matters and in connection with matters relating to West Virginia state law and other related matters. Babst's current hourly rates are as follows: Christopher B. Power $645 Robert M. Stonestreet $485 Joseph G. Bunn $485 Charles Saffer $425 The current billing rates for associates, paralegals and other staff members range from $195 to $390 per hour. Babst provides the following statements in response to the request for additional information set forth in Part D.1. of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: The Firm's rates for its prepetition work on behalf of the Debtors were its regular hourly rates in effect when that work began, which have been adjusted in the ordinary course of business to reflect economic and other conditions. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: To the extent applicable, the Firm will work with the Debtors to approve a prospective budget and staffing plan for the Firm's engagement as appropriate. The budget may be amended as necessary to reflect changed or unanticipated circumstances. Christopher B. Power, Esq., a shareholder of Babst, disclosed in a court filing that he and his firm do not hold or represent any interest adverse to the Debtor or its bankruptcy estate. Babst Calland can be reached through: Brian D. Lipkin, Esq. Babst, Calland, Clements and Zomnir, P.C. Two Gateway Center 603 Stanwix Street, 6th Floor Pittsburgh, PA 15222 Tel: (412) 394-5456 Email: blipkin@babstcalland.com About White Forest Resources, Inc. White Forest Resources Inc. and affiliates are privately-held producers of premium metallurgical and thermal coal in the Central Appalachian coal basin. The Debtors operate two mining operations in West Virginia. The main buyers of the Debtors' premium metallurgical coal, which is used in a process to produce coke for steel manufacturing, include steel manufacturers, commodity brokers, and industrial clients. Electric utilities and industrial companies are the principal customers for the Debtors' thermalcoal. White Forest Resources Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10195) on February 7, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Alan M. Root, Esq., William E. Chipman, Jr., Esq., and Alison R. Maser, Esq., at Chipman Brown Cicero & Cole LLP in Wilmington, Delaware. The Debtors' CRO Provider is RK Consultants LLC. The Debtors' special counsel is Jones & Associates. The Debtors' noticing and claims agent is Stretto. WORLD WIDE INVESTMENT: Case Summary & Three Unsecured Creditors --------------------------------------------------------------- Debtor: World Wide Investment Services, LLC 5237 Isleworth Country Club Drive Windermere, FL 34786 Business Description: World Wide Investment Services, LLC is a real estate investment firm that holds special warranty deeds on multiple vacant land parcels along Maine Street, including those located at 604 and 370 Maine Street, as well as two additional parcels without assigned street addresses. The combined value of the Company's interests in these properties totals $13.13 million. Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-03713 Judge: Hon. Lori V Vaughan Debtor's Counsel: Jonathan M. Sykes, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 E-mail: jsykes@nardellalaw.com Total Assets: $13,125,000 Total Liabilities: $11,490,235 David Townsend signed the petition as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5PC2EYA/World_Wide_Investment_Services__flmbke-25-03713__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. CBPW Corporation $3,838,174 5237 Isleworth Country Club Windermere, FL 34786 2. Certificate Vacant Land Unknown #2400004281 c/o Orange County Tax Collector P.O. Box 545100 Orlando, FL 32854 3. FRERC Community Development Vacant Land Unknown 2300 Glades Rd, Ste. 410W Boca Raton, FL 33431 WT REPAIR: Hearing to Use Cash Collateral Set for July 10 --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Kansas will continue on July 10, at 1:46 p.m., the hearing to consider another extension of WT Repair, LLC's authority to use cash collateral. The court previously authorized the company to use the cash collateral of First National Bank and Trust on an interim basis and make a monthly payment of $3,000 to the creditor beginning June 28. The interim order entered on June 9 granted FNBT replacement liens on all property acquired by WT Repair after the petition date that is similar to the creditor's pre-bankruptcy lien. WT Repair is indebted to FNBT, which asserts a security interest in and liens on the company's assets, including cash collateral. FNBT's cash collateral consists of cash generated by WT Repair from the collection of pre-bankruptcy accounts receivable, accounts and inventory. About WT Repair LLC WT Repair, LLC is engaged in buying and selling farm equipment. WT Repair sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan.) on May15, 2025. Judge Dale L. Somers presides over the case. Colin N. Gotham at Evans & Mullinix, P.A. represents the Debtor as legal counsel. X-LASER LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- X-Laser, L.L.C. got the green light from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to maintain and preserve its assets; pay the secured claim of the U.S. Small Business Administration; and fund administrative and operating expenses. The Debtor's monthly budget shows total expenses of $285,246 for June and $276,246 for July. As protection for the use of its cash collateral, SBA will be granted a replacement security interest in the Debtor's post-petition collateral and proceeds thereof. The next hearing is scheduled for July 23. SBA holds a blanket security interest in all assets of the Debtor. As of the petition date, SBA asserts a secured claim of $2,084,747.79. About X-Laser L.L.C. X-Laser, L.L.C. designs and supplies laser light show systems and related support services for a range of users, from mobile DJs to major entertainment companies like Disney. Since 2007, the Company has offered touring-grade and entry-level laser projectors, including versatile models like the LaserCube and specialty series such as Aurora, along with advanced products like the Radiator and Ether Dream 4. X-Laser also provides training and resources to help clients enhance their live production setups. The Debtor sought protection under U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-15178) on June 7, 2025. In the petition signed by Adam Raugh, managing member, the Debtor disclosed $257,408 in assets and $3,293,527 in liabilities. Judge David E. Rice oversees the case. Brett Weiss, Esq., at The Weiss Law Group, represents the Debtor as bankruptcy counsel. ZAHAV VENTURES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Zahav Ventures LLC 6 Marman Place Spring Valley, NY 10977 Business Description: Zahav Ventures LLC is involved in real estate-related activities. Its principal asset is located in Baltimore, Maryland. Chapter 11 Petition Date: June 17, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-22536 Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ephraim Diamond as CRO. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KUJBOYQ/Zahav_Ventures_LLC__nysbke-25-22536__0001.0.pdf?mcid=tGE4TAMA ZAHRCO ENTERPRISES: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Zahrco Enterprises, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use the cash collateral of its secured creditors. The secured creditors' cash collateral consists of monies collected by the company from its customers. The final order signed by Judge Corali Lopez-Castro 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 creditors. The replacement liens granted shall be at all times junior to statutory bankruptcy fees, if any; any court costs; and the fees and expenses awarded by the court to estate professionals, according to the final order. Zahrco was ordered to escrow $1,200 per month for the subchapter V trustee's fees. About Zahrco Enterprises Inc. Zahrco Enterprises Inc. operates two restaurants located in Coral Gables, Fla., on leased properties. Zahrco Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13628) on April 2, 2025. In its petition, the Debtor reported total assets of $72,679 and total liabilities of $2,591,821. Judge Corali Lopez-Castro handles the case. The Debtor is represented by Kris Aungst, Esq., at Paragon Law, LLC. [] AlixPartners Publishes Annual Restructuring Survey ----------------------------------------------------- AlixPartners has published its annual restructuring survey results. The survey was conducted between March 27 - April 13, 2025, and included 371 lawyers, lenders, investment bankers, financial advisors, and other industry experts involved in corporate workouts representing more than 20 major industries in US, EMEA and Asia. In a year marked by heightened geopolitical tensions, the AlixPartners 2025 Turnaround and Transformation Survey reveals that companies already experiencing financial or operational duress are bearing the brunt of the disruption. The survey shows an economic landscape fraught with challenges. AlixPartners' comprehensive poll of industry experts dives into the sectors most likely to face distress, the factors driving economic turbulence and the trends shaping the future with potential for opportunity. The survey, now in its 20th year, includes our recommendations to tackle these challenges. Key Insights: * Industries most affected by tariffs--automotive, retail, manufacturing--also top the list of those expected to face distress in 2025. * More than 70% of global restructuring executives expect economic growth to decline in the coming year. * A large majority (70%) forecast the number of out-of-court restructurings will increase over the next 12 months. * Rapid advances in AI technology are viewed overwhelmingly as an opportunity by more than 70% of respondents demonstrating the significant role of AI in restructuring. Geopolitical disruption Strained trade relations and global conflicts, compounded by regulatory and legislative changes, will directly lead to corporate distress, according to 96% of survey respondents. More than a dozen countries have changed governments over the past year. Restructuring executives say geopolitical disruptions are the primary factor driving corporate distress now and over the next 12-24 months. This finding is supported by the view of nearly 80% of respondents that global supply chain disruption will increase in the next 12 months. Economic headwinds intensify The prevailing view of turnaround leaders is continued economic uncertainty underscored by shaky consumer confidence will drive future corporate distress. More than 70% of the 371 respondents expect a decline in global economic growth over the next 12 months. That jumps to 80% of U.S. respondents, while a little over 60% of EMEA restructuring executives anticipate a decline in growth. Notably, three-quarters of all respondents expect a recession in their own region within the next two years, influenced by geopolitical tensions and tariff implications. Furthermore, the majority (65%) expect inflation to increase this year across the regions, likely a sign that restructuring experts expect tariffs will continue to pressure economic growth. A large majority (75%) expect company workforce size to decrease, indicating widespread anticipation of job cuts or downsizing. In a word, the challenge faced by companies is uncertainty. Automotive, retail, and manufacturing expected to be most distressed Industries already grappling with supply chain instability, margin pressure, and structural change—manufacturing, retail, energy, and logistics—are now being forced into survival mode. The automotive industry emerges as the most vulnerable sector globally, with 66% of respondents indicating it will be the industry most likely to face significant distress in 2025. This rises to more than 80% in EMEA. Worldwide, autos are followed by retail (44%) and manufacturing (31%). Tight credit markets remain a headwind Expectations of credit tightening are rising again this year after easing in our 2024 survey, reflecting renewed concern about higher inflation. Companies facing turnaround or transition are primarily challenged by sufficient liquidity/capital, according to nearly 70% of survey respondents. This is followed by debt management and cost reductions. Two thirds of survey respondents say the cost of capital for buyers and borrowers will increase this year, hinting at potential expectations for interest rate rises. 93% of turnaround execs said kicking the can without a plan is not sustainable A large majority (70%) believe the number of out-of-court restructurings will increase over the next 12 months from the timing of the survey (March 27-April 13, 2024). Yet the survey warns that workouts without a clear recovery path could lead to bigger issues down the road. Industry sentiment is clear: amend & extend and liability management exercises (LMEs) are seen as stopgap measures, not sustainable solutions. Virtually all survey respondents agree that LMEs are temporary, and a large majority believe they do not ultimately fix the underlying operational problems. There's industry consensus that distressed companies that extended their liquidity runway through amend & extend approaches or raising additional capital in 2024 and 2025 will end up distressed again within three years. Glimmers of optimism with AI AI is increasingly viewed as a strategic lever for distressed businesses. Embracing AI is now seen not only as valuable but as potentially critical to survival and recovery. This optimism underscores the potential for AI to drive innovation and efficiency in distressed businesses. More than 70% of restructuring leaders say the rapid advances in AI technology should be viewed by a distressed business as an opportunity, up from 62% last year. Jim Mesterharm, Global Co-Lead of Turnaround & Restructuring Services, commented: "Geopolitical disruption has firmly moved to the top of the boardroom agenda. Agility, once again, must become a core operating principle. CEOs and boards need to move fast to strengthen their organizations’ ability to absorb external shocks, pivot at speed as economic conditions evolve, and make the right decisions." Eric Koza, Global Co-Lead of Turnaround & Restructuring Services, commented: "This environment, with a variety of financial forces at play, has made traditional financing avenues more challenging to access, and companies under stress are increasingly turning to alternatives like Liability Management Transactions. Ultimately, these efforts should be integrated into a broader turnaround plan, creating a vital record of sound decision-making by management teams and at the board level." About the Survey The AlixPartners 2025 Turnaround and Transformation Survey is a pivotal resource for understanding the dynamics of global industries in distress. The survey was conducted between March 27 – April 13, 2025, and included 371 lawyers, lenders, investment bankers, financial advisors, and other industry experts involved in corporate workouts representing more than 20 major industries in US, EMEA and Asia. It offers a snapshot of today’s challenges and a strategic lens for companies seeking to turn crisis into transformation. About AlixPartners AlixPartners -- http://www.alixpartners.com/-- is a results-driven global consulting firm that specializes in helping businesses successfully address their most complex and critical challenges. Its clients include companies, corporate boards, law firms, investment banks, private equity firms, and others. Founded in 1981, AlixPartners is headquartered in New York and has offices in more than 20 cities around the world. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. 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