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250619.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, June 19, 2025, Vol. 29, No. 169 Headlines 17701-05 VENTURA: Unsecureds to be Paid in Full over 6 Months 189-191 PARK: Joseph Schwartz Named Subchapter V Trustee 23ANDME HOLDING: Refuses to Raise Bid After Wojcicki's $305MM Offer 267 6TH AVE: Joseph Schwartz Named Subchapter V Trustee 339 RIVER ROAD: Seeks Chapter 11 Bankruptcy in New Jersey 83-85 MADISON: Joseph Schwartz Named Subchapter V Trustee ACCELERATE DIAGNOSTICS: Unsecureds Owed $5.6M to Recover 0% in Plan ACCORDION PARTNERS: Cliffwater Marks $6.8MM Loan at 84% Off ACTION IMPORTS: Behrooz Vida Named Subchapter V Trustee ADMIRE CARE: Unsecured Creditors to Split $19.6K over 3 Years ADVANCE TRANSIT: To Sell Glenolden Property to Rosati for $156K ADVANCED SYSTEMS: U.S. Trustee Unable to Appoint Committee ADVENT TECHNOLOGIES: Cuts Net Loss to $30M in FY2024 ALAMO BEER: Seeks to Extend Plan Exclusivity to August 4 ALPINE INTEL: Cliffwater Corporate Marks $50MM Loan at 94% Off ALTICE FRANCE: Seeks Chapter 15 Bankruptcy With $22 Billion Debt AMC NETWORKS: S&P Rates New $$400MM Senior Secured Notes 'BB-' AMCP CLEAN: Cliffwater Corporate Marks $840,000 Loan at 55% Off AMERIT FLEET: Cliffwater Corporate Marks $12.5MM Loan at 29% Off ANY HOUR: Cliffwater Corporate Marks $3.5 Million Loan at 51% Off ANY HOUR: Cliffwater Corporate Marks $7.6 Million Loan at 92% Off ANYWHERE REAL ESTATE: S&P Lowers Second-Lien Debt Rating to 'B' AORS REALTY: Seeks Chapter 11 Bankruptcy in New Jersey APPLIED DNA: Falls Short of Nasdaq Bid Price Rule APPTECH PAYMENTS: Thomas DeRosa Named President, Director ARENA GROUP: Regains Compliance With NYSE Listing Standards AT HOME GROUP: $2 Billion Bailout Plan Features Tariff Workaround AT HOME GROUP: Deadline for Panel Questionnaires Set for June 23 AT HOME: Begins Ch. 11 to Restructure Debt, Transfer Ownership ATTORNEY DONALD: Tom Howley Named Subchapter V Trustee AZUL SA: U.S. Trustee Appoints Creditors' Committee BAYSHORE SUITES: Court Extends Cash Collateral Access to Sept. 23 BCP V EVERISE: Moody's Lowers CFR to 'Caa1', Outlook Stable BEACH ACQUISITION: S&P Assigns 'BB-' ICR, Outlook Stable BIOMERICA INC: Names Eric Chin as Director, Audit Committee Chair BOMBARDIER INC: S&P Upgrades ICR to 'BB-' on Earnings BOOKZ FOR BUSINESS: Cameron McCord Named Subchapter V Trustee BOY SCOUTS: Sex Abuse Claims Surge Over $7 Billion BOZA GROUP: Joseph Schwartz Named Subchapter V Trustee BRIDGEPREP ACADEMY: Moody's Rates Ser. 2025A/B Revenue Bonds 'Ba1' BRIGHTSTAR PROPERTY: Unsecureds to Split $66,500 over 36 Months BROADWAY REALTY: Hires Stretto Inc as Administrative Advisor CAPSTONE BORROWER: S&P Affirms 'B-' ICR, Outlook Stable CARING FOR YOU: No Resident Complaints, PCO Report Says CATHETER PRECISION: CEO Steps In as Interim CCO COLUMBUS ALE: Gerard Luckman Named Subchapter V Trustee CONTRACT MANAGED: Seeks Chapter 11 Bankruptcy in Kentucky D & D HOUSING: Sylvia Mayer Named Subchapter V Trustee DANIMER SCIENTIFIC: Blough Tech Steps Down as Committee Member DARLING GLOBAL: Moody's Rates New Senior Unsecured EUR Notes 'Ba2' DESTINATIONS TO RECOVERY: No Patient Care Concern, PCO Report Says DIOCESE OF CAMDEN: NJ Can Have a Jury to Probe Clergy Abuse Claims DON ENTERPRISES: To Sell New Castle Property to Apex Equity Holding ECTUL HOLDINGS: Brickell Rooftop Condo for Sale in Ch. 11 Case EL DORADO SENIOR: Quality of Care Maintained, 6th PCO Report Says ELIZABETH TOWNSHIP: S&P Lowers Sewer Revenue Bond Rating to 'BB+' ENOVATIONAL CORP: Angela Shortall Named Subchapter V Trustee ENVERIC BIOSCIENCES: All Proposals Approved at Annual Meeting ENVISION CIVIL: Baker Donelson Represents Komatsu & John Deere EVERSTREAM SOLUTIONS: U.S. Trustee Appoints Creditors' Committee FERRELLGAS PARTNERS: Fiscal Q3 2025 Net Income Rises 12% to $59.1M FINLEY DESIGN: Section 341(a) Meeting of Creditors on July 15 FLORIDA MONSTER: Court Denies Bid to Use Cash Collateral GD TRANSPORT: Case Summary & 20 Largest Unsecured Creditors GILLETTE ENTERPRISES: Ruediger Mueller Named Subchapter V Trustee GLOBAL WOUND: No Patient Care Concern, 3rd PCO Report Says GOOD WORKS: Richard Furtek Named Subchapter V Trustee HALL LABS: Michael Thomson Appointed as Chapter 11 Trustee HAND HOMES: Leon Jones of Jones & Walden Named Subchapter V Trustee HAPPY HOME: Michael O'Connor Named Subchapter V Trustee HARVEY CEMENT: Plan Filing Deadline Extended to August 15 HERMES HIPPIE: Counsel Calls Out Plaintiff for Intimidation HOLDEN I LLC: Ryan Richmond Named Subchapter V Trustee HOOTERS OF AMERICA: Reaches $4.5MM Ch. 11 Deal w/ Junior Creditors HURRICANE CREEK: Updates Unsecured Claims Pay; Files Amended Plan IQSTEL INC: Converts $3.5M Notes Into 179,993 Shares IQSTEL INC: M2B Funding Corp. Holds 9.2% Equity Stake JOANN INC: Suppliers Claim Execs Hid Co.'s Dire Financial State KUBOTA OF KNOXVILLE: Gets Interim OK to Use Cash Collateral LADDER CAPITAL: S&P Alters Outlook to Positive, Affirms 'BB' ICR LECLAIRRYAN PLLC: Court Okays Deal to End LeClair's Tax Claims LEDDARTECH HOLDINGS: To File Bankruptcy Under Canada's BIA LEXINGTON BLUE: Case Summary & 20 Largest Unsecured Creditors LILY616 LLC: Gets Extension to Access Cash Collateral LOKAL LLC: Tamara Miles Ogier Named Subchapter V Trustee LUMEN TECHNOLOGIES: Moody's 'B3' CFR Remain on Review for Upgrade MACON ARTS: Seeks to Extend Plan Exclusivity to October 1 MAINE CRAFT: Gets Final OK to Use Cash Collateral MARIANAS PROPERTIES: Plan Exclusivity Period Extended to July 9 MAVENIR PRIVATE: S&P Downgrades ICR to 'CC', Outlook Negative MEDICAL PROPERTIES: Elects Nine Directors at 2025 Annual Meeting MEDICAL PROPERTIES: Refinances 7-Year Debt Deal Along w/ Praemia MEME APPAREL: Seeks Subchapter V Bankruptcy in New York MIMOSAS A CALI: Seeks Chapter 11 Bankruptcy in California MISSOURI BAPTIST: S&P Rates $32.4MM 2025 Revenue Bonds 'BB+' MOBIVITY HOLDINGS: Posts Q1 Net Loss of $2.6M on $513K Revenue MOON GROUP: North Avenue Wants Coppel Named as Receiver MURPHDOG LLC: Gary Murphey Named Subchapter V Trustee NEXSTAR MEDIA: Moody's Rates New First Lien Credit Facilities 'Ba2' NIKOLA CORP: Duotec de Norteamerica Removed From Committee NINE ENERGY: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR OCEAN POWER: Baker Tilly Appointed Auditor After Moss Adams Merger ONDAS HOLDINGS: Settles Dec. 31, 2024 Notes; Cuts Debt to $12.3M OPEN THROTTLE: L. Todd Budgen Named Subchapter V Trustee OUTFRONT MEDIA: All Proposals Passed at 2025 Annual Meeting OWENS & MINOR: Rotech Deal Termination No Impact on Moody's Ba3 CFR P3 HEALTH: Unit Issues $70M Promissory Note, Warrants to VBC Growth PARAGON INDUSTRIES: U.S. Trustee Appoints Creditors' Committee PARAGON MOVING: Court Extends Cash Collateral Access to Aug. 10 PARK PLAZA: Salvatore LaMonica Named Subchapter V Trustee PAWLUS DENTAL: Court Extends Cash Collateral Access to July 2 PINSEEKERS DEFOREST: Plan Exclusivity Period Extended to Sept. 16 PR BINGHAM: Court OKs Apartment Complex Sale to Multiple Buyers PRODIGAL PROTOCOL: Gary Murphey Named Subchapter V Trustee PROS HOLDINGS: Registers 3.79M Additional Shares Under Equity Plans PURDUE PHARMA: $7.4B Settlement Gets Support from 55 State AGs QUADRA FS: Seeks 75-Day Extension of Plan Filing Deadline RE4 GEORGIA: John Whaley Named Subchapter V Trustee RED ROCK MEGA: Case Summary & 11 Unsecured Creditors REDLINE METALS: Plan Exclusivity Period Extended to July 31 REMAX CONSTRUCTION: Aaron Cohen Named Subchapter V Trustee S&G HOSPITALITY: Court Extends Cash Collateral Access to June 30 S&S FOODS: David Madoff Named Subchapter V Trustee S&S HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B' ICR SANTIS & ARGENTA: U.S. Trustee Unable to Appoint Committee SASAS HOSPITALITY: Court Extends Cash Collateral Access to July 17 SEDALLA AESTHETICS: Court OKs Saline Property Sale to Michael Carey SHAHINAZ SOLIMAN: Robert Splawn Submits First PCO Report SHUBREW LLC: Unsecureds Will Get 10% of Claims over 5 Years SIX FLAGS: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable SKYSKOPES INC: Seeks Chapter 11 Bankruptcy in Arizona SORRENTO THERAPEUTICS: Trustee Sues B. Riley to Recoup $32MM SOUTH TEXAS: Case Summary & 20 Largest Unsecured Creditors SPLAT SUPER: Moody's Rates New $500MM Secured First Lien Notes 'B3' STICKY'S HOLDINGS: Battles Bankruptcy to Remain Operational STOKES & STOKES: Leona Mogavero Named Subchapter V Trustee SULLIVAN MECHANICAL: Creditors to Get Proceeds From Liquidation SUNNOVA ENERGY: Accused of Improper Pre-Bankruptcy Layoffs Notice TERRA DOLCI: Carol Fox of GlassRatner Named Subchapter V Trustee TERRA DOLCI: Gets Interim OK to Use Cash Collateral THUNDER INTERNATIONAL: Nancy Isaacson Named Subchapter V Trustee TRANSOCEAN LTD: Jeremy Thigpen Elected as Board Chair at AGM TRANSOCEAN LTD: Rig Disposals to Trigger Up to $1.2B Q2 Impairment TUI BAYSIDE: Soneet Kapila Named Subchapter V Trustee UNDER ARMOUR: Moody's Rates New Sr. Unsecured Notes Due 2030 'B1' UNRIVALED BRANDS: Seeks to Extend Plan Exclusivity to September 4 US ECO PRODUCTS: Unsecureds to Split $126K over 60 Months VERDE RESOURCES: Signs MOU for Tech License With Ergon Asphalt VILLAGE OAKS SENIOR: No Resident Complaints, 6th PCO Report Says VILLAS AT 79TH: Voluntary Chapter 11 Case Summary VR ENTERTAINMENT: Seeks to Extend Plan Exclusivity to November 6 WALLOON LAKE: Private Financing Seeks Appointment of Receiver WARNER BROS: Bondholders Support Company Split Plan WEC 98D-7 LLC: Wilmington Trust Files Receivership Bid WW INTERNATIONAL: Chapter 11 Plan Confirmed, Exit Nears WW INTERNATIONAL: Has Court OK to Exit Chap. 11, Slash $1.1B Debt WYNDSTON MILLWORK: Gets Interim OK to Use Cash Collateral X4 PHARMACEUTICALS: CLO Natasha Thoren Reports 6,984 Shares YELLOW CORP: Escapes Immediate Liquidation Amid Bankruptcy Case YOUR MAJESTIC: Jody Corrales Named Subchapter V Trustee [] Angeion Group Expands Bankruptcy Team, Rebrands Donlin Recano [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 17701-05 VENTURA: Unsecureds to be Paid in Full over 6 Months ------------------------------------------------------------- 17701-05 Ventura Boulevard, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated June 4, 2025. The Debtor is a California Limited Liability Company created on August 10, 2017. Joseph Geoula is the sole member of the Debtor. The Debtor's business is the operation of its sole asset, a commercial property located at 17701-05 Ventura Blvd., Encino, California 91316 (the "Property"). The Property consists of three retail stores (a dry cleaner, lighting shop and drapery shop), as well as a medical office. There is also a billboard on the Property from which the Debtor earns income. The Debtor needed the breathing room provided by bankruptcy to do the following: (1) complete the repairs on the Property and get the Property rented out; (2) obtain turnover of the insurance funds held by Axos; (3) resolve the Debtor's claim against Axos; and (4) either pay off (using proceeds from one of Geoula's properties) the loan in favor of Axos or obtain new financing to replace the loan in favor of Axos. Class 6 consists of General Unsecured Claims. In the present case, the Debtor estimates that general unsecured debts total approximately $93,944.82. The Debtor will pay general unsecured claims in full of $93,944.82, with interest of 3.5% or total interest of $4,828.51, totaling $98,773.33, with monthly payments of $16,462 over 6 months, starting on the Effective Date. This Class is impaired. Class 7 consists of Interest Holders. The Debtor's owner will retain his ownership interest in the Debtor. The Debtor will fund the Plan from the operation of its business, a refinance loan, gift contributions from the managing member, and the funds that it has/will have accumulated in its DIP bank accounts. The Debtor has a tenant for the Property and the rent will be $30,000 per month, with payments starting in December 2025. This tenant will also be responsible for utility expenses, and all other tenant related expenses. The Debtor also anticipates annual rent from a billboard of approximately $54,000. Historically, the billboard rent is paid every January, and therefore, the Projections provide for the next payment to be January 2026. A full-text copy of the Disclosure Statement dated June 4, 2025 is available at https://urlcurt.com/u?l=IS5ztm from PacerMonitor.com at no charge. About 17701-05 Ventura Boulevard LLC 17701-05 Ventura Boulevard LLC is a limited liability company. 17701-05 Ventura Boulevard LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11500) on September 11, 2024. In the petition filed by Joseph Geoula, as managing member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: roksana@RHMFirm.com 189-191 PARK: Joseph Schwartz Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Joseph Schwartz, Esq., at Riker Danzig Scherer Hyland & Perretti, LLP, as Subchapter V trustee for 189-191 Park Ave, LLC. Mr. Schwartz will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwartz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph L. Schwartz, Esq. Riker Danzig Scherer Hyland & Perretti, LLP One Speedwell Avenue, Morristown, NJ 07962-1981 Phone: (973) 451-8506 Email: jschwartz@riker.com About 189-191 Park Ave 189-191 Park Ave, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15712) on May 30, 2025, with $100,001 to $500,000 in assets and liabilities. Judge John K. Sherwood presides over the case. Brett Silverman, Esq., at Silveman Law, PLLC represents the Debtor as bankruptcy counsel. 23ANDME HOLDING: Refuses to Raise Bid After Wojcicki's $305MM Offer ------------------------------------------------------------------- Siddhi Mahatole of Reuters reports that Regeneron Pharmaceuticals (REGN.O) has decided not to increase its original $256 million offer for genetic testing firm 23andMe (MEHCQ.PK), a company spokesperson told Reuters on Monday, June 16, 2025. The move paves the way for 23andMe co-founder Anne Wojcicki to regain control of the company after a $305 million bid submitted by a nonprofit organization she oversees surpassed Regeneron's earlier offer. Regeneron had initially secured the lead in the bankruptcy auction last month by outbidding a $146 million proposal from Wojcicki and the TTAM Research Institute. "We remain focused on leveraging genetics and data to improve human health, and we continue to lead in genetics-driven research and therapeutics through the Regeneron Genetics Center, Regeneron Genetic Medicines, and across our broader operations," the spokesperson said in a statement. Earlier this June 2025, Regeneron signaled interest in countering Wojcicki's bid, but requested a $10 million breakup fee if her offer prevailed. According to TTAM, Wojcicki's bid is expected to close in the coming weeks, pending court approval at a hearing scheduled for June 17. The institute also pledged to maintain 23andMe's existing privacy standards and comply with all relevant data protection laws. 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. 267 6TH AVE: Joseph Schwartz Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Joseph Schwartz, Esq., at Riker Danzig Scherer Hyland & Perretti, LLP, as Subchapter V trustee for 267 6th Ave, LLC. Mr. Schwartz will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwartz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph L. Schwartz, Esq. Riker Danzig Scherer Hyland & Perretti, LLP One Speedwell Avenue, Morristown, NJ 07962-1981 Phone: (973) 451-8506 Email: jschwartz@riker.com About 267 6th Ave 267 6th Ave, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15714) on May 30, 2025, with $500,001 to $1 million in assets and liabilities. Judge John K. Sherwood presides over the case. Brett Silverman, Esq., at Silveman Law, PLLC represents the Debtor as bankruptcy counsel. 339 RIVER ROAD: Seeks Chapter 11 Bankruptcy in New Jersey --------------------------------------------------------- On June 12, 2025, 339 River Road Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports $55,569,838 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 339 River Road Holdings LLC 339 River Road Holdings LLC is a real estate company that owns a single property located at 339 River Road in Edgewater, New Jersey. The property has an appraised value of $80 million. 339 River Road Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16275) on June 12, 2025. In its petition, the Debtor reports total assets of $80 million and total liabilities of $55,569,838. The Debtors are represented by Bruce H. Levitt, Esq. at LEVITT & SLAFKES, P.C. 83-85 MADISON: Joseph Schwartz Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Joseph Schwartz, Esq., at Riker Danzig Scherer Hyland & Perretti, LLP, as Subchapter V trustee for 83-85 Madison St, LLC. Mr. Schwartz will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwartz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph L. Schwartz, Esq. Riker Danzig Scherer Hyland & Perretti, LLP One Speedwell Avenue, Morristown, NJ 07962-1981 Phone: (973) 451-8506 Email: jschwartz@riker.com About 83-85 Madison St 83-85 Madison St, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15717) on May 30, 2025, with $500,001 to $1 million in assets and liabilities. Judge John K. Sherwood presides over the case. Brett Silverman, Esq., at Silveman Law, PLLC represents the Debtor as bankruptcy counsel. ACCELERATE DIAGNOSTICS: Unsecureds Owed $5.6M to Recover 0% in Plan ------------------------------------------------------------------- Accelerate Diagnostics, Inc., and Accelerate Diagnostics Texas LLC submitted a First Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated June 5, 2025. Notably, prior to commencing these Chapter 11 Cases, the Debtors reached an agreement with Indaba Capital Management, L.P., the majority holder of the Super Priority Notes, on a series of transactions that will serve as the blueprint for these Chapter 11 Cases. The Special Committee approved this path following the prepetition marketing process and weeks of extensive negotiations among the Debtors and Indaba. The Debtors executed the Stalking Horse Term Sheet with Indaba who will serve as the Stalking Horse Bidder, subject to Bankruptcy Court approval, in a sale process conducted pursuant to section 363 of the Bankruptcy Code. The Sale contemplates a credit bid for a total purchase price of $41.95 million in the aggregate consisting of (i) all outstanding obligations under the DIP Facility, and (ii) a portion of the outstanding obligations of the Prepetition Super Priority Notes. As part of the purchase price, the Stalking Horse Bidder has also agreed to assume certain liabilities and leave behind cash to conclude these Chapter 11 Cases and wind-down the Debtors' estates post-sale. If approved, the proposed bid procedures will enable the Debtors to expeditiously sell their assets free and clear of liens, claims, rights, interests, pledges, obligations, restrictions, limitations, charges, encumbrances, and other interests. Time is of the essence in consummating a value-maximizing sale transaction. While the Debtors negotiated for as much runway as possible, there is a need for an expedited process given the nature of the Debtors' business and their liquidity profile. Following the closing of the Sale, the Debtors will focus principally on (i) pursuing confirmation of this Combined Disclosure Statement and Plan and (ii) efficiently winding down their businesses, preserving Excluded Cash held in the Estates, monetizing their remaining Assets. The remaining Assets are expected to consist of, among other things, the Liquidation Trust Assets. This Combined Disclosure Statement and Plan provides for the Assets, to the extent not already liquidated, to vest in the Liquidation Trust and to be liquidated over time and the proceeds thereof to be distributed to Holders of Allowed Claims in accordance with the terms of the Combined Disclosure Statement and Plan and the treatment of Allowed Claims. The Liquidation Trustee will effect such liquidation and distributions. The Debtors will be dissolved as soon as practicable after the Effective Date. Class 5 consists of General Unsecured Claims. Holders of Allowed General Unsecured Claims shall receive their Pro Rata Share of the Liquidation Trust Assets, to the extent applicable. At this time, if the Sale Process results in the consummation of the Stalking Horse Bid as currently contemplated, there will not be any recovery available to holders of Claims in Class 5, as the Stalking Horse Bid contemplates the purchase of all of the Debtors' assets for the Credit Bid Amount. This Stalking Horse Purchaser is purchasing all Causes of Action of the Debtors. The recovery of the estimated Allowed amounts in Class 5 could be changed by, among other things, the results of the Sale Process, but only in the event that a Sale closes with a cash Purchase Price (as defined in the Bidding Procedures) of at least approximately $113 million. The allowed unsecured claims total $5,652,680. This Class will receive a distribution of 0% of their allowed claims. This Class is impaired. The Combined Disclosure Statement and Plan will be implemented by, among other things, the consummation of the Sale, the establishment of the Liquidation Trust, the vesting in and transfer to the Liquidation Trust of the Liquidation Trust Assets, and the making of Distributions by the Liquidation Trust in accordance with the Combined Disclosure Statement and Plan, and the Liquidation Trust Agreement. Distributions under the Combined Disclosure Statement and Plan shall be funded from Excluded Cash, Excess Sale Proceeds and the proceeds of other Liquidation Trust Assets, if any. The Confirmation Hearing has been scheduled for July 28, 2025 at 1:00 p.m. at the Bankruptcy Court, 6th Floor, Courtroom 3, 824 North Market Street, Wilmington, Delaware 19801. Any objection to final approval of the adequacy of disclosures in the Combined Disclosure Statement and Plan and confirmation of the Combined Disclosure Statement and Plan must be served by no later than July 8, 2025. A full-text copy of the First Amended Combined Plan and Disclosure Statement dated June 5, 2025 is available at https://urlcurt.com/u?l=x6gtpR from PacerMonitor.com at no charge. Co-Counsel for the Debtors: FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP Rachel C. Strickland, Esq. Andrew S. Mordkoff, Esq. Erin C. Ryan, Esq. Cameron J. Cavalier, Esq. One New York Plaza New York, New York 10004 Telephone: (212) 859-8000 Facsimile: (212) 859-4000 Email: rachel.strickland@friedfrank.com andrew.mordkoff@friedfrank.com erin.ryan@friedfrank.com cameron.cavalier@friedfrank.com MORRIS, NICHOLS, ARSHT & TUNNELL LLP Andrew R. Remming, Esq. Tamara K. Mann, Esq. Casey B. Sawyer 1201 North Market Street Wilmington, Delaware 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: aremming@morrisnichols.com tmann@morrisnichols.com csawyer@morrisnichols.com About Accelerate Diagnostics Accelerate Diagnostics, Inc., is an in vitro diagnostics company that develops systems for the rapid identification of pathogens and antibiotic susceptibility, with a focus on serious infections such as sepsis. Its products, including the Accelerate Pheno and Arc systems, are used in hospitals and clinical laboratories to improve treatment precision and reduce healthcare costs. The Company has submitted its WAVE system for FDA clearance, with a commercial launch expected in early 2026. Accelerate Diagnostics Inc. and Accelerate Diagnostics Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10837) on May 8, 2025. In the petition signed by Jack Phillips as president and chief executive officer, the Debtors disclosed total assets of $28,556,000 and total debts of $84,596,000 as of December 31, 2024. The Hon. Karen B. Owens oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Shriver & Jacobson LLP as bankruptcy counsels. Solic Capital Advisors LLC serves as restructuring advisor to the Debtors; Perella Weinberg Partners LP acts as investment banker; and Stretto Inc. serves as claims and noticing agent. ACCORDION PARTNERS: Cliffwater Marks $6.8MM Loan at 84% Off ----------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $6,847,827 loan extended to Accordion Partners LLC to market at $1,080,477 or 16% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Accordion Partners LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on November 15, 2031. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Accordion Partners LLC Accordion Partners LLC is a private equity-focused business advisory and management consulting firm headquartered in New York operating under Accordion brand. ACTION IMPORTS: Behrooz Vida Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for Action Imports, LP. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 Email: behrooz@vidalawfirm.com About Action Imports LP Action Imports, LP is a wholesale distributor based in Grand Prairie, Texas, offering a broad range of products including candy, toys, electronics, purses, and collectibles. It serves retail clients across the United States and provides various merchandising solutions such as countertop displays, shippers, and gondolas. Action Imports sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42025) on June 2, 2025. In its petition, the Debtor reported assets and liabilities between $1 million and $10 million. Judge Mark X. Mullin handles the case. The Debtor is represented by Craig D. Davis, Esq., at Davis, Ermis & Roberts, PC. ADMIRE CARE: Unsecured Creditors to Split $19.6K over 3 Years ------------------------------------------------------------- Admire Care LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated June 4, 2025. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around January 28, 2008. The Debtor is a home health care company based in Florida with offices in Groveland and Orlando. The Debtor's principal place of business is located at 1230 Oakley Seaver Drive, Office Suite 204, Clermont, FL 34711 (the "Premises"), which the Debtor leases from SIG Properties, LLC ("Landlord"). The Debtor's principal place of business is located at 1230 Oakley Seaver Drive, Office Suite 204, Clermont, FL 34711 (the "Premises"), which the Debtor leases from SIG Properties, LLC ("Landlord"). The Debtor's projected disposable income is $19,539.00. This Plan provides for 1 class of secured claims, 1 class of unsecured claims; and 1 class of equity security holders. Class 2 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $19,600.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $1,633.33 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. Holders of Class 2 General Unsecured Claims shall be paid directly by the Debtor. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $19,539.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. The quarterly payment for the first four quarters shall be $1,692.25. The quarterly payments for the second four quarters shall be $2,214.75. The quarterly payments for the final four quarters shall be $977.75. Holders of Class 2 claims shall be paid directly by the Debtor. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated June 4, 2025 is available at https://urlcurt.com/u?l=X20sWn from PacerMonitor.com at no charge. Counsel for the Debtor: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 East Concord Street Orlando, Florida 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 About Admire Care LLC Admire Care LLC is a home health care services provider based in Clermont, Florida that offers medical and non-medical care to patients in their homes. Admire Care LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No. 25-03163-GER) on May 27, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtors are represented by Jeffrey Ainsworth, Esq. at BransonLaw PLLC. ADVANCE TRANSIT: To Sell Glenolden Property to Rosati for $156K --------------------------------------------------------------- Advance Transit Mix Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, to sell Property, free and clear of liens, interests, and encumbrances. The Debtor was a ready-mix concrete Pennsylvania corporation with an initial registered office address of 613 Oak Lane and a principal place of business address of 607 Oak Lane and Quarry Street in Glenolden, Pennsylvania 19036. The Debtor is also the owner of several parcels of real property. Dante J. Panichi Jr., principal of the Debtor, died intestate. The Estate of Dante J. Panichi Jr. was admitted to probate and Anna Panichi was appointed the Administratix of the Estate. During the summer of 2023, the Debtor's plant closed and the Debtor cased operations. Peter Barsz was appointed Receiver for Advance Transit Mix, Inc. by Order of the Court of Common Pleas of Delaware County Pennsylvania-Orphan's Court. The Debtor wishes to sell the real property located at 252 and 529 West Oak Lane in Glenolden, Pennsylvania 19036. The Debtor wants to sell the Property to Rosati Inc. and enters into an agreement with the buyer to purchase the Property for the sum of $156,000. A. Marinelli & Sons Inc. declines to make an offer on the Property and the Buyer submitted an offer to the Receiver in the amount requested by the Receiver. The Debtor believes that the purchase price for the Property is fair and reasonable in all respects and is in the best interest of the bankruptcy estate. The Debtor believes that the proceeds of the sale will significantly assist the Debtor in its plan for reorganization as it will result in a significant payment to the Lender. About Advance Transit Mix Inc. Advance Transit Mix Inc. supplies ready-mixed concrete for construction projects in Glenolden, Pennsylvania. The Company operates a fleet of trucks for intrastate transport and serves clients across the region. Advance Transit Mix Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12082) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Patricia M Mayer handles the case. The Debtors are represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI AND ASTIN. ADVANCED SYSTEMS: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Advanced Systems Realty, LLC, according to court dockets. About Advanced Systems Realty Advanced Systems Realty, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-15435) on May 15, 2025, listing $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Scott M. Grossman oversees the case. Mark S. Roher, P.A. is the Debtor's legal counsel. ADVENT TECHNOLOGIES: Cuts Net Loss to $30M in FY2024 ---------------------------------------------------- Advent Technologies Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, recognizing net losses from continuing operations of $30 million and $51 million during the years ended December 31, 2024 and 2023, respectively. Total revenue from continuing operations increased by approximately $1.7 million or 113.3% from approximately $1.5 million in the year ended December 31, 2023 to approximately $3.3 million in the year ended December 31, 2024. At December 31, 2024, the Company had $0.4 million in cash and cash equivalents. At December 31, 2024, the Company had $2.7 million in current assets and $28.8 in current liabilities, leaving the Company a working capital deficit of $(26.1) million. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 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 yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. In accordance with the Financial Accounting Standards Board Accounting Standards Update 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year from the date that the consolidated financial statements are issued. The Company's ability to meet its liquidity needs will largely depend on its ability to raise capital in the very short term and generate cash in the future. During the year ended December 31, 2024, the Company generated $1.4 million of cash in operating activities, and the Company's ability to raise and generate adequate capital and cash in the future is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond the Company's control. Furthermore, the Company has suffered recurring operating losses and has a net working capital position of $(26.1) million as of December 31, 2024. In addition, as of the issuance date of these consolidated financial statements the Company is overdue in a number of its obligations which could give the right to creditors at any time from the issuance date of these consolidated financial statements to raise legal action against the Company which in turn could potentially lead to liquidation action against the Company and/or its subsidiaries. The transition to profitability and positive cash flow is highly dependent upon the successful development, approval, and commercialization of the Company's products and the achievement of a revenue level adequate to support its cost structure and the Company can give no assurances that this will occur. Based on the Company's current operating plan, the Company believes that its cash and cash equivalents as of December 31, 2024, of $0.4 million is not sufficient to fund operations and capital expenditures for the twelve months following the filing of this Annual Report on Form 10-K, and the Company will need to obtain additional funding in the very near term, otherwise the Company may immediately substantially curtail or terminate its operations. The Company performed a cash flow projection on a monthly basis for the twelve-month period following the issuance of the consolidated financial statements. The projected inflows from revenues and grants will be insufficient to cover the projected outflows, as such, the Company will continue to have a negative net working capital position and a delay in the projected timing of the short term financing and inflows and/or an immediate demand by creditors of repayment of the long outstanding payables may result in the Company being insolvent and short of cash at any specific time over the coming weeks and over the next 12 months. Until such time as the Company generates sufficient revenue to fund its operations (if ever), the Company plans to finance its operations and repay its existing and future liabilities and other obligations through the sale of equity and/or debt securities and, to the extent available, short-term and long-term loans. With regards to the projected revenues and grants, a delay in the projected timing of inflows may result in the Company remaining insolvent and short of cash at any specific time over the next twelve months. Also, there is no guarantee that the Company's plans to reduce monthly expenditures will be successful. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities, and further reduce research and development costs, which could adversely affect its business prospects and delivery of contractual obligations. A cash shortfall at any point in time over the next twelve months could result in the Company failing to meet its overdue and current obligations which could trigger action against the Company and/or its subsidiaries for liquidation by employees, authorities, or creditors. Because of the uncertainty in securing additional funding, delays in growth of revenue, failure to materialize cost-cutting efforts and the insufficient amount of cash and cash equivalents as of the consolidated financial statement filing date, management has concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern within the next 12 months. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/3etcat64 About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. As of December 31, 2024, the Company had $8 million in total assets, $29.3 million in total liabilities, and $21.3 million in total stockholders' deficit. ALAMO BEER: Seeks to Extend Plan Exclusivity to August 4 -------------------------------------------------------- Alamo Beer Company asked the U.S. Bankruptcy Court for the Western District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 4 and October 3, 2025, respectively. The Debtor explains that its case has its share of complexities, although these are not particularly large cases. The Debtor, since filing this Case, has focused its efforts on the operations of the business and the refinancing of its debt or sale of its assets. The varied nature of the interests in this case compels the requested extension of the Exclusive Periods. The Debtor claims that termination of exclusivity could be very disruptive to the Debtor's effort to obtain confirmation of a Chapter 11 plan. Moreover, if exclusivity terminates and competing Chapter 11 plans are filed, resources and energy will necessarily be diverted from negotiating a consensual Chapter 11 plan to prosecuting and defending competing Chapter 11 plans. This is the Debtor's first request for extension of the Exclusive Periods. The Debtor has made significant progress towards a framework in formulating a confirmable Chapter 11 plan. Significantly, the Debtor's Chapter 11 efforts have not come at the expense of its administrative creditors. The Debtor has met post-petition obligations as they come due. As a result, the extensions requested in this Motion should not result in accruing significant administrative liabilities other than to Chapter 11 professionals. The Debtor asserts that the requested extension of the Exclusive Periods will provide the Debtor and all other parties in interest an opportunity to develop fully the grounds upon which serious negotiations toward a Chapter 11 plan can be based. Affording the Debtor a full opportunity to obtain confirmation of that satisfies the requirements of Chapter 11, will only help the creditors and other parties in interest. Moreover, expiration of the Exclusive Periods would likely lead to adversarial situations that would cause deterioration in the Debtor's operations, the value of its estates and its ability to negotiate a consensual Chapter 11 plan. Alamo Beer Company, LLC is represented by: LAW OFFICES OF WILLIAM B. KINGMAN, P.C. William B. Kingman, Esq. 3511 Broadway San Antonio, Texas 78209 Telephone: (210) 829-1199 Facsimile: (210) 821-1114 About Alamo Beer Company Alamo Beer Company, LLC is a beverage manufacturer in San Antonio, Texas. Alamo Beer Company filed Chapter 11 petition (Bankr. W.D. Texas Case No. 25-50245) on February 3, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by William B. Kingman, Esq., at the Law Offices of William B. Kingman. PlainsCapital Bank, LLC, as lender, is represented by: Michael P. Menton, Esq. Danika Lopez, Esq. SettlePou 3333 Lee Parkway, Eighth Floor Dallas, Texas 75219 Phone: (214) 520-3300 Fax:(214) 526-4145 mmenton@settlepou.com dlopez@settlepou.com ALPINE INTEL: Cliffwater Corporate Marks $50MM Loan at 94% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $50,000,000 loan extended to Alpine Intel Intermediate 2, LLC to market at $3,176,641 or 6% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Alpine Intel Intermediate 2, LLC. The loan accrues interest at a rate of 8.78% per annum. The loan matures on December 16, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Alpine Intel Intermediate 2, LLC Alpine Intel Intermediate 2, LLC is dedicated to innovation across the property, auto, liability, and workers comp insurance fields – helping our customers reach peak performance throughout the policy life cycle. ALTICE FRANCE: Seeks Chapter 15 Bankruptcy With $22 Billion Debt ---------------------------------------------------------------- Yun Park of Law360 reports that Altice France SA has petitioned a New York bankruptcy judge to acknowledge its insolvency case in France, pointing to over 19.2 billion euros ($22 billion) in debt and financial strain caused by rising expenses and heightened competition. About Altice France SA Altice France provides wireless telecommunication services. The Company offers fiber optic network solutions for all type of media. Altice France serves customers in France. Altice France sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11349) on June 17, 2025. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Ryan Preston Dahl, Esq. at Ropes & Gray LLP. AMC NETWORKS: S&P Rates New $$400MM Senior Secured Notes 'BB-' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '2' recovery rating to AMC Network Inc.'s (AMC) proposed $400 million senior secured notes (due 2032). The company intends to use proceeds from the notes issuance combined with approximately $50 million of balance sheet cash to repay the non-extended portion of its term loan A due 2026 ($70 million outstanding) and partially repurchase a portion of its 4.250% senior unsecured notes (due 2029). S&P said, "At the same time, we lowered our issue-level rating on the company's existing secured debt to 'BB-' from 'BB' and revised the recovery rating to '2' from '1'. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a payment default. We also lowered our issue-level rating on the company's unsecured debt to 'B-' from 'B' and revised the recovery rating to '6' from '5'. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 5%) recovery in the event of a payment default." The lower estimated recovery prospects reflects the higher amount of secured debt in the company's capital structure under the proposed transaction. Issue Ratings--Recovery Analysis Key analytical factors S&P said, "Our simulated default scenario contemplates a payment default occurring in 2029 due to a combination of the following factors: consumers dropping their subscriptions to pay-TV video bundles in favor of direct-to-consumer streaming video services, higher costs for subscriber acquisitions and original programming, a prolonged decline in advertising revenue due to economic weakness, financial strain from shareholder-return initiatives, and debt-financed acquisitions that significantly underperform. "We believe the company's lenders would pursue a reorganization rather than a liquidation in a hypothetical default scenario due to its favorable brand recognition and relationships with Multichannel Video Programming Distributors (MVPDs) and other media distributors." AMC's proposed capital structure comprises a: -- $175 million revolving credit facility (due 2028) -- $268 million term loan A (due 2028) -- $875 million of 10.250% senior secured notes (due 2029) -- $400 million of new senior secured notes (due 2032) -- $436 million of 4.250% senior notes (due 2029) -- $144 million of convertible senior notes (due 2029) S&P uses a recovery multiple of 5.0x to reflect its view of AMC's weaker position than peers to navigate the evolving media landscape due to cord cutting. Other default assumptions include an 85% draw on the revolving credit facility, USD benchmark rate is 2.5%, and all debt amounts include six months of prepetition interest. Simulated default assumptions -- Simulated year of default: 2029 -- Emergence EBITDA: $315 million -- EBITDA multiple: 5.0x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.5 billion -- Value available for senior secured debt claims: $1.5 billion -- Estimated senior secured debt claims: $1.65 billion --Recovery expectations: 70%-90% (rounded estimate: 85%) -- Value available for senior unsecured debt claims: $52 million -- Estimated senior unsecured debt and pari passu secured (deficiency) claims: $765 million --Recovery expectations: 0%-10% (rounded estimate: 5%) AMCP CLEAN: Cliffwater Corporate Marks $840,000 Loan at 55% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $840,790 loan extended to AMCP Clean Acquisition Company, LLC to market at $381,633 or 45% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to AMCP Clean Acquisition Company, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on June 15, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About AMCP Clean Acquisition Company, LLC AMCP Retail Acquisition Corporation was founded in 2012. The Company's line of business includes the retail sale of men's and boy's ready-to-wear clothing and accessories. AMERIT FLEET: Cliffwater Corporate Marks $12.5MM Loan at 29% Off ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $12,502,155 loan extended to Amerit Fleet Parent, LLC to market at $8,874,900 or 71% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Amerit Fleet Parent, LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on January 27, 2032. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Amerit Fleet Parent, LLC Amerit Fleet Parent, LLC has built reputation of being one of the country’s most dependable, trustworthy and hard-working partner through its singular focus on fleet maintenance and repair services. ANY HOUR: Cliffwater Corporate Marks $3.5 Million Loan at 51% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,578,681 loan extended to Any Hour, LLC to market at $1,756,929 or 49% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Any Hour, LLC. The loan accrues interest at a rate of 9.55% per annum. The loan matures on May 23, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Any Hour, LLC Any Hour LLC offers expert plumbing, drain, HVAC, and electrical solutions. ANY HOUR: Cliffwater Corporate Marks $7.6 Million Loan at 92% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $7,610,521 loan extended to Any Hour, LLC to market at $584,995 or 8% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Any Hour, LLC. The loan accrues interest at a rate of 9.55% per annum. The loan matures on May 23, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Any Hour, LLC Any Hour LLC offers expert plumbing, drain, HVAC, and electrical solutions. ANYWHERE REAL ESTATE: S&P Lowers Second-Lien Debt Rating to 'B' --------------------------------------------------------------- S&P Global Ratings lowered its issue-level ratings on the outstanding second-lien notes to 'B' from 'B+', and revised the recovery rating to '3' from '2'. S&P also assigned its 'B' issue-level rating and '3' recovery rating to the new second-lien notes. All other ratings, including its 'B' issuer credit rating and outlook are unchanged. The stable outlook reflects S&P's view that Anywhere's liquidity can withstand near-term housing market challenges, and that business conditions will improve over the next two years. Anywhere Real Estate Group LLC plans to issue $500 million of senior secured second-lien notes to repay its outstanding $403 million unsecured exchangeable notes due in 2026, reduce its outstanding revolver balance, and cover fees and expenses. The transaction will address near-term liquidity risks. Following the transaction, the company's nearest maturity is its $1.1 billion revolver due in July 2027. The new notes are pari-passu with the company's existing second-lien notes, and the additional debt reduces the recovery prospects for second-lien noteholders. The proposed transaction addresses near term liquidity risks; however, cash flow will be weaker due to higher interest expense. The new $500 million second-lien notes will repay the $403 million exchangeable notes due in June 2026, allowing the company to avoid triggering the springing March 2026 maturity on its $1.1 billion revolver had the notes remained outstanding. With the transaction, the company's nearest maturity is the revolver in July 2027 ($655 million outstanding as of June 16, 2025). Still, the company will incur a sizable increase in interest costs as the 0.25% exchangeable notes had negligible payments. S&P forecasts the transaction will increase the company's annual interest by over $40 million. S&P said, "We expect EBITDA growth in 2025 while existing home sales remain near 30-year lows. U.S. existing homes sales volumes remained depressed at under 4.1 million homes in 2024, and we expect they will remain near these levels in 2025 as 30-year mortgage rates remain elevated. Still, we forecast modest revenue growth for Anywhere this year due to rising home prices and the company's stronger performance in the luxury home market (homes over $1 million), which have had higher sales volumes with less pressure from high mortgage rates. We expect EBITDA growth will outpace revenue growth due to the company's cost-saving initiatives, resulting in S&P Global Ratings-adjusted net leverage improving below 7x in 2025 from 8x in 2024. "The company will likely generate negative free operating cash flow (FOCF) in 2025 due to one-time litigation and tax-related payments. Still, we believe its cost-saving initiatives support a rebound next year. We forecast the company will generate about negative $65 million of reported FOCF in 2025, including $114 million of nonrecurring tax and litigation payments, but we believe the company's cost-saving initiatives over the past three years have positioned it well to generate positive FOCF despite historically low home sales volumes. For 2026 we expect higher home sales volumes and forecast the company will return to positive reported FOCF generation of about $70 million to $80 million." Liquidity is tighter because of greater revolver draws. Over the past few years, Anywhere used revolver borrowings and cash on hand to repay debt and manage working capital needs. S&P said, "We still believe liquidity remains sufficient with $110 million cash and cash equivalents as of March 31, 2025 and over $400 million revolver capacity currently; however, we revised our assessment of the company's liquidity to adequate from strong as we no longer view its liquidity position as a positive differentiating factor compared to similarly rated peers. Still, our 'B' issuer credit rating is unchanged because we believe the company has made progress to cut costs and demonstrate stability in a weak operating environment, with forecasted leverage improving below 7x in 2025 with about $50 million of reported FOCF (excluding one-time payments and expenses)." The stable outlook reflects S&P's view that Anywhere's liquidity can withstand near-term housing market challenges, and that business conditions will improve over the next two years. S&P could lower the rating if it expects leverage to remain above 7x or for the company to generate negligible or negative FOCF in 2026. This could result from: -- Worsening home sale volumes contrary to S&P's assumption of improvement over the next 12-24 months; -- Eroding margins due to a rising operating cost base or the company not realizing benefits from its business investments; -- Increased competitive pressures driving down broker commission splits; or -- Elevated one-time items that drain the company's liquidity resources. S&P could take a positive rating action if mortgage rates show signs of dropping and meaningfully driving home sales volume. In such scenario, Anywhere will likely: -- Successfully execute and benefit from business initiatives; -- Reduce and sustain leverage below 6x; and -- Maintain solid liquidity with ample revolver availability and cash on hand. AORS REALTY: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------ On June 13, 2025, AORS Realty LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About AORS Realty LLC AORS Realty LLC leases real estate properties for rental operations. AORS Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16292) on June 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. The Debtors are represented by Diana Woody, Esq. at SCURA WIGFIELD, HEYER, STEVENS & CAMMAROTA LLP. APPLIED DNA: Falls Short of Nasdaq Bid Price Rule ------------------------------------------------- Applied DNA Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC that the Company no longer satisfies the $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's common stock, par value $0.001 per share, for the 32 consecutive business days from April 14, 2025 to May 29, 2025, the Company no longer satisfies the Bid Price Rule. As previously disclosed, at 12:01 a.m. Eastern Time on June 2, 2025, the Company effected a 1-for-15 reverse stock split of the Common Stock in an effort to regain compliance with the Bid Price Rule. To do so, the Company must evidence a closing bid price of at least $1.00 per share for a minimum of 10, but generally not more than 20, consecutive business days. The Notification Letter further indicated that, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for a compliance period under Nasdaq Listing Rule 5810(c)(3)(A) due to the fact that the Company has effected a reverse stock split over the prior one-year period or has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one; accordingly, the Company was informed that its securities were subject to delisting from Nasdaq unless the Company timely requested a hearing before the Nasdaq Hearings Panel. On June 6, 2025, the Company timely requested a hearing, which request will stay any further suspension or delisting action by Nasdaq at least pending the ultimate conclusion of the hearing process. There can be no assurance that the Panel will grant the Company's request for continued listing or that the Company will be able to regain compliance and thereafter maintain its listing on Nasdaq. About Applied DNA Sciences Applied DNA Sciences -- adnas.com -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Applied DNA Sciences had $16 million in total assets, $3.4 million in total liabilities, and $12.5 in total equity. APPTECH PAYMENTS: Thomas DeRosa Named President, Director --------------------------------------------------------- AppTech Payments Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Thomas DeRosa was appointed as the President and as a director by the board of directors to fill the vacant President position and director seat held by Virgilio Llapitan, who resigned effective May 19, 2025, as previously announced on Form 8-K filed with the Securities and Exchange Commission on May 19, 2025. There are no arrangements or understandings between Mr. DeRosa and any other person pursuant to which he was appointed as the President and as a director, and he has no transactions, relationships or arrangements with the Company that would require disclosure under Item 404(a) of Regulation S-K. Further, there are no family relationships among any of the Company's directors, executive officers and Mr. DeRosa. Mr. DeRosa will not be "independent" as defined under applicable rules of OTCQB and the SEC and is not expected to be appointed to any committee of the Board. About AppTech Payments Corp. Headquartered in Carlsbad, California, AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. San Diego, California-based DBBMcKennon, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has limited revenues and has suffered recurring losses from 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 $8.99 million in total assets, $3.52 million in total liabilities, and a total stockholders' equity of $5.47 million. ARENA GROUP: Regains Compliance With NYSE Listing Standards ----------------------------------------------------------- The Arena Group Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a notice letter from the NYSE American LLC stating that the Company is back in compliance with all of the NYSE American's continued listing standards set forth in Part 10 of the NYSE American Company Guide. Specifically, the Company has resolved the continued listing deficiency with respect to Sections 1003(a)(i), (ii) and (iii) of the Company Guide referenced in the NYSE American's letter dated October 4, 2024 since it demonstrated compliance with the continued listing standards for a period of two consecutive quarters pursuant to Section 1009(f) of the Company Guide. As a result, effective June 4, 2025, the below compliance indicator ceased to be disseminated for the Company's common stock and the Company was removed from the list of NYSE American noncompliant issuers on the NYSE American's website. In accordance with Section 1009(h) of the Company Guide, if the Company is again determined to be below any of the continued listing standards within 12 months of the date of the notice letter, NYSE American will examine the relationship between the two incidents of noncompliance and re-evaluate the Company's method of financial recovery from the first incident. NYSE American will then take the appropriate action, which, depending on the circumstances, may include truncating the compliance procedures described Section 1009 of the Company Guide or immediately initiating delisting proceedings. "We are pleased to have regained compliance with the NYSE American continued listing standards in such a short time," said Paul Edmondson, CEO of The Arena Group. "We believe this reflects not only the market-driven stock appreciation, but also our strengthened financial position and three consecutive profitable quarters for the first time in company history. We believe we are well-positioned to maintain profitability throughout 2025." Arena's common stock will continue to be traded on the NYSE American, subject to its continued compliance with all applicable listing standards About The Arena Group Headquartered in New York, The Arena Group Holdings, Inc. -- www.thearenagroup.net -- is a media company that leverages technology to build deep content verticals powered by anchor brands and a best-in-class digital media platform empowering publishers who impact, inform, educate, and entertain. The Company's strategy is to focus on key subject matter verticals where audiences are passionate about a topic category (e.g., sports and finance), leveraging the strength of its core brands to grow its audience and increase monetization both within its core brands and for its media publisher partners. The Company's focus is on leveraging its Platform and brands in targeted verticals to maximize audience reach, enhance engagement, and optimize monetization of digital publishing assets for the benefit of its users, its advertiser clients, and its greater than 40 owned and operated properties, as well as properties it runs on behalf of independent Publisher Partners. The Company owns and operates TheStreet, The Spun, Parade, and Men's Journal, and powers more than 320 independent Publisher Partners, including the many sports team sites that comprise FanNation. Chicago, Ill.-based KPMG LLP, 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 suffered recurring net losses from continuing operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $116.4 million in total assets, $246.5 million in total liabilities, $168,000 in total mezzanine equity and a total stockholders' deficit of $130.3 million. AT HOME GROUP: $2 Billion Bailout Plan Features Tariff Workaround ----------------------------------------------------------------- Steven Church uf Bloomberg News reports that the $2 billion restructuring plan for bankrupt retailer At Home Group Inc. includes an unusual provision that allows lenders to withdraw if tariffs substantially hurt the company's revenue. During a court hearing Tuesday, June 17, 2025, company attorney Matthew C. Fagen said that under the agreement, lenders such as Redwood Capital Management, Farallon Capital Management, and Anchorage Capital Advisors could walk away from the deal in the event of a qualifying "tariff event." Still, before any termination of the rescue financing, the company and its lenders would seek to reach a resolution, attorney Elizabeth H. Jones added. 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: Deadline for Panel Questionnaires Set for June 23 ---------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of At Home Group Inc. et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/35n6xz2b and return by email it to Megan Seliber -- megan.seliber@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Monday June 23, 2025 at 4:00 p.m. E.T. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About 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: Begins Ch. 11 to Restructure Debt, Transfer Ownership -------------------------------------------------------------- At Home Group Inc. announced on June 16, 2025, steps the Company is taking to strengthen its financial foundation and position the business for long-term success while continuing to serve its customers. The Company has entered into a Restructuring Support Agreement with lenders holding more than 95% of the Company's debt that 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. "We are pleased to have reached this agreement with our lenders, which represents a critical and positive advancement of our work to best position At Home for the future," said Brad Weston, Chief Executive Officer of At Home. "Over the past several months, we've taken deliberate steps to strengthen the foundation of our business - sharpening our focus, elevating our customer value proposition, and driving operational discipline. These efforts are aimed at delivering sustained sales growth, optimizing our inventory management, improving efficiency, and enhancing overall profitability. While we have made significant progress advancing our initiatives to date, we are operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs. The steps we are taking today to fully de-lever our balance sheet will improve our ability to compete in the marketplace in the face of continued volatility and increase the resilience of our business for the long term." "We are grateful to be moving forward with significant support from our financial stakeholders, which demonstrates their confidence in our business and our future strategy," continued Weston. "Upon emergence from the prearranged restructuring process, At Home will move forward with new owners and a meaningfully strengthened balance sheet. Importantly, this process will also further equip us with opportunities to invest in our strategic initiatives and to continue fortifying our business for the long term. As we work through this process, our stores and the teams that support them remain customer focused and committed to serving and inspiring customers, enabling them to Design Their Life AT HOME." Additional Information About the Court-Supervised Process To implement the terms of the RSA, the Company and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the "Court"). At Home is continuing to serve customers during the court-supervised process, providing exceptional value through affordable design and decorating solutions both in-store and online. Under the RSA, the Company has agreed to certain milestones to ensure an orderly emergence from Chapter 11 as soon as practicable after the filing of the cases. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession ("DIP") financing, which includes the $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Company's existing lenders and ABL lenders have also consented to the Company's use of cash collateral during these Chapter 11 cases. Upon Court approval, the Company expects this financing, together with cash generated from At Home's ongoing operations, will provide sufficient liquidity to support the business during the court-supervised process. At Home has filed a number of customary "first-day" motions with the Court to maintain business operations, facilitate the efficient administration of the Chapter 11 cases, and uphold its go--forward commitments to its stakeholders, including the continued payment of team member wages and benefits without interruption. At Home fully expects to pay vendors and suppliers in full under normal terms for goods and services provided after the filing date. The Company expects to receive court approval for these requests in the near term. Additional information regarding At Home's court-supervised process is available at AtHomeRestructuring.com. Court filings and other information related to the proceedings, including instructions on how to file a proof of claim, are available on a separate website administered by the Company's claims agent, Omni Agent Solutions, Inc. ("Omni"), at https://omniagentsolutions.com/AtHome, by calling Omni toll-free at (888) 818-9346 or (747) 293-0014 for calls originating outside of the U.S. or Canada, or by sending an email to AtHomeInquiries@OmniAgnt.com. Advisors Kirkland & Ellis is serving as legal counsel, PJT Partners is serving as financial advisor, AlixPartners is serving as restructuring advisor and Hilco Real Estate is serving as real estate consultant to At Home. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor. Dechert LLP is serving as legal counsel and Evercore Group LLC is serving as financial advisor to the ad hoc group of lenders. About At Home: AT HOME believes your home should be a reflection of your personal style -- warm, thoughtful and inviting. As your go-to source for design and decorating inspiration, AT HOME offers exclusive, elevated collections that blend value with distinctive style. The Company is passionate about helping customers Design Their Life AT HOME with beautiful, accessible solutions that inspire and engage. Headquartered in Coppell, Texas, AT HOME currently operates 260 stores in 40 states. For more information, please visit us online at athome.com. ATTORNEY DONALD: Tom Howley Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for Attorney Donald Wyatt, PC. Mr. Howley will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About Attorney Donald Wyatt PC Attorney Donald Wyatt, PC is a Texas-based law firm specializing in consumer bankruptcy, elder law, and probate matters. The firm is led by Donald L. Wyatt, Jr., who is Board Certified in Consumer Bankruptcy Law by the Texas Board of Legal Specialization. It operates in the Spring and The Woodlands areas of Texas. Attorney Donald Wyatt sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-32917) on May 28, 2025. In its petition, the Debtor reported total assets of $215,471 and total liabilities of $1,600,157. The Debtor is represented by Donald Wyatt, Esq., at Attorney Donald Wyatt, PC. AZUL SA: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------- The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Azul S.A. and its affiliates. The committee members are: 1. Airbus S.A.S. 2 rond-point Dewoitine 31700 Blagnac, France Attention: Paul Meijers, EVP Commercial Transactions Tel: +336 03 61 87 97 paul.meijers@airbus.com 2. DAE Holding (Ireland) Limited Central Quay Block B Riverside IV Sir John Rogerson's Quay D02 RR77, Dublin 2 Ireland Tel: +353 1 635 5000 legal@dubaiaerospace.com 3. Sindicato Nacional dos Aeronautas (SNA) Brazil, Sao Paulo SP Renascenca Street 801/112 Congonhas 04612-010 Attention: Captain Tiago Rosa, President Tel: (55) 11 5090-5100 Tiago.rosa@aeronautas.org.br 4. Sky High XXIII Leasing Company Limited and Sky High L Leasing Company Limited c/o ICBC International Leasing Company Limited 2 Grand Canal Square, Grand Canal Harbor Dublin 2, Ireland Attention: Peng Hou Tel: +353 87 3577230 alexhou@ie.icbcleasing.com 5. U.S. Bank Trust Company, N.A. 1025 Connecticut Avenue NW, Suite 510 Washington, DC 20036 Attention: Dave Diaz, Vice President dav.diaz@usbank.com 6. Viasat, Inc. 2501 Gateway Road Carlsbad, California 92008 Attention: Jeff Eddington, Associate General Counsel Tel: (760) 893-5165 Jeff.eddington@viasat.com 7. Willis Lease Finance Corporation 4700 Lyons Technology Parkway Coconut Creek, Florida 33073 Attention: Z. Cliffton Dameron IV, SVP & General Counsel Tel: (561) 349-8963 cdameron@willislease.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Azul SA Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020 Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal Counsel. BAYSHORE SUITES: Court Extends Cash Collateral Access to Sept. 23 ----------------------------------------------------------------- Bayshore Suites, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division to use cash collateral. At the hearing held on June 11, the court extended the Debtor's authority to use cash collateral to September 23. The court previously issued an interim order authorizing the Debtor to access cash collateral to pay its expenses; granting secured creditor, SHC-ET Funding VII, LLC, replacement liens on all of the Debtor's current and future assets; and authorizing the Debtor to make monthly payments of $27,562 to the secured creditor. This interim authorization terminated on June 13. Bayshore Suites continues to operate its business and manage its property and affairs as a debtor-in-possession. In that capacity, the Debtor uses property which may qualify as cash collateral. As of the petition date, the Debtor's scheduled deposits and prepayments totaled $1,222.00. However, the Debtor expects it will receive rental income from its real property. About Bayshore Suites LLC Bayshore Suites LLC owns two properties: one at 3200-3248 Bayshore Dr., Naples, FL 34112, valued at $4.6 million in liquidation, and another at 2836 Shoreview Dr., Naples, FL 34112, with a liquidation value of $1 million. Bayshore Suites LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00218) on February 11, 2025. In its petition, the Debtor reported total assets of $5,631,222 and total liabilities of $7,297,236. Judge Caryl E. Delano handles the case. The Debtor is represented by Michael Dal Lago, Esq., at Dal Lago Law. BCP V EVERISE: Moody's Lowers CFR to 'Caa1', Outlook Stable ----------------------------------------------------------- Moody's Ratings downgraded BCP V Everise Acquisition LLC's (Everise) corporate family rating to Caa1 from B3, and its probability of default rating to Caa1-PD from B3-PD. At the same time, Moody's downgraded the company's backed senior secured bank credit facilities, including a term loan A, a term loan B and a revolving credit facility, to Caa1 from B3. The outlook is stable. Everise is a global provider of technology-enabled, omni-channel customer management services primarily to healthcare and insurance businesses. The downgrade reflects Moody's expectations that operating performance will not improve significantly in the near term, and weakened liquidity will persist, as evidenced by a free cash flow deficit and limited revolver availability. The action also reflects Moody's expectations that financial leverage may remain elevated over the next 12-18 months, around 7x. Large EBITDA-add-backs and integration risks from a recent sizable acquisition weaken the quality of earnings and could result in lower profitability and cash flow than originally anticipated, increasing uncertainty around the timeline to reduce leverage and improve liquidity. The company's credit metrics might remain under pressure without a material recovery in top-line growth and a revival of Medicare Advantage (MA) reimbursement rates. Governance considerations were a key driver of action, particularly risks stemming from the company's aggressive financial policies that have sustained high financial leverage despite a weakening operating backdrop. RATINGS RATIONALE Everise's Caa1 CFR reflects its small revenue base, high leverage, substantial customer concentration, and weak liquidity profile. The company's reliance on its top three customers, which account for approximately 60% of pro forma revenue from the SGC acquisition, highlights this concentration risk. The risk is somewhat mitigated by diversifying exposure across multiple contracts with distinct decision-makers within each business line. In 2024, the company faced a revenue decline due to a subdued MA macro environment, characterized by elevated MA utilization and rising issuer costs. Modest recovery in revenue growth is anticipated in 2026, driven by increased MA reimbursement rates, and expanded coverage of major health insurers following the acquisition of the CGS healthcare vertical. Moody's expects debt/EBITDA to decrease to the high 6x range by 2026, down from 7.3x pro forma for acquisition as of March 31, 2025, supported by modestly enhanced profitability and mandatory debt repayments. Despite expectations to normalize its working capital, Moody's anticipates that a modest free cash flow deficit will persist due to lower profitability and higher interest expenses during this period. Operating within a highly competitive and fragmented industry, Everise must invest in technological innovation and enhanced capabilities to maintain its market position. The rapid evolution of generative AI technology could disrupt the customer experience business process outsourcing (CX BPO) industry, potentially impacting the company's long-term revenue and profitability. Additionally, Everise's high concentration in the heavily regulated healthcare and insurance verticals leaves it vulnerable to regulatory changes that could limit demand for its services. All forecast metrics are calculated based on Moody's views and include Moody's standard adjustments unless stated otherwise. The company's credit profile benefits from its operations in relatively stable and highly regulated end market, and high customer renewal rates that provide high revenue visibility. Given that Everise's customer management services are embedded within its client's systems, the decision to switch vendors could result in significant disruption and high costs, leading to high customer retention. The company has also introduced the new digital EverAI platform, which streamlines agent recruitment and training to improve efficiency. Moody's expects no revenue growth in 2025, followed by a modest recovery in 2026, driven by some recovery in call volumes and new logo wins. However, potential headwinds may persist as major MA issuers continue to seek margin recovery by removing unprofitable members, which could lead to lower member enrollment and increased consideration of cost-saving measures like nearshoring and offshoring. Moody's expects that Everise will maintain weak liquidity over the next 12 to 15 months. Liquidity is supported by around $34 million in cash, as of March 31, 2025, and only $18 million available under its $90 million revolving credit facility, which expires in 2028. Moody's expects that the company will continue to have a free cash flow deficit, as a result of weak operating performance and the high interest expense burden. Everise utilized its revolver and a securitization program, along with cash on hand, to fund the acquisition of CGS. The company's $110 million securitization program for seasonal periods has approximately $20 million available under the program. Everise faces some seasonality, with high working capital requirements in Q4 due to Medicare/Medicaid enrollment periods, which increase receivables that are expected to convert to cash in Q1 and Q2. Floating rate debt, primarily hedged for Term Loan B, poses some vulnerability to rising interest rates, potentially impacting cash flow. The company also faces about $9 million in annual amortization under Term Loan A at 1% and Term Loan B at 2.5%. However, Moody's expects sufficient coverage for mandatory debt repayments. The Term Loan A is required to maintain a senior secured first lien net leverage ratio that does not exceed 8.5x. The revolver is subject to a springing maximum first-lien net leverage ratio of 8x, which is triggered when the utilization of the revolver exceeds 40% (or $36 million, calculated net of cash and cash equivalent). Moody's expects the company will have a good cushion relative to the covenant limit. The Caa1 ratings on the senior secured credit facilities, including a $90 million revolving credit facility expiring December 2028, a $175 million term loan A due June 2029 and a $250 million term loan B due December 2029, are in line with Everise's Caa1 CFR, and reflect its preponderance in the capital structure. The credit facilities are guaranteed by Everise Holdings Pte. Ltd. and wholly-owned US restricted subsidiaries of BCP V Everise Acquisition LLC, other than any excluded subsidiary as defined by the credit agreement. The term loan and revolver also have a first priority security interest in substantially all assets of the borrower and guarantors. The stable outlook reflects Moody's expectations that liquidity will remain weak over the next 12-18 months, characterized by a persistent free cash flow deficit and revolver utilization. Moody's anticipates that the challenging environment will persist into 2025, keeping organic growth relatively flat, followed by a modest recovery in 2026, with consistent EBITDA margins in the mid-teens, which are lower than historical levels. Moody's also anticipates leverage to remain elevated, around the high 6x range over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Everise materially increases revenue and margins while improving liquidity, with free cash flow improving at or above breakeven levels, and debt/EBITDA leverage diminishes towards 6x. The ratings could be downgraded if Everise's operating performance weakens due to major customer losses or other operating pressures, and if liquidity deteriorates further, leading to an increased free cash flow deficit and a significant rise in debt/EBITDA from current levels. 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. Everise, headquartered in the US with a corporate office in Singapore, is a global provider of technology-enabled, omni-channel customer management services, primarily to healthcare and insurance businesses. The company is owned by Brookfield Asset Management Inc. and Warburg Pincus International LLC. BEACH ACQUISITION: S&P Assigns 'BB-' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issuer credit rating to U.S-based Beach Acquisition Co Parent LLC (dba Skechers). The outlook is stable. S&P said, "Concurrently, we assigned a 'BB-' issue-level rating to the company's proposed $2.1 billion term loan B due in 2032 and $1.8 billion of senior secured notes due in 2032. We assigned a recovery rating of '3' indicating our expectation for (50%-70%, 65% rounded estimate) which indicates meaningful recovery in the event of a payment default. "The stable outlook reflects our forecast for continued revenue growth of at least mid-single-digit percent due to increased distribution, market share gains, and new stores. The outlook also incorporates our expectation for leverage to be in the 4x-5x range 12-months post transaction close." Skechers announced it will be acquired and taken private by 3G Capital. The deal is expected to close in the third quarter of 2025. The transaction will be financed with $6.4 billion of new debt and $4.5 billion of equity. S&P said, "We estimate pro forma S&P Global Ratings-adjusted leverage for the last 12 months (LTM) ended March 31, 2025, will be in the low-5x, improving to the high-4x area by the end of 2026, inclusive of modest synergy realization and improving EBITDA throughout the year. "We expect pro forma leverage will be near 5x pro-forma and managed in the 4x-5x range. The leveraged buyout of Skechers U.S.A. Inc. by financial sponsor 3G Capital will add meaningful debt to the company's balance sheet. The transaction is being financed with a proposed senior secured $2.1 billion term loan B maturing in 2032, $1.8 billion of pari passu senior secured notes due 2032, $2.5 billion of junior payment in kind (PIK0 toggle debt and a $1.6 billion revolver due in 2030 (unrated and undrawn at close). We estimate pro forma leverage will be 5.3x for the LTM ended March 31, 2025, improving to 4.8x by the end of fiscal 2026. 3G has identified significant cost-savings for Skechers. Our forecast includes $250 million in savings over the next three years offset by the restructuring and severance costs to achieve them. The majority of the savings identified are on supply chain improvements and improved buying power. The remainder is from corporates costs and select store closures. "We forecast growth will continue over the next 12 months despite weakened macroeconomic conditions. Skechers' growth has outpaced its peers since the pandemic. The company has grown to $9.0 billion in annual sales in 2024 from $2.4 billion over the last 10 years. Franchised and licensed stores have increased to 3,509 from below 1,000 and its owned retail store footprint has grown to 1,787 from below 1,000, with more stores internationally than domestic. Geographically the growth has been outpaced in the EMEA and LatAM regions which the franchise model supports. The brand's ecommerce sales have been a driver as its owned website has expanded into more countries. We forecast sales will increase 6% year over year in 2025; this is slower than 12% growth in 2024, which was due to a rebound in the wholesale channel after a weak 2023. We forecast growth from new store openings and increased distribution despite a weaker consumer environment negatively affecting discretionary purchases. "Skechers is the No. 3 global player in the footwear industry by market share, which supports our 'BB-' rating on the company. The global sportswear industry is estimated near $430 billion and highly competitive. Skechers competes against the larger sportswear brands, such as Nike and Adidas, which are sizeable and have more diverse footwear and apparel product portfolios. The global sportswear category is highly competitive and top competitors have consistently grown from supportive trends of casualization of office attire, athleisure style, increased focus on health and increased penetration of women consumers in the category. Skechers has increased its market share position over the last several years as it grew its store base and distribution. But it also comes at a time when the footwear industry has seen brand missteps from Nike, Vans and Under Armour and outlier growth from newer entrants On Running and Hoka, to revitalized growth for brands such as New Balance and Crocs. Skechers employs a fast-follow product development model which lowers research and development and some fashion risk. However, the brand's competitive advantage is its niche placement in the kids and above 35 age demographics with a focus on comfort and value. Skechers is sold at a lower price point to peers and under $100 per pair and its top 5 wholesale customers reflect a more value-oriented assortment. In comparison, Nike, Adidas, On and Hoka sell primarily through the specialty retail channel and target younger consumers at much higher price points, though they have SKUs that could compete directly with Skechers. Therefore, we view the Skechers' consumer as underserved. "We view 3G Capital as a financial sponsor owner, which constrains our financial risk profile. Pro forma for this transaction, 3G Capital will be the majority owner of the company with approximately 80% ownership and control the board. The founder, current CEO Robert Greenberg and his family, and management will own the remainder of company. We view 3G Capital as a financial sponsor given its use of debt and leverage to buy companies. Given its small portfolio of investments and strategy, we think it has a longer holding period than other financial sponsors. We do not expect 3G Capital will use free operating cash flow (FOCF) for acquisitions given Skechers organic growth prospects. However, we do not exclude the possibility that excess FOCF could be used for shareholder distributions in the future while maintaining leverage below 5x. "Skechers is exposed to tariff risk. Skechers does not own any of its manufacturing and produces its footwear in mostly Vietnam and China. The company has meaningfully reduced its sourcing mix from China in 2025. However, we believe it could be difficult for the company to further reduce its exposure to tariffs on Chinese imports because kids footwear, which is price-sensitive and low margin, would be difficult to manufacture elsewhere. Still, the U.S. represents 30% of its cost of goods sold, and we expect the company will mitigate its tariff risk through a combination of producing more in Vietnam for the U.S. and through modest price increases if needed. The company stated a minimal price increase could fully offset the current proposed tariff rates without pullback in demand given its already lower price point. Furthermore, the brand can benefit from pullback in other brands, as more expensive brands will raise prices by a wider margin to offset tariffs. However, Skechers is exposed to a lower income demographic than Nike, Adidas, and New Balance, and price-sensitive consumers are likely to pull back first and at a greater degree, making it difficult to offset the tariffs. "We estimate FOCF will improve over time as capital expenditures (capex) decrease. As a family owned, publicly traded company, Skechers was spending more on growth capital expenditures on owned distribution centers to support future growth. Additionally, the company spent more on its corporate offices and had multiple airplanes that required maintenance. On a go-forward basis we project capital expenditures to come down as the growth projects are completed and capex is closer to maintenance levels. We project $620 million of capex in 2025, going down to approximately $370 million in 2026, resulting in FOCF of $125-$150 million and $450-$500 million, respectively. We do not assume any shareholder returns. "Sizeable debt burden will lead to significant interest costs. We estimate annual interest expense (including PIK interest) will be near $650 million and EBITDA interest coverage in the 2.8x range after a full year of PIK interest. Our model assumes the PIK toggle notes will be PIK for the first two years but note that the company has the option to PIK or pay cash at their discretionary on a period-by-period basis. The option to PIK will give the company flexibility during challenging periods, but it will also accrue at a high 10.5% rate, which will materially burden the balance sheet and cash flow." The stable outlook reflects our forecast for continued revenue growth of at least mid-single-digit percent due to increased distribution, market share gains, and new stores. The outlook also incorporates our expectation for leverage to be in the 4x-5x range 12 months post-transaction close. S&P could lower its ratings if leverage is sustained above 5x. This could occur if: -- Operating performance deteriorates due to worsening macroeconomic conditions eroding demand for footwear. -- The company cannot offset tariff costs with price increases leading to a weaker forecast. -- The Skechers brand loses resonance with consumers leading to declining demand. -- Higher costs to achieve synergies delay leverage reduction. -- Its owners pursue debt funded shareholder returns or acquisitions. S&P said, "We could raise our ratings if leverage is sustained below 4x and its financial policy is consistent with maintaining these levels in most macroeconomic conditions. Additionally, we would anticipate for its financial sponsor, 3G Capital to relinquish control over the medium term." This could occur if: -- The company demonstrates a track-record of maintaining market share gains and further diversifies its product offerings beyond the footwear category. -- Profitability improves through greater-than-forecast synergy realization. -- Management demonstrates a track record of maintaining leverage under 4x -- S&P anticipates the ownership structure to change over the medium term, likely through an initial public offering. BIOMERICA INC: Names Eric Chin as Director, Audit Committee Chair ----------------------------------------------------------------- Biomerica, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective June 4, 2025, Ms. Cathy Coste stepped down as a member of the Board of Directors. Ms. Coste's resignation did not result from any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. On the same date, the Board appointed Mr. Eric Chin to serve as an independent member of the Board, effective immediately, filling the vacancy created by Ms. Coste's resignation. The Board has determined that Mr. Chin is an independent director within the meaning of Nasdaq Rule 5605 and the Securities Exchange Act of 1934, as amended and qualifies as an "audit committee financial expert" as that term is defined in Item 407(d)(5) of Regulation S-K under the Exchange Act. In addition to his appointment as an independent director, Mr. Chin will serve as the Chairperson of the Audit Committee and shall serve as a member of the Nominating and Corporate Governance Committee and Compensation Committee. Mr. Chin has served as the Chief Financial Officer of Akido Labs since January 2023. He has also served on the Board of Directors of Rhode Island Primary Care Physicians Corporation since December 2023. Prior to that, Mr. Chin served as the Chief Financial Officer of Astrana Health (formerly known as Apollo Medical Holdings, Inc.) from 2018 to 2022, and as Controller/Head of Finance - Real Estate at Public Storage from 2015 to 2018. From 2011 to 2015, he served as Assistant Vice President - Financial Reporting at Alexandria Real Estate Equities, Inc. Mr. Chin began his career at Ernst & Young LLP in 2002. He is a Certified Public Accountant and received his Bachelor of Arts in Business/Economics with a specialization in Accounting and Computing from UCLA. In connection with Mr. Chin's appointment to the Board, Mr. Chin will receive an annualized cash fee of $41,000 (paid quarterly), and 10,000 Restricted Shares under the 2024 Stock Incentive Plan as equity compensation. The Restricted Shares shall "cliff vest" 100% on December 12, 2025, and shall otherwise be subject to the terms and conditions found in the Plan and in the issuance agreement to be provided to Mr. Chin. Mr. Chin does not have a family relationship with any of the executive officers or directors of the Company. There are no arrangements or understandings between Mr. Chin and any other persons pursuant to which he was selected as a director, and there are no transactions in which he has an interest requiring disclosure under Item 404(a) of Regulation S-K. About Biomerica, Inc. Headquartered in Irvine, Calif., Biomerica, Inc. is a global biomedical technology Company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products. The Company's diagnostic test kits are utilized in the analysis of blood, urine, nasal, or fecal samples for the diagnosis of various diseases, food intolerances, and other medical conditions. These kits also measure levels of specific hormones, antibodies, antigens, and other substances, which may exist in the human body at extremely low concentrations. The Company's products are designed to enhance health and well-being while reducing overall healthcare costs. Irvine, Calif.-based Haskell & White LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 28, 2024, citing that the Company has experienced recurring losses and negative cash flows from operations and has an accumulated deficit and limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. BOMBARDIER INC: S&P Upgrades ICR to 'BB-' on Earnings ----------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Montreal-based business jet manufacturer Bombardier Inc. to 'BB-' from 'B+'. S&P said, "At the same time, we raised our issue-level ratings on the company's unsecured debt to 'BB-' from 'B+'. The '4' recovery rating is unchanged. "We also raised our rating on the company's preferred shares to 'B-' from 'CCC+'. "The stable outlook reflects our expectation that its S&P Global Ratings-adjusted debt to EBITDA will be 2x-3x over the next couple of years. "In our view, Bombardier's competitive position has strengthened in recent years as it ramped up production and deliveries of its aircraft while growing its backlog. Bombardier's business jet deliveries are on track to exceed 150 units this year, which demonstrates a well-executed production ramp up of its Global and Challenger series jets over the past few years despite supply chain challenges across the industry. This, combined with growth in its aftermarket services, has contributed to Bombardier's increased scale and EBITDA margins that we assume will continue to grow, supported by a solid order backlog and product offering. Bombardier is the second-largest business jet manufacturer by revenue (behind Gulfstream) with an estimated market share of about 20% based on units delivered. "In our view, the company is well-positioned in the large and medium cabin business jet categories, with its flagship Global and Challenger series aircraft experiencing strong order demand. In particular, we consider its Global series best-in-class in the ultra-long-range jet market. The Global 8000 is expected to enter service later this year and includes some modest enhancements to the Global 7500 that entered service in late 2018. This addition to the Global series line-up required very little investment and should enable Bombardier to defend or grow its market position and pricing. "We expect Bombardier deliver about 150 jets annually over the next few years while maintaining good cost controls and pursuing growth opportunities in higher margin aftermarket services and defense contracts. As a result, we forecast annual adjusted EBITDA growth to average in the high-single-digit area over the next three years. We also assume Bombardier has no plans to invest in a clean-sheet jet design this decade and very low anticipated cash tax payments over the next several years owing to its significant tax attributes, which should support solid annual free operating cash flow (FOCF) generation above $700 million." Growth in aftermarket services and defense will support revenue diversity and margin expansion. Bombardier's aftermarket services segment has more than doubled since 2020, having generated just over $2 billion of revenue in 2024 or about 23% of consolidated revenue. This growth stemmed from market share gains amid favorable aircraft usage and the company's life-cycle management approach. S&P said, "We assume annual revenue growth in the segment to moderate in the low- to mid-single-digit area going forward as Bombardier maintains 50%-52% share of its addressable market and leverages its large installed fleet of approximately 5,100 aircraft worldwide. In our view, Bombardier will generate about one-quarter of revenue from aftermarket services, which is a steadier earnings stream for the company to balance its relatively more cyclical and volatile business jet deliveries. We also estimate its aftermarket services will generate EBITDA margins of at least 20%, which should contribute to improved profitability over the next few years. Bombardier's aircraft is also adapted for intelligence, surveillance, and reconnaissance missions by defense contractors. This is a higher margin end market that we assume will continue to grow over the next few years and provide some diversity away from its traditional business jet customers that include high-net worth individuals and fleet operators such as VistaJet and NetJets." S&P said, "The upgrade reflects our expectation for adjusted debt to EBITDA of 2.5x-3.0x over the next few years with improved financial flexibility from higher FOCF generation. Bombardier has maintained a year-end cash balance well above $1 billion over the past several years, which we did not net against debt. Given our assessment of Bombardier's business risk profile has improved, we plan to start netting cash against debt this year, which contributes to stronger adjusted credit measure. We assume Bombardier will maintain $1 billion–$1.3 billion of cash and cash equivalents, which contributes to a reduction in leverage of about 1x when netted against debt. Our forecast earnings growth and annual FOCF generation of more than $700 million provide Bombardier with meaningful financial flexibility, in our view, to further reduce debt or cushion the company against weaker potential earnings from tariff uncertainty, operating disruptions, or weaker demand. Our assumption is that the company will distribute all its FOCF generation to shareholders in the form of dividends and share repurchases while refinancing upcoming debt maturities. Under this scenario, we estimate net leverage per the company's calculation to be at the lower end of its 2x-2.5x target. "Our rating incorporates Bombardier's narrow product offering and potential earnings and cash flow volatility. With a product offering almost exclusively focused on the Challenger and Global series, we believe Bombardier lacks diversification, making it sensitive to changes in business jet market conditions. Demand for these aircraft tend to rise and fall with macroeconomic cycles and general corporate profitability, particularly in the U.S., the largest market for business jets and where Bombardier generated about 64% of its revenue in 2024. That said, we view demand for the larger cabin, longer range business jets Bombardier offers customers (which include ultra-high net worth individuals) to be less sensitive to weaker macroeconomic conditions compared with smaller business jets. Furthermore, we believe Bombardier's long production cycle combined with a complex, global supply chain adds logistical and execution risk to its production process. Working capital requirements typically increase by $400 million to $500 million during the first half of the year and reverses in the second half as deliveries increase. This contributes to net leverage that is about half a turn higher at the end of the second quarter compared with year end. "In our view, Bombardier's limited product breadth, cyclical demand for business jets, slowing global GDP growth this year, and working capital volatility, contribute to potential earnings and cash flow volatility that limits ratings upside under our currently forecast credit measures. We also acknowledge ongoing uncertainty with respect to tariffs could introduce supply challenges and if reinstated create a competitive disadvantage for the company since it has a larger manufacturing footprint outside the U.S. compared with some of its peers. Currently, Bombardier's aircraft that receive final assembly in Canada and then sold to the U.S. are exempt from tariffs as they qualify under USMCA. "The stable outlook reflects our expectation that Bombardier will continue to execute on its over $14 billion backlog while growing its aftermarket services. This should support low- to mid-single-digit annual revenue growth and modest margin expansion over the next few years. The outlook also incorporates our expectation for the company to maintain S&P Global Ratings-adjusted debt to EBITDA of 2x-3x and FOCF to debt of over 15%. "We could downgrade Bombardier within the next 12 months if we expect adjusted debt-to-EBITDA to be sustained well above 3x. This could occur if the company's backlog declines on lower business jet orders, potentially from a deterioration in economic conditions or competitive pressures. This could also occur if the company experiences significant operational or supply chain challenges that negatively affect profitability and earnings. "We could upgrade Bombardier within the next 12 months if we expect adjusted debt-to-EBITDA to be sustained under 2x, with supported by solid growth prospects and FOCF generation. In this scenario, Bombardier would likely need to demonstrate a financial policy that is more conservative than we currently view it." BOOKZ FOR BUSINESS: Cameron McCord Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Bookz For Business, Inc. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About Bookz For Business Bookz For Business Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56264) on June 4, 2025. BOY SCOUTS: Sex Abuse Claims Surge Over $7 Billion -------------------------------------------------- Becky Yerak of The Wall Street Journal reports that the compensation owed to men who suffered sexual abuse in the Boy Scouts of America has climbed to over $7 billion—more than double the original estimate outlined in the organization's bankruptcy plan. This amount does not account for tens of thousands of pending claims, and the settlement fund responsible for compensating survivors has warned that full payments are no longer expected. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BOZA GROUP: Joseph Schwartz Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Joseph Schwartz, Esq., at Riker Danzig Scherer Hyland & Perretti, LLP, as Subchapter V trustee for The Boza Group, LLC. Mr. Schwartz will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwartz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph L. Schwartz, Esq. Riker Danzig Scherer Hyland & Perretti, LLP One Speedwell Avenue, Morristown, NJ 07962-1981 Phone: (973) 451-8506 Email: jschwartz@riker.com About The Boza Group The Boza Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15713) on May 30, 2025, with $500,001 to $1 million in assets and liabilities. Judge John K. Sherwood presides over the case. Brett Silverman, Esq., at Silveman Law, PLLC represents the Debtor as bankruptcy counsel. BRIDGEPREP ACADEMY: Moody's Rates Ser. 2025A/B Revenue Bonds 'Ba1' ------------------------------------------------------------------ Moody's Ratings has assigned an initial Ba1 rating to BridgePrep Academy, Inc., Obligated Group, FL's Educational Facilities Revenue Bonds (BridgePrep Academy Projects), Series 2025A and Taxable Educational Facilities Revenue Bonds (BridgePrep Academy Projects), Series 2025B. The bonds will be issued by the Florida Local Government Finance Commission, as conduit issuer. Following the issuance, the obligated group will have a total of $198.6 million in outstanding revenue debt. RATINGS RATIONALE The Ba1 rating reflects the obligated group's moderate competitive position, satisfactory financial metrics, elevated long term leverage, and low risk of non-renewal of each school's individual charter. The obligated group consists of a subset of 8 schools in the BridgePrep Academy Inc. charter school network, and are located within 5 counties across the State of Florida (Aaa stable). Enrollment and academic trends across the obligated group vary, but have been generally positive, with enrollment projected to increase by a total of 27% over the next five years. The obligated group's operating history is somewhat limited, as 4 of the 8 schools have been in operation for less than five years. Favorably, spendable cash across the obligated group has improved significantly over the past three years, and is estimated to close fiscal 2025 at 81 days cash on hand. The obligated group's fiscal 2025 expected cash flow margin of 22% will contribute to approximately 1.3x annual debt service coverage for the year. Debt service coverage is projected to moderately strengthen over the next several years as enrollment gains drive revenue growth. The obligated group's leverage will be elevated following the issuance of the current bonds issue. Despite this elevated leverage, planned refinancing and the acquisition of the obligated groups' facilities are expected to lower annual fixed costs, thereby improving financial flexibility. Additionally, increases to the obligated group's revenue base will decrease its debt to revenue ratio over time. Governance plays a pivotal role in this rating action. The obligated group benefits from experienced management and a well-structured board, which collectively reduce the risk of charter non-renewal. However, variability in charter renewal risk exists due to differences among individual schools and their various authorizers. The overall governance profile will remain stable, supported by a favorable legislative environment for charter schools within the State of Florida. RATING OUTLOOK The stable outlook reflects continued demand at the obligated group's schools, resulting in near-term enrollment and revenue growth. The stable outlook also reflects the likelihood of healthy operations and financial metrics. Increasing improvement to each school's academic performance will contribute to future charter renewals. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained growth to enrollment and revenue across the obligated group's 8 schools -- Improved academic performance as indicated by State of Florida annual assessment scores -- Sustained strengthening of days cash on hand to above 100 days, and annual debt service coverage consistently above 1.5x -- Significant reduction to the obligated group's leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability of the obligated group to meet annual projected enrollment and revenue growth targets -- Weakened academic performance as indicated by State of Florida annual assessment scores -- Maintenance of narrow operating margins, days cash on hand below 75 days, or debt service coverage near or below 1.2x -- Material increases to the obligated group's leverage ratios PROFILE BridgePrep Academy, Inc., is a not-for-profit charter school network currently consisting of 20 schools across the state of Florida, including the 8 schools pledged to the obligated group. The network's mission is to provide a challenging academic curriculum, including an enriched Spanish language program, with a focus on college prep. The network is governed by a six member board of directors and is managed by S.M.A.R.T. Management. The network's total enrollment for the 2024-2025 school year was roughly 9,700 students, including approximately 5,600 students enrolled in the obligated group schools. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. BRIGHTSTAR PROPERTY: Unsecureds to Split $66,500 over 36 Months --------------------------------------------------------------- Brightstar Property Maintenance Services, Inc., submitted a Second Amended Plan of Reorganization for Small Business dated June 4, 2025. The Debtor has been meeting its post-petition target to bring in approximately $130,000 per month, but due to issues with certain contracts expects gross revenue in 2025 to average approximately $127,000 per month. The Debtor has sufficient funds to meet its Plan obligations. Debtor has implemented certain cost-cutting measures (Abandonment of 10 trucks and trailers and reducing staff) and continues seeking new business which enables Debtor to satisfy its Plan obligations. The Debtor also has indebtedness to the Internal Revenue Service which is subject to objection. The Debtor estimates that the pre petition indebtedness owed to the IRS is $90,000 which will be paid pursuant to the Plan at $1,944.00 per month in months 1-24 and $3,610.00 months 25-36. The post-petition administrative amount owed to the IRS is approximately $100,000, which includes the first quarter of 2025 and will be paid at confirmation. The Debtor has objected to the IRS unsecured priority claim on the basis the taxes were paid and based on a recent meeting with an IRS representative and documents provided. The Debtor's operations have generally stabilized as a result of this Chapter 11 case and the cost-cutting measures taken by the Debtor. The Plan payments will be made from net revenues (disposable income) over the life of the Plan. General Unsecured creditors with allowed claims will be paid $66,500 over the life of the Plan, approximately 12% to 14% which will be disbursed, as set forth in the Distribution Schedule. This amount is greater than the amount set forth in the prior proposed plans as well as payments commencing in year one of the Plan. The final Plan payment is expected to be paid in approximately May 2028. The value of the Debtor's assets at the time of the bankruptcy petition was approximately $1,100,683.00. This Plan of Reorganization proposes to pay creditors of Mario the Debtor from cash flow from operations. Class 8 consists of Allowed Unsecured Claims. Payments to allowed unsecured claims commence month 4 in the amount of $4,000, $4,000 in month 8 and 4,000 month 12. $7,000.00 month 20 and $10,000, $10,000 payment in month 24, payment in month 27 in the amount of $10,000, payment in month 30 in the amount of $7,500, payment in month 33 in the amount of $10,000 and payment in month 36 in the amount of $10,000 as set forth in the Distribution Schedule. The total payments are $66,500. Class 8 is impaired. Class 9 Equity shall maintain their equity ownership of the Debtor. Mr. Leon Nelson owns 100% of the shares of the Debtor. The Debtor shall fund the plan from its revenues received from the revenues derived from its operations which pursuant to its projections is sufficient to pay the plan payments on a timely basis. A full-text copy of the Second Amended Plan dated June 4, 2025 is available at https://urlcurt.com/u?l=Nq9kaR from PacerMonitor.com at no charge. Attorney for the Debtor: Thomas L. Abrams, Esq. GAMBERG & ABRAMS 633 S. Andrews Avenue, #500 Fort Lauderdale, FL 33301 Tel: (954) 523-0900 Fax: (954) 915-9016 Email:tabrams@tabramslaw.com About Brightstar Property Maintenance Brightstar Property Maintenance Services, Inc., offers property maintenance services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-20835) on Dec. 29, 2023. In the petition signed by Leon Nelson, president, the Debtor disclosed $1,100,683 in assets and $1,074,719 in liabilities. Judge Scott M. Grossman oversees the case. Thomas L. Abrams, Esq., at THOMAS L ABRAMS PA, is the Debtor's legal counsel. BROADWAY REALTY: Hires Stretto Inc as Administrative Advisor ------------------------------------------------------------ Broadway Realty I CO., LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Stretto, Inc. as administrative advisor. The firm will provide these services: a. assist with, among other things, solicitation, balloting, and tabulation of votes; prepare any related reports, as required in support of confirmation of a chapter 11 plan; b. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c. assist with the preparation of the Debtors’ schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; d. assist with the preparation of the Debtors’ monthly operating reports and gather data in conjunction therewith; e. manage and coordinate any distributions pursuant to a chapter 11 plan if designated as distribution agent under such plan; and f. provide claims analysis and reconciliation, case research, and any related services otherwise required by applicable law, governmental regulations, or court rules or orders in connection with these Chapter 11 Cases. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sheryl Betance, a Senior Managing Director at Stretto, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Tel: (714) 716-1872 Email: sheryl.betance@stretto.com About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. CAPSTONE BORROWER: S&P Affirms 'B-' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings affirmed all ratings on Capstone Borrower Inc. (doing business as Cvent), including its 'B-' issuer credit rating. S&P said, "The stable outlook reflects our expectation for performance improvement as the company executes its cost-saving initiatives and acquisition strategy, resulting in a return to positive free operating cash flow (FOCF) generation by 2026. "We view Cvent's transaction as an opportunistic restructuring of its capital structure and do not anticipate material credit implications. Cvent will use a portion of the $325 million add-on senior secured notes to redeem $347 million of its preferred shares to manage future paid-in-kind (PIK) dividend accruals. While the partial redemption of the preferred shares is below par, we do not consider the transaction as a default because we do not believe Cvent would have defaulted on its preferred equity if the transaction was not completed. The shares have a PIK dividend, and there is no mandatory payment required prior to maturity. The preferred equity is also structured as PIK for life, with a perpetual maturity. "We believe the transaction is credit neutral and pro forma credit metrics are still in line with expectations for the current rating and outlook, which reflects its high leverage and cash flow deficits. We expect the incremental debt will increase the company's interest expense by about $25 million starting in 2026 on an annualized basis. We believe further pressure on its interest burden limits the company's flexibility to pursue future merger and acquisition (M&A) opportunities, which has been one key component of its growth strategy in recent years. Blackstone and co-investors plan to purchase the remaining portion of the preferred equity, which is currently owned by Vista Equity Partners, that is not redeemed by Cvent through the incremental debt raise. We will continue to monitor future debt issuances, which would likely result in a material weakening of Cvent's creditworthiness and could challenge its ability to generate cash flow. "Cvent's healthy revenue growth and margin expansion will likely continue through 2025, as it benefits from recent acquisitions and good operating momentum. We believe Cvent will achieve another year of robust top-line growth in the low-double-digit percentage range in 2025, driven by the ongoing strong adoption of its comprehensive event marketing and management platform among corporations and hoteliers. The company effectively implemented organic and M&A-related cost optimization initiatives, realizing $57 million in annualized cost savings as of the last-12-months ended March 31, 2025. This, alongside gains in both organic and in-organic growth, resulted in S&P Global Ratings-adjusted EBITDA margin expanding about 180 basis points to 14.0% in 2024. We expect further margin expansion in 2025 and 2026 as a significant portion of one-time costs associated with acquisitions and its cost-savings plan diminishes. Even in a recessionary environment in which companies may curtail budgets for in-person events and travel, we expect Cvent's hybrid and virtual event capabilities and leadership position in the event management software solutions market will support its growth targets amid macroeconomic uncertainty. "The company's highly leveraged capital structure and substantial interest burden will continue to constrain rating upside. With the business moving in the right direction, the operating leverage it achieves as it scales will likely support further earnings growth and improve cash flow and leverage metrics. Despite this, we still expect free operating cash flow to debt to remain subdued in the low-single-digit percentage range over the next two years. This is primarily due to the considerable interest burden associated with its over 15x leveraged capital structure, which includes preferred equity (over 6x excluding the preferred). Still, we believe the capital structure remains sustainable and expect credit metrics to align with our current ratings. The company's repricing actions in 2024 helped manage its interest expense, although this will be partially offset by the incremental interest expense related to the new add-on senior secured notes. We expect Cvent will maintain its adjusted EBITDA to cash interest coverage ratio above 1x over the next 12 months, absent any material earnings underperformance. Near-term refinancing risk is limited, as the company has no debt maturities until 2028. "We expect Cvent to maintain adequate liquidity to navigate potential cash flow deficits in 2025. Higher-than-anticipated working capital requirements strained FOCF generation in 2024, and we project further pressure through 2025 as the company completes the remaining cash payments for vested restricted stock units and options tied to the 2023 ownership change. That said, we see a pathway to positive free cash flow in 2026 as these working capital requirements subside and the business continues to grow with margin expansion. Given these expectations and in the absence of near-term debt maturities, we believe Cvent, with about $246 million in cash on hand as of March 31, 2025, and full access to its $150 million revolving credit facility, is well positioned to focus on driving operational growth while maintaining sufficient liquidity. "The stable outlook reflects our expectation of low-double-digit percentage revenue growth and EBITDA margin improvement in the mid- to high-teens percentage area, resulting in a return to positive FOCF generation in 2026." S&P could revise the outlook to negative or lower the rating on Cvent if it believes the capital structure becomes unsustainable. This could result from: -- Future debt issuance to fund preferred equity redemptions, leading to weak interest coverage and cash flow deficits; -- Operational missteps delaying realization of targeted margin improvements; -- An aggressive financial policy of debt-funded dividends, lowering free cash flow to negative or negligible; or -- A material deterioration in top-line performance and competitive advantage. S&P could raise its rating on Cvent if EBITDA significantly expands and free cash flow generation increases, such that S&P believes it can maintain an FOCF to debt approaching 5% and substantially reduce leverage. This could result from: -- Successful execution of its cost-saving program; and -- Double-digit percent growth of the business beyond forecasts. CARING FOR YOU: No Resident Complaints, PCO Report Says ------------------------------------------------------- Amanda Celentano, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the District of Maryland her report regarding the quality of patient care provided by Caring For You Assisted Living, LLC. The report covers the period from April 22 to May 31. On May 14, the local ombudsman made an unannounced visit to Caring For You V (1232 Walthers Avenue, Baltimore). This location is licensed for four beds and was operating at full capacity. The ombudsman spoke with each resident and no concerns or grievances were shared. No environmental hazards or concerns were observed. The local ombudsman made an unannounced visit to Caring for You IV (3304 Dudley Avenue, Baltimore on May 23. Upon the ombudsman's visit, there were three residents and one respite individual living at the facility. The residents that the ombudsman spoke with expressed satisfaction with their care and stay. Minor environmental concerns were noted. On May 26, the local ombudsman made an unannounced visit to Caring for You III (2926 Edison Hwy, Baltimore). This location is licensed for four beds and there were four residents at the facility during the ombudsman visit. Ombudsman spoke with residents who expressed satisfaction with their care. No environmental concerns were noted. About Caring For You Assisted Living Caring For You Assisted Living LLC is a healthcare provider operating multiple assisted living facilities in Baltimore, Maryland. Caring For You Assisted Living sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-13464) on April 18, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and liabilities. The Debtor is represented by Aryeh E. Stein, Esq. at Meridian Law, LLC. CATHETER PRECISION: CEO Steps In as Interim CCO ----------------------------------------------- Catheter Precision, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company discontinued the employment of Marie-Claude Jacques, the Company's Chief Commercial Officer. Mr. David Jenkins, the Company's Executive Chairman of the Board and Chief Executive Officer, will fill the role of Chief Commercial Officer until a replacement is engaged. About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of Dec. 31, 2024, the Company had $27.8 million in total assets, $16 million in total liabilities, and a total stockholders' equity of $11.8 million. East Brunswick, New Jersey-based WithumSmith+Brown, PC., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. COLUMBUS ALE: Gerard Luckman Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Columbus Ale House, Inc. Mr. Luckman will be paid an hourly fee of $695 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Columbus Ale House Inc. Columbus Ale House Inc., doing business as The Graham, a food service and drinking establishment located in Brooklyn, New York. Columbus Ale House sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42551) on May 23, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Lawrence Morrison, Esq. CONTRACT MANAGED: Seeks Chapter 11 Bankruptcy in Kentucky --------------------------------------------------------- On June 14, 2025, Contract Managed Services LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Kentucky. 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 Contract Managed Services LLC Contract Managed Services LLC provides third-party logistics services including contract packaging, order fulfillment, warehousing, and distribution. Founded in 1996, the Company now operates over 100,000 square feet of modern facilities in Louisville, Kentucky. It is privately owned and managed by professionals with decades of experience in packaging and distribution. Contract Managed Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-31420) on June 14, 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 Joan A. Lloyd handles the case. The Debtors are represented by Charity S. Bird, Esq. at KAPLAN JOHNSON ABATE & BIRD LLP. D & D HOUSING: Sylvia Mayer Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 7 appointed Sylvia Mayer, Esq., at S. Mayer Law, PLLC as Subchapter V trustee for D & D Housing Solutions, LLC. Ms. Mayer will be paid an hourly fee of $450 for her services as Subchapter V trustee and an hourly fee of $195 for paralegal services. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Sylvia Mayer, Esq. S. Mayer Law, PLLC P.O. Box 6542 Houston, TX 77265 Telephone: (713) 893-0339 Facsimile: (713) 661-3738 Email: smayer@smayerlaw.com About D & D Housing Solutions D & D Housing Solutions, LLC owns four real properties in Houston, Texas, with a combined current value of $1.34 million. D & D Housing Solutions sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-33164) on June 2, 2025. In its petition, the Debtor reported total assets of $1,338,112 and total liabilities of $1,423,403. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Vicky M. Fealy, Esq., at The Fealy Law Firm, PC. DANIMER SCIENTIFIC: Blough Tech Steps Down as Committee Member -------------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the resignation of Blough Tech, Inc. from the official committee of unsecured creditors in the Chapter 11 cases of Danimer Scientific, Inc. and its affiliates. The remaining members of the committee are: 1. Diamond Family Investments, LLC Attn: Irv Schlussel 16690 Collins Ave. #1103 Sunny Isles Beach, FL 33160 Phone: 914-714-0531 irv.schlussel@diamondfo.com 2. Winchester Warehouse Co. LLC Attn: Matt Bealert 1465 West Lexington Ave. Winchester, KY 40391 Phone 859-744-3191 opman@kywarehouse.com 3. NatureWorks, LLC Attn: Roger Kempa and Dustin Mitchell 17400 Medina Road, Suite 1800 Plymouth, MN 55447 Phone: 952-562-3400 roger_kempa@natureworksllc.com dustin_mitchell@natureworksllc.com About Danimer Scientific Inc. Danimer Scientific, Inc. is a performance polymer company specializing in bioplastic replacement for traditional petroleum-based plastics. The company is based in Bainbridge, Ga. Danimer Scientific and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-10518) on March 18, 2025. In its petition, Danimer Scientific reported assets between $500 million and $1 billion and liabilities between $100 million and $500 million. Judge Mary F. Walrath handles the cases. The Debtor tapped Vinson & Elkins, LLP as general bankruptcy counsel; Richards, Layton & Finger, P.A. as Delaware local counsel; and AlixPartners, LLP as financial advisor. Stretto, Inc. is the Debtor's notice, claims and solicitation agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Brown Rudnick, LLP and Porzio, Bromberg & Newman, P.C. as legal counsel and Dundon Advisers, LLC as financial advisor. DARLING GLOBAL: Moody's Rates New Senior Unsecured EUR Notes 'Ba2' ------------------------------------------------------------------ Moody's Ratings assigned a Ba2 rating to Darling Global Finance B.V.'s (DGF) new backed senior unsecured Euro notes. In addition, Moody's assigned Baa3 ratings to Darling Ingredients Inc.'s (Darling) new $2 billion senior secured first lien revolving credit facility and $900 million senior secured first lien term loan A. Other ratings, including Darling's Ba1 Corporate Family Rating are not affected. The rating outlook remains negative. Darling's plan to refinance its 2026 debt maturities is credit positive because it will improve liquidity by extending near-term debt maturities without materially affecting interest costs, free cash flow, or leverage. Darling plans to raise $2.4 billion in debt, comprised of a new $900 million senior secured Farm Credit Term Loan A facility due 2031, EUR750 million senior unsecured notes due 2032, and draw approximately $640 million on its new $2 billion senior secured revolving credit facility due 2030. Proceeds from this debt raise will be used to refinance the company's existing $1.5 billion senior secured revolving credit facility due December 2026, $400 million senior secured term loan A-1 due December 2026, $500 million senior secured term loan A-2 due December 2026, $300 million senior secured term loan A-3 due December 2026, $500 million senior secured term loan A-4 due December 2026, and DGF's EUR515MM 3.625% senior unsecured notes due 2026. Moody's expects Darling's credit metrics to remain stable following the refinancing, with Moody's-adjusted debt to EBITDA (including cash distributions from DGD in EBITDA) holding at 3.4x as of March 29, 2025. In the last year and a half, Darling's earnings have come under pressure due to a sharp year-over-year decline in fat prices and reduced contributions from the Diamond Green Diesel (DGD) joint venture. The drop in fat prices has significantly impacted the profitability of Darling's core rendering and feedstock operations, while lower renewable diesel prices—driven in part by increased supply from new production facilities—have weighed on DGD's performance. Although several potential catalysts could support a recovery in biofuel demand and pricing, including low carbon fuel standards, changes in tax credits, changes in renewable fuel standards, changes in RIN pricing, and the adoption of sustainable aviation fuel (SAF), the timing and magnitude of these effects remain uncertain. That said, early signs of stabilization are emerging: waste fat prices began to rebound in March, and Darling's strategic investment in collagen peptides is gaining traction, positioning the company for renewed growth. In May, Darling announced a planned joint venture with Tessenderlo Group aimed at accelerating growth in its collagen business. The non-cash transaction will combine assets and capabilities from both companies, with Darling holding an 85% stake in the new entity and Tessenderlo Group retaining the remaining 15%. The deal is expected to close in 2026, pending regulatory approval. Moody's are forecasting Darling to generate approximately $250 million in free cash flow in fiscal 2025 including an increase in dividends from DGD that management is likely to use for debt reduction. Moody's expects to withdraw the Baa3 ratings on the existing revolving credit facility and term loans, and the Ba2 rating on DGF's 3.625% notes due 2026 if the instruments are retired as anticipated as part of the transaction. RATINGS RATIONALE Darling's Ba1 CFR reflects the company's strong market position and diversification in rendered bio-nutrient based products, good geographic and end market diversity, 50% ownership of the Diamond Green Diesel (DGD) renewable diesel and sustainable aviation fuel joint venture with Valero Energy, and high financial leverage. Darling uses raw material pricing formulas to help reduce volatility in the majority of its businesses. The credit profile also reflects some exposure to finished product price swings and exogenous raw material supply risk. DGD's asset value is meaningful but there is some uncertainty regarding the cash flow effects on Darling given DGD's historical high reinvestment levels and event risk surrounding DGD's 50-50% ownership structure. Moody's expects the current DGD ownership positions to remain in place for at least the next several years, and that DGD's excess cash flow will increase over the next year due to lower capital spending now that major expansion projects are completed and JV debt has been repaid. Moody's also anticipates Darling will remain focused on reducing leverage through earnings growth and debt repayment through cash generated from the rendering/collagen businesses and any cash distributions received from DGD. Darling has good growth opportunities in its rendering/collagen businesses such as through increases in collagen peptides. Moody's expects the market for renewable diesel and SAF to grow, but DGD has different business risks than Darling's rendering/collagen businesses including volatility related to energy prices, and business economics that are influenced by regulatory policies. Supply and demand in the biofuel market is heavily influenced by tax credits and fuel standards that are subject to shifting government policies. Now that Darling has begun to receive cash distributions from DGD, Moody's believes Darling will utilize this cash to deleverage its balance sheet. Darling currently has good liquidity as reflected in the SGL-2 speculative grade liquidity rating. Current liquidity is supported by $81 million of cash as of March 29, 2025 and roughly $1.3 billion of unused capacity on its new $2.0 billion revolving credit facility, pro-form for the transaction. Moody's projects free cash flow of approximately $250 million in the next 12 months. Darling has another $40 million of restricted cash for acquisition consideration hold backs, foreign construction projects and US environmental claims. The refinancing improves the maturity profile and there are no debt maturities in the next 12 months other than $9 million of required annual term loan amortization. Moody's projects considerable cushion within the maximum 5.5x debt-to-EBITDA and minimum 3.0x EBITDA-to-interest expense covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects that lower fat prices and uncertainty about renewable diesel pricing and the amount of tax credit monetization could create challenges for Darling to quickly reduce its elevated leverage. The ratings could be upgraded if Darling provides greater clarity about the long term strategic role of the Diamond Green Diesel joint venture ("JV") for the company, there is a demonstration of consistent results from the energy JV through cycles and clarity around the longer term demand for renewable diesel fuel. Sustained profitability and cash flow stability of Darling's core feed/food rendering businesses excluding the JV, improved financial and liquidity flexibility through the ability to transition to an unsecured debt structure, and debt to EBITDA sustained below 3.0x (including cash distributions from DGD in EBITDA) would also be necessary for an upgrade. The ratings could be downgraded if earnings do not improve due to factors such as slow demand growth relative to the supply of renewable diesel and sustainable aviation fuel, pricing weakness for fats or renewable diesel, or higher costs. An increase in the volatility of earnings and cash flows, inability to maintain solid free cash flow, a deterioration of liquidity, or debt to EBITDA is sustained above 3.5x (including cash distributions from DGD in EBITDA) could also lead to a downgrade. The principal methodology used in these ratings was Protein and Agriculture published in August 2024. Darling Ingredients Inc., headquartered in Irving Texas, provides rendering and recycling services to the food industry. The company processes food waste such as animal by-products, used cooking oil, and commercial bakery residuals into ingredients used in diverse applications in the food, pet food, pharmaceutical, feed, fuel and fertilizer industries. Ingredients include gelatin, tallow, feed grade fats, meat and bone meal, poultry meal, yellow grease, fuel feed stocks, natural casings and hides. The company's operations are primarily located in North America, South America, and Europe with a modest presence in China and Australia. Darling also owns a 50% interest in the Diamond Green Energy joint venture with Valero Energy Corporation. The publicly-traded company generates annual revenue of about $5.7 billion excluding DGD, and DGD's revenues for fiscal year ended December 2024 were $5.0 billion. DESTINATIONS TO RECOVERY: No Patient Care Concern, PCO Report Says ------------------------------------------------------------------ Tamar Terzian, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California her third report regarding the quality of patient care provided at Destinations to Recovery, LLC's treatment facilities. In the report which covers the period April 7 to June 7, the PCO disclosed a site visit to the three residential facilities Calenda, Hatteras, and Ladrillo. The San Diego locations have no patients due to the Debtor not having enough patients and as such the PCO did not visit locations with no patients. The Debtor will notify PCO if they have more patients in the other facilities. The PCO first conducted a site visit to the main office and met with Ms. Rainy, Director of Operations. The PCO will review each treatment plan, any incident report, and discharge planning. There are no pending complaints or incidents. The PCO finds that the Debtor provides individualized treatment plans and individualized discharge planning. The PCO finds that the Debtor has more than sufficient staff to add more patients. The company continues to train its staff and prepare for new patients. Two LVNs administer the medication and monitor patient reaction to medication by checking in with staff. Ms. Terzian observed that all medication was properly labeled and stored for the patients. For each location there is a designated staff area that had the medication and files for each participant. The PCO noted that the company also provides an educational component to these various patients who are in secondary school. The PCO has the following observations for each residential location: * The First Residential Facility of Hatteras Street is licensed for six patients and during the time of the visit there were six patients at this location. The medication is properly labeled for the patients' medication. There are no controlled substances on site for this location. The Debtor has provided and informed PCO of all incidental reports for this location during the Third Interim Period, which were all incidents of patients leaving the facility and returning. There was no physical harm or injury to any patient. No concerns noted. * The Second Residential Facility of Ladrillo Street has five patients present at the time of PCO's visit. The home was clean and fully supplied in the kitchen for patients' meals and care. The PCO reviewed the medication logs which also are properly maintained and current. No concerns noted. * The Third Residential Facility at Calenda has five patients at the time of PCO’s visit. The home was clean and fully supplied in the kitchen for patients' meals and care. The home was clean and fully supplied in the kitchen for patients' meals and care. There has only been two incidents in this location which required safety plan for the patient. No concerns noted. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=iCQSjR from PacerMonitor.com. The ombudsman may be reached at: Tamar Terzian, Esq. Email: tterzian@hansonbridgett.com Hanson Bridgett, LLP 601 W. 5th Street, 3rd Floor Los Angeles, CA 90071 Tel: (323) 210-7747 About Destinations to Recovery Destinations to Recovery, LLC, operates an IPO and PHO rehabilitation center located at 20951 Burbank Blvd., Woodland Hills, Calif. Destinations to Recovery filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 24-11877) on November 8, 2024, with up to $1 million in both assets and liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge Martin R. Barash oversees the case. The Debtor is represented by Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc. Tamar Terzian is the patient care ombudsman appointed in the Debtor's case. DIOCESE OF CAMDEN: NJ Can Have a Jury to Probe Clergy Abuse Claims ------------------------------------------------------------------ Mike Catalani of The Associated Press reports that the New Jersey Supreme Court ruled Monday, June 16, 2025, that the state may convene a grand jury to investigate decades of child sexual abuse allegations against Catholic clergy, following the Camden Diocese’s decision to drop its opposition to the proceedings. The Diocese of Camden had long argued that court rules barred the attorney general from impaneling a grand jury to issue a presentment in cases involving private institutions. However, in early May, newly appointed Bishop Joseph Williams notified the court that the diocese would no longer challenge the process. Williams said he met with diocesan stakeholders, and all supported ending the opposition. The court unanimously ruled that such a grand jury investigation is legally permissible, according to The Associated Press. "Courts cannot prejudge the findings of an investigation or assume the content of a report that has yet to be written," the court wrote. "The State is entitled to move forward with its grand jury process." The New Jersey Attorney General's Office welcomed the decision. "This ruling confirms what we’ve maintained all along: there was no legal basis to prevent the state from seeking a grand jury presentment on clergy sexual abuse," said First Assistant Attorney General Lyndsay V. Ruotolo. The diocese reaffirmed its commitment to cooperating with the investigation, stating: "To the victims and all affected, we express our sorrow, support, and firm commitment to doing what is right—now and always," the report states The Catholic League, which continued to oppose the grand jury despite the diocese’s reversal, did not respond to requests for comment. The state's investigation began after a 2018 Pennsylvania grand jury report revealed widespread clergy abuse involving more than 1,000 victims, prompting New Jersey's attorney general to launch a similar probe. But legal battles with the Camden Diocese kept the investigation from advancing, with earlier court rulings favoring the church's stance, the report told. Earlier this 2025, The Bergen Record obtained documents indicating that the diocese had blocked a grand jury, with lower courts agreeing it could not issue findings about private entities. The Supreme Court heard arguments in April, where justices questioned whether the legal challenge was premature, according to report. The church's attorney, Lloyd Levenson, argued that the grand jury's outcome was predictable, claiming its aim was "to condemn the Catholic Church." The court clarified that it was not ruling on the merits of any findings, which must be reviewed by a trial judge before becoming public. Mark Crawford, New Jersey director of SNAP (Survivors Network of those Abused by Priests), hailed the decision. "Decades of crimes against children will finally be exposed," he said. In 2023, a trial court ruled in favor of the diocese, arguing a grand jury lacked authority because the case involved "private conduct." That decision was upheld by an appeals court before being overturned Monday, June 16, 2025. Unsealed documents revealed more than 550 abuse complaints made through a state hotline since the 1940s. The diocese argued that a 2002 agreement requiring clergy to report abuse made further action unnecessary. However, the 2018 Pennsylvania report spurred New Jersey to reform its statute of limitations on childhood abuse, allowing victims to sue until age 55 or within seven years of realizing the harm. In 2019, New Jersey dioceses released names of over 180 priests credibly accused of abuse. Many were deceased or had been removed from ministry, The Associated Press reports. In 2022, the Camden Diocese agreed to an $87.5 million settlement to resolve claims from about 300 victims—the second-largest Catholic Church settlement in U.S. history at the time. The settlement covered six southern counties and surpassed Boston's $85 million 2003 deal but was smaller than those in California and Oregon, the report states. About The Diocese of Camden, NJ The Diocese of Camden, New Jersey is a nonprofit religious corporation organized pursuant to Title 16 of the Revised Statutes of New Jersey. The Diocese is the secular legal embodiment of the Roman Catholic Diocese of Camden, a juridic person recognized under Canon Law. The Diocese of Camden sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020. The petition was signed by Reverend Robert E. Hughes, vicar General and vice president. At the time of the filing, the Debtor had total assets of $53,575,365 and liabilities of $25,727,209. Judge Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland & Baumann, LLC, is the Debtor's legal counsel. DON ENTERPRISES: To Sell New Castle Property to Apex Equity Holding ------------------------------------------------------------------- Don Enterprises, Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor is a Pennsylvania non-profit corporation, organized under Pennsylvania’s Non-Profit Corporation Law of 1988. The Debtor seeks to evaluate its real estate and operations, and to reorganize in order to pay back its legitimate creditors and continue to support its clients and tenants in the ordinary course of business. The Debtor is owner of certain real estate with an address of 424 N Croton Avenue, New Castle, PA 16101. Built in 1965, the Property is a C-2 zoned (Central Business District) two-story retail storefront property consisting of 30,000 square feet, 20 parking spaces, and 54' of frontage on N. Croton Ave. Respondents Cheryl Lloyd and the estate of Chris Lloyd with a mailing address of 1142 Wishart Place, Hermitage, PA 16148 and c/o Keith C. Owens, Esq., Fox Rothschild, LLP, BNY Mellon Center, 500 Grant Street, Suite 2500, Pittsburgh, PA 15219. As of the Petition Date, the Debtor is indebted to the Lloyds in the amount of $240,967.00 which includes a lien on the Property in the amount of $77,178.40. The Debtor seeks to sell the Property to Apex Equity Holdings LLC, a Pennsylvania limited liability corporation with an address of 2 Lumber St. Highspire, PA 17034. There are no other offers for the purchase of the Property besides Buyer's current offer. The Debtor proposes the following procedures for the Auction: -- At the Sale Hearing, the Court shall hold an Auction -- In order to qualify to bid at the Auction, a prospective bidder shall wire transfer a $10,000 good faith deposit to the Debtor's counsel not less than 24 hours prior to the Auction Sale pursuant to wire transfer instructions to be provided by Debtor’s counsel upon request of the prospective bidder. The Deposit shall be returned promptly to any unsuccessful bidder, without interest. -- The first bid shall be at least $10,000 greater than the Opening Bid for any bid that otherwise contains identical terms and conditions as are contained in the Sale Agreement, and all subsequent overbids shall be in increments of $5,000. -- If the Buyer is not the successful bidder, it shall be reimbursed for actual documented and reasonable out of pocket expenses not to exceed $5,000. Howard Hanna Real Estate Services is a real estate services company that provides brokerage and leasing services to the Debtor. The Debtor proposes to sell the Property for $175,000. The sale of the Property to the Buyer is subject to those representations and warranties set forth in the Sales Agreement. The Buyer has made a deposit in the amount of $10,000, with the balance to be paid at closing, with all such payments to be made via cash, certified check, wire transfer or such other forms of assured and guaranteed payment as may be acceptable to the Debtor. The closing of the sale shall occur on August 20, 2025, at a mutually agreeable time and location. The Debtor shall convey the Property to the Buyer in fee simple by customary Pennsylvania General Warranty deed. About Don Enterprises, Inc. DON Enterprises Inc. is a nonprofit organization focusing on community revitalization, housing, and employment opportunities for people with disabilities. Through its range of programs and services, DON Enterprises strives to foster a more inclusive community while promoting independence and integration into society. DON Enterprises sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20379) on February 17, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge John C. Melaragno oversees the case. Kathryn L. Harrison, Esq., at Campbell & Levine, LLC is the Debtor's legal counsel. ECTUL HOLDINGS: Brickell Rooftop Condo for Sale in Ch. 11 Case -------------------------------------------------------------- Keen-Summit Capital Partners LLC, a real estate brokerage and investment banking firm, in conjunction with Wilshire Advisory Group, has been retained to market and conduct the bankruptcy sale of a one-of-a-kind rooftop commercial condominium located on the entire top floor of Brickell House, one of Miami's most prestigious residential towers. The offering includes Commercial Units 8, 9, and 11 at 1300 Brickell Bay Drive. Positioned in the heart of Miami's thriving Brickell neighborhood, this premier 46th-floor space spans approximately 11,721 square feet and features 24-foot ceilings, floor-to-ceiling glass, and breathtaking panoramic 360deg views of the Miami skyline and Biscayne Bay. This sale presents a rare opportunity to develop what could become Miami's next rooftop destination. "This space is tailor-made for a high-profile hospitality venue," said Matthew Bordwin, Principal and Managing Director at Keen-Summit Capital Partners. "Whether it's a rooftop restaurant, pool club, private lounge, or exclusive event space, the location, size, and views are unmatched in the Brickell market. This is truly an extraordinary property and opportunity." In addition to the expansive interior space, the buyer will benefit from rights to the rooftop pool and deck, as well as additional storage on upper levels. The property's flexible, open floor plan offers endless customization potential for visionary developers and operators. This sale is being conducted as part of a Chapter 11 bankruptcy process and presents a compelling opportunity for investors seeking a prime foothold in one of the most vibrant submarkets in South Florida. About Keen-Summit Capital Partners LLC Keen-Summit Capital Partners LLC is a real estate brokerage, workout and investment banking firm specializing in special situations, restructurings, bankruptcies and receiverships, with offices in Manhattan and Melville, NY and Chicago, IL. For more information about Keen-Summit Capital Partners, call 646.381.9222 or https://www.keen-summit.com/ About Ectul Holdings Ectul Holdings, LLC owns three retail spaces at 1300 Brickell Bay Drive, Miami, Fla., including Unit CU-8 (Folio 01-4139-125-3820), Unit CU-9 (Folio 01-4139-125-3830), and Unit CU-11 (Folio 01-4139-125-3850), with a total value of $14 million. Additionally, the Debtor owns a separate property at 1331 Brickell Bay Drive, #4607, Miami, Fla., valued at $5 million based on comparable sales. Ectul Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12521) on March 8, 2025. In its petition, the Debtor reported total assets of $19,000,000 and total liabilities of $13,302,315. Judge Laurel M. Isicoff oversees the case. Mendez Law Offices, PLLC represents the Debtor as bankruptcy counsel. EL DORADO SENIOR: Quality of Care Maintained, 6th PCO Report Says ----------------------------------------------------------------- Blanca Castro, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of California her sixth report regarding the quality of patient care provided at El Dorado Senior Care, LLC's assisted care living facility. The Local Long-Term Care Ombudsman Program (LTCOP) Ombudsman conducted comprehensive site visits to all facilities. During these visits, the Ombudsman conducted interviews with all residents and staff present. The purpose of the interviews was to aid the court and other interested parties in understanding the implications of El Dorado Senior Care's bankruptcy petition on the residents within this community. During the reporting period from April 21 to May 29, the LTC Ombudsman representatives observed that the facility had an appropriate number of staff, including administrative personnel and direct care staff. The facilities appeared clean and well-maintained, with no unpleasant odor reported. Adequate levels of food, clean linens and supplies were noted. In general, LTC Ombudsman representatives observed no decline in service quality or resident care associated with the ongoing bankruptcy proceedings. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=0hYxZq from PacerMonitor.com. The ombudsman may be reached at: Blanca E. Castro State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman California Department of Aging 2880 Gateway Oaks Drive, Suite 200 Sacramento, CA 95833 Telephone: (916) 928-2500 Email: blanca.castro@aging.ca.gov About El Dorado Senior Care El Dorado Senior Care, LLC, a company in El Dorado Hills, Calif., owns and operates community care facilities for the elderly. El Dorado filed voluntary petition for Chapter 11 protection (Bankr. E.D. Calif. Case No. 24-22208) on May 21, 2024, with $3,420,371 in assets and $3,127,562 in liabilities. Benjamin L. Foulk, owner and manager, signed the petition. Judge Fredrick E. Clement oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP, serves as the Debtor's legal counsel. Blanca Castro has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. ELIZABETH TOWNSHIP: S&P Lowers Sewer Revenue Bond Rating to 'BB+' ----------------------------------------------------------------- S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) on Elizabeth Township, Pa.'s sewer revenue bonds three notches to 'BB+' from 'BBB+'. The outlook is stable. The downgrade reflects the confluence of weak managerial oversight, which led to less than 1.0x coverage for three of the four past years, on both an S&P Global Ratings' calculated and indenture basis, and declining liquidity that is no longer in line with the previous rating. The sewer system has a trend of volatile and weak debt service coverage despite recent rate increases, and nominal reserves that reached an all-time low in the first quarter of 2025. Moreover, annual disclosure filings for the sewer system are typically late, which reduces clarity on financial performance of the sewer system to us and the sewer system management team. This increases uncertainty about the sewer system's future capital needs, especially with the recent management turnover and in tandem with the lack of long-term financial forecasts and capital improvement plans. S&P said, "We consider risk management factors as somewhat negative in our analysis, owing to weaker long-term planning and acceptance of declining and low liquidity levels in recent years. This stems from a lack of future financial and capital planning, as well as a history of late audits being filed. The manager of the sewer system departed in January 2025, and the position was vacant for several months, which affects business continuity in our view. We believe the sewer system mitigates cyber security risks through ongoing monitoring, insurance, and filters. "We consider the sewer system's physical risk factors as neutral in our credit analysis. The system has sanitary sewer overflows (SSO) for the wastewater system, which led to a consent order signed in May 2016. The sewer system has undertaken several projects and debt issuances to address these SSOs by 2026, after extending the deadline from an expected end date in 2024. "We associate affordability pressures with monthly bills based on income levels, due to average service area economics. Moreover, capital spending for improvements could pressure rates, while contributing to improving financial performance." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight The stable outlook reflects S&P's expectation that sewer system financials will stabilize with rate increases but still remain weak compared with those of similarly rated peers over the next two years. S&P said, "We could lower the rating if operational costs significantly increase or if lower revenues lead to continued declines in coverage and liquidity. The rating could also be pressured if the sewer system takes on a meaningful amount of additional debt that leads to financial ratios materially worse than historical trends. If the sewer system fails to increase financial metrics despite implemented rate hikes, we could lower the rating. "We are unlikely to raise the rating at present, given the sewer system's current substantial debt burden and track record of poor financial metrics. We acknowledge that the system is attempting to use rate hikes to generate financial margins above the rate covenant while increasing system liquidity. In our view, financial outcomes that are reasonably in line with required metrics are attainable, as there are no additional near-term debt plans, and the sewer system intends to continue making consistent rate increases. If rate hikes reverse historical trends of low coverage and liquidity declines, we could raise the rating." ENOVATIONAL CORP: Angela Shortall Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC, as Subchapter V trustee for Enovational Corp. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About Enovational Corp. Enovational Corp. is a data-driven web and app development company based in Washington, D.C. Enovational sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 22-00055) on March 26, 2022, with $15,169,413 in assets and $6,191,395 in liabilities. Vlad Enache, chief executive officer, signed the petition. Judge Elizabeth L. Gunn oversees the case. Maurice VerStandig, Esq., at the Belmont Firm and Arthur Lander, C.P.A., P.C. serve as the Debtor's legal counsel and accountant, respectively. ENVERIC BIOSCIENCES: All Proposals Approved at Annual Meeting ------------------------------------------------------------- Enveric Biosciences, Inc. held its 2025 Annual Meeting of Stockholders during which the stockholders: * Elected Michael D. Webb, George Kegler, Frank Pasqualone, Marcus Schabacker, M.D., Ph.D., Joseph Tucker, Ph.D., Sheila DeWitt, Ph.D, to serve until the Company's 2026 annual meeting of stockholders or until their successors are duly elected and qualified; * Approved, on an advisory basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement; * Authorized, on a conditional basis, the Company's board of directors to amend the Company's certificate of incorporation, to effect a reverse stock split in the range between 1:5 and 1:50, without reducing the number of authorized shares of common stock, at the discretion of the Company's board of directors in the event the Company receives a delisting determination, prior to January 28, 2026, from the Nasdaq Stock Market LLC due to a default of the minimum bid price requirement; and * Ratified the appointment of CBIZ CPAs P.C. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series – EB-002 – for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series – EB 003 – expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated Mar. 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and 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. Enveric Biosciences had total assets amounting to $3.08 million, total current liabilities of $1.49 million, and total shareholders' equity of $1.59 million as of Dec. 31, 2024. ENVISION CIVIL: Baker Donelson Represents Komatsu & John Deere -------------------------------------------------------------- The law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of Envision Civil, LLC, the firm represents Komatsu Financial Limited Partnership and John Deere Construction & Forestry Company. Komatsu is a secured creditor of the debtor based on certain pre petition obligations secured by equipment used in the Debtor's business operations. Deere is an interested party by virtue of Deere's non-debtor, third-party borrower having allegedly leased certain equipment owned by Deere to the Debtor. Komatsu and Deere, and any respective collateral securing the pre petition obligations of each, have no relationship to one another. Komatsu and Deere are aware of Baker Donelson's representation of multiple parties in the bankruptcy case. The law firm can be reached at: BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC Jill C. Walters, Esq. 2235 Gateway Access Point, Suite 220 Raleigh, North Carolina 27607 Telephone: 984.844.7919 Email: jwalters@bakerdonelson.com About Envision Civil LLC Envision Civil LLC is a contractor specializing in site development services for a wide range of heavy civil and development projects. With offices in Charlotte and Raleigh, the Company offers a comprehensive solution for project owners, managing every aspect from initial site preparation to heavy site work, including grading, underground utilities, drainage, and the construction of roads and parking lots. Envision also boasts a fleet of specialized equipment and a team of experienced professionals, ensuring reliable execution of both commercial and residential projects. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-40067) on March 24, 2025. In the petition signed by Tiffany N. England, member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Ashley Austin Edwards oversees the case. John C. Woodman, Esq., at Essex Richards, PA, represents the Debtor as legal counsel. EVERSTREAM SOLUTIONS: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Everstream Solutions, LLC and its affiliates. The committee members are: 1. FirstEnergy Service Company Attn: P. Nikhil Rao, Associate GC 341 White Pond Dr. Akron, OH 44320 pnrao@firstenergycorp.com 330-604-3979 2. SBA Communications Attn: Kaleb Bell 8051 Congress Ave. Boca Raton, FL 33487 @sbasite.com 561-226-9628 3. Crown Castle USA Attn: Mindy Harper 8020 Katy Fwy Houston, TX 77024 mindy.harper@crowncastle.com 281-270-3363 4. Northern Lights Locating and Inspection Attn: Caitlin Flater 8109 Network Dr Plainfield, IL 46168 cflater@nllocating.com 317-460-8221 5. Motor City Electric Co. Attn: David Volkman, Jr. 9440 Grinnell Detroit, MI 48213 dvolkman@mceco.com 313-957-3617 6. Ken Becker & Son's Inc. Attn: Kenneth "Dean" Becker, President 7555 F&W Court Lannon, WI 53046 dean@kbsinc-wi.com 262-853-3695 7. Windstream Attn: Shannon Sullivan 4005 North Rodney Parham Rd. Little Rock, AR 72212 319-790-7843 shannon.sullivan@windstream.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Everstream Networks Everstream Networks LLC is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. FERRELLGAS PARTNERS: Fiscal Q3 2025 Net Income Rises 12% to $59.1M ------------------------------------------------------------------ Ferrellgas Partners L.P. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2025. Financial Highlights: * Revenue growth, of 9% versus the prior year, was driven by positive demand in all customer segments in the third fiscal quarter. Retail and wholesale sales increased 9% and 8%, respectively. * Gross profit increased $16.9 million, or 6%, in the third fiscal quarter compared to the prior year. The increase was driven by an increase of $45.1 million, or 9%, in revenues, which was partially offset by an increase of $28.1 million, or 12%, in cost of product. Higher costs were driven by propane pricing increases. * The Company recognized net earnings attributable to Ferrellgas Partners, L.P. of $59.1 million and $52.8 million in the third fiscal quarter of fiscal 2025 and 2024, respectively. The $6.3 million increase was primarily due to the $16.9 million increase in gross profit, which was partially offset by an $8.8 million increase in operating expenses and $3.5 million increase in interest expense. The Company stated, "Our primary sources of liquidity and capital resources are cash flows from operating activities, our Credit Facility and funds received from sales of debt and equity securities. The operating partnership, the general partner and certain of the operating partnership's subsidiaries as guarantors are parties to a credit agreement dated March 30, 2021, as amended on January 15, 2025, with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, and the lenders and issuing lenders party thereto from time to time, which provides for a four-year revolving credit facility, with a maturity date of December 31, 2025, in an aggregate principal amount of up to $350 million. On March 31, 2025, in conjunction with the commencement of the Fifth Amendment, the commitment level for the Credit Facility was reduced from $350 million to $308.8 million. The Credit Agreement includes a sublimit not to exceed $300 million for the issuance of letters of credit." "As of April 30, 2025, our total liquidity was $263.2 million, which was comprised of $109.3 million in unrestricted cash and $153.9 million of availability under our Credit Facility. These sources of liquidity and short-term capital resources are intended to fund our working capital requirements, acquisitions and capital expenditures. As of April 30, 2025, letters of credit outstanding totaled $154.9 million. Our access to long-term capital resources, to the extent needed to refinance debt or for other purposes, may be affected by our ability to access the capital markets, covenants in our debt agreements and other financial obligations, unforeseen demands on cash, or other events beyond our control." "Our working capital requirements are subject to, among other things, the price of propane, delays in the collection of receivables, volatility in energy commodity prices, liquidity imposed by insurance providers, downgrades in our credit ratings, decreased trade credit, significant acquisitions, the weather, customer retention and purchasing patterns and other changes in the demand for propane. Relatively colder weather or higher propane prices during the winter heating season are factors that could significantly increase our working capital requirements." "In March 2025, the operating partnership's corporate rating was downgraded from B2 to B3 by Moody's Investors Service and our senior unsecured notes were downgraded from a B3 to a Caa1 rating by Moody's. In April 2025, the operating partnership's senior unsecured notes rating was downgraded from a B to a CCC+ rating by S&P Global Ratings." "Our ability to satisfy our obligations is dependent upon our future performance, which will be subject to prevailing weather, economic, financial and business conditions and other factors, many of which are beyond our control. Due to the seasonality of the retail propane distribution business, a significant portion of our propane operations and related products cash flows from operations is generated during the winter heating season. Our net cash provided by operating activities primarily reflects earnings from our business activities adjusted for depreciation and amortization and changes in our working capital accounts. Historically, we generate significantly lower net cash from operating activities in our first and fourth fiscal quarters as compared to the second and third fiscal quarters due to the seasonality of our propane operations and related equipment sales operations." "During periods of high volatility, our risk management activities may expose us to the risk of counterparty margin calls in amounts greater than we have the capacity to fund. Likewise, our counterparties may not be able to fulfill their margin calls from us or may default on the settlement of positions with us." "The liquidity available from cash flows from operating activities, unrestricted cash and the Credit Facility may not be sufficient to meet our capital expenditure, working capital and letter of credit requirements for the foreseeable future. Due to the timing of the maturities, as described in Note E "Debt" in the notes to our condensed consolidated financial statements, of both the 2026 Notes and the Credit Facility, and the $154.9 million in letters of credit which it secures as of April 30, 2025, there is substantial doubt about the Company's ability to continue as a going concern for at least one year from the date of issuance of this Quarterly Report. We have developed and received internal approval on a plan to restructure our capital structure, debt and refinance and/or extend the maturity date for the Credit Facility. External advisors have been engaged to assist in this process. The general partner believes that it is probable that the plans will be successfully implemented prior to the maturities of the 2026 Notes and Credit Facility, and these plans will alleviate the substantial doubt about the Company's ability to continue as a going concern." As of April 30, 2025, the Company had $1.5 billion in total assets, $1.8 billion in total liabilities, and total Ferrellgas Partners, L.P. deficit of $977.1 million. Management Commentary: Tamria Zertuche, President and Chief Executive Officer, commented, "We are very pleased to have delivered strong third quarter sales growth of 9%, which translated into solid gross profit, and net earnings growth of 12%. This growth was driven by our strong field performance in inclement weather and residential market growth." Ms. Zertuche continued, "The Company has been named once again by Newsweek as one of the Most Trustworthy Companies in America. The dedication and commitment our employee-owners make to our customers is a key driver in our growth. We are grateful for the outstanding efforts of our employees who continue to deliver operational excellence through efficiencies, and solid results. Our drivers braced against the elements to safely meet the needs of our customers. Safe driving by our experienced and highly tenured employees, aided by proven planning practices helped achieve opportunities for growth in Retail and solid Blue Rhino performance. I could not be prouder of the way our teams performed. We are well positioned to capitalize on the upcoming peak grilling season, and our prudent expansion efforts are paying off with the addition of several new national accounts with multi-year contracts." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/496khkks About Ferrellgas Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico. * * * S&P Global Ratings lowered its issuer credit rating on Ferrellgas Partners L.P. to 'CCC' from 'CCC+'. S&P said, "We also lowered our issue-level rating on its debt to 'CCC' from 'CCC+'. The '3' recovery rating on the senior unsecured notes are unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The negative outlook reflects S&P Global Ratings expectation that it could lower its rating further if Ferrellgas cannot refinance the current notes in the next several months. FINLEY DESIGN: Section 341(a) Meeting of Creditors on July 15 ------------------------------------------------------------- On June 13, 2025, Finley Design P.A.filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of North Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on July 15, 2025 at 10:00 AM at Zoom 341 Meeting Raleigh. About Finley Design P.A. Finley Design P.A., d/b/a Finley Design PA Architecture + Interiors, provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client-centered solutions, offering design leadership and project execution across various commercial and residential sectors. Finley Design P.A. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02252) on June 2, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Philip M. Sasser, Esq. at SASSER LAW FIRM. FLORIDA MONSTER: Court Denies Bid to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division denied as moot the emergency motion by Florida Monster Chef, LLC to use cash collateral. About Florida Monster Chef LLC Florida Monster Chef LLC owns and operates Vines Grille & Wine Bar restaurant in Florida. Florida Monster Chef filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06830) on Dec. 17, 2024, listing between $500,000 and $1 million in both assets and liabilities. Judge Tiffany P. Geyer presides over the case. The Debtor is represented by Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP. GD TRANSPORT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: GD Transport, LLC 200 Zell Drive Orlando, FL 32824 Business Description: GD Transport, LLC provides transportation and logistics services for national and international shipments. The Company operates with a modern fleet and offers customized logistics solutions across land, sea, and air. Founded in 2006, it focuses on timely delivery, safety, and client- focused service. Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-03699 Judge: Hon. Lori V Vaughan Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: dvelasquez@lathamluna.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joslemy Sofia Delgado Lucena 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/AZJUPWA/GD_Transport_LLC__flmbke-25-03699__0001.0.pdf?mcid=tGE4TAMA GILLETTE ENTERPRISES: Ruediger Mueller Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Gillette Enterprises, LLC. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Gillette Enterprises LLC Gillette Enterprises, LLC, doing business as Elysian Fields, is a specialty retail store in Sarasota that offers a curated selection of gifts, books, crystals, bath and body products, jewelry, and candles. The store features items from local and international artisans, as well as spiritual readings by licensed practitioners. With a 30-year presence in the community, Elysian Fields focuses on providing a tranquil and inclusive shopping experience. Gillette Enterprises sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03803) on June 6, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP. GLOBAL WOUND: No Patient Care Concern, 3rd PCO Report Says ---------------------------------------------------------- Suzanne Richards, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Southern District of Texas her third report regarding the quality of patient care provided by Global Wound Care Medical Group. During this reporting period from March 1 to April 29, the PCO interviewed seven of Global Wound Care Medical Group's leadership and clinical staff. The PCO believes this grouping of oversight tools was sufficient to assess quality of care delivered during this period. Staffing appears to have remained consistent since the filing of the bankruptcy. The healthcare provider is continually reviewing staffing needs and making appropriate changes to meet the needs of their clients. The PCO cited that there appears to be no difficulty currently meeting payroll obligations, nor with obtaining supplies, medications and vendor services. There are no reported or observable staffing, medical records, or quality of care issues. Global Wound Care Medical Group and management have been cooperative, and communication with the PCO appears to be transparent. The PCO did not note any issues that have resulted in a change in the quality of the care as a result of their pending bankruptcy. Global Wound Care Medical Group continues to provide care in the manner consistent with that prior to the current proceeding. The healthcare provider appears to strive to meet the needs of its clients. Ms. Richards encourages Global Wound Care Medical Group to remain vigilant with regards to patient care. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=wxHcZW from Verita Global, claims agent. About Global Wound Care Medical Group Global Wound Care Medical Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34908) on Oct. 21, 2024, with $100 million to $500 million in both assets and liabilities. Owen B. Ellington, M.D., president of Global Wound Care Medical Group, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Casey W. Doherty, Jr., Esq., at Dentons US, LLP serves as the Debtor's legal counsel while Verita Global serves as notice, claims and balloting agent. Suzanne Richards is the patient care ombudsman appointed in the Debtor's case. GOOD WORKS: Richard Furtek Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of Furtek & Associates, LLC as Subchapter V trustee for Good Works Housing, LLC. Mr. Furtek will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Furtek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richard E. Furtek Furtek & Associates, LLC Lindenwood Corporate Center 101 Lindenwood Drive, Suite 225 Malvern, PA 19355 Phone: (215) 768-8030 Email: rfurtek@furtekassociates.com About Good Works Housing Good Works Housing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12224) on June 2, 2025, with $500,001 to $1 million in assets and liabilities. Judge Derek J. Baker presides over the case. Roger V. Ashodian, Esq., at Regional Bankruptcy Center Of Se PA represents the Debtor as legal counsel. HALL LABS: Michael Thomson Appointed as Chapter 11 Trustee ---------------------------------------------------------- Gregory Garvin, the Acting U.S. Trustee for Region 19, appointed Michael Thomson as Chapter 11 trustee for Halls Labs, LLC. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the District of Utah on May 28. The Chapter 11 trustee bond is initially set at $300,000.00. The bond may require adjustment as the trustee collects and liquidates assets of the estate, and the trustee is directed to inform the Office of the United States Trustee when changes to the bond amount are required or made. About Hall Labs LLC Hall Labs LLC focuses on developing and monetizing intellectual property across various industries by bringing together scientists and engineers to solve complex problems. After prototyping and market validation, Hall Labs licenses its technologies to newly-formed entities, which then commercialize and further develop the innovations. The Company generates revenue through the sale of technologies, patents, and company interests, while its portfolio companies become self-sustaining and progress toward an exit. Hall Labs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21038) on March 5, 2025. In its petition, the Debtor reported assets between $100 million and $500 million and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. Andres Diaz, Esq., at Diaz & Larsen serves as the Debtor's counsel. HAND HOMES: Leon Jones of Jones & Walden Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Hand Homes, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: ljones@joneswalden.com About Hand Homes Hand Homes, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-10813) on June 2, 2025, with $100,001 to $500,000 in assets and liabilities. HAPPY HOME: Michael O'Connor Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed Michael O'Connor as Subchapter V trustee for Happy Home Builder, LLC. Mr. O'Connor will charge an hourly fee of $375 for his services as Subchapter V trustee, and $125 for support staff working under his direct supervision. In addition, the Subchapter V trustee will be reimbursed for work-related expenses incurred. Mr. O'Connor declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael J. O'Connor The Spectrum Building 613 Northwest Loop 410, Ste. 840 San Antonio, TX 78216 E-mail: subvtrusteesat@gmail.com Telephone: (210) 729-6009 About Happy Home Builder Happy Home Builder, LLC operates as Stay at Canyon Lake, offering event hosting services for graduations, special occasions, corporate retreats, conferences, workshops, reunions, weddings, retirements, family gatherings, and team-building events. The venue is pet-friendly and accommodates up to 100 guests. Located in the Texas Hill Country, Canyon Lake provides a scenic setting for outdoor activities and a diverse dining scene featuring Italian and American cuisine. The area also hosts a variety of community events, making it a popular destination for both recreation and celebrations. Happy Home Builder sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51268) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by Paul Steven Hacker, Esq., at Hacker Law Firm, PLLC. HARVEY CEMENT: Plan Filing Deadline Extended to August 15 --------------------------------------------------------- Judge Jacqueline Cox of the U.S. Bankruptcy Court for the Northern District of Illinois extended Harvey Cement Products Inc.'s period to file a plan of reorganization to August 15, 2025. As shared by Troubled Company Reporter, the Debtor's Chapter 11 case was filed in order to avoid the sale of real estate taxes in connection with the Property. The Debtor, through its realtor, Karen Kulczycki, is still in the process of showing the Property to prospective purchasers. Although several interested purchasers have come forward, none have submitted letters of intent. The realtor will continue to promote the sale of the Property to enable the Debtor to sell the Property, and either relocate its business, or lease back the Property from a potential purchaser. The Debtor believes the Property has significant equity over and above what is owed to the Debtor's secured creditors, Old National Bank, and Small Business Administration, and to the Cook County Treasurer for unpaid real estate taxes. The Debtor explains that it is in need of an additional extension of time to file its Plan while the Debtor continues to attempt to sell the Property. Without a letter of intent from a prospective purchaser, the Debtor has no way of knowing the extent to which its creditors will be paid. About Harvey Cement Products Harvey Cement Products Incorporated founded in 1947, has grown over the years to be one of the leading manufacturers of over 200 varieties and sizes of masonry products and is able to deliver customer orders to virtually any job site in the contiguous United States. Harvey Cement Products Incorporated sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18335) on Dec. 5, 2024. In the petition filed by Gordon Steck, as vice president, the Debtor reports total liabilities of $1,174,348. Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by: Scott R. Clar, Esq. CRANE, SIMON, CLAR & GOODMAN Suite 3950 135 South LaSalle Street Chicago, IL 60603-4297 Tel: (312) 641-6777 Fax: (312) 641-7114 Email: sclar@cranesimon.com HERMES HIPPIE: Counsel Calls Out Plaintiff for Intimidation ----------------------------------------------------------- In the case styled AVENTURA LENDING LLC, Plaintiff v. THE HERMES HIPPIE LLC; LOLA GUSMAN; THE BOARD OF MANAGERS OF THE ONE GRAND ARMY PLAZA CONDOMINIUM, ON BEHALF OF THE UNIT OWNERS; CITY OF NEW YORK, DEPARTMENT OF FINANCE; "JOHN DOE" and "JANE DOE," the last two names being fictitious, said parties intended being tenants or occupants, if any, having or claiming an interest in, or lien upon, the premises described in the complaint, Defendants, Case No. 1:24-cv-02438-ENV-LKE (E.D.N.Y.), Andreas E. Christou, Esq., an attorney with Woods Lonergan PLLC, who serves as counsel for the Defendants, made a declaration in opposition to the motion of Plaintiff seeking to inter alia appoint a receiver to take control of the property located at 1 Grand Army Plaza, #4, Brooklyn, NY and other relief. As previously reported in the Troubled Company Reporter, the Defendants cite several conflicts including multiple depositions and court appearances by the counsel, and the need for additional time to prepare opposition. No prior extension of this deadline has been previously requested. Counsel for Plaintiff objects to this request, stating: "Considering the multiple bankruptcy filings filed by your client since we commenced this case and the extensive delays that they have caused with moving forward with this case (including delaying my client's right to obtain an appointment of a receiver pursuant to the mortgage under this matured commercial loan), my client objects to any extensions or adjournments in connection with the motion to appoint a receiver." The Defendants' counsel asserts that Plaintiff's motion, which borders on vexatious and harassing, appears to be filed with the sole intent to intimidate and harass the Defendants, particularly when Defendant Gusman is in an active Chapter 11 Bankruptcy and the Defendants are in active efforts to list and sell the subject apartment, which would permit satisfaction of the mortgage. The Plaintiff is further well aware, as a party who has appeared and filed multiple motions in Gusman's pending bankruptcy case, that the subject apartment is occupied by Gusman and her immediate family, including her two minor children. There are no rents, use and occupancy, or any other amounts being paid or collected from this property, a singular condominium apartment, and the Plaintiff's motion is unnecessary, counterproductive, and is being filed with the intent to significantly frustrate Gusman's active and pending bankruptcy. As such, denial of this motion is warranted, added the counsel. Aventura Lending is a single-member limited liability company. Aventura Lending's sole member is Consolidated Industries LLC. Consolidated Industries LLC is a two-member limited liability company. The Hermes Hippie LLC is a single-member limited liability company formed and registered in the State of New York. Plaintiff Aventura Lending LLC is represented by: Danielle Paula Light, Esq. Ashley Marie Koenen, Esq. Hasbani & Light, P.C. Telephone: (212) 643-6677 (212) 643-6677 E-mail: dlight@hasbanilight.com akoenen@hasbanilight.com The Defendants are represented by: Andreas E. Christou, Esq. WOODS LONERGAN PLLC One Grand Central Place 60 East 42nd Street Suite 1410 New York, NY 10165 Telephone: (212) 684-2500 Facsimile: (212) 684-2512 E-mail: andreas.christou@woodslaw.com HOLDEN I LLC: Ryan Richmond Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 5 appointed Ryan James Richmond of Sternberg, Naccari & White, LLC as Subchapter V trustee for Holden I, LLC. Mr. Richmond will be paid an hourly fee of $390 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Richmond declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ryan James Richmond Sternberg, Naccari & White, LLC 450 Laurel Street Suite 1450 Batton Rouge, LA 70801 Tel: 225-412-3667 Fax: 225-286-3046 Email: ryan@snw.law About Holden I LLC Holden I LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11125) on June 2, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Meredith S. Grabill presides over the case. Robin R. DeLeo, Esq., represents the Debtor as legal counsel. HOOTERS OF AMERICA: Reaches $4.5MM Ch. 11 Deal w/ Junior Creditors ------------------------------------------------------------------ Randi Love of Bloomberg Law reports that Hooters of America LLC has reached a $4.5 million comprehensive settlement with junior creditors who were previously slated to receive no recovery under the company's original Chapter 11 reorganization plan. The settlement provides $3 million for unsecured creditors and $1.5 million for professional fees and expenses, according to Judith Elkin of Pachulski Stang Ziehl & Jones LLP, counsel for the unsecured creditors' committee. Elkin outlined the terms during a Tuesday, June 17, 2025, hearing in the U.S. Bankruptcy Court for the Northern District of Texas. As part of the deal, a litigation trust will be created and initially funded with $125,000 from Hooters' unsecured assets. Both unsecured and secured creditors will each receive 37.5% of any proceeds from that trust, with the remainder going primarily to priority lenders. Elkin noted that unencumbered assets will remain outside the trust, allowing additional investigation to proceed, the report states. Rahmon Brown of Ropes & Gray LLP, representing Hooters, said a revised reorganization plan incorporating the settlement and related agreements will be filed, according to Bloomberg Law. The agreement follows creditor objections to the company's earlier plan and was reached through last-minute negotiations. Judge Scott W. Everett conditionally approved Hooters' disclosure statement despite objections from the U.S. Trustee, the report states. Hooters filed for Chapter 11 in March, blaming inflation, industry pressures, and a strained capital structure for its financial troubles. The restaurant chain joins several other casual dining brands that have recently sought bankruptcy protection, according to report. Hooters is also represented by Foley & Lardner LLP. Case: Hooters of America LLC, Bankr. N.D. Tex., No. 25-80078, hearing held June 17, 2025. 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. HURRICANE CREEK: Updates Unsecured Claims Pay; Files Amended Plan ----------------------------------------------------------------- Hurricane Creek LLC submitted a Second Amended Plan of Reorganization for Small Business dated June 4, 2025. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $36,000.00. The final Plan payment is expected to be paid on December 15, 2027. The financial projections support that the Debtor will have on average, the ability to dedicate $1,000 monthly to payment of general unsecured creditors. Disposable income is projected to be higher in some months than in others, according to seasonal fluctuations, and will rely upon income from busier months to support plan payments in slower months. This Plan of Reorganization proposes to pay creditors of the Debtor from revenues earned from the sale of food and beverages. Class 6 consists of Non-priority unsecured creditors. This Class is impaired. * Consensually Confirmed: Debtor will pay $2,500.00 monthly for 36 months, divided pro rata among allowed general unsecured claims, commencing on the effective date. Debtor projects a dividend of approximately 53 cents on the dollar for allowed general unsecured creditors under a consensual plan. * Non-consensually: Debtor shall continue to file monthly operating reports on or before the 21st day of the following month and shall pay any disposable income remaining after allowed expenses to the Subchapter V Trustee, which shall be used to pay allowed administrative expenses first and any remaining amounts will be distributed to the allowed Class 6 claimants pro rata. Based on the financial projections, Debtor projects disposable income of $538.77 monthly for 36 months, or $19,395.72, commencing on the Effective Date, yielding a projected dividend of 11 cents on the dollar for allowed general unsecured creditors. Randy Bennett, the sole equity interest holder, shall retain his full equity interest as existed on the Petition Date. The Reorganized Debtor will continue to operate. Except as set forth in this Plan, all cash in excess of operating expenses generated from operation through the Effective Date will be used for Plan Payments or Plan implementation. Cash on hand as of Confirmation shall be used first to pay Administrative Expenses. A full-text copy of the Second Amended Plan dated June 4, 2025 is available at https://urlcurt.com/u?l=0oMP2M from PacerMonitor.com at no charge. About Hurricane Creek Hurricane Creek, LLC has operated a country-music themed bar and restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02935) on June 12, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Tiffany P. Geyer presides over the case. Michael Faro, Esq., at Faro & Crowder, PA represents the Debtor as legal counsel. IQSTEL INC: Converts $3.5M Notes Into 179,993 Shares ---------------------------------------------------- As previously disclosed, iQSTEL Inc. previously issued two secured convertible promissory notes for an aggregate purchase price of $3,500,000, which Notes are convertible into shares of the Company's common stock. On June 2, 2025, the noteholder issued to the Company a Notice of Conversion to convert principal and interest under the Notes into 179,993 shares of common stock at a conversion rate of $4.20 per share, after giving effect to the 1-for-80 reverse stock split effected on May 2, 2025. On the same date, the Company issued the shares of common stock. The shares of common stock of the Company delivered in connection with this conversion has been issued in reliance on the exemption from registration provided by Section 3(a)(9)of the Securities Act of 1933, as amended. About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. IQSTEL INC: M2B Funding Corp. Holds 9.2% Equity Stake ----------------------------------------------------- M2B Funding Corp., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of May 15, 2025, it beneficially owned 264,980 shares of IQSTEL, Inc.'s common stock, all of which are held with sole voting and dispositive power. This ownership represents 9.2% of 2,894,847 shares of common stock outstanding as of that date, subject to a contractual limit of 9.99% ownership. M2B Funding Corp. may be reached through: Daniel Kordash, President 66 W. Flagler Street, Suite 900 Miami, Florida 33130 Tel: 917-297-5009 A full-text copy of M2B Funding's SEC report is available at: https://tinyurl.com/4uy4v33x About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. JOANN INC: Suppliers Claim Execs Hid Co.'s Dire Financial State --------------------------------------------------------------- Soma Biswas of The Wall Street Journal reports that suppliers have taken legal action against Joann Inc., alleging that executives misrepresented the company’s financial health to convince them to keep providing merchandise after its initial emergence from bankruptcy last 2024. Joann filed for Chapter 11 again in January 2025, closed all of its stores, and earlier this month sold its brand to competitor Michaels. The vendors claim the company's false assurances led to $40 million in losses. 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. KUBOTA OF KNOXVILLE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Tennessee granted Kubota of Knoxville, LLC interim approval to use cash collateral through June 30. The Debtor has purportedly granted a security interest in all of its inventory to Great Plains Manufacturing, Inc. and Kubota-Floorplan to secure the payment of their sale of inventory in the amount of $1,815,900. The court ordered that the Debtor may use cash collateral as follows: (i) Upon the sale of any equipment floor planned by Kubota-Floorplan, the payoff price for the equipment sold must be paid to Kubota-Floorplan and the balance paid to the Debtor. (ii) Upon the sale of equipment floor planned by Great Plains Manufacturing, the sales price must be split 85/15 to Great Plains Manufacturing and the Debtor. (iii) Payment of $1,500 to so-called merchant cash advance (MCA) lenders must be held in escrow in the IOLTA account of the Debtor's counsel pending determination of their positions as lenders or purported owners of the Debtor's receivables or pending further order of the court. (iv) All other interim uses of cash collateral must comply with the Debtor's budget for June. A final hearing is scheduled for June 25, 2025. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/BK4rX from PacerMonitor.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 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 reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Lynn Tarpy, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC. LADDER CAPITAL: S&P Alters Outlook to Positive, Affirms 'BB' ICR ---------------------------------------------------------------- S&P Global Ratings revised its rating outlook on Ladder Capital Finance Holdings LLLP to positive from stable. S&P also affirmed its 'BB' long-term issuer credit and senior unsecured debt ratings on Ladder. The outlook revision reflects S&P's expectation of leverage below 3.0x, as Ladder ramps up originations. As of March 31, 2025, the company's debt to ATE was 1.8x, down from 2.4x a year ago, as the company continued to pay off its debt using proceeds from loan paydowns. Ladder has typically maintained its leverage below 3x even in periods of high originations volumes, with metrics of 2.8x at year-end 2022 and 2.9x at year-end 2021. Profitability can be volatile during times of stress when the company takes defensive measures by curtailing new originations. In the first quarter of 2025, net income declined 29% year over year to $12 million, largely because of a shrinking loan portfolio due to significant loan paydowns. Nevertheless, the company originated $265 million in loans in the first quarter (not including a new $64 million conduit loan), and S&P thinks originations could exceed $1 billion this year. In the first quarter of 2025, Ladder made total dividend distributions of 23 cents per share, consistent with the previous-year level. The company must comply with REIT distribution requirements that limit its ability to retain earnings and replenish or increase capital. Ladder's common stock also trades at a discount to book value, which reduces the company's ability to raise capital through the equity markets. S&P said, "We think Ladder's funding mix has improved, given its $850 million unsecured RCF, which will allow the company to grow its portfolio without relying heavily on repurchase facilities. As of March 31, 2025, Ladder reported $480 million in unrestricted cash, $850 million available under its unsecured RCF, and about $3.2 billion in unencumbered investment assets (including $1.5 billion in unencumbered liquid securities, which are mostly 'AAA' rated). This compares with $40 million in unfunded commitments and $63 million in borrowings under repurchase facilities. "As Ladder resumes originations this year, we expect it to rely less on repurchase facilities, since the unsecured RCF has a lower cost of funding. As of March 31, 2025, about 72% of the company's debt was unsecured, and we expect this ratio to remain above 50% in a more normal origination environment. We view the company's higher mix of unsecured funding and modest exposure to repurchase funding favorably versus other CRE lending peers, because it reduces the risk of potential margin calls and keeps the balance sheet less encumbered. "As of March 31, 2025, Ladder had $288 million in unsecured notes maturing October 2025 and $600 million in unsecured notes maturing February 2027. We expect the company will prudently address the refinancing risk related to its upcoming unsecured debt maturities. "Despite macroeconomic headwinds, we don't expect systemic pressure on CRE portfolios to the extent recorded over the past few years. However, as interest rates and cap rates remain high, Ladder and other CRE lenders' asset valuations could continue to experience pressure, but the extent of the impact will depend on location, property type, and the underwriting quality on the properties securing their loans. "We think that while the impact of high interest rates has been realized in the portfolios of CRE lenders like Ladder, older vintage loans (originated prior to first-quarter 2022), especially office loans, will cause further asset quality deterioration. Due to significant paydowns and realizations from loans backed by other property types, office loans have grown to 43% of Ladder's loan portfolio as of March 31, 2025, up from 31% a year ago. However, office loans, as a percent of total assets, have remained steady at 17% between March 2024 and 2025." Ladder has a total of 16 office loans, and the company has not originated any new office loans since 2022. Of the 16, two loans make up about 40%, or $308 million, of total office exposure. The company's largest office loan--$228 million to Citigroup in Miami--makes up about 30% of the office loan portfolio (15% of ATE and 5% of total assets). The three pillars of Ladder's business continue to be lending, securities, and equity, all of which are focused in CRE. While the three business segments provide some diversification, we still believe the concentration to CRE exposes Ladder to its cyclicality and volatility. Lending: As of March 31, 2025, of the $1.7 billion outstanding in transitional loans, about $1.1 billion was originated in 2021 or earlier, with $705 million of which being office loans. The largest exposures are to office (43%) and multifamily (33%). Due to significant loan paydowns, the loan portfolio shrank to 39% of total assets as of March 31, 2025, from 53% a year ago. S&P thinks originations could recover this year, with first-quarter 2025 being the first quarter with more loan originations than repayments since third-quarter 2022. Securities: Ladder's real estate securities book primarily consists of highly rated commercial mortgage-backed securities (CMBS) and CRE collateralized loan obligation securities. As of March 31, 2025, the company's securities portfolio was elevated at $1.5 billion (33% of total assets). During periods of stress for CRE lending, the company will typically invest cash realized from its lending business into securities. While these securities generate less yield than loans because most are 'AAA' rated, Ladder will usually remain profitable since interest rates are generally high during periods of CRE stress. Equity: Ladder also invests in the equity of long-term triple net lease properties and select other real estate properties. Rents from net-leased properties are a recurring contributor to distributable earnings, and the long-term leases generally add to revenue stability even during downturns. As of March 31, 2025, the real estate equity portfolio was $655 million, net of $238 million of accumulated depreciation and amortization. S&P said, "We expect Ladder will work through its troubled assets without significant losses. As of March 31, 2025, Ladder had four loans with amortized cost of $116 million on nonaccrual (6.6% of loan receivables), up from $77 million at year-end 2024 (4.8% of loan receivables). Foreclosed properties remain relatively unchanged from year-end 2024 at $144 million, though we think foreclosed properties could rise this year as properties behind the non-accrual loans complete their foreclosure process." As of March 31, 2025, nonperforming assets, which include foreclosed properties, were about 14% of gross loan receivables (17% of ATE), up from 13% (14% of ATE) at year-end 2024. Ladder's allowance for credit losses for loans was $52 million (3% of loan receivables), relatively unchanged from year-end 2024. S&P continues to apply a favorable comparable ratings adjustment to Ladder. This reflects the company's highly unencumbered balance sheet that it could use to raise liquidity relative to its peers, and its leverage that remains materially below 3x. S&P said, "The positive outlook reflects our expectation that over the next 12 months, despite challenging conditions in CRE markets that pressure Ladder's asset quality, the company will work through its older vintage loans while growing the loan portfolio and keeping debt to ATE below 3x. Our outlook also considers Ladder maintaining its existing funding mix and ample liquidity. "We could revise the outlook to stable in the next 12 months if the company's asset quality materially deteriorates (which could be reflected as a significant rise in loan loss reserves, nonaccrual loans, or foreclosed real estate), leverage rises above our expectations, or challenging conditions in CRE markets persist for longer than expected, pressuring originations. Although less likely, we could also revise the outlook if liquidity becomes strained, in our view. "We could raise the ratings in the next 12 months if the company works through its older vintage loans, grows the loan portfolio, and maintains debt to ATE below 3x." An upgrade would also be contingent on no significant asset quality deterioration and the company maintaining unfettered access to unsecured debt markets and ample liquidity. LECLAIRRYAN PLLC: Court Okays Deal to End LeClair's Tax Claims -------------------------------------------------------------- Rick Archer of Law360 reports that a Virginia bankruptcy judge on Tuesday, June 17, 2025, approved a settlement that removes LeClairRyan PLLC founder Gary LeClair from the defunct firm's ownership roster, freeing him from responsibility for a share of its nearly $21 million in tax obligations. About LeClairRyan PLLC Founded in 1988, LeClairRyan PLLC is a national law firm with 385 attorneys, including 160 shareholders, at its peak. The firm represented thousands of clients, including individuals and local, regional, and global businesses. Following massive defections by its attorneys LeClairRyan, members of the firm in July 2019 voted to effect a wind-down of the Debtor's operations. LeClairRyan PLLC sought Chapter 11 protection (Bankr. E.D. Va. Case No. 19-bk-34574) on Sept. 3, 2019, to effect the wind-down of its affairs. In its Chapter 11 petition, the firm listed a range of 200-999 creditors owed between $10 million and $50 million. The firm claims assets of $10 million to $50 million. The Hon. Kevin R Huennekens is the case judge. Richmond attorneys Tyler Brown and Jason Harbour of Hunton Andrews Kurth represented LeClairRyan in the case. Protiviti was the Debtor's financial adviser for the liquidation. The bankruptcy case was converted to a Chapter 7 liquidation on Oct. 24, 20219. Lynn L. Tavenner was named a Chapter 7 trustee,and then Benjamin C. Ackerly, a successor trustee. Benjamin C. Ackerly retained Tyler P. Brown, Hunton Andrews Kurth LLP, as counsel for Chapter 7 trustee. LEDDARTECH HOLDINGS: To File Bankruptcy Under Canada's BIA ---------------------------------------------------------- LeddarTech(R) Holdings Inc., an AI-powered software company recognized for its innovation in advanced driver assistance systems (ADAS) and autonomous driving (AD), announced on June 16, 2025, that, further to its press release dated June 11, 2025, it intends on making an assignment into bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada). After careful consideration of all available alternatives, including undertaking a strategic review which was unsuccessful in identifying a suitable acquirer or commercial partner or raising sufficient capital, as well as further to the Company having received a notice of default under its bridge financing offer entered into with certain bridge lenders, the board of directors of the Company has determined that it was in the best interest of the Company and its stakeholders to make an assignment into bankruptcy under the BIA as soon as reasonably practicable. The Company expects that Raymond Chabot Inc., a licensed insolvency trustee, will be appointed as the trustee under the BIA proceedings. In connection with the BIA proceedings, each member of the board of directors of the Company will resign effective upon the assignment under the BIA. As was disclosed in its June 11, 2025, press release, the Company does not expect to resume active operations and cautions investors that there is significant risk that holders of our securities will receive little to no value under the BIA proceedings. Further announcements regarding the status of the Company's BIA proceedings will be made as developments warrant. Additional information with respect to the BIA proceedings will be available in due course on Raymond Chabot Inc.'s website. The Company expects that its common shares and warrants trading on the Nasdaq will be halted as a result of the BIA proceedings. The Company anticipates that it will ultimately be delisted from the Nasdaq. About LeddarTech A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech's automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off- road vehicle ADAS solutions. LEXINGTON BLUE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Lexington Blue, Inc. 287 Pasadena Drive Lexington, KY 40503 Business Description: Lexington Blue, Inc. provides roofing and exterior renovation services for residential and commercial properties. Chapter 11 Petition Date: June 16, 2025 Court: United States Bankruptcy Court Eastern District of Kentucky Case No.: 25-50863 Debtor's Counsel: J. Christian Dennery, Esq. DENNERY, PLLC PO Box 121241 Covington, KY 41012 Tel: (888) 833-2826 Fax: (859) 386-2687 E-mail: info@bk-lexingtonblue.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million Brad Pagel signed the petition in his capacity as CEO and owner. 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/65KRGVI/Lexington_Blue_Inc__kyebke-25-50863__0001.0.pdf?mcid=tGE4TAMA LILY616 LLC: Gets Extension to Access Cash Collateral ----------------------------------------------------- Lily616, LLC received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use the cash collateral of Wellen Capital, LLC. The order penned by Judge Jason Burgess authorized the company to use the lender's cash collateral to pay its post-petition operating expenses. Wellen's cash collateral consists of cash and accounts receivable generated by the operation of Lily616's business. Lily616 estimates the value of the accounts receivable to be approximately $4,000 based on a current aging report of receivables less than 90 days old. As of the petition date, Lily616 was indebted to the lender in the amount of $50,000. As protection for the use of its cash collateral, Wellen was granted a replacement lien to the same nature, priority, and extent that the lender may have had immediately prior to the petition date. Further, the lender was granted a replacement lien and security interest on property of the bankruptcy estate to the same extent and priority as that which existed pre-bankruptcy on all of the cash accounts, accounts receivable and other assets acquired by the company or its estate on or after the petition date. As additional protection, Lily616 was ordered to keep the lender's collateral insured. A final hearing is set for July 17. About Lily616 LLC Lily616, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01176) on April 14, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Jason A Burgess oversees the case. The Debtor is represented by: Bryan K. Mickler, Esq. Mickler & Mickler Tel: 904-725-0822 Email: court@planlaw.com LOKAL LLC: Tamara Miles Ogier Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Lokal LLC. Ms. Ogier will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About Lokal LLC Lokal LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-10820) on June 2, 2025, with $100,001 to $500,000 in assets and liabilities. Brad Fallon, Esq., at Fallon Law PC represents the Debtor as bankruptcy counsel. LUMEN TECHNOLOGIES: Moody's 'B3' CFR Remain on Review for Upgrade ----------------------------------------------------------------- Moody's Ratings assigned a B1 rating to Level 3 Financing, Inc.'s (Level 3) backed senior secured first lien notes due 2033. The rating of the notes is also placed on review for upgrade. All other ratings at Lumen Technologies, Inc.'s (Lumen), Level 3 and Qwest Corporation (Qwest) remain on review for upgrade, including Lumen's B3 corporate family rating and B3-PD probability of default rating. Lumen's SGL-1 Speculative Grade Liquidity Rating (SGL) also remains unchanged. The outlooks for Lumen, Level 3 and Qwest remain Ratings Under Review. Proceeds from the proposed offering will be used to refinance $925 million of the Level 3 10.5% senior secured notes due 2030, and if an upsizing occurs, the company will use the remaining proceeds to repay other first lien debt (notes or loans) at Level 3. Moody's expects this refinancing to be leverage neutral. The proposed senior secured first lien notes contain no financial covenants. Pro forma for this refinancing, Moody's projects Lumen's total debt-to-EBITDA (inclusive of Moody's adjustments) will be around 5.1x at year-end 2025. At the close of the transaction, Moody's expects to withdraw the ratings of the existing Level 3 10.5% senior secured notes due 2030 if the obligations are no longer outstanding. The B1 rating assigned to the senior secured first lien notes is two notches above Lumen's CFR reflecting its structural seniority to Level 3's backed senior secured second lien notes rated B3, and backed senior unsecured notes rated Caa1, and all the debt at Lumen (except to the extent of the guarantees of the super priority revolving credit facilities at Lumen). RATINGS RATIONALE Lumen's ratings remain on review for upgrade. The ratings on review for upgrade reflects (i) the announced sale of the company's Mass Market fiber-to-the-home (FTTH) business to AT&T Inc. (Baa2 stable) for a total of $5.75 billion in cash, and (ii) the company's stated objective of using all the net proceeds from the sale and some cash on hand to retire $4.8 billion worth of outstanding debt, reducing Lumen's (the parent) financial leverage (total debt-to-EBITDA) by more than 1.0x turn of EBITDA. Lumen's existing B3 CFR reflects the company's high leverage, sizable capex program and elevated execution risks associated with the company's on-going plans to modernize and expand its fiber rich network. In addition, Moody's rating considers the continued declining revenue and EBITDA trends mainly driven by the Mass Market division, and the remaining uncertainty around the pace of recovery in earnings. To offset these competitive challenges Lumen is aggressively reinvesting in its business division to (i) deliver compelling value add solutions such as network-as-a-service for its enterprise customers, and (ii) deploy additional fiber strands to meet growing demand from large corporations to secure future fiber capacity. As a result, in the short term, Moody's expects capex spending and operating expenses to remain elevated negatively impacting the company's credit profile until year end 2026. At the same time Moody's rating considers the company's very good liquidity and recent customer wins. As of March 31, 2025, Lumen had secured more than $8.5 billion in new orders to provide fiber capacity and network management to large customers (including AWS, Google, Meta and Microsoft). These twenty year contracts were structured with upfront cash payments to be received between 2024 and 2027, materially strengthening the company's near term free cash flow and liquidity. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Lumen will have very good liquidity over the next 12 months, supported by (i) around $1.9 billion in cash as of March 31, 2025 (ii) about $723 million in availability (net of $231 million in letter of credits) under the company's approximately $954 million senior secured revolving credit facility expiring in June 2028, (iii) Moody's expectations of around $850 million of free cash flow in 2025, and (iv) a long dated debt maturity schedule with no significant maturities due prior to 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The review for upgrade reflects Moody's expectations that Lumen's credit quality will materially improve upon closing of the sale transaction. Moody's reviews will focus on the transaction concluding as planned and the expected post-transaction debt structure, liquidity and financial policies. Furthermore, the review will (i) consider execution risks associated with the company's capex program to expand its business segment infrastructure and (ii) evaluate the revenue contribution from hyperscalers and operating improvement as the company shifts its primary focus to the business segment. Headquartered in Monroe, Louisiana, Lumen Technologies, Inc., is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company's smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. The principal methodology used in this rating was Telecommunications Service Providers published in November 2023. MACON ARTS: Seeks to Extend Plan Exclusivity to October 1 --------------------------------------------------------- Macon Arts Center, LLC, asked the U.S. Bankruptcy Court for the Middle District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 1 and November 30, 2025, respectively. The Debtor believes it has reasonable prospects for filing a viable plan. However, it needs additional time to formulate and negotiate a plan and prepare the required adequate information. Debtor's request for additional time is warranted as Debtor has proven to be an active and effective debtor-in-possession. The Debtor should be entitled to retain control over the reorganization process. The Debtor explains that it is generally paying its post-petition debts as they come due and believes it will have sufficient cash to continue paying its post-petition obligations as they come due. Debtor is also satisfying its non-financial obligations, including its obligations to file monthly operating reports. Debtor's performance in this regard supports its request for extension, further reducing potential risk to the reorganization process (and administrative creditors) if the extensions are granted. The Debtor asserts that it does not seek the extensions to delay the reorganization or to pressure the creditors to accede to a plan that they might find unacceptable. To the contrary, Debtor seeks the extensions to provide it with time to attempt to reach a consensus on a confirmable plan of reorganization and the creation of viable, sustainable reorganized Debtor. Debtor's earnestness in this regard cannot be challenged. At this early stage, a relatively short extension of the Exclusive Periods will not harm or prejudice any party-in-interest. The further asserts that the relief requested will allow the company to continue focusing on preserving and enhancing going concern values and restructuring its financial conditions and operations to achieve a competitive and sustainable enterprise and, thus, achieve the ultimate objective of Chapter 11 - successful rehabilitation. About Macon Arts Center, LLC Macon Arts Center LLC, also known as The Mac, is a dynamic live entertainment venue offering a wide range of experiences. Spanning 9.52 acres with over 30,000 square feet of operational space, it hosts a variety of events, including indoor and outdoor live concerts, corporate gatherings, film productions, private parties, theatrical performances, and much more. Macon Arts Center LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-50167) on February 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Christopher W. Terry, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 E-mail: Chris@boyerterry.com MAINE CRAFT: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine entered a second final order authorizing Maine Craft Distilling, LLC to use cash collateral. The second final order authorized the Debtor to use cash collateral in accordance with its budget. The Debtor's use of cash collateral will be limited to 125% of the aggregate expenditures as set forth in the budget. As adequate protection, Coastal Enterprises, Inc. and the U.S. Small Business Administration will be granted liens on all assets of the Debtor and its estate (other than the proceeds of any avoidance actions) in the same order of priority that existed as of the petition date. To the extent the liens granted are insufficient, the remaining unsatisfied obligations due to the lienholders will constitute an allowed administrative claim against the Debtor under Section 507(b) of the Bankruptcy Code. Any objections to the continued use of cash collateral must be filed by September 15 and a hearing will be held on September 18, if necessary. As of the petition date, the Debtor was indebted to Coastal Enterprises in the amount of $89,962.75, which is not subject to any offset, counterclaim, or reduction of any kind. Coastal Enterprises has a first-priority lien on all or substantially all of the Debtor's assets. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/HnSOu from PacerMonitor.com. About Maine Craft Distilling Maine Craft Distilling, LLC produces and sells artisanal spirits like Blueshine Blueberry Liquor, Ration Expedition Style Rum, Sprigge Barrel Rested Gin, Black Cap Vodka, Whipple Tree Apple Brandy, and Alchemy Dry Gin. The company offers its products online and at its physical public house location, where it also hosts public events featuring live music. Maine Craft Distilling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20062) on March 21, 2025. In its petition, the Debtor reported total assets of $593,878 and total liabilities of $1,281,429 as of March 17, 2025. D. Sam Anderson, Esq., at Bernstein Shur Sawyer & Nelson is the Debtor's legal counsel. Coastal Enterprises, as lienholder, is represented by: Jeremy R. Fischer, Esq. Drummond Woodsum 84 Marginal Way, Suite 600 Portland, ME 04101-2480 Telephone: (207) 772-1941 jfischer@dwmlaw.com MARIANAS PROPERTIES: Plan Exclusivity Period Extended to July 9 --------------------------------------------------------------- Judge Frances M. Tydingco-Gatewood of the U.S. Bankruptcy Court for the District of Guam extended Marianas Properties, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 9 and September 8, 2025, respectively. As shared by Troubled Company Reporter, the Debtor owned and historically operated a large hotel and resort with numerous amenities. This case is both large and sophisticated, based on the size of the claim held by Bank of Guam ("BOG"), the existence of non-debtor affiliates, the number of first day motions, the contested debtor-in-possession financing, disputes with BOG (including a motion for relief from stay), and the Debtor's successful sale of substantially all of its assets with the approval of the Court. The Debtor explains that it requires additional time to finalize, negotiate, propose, and seek to confirm a chapter 11 plan. Additionally, a further extension of time is likely to benefit the estate, creditors, and other parties in interest by enhancing the likelihood that the Debtor will be able to propose a chapter 11 plan that is reasonably likely to be confirmed without significant objection or renegotiation. Most significantly, the Debtor has successfully sold substantially all of its assets with the approval of the Court, which is a substantial milestone in the chapter 11 case and required significant dedication of resources and attention by the Debtor. Now that the sale has closed, the Debtor will be able to train its efforts towards proposing a chapter 11 plan that will resolve remaining issues and provide a path towards the conclusion of this chapter 11 case. The Debtor asserts that it needs additional time to negotiate, finalize, and file its chapter 11 plan and disclosure statement, although the Debtor has already closed on the sale of substantially all of its assets and begun outlining a plan. Given the large amount of time and attention that has been expended on the complex marketing process and sale of the Debtor's assets, the Debtor requires additional time to propose a plan that will be reasonably likely to be confirmed without further renegotiation with creditors and other parties in interest. Marianas Properties, LLC is represented by: Minakshi V. Hemlani, Esq. Law Offices Of Minakshi V. Hemlani, P.C. 285 Farenholt Ave., Suite C-312 Tamuning, Guam 96913 Tel: (671) 588-2030 Email: mvhemlani@mvhlaw.net Andrew C. Helman, Esq. Dentons Bingham Greenebaum LLP One City Center, Suite 11100 Portland, ME 04101 Tel: (207) 619-0919 Email: andrew.helman@dentons.com About Marianas Properties Marianas Properties, LLC in Tumon, GU, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Guam Case No. 24-00013) on Sept. 12, 2024, listing as much as $10 million to $50 million in both assets and liabilities. Ajay Pothen as president, signed the petition. Judge Frances M Tydingco-Gatewood oversees the case. DENTONS BINGHAM GREENEBAUM LLP serves as the Debtor's legal counsel. LAW OFFICES OF MINAKSHI V. HEMLANI, P.C., is the local counsel. GIBBINS ADVISORS, LLC is the Debtor's financial advisor. MAVENIR PRIVATE: S&P Downgrades ICR to 'CC', Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on network infrastructure software provider Mavenir Private Holdings II LLC to 'CC' from 'CCC-' and its issue-level rating on its senior secured debt to 'CC' from 'CCC-'. The issue-level rating change applies only to the existing debt ($1.3 billion) being exchanged. S&P said, "The negative outlook reflects that, upon the completion of the transaction, we expect to lower our issuer credit rating on the company to 'SD' (selective default) and our issue-level rating on the existing senior secured debt to 'D'. "We view the proposed restructuring as distressed and tantamount to a default. In our view, the proposed transaction is distressed and tantamount to a default because Mavenir's lenders will receive less than they were originally promised. In addition, absent the proposed transaction, the company's leverage is currently elevated at about 10x, and we have little visibility into its ability to materially reduce leverage given its persistently negative FOCF deficits." Under the proposed transaction, the company plans to exchange its $1.3 billion of existing debt for a combination of common equity, new subordinated debt (unrated), and cash consideration. S&P notes that the transaction, as contemplated, will substantially reduce the company's debt and annual interest burden, which will be credit positive once the transaction is completed. S&P said, "If Mavenir completes the debt restructuring as described, we would lower our issuer credit rating to 'SD' and our issue-level rating on its existing senior secured debt to 'D'. "The negative outlook reflects our expectation that, upon the completion of the transaction, we will lower our issuer credit rating on Mavenir to 'SD' and our issue-level rating on its senior secured debt to 'D'. "We will lower the ratings if Mavenir executes on its distressed exchange transaction as proposed. "Although unlikely, we could raise the rating on Mavenir if it does not consummate the transaction, likely to the 'CCC' category." MEDICAL PROPERTIES: Elects Nine Directors at 2025 Annual Meeting ---------------------------------------------------------------- Medical Properties Trust, Inc. held its annual meeting of stockholders during which the stockholders: 1. Elected Edward K. Aldag, Jr., G. Steven Dawson, R. Steven Hamner, Caterina A. Mozingo, Emily W. Murphy, Elizabeth N. Pitman, D. Paul Sparks, Jr., Michael G. Stewart, and C. Reynolds Thompson, III as directors of the Company, to serve until the next annual meeting of stockholders in 2026 or until their respective successors are elected and qualify. 2. Ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2025. 3. Approved, on non-binding advisory basis, named executive officer compensation. About Medical Properties Trust Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world's largest owners of hospital real estate with 402 facilities and approximately 40,000 licensed beds in nine countries and across three continents as of September 30, 2024. MPT's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company's website at www.medicalpropertiestrust.com * * * In Feb. 2025 S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Medical Properties Trust Inc. The outlook is negative. At the same time, S&P assigned its 'B-' issue-level rating and '2' recovery rating to the company's new senior secured notes. S&P also affirmed its 'CCC+' issue-level rating on Medical Properties Trust's senior unsecured notes and revised the recovery rating on the notes to '4' from '3'. MEDICAL PROPERTIES: Refinances 7-Year Debt Deal Along w/ Praemia ---------------------------------------------------------------- Zachary Fleming of Bloomberg Law reports that Medical Properties Trust and Praemia REIM have completed a refinancing of their joint venture's maturing seven-year loan with a new 702.5 million euros, 10-year non-recourse, non-amortizing facility at a fixed interest rate of 5.1%. The new debt is backed by a portfolio of rehabilitation hospitals in Germany and was provided by a consortium of global institutional, insurance, and pension investors, led by Song Capital, the report states. A significant portion of the new financing will be used to repay the €655 million loan secured at the joint venture's inception in 2018. Since then, the JV's annual cash rent has grown by nearly 20 million euros, according to Bloomberg Law. About Medical Properties Trust, Inc. Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world's largest owners of hospital real estate with 402 facilities and approximately 40,000 licensed beds in nine countries and across three continents as of September 30, 2024. MPT's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company's website at www.medicalpropertiestrust.com MEME APPAREL: Seeks Subchapter V Bankruptcy in New York ------------------------------------------------------- On June 12, 2025, MEME Apparel LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $1,263,178 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About MEME Apparel LLC MEME Apparel LLC is a clothing retailer offering seasonal apparel collections for men and women. It operates through an online platform and a physical storefront in Brooklyn, New York. The Company's designs often reflect internet culture and contemporary fashion trends. MEME Apparel LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42851) on June 2, 2025. In its petition, the Debtor reports total assets of $125,441 and total liabilities of $1,263,178. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtors are represented by Thomas Weiss, Esq. at VISHNICK MCGOVERN MILIZIO LLP. MIMOSAS A CALI: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On June 12, 2025, Mimosas A Cali Life LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Mimosas A Cali Life LLC Mimosas A Cali Life LLC, d/b/a Mimosas and Story Anaheim, operates bar and restaurant venues under the names Mimosas and Story Anaheim. The establishments offer a variety of food and beverage services, including brunch, lunch, dinner, and cocktails, with a focus on spirits, wine, and beer. They are based in California and cater to weekday and weekend dining experiences. Mimosas A Cali Life LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14956) on June 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtors are represented by David Goodrich, Esq. at GOLDEN GOODRICH LLP. MISSOURI BAPTIST: S&P Rates $32.4MM 2025 Revenue Bonds 'BB+' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' long-term rating to the Health and Educational Facilities Authority of Missouri's (the authority) anticipated $32.4 million series 2025 educational facilities revenue bonds, issued for Missouri Baptist University (MBU). The outlook is stable. S&P said, "We analyzed MBU's environmental and governance factors and consider them neutral in our credit rating analysis. We believe the university has elevated social risk as a result of its location in an area with pressured demographic trends and a declining number of high school graduates. However, MBU's strong market niche and proximity to a major metropolitan area somewhat offset this. "The stable outlook reflects our expectation that enrollment will remain at least steady and that near-balanced operating results will be sustained. The stable outlook also reflects our expectation that no additional debt will be issued. "We could consider a negative rating action if enrollment declines or if other demand metrics weaken, such that financial performance is affected with weaker margins on a recurring basis. We would also take a negative view of a reduction in the university's already weak financial resources or liquidity. "We could consider a positive rating action if the university's financial resources and liquidity significantly grow, resulting in improved cash and investments relative to operations and debt. We would also take a favorable view of a trend of full-accrual operating surpluses." MOBIVITY HOLDINGS: Posts Q1 Net Loss of $2.6M on $513K Revenue -------------------------------------------------------------- Mobivity Holdings Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.6 million on $513,311 of revenues for the three months ended March 31, 2025, compared to a net loss of $2.3 million on $299,234 of revenues for the three months ended March 31, 2024. As of March 31, 2025, the Company had $1.4 million in total assets, $20.7 million in total liabilities, and a total stockholders' deficit of $19.2 million. The Company has incurred net losses from operations resulting in an accumulated deficit of $142.8 million as of March 31, 2025. Further losses are anticipated in the development of the Company's business raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next 12 months with proceeds from the sale of securities, and/or revenues from operations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4wz5yvvn About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. MOON GROUP: North Avenue Wants Coppel Named as Receiver ------------------------------------------------------- In the case styled NORTH AVENUE CAPITAL, LLC, et al., Plaintiffs v. MOON GROUP, INC., et al., Defendants, Case No. 1:22-cv-03240-SAG (D. Md.), the Plaintiff seeks appointment of Lawrence D. Coppel, Esq. as receiver, pursuant to Fed. R. Civ. P. 66, to protect and sell the Receivership Assets. The Plaintiffs commenced this federal foreclosure action so that certain real and personal property subject to their liens (and liens of others, including the Internal Revenue Service) may be sold in a judicial sale, and the proceeds distributed to lienholders in accordance with their interests. The Plaintiffs extended loans in the original principal amounts aggregating $15 million to Moon Group, Inc., Moon Landscaping, Inc., Moon Nurseries, Inc., Moon Site Management, Inc., Moon Wholesale, Inc. and/or Rickert Landscaping, Inc., secured by liens on the Real Property and nearly all of the personal property of the Moon Entities. Prior to the filing of the complaint, on August 12, 2021, the Moon Entities filed voluntary petitions for relief under Chapter 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware, commencing those cases jointly administered as In re Moon Group, Inc., et al., Case No. 21-11140. The Moon Entities' Bankruptcy Cases were all eventually converted to ones under Chapter 7, and Don A. Beskrone was appointed as the Chapter 7 trustee. Prior to and following the commencement of this proceeding, John Pursell, Jr. engaged in discussions with third parties concerning a potential sale of Real Property, Inventory, Equipment and machinery remaining (collectively, the "Receivership Assets"). The Plaintiffs attempted to facilitate sales of the Receivership Assets but at this juncture believe that it is necessary to appoint a receiver to complete the sale process. Pursuant to the IRS Notices of Tax Liens, Defendant United States alleges that it holds one or more liens under the internal revenue laws against the Real Property owned by Moon Nurseries in Chesapeake City, Maryland. NAC and Newtek request that the Court enter judgment of foreclosure and order that the Real Property be sold by judicial sale, free and clear of all liens, with all liens attaching to the net proceeds of sale (after payment of all reasonable costs and expenses of sale) in the same order of priority as against the Real Property. NAC and Newtek request that the Court (i) Enter a judgment of foreclosure of the Nurseries Inventory; (ii) Order that NAC and Newtek may submit a joint credit bid at such public judicial sale, up to the amounts collectively owed to them for purposes of this Complaint; and (iii) Order that the Nurseries Inventory be sold free and clear of liens, with all such liens attaching to the net proceeds of sale, after payment of reasonable costs and expenses of sale, in the same order of priority as against the Inventory; and (iv) Grant Plaintiffs such other and further relief as may be just and proper. The Plaintiffs now seek appointment of a receiver to, among other things, identify and collect the remaining M&E and arrange for its sale, and to facilitate the sale of the Real Property. To the extent that the remaining Inventory is of any net value to the Receivership Estate, the Receiver may facilitate its sale as well. The Plaintiffs propose that Lawrence D. Coppel, Esq. be appointed as the receiver for the Receivership Assets and that he be compensated at his regular hourly rate in effect at the time services are performed. The Plaintiffs further propose that the Receiver be authorized to employ Marc E. Shach and the law firm of Coon & Cole, LLC as counsel to the Receiver, with Counsel to be compensated at the regularly hourly rates charged by the firm's personnel in effect at the time that services are performed. The Receiver will require counsel to assist him in performance of his duties. The Moon Entities operated a nursery and landscaping business from a single principal place of business located in Chesapeake City, Maryland. The Plaintiffs are represented by: Lisa Bittle Tancredi, Esq. Chukwukpee Nzegwu, Esq. WOMBLE BOND DICKINSON (US) LLP 100 Light Street, 26th Floor Baltimore, MD 21202 Telephone: (410) 545-5810 E-mail: chukwukpee.nzegwu@wbd-us.com - and - Ronald Jay Drescher, Esq. 5113 Spring Willow Ct. Owings Mills, MD 21117-5718 Telephone: (410) 484-9000 E-mail: rondrescher@drescherlaw.com The Defendants are represented by: Ward W. Benson, Esq. US DEPARTMENT OF JUSTICE P.O. Box 227, Ben Franklin Station Washington, DC 20044 E-mail: ward.w.benson@usdoj.gov - and - Richard L. Costella, Esq. TYDINGS & ROSENBERG LLP 1 E Pratt St Ste 901 Baltimore, MD 21202-1249 Telephone: (410) 752-9772 E-mail: rcostella@tydings.com MURPHDOG LLC: Gary Murphey Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 21 appointed Gary Murphey of Resurgence Financial Services, LLC as Subchapter V trustee for MurphDog LLC. Mr. Murphey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Murphey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gary Murphey Resurgence Financial Services, LLC 3330 Cumberland Blvd., Suite 500 Atlanta, GA 30330 Tel: (770) 933-6855 Email: Murphey@RFSLimited.com About MurphDog LLC MurphDog, LLC operates in Marietta, Georgia, under various trade names including Ironmonger Brewing Company, Naughty Soda, Ironmonger Brewing & Distilling, and Ironmonger Taproom + Axe Throwing. It is engaged in the beverage and entertainment industry, offering craft brewing, soda production, and recreational services. MurphDog sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56326) on June 5, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by Michael D. Robl, Esq., at Robl & Bowen, LLC. NEXSTAR MEDIA: Moody's Rates New First Lien Credit Facilities 'Ba2' ------------------------------------------------------------------- Moody's Ratings assigned Ba2 ratings to Nexstar Media Inc.'s ("Nexstar" or the "company") proposed senior secured first-lien bank credit facilities, consisting of a $750 million revolving credit facility (RCF) due 2030, $2.075 billion term loan A due 2030 and $1.2 billion term loan B due 2032, all residing at Nexstar; and a $75 million RCF due 2030 residing at Mission Broadcasting, Inc. ("Mission"), a wholly-owned consolidated subsidiary of Nexstar. Nexstar's Ba3 corporate family rating and stable outlook remain unchanged. Net proceeds from the new credit facilities will be used to refinance the existing senior secured first-lien bank credit facilities comprising Nexstar's $550 million RCF due 2027, $2.1 billion outstanding term loan A due 2027 and $1.4 billion outstanding term loan B due 2026, as well as Mission's $75 million RCF due 2027 ($62 million outstanding). Moody's expects the company will draw under the new Nexstar RCF at closing to help repay the existing term loans. The new bank credit facilities will rank pari passu with the existing credit facilities and be executed via amendments to the current credit agreements with similar terms, conditions and covenants as the existing facilities, and include minor definitional changes to align with current market loan structures. Upon transaction closing, Moody's will withdraw the Ba2 ratings on the old facilities. The assigned ratings are subject to review of final documentation and no material change in the size, terms and conditions of the transaction as advised to us. RATINGS RATIONALE The transaction is credit neutral given that restricted group financial leverage, currently just under 4x (leverage metrics are Moody's adjusted on a two-year average EBITDA basis, excluding The CW Network's operations), will remain unchanged. However, leverage is currently near the downgrade threshold, which means Nexstar's financial flexibility within the Ba3 CFR will be constrained until EBITDA expands and/or debt is repaid. Barring debt-financed acquisitions, Moody's expects Nexstar will focus on reducing leverage to the 3.5x area over the rating horizon. The Ba3 CFR reflects Nexstar's significant national scale as the largest US local broadcaster coupled with restricted group credit protections measures appropriate for the CFR. Nexstar's top ranked stations in local news viewership, diverse affiliate mix and lead rankings for the designated market areas (DMAs) in which it operates positions the company to capture advertising spend across its markets, despite secular pressures in linear TV core advertising. The ratings consider Nexstar's good liquidity position, with solid cash balances coupled with robust free cash flow (FCF) that increases materially from the influx of political ad revenue during election years. The company has been acquisitive in the past and is currently at the 39% FCC regulatory cap for US television household coverage. To the extent deregulation in the TV broadcast industry were to occur, the company could be a consolidator, in Moody's opinions, given its moderate leverage relative to its rated peers. If assets are financed with incremental debt, in such a scenario Moody's expects Nexstar to exercise a disciplined acquisition strategy and prioritize returning leverage to a level appropriate for the CFR within an acceptable time frame. Moody's expects this year's excess cash will be allocated primarily to shareholder returns and secondarily to debt reduction. The CFR is constrained by Nexstar's exposure to cyclical advertising revenue as well as the ongoing structural decline in linear TV core advertising as non-political TV advertising budgets continue to erode in favor of digital media, which continues to gain share. Additionally, Nexstar's retransmission revenue growth will be challenged over the medium-to-long term, in Moody's opinions, because Moody's expects the rate of traditional subscriber losses to outpace annual escalators in non-contract renewal years, offsetting the material fee increases occurring at the time of contract renewal. While the industry's total subscriber attrition is in the mid-to-high single digit percentage range supported by subscriber growth from virtual multichannel video programming distributors (vMVPDs), Moody's expects cord-cutting will continue to accelerate in the low-to-mid teens percentage region for traditional cable and satellite pay-TV providers resulting in continued shrinkage of the pay-TV universe. This means that retransmission revenue increases in non-contract renewal years will remain low to nil. Though Nexstar's meaningful local reach and strong DMAs offer some protection, retransmission revenue growth will be muted and more dependent on rate increases when distribution contracts renew. The stable outlook reflects Moody's expectations that Nexstar will focus on reducing restricted group leverage to around 3.5x over the rating horizon. Given that the company's core advertising and retransmission revenues continue to experience pressure, Moody's expects Nexstar to continue allocating excess cash to voluntary debt repayments above mandatory debt amortization. Over the next 12-18 months, Moody's expects Nexstar will maintain good liquidity as indicated by the SGL-2 Speculative Grade Liquidity rating, supported by good excess cash flow generation, sufficient cash balances ($253 million at March 31, 2025) and access to the new $750 million RCF due 2030 residing at Nexstar and new $75 million RCF due 2030 at the Mission subsidiary ($62 million outstanding). Given that 2025 will be a non-political year, Moody's expects FCF of around $450 million to $500 million, compared to $890 million in 2024 (election year). The new Nexstar RCF will be subject to a first-lien net leverage maintenance covenant set at 4.25x (similar to the old Nexstar RCF) compared to the company's first-lien net leverage ratio of 1.67x at March 31, 2025. Moody's expects sufficient headroom relative to the covenant over the next twelve months. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Nexstar were to maintain a publicly-defined financial policy with respect to restricted group financial leverage that is sustained comfortably below 3x (Moody's adjusted on a two-year average EBITDA basis). For upward ratings pressure to occur, the company would also need to exhibit: (i) organic revenue growth and stable-to-improving EBITDA margins on a two-year average basis; (ii) FCF to debt sustained above 10% (Moody's adjusted on a two-year average FCF basis); and (iii) adherence to conservative financial policies while maintaining at least good liquidity. Ratings could be downgraded if Moody's expects restricted group financial leverage will be sustained above 4x (Moody's adjusted on a two-year average EBITDA basis) as a result of weak operating performance, more aggressive financial policies or inability to reduce debt levels. Downward ratings pressure could occur if Moody's expects two-year average FCF to debt will be sustained below 5% (Moody's adjusted) or a deterioration in the company's liquidity or covenant compliance weakness. Headquartered in Irving, Texas, Nexstar Media Inc. is the largest US television broadcaster, owning, operating, or providing sales and services to 201 television stations in 40 US states and the District of Columbia, covering 39% of US television households (including the UHF discount) across 116 markets reaching over 220 million people. The company operates in 18 of the top 25 markets, with digital assets that include 138 local websites and 229 mobile applications across its local stations, NewsNation and The Hill. Nexstar owns a 77% interest in The CW Network ("The CW"), the nation's fifth major broadcast network reaching 126 million television households. Revenue for the twelve months ended March 31, 2025 totaled around $5.4 billion. The principal methodology used in these ratings was Media published in June 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. NIKOLA CORP: Duotec de Norteamerica Removed From Committee ---------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the removal of Duotec de Norteamerica S de RL de CV from the official committee of unsecured creditors in the Chapter 11 cases of Nikola Corp. and its affiliates. The remaining members of the committee are: 1. Antara Capital LP Attn: Raph Posner 55 Hudson Yards 47th Floor, Suite C New York, NY 10001 Phone: 646-762-8580 Email: RPosner@AntaraCapital.com 2. Hexagon Purus GmbH Attn: Ashley Remillard 3335 Susan Street Costa Mesa, CA 926263 Phone: 949-396-7413 Email: Ashley.remillard@hexagongroup.com 3. Fiedler Group Attn: Carolyn Contreras 299 N. Euclid Avenue, Suite 550 Pasadena, CA 91101 Phone: 213-381-3592 Email: carolyn.contreras@fiedlergroup.com 4. Aztek Technologies S.A. DE C.V. Attn: Juan Jose Ochoa Renteria Carretera Monterrey Garcia Km 3 AV FINSA 3203 Parque Industrial FINSA Santa Catarina, Nuevo Leon C.P. 66367 Mexico Phone: +81.80.48.04.00 Email:jochoa@aztektec.com 5. Proterra Powered LLC Attn: Ben Haydock and Jen Miller 1815 Rollins Road Burlingame, CA 94010 Email: bhaydock@proterra.com jmiller5@proterra.com About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NINE ENERGY: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based oil field services provider Nine Energy Service Inc. to negative from stable and affirmed the 'CCC+' issuer credit rating. The negative outlook reflects the potential that S&P will downgrade the company if its liquidity deteriorates such that it believed it will miss an interest payment or breach a financial covenant in the next 12 months. Despite a 6% year-over-year increase in its revenue and modest improvement in its EBITDA margins during the first quarter, S&P expects Nine will generate negative free operating cash flow (FOCF) in 2025, given its expectation for a slowdown in U.S. drilling and completion activity and the likelihood for a contraction in its margin over the remaining three quarters of the year. S&P said, "We expect the slowdown in U.S. drilling and completion activity will negatively affect Nine's revenue and margins. The company's operational results are highly correlated with the U.S. rig count, which is down about 5% year over year. In addition, we believe the U.S. rig count could decline further if oil prices remain close to $60 per barrel (/bbl). Although Nine increased its revenue by 6% year over year in the first quarter, with reported EBITDA margins of just over 10%, management anticipates lower revenue in the second quarter and noted that the pricing for some of its products has begun to fall. After Nine's interest payments, working capital, and capital expenditure (capex), it generated a FOCF deficit of $9.2 million in the first quarter. We estimate the company will generate EBITDA of $40 million-$45 million for full year 2025, which will be insufficient to cover both its interest payments of roughly $40 million and capex of $15 million-$25 million. "The company recently secured an asset-based lending (ABL) facility from a private lender. On May 1, 2025, Nine closed on a new $125 million ABL facility due November 2027 with private lender White Oak Commercial Finance, which replaced its prior facility maturing in February 2027. The borrowing base on the new facility is currently just below $100 million, which will provide the company with about $22 million of incremental liquidity relative to its prior facility. As of May 1, the company had $51.3 million of availability under the new ABL. Nevertheless, given our forecast for negative FOCF, along with Nine's limited access to the public markets, we assess its liquidity as less than adequate. "Nine's bonds currently trade well below par. The company's $300 million 13% senior secured notes due 2028 currently trade at about $0.50 on the dollar, heightening the possibility it will consider undertaking a debt repurchase or restructuring transaction that we would view as distressed. However, we believe Nine will remain focused on preserving liquidity over the near term. In addition, the company is at risk of being delisted from the NYSE because its stock has been trading below $1.00/share since early April. "The negative outlook reflects our expectation Nine will generate negative FOCF this year amid an expected 5%-10% reduction in capital spending on U.S. drilling and completion activity. We forecast the company's FFO to debt will remain about 5% in 2025, while its debt to EBITDA stays elevated at more than 5x in 2025-2026, as it generates annual FOCF deficits. We assess Nine's liquidity as less than adequate due to its negative FOCF and limited access to the public capital markets. "We could lower our rating on Nine if its liquidity weakens such that we expect it will miss an interest payment or breach a covenant in the next 12 months. This could occur if the demand for oilfield services declines by more than we currently anticipate, most likely due to weaker commodity prices. We could also lower the rating if we expect Nine will consider undertaking a below-par debt repurchase or restructuring that we would view as distressed. "We would consider revising our outlook on Nine to stable if it improves its liquidity position, which would most likely occur if the demand for U.S. oilfield services increases, likely due to higher or more stable oil prices." OCEAN POWER: Baker Tilly Appointed Auditor After Moss Adams Merger ------------------------------------------------------------------ Ocean Power Technologies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company was notified that Moss Adams LLP, the Company's independent registered public accounting firm, merged with Baker Tilly US, LLP effective on June 3, 2025. The combined audit practices operate as Baker Tilly US, LLP. In connection with the notification of the merger, Moss Adams has resigned as the auditors of the Company and the Audit Committee of the Company's Board of Directors approved the appointment of Baker Tilly, as the successor to Moss Adams, as the Company's independent registered public accounting firm. The Audit Committee, on and effective as of August 19, 2024, appointed Moss Adams as the Company's independent registered public accounting firm for the Company's fiscal year ended April 30, 2025. As of June 3, 2025, Moss Adams has not issued an audit report on the Company's consolidated financial statements. During the period August 19, 2024 through June 3, 2025, there were no (a) disagreements with Moss Adams on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to Moss Adams' satisfaction, would have caused it to make reference to the subject matter of the disagreement in connection with its reports on the Company's financial statements, or (b) reportable events requiring disclosure pursuant to Item 304(a)(1)(v) of Regulation S-K. During the period from May 1, 2024 through the date of this Current Report on Form 8-K, neither the Company, nor anyone on its behalf, consulted with Baker Tilly regarding: (i) either the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements; or (ii) any matter that was either the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to that item, or a "reportable event," as described in Item 304(a)(1)(v) of Regulation S-K. About Ocean Power Technologies Ocean Power Technologies, Inc. -- https://oceanpowertechnologies.com/ -- provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. The Company's PowerBuoy platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. The Company also offers WAM-V autonomous surface vessels (ASVs) and marine robotics services. The Company's headquarters is located in Monroe Township, New Jersey, with an additional office in Richmond, California. Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated July 25, 2024, citing that the Company has recurring net losses and net cash flow used in operations that raise substantial doubt about its ability to continue as going concern. As of January 31, 2025, Ocean Power Technologies had $34.4 million in total assets, $5.5 million in total liabilities, and $28.9 million in total shareholders' equity. ONDAS HOLDINGS: Settles Dec. 31, 2024 Notes; Cuts Debt to $12.3M ---------------------------------------------------------------- Ondas Holdings Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that as of May 29, 2025, the 3% Series B-2 Senior Convertible Notes in the aggregate original principal amount of $18.9 million (the "December 31, 2024 Additional Notes") previously issued by the Company have been settled and are no longer outstanding. Additionally, the total outstanding principal and accrued interest on the Notes (including the December 31, 2024 Additional Notes), net of unamortized debt discount and issuance costs, is approximately $12.3 million as of May 30, 2025. As previously disclosed, the Company issued certain: (i) 3% Senior Convertible Notes in the aggregate original principal amount of $34.5 million, which were subsequently exchanged by the Company, on a dollar-for-dollar basis, into new 3% Senior Convertible Notes and have maturity date of April 28, 2025, which Exchange Notes were previously settled and are no longer outstanding; (ii) 3% Series B-2 Senior Convertible Notes in the aggregate original principal amount of $11.5 million; (iii) 3% Series B-2 Senior Convertible Notes in the aggregate original principal amount of $4.1 million, which December 3, 2024 Additional Notes were previously settled and are no longer outstanding; (iv) 3% Series B-2 Senior Convertible Notes in the aggregate original principal amount of $11.5 million; and (v) 3% Series B-2 Senior Convertible Notes in the aggregate original principal amount of $18.9 million. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, $19.36 million in redeemable noncontrolling interest, and $16.58 million in total stockholders' equity. OPEN THROTTLE: L. Todd Budgen Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Open Throttle, Inc. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Open Throttle Inc. Open Throttle Inc., a company engaged in the retail of beverages, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fl. Case No. 25-03433) on June 4, 2025, listing $100,001 to $500,000 in assets and liabilities. Judge Lori V. Vaughan presides over the case. Erik Johanson, Esq., at Erik Johanson, PLLC represents the Debtor as legal counsel. OUTFRONT MEDIA: All Proposals Passed at 2025 Annual Meeting ----------------------------------------------------------- OUTFRONT Media Inc. held its 2025 Annual Meeting of Stockholders during which the Company's stockholders: (1) Re-elected six incumbent directors, Nicolas Brien, Angela Courtin, Manuel A. Diaz, Michael J. Dominguez, Peter Mathes and Susan M. Tolson, to the Board of Directors; (2) Ratified the appointment of PricewaterhouseCoopers LLP to serve as the Company's independent registered public accounting firm for fiscal year 2025; and (3) Approved, on a non-binding advisory basis, the compensation of the Company's named executive officers. About OUTFRONT Media Inc. Headquartered in New York, OUTFRONT Media Inc. leases advertising space on out-of-home advertising structures and sites. * * * Egan-Jones Ratings Company, on September 10, 2024, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by OUTFRONT Media Inc. OWENS & MINOR: Rotech Deal Termination No Impact on Moody's Ba3 CFR ------------------------------------------------------------------- Moody's Ratings said Owens & Minor, Inc.'s ("Owens & Minor") Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, Ba3 senior secured notes and senior secured bank credit facility ratings, B2 senior unsecured ratings, and Speculative Grade Liquidity Rating (SGL) of SGL-1 are unchanged following the termination of its acquisition of Rotech Healthcare Holdings, Inc. ("Rotech"). The outlook remains unchanged at negative. On June 05, 2025, Owens & Minor announced that it had mutually agreed with Rotech to terminate the proposed acquisition. As part of the termination, Owens & Minor will pay Rotech $80 million and redeem the $1 billion of senior secured notes issued in April to finance the transaction. The company also canceled its planned incremental term loan and senior unsecured bridge loan commitments, which were part of the acquisition financing package. Regulatory approval challenges—specifically related to timing, costs, and opportunity constraints—were cited as the reason for the termination. The positive credit impact of reduced leverage following the termination of the acquisition is partially offset by increased uncertainty around the company's ability to execute its strategy of expanding its Patient Direct segment. The canceled Rotech acquisition would have broadened the company's product portfolio and enhanced profitability. Owens & Minor's credit profile remains constrained by its smaller scale relative to larger peers and by low margins in its distribution business, which reflect the highly competitive nature of that segment. In late February, the company announced it is exploring a potential sale of its Products & Healthcare Services segment. If completed, the sale would result in a smaller and less diversified company. However, the details, timing, and intended use of the proceeds have not yet been finalized. Headquartered in Glen Allen, VA, Owens & Minor operates two segments: Products & Healthcare Services, which includes a comprehensive portfolio of products and services for healthcare providers and sources medical-surgical products; and Patient Direct, which distributes critical supplies to patients with chronic conditions in the home. For the last twelve months ending March 31, 2025, the company reported revenues of approximately $11 billion. P3 HEALTH: Unit Issues $70M Promissory Note, Warrants to VBC Growth ------------------------------------------------------------------- P3 Health Partners Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that P3 Health Group, LLC, a subsidiary of the Company, entered into a financing transaction with VBC Growth SPV 5, LLC, consisting of an unsecured promissory note and warrants to purchase shares of Class A Common Stock, par value $0.0001 per share, of the Company. VBC 5 is a Delaware limited liability company managed by Chicago Pacific Founders GP III, L.P., an affiliate of the principal stockholder of the Company. The entry into the Promissory Note and the issuance of the Warrants was approved by a committee of independent, disinterested directors of the Company. VBC 5 Promissory Note: The Promissory Note was issued by P3 LLC to VBC 5 on May 29, 2025, and provides for funding of up to $70.0 million, available for draw by P3 LLC in tranches, as follows: (i) a first tranche of $15.0 million available to P3 LLC upon the Effective Date, (ii) a second tranche of up to $15.0 million available at the Company's sole option in a single draw, on or prior to June 22, 2025, and (iii) a third tranche of $40.0 million available upon mutual agreement of P3 LLC and VBC5 in one or more draws no later than December 31, 2025. The maturity date of the Promissory Note is August 13, 2028. Interest is payable at 19.5% per annum on a quarterly cycle (in arrears) beginning June 30, 2025. P3 LLC may elect to pay interest 11.5% in kind and 8.0% in cash, but if the terms of the Subordination Agreement do not permit P3 LLC to pay interest in cash, interest will be paid entirely in-kind. The Promissory Note may be prepaid, at the Company's option, either in whole or in part, without penalty or premium, at any time and from time to time, subject to the payment of the back-end fee described below; provided that prepayments must be in increments of at least $1.5 million. The Promissory Note provides for mandatory prepayments with the proceeds of certain asset sales, and VBC 5 has the right to demand payment in full upon: (i) certain "Changes of Control" and (ii) certain "Qualified Financings" (each as defined in the Promissory Note). The Promissory Note restricts P3 LLC's ability and the ability of its subsidiaries to, among other things, incur indebtedness and liens, and make investments and restricted payments. The maturity date may be accelerated as a remedy under certain default provisions in the Promissory Note, or if a mandatory prepayment event occurs. Pursuant to the Promissory Note, P3 LLC will pay VBC 5 on the Effective Date an up-front fee of 1.5% of the maximum draw amount. In addition, P3 LLC will pay VBC 5 a back-end fee at the time the loans issued under the Promissory Note are repaid as follows: (i) if repaid prior to June 30, 2025, 2.25% of the aggregate principal amount of the loans advanced to P3 LLC on or prior to such date; (ii) if repaid from July 1, 2025 through September 30, 2025, 4.5% of the aggregate principal amount of the loans advanced to P3 LLC on or prior to such date; (iii) if repaid from October 1, 2025 through December 31, 2025, 6.75% of the aggregate principal amount of the loans advanced to P3 LLC on or prior to such date; and (iv) if repaid after December 31, 2025 or later, 9.0% of the aggregate principal amount of the loans advanced to P3 LLC on or prior to such date. P3 LLC intends to use the proceeds of the Promissory Note to fund the Company's ongoing working capital requirements. Warrants: In connection with the Promissory Note, on May 29, 2025, P3 LLC, the Company and VBC 5 entered into a Warrant Agreement. Pursuant to the Warrant Agreement, P3 LLC issued Warrants to VBC 4 to purchase 1,430,281 shares of Class A Common Stock, par value $0.0001 per share at an exercise price of $7.39 per share. Each Warrant will be exercisable only following any required Company stockholder approval of the issuance of the shares of Class A Common Stock underlying the Warrants pursuant to the Nasdaq Listing Rules. The number of shares of Class A Common Stock for which the Warrant is exercisable and the exercise price may be adjusted upon any event involving subdivisions, certain Fundamental Transactions (as defined in the Warrant Agreement), combinations, distributions, recapitalizations and like transactions. Pursuant to the Warrant Agreement, the Warrants and the right to purchase shares of Class A Common Stock upon the exercise of the Warrants will terminate on May 29, 2032. Under the Warrant Agreement, shares of Class A Common Stock may not be issued pursuant to the Warrant and the Warrant is not exercisable for shares of Class A Common Stock unless and until the Company has obtained any required stockholder approval pursuant to the Nasdaq Listing Rules. The Company has agreed to use its reasonable best efforts to obtain such stockholder approval at its next annual meeting of stockholders. If the Company does not obtain such stockholder approval, the Company has agreed to call up to three special meetings of Company stockholders every six months thereafter to seek such stockholder approval. VBC 5 Subordination Agreement: In connection with the transactions above, P3 LLC entered into a subordination agreement, dated as of May 29, 2025, with CRG Servicing LLC, as administrative agent under P3 LLC's existing term loan facility and VBC 5. Pursuant to the VBC 5 Subordination Agreement, VBC 5 agreed to subordinate its right of payment under the Promissory Note to the right of payment and security interests of the lenders under the Term Loan Facility. The terms of the VBC 5 Subordination Agreement will effectively require P3 LLC to pay all interest under the Promissory Note in-kind. Amendment to Term Loan Agreement: Further in connection with the transactions above, on May 29, 2025, P3 LLC entered into the Ninth Amendment to that certain Term Loan Agreement, dated as of November 19, 2020, by and among P3 LLC, as borrower, the subsidiary guarantors party thereto, the lenders from time to time party thereto and CRG Servicing LLC, as administrative agent and collateral agent. The Ninth Amendment permits the issuance of the Promissory Note and the entry into the VBC 5 Subordination Agreement. The foregoing descriptions of the Promissory Note, the Warrant Agreement, the Subordination Agreement and the Ninth Amendment do not purport to be complete and each is qualified in its entirety by the terms of the Promissory Note, the Warrant Agreement, the Subordination Agreement and the Ninth Amendment, respectively, copies of which are filed as Exhibits to the Form 8-K Report available at https://tinyurl.com/4mma98vv About P3 Health Partners Henderson, Nev.-based P3 Health Partners Inc is a patient-centered and physician-led population health management company and, for accounting purposes, the successor to P3 Health Group Holdings, LLC and its subsidiaries after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. As the sole manager of P3 LLC, P3 operates and controls all of the business and affairs of P3 LLC and P3's only assets are equity interests in P3 LLC. Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated Mar. 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 25, 2024, citing that the Company has suffered recurring losses from operations and has working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $783.4 million in total assets, $633.9 million in total liabilities, and a total stockholders' equity of $75.9 million. PARAGON INDUSTRIES: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 20 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Paragon Industries, Inc. The committee members are: 1. CTAP, LLC 750 Town & Country Blvd., Suite 300 Houston, TX 77024 Representative: Soham Naik soham-naik@mitube.com 281-368-7072 Counsel: Eric English Porter Hudges 1000 Main St., 36th Floor Houston, TX 77002 (713) 226-6612 eenglish@porterhedges.com 2. AM/NS Calvert, LLC 1 AM/NS Way P.O. Box 456 Calvert, AL 36513 Representative: David Pilat (312) 714-4811 david.pilat@arcelormittal.com Counsel: Elliot Smith Benesch, Friedlander, Coplan & Arnoff, LLP 127 Public Square, Suite 4900 Cleveland, OH 44114 (216) 363-6155 esmith@beneschlaw.com 3. Edgen Murray, LLC 10235 Jefferson Highway, Bldg 2, Suite B Baton Rouge, LA 70809 Representative: Bobby Mathes (225) 936-2355 bobby.mathes@edgenmurray.com Counsel: Sidney Swinson & Brandon Bickle GableGotwals 110 N. Elgin Ave., Suite 200 Tulsa, OK 74120 (918) 595-4847 sswinson@gablelaw.com bbickle@gablelaw.com 4. Inserpetrol, Inc. 15201 E. Freeway Service Rd Channelview, TX 77530 Representative: Gabriel Monroy (281) 809-5498 gmonroy@isp-insperpetrol.com Counsel: Jay Dushkin The Dushkin Law Firm 4615 Southwest Freeway, Suite 600 Houston, TX 77027 (713) 961-3600 jay@jaydushkin.com 5. JPF Ultrasonic Technologies, Inc. 9125 Pineland Rd Houston, TX 77044 Representative: Jose Lugo (832) 405-0826 accounts@jpfultrasonic.com Counsel: Brinkman Law Group, PC 9500 Ray White Rd, 2nd Floor Fort Worth, TX 76244 (805) 527-8649 firm@brinkmanlaw.com 6. Allied Engineering & Machine Products 594 Sawdust Road, #375 The Woodlands, TX 77380 Representative: Moham Allam (713) 724-5830 mallam@alliedengineeringproducts.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Paragon Industries Inc. Paragon Industries, Inc. manufactures steel pipe products used in the oil and gas, construction, and fire protection industries. Based in Sapulpa, Okla., the company offers services such as heat treatment, threading, and fabrication. Its product range includes mechanical, sprinkler, line pipe, OCTG, and construction pipes, with a customer base extending across North and South America. Paragon Industries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21, 2025. In its petition, the Debtor reported between $100 million and $500 million in both assets and liabilities. Clayton D. Ketter, Esq., at Phillips Murrah, P.C. is the Debtor's legal counsel. Wachob Irrevocable Trust, as DIP lender, is represented by: J. Clay Christensen, Esq. Christensen Law Group, P.L.L.C. The Parkway Building 3401 N.W. 63rd Street, Suite 600 Oklahoma City, OK 73116 Tel: (405) 232-2020 Fax: (405) 228-1113 Email: clay@christensenlawgroup.com PARAGON MOVING: Court Extends Cash Collateral Access to Aug. 10 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota extended Paragon Moving & Storage, Inc.'s authority to use cash collateral through August 10. As of the petition date, the Debtor's cash collateral has the estimated value of $50,000 at liquidation. The Debtor believes that KLC Financial, Inc. and the U.S. Small Business Administration are the only creditors that have an interest in the cash collateral, given the size of their respective debts and the actual amount of cash collateral on hand. KLC Financial and SBA are currently owed $36,000 and $150,000, respectively. The court order authorized the Debtor to provide adequate protection to both creditors on the terms set forth in the Debtor's cash collateral motion. The replacement liens granted to KLC Financial, SBA and other potential secured creditors including Security Bank Minnesota, Wheaton Van Lines, Inc., Fundation Group, LLC, ByzFunder, Fundbox, Inc., Small Business Financial Solutions, and Samson MCA, LLC will have the same validity, priority, and effect as their respective pre-bankruptcy security interests, if any, according to the court order. Meanwhile, the Debtor was authorized to provide adequate protection to Security Bank Minnesota in the amount of $1,100 per month, and pay post-petition accrued interest in the amount of $313.27, with the first post-petition monthly payment. About Paragon Moving & Storage Inc. Paragon Moving & Storage Inc. offers residential, commercial, and international moving services, along with designer logistics and storage solutions. Founded in 1989, the company operates a 55,000-square-foot, temperature-controlled warehouse in the Twin Cities area, providing secure storage for military and civilian clients. Paragon partners with Wheaton World Wide Moving for interstate and global relocations. Paragon sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41513) on May 12, 2025. In its petition, the Debtor reported total assets of $267,899 and total liabilities of $1,022,870. The Debtor is represented by Jeffrey Butwinick, Esq., at Butwinick Law Office. KLC Financial, Inc., as secured creditor, is represented by: Dennis Dressler, Esq. Dressler & Peters, LLC 101 W. Grand Ave., Ste. 404 Chicago, IL 60654 Phone: 312-602-7360 Fax: 312-637-9378 ddressler@dresslerpeters.com PARK PLAZA: Salvatore LaMonica Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for Park Plaza Restaurant, Inc. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About Park Plaza Restaurant Park Plaza Restaurant, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42682) on May 30, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Jil Mazer-Marino presides over the case. Lawrence Morrison, Esq., represents the Debtor as legal counsel. PAWLUS DENTAL: Court Extends Cash Collateral Access to July 2 ------------------------------------------------------------- Pawlus Dental, Inc. received second interim approval from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to use its secured creditors' cash collateral. The order penned by Judge James Carr authorized the Debtor's interim use of cash collateral from May 16 to July 2 in accordance with its budget. The secured creditors' cash collateral consists of the Debtor's cash, cash equivalents, receivables, cash on deposit, and inventory as of the petition date. The Debtor has identified several secured creditors, including German American Bank, Bizfund, LLC and Channel Partners Capital that may assert a lien on the cash collateral. As protection for the Debtors' use of their cash collateral, secured creditors will be granted a replacement lien on the cash collateral and on the post-petition property of the Debtor of the same nature and to the same extent and in the same priority held in the cash collateral on the petition date. As further protection, German American Bank will receive a monthly payment of $6,547.14, starting on June 20. German American Bank holds a first lien position, having been a lender since 2016. A final hearing is set for July 2. Objections are due by June 27. About Pawlus Dental Inc. Pawlus Dental, Inc. provides comprehensive dental services in Columbus, Ind., focusing on preserving natural teeth and enhancing smile aesthetics. The practice offers treatments including dental implants, sleep apnea management, clear aligners, periodontal and cosmetic care, preventive and restorative dentistry, wisdom teeth extraction, root canal therapy, and sedation dentistry. Pawlus Dental sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-02780) on May 14, 2025, listing $890,156 in total assets and $1,119,328 in total liabilities. John G. Pawlus, president and owner of Pawlus Dental, signed the petition. Judge James M. Carr oversees the case. John Allman, Esq., at Hester Baker Krebs, LLC is the Debtor's bankruptcy counsel. German American Bank, as lender, is represented by: Bruce A. Smith, Esq. Rhonda S. Miller, Esq. Smith & Miller, LLP P.O. Box 387 Bargersville, IN 46106 Phone: (812) 802-0222 bsmith@smithmillerlaw.com rmiller@smithmillerlaw.com PINSEEKERS DEFOREST: Plan Exclusivity Period Extended to Sept. 16 ----------------------------------------------------------------- Judge Beth E. Hanan of the U.S. Bankruptcy Court for the Western District of Wisconsin extended PinSeekers DeForest Operations LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 16 and November 15, 2025, respectively. As shared by Troubled Company Reporter, the Debtor submits that each of these factors is either neutral or weighs in favor of extending the Debtor's exclusive periods: * Although the Debtor is not a large business by revenue, the Debtor does have a complicated debt structure with its primary secured creditor (in which the Debtor is a co-borrower with an affiliated entity of both a construction loan and furniture, fixtures, and equipment loan). * The Debtor has spent the first three months addressing operational issues and stabilizing its business following a change in management. With the business generally stabilized and the deadline to file proofs of claim having passed, the Debtor can now review (and has been reviewing) timely filed claims, negotiate with its creditors, and, if necessary, file objections to certain claims. The Debtor has started negotiations with its primary secured creditor and anticipates negotiating with several other constituencies. * There are unresolved contingencies that would impact any plan of reorganization. Namely, the Debtor disputes the claims filed by St. Somewhere, Inc., William Ranguette, and Ryan Ranguette. Whether those claims (totaling over $1.4 million) are allowed, and in what amount, will impact claim treatment, feasibility, and voting. Accordingly, the Debtor believes that the Court must adjudicate any objections to those claims prior to confirming a plan of reorganization. * Negotiations with creditors are in their early stages such that a ninety-day extension of the Debtor's exclusive periods will not result in the Debtor having an unfair bargaining position over creditors. PinSeekers DeForest Operations LLC is represented by: SWANSON SWEET LLP James D. Sweet, Esq. Rebecca R. DeMarb, Esq. Virginia E. George, Esq. Peter T. Nowak, Esq. 8020 Excelsior Drive, Suite 401 Madison, WI 53703 Tel: (608) 709-5992; Fax: (608) 709-5887 Email: jsweet@swansonsweet.com rdemarb@swansonsweet.com vgeorge@swansonsweet.com pnowak@swansonsweet.com About PinSeekers DeForest Operations LLC PinSeekers DeForest Operations LLC operates a hybrid golf entertainment facility located in DeForest, Wisconsin, just outside of Madison. The facility's year-round offerings include Toptracer golf suites, which are equipped with all-weather luxury suites suitable for golfers of all skill levels. The facility also features mini bowling, with a scaled-down version of traditional bowling called duckpin bowling, a custom-built putting course that caters to all levels of skill and age, and high-definition multi sports simulators. PinSeekers provides a spacious event space for corporate gatherings, networking events, meetings, or parties. The venue also includes a restaurant and bar, offering a diverse menu for casual dining. PinSeekers DeForest Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10326) on Feb. 18, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. The Debtor is represented by Rebecca R. DeMarb, Esq. at SWANSON SWEET LLP. PR BINGHAM: Court OKs Apartment Complex Sale to Multiple Buyers --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, has approved PR Bingham LLC and its affiliate PR Madison LLC, to sell Property, free and clear of liens, claims, and encumbrances. Both Debtors are single asset real estate Debtors. The Debtors are Missouri limited liability companies solely in the business of owning and operating two apartment complexes located in Anderson, Indiana. The Court determined that proper and sufficient notice on the Procedures Order has been served on all creditors and parties in interest. The Debtors are Missouri limited liability companies solely in the business of owning and operating two apartment complexes located in Anderson, Indiana. No upset bids were received by the deadline contained in the Procedures Order, the stalking horse buyers, Sycamore Ridge Apartments LLC and Brookstone Flats LLC (buyers), whose purchase agreement for the 101 North Madison Avenue, Anderson, Indiana 46011 (Madison Property) and 2725 West 16th Street Anderson, Indiana 46011 (Bingham Property) together with the Madison Property, are the winning bidders. The Court has authorized the Debtors to sell the Properties for $5,000,000 to the buyers. The Debtors are authorized to issue bills of sale and deeds and related documents to effect such transfer. The Debtors shall turn over Proceeds of the Madison Property as follows: $6,769.65 to the City of Anderson, and the balance to Omega Source Financial LLC. The Debtors' counsel shall hold $900,000 of the proceeds to the Bingham Property in trust following closing pending further order and turn over the balance of the Proceeds to Omega. The transfer of the Property to the Buyer is not subject to taxation under any state or local law imposing a stamp, transfer or similar tax. About PR Bingham LLC PR Bingham LLC is engaged in real estate. PR Bingham sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No: 25-02164-JJG-11) on April 18, 2025. Judge Jeffrey J. Graham presides over the case. Jeffrey M. Hester at Hester Baker Krebs LLC represents the Debtor as legal counsel. PRODIGAL PROTOCOL: Gary Murphey Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Gary Murphey of Resurgence Financial Services, LLC as Subchapter V trustee for Prodigal Protcol Projections, Inc. Mr. Murphey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Murphey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gary Murphey Resurgence Financial Services, LLC 3330 Cumberland Blvd., Suite 500 Atlanta, GA 30330 Tel: (770) 933-6855 Email: Murphey@RFSLimited.com About Prodigal Protcol Projections Prodigal Protcol Projections, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56177) on June 3, 2025. PROS HOLDINGS: Registers 3.79M Additional Shares Under Equity Plans ------------------------------------------------------------------- PROS Holdings, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission for: (i) 3,000,000 additional shares of common stock of the Registrant, par value $0.001 per share, issuable pursuant to the Amended and Restated 2017 Equity Incentive Plan, as amended, and (ii) 789,176 additional shares of Common Stock issuable pursuant to the 2021 Equity Inducement Plan, as amended. A full-text copy of the Registration Statement is available at https://tinyurl.com/mt8e8eb8 About PROS Holdings Headquartered in Houston, Texas, PROS Holdings, Inc. (NYSE: PRO), is a provider of AI-powered SaaS pricing, CPQ, revenue management, and digital offer marketing solutions. As of March 31, 2025, PROS Holdings had $427.2 million in total assets, $493 million in total liabilities, and total stockholders' deficit of $65.8 million. * * * Egan-Jones Ratings Company, on August 22, 2024, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by PROS Holdings, Inc. PURDUE PHARMA: $7.4B Settlement Gets Support from 55 State AGs -------------------------------------------------------------- Jonathan Stempel of Reuters reports that Purdue Pharma has secured the backing of attorneys general from 55 U.S. states and territories for its proposed $7.4 billion settlement to resolve thousands of opioid-related lawsuits involving the company and its owners, the Sackler family. The settlement framework was first introduced in January 2025 by New York Attorney General Letitia James and other states. The broader support announced on Monday could help clear the way for court approval of Purdue's Chapter 11 bankruptcy plan. The deal includes around $6.5 billion from the Sacklers and $900 million from Purdue Pharma. The funds are meant to resolve claims that the company's painkiller OxyContin played a major role in triggering the national opioid crisis. Payments would begin once the company gains sufficient approval from creditors. Funds would be distributed to individuals, state and local governments, and Native American tribes. Under the terms, the Sacklers would also give up control of Purdue, according to Reuters. "For years, the Sacklers put profit before people and were central to the spread of this epidemic," said James. "While no amount of money can reverse the damage, these funds will help save lives and support recovery efforts." The new agreements, announced on June 16, 2025, exclude Oklahoma, which previously reached a separate $270 million settlement with Purdue and the Sacklers in 2019, the report states. The U.S. Supreme Court blocked an earlier $6 billion settlement in June 2024 that would have shielded the Sacklers from future opioid-related civil lawsuits, according to report. According to the U.S. Centers for Disease Control and Prevention, over 850,000 people have died from opioid overdoses since 1999, though recent trends show a decline in fatalities. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QUADRA FS: Seeks 75-Day Extension of Plan Filing Deadline --------------------------------------------------------- Quadra FS Inc. asked the U.S. Bankruptcy Court for the District of New Jersey to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof for additional 75 days. The Debtor submits that sufficient "cause" exists to extend its Exclusive Periods for a period of 75 days each. While the Debtor's case is not a large or complex one, the reconciliation, allowance, and treatment of the substantial tax-related claims filed against the estate will be perhaps the most critical process in the Debtor's attempt to emerge successfully from Chapter 11. The Debtor explains that affording the company an additional 75 days to incorporate those efforts into a plan, one that the Debtor hopes to obtain widespread creditor acceptance of, will not prejudice any creditors; to the contrary, granting the Debtor an extension of its Exclusive Periods, which is the first such request in this case, will help foster a successful reorganization. Quadra FS Inc., is represented by: LAW OFFICES OF KENNETH L. BAUM LLC Kenneth L. Baum, Esq. 201 W. Passaic Street, Suite 104 Rochelle Park, New Jersey 07662 (201) 853-3030 (201) 584-0297 Facsimile Email: kbaum@kenbaumdebtsolutions.com About Quadra FS Inc. Quadra FS Inc., doing business as Quadra Furniture Solutions and Quadra Furniture & Spaces, is a luxury staging and furniture rental company offering bespoke design solutions to elevate the value and appeal of properties. With over two decades of expertise, the Company is committed to providing a customized approach to staging that delivers faster sales and higher prices for real estate owners. Quadra FS Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-12162) on March 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Stacey L. Meisel oversees the case. The Debtor tapped the Law Offices of Kenneth L. Baum, LLC as counsel and Kurcias, Jaffe & Company LLP as accountant. RE4 GEORGIA: John Whaley Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for RE4 Georgia, LLC. Mr. Whaley will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About RE4 Georgia LLC RE4 Georgia, LLC leases residential, commercial, and self-storage properties, operating primarily as a property lessor in the real estate sector. RE4 Georgia sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-56171) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. The Debtor is represented by William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC. RED ROCK MEGA: Case Summary & 11 Unsecured Creditors ---------------------------------------------------- Debtor: Red Rock Mega Storage LLC 8803 & 8805 N Red Rock Rd Reno, NV 89508 Business Description: Red Rock Mega Storage LLC operates a storage facility offering a range of unit sizes, including climate-controlled spaces and enclosed units for RV and boat storage. The Company serves customers in Reno, Nevada, with 24/7 access and on-site amenities. Chapter 11 Petition Date: June 17, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-50549 Debtor's Counsel: Kevin A. Darby, Esq. DARBY LAW PRACTICE 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Tel: 775-322-1237 Fax: 775-996-7290 E-mail: kevin@darbylawpractice.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jonathan K. Erickson as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HNDA46Y/RED_ROCK_MEGA_STORAGE_LLC__nvbke-25-50549__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 11 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ad Tumbler, Inc. Consulting Services, $30,500 884 Woodbridge Dr Legal Fees Arnold, MO 63010 2. American Express Business $2,064 Po Box 60189 Credit Card Encino, CA 91416-0189 3. Headway Transportation Trade Debt $360 5482 Longley Lane Suite B Reno, Nv 89511 4. Jonathan K. Erickson Loan and $600,000 4819 Elkcreed Trail Reimbursements Reno, NV 89508 5. Meridian Services Trade Debt $840 Po Box 22765 Charleston, SC 29413-2765 6. Patelco Trade Debt $32,385 Po Box 2227 Merced, CA 95344-0227 7. Robin Olvera Bookkeeping $12,500 617 Park Hill Rd Services Danville, CA 94526 8. SGF Engineering Trade Debt $1,200 9500 Prototype Ct Reno, NV 89521 9. Summit Engineering Trade Debt $23,949 Corporation 5405 Mae Anne Ave Reno, Nv 89523 10. US Bank Business Line $23,931 PO Box 4493 Credit Portland, OR 97208-4493 11. US Bank Business $13,263 Po Box 790408 Credit Card Saint Louis, MO 63179-0408 REDLINE METALS: Plan Exclusivity Period Extended to July 31 ----------------------------------------------------------- Judge Jacqueline Cox of the U.S. Bankruptcy Court for the Northern District of Illinois extended Redline Metals, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 31 and October 15, 2025, respectively. In a court filing, the Debtor explains that the second extension was granted shortly after court approval of the sale of all of Debtor's assets to PPL Acquisition Group XIX, LLC and United Scrap Metal, Inc. (the "Purchasers"). The sale contemplated a subsequent auction and liquidation of machinery and other assets by the Purchasers to be completed by March 31, 2025. The final reconciliation of the sale and auction proceeds has now concluded. The Debtor, via Andrew Cameron, the Chief Restructuring Officer, the Debtor's senior secured creditor, Old Second National Bank, and the Official Committee of Unsecured Creditors remain in discussions regarding the terms of a chapter 11 plan, with an expectation that such negotiations will conclude in time for the parties to complete and file an agreed proposed chapter 11 plan by the proposed deadline of July 31, 2025. The Debtor asserts that the extension of times for both deadlines will not prejudice any creditors or the United States Trustee. Redline Metals, Inc., is represented by: Paul M. Bach, Esq. Bach Law Offices, Inc. P.O. Box 1285 Northbrook, IL 60062 Telephone: (847) 564-0808 Email: paul@bachoffices.com About Redline Metals Redline Metals, Inc. is a recycling center in Lombard, Ill. Redline Metals filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-12590) on Aug. 27, 2024, with $10 million to $50 million in both assets and liabilities. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., at Bach Law Offices, is the Debtor's bankruptcy counsel. REMAX CONSTRUCTION: Aaron Cohen Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Remax Construction, LLC. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Remax Construction Remax Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03336) on May 30, 2025, with up to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge Grace E. Robson presides over the case. Robert B. Branson, Esq., and Jeffrey Ainsworth, Esq., at Bransonlaw PLLC represents the Debtor as bankruptcy counsel. S&G HOSPITALITY: Court Extends Cash Collateral Access to June 30 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division approved a stipulation between S&G Hospitality, Inc. and RSS COMM2015-PC1-OH BL, LLC, authorizing the use of cash collateral. The stipulation allows the Debtor to use cash collateral through June 30 in accordance with the terms of its revised budget, which outlines total departmental expenses of $145,000 for the period from June 2 to 30. The budget includes an increase for June 2025 of the adequate protection payment for RSS from $82,121.24 to $87,121.23, which provides for an increase of $5,000 in the amount being escrowed for real property taxes and insurance. All provisions of prior cash collateral orders remain in effect. RSS is represented by: Tami Hart Kirby, Esq. Walter Reynolds, Esq. Porter Wright Morris & Arthur LLP One South Main Street, Suite 1600 Dayton, OH 45402-2028 Telephone: (937) 449-6721 Facsimile: (937) 449-6820 tkirby@porterwright.com wreynolds@porterwright.com About S&G Hospitality Inc. S&G Hospitality, Inc. operates in the traveler accommodation industry. S&G Hospitality filed Chapter 11 petition (Bankr. S.D. Ohio Case No. 23-52859) on August 18, 2023, listing up to $10 million in assets and up to $1 million in liabilities. Abijit Vasani, president of S&G Hospitality, signed the petition. Judge Mina Nami Khorrami oversees the case. The Debtor is represented by: David Alan Beck, Esq. Carpenter Lipps & Leland LLP Tel: 614-365-4100 Email: beck@carpenterlipps.com S&S FOODS: David Madoff Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 1 appointed David Madoff, Esq., a partner at Madoff & Khoury, LLP, as Subchapter V trustee for S&S Foods, Inc. Mr. Madoff will be compensated at $450 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. In court filings, Mr. Madoff declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David B. Madoff Madoff & Khoury, LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Phone: (508) 543-0040 Email: madoff@mandkllp.com About S&S Foods S&S Foods, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11148) on June 4, 2025, with up to $50,000 in assets and liabilities. Judge Christopher J. Panos presides over the case. John F. Sommerstein, Esq., at the Law Offices of John F. Sommerstein represents the Debtor as bankruptcy counsel. S&S HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B' ICR ------------------------------------------------------------- S&P Global Ratings affirmed its ratings on U.S.-based imprintable apparel distributor S&S Holdings LLC Inc.'s (d/b/a S&S Activewear), including its 'B' issuer credit rating, and revised our outlook to negative from stable. The negative outlook reflects the risk that leverage will remain above 6.5x in 2026, likely due to a combination of factors including industry softness, economic uncertainty, or a failure to realize the majority of planned acquisition synergies with reduced one-time expenses. S&S Activewear has underperformed our EBITDA and free operating cash flow (FOCF) expectations since the acquisition of its peer, alphabroder in the second half of 2024, due largely to continued softness in the promotional products industry, and S&P forecasts leverage will remain elevated with modest FOCF in 2025. S&P said, "While we expected the company's integration of alphabroder would weigh on S&P Global Ratings-adjusted leverage and cash flow metrics in 2025, the declining revenue trends could keep leverage elevated above our 6.5x downgrade threshold in 2026 despite our expectation for the company to realize the majority of its $90 million planned acquisition synergies." The outlook revision reflects the risk that S&S Activewear's leverage will remain elevated above 6.5x in 2025 and 2026 if declining revenue does not stabilize. S&P said, "S&S underperformed relative to our 2024 EBITDA and FOCF expectations, ending the year in a cash flow deficit with S&P Global Ratings-adjusted EBITDA of around $210 million, about $80 million lower than our previous forecast expectations. S&P Global Ratings-adjusted leverage was over 10x in 2024 and around 7.5x pro forma for EBITDA generated by alphabroder prior to the transaction close. We believe the company's performance can be attributed to continued softness in the promotional products industry paired with economic uncertainty and modest market share erosion as the company integrates alphabroder." S&P said, "Under our revised forecast, we expect S&P Global Ratings adjusted leverage will improve to the 7x-7.5x area in 2025 and 5.5x-6x in 2026 as the company realizes most of its planned synergies, and one-time acquisition costs roll off. While our 2026 leverage forecast is well below our 6.5x downgrade threshold for the rating, we believe there is risk of leverage staying above 6.5x if the company's 10% first-quarter revenue declines persist into 2026 or if it cannot realize most of its planned synergies and materially reduce one-time costs. The promotional products industry has limited revenue visibility, and S&S Activewear typically has a minimal backlog. "In our base-case forecast, we expect the company's S&P Global Ratings-adjusted EBITDA will grow significantly in 2025 and 2026, resulting from significant acquisition cost synergies, lower one-time costs, and the company's warehouse automation efforts. Despite our expectation for high-single-digit percent pro forma revenue declines in 2025, we expect S&S Activewear to benefit from the realization of significant cost synergies from the alphabroder acquisition. We expect the acquisition will drive positive EBITDA growth throughout 2025, with the company recognizing about half of its $90 million planned synergies in reported EBITDA in 2025 and about $80 million in 2026. The company has accelerated the realization of cost synergies through the elimination of duplicative expenses related to their distribution network consolidation and by removing redundant corporate infrastructure. In addition, we expect the company to conclude its warehouse automation efforts by the end of 2025, leading to a significant reduction in operating expenses related to employee headcount. Still, execution risk could affect the total benefit and timing of realization and reduction in acquisition-related charges, which poses a risk to our base case forecast. The company's first-quarter EBITDA generation was weak and our forecast assumes significant EBITDA growth over the remaining three quarters of the year to meet our leverage forecast. While not included in our base case, higher prices could increase the likelihood that S&S Activewear will meet or exceed our forecasted revenue and EBITDA in the second half of 2025. The company's industry peer, SanMar, enacted a 3.5% price increase on June 1, 2025, which could help S&S Activewear increase its own prices without risk of losing market share. Still, we believe price increases could have a negative impact on order volume, which could offset gains. "We do not expect tariffs to have a material impact to the company's 2025 operating performance. We believe the company has a strong relationship with its suppliers and it has locked in pricing through its mill contracts for the year. The company focuses on soft goods, which are sourced primarily from Central America and Southeast Asia, with minimal exposure to China. Still, U.S. tariffs on its global trade partners could change over time and pose a more significant risk to the business in 2026. The company also intends to enact price increases, which should offset some of the recent volume declines. "We expect the company to maintain solid liquidity while it continues to navigate industry weakness. The company has ample capacity on its $800 million revolver with only $30 million drawn and $30.5 million of cash on its balance sheet as of March 31, 2025. We expect modest FOCF generation in 2025 despite the elevated one-time costs and capex due to the company's focus on working capital management and our expectation for working capital to be a source of cash as revenues contract. The company has demonstrated a conservative financial policy since the acquisition of alphabroder by repaying over $75 million of costly second-lien debt, which also helps future cash flow. Capex has been elevated to support the company's warehouse automation plans. We expect about $95 million of capex and this project to be completed by the end of 2025, with capex dropping to around $10 million in 2026." The negative outlook reflects the risk that leverage will remain above 6.5x in 2026, likely due to a combination of factors including industry softness, economic uncertainty, or a failure to realize the majority of planned acquisition synergies with reduced one-time expenses. S&P could lower its rating on S&S Activewear if it sustains leverage above 6.5x or we no longer believe it will generate FOCF to debt in the mid-single-digit range. This could occur if: -- Declines in promotional product sales persist at a double-digit percent rate into 2026; -- The company underperforms against its acquisition cost-savings targets; -- The company shifts to a more aggressive financial policy that involves large debt-funded acquisitions or dividends. S&P could revise its outlook on S&S Activewear to stable if it sustains leverage of less than 6.5x and S&P believes it will generate FOCF to debt in the mid-single-digit range. This could occur if: -- Promotional product sales stabilize; -- The company achieves its acquisition cost-savings targets. SANTIS & ARGENTA: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Santis & Argenta, LLC, according to court dockets. About Santis & Argenta Santis & Argenta, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15278) on May 12, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Scott M. Grossman oversees the case. Chad T. Van Horn, Esq., at Van Horn Law Group, PA, is the Debtor's bankruptcy counsel. SASAS HOSPITALITY: Court Extends Cash Collateral Access to July 17 ------------------------------------------------------------------ SASAS Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until July 17, marking the sixth extension since the company's Chapter 11 filing. The sixth interim order authorized the company to use the cash collateral of its senior secured creditor, Albany Bank & Trust Company, N.A., to pay the expenses set forth in its budget, with a 10% variance allowed. As protection, Albany was granted a valid, perfected and enforceable first-priority security interest on assets of the company in which it held a security interest and lien as of the petition date, including, without limitation, cash resulting from the Debtor's operations. The Debtor must not borrow, obtain credit, financing or other credit during the pendency of the interim order, and must not allow any liens to attach to the collateral. All post-petition fees owed by the Debtor to Holiday Hospitality Franchising, LLC pursuant to that certain Holiday Inn Express(R) Hotel Conversion License Agreement dated December 5, 2018 between HHF, as licensor, and the Debtor, as licensee, must be paid in full on a monthly basis and must not be limited by the budget. The next hearing is scheduled for July 16, with objections due by July 14. The Debtor owns and operates a hotel located at 5105 S. Howell Avenue, Milwaukee, Wisconsin. The Debtor asserts that the value of the hotel and real estate is in excess of $7 million. A lien exists for the property in favor of Albany Bank, which has a loan with the Debtor with a balance of $4,765,754.43. About SASAS Hospitality LLC SASAS Hospitality, LLC is a hospitality company that owns a property at 5105 S Howell Ave, Milwaukee, Wis. SASAS Hospitality filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-03643) on March 10, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. Albany Bank & Trust Company, as secured creditor, is represented by: David A. Golin, Esq. Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 david.golin@saul.com SEDALLA AESTHETICS: Court OKs Saline Property Sale to Michael Carey ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Missouri has permitted Sedalia Aesthetics LLC to sell real estate, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtor to sell the real estate at 9 North Lafayette Street, Marshall, Saline County, Missouri to Michael Carey for $105,000. The Court held that the purchase price offered by the Buyer and accepted by the Debtor of $105,000 is fair and reasonable. The Court has approved the sale and directs the Debtor to proceed to close on the sale, with either the title company or the Debtor's counsel retaining the real estate agent/broker's fees until such time as the Court approves an Application for Compensation for the agent/broker Katherine A. Nickel and Sedalia Realty, LLC. About Sedalia Aesthetics LLC Sedalia Aesthetics, LLC, doing business as The Beauty Bar, The Beauty Bar of Jefferson City, and The Beauty Bar of Marshall, is the owner of a building located at 9 North Lafayette, Marshall, Mo., valued at $110,000. Sedalia Aesthetics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-20453) on Oct. 21, 2024, with total assets of $311,684 and total liabilities of $3,017,192. Michelle Bassett, managing member, signed the petition. Judge Cynthia A. Norton oversees the case. The Debtor is represented by Erlene W. Krigel, Esq., at Krigel Nugent + Moore, P.C. SHAHINAZ SOLIMAN: Robert Splawn Submits First PCO Report -------------------------------------------------------- Robert Splawn, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California his first interim report regarding the quality of patient care provided by Shahinaz Soloman Clinic Corp. The first interim report covers the period from April 7 to June 7. Traditionally, few supplies are needed to manage an office based primary care practice. During the PCO's site visit to the Debtor's clinic on May 7, ample supplies were noted in patient care rooms and administrative areas. The PCO observed that the Debtor conducts case reviews of patients quarterly and chart reviews monthly. Case reviews are performed to ensure quality of care, appropriateness of diagnosis, and to review any adverse outcomes. Chart reviews are performed to evaluate the completeness of documentation, accurate coding, informed consent, and the appropriateness of laboratory and diagnostic testing. The PCO found that the Debtor and clinic staff were cooperative and responsive to the PCO's requests for information. The Debtor has maintained the key components to effectively manage and operate a family medicine practice, including office space, qualified clinical and clinical support staff, and a certified electronic medical record. In addition, the Debtor had shown improvement in both MIPS and 5-star quality measures with very respectable patient satisfaction scores. Based on the findings, the PCO does not find any reason why the Debtor should not be able to continue operating her family medicine practice. The ombudsman may be reached at: Robert G. Splawn 5101 Victoria Hill Drive Riverside, California 92506 Telephone: (213) 399-1804 Email: rsplawn851@aol.com About Shahinaz Soliman Clinic Corp. Shahinaz Soliman Clinic Corp., dba Soliman Care Family Practice Center Inc., is a family practice health center that offers comprehensive healthcare services for individuals of all ages, from pediatrics to geriatrics. The clinic specializes in both acute and chronic care, focusing on prevention, diagnosis, and holistic treatment. Led by Dr. Shahinaz Soliman, the center is committed to providing compassionate, culturally competent, and patient centered care to the community. Shahinaz Soliman Clinic Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12747) on April 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Barry Russell handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. SHUBREW LLC: Unsecureds Will Get 10% of Claims over 5 Years ----------------------------------------------------------- ShuBrew LLC filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Plan of Reorganization for Small Business dated June 4, 2025. The Debtor is a Pennsylvania business operating a restaurant and brewery. The Debtor commenced operations in 2013. On the Petition Date, the Debtor filed a voluntary petition for relief under the Bankruptcy Code. The Chapter 11 case is pending in the US Bankruptcy Court for the Western District of Pennsylvania. The COVID-19 pandemic led to business closure, and debt was incurred to maintain business operations. The Plan proposes to pay the Debtor's creditors from, cash flow from operations. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 10% will be paid on account of general unsecured claims pursuant to the Plan. Class 4 consists of General Unsecured Claims. This Class will receive a distribution of 10% of their allowed claims. This Class is impaired. * Forward Financing with a claim amount of $39,730.75. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $3,973.08 is anticipated over a period of 5 years with annual distributions of $794.60 to be made by debtor. * Citizens Bank, N.A. with a claim amount of $31,000.00. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $3,100.00 is anticipated over a period of 5 years with annual distributions of $620.00 to be made by debtor. * American Express National Bank with a claim amount of $68,118.87. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $6,811.88 is anticipated over a period of 5 years with annual distributions of $1362.38to be made by debtor. * ODK Capital LLC with a claim amount of $123,135.72. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $12,313.57 is anticipated over a period of 5 years with annual distributions of $2.462.71 to be made by debtor. * ODK Capital LLC with a claim amount of $60,729.67. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $6,073.00 is anticipated over a period of 5 years with annual distributions of $1,214.60 to be made by debtor. * Peoples Natural Gas Company LLC with a claim amount of $959.74. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $95.97 is anticipated over a period of 5 years with annual distributions of $19.19 to be made by debtor. * Summit Fire Protection with a claim amount of $439.50. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $43.95 is anticipated over a period of 5 years with annual distributions of $8.79 to be made by debtor. * Bill Me Later, Inc. with a claim amount of $110,046.88. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $11,005.00 is anticipated over a period of 5 years with annual distributions of $2,201.00 to be made by debtor. The Debtor's plan of reorganization will be funded from the debtor's business income. A full-text copy of the Plan of Reorganization dated June 4, 2025 is available at https://urlcurt.com/u?l=4v5hf0 from PacerMonitor.com at no charge. Counsel to the Debtor: Brian C. Thompson, Esq. Thompson Law Group, PC 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 Email: bthompson@thompsonattorney.com About ShuBrew LLC ShuBrew LLC is a famous beer and brewery brand. ShuBrew LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20577) on March 6, 2025. In its petition, the Debtor reports estimated assets ranging from $100,000 to $500,000 and liabilities between $500,000 and $1 million. The Debtor is represented by Brian C. Thompson, Esq. at Thompson Law Group, PC. SIX FLAGS: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings affirmed Six Flags Entertainment Corporation's (Six Flags) Ba3 Corporate Family Rating, its Ba3-PD Probability of Default Rating, the Ba1 senior secured bank credit facilities ratings, and the B1 senior unsecured notes ratings. Moody's also affirmed the Ba1 senior secured notes and backed senior secured notes ratings at the company's indirect subsidiary Six Flags Theme Parks Inc. The outlooks for Six Flags and Six Flags Theme Parks Inc. remain stable. Six Flags' Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-2. The rating actions follow Six Flags' announcement earlier [1] that it is seeking to raise a $500 million add-on to the existing senior secured term loan B and use the net proceeds to repay the company's senior secured notes due July 2025 ($200 million outstanding at March 31, 2025) and pay down a portion of outstanding revolver borrowings. Moody's views the refinancing transaction as credit positive because it addresses a near-term debt maturity and increases revolver availability in a leverage-neutral manner and without a material increase in interest cost. RATINGS RATIONALE The Ba3 CFR reflects the company's scale as the largest regional amusement park operator in North America and its conservative financial policies with a net leverage target of 4x or lower by FYE 2026 (management calculation). Six Flags competes for discretionary consumer spending with an increasingly wide variety of other leisure and entertainment activities though there is a noticeable trend among younger generations preferring experiences over material goods, which bodes well for theme park spending. The company's diversified portfolio of entertainment properties with high barriers to entry helps mitigates the impact of seasonality and volatility due to weather and regional economic downturns. The credit profile also benefits from significant amounts of owned land and properties which provide Six Flags the opportunity for future expansion or sources of liquidity if needed. Six Flags has a geographically diverse portfolio of 27 amusement parks, 15 water parks and 9 resort properties across the US, Canada, and Mexico. Moody's projects sustained revenue and EBITDA growth of at least low single digit percent, with EBITDA margins in the low-30% range. Moody's expects this growth to be driven by consumer demand, investments in new attractions, improving attendance towards pre-pandemic levels, and growing in-park guest spending. Additionally, management anticipates that it is on track to achieve $180 million in merger cost synergies by FYE 2026, with a portion of that already realized. EBITDA growth along with modest debt repayment from mandatory term loan amortization, excess cash flow sweep and using asset sale proceeds to repay debt, should drive the company's Moody's adjusted Debt/EBITDA (excluding restructuring and proforma savings adjustments) to under 5x by the end of 2026 and towards 4x by the end of 2027 from 6.6x as of LTM Q1 2025. Moody's expects Six Flags to operate with good liquidity (SGL-2), supported by $62 million of cash on the balance sheet (as of Q1 2025 end) and proforma for the refinancing transaction $524 million of availability on the $850 million senior secured revolving credit facility which matures in 2029. Six Flags expects to spend between $475-$500 million on capex in 2025 and 2026 and generate free cash flows (FCF) in the $180 - $225 million range in 2025. Proforma for the repayment of the senior secured notes due 2025 from the proceeds of the term loan upsize, the nearest debt maturity is in April 2027. The revolver has a maximum first lien net leverage ratio of 5.25x with step downs to 5x at 31 December 2024, 4.75x by the end of 2026, and 4.5x by the end of 2027. Moody's expects the company to comfortably meet revolver covenant requirements with a comfortable cushion. The senior secured term loan B is covenant lite. The stable outlook reflects Moody's expectations that Six Flags will continue to focus on delevering, maintain good liquidity with revenue and EBITDA growth of at least the low single digit percent range. The Ba1 rating on the senior secured bank credit facilities and notes reflects the first priority lien on the assets of substantially all wholly owned domestic subsidiaries and the loss absorption cushion provided by the senior unsecured notes. The B1 rating on the senior unsecured notes reflects the debt's junior position in the debt structure. The debt of the former issuers is cross guaranteed, making all the debt pari passu within each priority of claim and supported by all the same assets and operations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Six Flags' ratings could occur if Moody's expects leverage to be sustained at 3.25x or less (Moody's adjusted) with a strong commitment from management to maintain such leverage levels. A strong liquidity position would also be required with free cash flow as a percentage of debt in the low double digits percentage (Moody's adjusted). Six Flags' ratings could be downgraded if Moody's expects leverage to be sustained above 4.25x as a result of non-cyclical operational challenges, a more aggressive financial policy posture including debt funded acquisitions or leveraging equity friendly transactions. A weakened liquidity position could also lead to downgrade ratings pressure. Six Flags Entertainment Corporation, with its headquarters in Charlotte, NC, owns and operates amusement parks, water parks, and hotels in the US, Canada, and Mexico. Following the merger of Six Flags and Cedar Fair on July 1, 2024, the company operates 42 North American theme and waterparks. The park portfolio features 31 locations, including properties in top demographic metro areas and three consolidated partnership parks - Six Flags over Texas (SFOT), Six Flags over Georgia (SFOG), and White-Water Atlanta. Six Flags currently owns 54.1% of SFOT and 31.5% of SFOG/White Water Atlanta. In addition, the company has international licensing and management agreements in Saudi Arabia. Net revenue on a combined basis, including full consolidation of the partnership parks, was approximately $3.2 billion as of LTM March 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. SKYSKOPES INC: Seeks Chapter 11 Bankruptcy in Arizona ----------------------------------------------------- On June 13, 2025, SkySkopes Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About SkySkopes Inc. SkySkopes Inc. provides aviation and geospatial services to clients in the oil and gas, infrastructure, electric utility, and geospatial sectors. The Company operates a fleet of drones, helicopters, and fixed-wing aircraft, and offers data-driven solutions through a team of industry professionals. SkySkopes Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05420) on June 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtors are represented by Randy Nussbaum, Esq. at CAVANAGH LAW FIRM. SORRENTO THERAPEUTICS: Trustee Sues B. Riley to Recoup $32MM ------------------------------------------------------------ Randi Love of Bloomberg Law reports that the liquidating trustee for Sorrento Therapeutics Inc. is suing to recover $32.2 million in payments made to B. Riley Commercial Capital LLC shortly before the company filed for bankruptcy. In a complaint filed Monday, June 16, 2025, in the U.S. Bankruptcy Court for the Southern District of Texas, the trustee claims Sorrento was insolvent when the transfers occurred, citing approximately $21 million in negative retained earnings at the time. The funds in question represent part of a $41.7 million loan the company secured from B. Riley in September 2022, according to financial records, the report states. About Sorrento Therapeutics Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/ -- is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as next-generation tyrosine kinase inhibitors "TKIs"), fully human antibodies ("G-MAB(TM) library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions, including COVIMARK(TM). Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of $1 billion and liabilities of about $235 million as of Feb. 10, 2023. Judge David R. Jones originally oversaw the cases. The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel; Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin Y. Meghji, managing partner at M3, serves as the Debtors' chief restructuring officer. Stretto Inc. is the claims, noticing and solicitation agent. Norton Rose Fulbright US, LLP and Milbank, LLP represent the official committee of unsecured creditors appointed in the Debtors' Chapter 11 cases. On April 10, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent the Debtors' equity security holders. On April 10, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent the Debtors' equity security holders. Glenn Agre Bergman & Fuentes, LLP and Greenberg Traurig, LLP serve as the equity committee's bankruptcy counsel. SOUTH TEXAS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: South Texas Corral, LLC South Texas Corral Golden Corral Brownsville Golden Corral 4555 N Expressway Brownsville, TX 78520-9415 Business Description: South Texas Corral, LLC, established in 2014, operates a Golden Corral buffet restaurant franchise in Brownsville, Texas. The Company offers dine-in and takeout services featuring a wide variety of food options including breakfast, lunch, and dinner buffets. Chapter 11 Petition Date: June 17, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-10113 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Robert C. Lane, Esq. Kyle K. Garza, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, Texas 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 E-mail: notifications@lanelaw.com kyle.garza@lanelaw.com Total Assets: $149,674 Total Liabilities: $1,636,260 The petition was signed by Gaspar Hernandez as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K2PK3BY/South_Texas_Corral_LLC__txsbke-25-10113__0001.0.pdf?mcid=tGE4TAMA SPLAT SUPER: Moody's Rates New $500MM Secured First Lien Notes 'B3' ------------------------------------------------------------------- Moody's Ratings assigned a B3 rating to SPLAT Super HoldCo, LLC's ("SPLAT") proposed $500 million senior secured first lien notes offering. All other ratings of SPLAT remain unchanged, including the B3 corporate family rating, B3-PD probability of default rating, B3 ratings of SPLAT's $425 million senior secured first lien term loan, $175 million senior secured first lien revolving credit facility and $80 million senior secured first lien delayed draw term loan. The outlook remains stable. Ratings are subject to review of final documentation. Proceeds from the proposed $500 million senior secured notes will be used to finance the acquisition of Sizzling Platter, LLC (Sizzling Platter) by Bain Capital. The notes will be co-issued by BCPE Flavor Issuer, Inc., a wholly owned subsidiary of SPLAT. Pro forma debt/EBITDA is 6.2x and EBITA/interest expense is 1.2x as of April 2025. The ratings of Sizzling Platter, LLC, will be withdrawn upon transaction close and repayment of existing outstanding debt. RATINGS RATIONALE SPLAT's B3 CFR reflects governance considerations particularly its high pro forma leverage and weak interest coverage following the close of its leveraged buyout by Bain. The CFR also reflects its modest scale with 826 restaurants, concentration in a single brand with Little Caesar's representing approximately 57% of its locations and modest geographic concentration. Moody's views positively the company's focus on value offerings across multiple day parts which is expected to drive steady demand from cost-conscious consumers and the strong brand recognition of its franchised brands that includes Little Caesar's, Wingstop, Jamba, Dunkin' and Jersey Mikes. As such, Moody's expects revenue and EBITDA growth over the next 12-18 months from contribution from new units, modest same store sales growth and increased cost efficiencies from its larger scale. Moody's forecasts an improvement in leverage to the low 5x range and EBITA/interest to improve modestly to 1.5x because of the high debt service obligations. However, SPLAT is operating in a macro environment that is challenging, including weak foot traffic across the industry, inflation-weary customers and weak consumer confidence. The company also faces volatility in commodity costs and labor, all of which present risks to Moody's growth forecast. The stable outlook reflects Moody's expectations that SPLAT's credit metrics will improve over the next 12-18 months and that it will maintain adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade would require continued healthy operating performance, debt/EBITDA sustained below 5.5x and EBITA/interest expense sustained above 1.75x. An upgrade would also require a balanced financial policy that supports stronger credit metrics, good liquidity and positive free cash flow. A downgrade could occur if performance deteriorates such that debt/EBITDA were sustained above 6.75x or EBITA/interest expense sustained below 1.25x. Other factors for a downgrade also include aggressive financial policies that favor shareholders such as debt-financed dividends or if free cash flow turns negative. Headquartered in Murray, Utah, Sizzling Platter, LLC owns and operates 471 Little Caesars, 89 Jambas, 187 Wingstop, 32 Dunkin', 7 Sizzler's Steak House, 5 Red Robin Gourmet Burgers, 2 Cinnabon and 33 Jersey Mike's franchised restaurants as of April 20, 2025. Revenue for the twelve month period ended April 2025 was $1.15 billion. Following the close of the transaction, Sizzling Platter, LLC will be a wholly owned subsidiary of BCPE Flavor Issuer, Inc., which is a wholly owned subsidiary of SPLAT Super HoldCo, LLC. The principal methodology used in this rating was Restaurants published in August 2021. STICKY'S HOLDINGS: Battles Bankruptcy to Remain Operational ----------------------------------------------------------- Liesel Nygard of Mass Live reports that a well-known East Coast fried chicken chain is struggling to remain open. Sticky's, originally launched as Sticky's Chicken Joint in 2012, built a loyal following in New York and New Jersey with its antibiotic-free, farm-raised chicken and flavorful sauces like "Thai Sweet Chili" and "Caribbean Sweet Heat." Now operating 12 locations across both states, the chain filed for Chapter 11 bankruptcy in April 2024 to address its mounting debt. The company cited the ongoing financial fallout from the COVID-19 pandemic, which significantly reduced foot traffic in New York City—its primary market—according to Men's Journal. In hopes of avoiding liquidation, Sticky's received a $2 million acquisition offer from Harker Palmer Investors. The proposal includes taking on part of the company's debt and could help prevent the case from shifting from Chapter 11 reorganization to Chapter 7 liquidation, Food Republic reported. The deal, however, is still pending court approval, according to Mass Live. The U.S. Trustee, the Justice Department's bankruptcy watchdog, has objected to the sale, arguing that it would grant Harker Palmer excessive legal protections from potential future lawsuits, Daily Mail noted. Sticky's recently warned that without court approval of the sale, it may be forced into Chapter 7 bankruptcy—resulting in the closure of all its locations and leaving creditors with no recovery, the report states. About Sticky's Holdings Sticky's Holdings LLC and its affiliates operate a chain of restaurants in New York and New Jersey. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-10856) on April 25, 2024. In the petitions signed by Jamie Greer, CEO, Sticky's Holdings disclosed $5,754,177 in total assets and $4,677,476 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped John W. Weiss, Esq., at Pashman Stein Walder Hayden, PC as legal counsel and Kurtzman Carson Consultants LLC as administrative advisor. STOKES & STOKES: Leona Mogavero Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for Stokes & Stokes Properties, LLC. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About Stokes & Stokes Properties Stokes & Stokes Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12226) on June 3, 2025, with up to $50,000 in assets and liabilities. Judge Ashely M. Chan presides over the case. Demetrius J. Parrish, Esq., at The Law Offices of Demetrius J. Parrish represents the Debtor as bankruptcy counsel. SULLIVAN MECHANICAL: Creditors to Get Proceeds From Liquidation --------------------------------------------------------------- Sullivan Mechanical Contractors, Inc. filed with the U.S. Bankruptcy Court for the Western District of Virginia a Plan of Liquidation dated June 4, 2025. The Debtor, first established in Virginia in 1946, is a storied Shenandoah Valley commercial mechanical contractor, having served Western and Central Virginia for almost eight decades. Always a family run business, Mr. Malcolm Sullivan, Jr., with the aid of other family members, currently manage the hands-on operation with the additional assistance of dedicated employees. Having begun humbly in a small, unheated garage, Sullivan Mechanical now operates from its state-of-the-art facilities in Shenandoah, Virginia. The Debtor will not have operations post-confirmation. Instead, the Plan contemplates the continued winddown of the Debtor's business, sale of substantially all of the Debtor's Assets, and pursuit where warranted of Causes of Action. Sale Proceeds and Recoveries will be used to pay the Allowed Claims in the manner and priority provided for in the Bankruptcy Code. This Plan, under Chapter 11 of the Bankruptcy Code, proposes to pay the Debtor's Allowed Claims via the sale of substantially all Assets and pursuit, where appropriate, of Causes of Action. Class 4 consists of General Unsecured Claims. Holders of General Unsecured Claims shall receive on each Distribution Date each pro rata share from the remaining, if any, Sale Proceeds and Recoveries, after the payment of all amounts to Classes 1 through 3 and Allowed Administrative Expenses including, but not limited to, Fee Claims and DIP Financing Claim. This Class is impaired. As this is a complete liquidation, it is not anticipated that funds will be available to pay any money to the Debtor's equity toward their equity interest. The Plan shall be implemented through the sale of Assets and pursuit, where appropriate, of Causes of Action. The 4th Street Real Property shall be sold through the marketing and sale efforts of Cottonwood Commercial and pursuant to order of the Court, which order may be the Confirmation Order and/or a supplement to the Confirmation Order. All other physical Assets shall be sold pursuant to the Vehicle Sale Order, the Equipment Sale Order, the Copper/Cast Iron Sale Order, the Miscellaneous Sale Order and/or any other order of the Court. On or before July 31, 2025, the Debtor shall solicit proposals for the sale of any remaining Assets other than the 4th Street Real Property and, on or before August 31, 2025, the Debtor shall, after consultation with the Subchapter V Trustee, seek this Court's authorization to employ one or more entities to assist with the sale of remaining Assets. A full-text copy of the Liquidating Plan dated June 4, 2025 is available at https://urlcurt.com/u?l=NZxU31 from PacerMonitor.com at no charge. Counsel to the Debtor: Lynn L. Tavenner, Esq. Paula S. Beran, Esq. Tavenner & Beran, PLC 20 North 8th Street Richmond, VA 23219 Telephone: (804) 783-8300 Facsimile: (804) 783-0178 Email: ltavenner@tb-lawfirm.com pberan@tb-lawfirm.com About Sullivan Mechanical Contractors Sullivan Mechanical Contractors Inc. was first established in Virginia in 1946 and a family-owned commercial mechanical contractor, having served Western and Central Virginia for almost eight decades. It is a well-respected and in demand mechanical contractor focusing on sheet metal specialties, air conditioning, plumbing, and heating services. As of late, its services have been concentrated on the construction of medical and educational institutions, with numerous at the collegiate level and including many on the grounds of the University of Virginia. Sullivan sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50126) on March 6, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Rebecca Connelly oversees the case. Paula Steinhilber Beran of Tavenner & Beran, PLC represents the Debtor as legal counsel. SUNNOVA ENERGY: Accused of Improper Pre-Bankruptcy Layoffs Notice ----------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that an ex-employee of Sunnova Energy International Inc. has sued the bankrupt solar company, alleging it violated federal law by laying off hundreds of workers without sufficient warning. Filed in the U.S. Bankruptcy Court for the Southern District of Texas, the complaint by Erik Weatherwax seeks class-action status on behalf of himself and more than 700 others. The lawsuit claims Sunnova failed to provide the 60-day advance notice required under the Worker Adjustment and Retraining Notification (WARN) Act, the report states. The WARN Act obligates large employers to give notice ahead of mass layoffs or facility shutdowns, according to report. 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. TERRA DOLCI: Carol Fox of GlassRatner Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Terra Dolci, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Terra Dolci LLC Terra Dolci LLC, operating as Chef Adrianne's Vineyard Restaurant and Bar in Miami, offers Napa Valley-inspired fine dining with a focus on bold flavors. The menu features family-style beef short ribs slow-braised for 24 hours, a signature French onion soup rich with caramelized onions and melted cheese, indulgent white and dark chocolate bread puddings, and oversized cinnamon rolls. It is managed by chef and restaurateur Adrianne Calvo. Terra Dolci LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16293) on June 2, 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 Laurel M. Isicoff handles the case. The Debtors are represented by Robert Charbonneau, Esq., at Agentis PLLC. TERRA DOLCI: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida granted Terra Dolci, LLC interim authorization to use the cash collateral of Newtek Bank. The interim order signed by Judge Laurel Isicoff authorized the Debtor to use the cash collateral of its secured creditor to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item per month; and such additional amounts as may be authorized by further order of the court. As protection, Newtek will be granted a replacement lien on all property acquired or generated post-petition by the Debtor to the same extent and priority and of the same kind and nature as the secured creditor's respective pre-petition liens on and security interests in the cash collateral. The Debtor was ordered to escrow $1,200 per month for Subchapter V trustee fees. A final hearing is scheduled for June 24. In April 2024, the Debtor obtained a U.S. Small Business Administration loan, from Newtek in the principal amount of $1.7 million. The SBA loan has a term of 10 years and variable interest rate beginning at 11.5%. In connection with the SBA loan, Newtek filed a form UCC-1 financing statement with the Florida Secured Transaction Registry, which indicates that the lender has a perfected interest on all of the Debtor's assets. Additionally, the principal of the Debtor executed a mortgage in April 2024, encumbering real property located at 7830 SW 117th Street, Pinecrest, Fla. The Debtor is not aware of the exact current balance on the SBA loan as of the petition date but believes it to be approximately $1.5 million. About Terra Dolci LLC Terra Dolci LLC, operating as Chef Adrianne's Vineyard Restaurant and Bar in Miami, offers Napa Valley-inspired fine dining with a focus on bold flavors. The menu features family-style beef short ribs slow-braised for 24 hours, a signature French onion soup rich with caramelized onions and melted cheese, indulgent white and dark chocolate bread puddings, and oversized cinnamon rolls. It is managed by chef and restaurateur Adrianne Calvo. Terra Dolci LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16293) on June 2, 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 Laurel M. Isicoff handles the case. The Debtors are represented by Robert Charbonneau, Esq. at AGENTIS PLLC. THUNDER INTERNATIONAL: Nancy Isaacson Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Nancy Isaacson, Esq., at Greenbaum, Rowe, Smith & Davis, LP, as Subchapter V trustee for Thunder International Group, Inc. Ms. Isaacson will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Isaacson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nancy Isaacson, Esq. Greenbaum, Rowe, Smith & Davis, LP 75 Livingston Avenue Roseland, NJ 08068 Phone: (973) 535-1600 Email: nisaacson@greenbaumlaw.com About Thunder International Group Inc. Thunder International Group, Inc. is a fifth-party logistics (5PL) provider specializing in omni-channel logistics solutions for commerce and e-commerce sellers. It operates nine warehouses across six U.S. states, offering services including nationwide fulfillment, drop shipping, air and ocean freight, global shipping, industrial inspection and maintenance, bonded zones, reverse logistics, and cross-border e-commerce branding. Thunder International Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 25-15229) on May 15, 2025, listing up to $10 million in both assets and liabilities. Mingming Wang, secretary, signed the petition. Judge John K. Sherwood oversees the case. White and Williams, LLP represents the Debtor as legal counsel. TRANSOCEAN LTD: Jeremy Thigpen Elected as Board Chair at AGM ------------------------------------------------------------ Transocean Ltd. held its Annual General Meeting of Shareholders during which the Company's stockholders: 1. Approved the 2024 Annual Report, including the Audited Consolidated Financial Statements of Transocean Ltd. for Fiscal Year 2024 and the Audited Statutory Financial Statements of Transocean Ltd. for Fiscal Year 2024. 2. Approved the proposal regarding the advisory vote to approve the Company's Swiss Statutory Compensation Report for Fiscal Year 2024. 3. Approved the Non-Financial Matters Report for Fiscal Year 2024. 4. Approved the discharge of the Members of the Board of Directors and the Executive Management Team from liability for activities during Fiscal Year 2024. 5. Approved the Appropriation of the Accumulated Losses for Fiscal Year 2024. 6. Approved the Shares authorized for issuance. 7. Elected Keelan I. Adamson, Glyn A. Barker, Vanessa C.L. Chang, Frederico F. Curado, Chadwick C. Deaton, Domenic J. "Nick" Dell'Osso, Jr., Vincent J. Intrieri, William F. "Bill" Lacey, Samuel J. Merksamer, Frederik W. Mohn, and Jeremy D. Thigpen as a director of the Company to hold office until the completion of the next Annual General Meeting. 8. Elected Jeremy D. Thigpen as Chair of the Board of Directors of the Company to hold office until the completion of the next Annual General Meeting. 9. Elected Glyn A. Barker, Vanessa C.L. Chang, Frederico F. Curado to serve as a member of the Compensation Committee of the Company to hold office until completion of the next Annual General Meeting. 10. Approved the reelection of the independent proxy for a term extending until completion of the next Annual General Meeting. 11. Ratified Ernst & Young LLP as the Company's Independent Registered Public Accounting Firm for Fiscal Year 2025 and reelection of Ernst & Young Ltd, Zurich, as the Company's Auditor for a further one-year term. 12. Approved the Named Executive Officer compensation for Fiscal Year 2025. 13. Approved the ratification of the maximum aggregate amount of compensation of the Board of Directors for the period between the 2025 Annual General Meeting and the 2026 Annual General Meeting. 14. Approved the proposal regarding the ratification of the maximum aggregate amount of compensation of the Executive Management Team for Fiscal Year 2026. 15. Approved the amendment and restatement of the Transocean Ltd. 2015 Long-Term Incentive Plan As approved by shareholders, the Amended and Restated LTIP reserves an additional 16,000,000 Transocean Ltd. shares, par value U.S. $0.10 per share, issuable pursuant to awards thereunder. 16. Approved a capital authorization for share-based incentive plans. AGM Agenda Item 5 – Proposal regarding the Amendment of the Articles of Association to Increase the Maximum Number of Members of the Board of Directors to 12 from 11 for a One-Year Period – was not voted on at the AGM because the attendance quorum specified in our Articles of Association for an agenda item of this nature was not satisfied. Following the determination that the applicable attendance quorum was not satisfied for this item, Ms. Margareth Øvrum withdrew her nomination as a director pursuant to the process outlined in the Company's definitive proxy statement for the AGM under Agenda On May 28, 2025, the Articles of Association of the Company were amended to reflect changes in the Company's total issued share capital resulting from the issuance of 59,015,000 Shares into treasury to one of the Company's wholly-owned subsidiaries at par value for a total consideration of U.S. $5,901,500.00. Following the conclusion of the AGM, on May 30, 2025, the Articles of Association of the Company were further amended to reflect: (i) the approval by shareholders at the AGM of: (a) the general capital authorization proposal, which permits the issuance of up to 188,165,780 Shares pursuant to the authorization, for a term expiring on May 30, 2026 and (b) the specific capital authorization proposal that may be used to satisfy the Company's equity incentive plans obligations, which permits the issuance of up to 16,000,000 Shares pursuant to the authorization, for a five-year period expiring on May 30, 2030; and (ii) changes in the Company's total issued share capital resulting from the issuances of 188,165,780 Shares and 16,000,000 Shares into treasury pursuant to the capital authorizations approved at the AGM. The Company's Articles of Association now reflect a share capital of U.S. $120,400,968.10 divided into 1,204,009,681 fully paid registered Shares. The issuances of Shares into treasury described above are intended to allow the Company to timely deliver Shares from time to time pursuant to the capital authorizations approved by the Company's shareholders and are exempt pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, which exempts transactions by an issuer not involving a public offering. Effective May 30, 2025, the Organizational Regulations of the Company were amended by the Company's Board of Directors to update Article 5 therein to reflect the power and duties of the Board's Lead Independent Director. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. Transocean reported a net loss of $954 million in 2023, a net loss of $621 million in 2022, and a net loss of $591 million in 2021. As of June 30, 2024, Transocean Ltd. had $20.33 billion in total assets, $1.57 billion in total current liabilities, $8.04 billion in total long-term liabilities, and $10.71 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In May 2025, S&P Global Ratings affirmed its ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' issuer credit rating and revised the outlook to negative from stable. TRANSOCEAN LTD: Rig Disposals to Trigger Up to $1.2B Q2 Impairment ------------------------------------------------------------------ Transocean Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company intends to dispose of, by sale to a third party or by recycling, the following rigs: GSF Development Driller I and Discoverer Luanda, which are classified as held for sale as of May 30, 2025. The Company is also evaluating the commercial feasibility of disposing of, by sale to a third party or by recycling, the Development Driller III and Discoverer Inspiration, which were previously classified as held for sale. As a result of the decisions taken by the Company on May 30, 2025, the Company concluded that it expects its second quarter 2025 results to include an estimated non-cash charge ranging between $1.1 billion and $1.2 billion associated with the impairment of these rigs and related assets. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. Transocean reported a net loss of $954 million in 2023, a net loss of $621 million in 2022, and a net loss of $591 million in 2021. As of June 30, 2024, Transocean Ltd. had $20.33 billion in total assets, $1.57 billion in total current liabilities, $8.04 billion in total long-term liabilities, and $10.71 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In May 2025, S&P Global Ratings affirmed its ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' issuer credit rating and revised the outlook to negative from stable. TUI BAYSIDE: Soneet Kapila Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 21 appointed Soneet Kapila of Kapila Mukamal as Subchapter V trustee for TUI Bayside, LLC. Mr. Kapila will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kapila declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Soneet R. Kapila Kapila Mukamal 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 Tel: (954) 761-1011 Email: skapila@kapilamukamal.com About TUI Bayside LLC TUI Bayside, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16337) on June 4, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Nathan G. Mancuso, Esq. at Mancuso Law, P.A. UNDER ARMOUR: Moody's Rates New Sr. Unsecured Notes Due 2030 'B1' ----------------------------------------------------------------- Moody's Ratings assigned a B1 to Under Armour, Inc.'s (Under Armour) proposed senior unsecured notes due 2030. The company's existing Ba3 corporate family rating and Ba3-PD probability of default rating remain unchanged. The outlook remains negative. Proceeds from the proposed $400 million senior unsecured notes, together with borrowings under the company's $1.1 billion senior secured revolving credit facility (unrated) and cash on hand, will be used to redeem the company's existing $600 million senior unsecured notes due June 2026 and pay for transaction fees. Under Armour is also extending its revolving credit facility to 2030 from 2028. Moody's views the transaction as credit positive because it will extend the company's debt maturities to 2030. RATINGS RATIONALE Under Armour's Ba3 CFR reflects the company's well-recognized brand and diversified distribution in the athletic apparel and footwear market. The company has a strong position in the sports performance apparel category, which it aims to leverage as part of the brand elevation strategy and turnaround plan led by CEO and founder Kevin Plank. Under Armour's relatively low level of funded debt provides key credit support, and Moody's expects leverage to remain moderate over the next 12-18 months despite lower earnings. At the same time, the credit profile is constrained by the company's weak operating performance and in Moody's views, limited brand differentiation. Following a transformation year in fiscal 2025, Moody's projects earnings to continue to decline in fiscal 2026, as the company's strategic initiatives are offset by weaker discretionary spending and higher tariffs, which will be difficult for the company to pass through to consumers. While Moody's expects Under Armour's strategies to generate earnings growth over time, there is significant execution risk, given intense competition and the company's prior struggles to improve brand health. Additionally, Moody's views the Under Armour's frequent executive turnover, including four CEO transitions in the past 4 years and significant recent key executive changes, as moderate governance concerns. The negative outlook reflects that the risk that uncertainty around tariffs and consumer spending could result in lower than anticipated earnings and free cash flow in fiscal year 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Under Armour demonstrates improved operating performance and a successful execution of its brand health strategies. An upgrade would also require lease-adjusted operating margins to the mid-single-digit range and good liquidity, including positive free cash flow. Quantitatively, the ratings could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 3.5x. The ratings could be downgraded if liquidity weakens for any reason, including lower than expected free cash flow, significant revolver usage, or failure to refinance debt maturities in a timely manner. More aggressive financial policies, such as material share repurchases in a highly uncertain environment and prior to earnings recovery could also result in a downgrade. Quantitatively, the ratings could be downgraded if Moody's-adjusted debt/EBITDA is sustained above 4.0x or if EBITA/interest expense is sustained below 2.5x. Headquartered in Baltimore, Maryland, Under Armour, Inc. is a designer, marketer and retailer of footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Revenue was about $5.2 billion for the last twelve months ended March 31, 2025. The principal methodology used in this rating was Retail and Apparel published in November 2023. UNRIVALED BRANDS: Seeks to Extend Plan Exclusivity to September 4 ----------------------------------------------------------------- Unrivaled Brands, Inc. and Halladay Holding, LLC asked the U.S. Bankruptcy Court for the Central District of California to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 4 and November 1, 2025, respectively. The Debtors have already filed a complete chapter 11 plan and disclosure statement to establish a liquidation creditor trust for the benefit of creditors such that Chapter 11 will allow for a wind-down and liquidation of assets while prioritizing creditor claims, bringing closure to the relentless legal disputes that have plagued the Debtors. Unrivaled's primary assets are: (A) its 100% membership interests in Halladay Holding, LLC (which previously owned the Property); and (B) Approximately 9% of Mystic Holdings shares ($MSTH on OTC). The Debtors have already sold the Property and have filed the Abandonment Motion. The Debtors explain that there are certainly outstanding complex issues that warrant an extension of the exclusivity deadlines, while their cases are not large. The Debtors have already filed a joint plan and disclosure statement, and have made substantial progress by resolving all of its contested matters as to Peoples. However, Greenlane's opposition to the Abandonment Motion and the result of that contested matter will have to be taken into account in the Debtors' finalized amended plan and disclosure statement. The Debtors claim that they have already made substantial progress in taking the first steps toward a liquidating plan. The Debtors have already closed the Sale of the Property and reached a global settlement with Peoples. The Debtors assert that their request for an extension of their plan exclusivity periods is being made in good faith and is not being made for the purpose of pressuring creditors into acceding to certain plan terms. The Debtors further assert that they will need additional time to finalize an amended plan and disclosure statement to account for the results of the pending litigation concerning the Abandonment Motion. The Debtors submit that these contingencies warrant an extension of their plan exclusivity periods. Accordingly, the Debtors respectfully submit that this factor also weighs in favor of an extension of the Debtors’ plan exclusivity periods. The Debtors' Counsel: John Patrick M. Fritz, Esq. Robert M. Carrasco, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: jpf@lnbyg.com About Unrivaled Brands Business Description: Unrivaled owns 100% membership interests in Halladay, and Halladay is Unrivaled's wholly owned subsidiary. Halladay's primary asset is a commercial real property building. Unrivaled Brands, Inc. in Downey, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Lead Case No. 24-19127) on Nov. 6, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sabas Carrillo as chief executive officer, signed the petition. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. serves as the Debtor's legal counsel. US ECO PRODUCTS: Unsecureds to Split $126K over 60 Months --------------------------------------------------------- US Eco Products Corporation submitted a Third Amended Plan of Reorganization dated June 4, 2025. The cash necessary to fund this plan as proposed will not exceed $42,000 per year, which amount is supported by the projected cash flow of the Debtor. The Debtor's Plan is premised on the ongoing receipt of income from business operations of the Debtor. The ongoing cash contributions from operations will permit the Debtor to provide a meaningful distribution to creditors, greatly in excess of what would be received in a Chapter 7 liquidation, and in a shorter period of time. The Plan provides: * the satisfaction in full of all administrative and priority claims; * the full resolution of secured claims with regard to their collateral; and * the payment of a dividend in the approximated amount of between 20.04% to 33%, depending upon the amount of allowed general unsecured claims once the claims objection process is completed. With claims as filed, before any claims objections, the anticipated dividend is closer 20.04%, however this level of a dividend is not guaranteed. The final dividend will be based upon the fixed amount of cash paid into the plan to be distributed to general unsecured creditors. The Debtor proposes that the total to paid over the life of the plan is $126,000. Class 8 consists of General Unsecured Claims. Holders of general unsecured claims are estimated to be in the amount of $864,333.33, of which $240,000 is held by insiders. Unsecured claims held by insiders shall not be paid in this class, but shall be considered paid in capital to the Debtor. Claims of insiders deducted from this amount leaves a total amount of claims in this class (disputed and undisputed) to be $636,333.33. This amount may be further reduced by the claims objection process. Unsecured creditors shall receive payment on a prorata basis in quarterly installments. Payments shall be made over a period of 60 months from the Effective Date of this Plan for a total of 16 installments. This distribution shall be a "pot plan", so called, and creditors shall share in this distribution. The total to be distributed to this class over the life of the plan is $126,000. Equity Interest holders are the individual members of the Debtor. They will retain their ownership interests in the Debtor under this Plan. Equity holders are not entitled to vote on the Plan and are deemed to have accepted its terms. The Debtor will fund its Plan from two main sources of funds: (i) the accumulation of funds from post-petition operations, and (ii) a payment plan from their available income over a period not to exceed 60 months, except as provided in the Plan. A full-text copy of the Third Amended Plan dated June 4, 2025 is available at https://urlcurt.com/u?l=y2cycQ from PacerMonitor.com at no charge. Counsel to the Debtor: Michael B. Feinman, Esq. Feinman Law Offices 69 Park St., Second Floor Andover, MA 01810 Telephone: (978) 494-6669 Facsimile: (978) 475-0852 Email: mbf@feinmanlaw.com About US Eco Products Corporation US Eco Products Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 24-41263) on Dec. 9, 2024. In the petition signed by Doreen Blades, president, the Debtor disclosed $320,830 in total assets and $1,249,695 in total liabilities. Judge Elizabeth D. Katz oversees the case. Michael B. Feinman, Esq., at the Feinman Law Offices, represents the Debtor as counsel. VERDE RESOURCES: Signs MOU for Tech License With Ergon Asphalt -------------------------------------------------------------- Verde Resources, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Verde Renewables, Inc., a wholly owned subsidiary of the Company, entered into a Memorandum of Understanding (MOU) with Ergon Asphalt & Emulsion, Inc., outlining the principal terms and conditions under which the Company intends to grant to Ergon an exclusive, royalty-bearing, non-transferable license to use, manufacture, commercialize, market, sell, and distribute the Company's proprietary and innovative technologies for road construction applications, including the Company's stabilization enzyme, TerraZyme, and proprietary emulsifying agent V24 (collectively, the "Verde Technologies") within the United States. Pursuant to the license, Ergon intends to purchase exclusively from the Company its proprietary and innovative products necessary to implement the Verde Technologies (the "Verde Products"). Pricing, specifications, and delivery terms for the Verde Products shall be set forth in the License Agreement to be negotiated between the parties in good faith following execution of the MOU. In consideration of the exclusive license, Ergon shall pay to the Company an annual, non-refundable license fee, with the first payment due within 30 days of the effective date of the License Agreement, and each subsequent payment due on the anniversary of the Effective Date thereafter. The parties agree to negotiate in good faith the License Fee amount, which will be set forth in the License Agreement. Ergon also shall pay to the Company ongoing royalties based on the quantity of final product manufactured, sold, distributed, or otherwise commercialized by Ergon using the Verde Technologies (the "Final Products"). The royalties shall be calculated on a per gallon basis, and shall be paid within 30 days following the end of each calendar quarter. The parties agree to negotiate in good faith the royalty rates and reporting requirements, which will be set forth in the License Agreement. The term of the exclusive license shall be for an initial period of five years, with an option to renew for subsequent five years periods. This MOU reflects the mutual commitment of the parties to negotiate in good faith and execute a License Agreement within 90 days from the date of the MOU. About Verde Resources Headquartered in St. Louis, MO, Verde Resources, Inc. specializes in Net Zero road construction and building materials, driving innovations that enhance sustainability and advance environmental stewardship. Since 2021, the Company's BioFraction facility in Borneo has been converting palm waste into biochar and other sustainable byproducts. Kuala Lumpur, Malaysia-based J&S Associate PLT, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Oct. 16, 2024, citing that the company has incurred recurring losses and accumulated a deficit of $13,480,204 as of June 30, 2024. These matters raise substantial doubt about the Company's ability to continue as a going concern. The Company recorded a net loss of $3,187,774 and $3,998,960 for the years ended June 30, 2024, and 2023, respectively. As of Dec. 31, 2024, Verde Resources had $39.75 million in total assets, $1.79 million in total liabilities, and $37.96 million in total stockholders' equity. VILLAGE OAKS SENIOR: No Resident Complaints, 6th PCO Report Says ---------------------------------------------------------------- Blanca Castro, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of California her sixth report regarding the quality of patient care provided at Village Oaks Senior Care, LLC's assisted care living facility. The Local Long-Term Care Ombudsman Program (LTCOP) ombudsman visited the facility on April 29 and May 30, with a total census of 11 residents. During the reporting period from May to June, LTCOP representatives observed that the facilities had the appropriate number of staff, including administrative personnel and direct care staff. There are currently no concerns regarding the staff's ability to provide adequate services to current and prospective residents. The ombudsman representatives conducted a comprehensive evaluation of the facility, examining the indoor and outdoor areas to ensure the health and safety of the residents. No unpleasant odor was reported, and the facility appeared clean, sanitized, and well maintained. Adequate levels of food, clean linens and supplies were noted. In general, the ombudsman representatives observed no decline in service quality or resident care associated with the ongoing bankruptcy proceedings. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=s4IXu0 from PacerMonitor.com. The ombudsman may be reached at: Blanca E. Castro State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman California Department of Aging 2880 Gateway Oaks Drive, Suite 200 Sacramento, CA 95833 Telephone: (916) 928-2500 Email: blanca.castro@aging.ca.gov About Village Oaks Senior Care Village Oaks Senior Care, LLC, a company in El Dorado Hills, Calif., owns and operates community care facilities for the elderly. Village Oaks Senior Care filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 24-22206) on May 21, 2024, with total assets of $1,440,832 and total liabilities of $3,369,013 as of Dec. 31, 2023. Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., serves as Subchapter V trustee. Judge Christopher D. Jaime oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP, is the Debtor's legal counsel. Blanca Castro has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. VILLAS AT 79TH: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Villas at 79th, LLC 321 West 1300 South Heber City UT 84032 Business Description: Villas at 79th, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: June 17, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-05510 Debtor's Counsel: Anthony P. Cali, Esq. STINSON LLP 1850 Central Avenue, Suite 2100 Phoenix, AZ 85004 Tel: 602-279-1600 E-mail: anthony.cali@stinson.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Garrett Fuller as manager of the Debtor. The Debtor failed to include a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5OYQYGY/Villas_at_79th_LLC__azbke-25-05510__0001.0.pdf?mcid=tGE4TAMA VR ENTERTAINMENT: Seeks to Extend Plan Exclusivity to November 6 ---------------------------------------------------------------- VR Entertainment Group Corp. asked the U.S. Bankruptcy Court for the District of New Jersey to extend its exclusivity periods to file a plan of reorganization and disclosure statement to November 6, 2025. The Debtor explains that it is self-evident that the company is not seeking extensions to artificially delay the conclusion of this chapter 11 case or to hold creditors hostage to an unsatisfactory plan proposal. Simply put, at this juncture, the Debtor simply needs time to reach an agreement with the SBA, to obtain Court approval for the settlement terms and to file a plan of reorganization and disclosure statement, offering treatment to the main and other remaining creditors of the estate. The Debtor claims that the requested extensions of the time period to file a plan and disclosure statement will not harm any economic stakeholder. Rather, the time will be used to resolve claims filed in this case. Moreover, should any events occur or there be a significant change in circumstance, a party in interest may move tor educe the time period to file a plan and disclosure statement. Consequently, the extension of the time period to file a plan and disclosure statement will allow the Debtor to file a Chapter 11 plan of reorganization without violating the Bankruptcy Code and to provide treatment to its creditors. VR Entertainment Group Corp is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coey Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About VR Entertainment Group Corp VR Entertainment Group Corp filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-10267) on Jan. 10, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Vincent F Papalia presides over the case. Alla Kachan, Esq., at Law Offices Of Alla Kachan P.C., is the Debtor's counsel. WALLOON LAKE: Private Financing Seeks Appointment of Receiver ------------------------------------------------------------- In the case styled PRIVATE FINANCING ALTERNATIVES, LLC, Plaintiff v. WALLOON LAKE HOLDINGS, LLC; MATTHEW ALLEN BORISCH AS TRUSTEE OF MATTHEW ALLEN BORISCH TRUST UNDER AN AGREEMENT DATED Sept. 19, 2006; MATTHEW ALLEN BORISCH; JONATHAN L. BORISCH; MARY K. BORISCH; JLB RESTAURANT HOLDINGS, LLC; and HOTEL WALLOON, LLC, Defendants, Case No. 1:25-cv-00165-HYJ-MV (W.D. Mich.), the Plaintiff moves the Court pursuant to Fed. R. Civ. P. 66 for appointment of a receiver to take immediate control of the Demised Property. This action presents claims against: Walloon Lake Holdings, LLC ("Borrower," "Assignor," or "Landlord"); Matthew Allen Borisch as Trustee of Matthew Allen Borisch Trust u/a/d September 19, 2006; Matthew Allen Borisch; Jonathan L. Borisch; Mary K. Borisch; JLB Restaurant Holdings, LLC; and Hotel Walloon, LLC Walloon Holdings is a Michigan limited liability company. This action arises out of Borrower/Assignor's failure to make required payments due Private Financing Alternatives ("Lender") pursuant to the terms of a September 29, 2023 commercial loan in the stated principal amount of $10,000,000 as memorialized inter alia by: (a) a September 29, 2023 commercial promissory note reflecting Borrower/Assignor's legal obligation to repay the Loan; (b) unlimited, continuing, unconditional guarantees from: (i) the Trust, (ii) Matthew Borisch, (iii) Jonathan Borisch, and (iv) Mary Borisch ("Guarantors") On September 29, 2023, as security for repayment of the Loan, Borrower and Lender entered into a commercial mortgage. On February 29, 2024, Lender recorded the Corrective Amendment to Mortgage correcting Lender's name on all Loan Documents from Private Lending Alternatives, LLC to Private Financing Alternatives, LLC. On September 29, 2023, as further security for repayment of the Loan, Borrower and Lender entered into an Assignment of Leases and Rents. On February 5, 2025, the Assignment was recorded and the security interest created thereby was perfected. On February 6, Lender recorded Borrower's Default Notice. The Plaintiff seeks for appointment of a receiver pendente lite to: (1) collect Rents and all other payments due to Landlord from Hotel Walloon, LLC and from JLB Restaurant Holdings, LLC (collectively "Tenants"); and (2) manage, preserve, protect and, if necessary, operate the Demised Property for the benefit of Lender/Assignee in accordance with the Assignment of Leases and Rents. Walloon Lake Holdings, LLC is a Michigan-based company associated with the Borisch family, who own multiple businesses in the Walloon Lake area, including Hotel Walloon and the Walloon Lake Inn. The Plaintiff is represented by: Stanford R. Solomon, Esq. Robert G. May, Esq. THE SOLOMON LAW GROUP, P.A. 1881 West Kennedy Boulevard, Suite D Tampa, FL 33606-1611 Telephone: (813) 225-1818 Facsimile: (813) 225-1050 E-mail: Ssolomon@solomonlaw.com Rmay@solomonlaw.com - and - Samuel P. Mauch, Esq. Brian Witus, Esq. SARETSKY HART MICHAELS & GOULD PC 995 S. Eton St. Birmingham, MI 48009 Telephone: (248) 502-3300 Facsimile: (248) 502-3301 E-mail: SMauch@Saretsky.com BWitus@Saretsky.com The Defendants are represented by: James Grant Semonin, Esq. Floyd E. Gates, Jr., Esq. Cameron D. Ritsema, Esq. BODMAN PLC 99 Monroe Avenue NW, Suite 300 Grand Rapids, MI 49503 Telephone: (616) 205-3314 E-mail: gsemonin@bodmanlaw.com fgates@bodmanlaw.com critsema@bodmanlaw.com WARNER BROS: Bondholders Support Company Split Plan --------------------------------------------------- Dawn Chmielewski and Matt Tracy of Reuters report that Warner Bros Discovery (WBD.O) said on Monday, June 16, 2025, that its bondholders have backed decisively a proposal to divide the company and implement a revised capital structure tied to the transaction. The approval clears key debt restrictions, enabling the company to move forward with its plan to split into two separate publicly traded entities—one focused on its studios and HBO Max streaming platform, and the other centered around its declining cable networks. Bondholders also backed a proposal to repurchase nearly 50% of Warner's $37 billion in outstanding debt, largely inherited from the 2022 WarnerMedia–Discovery merger, according to Reuters. The vote, which concluded Friday, allowed the company to amend debt covenants in a way that shifts most of its liabilities to the cable division—leaving the streaming and studio arm more financially agile in a competitive media landscape. Some bondholders, however, voiced concern that they could end up holding unsecured debt tied to the struggling cable business, with limited protection and lower priority in the event of bankruptcy, the report states. After the announcement, the company's longer-term bonds slipped. The 5.05% notes due March 2042 fell to 67.825, down 10 basis points from Friday, June 13. The 5.14% notes due March 2052 dropped 14.5 basis points to 70.916. Shorter-term bonds, meanwhile, saw modest increases, the report told. An attempt by law firm Akin Gump Strauss Hauer & Feld to coordinate opposition and seek improved terms did not succeed, according to reports. Despite those concerns, Warner Bros Discovery said its consent solicitation received overwhelming support, with up to 99% approval among some bondholder groups. Investors have until June 23 to tender their bonds. The move comes after Fitch and Moody’s both downgraded Warner’s credit rating to junk last week, joining S&P Global, which issued a similar downgrade earlier this month. The credit downgrades triggered forced selling by investment-grade funds, contributing to a wave of bond sales, a person familiar with the situation said. About Warner Bros. Discovery Warner Bros. Discovery (WBD) is a global media and entertainment company that provides a portfolio of content, brands, and franchises across television, film, streaming, and gaming outlets. WEC 98D-7 LLC: Wilmington Trust Files Receivership Bid ------------------------------------------------------ In the case styled Wilmington Trust, National Association, as Trustee for the Benefit of the Registered Holders of Wells Fargo Commercial Mortgage Trust 2021-C59, Commercial Mortgage Pass-Through Certificates, Series 2021-C59, Commercial Mortgage PassThrough Certificates, Series 2021-C59, through its special servicer Argentic Services Company LP, Plaintiffs v. WEC 98D-7 LLC, WEC 98D-16 LLC, WEC 98D17 LLC, WEC 98D-18 LLC, WEC 98D-21 LLC, WEC 98D-23 LLC, each a Texas limited liability company; and RX Ashland Investors, L.L.C. and RA2 Stuarts Draft L.L.C., each a Delaware limited liability company, Defendants, Case No. 2:25-cv-11620-NGE-APP (E.D. Mich), Plaintiff Wilmington Trust, National Association moves the Court for expedited consideration of its request pursuant to Fed. R. Civ. P. 66; MCL Sec. 554.1011 et seq. (the "Receivership Act"), MCL Sec. 600.2926 (the "Receiver Statute"), and MCL Sec. 554.231 (the "Assignment of Rents Statute"), for entry of an order appointing a receiver to enforce the covenants under the Mortgages and Loan Agreement and to manage and control Defendants' commercial real estate properties. The Plaintiff holds the mortgages on the subject properties as well as security interests in the personal property. These properties are located in Michigan, Ohio, Kentucky Virginia and West Virginia: WEC 98D-17 LLC (Vacant) 924 West Main Street Fremont, Michigan (Newago County) WEC 98D-18 LLC (Vacant) 2263 Cedar Street Holt, Michigan (Ingham County) WEC 98D-21 LLC (Vacant) 35350 23 Mile Road New Baltimore, Michigan (Macomb County) WEC 98D-23 LLC (Vacant) 715 Park Avenue Ironton, Ohio (Lawrence County) RA2 Stuarts Draft L.L.C. 2596 Tinkling Spring Road Stuarts Draft, Virginia (Augusta County) RX Ashland Investors, L.L.C. 607 England Street Ashland, Virginia (Hanover County) WEC 98D-16 LLC 4149 Taylor Boulevard Louisville, Kentucky (Jefferson County) WEC 98D-7 LLC 173 Main Street Clay, West Virginia (Clay County) The Properties are Lender's primary collateral for repayment of a commercial real estate loan in the aggregate original principal amount of $11,110,000. Although eight different LLCs were established to hold each commercial property, a single individual serves as the authorized signer for all eight LLCs and acts as the guarantor on the loan. The proceeds of the funds advanced pursuant to the Note were used in connection with the Properties, which includes all of the real property, personal property, and general intangibles described in each of the Security Instruments. The Defendants are the mortgagors for the Properties. Borrowers have not made a debt service payment since March of 2025 despite Plaintiff's demands. The Borrowers expressly agreed in the loan documents that upon a default, the Plaintiff has a strict right to the appointment of a receiver under the circumstances. The mortgage is in default. Along with the appointment of receiver, the Loan Documents also provide Plaintiff with a right to the rents and profits from the Properties upon default. The Plaintiff asserts that the relief requested is necessary and appropriate in this matter and is authorized under both federal and Michigan law. The Plaintiff now requests that the receivership company, Trigild IVL through its authorized agent, Chris Neilson, be appointed as the receiver over these properties. WEC 98D-7 LLC is a Texas limited liability company. Plaintiff Wilmington Trust, National Association is represented by: Cara M. Houck, Esq. HOLLAND & KNIGHT LLP 150 N. Riverside Plaza Chicago, IL 60606 Tel: (312) 715-6805 E-mail: Cara.houck@hklaw.com WW INTERNATIONAL: Chapter 11 Plan Confirmed, Exit Nears ------------------------------------------------------- WW International, Inc., the global leader in science-backed weight management announced on June 17, 2025, that, following approval of its Plan of Reorganization, it is on track to exit the court-supervised financial reorganization process as early as next week. This milestone marks a pivotal moment in the Company's journey to drive long-term growth, innovation, and expanded impact through its holistic approach. With significantly enhanced financial flexibility, WeightWatchers is focused on scaling its proven model to meet the evolving needs of today's health landscape. By integrating sustainable, medically supported lifestyle change with clinical care, GLP-1 medications where appropriate, and the power of its global community of members, the Company aims to expand its leadership position by delivering differentiated products to a broader community. "This is a meaningful turning point for WeightWatchers," said Tara Comonte, Chief Executive Officer of WeightWatchers. "We've taken decisive action to significantly strengthen our financial foundation and will emerge with the flexibility to execute and grow. As the globally recognized leader in weight management -- built on decades of experience and the trust of millions -- we're focused on reaching more people and actively shaping diverse weight management solutions that support our members' needs within a fast-moving healthcare landscape. I'm deeply grateful to our team, members, and partners for their steadfast support and continued commitment to our mission throughout this process." WeightWatchers has continued operating as a publicly traded company without interruption throughout the reorganization process, serving its millions of members worldwide. The court-approved Plan will reduce WeightWatchers' debt by approximately $1.15 billion, more than 70%, and significantly strengthen its capital structure. The Company's lenders and noteholders will receive their pro rata share of $465 million in new senior secured term loans due 2030, and 91% of new common equity of the reorganized company. Existing shareholders will receive their pro rata share of 9% of new common equity of the reorganized company. About WW International Inc. WW International, Inc. provides weight control programs. It offers subscriptions for commitment plans that give their clients access to meetings and online subscriptions and give their members guidance and access to a supportive community to help enable them for healthy habits. WW International filed Chapter 11 petition (Bankr. D. Del. Case No. 25-10829) on May 6, 2025. In the petition signed by Felicia DellaFortuna, chief financial officer, the Debtor disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by Christin Cho, Esq. and Simon Franzini, Esq., at Dovel & Luner, LLP. WW INTERNATIONAL: Has Court OK to Exit Chap. 11, Slash $1.1B Debt ----------------------------------------------------------------- Alex Wittenberg of Law360 reports that on Tuesday, June 17, 2025, a Delaware bankruptcy judge approved the dieting company's, WW International, swift exit from Chapter 11—just under two months after it filed -- clearing the way for a streamlined balance sheet and new ownership. The restructuring enables the company to reposition its business amid growing competition from new weight-loss medications that have disrupted demand for its core offerings, the report states. About WW International Inc. WW International, Inc. provides weight control programs. It offers subscriptions for commitment plans that give their clients access to meetings and online subscriptions and give their members guidance and access to a supportive community to help enable them for healthy habits. WW International filed Chapter 11 petition (Bankr. D. Del. Case No. 25-10829) on May 6, 2025. In the petition signed by Felicia DellaFortuna, chief financial officer, the Debtor disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by Christin Cho, Esq. and Simon Franzini, Esq., at Dovel & Luner, LLP. WYNDSTON MILLWORK: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Wyndston Millwork, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Louisiana to use cash collateral to pay its business expenses. The court's order authorized the Debtor's interim use of cash collateral to pay ordinary and necessary business expenses as per an amended 13-week budget, with a 10% variance allowed. The Debtor's cash collateral consists of cash in its bank accounts and cash generated by the operations of its business in which American Bank and Trust Company, a secured lender, asserts liens. As protection for the use of its cash collateral, American Bank will be granted replacement security interests in and liens on all post-petition assets of the Debtor including proceeds of that property, accounts and cash to the extent that the lender possessed a valid and perfected security interest and lien in any such assets prior to the petition date. As further protection, the Debtor will pay American Bank $5,000 per month and an additional $1,000 for every $100,000 in receivables collected by the Debtor. A final hearing is scheduled for June 25. A copy of the court's order and budget is available at https://shorturl.at/ZD90C from PacerMonitor.com. About Wyndston Millwork LLC Wyndston Millwork LLC, doing business as Acadian Architectural Woodwork, specializes in custom architectural millwork and woodworking services. Based in Ponchatoula, Louisiana, the Company offers a range of products including doors, windows, mouldings, columns, corbels, furniture, hardware, and pre-hung interior and exterior door units. Wyndston Millwork LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10353) on April 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Michael A. Crawford handles the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC is the Debtor's legal counsel. American Bank and Trust Company, as secured lender, is represented by: Wayne A. Maiorana, Jr., Esq. Newman, Mathis, Brady & Spedale A Professional Law Corporation 3501 N. Causeway Blvd., Suite 300 Metairie, LA 70002 Telephone: (504) 837-9040 Tmaiorana@newmanmathis.com X4 PHARMACEUTICALS: CLO Natasha Thoren Reports 6,984 Shares ----------------------------------------------------------- Natasha Fay Thoren, Chief Legal Officer at X4 Pharmaceuticals, Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of June 3, 2025, she beneficially owned 6,984 shares of common stock, consisting of 2,818 shares and 4,166 restricted stock units that vest in three equal annual installments beginning February 12, 2026. She also holds a stock option to purchase 8,166 shares of common stock at an exercise price of $32.70 per share, with 25% already vested and the remainder vesting monthly over three years. A full-text copy of Ms. Thoren's SEC report is available at: https://tinyurl.com/37zxv37t About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. YELLOW CORP: Escapes Immediate Liquidation Amid Bankruptcy Case --------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that the judge presiding over Yellow Corp.'s bankruptcy case has declined to convert the proceedings to liquidation for now, despite pressure from the company's largest shareholder, who claims the case is racking up excessive costs. At a hearing Tuesday, June 17, 2025, U.S. Bankruptcy Judge Craig T. Goldblatt requested that Yellow submit details on a proposed economic settlement, which is slated for discussion at a July 8, 2025 hearing. If the company fails to do so, it must instead file a "waterfall" plan within 30 days, outlining how funds would be distributed to creditors based on their priority, the report states. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. YOUR MAJESTIC: Jody Corrales Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 14 appointed Jody Corrales, Esq., at Deconcini McDonald Yetwin & Lacy P.C. as Subchapter V trustee for Your Majestic Maid, LLC. Ms. Corrales will be paid an hourly fee of $385 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Corrales declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jody A. Corrales Deconcini McDonald Yetwin & Lacy P.C. 252 E. Broadway Blvd., Suite 200 Tucson, AZ 85716 Telephone: 520-322-5000 Fax: 520-322-5585 Email: jcorrales@dmyl.com About Your Majestic Maid Your Majestic Maid, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05019) on June 2, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Madeleine C. Wanslee presides over the case. Ronald J. Ellett, Esq., at Ellett Law Offices, P.C. represents the Debtor as bankruptcy counsel. [] Angeion Group Expands Bankruptcy Team, Rebrands Donlin Recano ---------------------------------------------------------------- Angeion Group, a leading provider of legal notice and settlement administration services, today announced a major expansion of its bankruptcy services division with the addition of two seasoned industry executives: Emily Gottlieb and Rob Schwartz. These strategic hires double the size of the bankruptcy business development team and mark a significant investment in the company's continued growth in the restructuring space. The announcement coincides with the formal rebranding of Donlin, Recano & Co., LLC as Angeion Bankruptcy Services, completing its integration into Angeion's national platform after a carve-out transaction with it previous owner. The move consolidates Donlin Recano's legacy of bankruptcy expertise with Angeion's technology-forward infrastructure, national scale, and operational rigor. "The full integration of Donlin Recano into Angeion represents a transformational moment for our clients," said Steven Weisbrot, President & CEO of Angeion Group. "It enhances our ability to manage larger and more complex cases by combining decades of institutional knowledge with our best-in-class systems, compliance protocols, and white-glove client service. With the addition of Emily and Rob, we are strengthening both our capabilities and our leadership bench." Emily Gottlieb joins as Executive Vice President of Bankruptcy. A licensed attorney and real estate broker, she brings over 23 years of experience spanning legal administration, bankruptcy, and real estate. Gottlieb previously held senior roles at major law firms, including DLA Piper and Faegre Drinker, as well as at a top-tier settlement administration company. "I'm thrilled to be part of a team that is redefining excellence in bankruptcy and class action administration," said Gottlieb. "Angeion's scale, innovation, and depth of talent create extraordinary opportunities to deliver for our clients." Rob Schwartz joins as Executive Vice President of Bankruptcy, bringing a background in law and private equity with a focus on sourcing and executing investments in distressed assets. His experience enhances Angeion's ability to serve institutional clients involved in complex restructurings and bankruptcies. "Angeion's reputation is built on execution and trust," said Schwartz. "I'm excited to leverage our resources and technology to grow the bankruptcy platform in the next phase of the company's evolution." About Angeion Group Angeion Group is a leading provider of legal notice and settlement administration services. Known for its innovation, precision, and client service, Angeion supports complex litigation through technology-driven, transparent solutions. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Brenda D Donato-Quintana and Francisco J Hernandez-Rosado Bankr. W.D. Ark. Case No. 25-70975 Chapter 11 Petition filed June 10, 2025 represented by: Stanley Bond, Esq. In re Stelios S. Findrilakis Bankr. S.D. Fla. Case No. 25-16575 Chapter 11 Petition filed June 10, 2025 represented by: Thomas Abrams, Esq. In re Lisa Lobman and Alverony Formeza Bankr. S.D. Fla. Case No. 25-16577 Chapter 11 Petition filed June 10, 2025 represented by: Susan Lasky, Esq. In re Raythell Antow Thomas Bankr. S.D. Tex. Case No. 25-33321 Chapter 11 Petition filed June 10, 2025 In re Heifer Please Home Decor, LLC Bankr. N.D. Ala. Case No. 25-40768 Chapter 11 Petition filed June 11, 2025 See https://www.pacermonitor.com/view/IVIWLQQ/Heifer_Please_Home_Decor_LLC__alnbke-25-40768__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher Messer, Esq. JENNINGS AND MESSER, PC E-mail: christopher@jenningsandmesser.com In re Elizabeth Agboola Bankr. D. Ariz. Case No. 25-05336 Chapter 11 Petition filed June 11, 2025 represented by: Patrick Keery, Esq. KEERY MCCUE, PLLC E-mail: pfk@keerymccue.com In re 7th Par Holdings, LLC Bankr. E.D. Cal. Case No. 25-11932 Chapter 11 Petition filed June 11, 2025 See https://www.pacermonitor.com/view/NGS4SKA/7TH_PAR_HOLDINGS_LLC__caebke-25-11932__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Maria Ochoa Barajas Bankr. N.D. Cal. Case No. 25-50872 Chapter 11 Petition filed June 11, 2025 In re Lonna Mae Lewis Blodgett Bankr. N.D. Cal. Case No. 25-50874 Chapter 11 Petition filed June 11, 2025 represented by: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. Email: arasto@tex-law.com In re Margaret Angella Williams Bankr. S.D. Fla. Case No. 25-16607 Chapter 11 Petition filed June 11, 2025 represented by: Mark Roher, Esq. In re Upper Room Church Bankr. N.D. Ga. Case No. 25-56507 Chapter 11 Petition filed June 11, 2025 See https://www.pacermonitor.com/view/N7KHDGI/Upper_Room_Church__ganbke-25-56507__0001.0.pdf?mcid=tGE4TAMA represented by: Brad Fallon, Esq. FALLON LAW PC E-mail: brad@fallonbusinesslaw.com In re Project Real Life Youth Occupational Training Corps, Inc. Bankr. N.D. Ga. Case No. 25-56508 Chapter 11 Petition filed June 11, 2025 See https://www.pacermonitor.com/view/SHYU54Y/Project_Real_Life_Youth_Occupational__ganbke-25-56508__0001.0.pdf?mcid=tGE4TAMA represented by: Brad Fallon, Esq. FALLON LAW PC E-mail: brad@fallonbusinesslaw.com In re Urban GIS, Inc. Bankr. N.D. Ill. Case No. 25-08878 Chapter 11 Petition filed June 11, 2025 See https://www.pacermonitor.com/view/3Q7OQCQ/Urban_GIS_Inc__ilnbke-25-08878__0001.0.pdf?mcid=tGE4TAMA represented by: Stanley M. Jackson, Esq. JACKSON MELTON LLC E-mail: stanley.jackson@jacksonmelton.com In re 597 Liberty Ave, LLC Bankr. E.D.N.Y. Case No. 25-42833 Chapter 11 Petition filed June 11, 2025 See https://www.pacermonitor.com/view/4MMM2GY/597_Liberty_Ave_LLC__nyebke-25-42833__0001.0.pdf?mcid=tGE4TAMA represented by: H Bruce Bronson, Esq. BRONSON LAW OFFICES PC E-mail: hbbronson@bronsonlaw.net In re Elizabeth Reny Inc. Bankr. E.D.N.Y. Case No. 25-42820 Chapter 11 Petition filed June 11, 2025 See https://www.pacermonitor.com/view/74CKAVA/Elizabeth_Reny_Inc__nyebke-25-42820__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 154 Mott Corp. Bankr. E.D.N.Y. Case No. 25-72285 Chapter 11 Petition filed June 11, 2025 See https://www.pacermonitor.com/view/G7WJ55Q/154_Mott_Corp__nyebke-25-72285__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Ketchum Holding Corp Bankr. E.D.N.Y. Case No. 25-72284 Chapter 11 Petition filed June 11, 2025 See https://www.pacermonitor.com/view/GOSP55A/Ketchum_Holding_Corp__nyebke-25-72284__0001.0.pdf?mcid=tGE4TAMA represented by: Kenny Singh, Esq. In re Clifton E. Williams, Jr. Bankr. E.D.N.C. Case No. 25-02193 Chapter 11 Petition filed June 11, 2025 represented by: George Oliver, Esq. In re Jeffrey Glyn Bennett Bankr. D.S.C. Case No. 25-02237 Chapter 11 Petition filed June 11, 2025 represented by: Robert Cooper, Esq. THE COOPER LAW FIRM In re J2KE Inc. Bankr. N.D. Tex. Case No. 25-42129 Chapter 11 Petition filed June 11, 2025 See https://www.pacermonitor.com/view/DRHDPGY/J2KE_Inc__txnbke-25-42129__0001.0.pdf?mcid=tGE4TAMA represented by: Brandon Tittle, Esq. TITTLE LAW FIRM, PLLC E-mail: btittle@tittlelawgroup.com In re Forrest Kent Balmain Bankr. C.D. Cal. Case No. 25-14931 Chapter 11 Petition filed June 12, 2025 represented by: Lawrence Fieselman, Esq. In re Edith's Crust and Crumb Inc. Bankr. E.D. Cal. Case No. 25-90481 Chapter 11 Petition filed June 12, 2025 See https://www.pacermonitor.com/view/RCSTHHI/Ediths_Crust_and_Crumb_Inc__caebke-25-90481__0001.0.pdf?mcid=tGE4TAMA represented by: David C. Johnston, Esq. DAVID C. JOHNSTON E-mail: david@johnstonbusinesslaw.com In re Rio Del Pilar, LLC Bankr. N.D. Cal. Case No. 25-10355 Chapter 11 Petition filed June 12, 2025 See https://www.pacermonitor.com/view/TPJ3EEQ/Rio_Del_Pilar_LLC__canbke-25-10355__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Scarfe Whispers Oyster Bar & Seafood Lounge LLC Bankr. M.D. Fla. Case No. 25-01951 Chapter 11 Petition filed June 12, 2025 See https://www.pacermonitor.com/view/DD75PZI/SCARFE_WHISPERS_OYSTER_BAR__SEAFOOD__flmbke-25-01951__0001.0.pdf?mcid=tGE4TAMA represented by: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP E-mail: bkmickler@planlaw.com In re Anchor Construction Group, LLC Bankr. N.D. Fla. Case No. 25-40273 Chapter 11 Petition filed June 12, 2025 See https://www.pacermonitor.com/view/4DPUQSI/Anchor_Construction_Group_LLC__flnbke-25-40273__0001.0.pdf?mcid=tGE4TAMA represented by: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. E-mail: twright@brunerwright.com In re Bambina Properties, LLC Bankr. M.D. Ga. Case No. 25-50901 Chapter 11 Petition filed June 12, 2025 See https://www.pacermonitor.com/view/SC7DTRA/Bambina_Properties_LLC__gambke-25-50901__0001.0.pdf?mcid=tGE4TAMA represented by: Wesley J. Boyer, Esq. BOYER TERRY LLC E-mail: Wes@BoyerTerry.com In re Salena R. Fallin Bankr. M.D. Ga. Case No. 25-50900 Chapter 11 Petition filed June 12, 2025 In re Bolivar F. Martinez Cueva Bankr. D.N.J. Case No. 25-16256 Chapter 11 Petition filed June 12, 2025 See https://www.pacermonitor.com/view/5GAHZRQ/Bolivar_F_Martinez_Cueva__njbke-25-16256__0001.0.pdf?mcid=tGE4TAMA represented by: Steven D Pertuz, Esq. THE LAW OFFICES OF STEVEN D PERTUZ LLC E-mail: pertuzlaw@verizon.net In re Green Builders NYC1 LLC Bankr. E.D.N.Y. Case No. 25-42875 Chapter 11 Petition filed June 12, 2025 See https://www.pacermonitor.com/view/XVL2PHQ/Green_Builders_NYC1_LLC__nyebke-25-42875__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re North Whiteville Urgent Care & Family Practice, PA Bankr. E.D.N.C. Case No. 25-02217 Chapter 11 Petition filed June 12, 2025 See https://www.pacermonitor.com/view/P7B6FLQ/North_Whiteville_Urgent_Care___ncebke-25-02217__0001.0.pdf?mcid=tGE4TAMA represented by: Christian B. Felden, Esq. FELDEN AND FELDEN, P.A. E-mail: cbfelden@feldenandfelden.com In re Thomas D Walton Bankr. W.D. Okla. Case No. 25-11772 Chapter 11 Petition filed June 12, 2025 In re Heritage Portraits and Albums, Inc. Bankr. N.D. Ala. Case No. 25-40780 Chapter 11 Petition filed June 13, 2025 See https://www.pacermonitor.com/view/T7ERBDA/Heritage_Portraits_and_Albums__alnbke-25-40780__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C. Keller, Esq. RUSSO, WHITE & KELLER, P.C. E-mail: rjlawoff@bellsouth.net In re Clement Agboola and Bukunola Agboola Bankr. D. Ariz. Case No. 25-05435 Chapter 11 Petition filed June 13, 2025 represented by: Patrick Keery, Esq. KEERY MCCUE, PLLC In re John Jefferson Vitalich Bankr. N.D. Cal. Case No. 25-50883 Chapter 11 Petition filed June 13, 2025 In re Bayside Limo of Tampa LLC Bankr. M.D. Fla. Case No. 25-03982 Chapter 11 Petition filed June 13, 2025 See https://www.pacermonitor.com/view/5VHV6DQ/Bayside_Limo_of_Tampa_LLC__flmbke-25-03982__0001.0.pdf?mcid=tGE4TAMA represented by: Buddy D. Ford, Esq. FORD & SEMACH, P.A. E-mail: All@tampaesq.com In re JMSLP, Inc. Bankr. M.D. Fla. Case No. 25-03989 Chapter 11 Petition filed June 13, 2025 See https://www.pacermonitor.com/view/AV7X7QQ/JMSLP_Inc__flmbke-25-03989__0001.0.pdf?mcid=tGE4TAMA represented by: Edward J. Peterson, Esq. BERGER SINGERMAN LLP E-mail: epeterson@bergersingerman.com In re Nancy Dixon Twyman and Thayer Havard Spencer Bankr. N.D. Fla. Case No. 25-40278 Chapter 11 Petition filed June 13, 2025 represented by: S. Akinsanya, Esq. In re Shelease Kinney Allen Bankr. N.D. Ga. Case No. 25-56641 Chapter 11 Petition filed June 13, 2025 See represented by: William Rountree, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC In re Buller Media Corporation Bankr. N.D. Ill. Case No. 25-09018 Chapter 11 Petition filed June 13, 2025 See https://www.pacermonitor.com/view/KORXSFI/Buller_Media_Corporation__ilnbke-25-09018__0001.0.pdf?mcid=tGE4TAMA represented by: Joel Schechter, Esq. LAW OFFICES OF JOEL A. SCHECHTER E-mail: joelschechter1953@gmail.com In re Z Clothing LLC Bankr. D.N.J. Case No. 25-16286 Chapter 11 Petition filed June 13, 2025 See https://www.pacermonitor.com/view/7VGCDOI/Z_Clothing_LLC__njbke-25-16286__0001.0.pdf?mcid=tGE4TAMA represented by: Jay Kanetkar, Esq. LAW OFFICES OF JAY KANETKAR, ESQ. LLC E-mail: jpkanetkar@yahoo.com In re Dothan Lands, LLC Bankr. E.D.N.Y. Case No. 25-42882 Chapter 11 Petition filed June 13, 2025 See https://www.pacermonitor.com/view/VOLDNOY/Dothan_Lands_LLC__nyebke-25-42882__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re David Anthony Greuner Bankr. E.D.N.Y. Case No. 25-42877 Chapter 11 Petition filed June 13, 2025 In re Jeffrey L. Frimmersdorf and Kelly H. Frimmersdorf Bankr. N.D. Cal. Case No. 25-50891 Chapter 11 Petition filed June 14, 2025 represented by: Perry Popovich, Esq. In re Gulfstream Yacht Management, Inc. Bankr. M.D. Fla. Case No. 25-01113 Chapter 11 Petition filed June 15, 2025 See https://www.pacermonitor.com/view/X3FSCHY/Gulfstream_Yacht_Management_Inc__flmbke-25-01113__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. Email: mroher@markroherlaw.com In re Mark A Schusterman Bankr. S.D. Fla. Case No. 25-16761 Chapter 11 Petition filed June 16, 2025 represented by: Diego Mendez, Esq. In re RE Wealth Advisors LLC Bankr. S.D. Fla. Case No. 25-16750 Chapter 11 Petition filed June 16, 2025 See https://www.pacermonitor.com/view/FK5BSMY/RE_Wealth_Advisors_LLC__flsbke-25-16750__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. Email: mroher@markroherlaw.com In re Built to Last Construction LLC Bankr. S.D. Ind. Case No. 25-03452 Chapter 11 Petition filed June 16, 2025 See https://www.pacermonitor.com/view/FNA6FMI/Built_to_Last_Construction_LLC__insbke-25-03452__0001.0.pdf?mcid=tGE4TAMA represented by: Morgan A. Decker, Esq. RUBIN & LEVIN, P.C. Email: mdecker@rubin-levin.net In re SRL Montauk LLC Bankr. E.D.N.Y. Case No. 25-72342 Chapter 11 Petition filed June 16, 2025 See https://www.pacermonitor.com/view/7N3M6ZQ/SRL_Montauk_LLC__nyebke-25-72342__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Alex Forschner Bankr. S.D.N.Y. Case No. 25-22531 Chapter 11 Petition filed June 16, 2025 represented by: Dawn Kirby, Esq. KIRBY AISNER & CURLEY LLP In re Roy L. Albers Bankr. S.D.N.Y. Case No. 25-22529 Chapter 11 Petition filed June 16, 2025 represented by: H. Bronson, Esq. In re Robert Walter Kamp and Joan Margaret Kamp Bankr. W.D. Wash. Case No. 25-11657 Chapter 11 Petition filed June 16, 2025 represented by: Masafumi Iwama, Esq. In re Jody Lee Gooslin Bankr. S.D. W.Va. Case No. 25-20129 Chapter 11 Petition filed June 16, 2025 represented by: Joseph Caldwell, Esq. In re No Wake Zone, LLC Bankr. E.D. La. Case No. 25-11248 Chapter 11 Petition filed June 17, 2025 See https://www.pacermonitor.com/view/5HGRR7Y/No_Wake_Zone_LLC__laebke-25-11248__0001.0.pdf?mcid=tGE4TAMA represented by: Robin R. De Leo, Esq. THE DE LEO LAW FIRM, LLC Email: lisa@northshoreattorney.com In re Chein Housing LLC Bankr. E.D.N.Y. Case No. 25-42912 Chapter 11 Petition filed June 17, 2025 See https://www.pacermonitor.com/view/PWWQQYY/Chein_Housing_LLC__nyebke-25-42912__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re United Construction LLC Bankr. D.P.R. Case No. 25-02726 Chapter 11 Petition filed June 17, 2025 See https://www.pacermonitor.com/view/QP2NRIY/UNITED_CONSTRUCTION_LLC__prbke-25-02726__0001.0.pdf?mcid=tGE4TAMA represented by: Noemi Landrau Rivera, Esq. LANDRAU RIVERA & ASSOC. Email: nlandrau@landraulaw.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. 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This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***