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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, June 23, 2025, Vol. 29, No. 173

                            Headlines

10186 OLIVIA: Hires Wesley H. Avery as Bankruptcy Counsel
139-141 FRANKLIN: Court Won't Stay Plan Confirmation Order
163 MAIN STREET: Case Summary & 20 Largest Unsecured Creditors
23ANDME HOLDING: Judge Set to Decide on Genetic Data Asset Sale
23ANDME HOLDING: Posts $280.9M Net Loss For FY Ended March 31

250 WYNAH LANE: Hires Gensburg Calandriello as Counsel
3GEN ROOFING: Seeks to Hire Teel & Gay as Bankruptcy Counsel
ACCELERATE DIAGNOSTICS: Disclosure Statement Approved on Interim
ACCELERATE DIAGNOSTICS: July 2 Disclosure & Plan Hearing Set
ACCRX INC: Seeks Approval to Tap Richardson & Company as Accountant

ACQUISITION INTEGRATION: Gets Interim OK to Obtain DIP Loan
ADB ENTERPRISES: Lender Seeks to Prohibit Cash Collateral Access
ALLIANCE FARM: Hires Okin Adams Bartlett as Counsel
ALLISON TRANSMISSION: Fitch Affirms 'BB+' IDR, Outlook Stable
AMC NETWORKS: Moody's Cuts CFR to 'B3', Outlook Remains Stable

AMERICA'S GARDENING: Case Summary & 30 Top Unsecured Creditors
AMERICAN BATH: Wants to Refinance $2 Billion Debt
ANYWHERE REAL: Moody's Affirms 'B3' CFR, Outlook Stable
AQUA VIVA: Seeks Subchapter V Bankruptcy in Texas
ARCTERA HOLDINGS: Moody's Assigns 'B3' CFR, Outlook Stable

ASGN INC: Moody's Affirms 'Ba2' CFR, Outlook Stable
ASHLEY SUSAN: 9th Cir. Affirms Dismissal of Julius Aarons Lawsuit
B.L.H.G. GROUP: Court Extends Cash Collateral Access to Sept. 30
BEDMAR LLC: Seeks Approval to Tap Epiq as Claims & Noticing Agent
BEST CHEER: Hires Armory Consulting Co. as Financial Advisor

BIO GYMNASTICS: Hearing Today on Bid to Use Cash Collateral
BOWERS BUSINESS: Seeks Chapter 11 Bankruptcy in New York
BREWER'S LAWN: Seeks to Hire Teel & Gay as Bankruptcy Counsel
C M HEAVY: Seeks Approval to Hire Zachary Richardson as Accountant
CAPSTONE BORROWER: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable

CAPSTONE TOPCO: Moody's Lowers CFR to 'B3', Outlook Remains Stable
CAPTURE COLLECTIVE: Seeks to Tap Dickinson Wright as Legal Counsel
CARAWAY TEA: Seeks to Hire Michael D. Pinsky as Bankruptcy Counsel
CAREERBUILDER: Consider Chapter 11 Plan
CAREPOINT HEALTH: Mediation Not Appropriate in Insurer Lawsuit

CARPENTER TECHNOLOGY: S&P Upgrades ICR to 'BB+', Outlook Stable
CHAPMAN CBC: Court OKs Deal to Use Cash Collateral
CHEEMA INVESTMENTS: Court Denies Bid to Use Cash Collateral
CORNERSTONE GENERATION: Moody's Affirms Ba2 on New Credit Loans
COVETRUS INC: Moody's Cuts CFR to 'B3', Outlook Remains Negative

CRYPTO COMPANY: CEO Ronald Levy Assumes Interim CFO Role
CYTOSORBENTS CORP: Series B Right Warrants Expire After Price Drop
D & D HOUSING: Gets Interim OK to Use Cash Collateral Until July 17
D AND B PHARMACY: Seeks to Tap Vested Business Brokers as Broker
D TUR HOTEL: Files Emergency Bid to Use Cash Collateral

DAINESE SPA: Hires Houlihan Lokey for Debt Talks w/ HPS, Arcmont
DANA INC: Fitch Puts 'BB' LongTerm IDR on Watch Positive
DAYTON HOTELS 2: Case Summary & Three Unsecured Creditors
DB BOONEVILLE: Hires Benjamin Legal Services as Bankruptcy Counsel
DI ANTAR GROUP: Seeks Subchapter V Bankruptcy in Washington

DOMTAR CORP: Fitch Alters Outlook on 'BB-' IDR to Negative
DOUBLE HELIX: Non-Real Estate Asset Sale to Gateway Creative OK'd
DOWN N DIRTY: Voluntary Chapter 11 Case Summary
ECO-PRESERVATION SERVICES: Taps Long and Upton as Special Counsel
EXELA TECHNOLOGIES: Loses Bid to Stay Former Employee's Lawsuit

FGI ACQUISITION: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
FLAGSHIP RESORT: Taps Professionals in Ordinary Course of Business
FLAMBOYAN ON THE BAY: Case Summary & Nine Unsecured Creditors
FTX TRADING: Kullberg Reaches Settlement Over Promotion Allegations
FU BANG GROUP: Hires Weintraub Zolkin Talerico & Selth as Counsel

FUEL FITNESS: Hires Country Boys Auction & Realty as Appraiser
FUEL HOMESTEAD: Hires Country Boys Auction & Realty as Appraiser
FUEL REYNOLDA: Hires Country Boys Auction & Realty as Appraiser
GABHALTAIS TEAGHLAIGH: Seeks Cash Collateral Access
GD TRANSPORT: Section 341(a) Meeting of Creditors on July 21

GENTLE HAND: Seeks Subchapter V Bankruptcy in Florida
GLOBAL BUSINESS: Fitch Alters Outlook on 'BB' LongTerm IDR to Pos.
GOLDEN GLOBE: Seeks to Hire Vincent M. Lentini as Legal Counsel
GOOD LIFE: Gets Interim OK to Use Cash Collateral Until July 18
GOOD WORKS: Taps Regional Bankruptcy Center of as Legal Counsel

GPD COS: S&P Cuts ICR to 'SD' on Completion of Distressed Exchange
GREENE FAMILY: Seeks to Tap Parker & DuFresne as Bankruptcy Counsel
HADLOCK ENTERPRISES: Seeks Chapter 11 Bankruptcy in Washington
HAKIM OPTICAL: Gets CCAA Initial Stay Order, KSV as Monitor
HEADWAY WORKFORCE: Committee Hires Waldrep Wall as Counsel

HERMS LUMBER: Hires Stamos and Stamos CPA as Accountant
HIAWATHA MANOR: Seeks to Hire Holland & Knight as Legal Counsel
HOSPITALITY AT YORK: Trustee Hires Ream Carr Markey as Counsel
HOSPITALITY AT YORK: Trustee Hires TRUE Commercial as Estate Agent
IDEAL PROPERTY: Beverly Property Sale to Johnson Properties Ok'd

IH 35 TRUCKING: Seeks to Hire Carl M. Barto as Bankruptcy Counsel
IMMERSIVE ART: Seeks to Hire Husch Blackwell as Bankruptcy Counsel
IMMERSIVE ART: Seeks to Tap Clark Hill as Bankruptcy Co-Counsel
IRON WORKS: Taps Gilezan Global Team as Real Estate Broker
JERK PIT: Gets Interim OK to Use Cash Collateral

KMART CORP: Court Tosses AIG Assurance Case Without Prejudice
KPOWER GLOBAL: Seeks to Hire Craig M. Geno as Bankruptcy Counsel
KROLL MIDCO: Moody's Alters Outlook on 'B3' CFR to Negative
LAFLEUR NURSERIES: Seeks Chapter 11 Bankruptcy in Florida
LEGAL ENTERPRISES: Seeks Approval to Hire Mehdi CPA as Accountant

LEVEL 3 FINANCING: Fitch Rates 1st Lien Secured Notes 'B+'
LEXACAR LLC: Stafford Commercial Property Sale to M. Ahmad OK'd
LEXINGTON BLUE: Seeks Chapter 11 Bankruptcy in Kentucky
LFS TOPCO: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable
MAGENS INTERVAL: Case Summary & Seven Unsecured Creditors

MARVEL LIGHTING: Gets Interim OK to Use Cash Collateral
MODE ELEVEN: Hires Markus Williams Young & Hunsicker as Counsel
MODE ELEVEN: Seeks Approval to Hire Ordinary Course Professionals
MODE ELEVEN: Seeks to Tap Covington & Burling as Bankruptcy Counsel
MONARCHY RANCHEROS: Hearing to Use Cash Collateral Set for June 25

NEW GREATER: Seeks to Tap Marilyn D. Garner as Bankruptcy Counsel
NORDICUS PARTNERS: Closes Private Offering of 54,000 Shares
ONDAS HOLDINGS: Regains Compliance With Nasdaq's Bid Price Rule
ONESOURCE COMMUNITY: Taps Winslow McCurry & MacCormac as Counsel
ORYX MIDSTREAM: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable

PARAMOUNT REAL: Seeks to Hire Joel A. Schechter as Legal Counsel
PRESCART CORP: Seeks to Hire GreerWalker as Financial Advisor
PROOFPOINT INC: Fitch Lowers LongTerm IDR to 'B', Outlook Stable
PROS HOLDINGS: Chief Revenue Officer McNabb to Exit July 1
PUBLISHERS CLEARING: ARB Interactive Buys Assets in Ch. 11 Auction

R.A.R.E. CORP: Court Extends Cash Collateral Access to July 10
RADISSON DEVELOPMENT: Seeks Chapter 11 Bankruptcy in New York
RAFTER H FARM: Gets Interim OK to Use Cash Collateral
RED ROCK MEGA: Seeks Chapter 11 Bankruptcy in Nevada
RYAN HOHMAN: Has Deal on Cash Collateral Access

S & W SALES: Court Extends Cash Collateral Access to June 30
SALEM POINTE: Hires Dunham Hildebrand as Co-Counsel
SECOND CUP: Obtains Initial Stay Order Under CCAA
SEN FITNESS: Case Summary & Six Unsecured Creditors
SEXTANT STAYS: To Sell Business Assets to CozySuites for $6.3MM

SHAW SERVICES: Seeks to Tap Newman & Newman as Bankruptcy Counsel
SHAW-ALMEX INDUSTRIES: Liquidity Crisis Cues CCAA Filing
SHILOH HOMECARE: Court Extends Cash Collateral Access to June 30
SHOREVIEW HOLDING: Taps Troutman Pepper Locke as Bankruptcy Counsel
SM ENERGY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable

SOUTH TEXAS: Seeks Chapter 11 Bankruptcy in Texas
SOVOS COMPLIANCE: Moody's Affirms 'B3' CFR, Outlook Remains Stable
STARWOOD PROPERTY: Moody's Affirms Ba2 CFR, Outlook Remains Stable
SULLIVAN MECHANICAL: Court OKs Office Equipment Sale
SUNNOVA ENERGY: Seeks to Hire Kroll as Claims and Noticing Agent

SUNSHINE PEDIATRICS: Seeks Chapter 11 Bankruptcy in Arizona
SYAGRUS SYSTEMS: Case Summary & 20 Largest Unsecured Creditors
T&S FOOD: Case Summary & 20 Largest Unsecured Creditors
UNIT CORP: Wins Bid to Maintain Stay of Poarch, et al. Lawsuit
UNITI GROUP: Fitch Hikes Rating on Sr. Unsecured Notes to 'B'

UPSTREAM NEWCO: S&P Downgrades ICR to 'CCC' on Weakening Liquidity
US STEEL: Moody's Puts 'Ba3' CFR Under Review for Upgrade
V K DELIVERY: To Restructure Under CCAA Protection
VALDESIA GARDENS: Hires Mr. Goldwasser of FIA Capital as CRO
VILLAS AT 79TH: Seeks Chapter 11 Bankruptcy in Arizona

VIVAKOR INC: Raises $4.35M via Discounted Convertible Notes
WELLPATH HOLDINGS: Employee Ordered to File Responsive Pleading
WESTJET: Fitch Alters Outlook on 'B' LongTerm IDR to Negative
WINDTREE THERAPEUTICS: Enters LOI to Acquire Titan for $35M
WINDTREE THERAPEUTICS: Faces $1.4M Risk in Aubrey Property Default

WINDTREE THERAPEUTICS: Receives Lease Default Notice for Pa. Office
WYTHE BERRY: Must Comply with Meyer Chetrit's Restraining Notice
XPO INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
[] South Paris Commercial Building Up for Sale on July 9

                            *********

10186 OLIVIA: Hires Wesley H. Avery as Bankruptcy Counsel
---------------------------------------------------------
10186 Olivia Terrace LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ the Law
Offices of Wesley H. Avery, APC as general bankruptcy counsel.

The firm will provide these services:

     (a) represent the Debtor at all hearings before the United
States Bankruptcy Court;

     (b) respond to the Order to Show Cause (OSC) and seek
dismissal of the Bankruptcy Case;

     (c) prepare all necessary legal papers;

     (d) advise the Debtor regarding matters of bankruptcy law;

     (e) represent the Debtor with regard to all contested
matters;

     (f) if necessary, represent the Debtor with regard to the
preparation of a plan of reorganization, and the negotiation and
implementation of a plan of reorganization;

     (g) analyze any secured, priority, or general unsecured claims
that have been filed in;

     (h) negotiate with the Debtor's secured and unsecured
creditors regarding the amount and payment of their claims;

     (i) object to claims as may be appropriate; and

     (j) perform all other legal services for the Debtor as a
Chapter 11 debtor, as applicable, as may be necessary, other than
adversary proceedings which would require a further written
agreement.

The firm will be paid at these hourly rates:

     Wesley Avery, Esq.      $685
     Lucy Mavyan, Esq.       $485

The firm received a retainer in the sum of $10,000 from the
Debtor's principal.

Mr. Avery disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Wesley H. Avery, Esq.
     Law Offices of Wesley H. Avery, APC
     758 E. Colorado Blvd., Ste. 210
     Pasadena, CA 91101
     Telephone: (626) 395-7576
     Facsimile: (661) 430-5467
     Email: wavery@thebankruptcylawcenter.com
     
                     About 10186 Olivia Terrace

10186 Olivia Terrace LLC is a single asset real estate debtor, as
defined in 11 U.S.C. Section 101(51B).

10186 Olivia Terrace LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11972) on March 1,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Neil W. Bason handles the case.

The Debtor is represented by the Law Offices of Wesley H. Avery,
APC.


139-141 FRANKLIN: Court Won't Stay Plan Confirmation Order
----------------------------------------------------------
The Honorable David S. Jones of the United States Bankruptcy Court
for the Southern District of New York denied the Estate of Frank
Sofia's expedited motion for stay pending appeal of the order
confirming the Plan of Liquidation of Debtor 139-141 Franklin St.
Realty Corp. dated May 30, 2025.

Debtor 139-141 Franklin filed an objection to the Motion on
June 9, 2025.

Over a century ago, the Sofia family established a self-storage
business in New York City. In the 1980s, Frank Sofia, John Sofia
and Leonard Sofia each owned one-third of the shares of the
following corporations:

   (i) 139-141 Franklin St. Realty Corp., the owner in fee of the
real property and self-storage facility located at 139-141 Franklin
Avenue in Manhattan;

  (ii) 491 Bergen St. Corp., the owner in fee of the real property
and self-storage facility located at 491 Bergen Street in Brooklyn,
New York;

(iii) 471 Amsterdam Ave Realty Corp., the owner in fee of the real
property and self-storage facility located at 471-475 Amsterdam
Avenue in Manhattan;

  (iv) T.J.F. Holding Corp., the owner in fee of the real property
and self-storage facility located at 4388-4396 Broadway in
Manhattan;

   (v) Sofia Bros, Inc., which manages and operates the
self-storage facilities owned by Amsterdam, TJF, and Franklin; and

  (vi) Peter F. Reilly Storage, Inc., which manages and operates
the self-storage facility owned by Bergen.

Frank Sofia, John Sofia and Leonard Sofia entered into
Shareholders' Agreements, which provide that when a shareholder
dies, each Corporation is obligated to purchase the decedent's
shares of stock in the Corporation in a specified manner, over a
specified timeframe, and in an amount calculated pursuant to a
specified price formula.

Frank Sofia died in 2021, triggering the provisions of the
agreements. Shortly after, the Frank Estate commenced arbitration
proceedings against the Corporations, John Sofia and Leonard Sofia.
The arbitration resulted in a final award of a sum of
$57,145,000.00 plus interest in favor of the Frank Estate.

The Arbitration Award assessed and awarded separate damages against
each Corporation as follows:

     Franklin ($16,667,000.00),
     Amsterdam ($21,667,000.00),
     Bergen ($11,667,000.00),
     TJF ($5,333,000.00),
     Sofia Bros ($1,639,000.00) and
     PFRS ($172,000.00)

In October 2024, the Frank Estate commenced an action in New York
State Supreme Court to confirm the Award and enter judgment upon
it. On Dec. 6, 2024, the state court entered the judgment.

On March 20, 2025, Debtors' counsel filed a Chapter 11 Plan of
Liquidation for the Franklin Debtor. The Plan contemplated a sale
of the Franklin Property and a lump payment of one-third of the
judgment against the Franklin Debtor, followed by monthly
installment payments over ten-years. The Frank Estate filed an
objection dated April 25, 2025, arguing inter alia that the Plan
should provide for full satisfaction of the judgment against the
Franklin Debtor and that the Frank Estate is entitled to the
remaining sale proceeds from the Franklin Property, in so far as
the total judgment of over $57 million has not been fully
satisfied.

The Franklin Debtor agreed to make a one-time full payment of the
$16.67 million judgment, plus accrued interest. However, the
parties continued to disagree about what would be the appropriate
status and thus treatment of the Frank Estate following the full
satisfaction of the judgment against the Franklin Debtor. The Frank
Estate argues that the omission of the word "respective" in the
Judgment is proof that the Frank Estate is not required to
relinquish its shares in any of the corporations until the entire
$57 million award is fully paid.

At a May 1, 2025 hearing, the Court overruled the Frank Estate's
objections and confirmed the Plan. Subsequently, the Frank Estate
filed a Notice of Appeal of the Confirmation Order, asserting a
limited appeal of the court's determination that, contrary to a
state court judgment, Appellant is not entitled to payment of any
sums from the liquidating debtor other than sums specifically
required and payable by the liquidating debtor under the state
court judgment.

On June 3, 2025, three days after the Frank Estate filed the Stay
Motion, the Court held a conference during which Debtors' counsel
informed the court that the sale closing of the Franklin Property
and the other Debtors' properties is expected to occur
simultaneously, ensuring that the Debtors are sufficiently funded
to make the total payment of the $57 million judgment at once.

To determine whether or not to grant a stay pending appeal, courts
consider the following four factors:

   (1) whether the movant will suffer irreparable injury absent a
stay;

   (2) whether a party will suffer substantial injury if a stay is
issued;

   (3) whether the movant has demonstrated a substantial
possibility, although less than a likelihood, of success on appeal;
and

   (4) the public interests that may be affected.

The Frank Estate asserts that denying the Stay Motion would cause
irreparable harm to the Estate. They argue that, absent a stay, it
would be nearly impossible to recover sale proceeds already
distributed to other equity holders, thereby placing their appeal
at risk of becoming effectively moot and ultimately subject to
dismissal under the doctrine of equitable mootness. The Court
determines that this factor weighs in favor of granting the stay.

The Frank Estate contends that the stay will not cause injury to
any party because it would require that only one-third of the
residual sale proceeds be held in an escrow amount pending the
appeal process. Considering the unpredictability of the length of
the appellate process, other shareholders could suffer financial
harm due to the diminishing value of funds sitting in an escrow
account. The financial harm could be mitigated if the Frank Estate
posted a bond. The Court emphasizes that while the Frank Estate
maintains that it is not required to post a bond, per the latest
amendment of FRBP 8007(c), it does not explain how the
shareholders' financial interests will be protected given that
escrow accounts generally do not accrue interest or how the
Franklin Debtor will not otherwise be harmed by a possibly
prolonged deprivation of access to their funds. Therefore, the
Frank Estate has failed to demonstrate that other parties will not
be substantially harmed by the stay, the Court finds. Accordingly,
this factor weighs against granting the stay.

Frank Estate argues that there is public interest in comity and
deference to state courts, preserving appellate rights, and
preventing the other shareholders from obtaining an excessive
recovery. The Court agrees with the Franklin Debtor that public
interest favors finality of decisions, especially in a bankruptcy
proceeding and a speedy and efficient adjudication of matters. In
light of the Court's determination that there is no substantial
possibility of success on appeal, it finds that the public interest
is in the efficient administration of the Plan. Thus, this factor
weighs against granting the stay.

A copy of the Court's Decision & Order dated June 16, 2025, is
available at https://urlcurt.com/u?l=DINllQ from PacerMonitor.com.

Counsel to the Debtors and Debtors-in-Possession:

Tracy L. Klestadt, Esq.
KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP
200 West 41st Street, 17th Floor
New York, NY 10036
E-mail: tklestadt@klestadt.com

Counsel for the Estate of Frank Sofia:

Dani Schwartz, Esq.
OFFIT KURMAN, P.A.
590 Madison Avenue, 6th Floor
New York, NY 10022
E-mail: dani.schwartz@offitkurman.com
             
          About 139-141 Franklin St Realty Corp.

139-141 Franklin St Realty Corp. is a single asset real estate
debtor, as defined in 11 U.S.C. Section 101(51B).

139-141 Franklin St Realty Corp. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.: 25-10094) on
January 22, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $10 million and $50 million.

The Debtor is represented by:

     Tracy L. Klestadt, Esq.
     Klestadt Winters Jureller Southard & Stevens, LLP
     200 West 41st Street, 17th Floor
     New York, NY 10036
     Tel: (212) 972-3000
     E-mail: tklestadt@klestadt.com


163 MAIN STREET: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: 163 Main Street, LLC
        163 Main Street
        Peapack, NJ 07977

Business Description: 163 Main Street, LLC is engaged in the
                      business of leasing and managing real estate
                      properties.  The Company primarily focuses
                      on renting out residential and
                      nonresidential buildings and structures,
                      including apartment complexes, office
                      spaces, and other commercial properties.

Chapter 11 Petition Date: June 20, 2025

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 25-16512

Debtor's Counsel: Arthur J. Abramowitz, Esq.
                  SHERMAN SILVERSTEIN KOHL ROSE & PODOLSKY, P.A.
                  308 Harper Drive
                  Suite 200
                  Moorestown, NJ 08057
                  Tel: 856-662-0700
                  Fax: 856-662-0165
                  E-mail: aabramowitz@shermansilverstein.com

Total Assets: $4,188,170

Total Liabilities: $5,904,326

The petition was signed by Steve Everett as 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/TAUUSFY/163_Main_Street_LLC__njbke-25-16512__0001.0.pdf?mcid=tGE4TAMA


23ANDME HOLDING: Judge Set to Decide on Genetic Data Asset Sale
---------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that a bankruptcy
judge said he will issue a ruling as soon as possible on 23andMe's
proposed asset sale, which includes the genetic data of
approximately 13 million individuals, to its co-founder and a
California-based research institute.

Judge Brian C. Walsh of the U.S. Bankruptcy Court for the Eastern
District of Missouri heard arguments late into Friday, June 14,
2025, evening regarding the sale. Earlier this month, co-founder
Anne Wojcicki and the nonprofit TTAM Research Institute emerged as
the winning bidders with a nearly $305 million offer.

The deal has sparked privacy concerns from multiple states, which
argue that the transaction requires explicit consent from
individuals whose data is involved.

                         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.


23ANDME HOLDING: Posts $280.9M Net Loss For FY Ended March 31
-------------------------------------------------------------
23andme Holding Co. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$280.9 million for the fiscal year ended March 31, 2025, compared
to a net loss of $666.7 million for the fiscal year ended March 31,
2024.

Total revenue decreased by $29.7 million, or 14%, to $189.9 million
for fiscal 2025 as compared to $219.6 million for fiscal 2024.

The Company is presently undergoing Chapter 11 proceedings in the
United States Bankruptcy Court for the Eastern District of
Missouri.

Since the filing of the Chapter 11 Cases on March 23, 2025, the
Company incurred significant operating losses as reflected in its
accumulated deficit and negative cash flows from operations. As of
March 31, 2025, it had an accumulated deficit of $2.5 billion, and
unrestricted cash of $38.2 million. The Company's operations and
ability to develop and execute business plan, its financial
condition, liquidity and its continuation as a going concern are
subject to a high degree of risk and there is uncertainty
associated with the outcome of the Chapter 11 Cases. The outcome of
the Chapter 11 Cases is dependent upon factors that are outside of
the Company's control, including actions of the Bankruptcy Court
and the consummation of the Transaction. Based on such evaluation
and management's current plans, which are subject to change,
management believes there is substantial doubt about the Company's
ability to continue as a going concern.

Furthermore, the reaction of investors to the Company's potential
inability to continue as a going concern could also have a material
and adverse impact on the price of the Company's Class A common
stock. Additionally, the perception that it may not be able to
continue as a going concern may cause prospective partners or
collaborators to choose not to conduct business with the Company
due to concerns about its ability to meet contractual obligations
and continue operating its business without interruption.

The Company said, "To improve our financial condition and liquidity
position, we have implemented cost-cutting measures, including
reducing operating expenses, negotiating terminations of our
long-term real estate leases, and entering into the Settlements
with respect to the Cyber Incident, as well as attempting to
resolve non-U.S. litigation and ongoing investigations from various
governmental agencies arising from the Cyber Incident. See Note 13,
"Commitments and Contingencies," in the accompanying consolidated
financial statements for additional details. To reduce our
operating costs, during fiscal 2025, our Board of Directors
approved the November 2024 Reduction in Force, which represented a
reduction of approximately 40% of our workforce and included the
closing of substantially all operations in the our former
Therapeutics operating segment, and the ceasing of additional
investment in our two clinical trials beyond their respective
current stages of development."

The Company further said, "Our ability to continue as a going
concern is contingent upon, among other things, our ability to,
subject to the Bankruptcy Court's approval, successfully emerge
from the Chapter 11 Cases and generate sufficient liquidity from
the restructuring to meet our obligations and operating needs.
There are substantial risks and uncertainties related to (i) our
ability to successfully emerge from the Chapter 11 Cases, and (ii)
the effects of disruption from the Chapter 11 Cases making it more
difficult to maintain business, financing and operational
relationships. If the Bankruptcy Court approves the Transaction and
it is consummated, we expect to cease operating as a going
concern."

As of March 31, 2025, the Company had $159.9 million in total
assets, $186.6 million in total liabilities, and total
stockholders' deficit of $26.7 million.

A full-text copy of the Company's Form 10-K is available at:

                  https://tinyurl.com/yr6su7u3

                        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 and Morgan, Lewis &
Bockius LLP are serving as legal counsel to 23andMe and Alvarez &
Marsal North America, LLC as restructuring advisor. Moelis &
Company LLC is serving as investment banker and Goodwin Procter LLP
is serving as legal advisor to the Special Committee of 23andMe's
Board of Directors. Reevemark and Scale are serving as
communications advisors to the Company. Kroll is the claims agent.

Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an
official committee to represent unsecured creditors in the Chapter
11 cases of 23andMe Holding Co. and its affiliates.

The Committee selected Kelley Drye & Warren LLP as its lead
counsel; Stinson LLP as co-counsel; and FTI Consulting Inc. as
financial advisor.


250 WYNAH LANE: Hires Gensburg Calandriello as Counsel
------------------------------------------------------
250 Wynah Lane, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to employ Gensburg
Calandriello & Kanter P.C. as counsel.

The firm's services include:

     a. providing legal advice with respect to the Debtor's powers
and duties as debtor-in-possession in the continued operation of
its business and management of its property;

     b. negotiating, drafting, and pursuing all documentation
necessary in these cases;

     c. preparing, on behalf of the Debtor, all applications,
motions, answers, orders, reports, and other legal papers necessary
to the administration of the Debtor's estates;

     d. appearing in court and protecting the interests of the
Debtor before the Court;

     e. assisting with the Debtor's reorganization, including
drafting and negotiating any plan of reorganization or any
disposition of the Debtor's assets, by sale or otherwise;

     f. attending all meetings and negotiating with representatives
of creditors, the United States Trustee, and other
parties-in-interest;

     g. providing legal advice regarding bankruptcy law, corporate
law, corporate governance, transactional, tax, labor, litigation,
and other issues to the Debtor in connection with the Debtor's
ongoing business operations; and

     h. performing all other legal services for, and providing all
other necessary legal advice to, the Debtor which may be necessary
and proper in these cases.

The firm will be paid at these rates:

     Shareholder                    $275 to $500 per hour
     Senior Counsel                 $450 per hour
     Partner / Associate            $260 to $380 per hour
     Legal Assistant / Paralegal    $125 per hour

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Matthew T. Gensburg, Esq., a partner at Gensburg Calandriello &
Kanter, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Matthew T. Gensburg, Esq.
     Gensburg Calandriello & Kanter, P.C.
     200 West Adams St., Ste. 2425
     Chicago, IL 60606
     Tel: (312) 263-2200
     Fax: (312) 263-2242
     Email: mgensburg@gcklegal.com

              About 250 Wynah Lane, LLC

250 Wynah Lane LLC is a single-asset real estate debtor, as defined
in 11 U.S.C. Section 101(51B).

250 Wynah Lane LLCsought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07414) on May 14,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.

Honorable Bankruptcy Judge Deborah L. Thorne handles the case.

The Debtors are represented by Matthew T. Gensburg, Esq. at
GENSBURG CALANDRIELLO & KANTER, P.C.



3GEN ROOFING: Seeks to Hire Teel & Gay as Bankruptcy Counsel
------------------------------------------------------------
3Gen Roofing, LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Tennessee to employ Teel & Gay, PLC as
counsel.

The firm will provide these services:

     (a) consult with the Debtor relative to its duties; prepare
and file the statement of affairs, schedules and executory
contracts;

     (b) assist in the formulation of the Debtor's plan; and

     (c) perform all other legal services for the Debtor which may
be necessary or appropriate in the case.

The firm will be paid at these hourly rates:

     C. Jerome Teel, Jr., Attorney      $350
     Associate Attorney                 $200
     Administrative Assistant            $55

Mr. Teel, Jr., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     C. Jerome Teel, Jr., Esq.
     Teel & Gay, PLC
     79 Stonebridge Blvd., Suite B
     Jackson, TN 38305
     Telephone: (731) 424-3315
     Facsimile: (731) 424-3501
     Email: bankruptcy@tennesseefirm.com
     
                       About 3Gen Roofing

3Gen Roofing LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-10769) on June 9,
2025, listing under $1 million in both assets and liabilities.

Honorable Bankruptcy Judge Jimmy L. Croom handles the case.

The Debtor is represented by C. Jerome Teel, Jr., Esq., at Teel &
Gay, PLC.


ACCELERATE DIAGNOSTICS: Disclosure Statement Approved on Interim
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved, on
an interim basis, the adequacy of the Combined Disclosure Statement
explaining the Chapter 11 Plan of Liquidation of Accelerate
Diagnostics, Inc. and Accelerate Diagnostics Texas, LLC.

Only holders of Prepetition Super Priority Notes Claims in Class 3,
Prepetition Convertible Notes Claims in Class 4, and General
Unsecured Claims in Class 5 are entitled to vote to accept or
reject the Combined Disclosure Statement and Plan.  The deadline
for the submission of such votes to the Voting Agent is June 30,
2025 at 4:00 p.m. (prevailing Eastern Time).

Copies of the Combined Disclosure Statement and Plan, the
Solicitation Procedures, and all other documents filed in the
Chapter 11 Cases may be obtained and reviewed without charge at
https://cases.stretto.com/AccelerateDiagnostics or upon request to
the Voting Agent by (i) telephone at (866) 365-1526 (U.S./Canada,
Toll-Free) and +1 (949) 247-7489 (International, Toll), or
(ii)email at TeamAccelerate@stretto.com (with “Accelerate
Diagnostics, Inc. Solicitation Inquiry” in the subject line).

The Plan Supplement will be filed no later than seven days prior to
the Voting Deadline, and will be available from the Voting Agent at
https://cases.stretto.com/AccelerateDiagnostics or upon request to
the Voting Agent by (i) telephone at (866) 365-1526 (U.S./Canada,
Toll-Free) and +1 (949) 247-7489 (International, Toll), or (ii)
email at TeamAccelerate@stretto.com (with "Accelerate Diagnostics,
Inc. Solicitation Inquiry" in the subject line).

                        Liquidating Plan

According to the Troubled Company Reporter on June 12, 2025, the
Debtors filed with the U.S. Bankruptcy Court for the District of
Delaware a Combined Disclosure Statement and Chapter 11 Plan of
Liquidation dated May 16, 2025.

The Debtors are a life-saving diagnostics company that develops and
markets innovative technologies aimed at improving the rapid
identification and antibiotic susceptibility testing of serious
infections, particularly bloodstreams infections such as sepsis.

The Debtors generate revenue through the sale or lease of their
proprietary diagnostic systems. These platforms are used by
hospitals and clinical microbial laboratories to reduce the time it
takes to determine which pathogens (i.e. bacteria or virus) are
present in a patient sample and which antibiotics are likely to be
effective, enabling more targeted treatment, improved outcomes, and
lower healthcare costs.

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.

On the Petition Date, the Debtors filed the Combined Disclosure
Statement and Plan. If confirmed, the Combined Disclosure Statement
and Plan will allow for both the efficient wind-down of the
Debtors' estates following the sale process and the realization of
maximum value with respect to remaining assets for the benefit of
their stakeholders. The wind-down efforts will be facilitated by
the Liquidation Trust established under the Combined Disclosure
Statement and Plan and overseen by the Liquidation Trustee. The
purpose of the Liquidation Trust will include winding down the
Debtors' estates, and making distributions to the beneficiaries of
the Liquidation Trust.

Class 6 consists of General Unsecured Claims. After Holders of
Allowed Prepetition Super Priority Notes Claims in Class 3, Holders
of Allowed Convertible Notes Roll Up Loans Claims in Class 4, and
Holders of Allowed Prepetition Convertible Notes Claims in Class 5
are either Paid in Full or otherwise satisfied in full in
accordance with the treatment provide to Holders of Allowed Class
3, 4 and 5 Claims, respectively, Holders of Allowed General
Unsecured Claims shall receive their Pro Rata Share of the
Liquidation Trust Assets, to the extent applicable.

Holders of other general unsecured claims in Class 6 are impaired
and their projected recovery is still "undetermined", according to
the Disclosure Statement.

Class 8 consists of Interests in the Debtors. On or after the
Effective Date, all Interests shall be extinguished, cancelled and
released on the Effective Date and Holders of such Interests shall
not receive any distribution on account of such Interests.

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.

A full-text copy of the Combined Plan and Disclosure Statement
dated May 16, 2025 is available at https://urlcurt.com/u?l=hpJbNi
from PacerMonitor.com at no charge.

                   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.


ACCELERATE DIAGNOSTICS: July 2 Disclosure & Plan Hearing Set
------------------------------------------------------------
The Hon. Karen B. Owens of the U.S. Bankruptcy Court for the
District of Delaware will hold a combined hearing on July 28, 2025
at 1:00 p.m. (prevailing Eastern Time), at the U.S. Bankruptcy
Court, 6th Floor, Courtroom #3, 824 North Market Street,
Wilmington, Delaware 19801, to consider final approval of the
Disclosure Statement explaining the Chapter 11 Plan of Liquidation
of Accelerate Diagnostics, Inc. and Accelerate Diagnostics Texas,
LLC., and confirm the Debtors' Chapter 11 Plan.

Objections to confirmation of the Combined Disclosure Statement and
Plan, including any objection to the adequacy of the disclosures,
if any, must: (a) be in writing; (b) state the name and address of
the objecting party and the nature of the Claim or Interest of such
party; (c) state with particularity the basis and nature of such
objection; and (d) be filed with the Court and served on the Notice
Parties3 so as to be received no later than 4:00 p.m. (prevailing
Eastern Time) on July 8, 2025.  Unless an objection is timely
served and filed as prescribed herein, it may not be considered by
the Court.

                   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.


ACCRX INC: Seeks Approval to Tap Richardson & Company as Accountant
-------------------------------------------------------------------
ACCRX, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Massachusetts to employ Richardson & Company, PC as
accountant.

The firm will provide these services:

     (a) maintain the Debtor's books and records;

     (b) assist with the preparation of monthly operating reports
and other required reporting;

     (c) assist in the preparation of financial projections; and

     (d) if necessary during the pendency of this case, prepare the
Debtor's 2025 income tax returns.

The firm will be paid at these hourly rates:

     Principals             $475
     Paraprofessionals       $75

Paul Gerrish, CPA, a member at Richardson & Company, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Paul S. Gerrish, CPA
     Richardson & Company, PC
     165 Village Street
     Medway, MA 02053
     Telephone: (508) 533-6426
     Facsimile: (508) 533-7666

                        About ACCRX Inc.

ACCRX, Inc. operates ACC Apothecary, a compounding pharmacy based
in Newton, Mass., which specializes in customized medications for
patients and providers, including treatments in pain management,
hormone therapy, sports medicine, pediatrics, and veterinary care.

ACCRX sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-10851) on April 28,
2025. In its petition, the Debtor reported assets between $100,000
and $500,000 and liabilities between $1 million and $10 million.

Judge Christopher J. Panos handles the case.

The Debtor tapped Marques Lipton, Esq., at Lipton Law Group, LLC as
counsel and Paul S. Gerrish, CPA, at Richardson & Company, PC as
accountant.


ACQUISITION INTEGRATION: Gets Interim OK to Obtain DIP Loan
-----------------------------------------------------------
Acquisition Integration, LLC received interim approval from the
U.S. Bankruptcy Court for the Northern District of Alabama to
obtain post-petition financing to get through bankruptcy.

The court's interim order authorized the Debtor to obtain an
initial $276,000 from NOVO Tech, Inc., an Alabama corporation,
which has committed to provide up to $3 million in
debtor-in-possession financing.

The Debtor intends to use the loan for working capital and the
purchase of parts to be supplied to the U.S. Army, which are
managed by the Multi-National Aviation Special Project Office.

The loan matures on the date specified as a termination event or as
otherwise ordered by the court. In case NOVO Tech does not receive
payment for the initial loan pursuant to the interim order, the
lender will have the right to surcharge all secured creditors'
interests in property of the Debtor's estate, including but not
limited to, all accounts receivable from the MASPO contract and
cash collateral relating to the contract, according to the court's
interim order.

The Debtor is party to a significant supply agreement with the U.S.
Army—Contract No. W58RGZ-21-D-0089, also known as the MASPO
Contract. This contract involves the delivery of aviation parts and
equipment to support foreign military sales and other defense
programs. Despite the contract's value, the Debtor is unable to
meet current financial obligations, including operating expenses
and parts procurement, and has received a notice to cure from the
Army due to delivery delays.

The Debtor believes that pre-bankruptcy secured creditors do not
have perfected liens on MASPO-related receivables under federal
contracting law as none properly filed an assignment of claims with
the Army. As such, those funds are unencumbered and available as
collateral for the DIP loan.

                       Cash Collateral Access

The interim order also authorized the Debtor to use the cash
collateral of ServisFirst Bank and potential secured creditors.
This cash collateral consists of the Debtor's cash on hand and the
proceeds of the Debtor's assets, subject to unavoidable liens as of
the petition date.

As protection for the Debtor's interim use of their cash
collateral, secured creditors will be granted a post-petition
replacement lien on the Debtor's assets to the same extent and with
the same priority as their pre-bankruptcy liens.

Both the interim loan and the use of cash collateral will terminate
on July 25 or upon non-compliance by the Debtor with the terms of
the interim order.

                   About Acquisition Integration

Acquisition Integration, LLC provides logistics, distribution, and
technical services to the commercial and military aerospace and
vehicle industries.  The Company partners with CAP Fleet to produce
upfitted police and special service vehicles for the U.S.
Government Services Administration.  Based in the US, it operates
as an SBA-certified HUBZone and Service-Disabled Veteran-Owned
Small Business.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81168) on June 10,
2025. In the petition signed by David P. Bristol, member, the
Debtor disclosed up to $50 million in both assets and liabilities.

Judge Clifton R. Jessup Jr. oversees the case.

Stuart Maples, Esq., at Thompson Burton, PLLC, represents the
Debtor as legal counsel.

NOVO Tech, Inc., as DIP lender, is represented by:

   Kevin D. Heard, Esq.
   Heard, Ary & Dauro, LLC
   303 Williams Avenue SW, Suite 921
   Huntsville, AL 35801
   Tel: (256) 535-0817
   kheard@heardlaw.com

ServisFirst Bank, as secured creditor, is represented by:

    Wes Bulgarella, Esq.
    Maynard Nexsen, P.C.
    1901 Sixth Avenue North
    1700 Regions/Harbert Plaza
    Birmingham, AL 35203
    Tel: (205) 254-1000
    wbulgarella@maynardnexsen.com


ADB ENTERPRISES: Lender Seeks to Prohibit Cash Collateral Access
----------------------------------------------------------------
The U.S. Small Business Administration asked the U.S. Bankruptcy
Court for the District of New Mexico to prohibit ADB Enterprises,
LLC from using its cash collateral or, in the alternative, to
require adequate protection.

The SBA is a secured creditor by virtue of a $150,000 loan
originally issued by Independence Bank (now Northeast Bank) on
December 31, 2018, under the SBA's 7(a) Preferred Lender Program.
This loan, which carries a variable interest rate of Prime + 2.75%
and requires monthly payments of $1,820, is secured by all of the
Debtor's tangible and intangible personal property, as outlined in
a security agreement and perfected by a UCC-1 filing on January 7,
2019, with a continuation filed in October 2023.

The bank assigned all rights in the loan and collateral to the SBA
on June 5, 2024. The Debtor defaulted on the loan and is currently
past due, with the last payment made before February 1, 2024. As of
the bankruptcy petition date, the outstanding balance on the loan
is $97,080. Despite continuing to use the SBA's collateral in its
business operations, the Debtor has not provided adequate
protection, and the SBA contends that this use causes a
deterioration in the collateral's value. Therefore, the SBA asks
the court to prohibit any further use of its collateral.

Alternatively, if the court allows continued use, the SBA requested
that the Debtor be required to:

   (1) remain current on all taxes and insurance for the
collateral;

   (2) provide the SBA with replacement liens on post-petition
assets of similar nature and extent; and

   (3) make monthly adequate protection payments of $1,820 to
compensate for the collateral's decline in value.

                       About ADB Enterprises

ADB Enterprises, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.M. Case No. 24-11214) on November 13,
2024, listing up to $100,000 in assets and up to $10 million in
liabilities. Daniel Behles, Esq., at 709 Consulting, LLC serves as
Subchapter V trustee.

Judge Robert H. Jacobvitz oversees the case.

The Debtor is represented by Jason Michael Cline, Esq., at Jason
Cline, LLC.


ALLIANCE FARM: Hires Okin Adams Bartlett as Counsel
---------------------------------------------------
Alliance Farm and Ranch, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Okin
Adams Bartlett Curry LLP as attorney.

The firm will provide these services:

     a. advise the Debtor with respect to its rights, duties and
powers in the Chapter 11 Case;

     b. assist and advise the Debtor in its consultations relative
to the administration of the Chapter 11 Case;

     c. assist the Debtor in analyzing the claims of its creditors
and in negotiating with such creditors;

     d. assist the Debtor in preparation and confirmation of a plan
of reorganization;

     e. represent the Debtor at all hearings and other
proceedings;

    f. review and analyze all applications, orders, statements of
operations and schedules filed with the Court and advise the Debtor
as to their propriety;

    g. assist the Debtor in preparing pleadings and applications as
may be necessary in furtherance of the Debtor's interests and
objectives; and

    h. perform such other legal services as may be required and are
deemed to be in the interests of the Debtor in accordance with the
Debtor's powers and duties as set forth in the Bankruptcy Code.

The firm will be paid at these rates:

     Attorneys      $425 to $775 per hour
     Paralegals     $75 to $150 per hour

The firm received a retainer from the Debtor in the amount of
$50,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In accordance with the U.S. Trustee Guidelines, Okin Adams
respectfully states as follows:

   Question: Did Okin Adams agree to any variations from, or
alternatives to, its standard or customary billing rates, fees or
terms for services pertaining to this engagement that were provided
during the Application Period?

   Response: No.

   Question: If the fees sought in this Application as compared to
the fees budgeted for the time period covered by this Application
are higher by 10% or more, did you discuss the reasons for
variation with the client?

   Response: N/A.

   Question: Have any of the professionals included in this
Application varied their hourly rate based on the geographic
location of the Chapter 11 Cases?

   Response: No.

   Question: Does the Application include time or fees relating to
review, revising, or reducing time records or preparing, reviewing
or revising invoices?

   Response: Yes. Okin Adams has requested reimbursement of fees in
the preparation of this fee application.

   Question: Does this Application include time or fees for
reviewing time records to redact any privileged or other
confidential information?

   Response: No.

   Question: If the Application includes any rate increases since
retention, did the Debtor review and approve those rate increases
in advance? Did the Debtor agree when retaining Okin Adams to
accept all future rate increases?

   Response: N/A.

Timothy L. Wentworth, Esq., a partner at Okin Adams Bartlett Curry
LLP, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Timothy L. Wentworth, Esq.
     Okin Adams Bartlett Curry LLP
     1113 Vine Street, Suite 240
     Houston, TX 77002
     Tel: (713) 228-4100
     Fax: (346) 247-7158
     Email: twentworth@okinadams.com

              About Alliance Farm and Ranch, LLC

Alliance Farm and Ranch, LLC filed voluntary Chapter 7 petition
(Bankr. S.D. Texas Case No. 25-30155) on January 7, 2025, listing
between $1 million and $10 million in both assets and liabilities.
On March 19, 2025, the case was converted to one under Chapter 11.

Alliance Energy Partners LLC, a directional drilling service
provider in Spring, Texas, filed Chapter 11 petition (Bankr. S.D.
Tex. Case No. 25-31937) on April 7, 2025. In its petition, Alliance
Energy Partners reported total assets of $1 million and total
liabilities of $2,614,465.

On April 23, 2025, the court ordered the joint administration of
the Debtors' Chapter 11 cases.

Judge Alfredo R. Perez oversees the cases.

The Debtors are represented by Okin Adams Bartlett Curry, LLP.


ALLISON TRANSMISSION: Fitch Affirms 'BB+' IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Allison Transmission Holdings, Inc.'s
(Allison) and subsidiary Allison Transmission, Inc.'s (ATI)
Long-Term Issuer Default Ratings (IDRs) at 'BB+'. The affirmation
follows Allison's announcement to acquire Dana Incorporated's
(Dana) Off-Highway business. Fitch has also affirmed the ratings on
ATI's secured revolver and term loan at 'BBB-' with a Recovery
Rating of 'RR1' and senior unsecured notes at 'BB+'/'RR4'.

The Rating Outlook is Stable.

The affirmation of Allison's ratings reflects Fitch's expectation
that the company's metrics will remain commensurate with its
current ratings, despite its plans to fund a substantial portion of
the acquisition with debt. Allison has significant headroom in its
ratings. Although the acquisition will dilute the company's
margins, Fitch expects margins to remain strong over the medium
term. The acquisition will also add customer, product, and
geographic diversification.

Key Rating Drivers

Off-Highway Acquisition: On June 11, 2025, Allison agreed to
acquire Dana's Off-Highway business for $2.7 billion in cash.
Allison and Dana plan to close on the sale by late 4Q25. Allison
plans to fund the acquisition using a combination of cash on-hand
and incremental debt. Allison has obtained commitments for the debt
financing. The acquisition will grow Allison's revenue by over 90%,
but the lower margins of the Off-Highway business will result in
Allison's EBITDA margins declining to the mid- to upper-20% range
from the current mid-30% range.

The acquisition represents a 6.8x multiple of the Off-Highway
business' 2024 adjusted EBITDA, or 5.2x including an estimated $120
million of primarily cost-related synergies. The acquisition will
significantly increase Allison's customer, product, and
geographical diversification, areas Fitch previously viewed as
business profile concerns. Following the acquisition, Off-Highway
will be Allison's largest segment, generating 51% of sales compared
with 3% in the LTM ended March 31, 2025. Europe will also grow to
about 28% of Allison's business from about 10% currently.

High Profitability: Pre-pandemic, Allison produced very strong
EBITDA margins in the 40% range. However, since then, the company's
EBITDA margins have generally been in the low- to mid-30% range due
to supply chain challenges, volatile customer production schedules,
inflationary pressures and development costs associated with its
electric vehicle (EV) programs. Allison's actual EBITDA margin was
35.3% in 2024.

Dana's Off-Highway business generated standalone EBITDA margins in
the mid-teens. Fitch expects Allison's EBITDA margins to decline to
the mid- to upper-20% range following the acquisition. Although
margins will be lower than Allison's historical levels, they will
remain very strong for the company's rating category.

Strong Traditional Market Position: Allison continues to lead the
global market for fully automatic transmissions for commercial
vehicles, off-road equipment, and military vehicles. In 2024, 81%
of the school buses and 77% of the class 6 and 7 commercial trucks
manufactured in North America were delivered with the company's
transmissions. The company also supplied 79% of class 8 straight
trucks and 50% of the class A motorhomes. Allison's transmissions
command a price premium, which is unusual for a Tier 1 supplier,
and Fitch expects the global market for commercial vehicle
automatic transmissions to increase over time.

Increasing Leverage: Allison plans to fund the acquisition with a
combination of cash on-hand and debt. The company has not stated
how much incremental debt it plans to take on, but Fitch estimates
that it will likely need between $2.0 billion and $2.5 billion. On
a pro forma basis, Fitch expects Allison's gross EBITDA leverage
will rise toward the 2.8x-3.0x range at closing, which is within
the tolerances for the current rating. This compares to actual
EBITDA leverage of only 2.1x at YE 2024. Allison has stated that it
has a near-term net leverage target of less than 2.0x, suggesting
the company will look to de-lever following the acquisition.

Double-Digit FCF Margins: Allison has produced solidly positive FCF
in every quarter since becoming a public company in 2012, including
every quarter since the pandemic began in 2020. Allison's
post-dividend FCF margin in 2024 was 17.7%, which is strong for the
rating category. Following the Off-Highway acquisition, Fitch
expects post-dividend FCF margins to be lower but still strong at
11% or higher.

Peer Analysis

Allison is among the smaller public capital goods suppliers, with a
more focused and less diversified product offering. However, it
will be larger and more diversified following the Off-Highway
acquisition. Compared with suppliers like Cummins, Inc. or Dana
Incorporated, Allison is smaller, with less geographically
diversified sales, as nearly three-quarters of Allison's revenue is
derived from North America. However, its share in many of the
end-markets in which it competes is very high, with well over 50%
penetration in certain end-markets.

Compared with other suppliers in the 'BB' rating category, such as
Dana or The Goodyear Tire and Rubber Company, Allison's EBITDA
leverage is lower, and its EBIT and FCF margins are much stronger.
The company's strong EBITDA margins are more than double those of
many investment-grade capital goods or auto supply issuers, such as
BorgWarner Inc., Aptiv PLC, and Lear Corporation, while its
post-dividend FCF margins are more than 8x higher than many of
those higher-rated issuers.

Key Assumptions

- The Off-Highway acquisition closes in late 4Q25 at a $2.7 billion
purchase price;

- The acquisition is funded with a combination of cash on-hand and
$2.0 billion-$2.5 billion of incremental debt;

- Revenue declines about 4.0% in 2025 on weaker demand conditions,
partially offset by new business wins and higher pricing. Revenue
then nearly doubles in 2026 due the Off-Highway acquisition. Beyond
2026, revenue grows in the low- to mid-single-digit range on higher
production and increased pricing;

- The EBITDA margin runs in the mid-30% range in 2025, then
declines to the mid- to upper-20% range over subsequent years
following the Off-Highway acquisition;

- Debt increases in the near term as the company funds the
Off-Highway acquisition;

- Capex as a percentage of revenue runs in the 5.0%-5.5% range over
the next several years;

- Dividend spending is roughly flat through the forecast;

- The company maintains a solid cash position, with excess cash
used primarily for share repurchases.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A sustained significant decline in EBITDA margins and an extended
period of negative FCF;

- A competitive entry into the market that results in a significant
market share loss;

- Sustained Fitch-calculated mid-cycle EBITDA leverage above 3.5x.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Successfully integrating the new Off-Highway business;

- Demonstrated commitment to a financial policy, resulting in
Fitch-calculated mid-cycle EBITDA leverage sustained below 2.5x;

- Maintenance of balanced capital allocation plan and financial
flexibility, including a less encumbered capital structure.

Liquidity and Debt Structure

Fitch expects Allison's liquidity to remain adequate over the
intermediate term. As of March 31, 2025, the company had $753
million of cash and cash equivalents. In addition, the company had
$744 million available on ATI's $750 million secured revolver,
after accounting for $6 million of letters of credit backed by the
facility.

Due to the consistency of Allison's FCF generation, Fitch has
treated all of the company's cash as readily available.

Allison's debt structure as of March 31, 2025, consisted of ATI's
secured term loan B, which had $513 million outstanding, and three
series of senior unsecured notes issued by ATI: $400 million of
4.75% notes due 2027, $500 million of 5.875% notes due 2029 and
$1.0 billion of 3.75% notes due 2031.

The term loan is secured by substantially all of Allison's assets,
the assets of Allison's U.S. subsidiaries and certain assets of
ATI's direct and indirect domestic and foreign subsidiaries.

Issuer Profile

Allison supplies fully automatic transmissions to the global
on-highway, off-highway and military end-markets. The company also
manufactures hybrid-electric propulsion systems for city buses and
propulsion systems for the emerging electric commercial vehicle
market.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
Allison
Transmission, Inc.   LT IDR BB+  Affirmed            BB+

   senior secured    LT     BBB- Affirmed   RR1      BBB-

   senior
   unsecured         LT     BB+  Affirmed   RR4      BB+

Allison
Transmission
Holdings, Inc.       LT IDR BB+  Affirmed            BB+


AMC NETWORKS: Moody's Cuts CFR to 'B3', Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings downgraded AMC Networks Inc.'s (AMC Networks)
corporate family rating to B3 from B2, its probability of default
rating to B3-PD from B2-PD, and the ratings on the senior secured
bank credit facilities to B2 from Ba3. Moody's also downgraded the
ratings on AMC Networks' senior secured notes to B2 from Ba3 and
the senior unsecured notes to Caa2 from Caa1. Concurrently, Moody's
assigned a B2 rating to the proposed $400 million senior secured
notes due 2032. AMC Networks' SGL-1 Speculative Grade Liquidity
Rating (SGL) remains unchanged. The outlook for AMC Networks
remains stable.

The downgrade of the CFR by one notch to B3 from B2 reflects AMC
Networks' persistent operating challenges and limited visibility as
to when the operating performance of AMC Networks will stabilize.
For the past several years, AMC Networks has been experiencing
declining linear subscriber trends impacting its once predictable
revenue and profitability. Meanwhile, the two notch downgrade to
the senior secured ratings is due in part to the changing mix in
the capital structure between secured and unsecured debt.

The proceeds from the proposed senior secured notes offering, in
conjunction with cash from AMC Networks' balance sheet, will be
used to refinance (i) all of the company's existing term loan A
(for the non-extended portion) maturing in February 2026, and (ii)
tender for a portion of the outstanding 4.25% senior unsecured
notes due February 2029. The ratings on the existing senior Term
Loan A maturing in 2026, will be withdrawn at the close of the
transaction if no obligations remain outstanding. For year-end
2025, and pro forma for the proposed financing, Moody's projects
AMC Networks' total debt-to-EBITDA and net debt-to-EBITDA
(inclusive of Moody's adjustments) will be 5.5x and 3.6x,
respectively.

The B2 rating for the proposed senior secured notes is one notch
above AMC Networks' CFR given their senior position in the capital
structure, and the rating lifts it receives from the cushion
provided by the senior unsecured notes due in February 2029.

RATINGS RATIONALE

AMC Networks' B3 CFR reflects the company's declining revenue and
EBITDA trends, elevated leverage, and smaller operating scale
relative to competitors in the media and entertainment industry.
Though the company continues to invest around $1 billion annually
to create good quality content to be distributed on its branded
networks (AMC, BBC AMERICA, IFC, SundanceTV, Moody's TV, Acorn TV,
etc.), and/or on its direct-to-consumer (DTC) platform, the decline
in linear viewership continues to negatively impact distribution
fees and advertising sales. For this year and next, Moody's
projects domestic distribution fees and advertising sales to
decline by mid single digits and low double digits driving AMC
Networks' overall revenue decline. For 2025 and 2026, Moody's
projects AMC Networks' total revenue to decline by nearly 6% and
4%, respectively, compared to -10.7% in 2024.

At the same time, the ratings reflect Moody's expectations for
solid free cash flow in 2025 and in 2026, and a strong commitment
by the company to reduce leverage and maintain very good liquidity,
despite declining EBITDA trends. For this year and next, Moody's
projects AMC Networks will generate around $250 million in free
cash flow per annum. The healthy free cash flow generation is
partly due to the company's cost cutting initiatives implemented in
2023 and continued content monetization through licensing
agreements as AMC Networks has a proven ability to consistently
deliver high quality content to targeted audiences with
demographics that appeals to distributors and streaming platforms.

Moody's expects AMC Networks to maintain very good liquidity over
the next 12 to 18 months. This is supported by (i) around $870
million in cash (as of March 31, 2025), (ii) full availability
under the new $175 million undrawn revolving credit facility
expiring in April 2028 and (iii) Moody's assumptions of more than
$250 million in free cash flow in 2025.

The bank credit facility is governed by a maximum net
debt-to-operating cash flow ratio of 5.75x stepping down to 5.5x in
2026, and a minimum operating cash flow-to-interest expense
covenant of 2.0x stepping up to 2.25x in 2026 as well. Moody's
projects the company to have ample liquidity under both covenants.
In 2025 and 2026, Moody's do not expect AMC Networks to draw on its
revolver.

The stable outlook, reflects Moody's expectations that over the
next 12 to 18 months, AMC Networks will maintain very good
liquidity, generate material free cash flow, and continue to reduce
debt obligations such that total debt-EBITDA will approach 5.0x by
year end 2026, despite persistent revenue and EBITDA declining
trends.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if the company successfully
transitions the business model to DTC (direct to consumer) such
that the overall subscriber base stabilizes and it achieves
sustained organic revenue and EBITDA growth; the company maintains
at least good liquidity; and debt-to-EBITDA is sustained below 5.0x
(including Moody's adjustments).

The ratings could be downgraded if the company's does not
demonstrate a steady improvement in the pace of revenue and EBITDA
declines, the company does not appear on track to reach an
inflection point at which DTC subscriber growth offsets linear
pressures, debt-to-EBITDA is sustained above 6.0x (including
Moody's adjustments), or liquidity materially weakens.

Headquartered in New York, New York, AMC Networks Inc. supplies
television programming to pay-TV service providers throughout the
United States. The company predominantly operates five
entertainment programming networks - AMC, Moody's tv, IFC, Sundance
TV and BBC America.

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.


AMERICA'S GARDENING: Case Summary & 30 Top Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: America's Gardening Resource, Inc.
               d/b/a Gardener's Supply Company
             128 Intervale Road
             Burlington, VT 05401

Business Description: America's Gardening Resource, Inc. develops,
                      manufactures, and distributes gardening
                      products and eco-friendly equipment through
                      direct-to-consumer, retail, and wholesale
                      channels across the United States.
                      Operating under the Gardener's Supply brand,
                      the Company serves home gardeners with
                      tools, supplies, and resources tailored to
                      diverse climates and growing conditions.

Chapter 11 Petition Date: June 20, 2025

Five affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                           Case No.
    ------                                           --------
    America's Gardening Resource, Inc. (Lead Case)   25-11180
    Gardener's Home LLC                              25-11181
    IGH, Inc.                                        25-11182
    Serac Corporation                                25-11183  
    Innovative Gardening Solutions, Inc.             25-11184

Court: United States Bankruptcy Court
       District of Delaware

Judge: Hon. Brendan Linehan Shannon

Debtors'
Bankruptcy
Counsel:          Patrick J. Reilley, Esq.
                  Jack M. Dougherty, Esq.
                  COLE SCHOTZ P.C.
                  500 Delaware Avenue
                  Suite 600
                  Wilmington, DE 19801
                  Tel: 302-652-3131
                  Fax: 302-574-2103
                  Email: preilley@coleschotz.com
                         jdougherty@coleschotz.com

                    - and -

                  Gary H. Leibowitz, Esq.
                  H.C. Jones III, Esq.
                  J. Michael Pardoe, Esq.
                  1201 Wills Street, Suite 320
                  Baltimore, Maryland 21231
                  Tel: (410) 230-0660
                  Fax: (410) 230-0667
                  Email: gleibowitz@coleschotz.com
                         hjones@coleschotz.com
                         mpardoe@coleschotz.com

Debtors'
Investment
Banker:           TOWER PARTNERS
                  5950 Symphony Woods Road
                  Suite 302
                  Columbia, MD 21044

Debtors'
Chief
Restructuring
Officer:          AURORA MANAGEMENT PARTNERS
                  112 S. Tryon Street
                  Charlotte, NC 28202

Lead Debtor's
Estimated Assets: $1 million to $10 million

Lead Debtor's
Estimated Liabilities: $10 million to $50 million

David M. Baker signed the petitions as chief restructuring
officer.

A full-text copy of the Lead Debtor's petition is available for
free on PacerMonitor at:

https://www.pacermonitor.com/view/WCUCVYI/Americas_Gardening_Resource_Inc__debke-25-11180__0001.0.pdf?mcid=tGE4TAMA

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount

1. UPS                                Trade Debt          $913,482
PO Box 809488
Chicago, IL 60680
Rep: Brandon Houlihan
Email: bhoulihan@ups.com
UPS Billing
Main Line: (800) 811-1648

2. Google Inc.                        Trade Debt          $631,676
PO Box 883654
Los Angeles, CA 90088
Shivayani "Shivi" Raju
Email: shivayani@google.com
Email: collections@google.com
Account IDs: 543-582-4261
             806-493-9767

3. Prides Corner Farms                Trade Debt          $374,681
122 Waterman Road
Lebanon, CT 06249-1827
Harriet McKean
Phone: (860) 468 6003
Email: hmckean@pridescorner.com

4. Meta Platforms Inc.                Trade Debt          $345,427
Attn: Accounts Receivable
15161 Collections Center Drive
Chicago, IL 60693
Sam Callejas
Email: scallejas@meta.com
       Payment@fb.com
Phone: (650) 543-4800
Account ID: 63623827

5. Jolly Farmer                       Trade Debt          $202,127
PO Box 787
Houlton, ME 04730-0787
Shura Keeler
Phone: (800) 695-8300
Email: shura.keeler@jollyfarmer.com

6. Arett Sales Corp                   Trade Debt          $195,199
9285 Commerce Hwy
Pennsauken, NJ 08110-1201
Delilah Nole
Phone: 1-800-257-8220 x240
Email: dnole@arett.com

7. Master Nursery Garden Centers Inc. Trade Debt          $144,823
PO Box 5190
Vacaville, CA 95696
Kirsten Foehr
Phone: 707-359-2710
Email: kirsten@masternursery.com

8. Keymark Corp.                      Trade Debt          $137,965
Dept 610
PO Box 4110
Woburn, MA 01888
Donna Oeser
Phone: 518-853-3421 x270
Email: DOeser@keymarkcorp.com

9. Columbia Cedar                     Trade Debt          $127,783
24419 North Highway 395
Kettle Falls, WA 99141
Linda Schauls
Email: linda.s@columbiacedar.com
Phone: (509) 738-4711

10. Premier Horticulture, Inc.        Trade Debt          $121,782
PO Box 673926
Detroit, MI 48267
Annie Chouinard
+1 418 867-8883 x17060
Email: choa2@premiertech.com
Main Line: 1-800-667-5366

11. Pleasant View Gardens             Trade Debt          $103,398
7316 Pleasant St.
Loudon, NH 03301
Lisa Vice
Email: ARDept@pwpvg.com
Phone: 603-435-1711

12. Overdevest Nurseries              Trade Debt           $88,388
578 Bowentown Road
Bridgeton, NJ 08302-6203
Email: sales@overdevest.com
Phone: 1-888-842-6567

13. Green Mountain Mulch              Trade Debt           $81,997
516 Lower Quarry Road
Derby, VT 05829-0129
Email: accounting@greenmountainmulch.com
Phone: 802-334-5733

14. Iseli Nursery, Inc.               Trade Debt           $76,829
PO Box 891
Middletown, OH 45044
Jennifer Mansfield
Email: jmansfield@iselinursery.com
Phone: 800-777-6202 x 236

15. Buckeye Corrugated, Inc.          Trade Debt           $73,212
PO Box 412199
Boston, MA 02241-2199
Michele Tahy
Phone: (518) 561-6150
Email: mtahy@bcipkg.com

16. Lucas Greenhouses                 Trade Debt           $71,599
214 1049 Whig Lane Road
Monroeville, NJ 08343-2811
Email: sales@lucasgreenhouses.com
Phone: (856) 881-2502

17. Foliera                           Trade Debt           $70,987
4655 Bartlett Road
Beamsville, Ontario, Canada
L0R1B1
Carolyn Courtney
Phone: 905-563-1066
Email: carolyncourtney@foliera.com

18. The Plant Group Inc.              Trade Debt           $68,176
117 Pond Road
Route 207
Franklin, CT 06254
Email: info@ThePlantGroup.com
Phone: 860-642-6030
Email: Customer # 4619

19. Reschcor                          Trade Debt           $67,901
2123 Blakesley Pkwy
Bristol, IN 46507
Brad Hartman
Phone: 574-295-2413
Email: bhartman@reschcor.com

20. Green Mountain Compost            Trade Debt           $67,124
19 Gregory Dr., Ste 204
South Burlington, VT 05403-6047
Kim Stacey
Email: kstacey@greenmountaincompost.com
Phone: (802) 660-4949

21. Water Right, Inc.                 Trade Debt           $64,858
3240 NE Rivergate St.
McMinnville, OR 97128
Sandi Mullan
Email: sandi@WaterRightInc.com
Phone: 800-485-3870

22. River Berry Farm                  Trade Debt           $63,789
191 Goose Pond Rd.
Fairfax, VT 05454-9585
David Marchant
Email: riverberryfarm@gmail.com
Phone: 802-849-6853

23. Lotus International, Inc.          Trade Debt          $61,275
5 Dairy Pak Road
Athens, GA 30607
Phone: 1-800-475-6887

24. Medford Nursery                   Trade Debt           $60,689
560-A Eayrestown-Red Lion Rd.
PO Box 1145
Medford, NJ 08055
Phone: (609) 267-8100

25. Listrak                           Trade Debt           $55,109
100 West Millport Road
Lititz, PA 17543
Rachael Leonard
Email: rachael.leonard@listrak.com
Phone: (717) 627-7601

26. Greenes Fence Company             Trade Debt           $53,918
PO Box 22258
Beachwood, OH 44122
Dianne Elliott
Email: dianne@greenesfence.com
Phone: 216-464-3160 x3

27. Fairfax Perennial Farm            Trade Debt           $50,313
7 Blackberry Hill Rd.
Fairfax, VT 05454-4424
Email: perennialfarm@surfglobal.net
Phone: (802) 849-2775

28. Griffin Greenhouse Supplies       Trade Debt           $48,809
PO Box 842937
Boston, MA 02284
Pam Huber
Phone: (978) 513-7021
Email: phuber@griffinmail.com

29. Headway Crafts Private Ltd        Trade Debt           $48,616
Near Gandhi Food, Mini Bypass
Lakri Road
Lakri Fazalpurmradabad U.P.
244001 India
Satendra "Satti" Singh
Email: satti@thepdqasia.com
Manoj
Email: manoj@thepdqasia.com

30. C.H. Robinson Worldwide           Trade Debt           $47,121
Canada Ltd.
PO Box 9121
Minneapolis, MN 55480
Lina Nguyen
Phone: 514-288-2161 x2356
Email: lina.nguyen@chrobinson.com


AMERICAN BATH: Wants to Refinance $2 Billion Debt
-------------------------------------------------
Reshmi Basu and Carmen Arroyo of Bloomberg News reports that
American Bath Group, the shower and bathtub manufacturer backed by
Centerbridge Partners, is exploring a refinancing of nearly $2
billion in existing debt, according to people familiar with the
situation.

The company has brought on JPMorgan Chase & Co. to structure a new
debt deal, which could launch as soon as next week, the sources
said, requesting anonymity due to the private nature of the talks.

JPMorgan is reportedly in discussions with a range of potential
lenders, including private credit firms, and is pitching a
transaction that may be structured across multiple tranches, the
sources added.

                     About American Bath Group

American Bath Group, LLC is a major manufacturer and distributor of
bathware products constructed from fiberglass-reinforced plastic,
acrylic, sheet molding compound, and enamel steel throughout the
United States. For the trailing twelve months ending September 30,
2016, ABG generated over $400 million in revenue.


ANYWHERE REAL: Moody's Affirms 'B3' CFR, Outlook Stable
-------------------------------------------------------
Moody's Ratings affirmed Anywhere Real Estate Group LLC's (Anywhere
Real Estate and Anywhere) corporate family rating at B3,
probability of default rating at B3-PD, and senior secured first
lien bank credit facility rating at Ba3. At the same time, Moody's
downgraded the company's backed senior secured second lien notes to
B3 from B2 and the senior unsecured notes to Caa2 from Caa1.
Moody's assigned a B3 to the company's proposed new backed senior
secured second lien notes due 2030. The speculative grade liquidity
(SGL) score was upgraded to SGL-3 from SGL-4. The outlook is
stable.

Proceeds from the new second lien notes will be used to refinance
the company's 0.25% $403 million exchangeable notes due July 2027,
repay revolver borrowings, and pay transaction related fees and
expenses. The downgrade of the company's senior secured second lien
rating and senior unsecured rating reflects the removal of
first-loss absorption provided by the exchangeable notes and the
increase in the total amount of senior secured second lien debt.
Moody's rank the new second lien notes pari passu with the
company's existing second lien notes in Moody's hierarchy of claims
at default. Pro forma for the refinancing, the company will have a
$520 million balance outstanding on its $1.1 billion revolver due
July 2027.

The affirmation of the B3 CFR reflects that the increase in fixed
debt and borrowing costs from the refinancing will negatively
impact Moody's expectations for financial leverage and cash flow.
The rating remains constrained by high leverage and expectation of
a muted recovery in 2025. Moody's expects the company will generate
around negative $100 million of free cash flow in 2025, including
around $114 million of one-time legal costs. The SGL score was
upgraded to SGL-3 from SGL-4 because the refinancing extends the
company's debt maturity profile such that there are no material
debt maturities until the revolver expires in July 2027. Moody's
believes that the remaining revolver capacity is sufficient to
satisfy cash flow deficits including one-time legal items, and meet
seasonal working capital needs over the next 12 to 18 months.

RATINGS RATIONALE

The B3 CFR reflects Anywhere's high debt to EBITDA leverage of 8.6x
for the 12 months ended March 31, 2025, and Moody's expectations
for negative free cash flow after one-time items in 2025, driven by
a slow recovery in US existing home sales from still-high interest
rates. Moody's believes Anywhere's financial performance will
gradually improve due to low single-digit revenue growth supported
by modest home price appreciation, stable commission rates, and
flat transaction volumes. Additionally, ongoing cost reduction
initiatives are expected to drive earnings growth, reducing the
debt to EBITDA ratio to 7.5x over the next 12 to 18 months.
However, uncertainty around the timeline and pace of the potential
recovery in real estate transaction volumes is elevated.

All financial metrics cited reflect Moody's standard adjustments.

Anywhere's financial performance, particularly revenue and profits,
are strongly linked to fluctuations in average home sale prices,
transaction volumes, and commission rates. Transaction numbers have
remained muted following a decline in the high teens percentage
rates during 2023, but the pace of the decline has slowed
dramatically since early 2024. In 2025, Moody's anticipates revenue
will grow modestly or remain flat. Average home sale prices have
increased or remained near their post-pandemic peak despite high
borrowing costs, which has supported brokerage fees per
transaction. While interest rates are still elevated and housing
inventories in certain markets remain below pre-pandemic levels,
consumer interest and investment in housing creates a floor on US
residential volumes at around the high 3 to low 4 million range and
provides support for an eventual recovery if interest rates
decline. However, the existing home sale market is cyclical, so
strong revenue, profit and free cash flow growth will require
robust economic conditions, which may not remain in place if
interest rates decline.

Anywhere's strong competitive position and investments in its
brands and technology bolster its capability to attract and retain
sales professionals amid market downturns, positioning the company
well to benefit immediately once a recovery takes hold. The
company's financial and operating strategies, emphasizing cash
generation and cost management, further reinforce the expectation
for a recovery in debt leverage, interest coverage and other
financial strength metrics once revenue returns to growth.

The senior secured first lien revolver is rated Ba3, three notches
above the B3 CFR, reflecting its priority position in the capital
structure and first-loss absorption provided by the substantial
amount of junior ranking debt and non-debt obligations. The
revolver is secured by a first-priority pledge of substantially all
of the company's domestic assets (other than excluded entities and
excluding accounts receivable pledged for the securitization of the
facility) and 65% of the stock of certain foreign subsidiaries.

The senior secured second lien notes are rated B3, the same as the
B3 CFR, reflecting its junior position with respect to the first
lien claims and priority position in the capital structure and
first-loss absorption provided by the unsecured claims. The debt is
secured by a second-priority pledge of substantially all of the
company's domestic assets and 65% of the stock of certain foreign
subsidiaries.

The senior unsecured notes are rated Caa2, two notches below the B3
CFR, reflecting their effective subordination to all the secured
debt. The senior notes are guaranteed by substantially all of the
company's domestic subsidiaries.

The SGL-3 speculative grade liquidity score reflects Anywhere's
adequate liquidity profile and is supported primarily by access to
its $1.1 billion revolving credit facility expiring in July 2027
and cash on hand. As of March 31, 2025, Anywhere had a cash balance
of $110 million. Pro forma for the refinancing, there were $520
million of outstanding borrowings under the $1.1 billion revolving
credit facility, which reflects peak seasonal borrowings that are
typical during the first quarter. Anywhere's cash flow is seasonal,
with negative cash flow usually in the first fiscal quarter.

The stable outlook reflects Moody's anticipations that Anywhere's
revenue and profit rates will improve as the existing home sale
market gradually recovers and cost reductions at the company take
hold, driving debt to EBITDA to approach 7.5x and EBITA to interest
expense above 1.0x. The stable outlook anticipates Anywhere will
address its 2027 revolver expiration before it becomes current in
July 2026.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if Moody's expects Anywhere will
sustain, through market cycles: 1) debt to EBITDA below 6.0x, 2)
EBITA to interest expense approaching 1.5x, 3) free cash flow to
debt approaching the mid-single digit percentage range; and 4)
maintain balanced financial strategies, including an emphasis upon
repaying debt and extending its debt maturity profile.

The ratings could be downgraded if: 1) revenue growth and
profitability rates decline; 2) liquidity deteriorates further,
including Moody's expectations for cash flow; or 3) financial
strategies become more aggressive including increased debt financed
acquisitions or shareholder returns, leading us to anticipate the
company's debt to EBITDA will be sustained above 8x.

Anywhere Real Estate Group LLC (formerly known as Realogy Group
LLC) is an indirect subsidiary of publicly-traded Anywhere Real
Estate Inc. (NYSE:HOUS, formerly known as Realogy Holdings Corp.)
and is based in Madison, NJ. Anywhere provides franchise and
brokerage operations as well as national title, settlement, and
relocation services, and nationally scaled mortgage origination and
underwriting joint ventures. The company operates in three
segments: Franchise Group, Brokerage Group, and Title Group. The
franchise brand portfolio includes Better Homes and Gardens(R) Real
Estate, CENTURY 21(R), Coldwell Banker(R), Coldwell Banker
Commercial(R), Corcoran(R), ERA(R), and Sotheby's International
Realty(R). Moody's expects revenue of $5.9 billion in 2025.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.


AQUA VIVA: Seeks Subchapter V Bankruptcy in Texas
-------------------------------------------------
On June 19, 2025, Agua Viva Ranch LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Western District of Texas.
According to court filing, the Debtor reports $1,861,515 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.

           About Agua Viva Ranch LLC

Agua Viva Ranch LLC is a holding company based in Bertram, Texas.
It owns and manages heavy equipment and vehicles used in land
development and specialty trade activities. The Company also
engages in recreational ranch operations, including guided hunts
and lodging services.

Agua Viva Ranch LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10927)
on June 19, 2025. In its petition, the Debtor reports total assets
of $1,535,699 and total debts of $1,861,515.

Honorable Bankruptcy Judge Shad Robinson handles the case.

The Debtors are represented byRobert C. Lane, Esq. at THE LANE LAW
FIRM.


ARCTERA HOLDINGS: Moody's Assigns 'B3' CFR, Outlook Stable
----------------------------------------------------------
Moody's Ratings assigned a B3 corporate family rating and B3-PD
probability of default rating to Arctera Holdings Limited
(Arctera), a leading data management software provider. Moody's
also assigned a Ba3 rating to the $140 million senior secured
superpriority revolving credit facility expiring December 2028 and
a B3 rating to the $722 million senior secured term loan B due
December 2029 issued by Arctera Holdings Limited's subsidiary,
Arctera US Holdings LLC. The outlook assigned for all entities is
stable.

The company rebranded to Arctera from Veritas following the sale of
the company's NetBackup business to Cohesity Inc. (Cohesity) in
December 2024. Following the sale, Arctera completed a debt
exchange replacing its existing debt with a superpriority revolving
credit facility, senior secured term loan, and margin loans. The
$199 million preferred margin loan due December 2027 (not rated)
and the $600 million margin loan from Cohesity due December 2029
(not rated) are issued at bankruptcy remote special purpose
entities (SPEs) where assets substantially consist of Cohesity
preferred stock.

RATINGS RATIONALE

Arctera's B3 CFR is constrained by the company's high financial
leverage, challenges from an evolving data management software
market, and declining revenue trends. Moody's estimates total debt
to EBITDA for fiscal year end April 30, 2025 is above 10x (which
expenses one-time costs and restructuring charges) but declines to
the high 5x range when excluding the margin loans and adding back
one-time costs and restructuring charges. Following the sale of the
NetBackup business, the CFR is also constrained by reduced scale
and diversity as well as execution risk. Arctera's historical
low-single-digit rate of decline in annual recurring revenue (ARR)
creates additional execution risk as the company builds its
independent track record.

Arctera benefits from its leading market position in data
management software, a diversified blue-chip customer base, and
Moody's expectations of stable free cash flow generation after the
roll-off of stand-up costs and restructuring expenses. However, the
data management software market is shifting, and solutions provided
by new entrants and new technologies have been eroding Arctera's
market position.

All financial metrics cited reflect Moody's standard adjustments
unless otherwise noted.

Governance is a key driver of the ratings. Arctera's ESG Credit
Impact Score is CIS-4, reflecting its heightened exposure to
governance risk related to its aggressive financial strategy and
risk management. Private equity ownership often leads to
debt-financed acquisitions or distributions to enhance equity
returns. Lack of public financial disclosure and the absence of
board independence also contribute to the company's governance
profile.

The individual debt instruments ratings in the capital structure
incorporate Arctera's probability of default rating and an average
expected family recovery rate of 50% at default. The Ba3 rating on
the superpriority revolving credit facility expiring December 2028
is three notches above the CFR given the instrument's small size
and senior-most ranking in the capital structure. The revolver is
secured on a superpriority basis to the liens that secure the
senior secured term loan on substantially all assets of the
borrowers and guarantors. The B3 rating on the senior secured term
loan B due December 2029, which is in line with the CFR, reflects
the instrument's large size and senior ranking behind the
superpriority revolver within the capital structure. The term loan
is secured on a junior basis to the liens that secure the
superpriority revolver. Moody's do not include the margin loans in
Moody's loss given default analysis. The preferred margin loan due
December 2027 and the $600 million margin loan from Cohesity due
December 2029 are issued at bankruptcy remote SPEs where assets
substantially consist of Cohesity preferred stock. The Cohesity
preferred stock constitute substantially all of the collateral
securing the margin loans. None of the obligations under the margin
loans are guaranteed by any other affiliates, subject to a limited
exception with respect to Arctera Holdings Limited in the unlikely
event one or multiple SPEs file for bankruptcy.

Moody's expects Arctera to maintain good liquidity over the next 12
to 18 months, supported by $138 million cash on hand and $76
million available on its $140 million revolver as of January 31,
2025. Beginning on July 31, 2026, the revolver is subject to a
springing maximum first lien net leverage ratio of 1.5x that
applies when the facility is more than 35% drawn ($49 million). The
first lien net leverage ratio used for the covenant only includes
outstanding principal on the revolver and any other indebtedness
with the same payment priority as the revolver (excludes the senior
secured term loan).

The stable outlook reflects Moody's expectations that Arctera's
operating performance will improve over the next 12 months while it
maintains at least adequate liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if Arctera's revenue and EBITDA
growth lead to consistent and increasing positive free cash flow
generation and a reduction in debt to EBITDA (excluding margin
loans) sustained below 5.5x. An upgrade would also be supported by
an improving liquidity position and conservative financial
policies.

The ratings could be downgraded if revenue is expected to decline
beyond fiscal year 2026, debt/EBITDA (excluding margin loans) is
sustained above 7.5x, free cash flow remains negative and/or
liquidity weakens.

The principal methodology used in these ratings was Software
published in June 2022.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Arctera Holdings Limited is a provider of data resilience, data
compliance, and data protection software. Arctera is principally
owned by investment funds of the private equity firm, The Carlyle
Group.


ASGN INC: Moody's Affirms 'Ba2' CFR, Outlook Stable
---------------------------------------------------
Moody's Ratings affirmed ASGN Incorporated's (ASGN) corporate
family rating at Ba2 and probability of default rating at Ba2-PD.
Concurrently, Moody's affirmed the company's senior secured first
lien bank credit facilities, consisting of a $500 million revolver
expiring 2028 and approximately $500 million term loan due 2030 at
Ba1. Moody's also affirmed the company's $550 million senior
unsecured notes due 2028 at Ba3. The speculative-grade liquidity
rating (SGL) is maintained at SGL-1. The outlook is stable. ASGN is
a provider of IT services and solutions across the Commercial and
Government sectors.

RATINGS RATIONALE

ASGN's Ba2 CFR reflects its leading position in IT services and
solutions, large operating scale supported by Moody's expectations
for $4 billion of revenue in 2025, and very good liquidity
supported by $300 million of free cash flow over the twelve months
ended March 31, 2025. The company operates in a highly competitive,
cyclical, and fragmented industry with a focus on a large and
diverse commercial client base and the US Federal Government.
Modest EBITDA margins of around 9.5% to 10% are expected in 2025, a
slight decline from 10.5% in 2024, reflecting strong competition in
the assignment and consulting IT service markets and the ongoing
cyclical downturn in the assignment business and curtailment in
Federal government contracts. Moody's also expects increased
macroeconomic uncertainty will lead to reduced IT services spending
amid project delays, but anticipate overall positive growth
supported by AI, data and security infrastructure spending. Moody's
expects the company's consulting business will grow in 2025, but
the commercial assignment business headwinds will drive overall
revenue to decline by around 5% excluding acquisitions. In March
2025, ASGN acquired TopBloc, an IT consulting firm, for $340
million of cash and equity. The company utilized $250 million in
revolver borrowings in connection with the acquisition.

All financial metrics cited reflect Moody's standard adjustments.

Moody's anticipates revenue declines will lead to modestly lower
EBITDA in 2025, but debt/EBITDA should improve from repayment of
most if not all of the company's $250 million revolver borrowings
such that financial leverage reaches 3x over the next 12 months
from 3.3x as of the twelve months ended March 31, 2025. Moody's
anticipates that the company will generate around $300 million of
free cash flow in 2025.

The credit profile is constrained by a debt-funded acquisition
strategy that has historically led to financial leverage increasing
to as high as 4.0x debt/EBITDA following a transaction. Moody's
expects that the company will prioritize the use of excess free
cash flow towards repayment of the revolver over acquisitions and
share repurchases.

The $500 million senior secured revolving credit facility due 2028
and approximately $500 million senior secured term loan due 2030
are rated Ba1, reflecting the Ba2-PD PDR and the support provided
by their priority position in the capital structure that benefits
from first-loss absorption from the $550 million senior unsecured
notes due 2028. The senior unsecured notes are rated Ba3 reflecting
their contractual subordination to senior secured credit
facilities.

The SGL-1 liquidity rating reflects Moody's assessments of ASGN's
liquidity profile as very good, supported by its expectation for
free cash flow of around $300 million over the next 12 months, the
cash balance of $107 million on March 31, 2025, and $246 million of
availability under its $500 million revolving credit facility due
2028. The term loan has $5 million of annual mandatory
amortization. In the absence of acquisitions or revolver repayment,
Moody's expects quarterly share repurchases of around 90% of cash
flow from operations less capital expenditures. The revolving
credit facility is subject to a maximum secured leverage covenant
set at 3.75x to be tested when more than $20 million is utilized
under the revolver. The leverage test allows for an additional 0.5x
of leverage for three quarters following a permitted acquisition.
Moody's expects the company to maintain ample cushion under this
covenant requirement through maturity.

The stable outlook reflects Moody's expectations that debt/EBITDA
will improve to around 3x and retained cash flow-to-net debt above
25%. Absent any debt-funded acquisitions, Moody's expects liquidity
will remain very good over the next 12-18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The rating could be upgraded if revenue and earnings growth is
strong such that debt/EBITDA is sustained and Moody's expects it to
remain below 2.5x and retained cash flow to net debt above 30%
through the economic cycle. Demonstration of balanced financial
strategies as it pertains to leverage and allocation of capital, as
well as greater financial flexibility through a predominantly
unsecured debt capital structure, including its bank credit
facility, would also support a rating upgrade.

The ratings could be downgraded if company's revenue and earnings
decline, Moody's expects debt/EBITDA to remain above 3.5x, retained
cash flow to net debt falls below 20% and the company adopts more
aggressive financial policies including additional leveraging
acquisitions prior to debt reduction, or debt-financed dividends or
share repurchases.

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.

Headquartered in Glen Allen, Virginia, ASGN Incorporated (NYSE:
ASGN) is a provider of IT services and solutions across the
Commercial and Government sectors. Moody's expects the company will
generate around $4 billion of revenue in 2025.


ASHLEY SUSAN: 9th Cir. Affirms Dismissal of Julius Aarons Lawsuit
-----------------------------------------------------------------
In the appeal styled JULIUS AARONS, as Trustee of the Aarons 1991
Living Trust dated 5/16/1991 as amended and restated 9/28/2001,
Appellant, v. PATCH OF LAND LENDING, LLC, a Delaware limited
liability company, FCI LENDER SERVICES, INC., CALIFORNIA TD
SPECIALISTS, and VERSUS RESIDENTIAL LOANCO, LLC, Appellees, No.
23-2555 (9th Cir.), Judges Richard R. Clifton, Jay S. Bybee and
Danielle J. Forrest of the United States Court of Appeals for the
Ninth Circuit affirmed the decision of the United States District
Court for the Central District of California that upheld the
bankruptcy court's dismissal of the First Amended Complaint filed
by Julius Aarons against Patch of Land Lending, LLC; FCI Lender
Services, Inc.; California TD Specialists; and Verus Residential
LoanCo, LLC without leave to amend.

Aarons challenges the dismissal of his common-law
wrongful-foreclosure claim. According to the Ninth Circuit, the FAC
does not plausibly allege any of the circumstances that would
support a wrongful-foreclosure claim. The Circuit Judges explain,
"Aarons's argument that he had a partnership with Ashley Susan
Aarons (Debtor) similarly does not establish that Patch of Land
violated any duty it owed to Aarons during the foreclosure sale.
And although Aarons is correct that Debtor's Chapter 11 Bankruptcy
Plan bound all creditors, the Plan plainly did not guarantee
payment for each creditor. Accordingly, Aarons failed to state a
claim for wrongful foreclosure."

Aarons also argues that he is entitled to relief under California
Civil Code Sec. 2924c. While Aarons alleges that he made two tender
offers, neither was unconditional. Aarons therefore failed to state
a claim under Sec. 2924c, the Ninth Circuit finds.

Aarons further argues that he was denied due process because he was
not informed about a Florida district court order related to
Debtor's bankruptcy proceedings. According to the Circuit Judges,
"Aarons argues that the foreclosure sale was in contempt of the
Florida court order, but he fails to cite any legal authority to
support this conclusory argument, and we are not persuaded by the
argument."

Aarons challenges the bankruptcy court's denial of leave to amend.
The Ninth Circuit finds  the district court applied the correct
legal standards and properly concluded that Aarons failed to
articulate any manner in which he could have amended the FAC to
state a claim upon which relief could be granted. Aarons's proposed
amendments on appeal are futile. Thus, dismissal without leave to
amend was proper, the Ninth Circuit concludes.

A copy of the Court's decision dated June 17, 2025, is available at
https://urlcurt.com/u?l=0FR47A

Ashley Susan Aarons filed for Chapter 11 bankruptcy protection
(Bankr. C.D. Cal. Case No. 19-18316) on July 17, 2019, listing
under $1 million in both assets and liabilities. The Debtor is
represented by Todd L. Turoci, Esq., at The Turoci Firm.



B.L.H.G. GROUP: Court Extends Cash Collateral Access to Sept. 30
----------------------------------------------------------------
The B.L.H.G. Group, LLC received another extension from the U.S.
Bankruptcy Court for the District of Arizona to use the cash
collateral of Dentistry For You II, LLC.

The court's order authorized the Debtor's interim use of cash
collateral to pay its expenses until Sept. 30 or until confirmation
of its Chapter 11 plan of reorganization, whichever comes first.

The Debtor's budget projects total monthly operational expenses of
$102,323.12 for July, August and September.

As adequate protection, Dentistry will be granted a replacement
lien on the cash collateral to the same extent and with the same
priority, validity, and enforceability as its pre-bankruptcy lien.
This cash collateral consists of revenues generated by the Debtor
after its bankruptcy filing.

Dentistry holds a first position security interest by way of a
UCC-1 recorded on April 2, 2020. The amount owed by the Debtor is
$73,001.46, according to Dentistry's principal.

Dentistry may be reached through:

   Sam Foreman
   Dentistry For You II, LLC
   2003 East Beau Street
   Washington, PA 15301
   foremangroup@gmail.com

                     About The B.L.H.G. Group

The B.L.H.G. Group, LLC, doing business as Smile Now Dental
Implant, is a dental practice based in Phoenix, Ariz., specializing
in dental implants. The center offers a variety of implant
services, including full-mouth dental implants, single implants,
zygomatic implants, and bone grafting. The company emphasizes
convenience by providing comprehensive treatment in a single
location, utilizing advanced technology such as CBCT imaging and
digital smile design software. The practice also offers financing
options, flexible scheduling, and same-day solutions for implants.

B.L.H.G. filed Chapter 11 petition (Bankr. D. Ariz. Case No.
25-02029) on March 11, 2025, listing $180,813 in assets and
$2,155,970in liabilities. Blake Austin, manager and member, signed
the petition.

Judge Scott H. Gan oversees the case.

Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C., represents
the Debtor as legal counsel.


BEDMAR LLC: Seeks Approval to Tap Epiq as Claims & Noticing Agent
-----------------------------------------------------------------
Bedmar, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to employ Epiq Corporate Restructuring LLC as
claims and noticing agent.

Epiq will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 case of the Debtor.

The Debtor provided Epiq a retainer in the amount of $25,000.

Sophie Frodsham, a consulting director at Epiq,  disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Sophie Frodsham
     Epiq Corporate Restructuring, LLC
     777 Third Avenue, Twelfth Floor
     New York, NY 10017

                       About Bedmar LLC
       
Bedmar LLC is a real estate company based in San Diego, California,
that owns and manages manufacturing, laboratory, and office
properties across several U.S. locations, including Massachusetts,
California, and Florida. Its portfolio includes multiple sites in
Bedford, Allston, Marlborough, San Diego, Fremont, and Alachua. The
Company's current operations are primarily focused on managing and
winding down these sites.

Bedmar LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. Del. Case No. 25-11027) on June 9, 2025. In its
petition, the Debtor reported estimated assets and liabilities of
$50 million to $100 million.
       
The petition was signed by Christopher S. Sontchi as independent
manager.

The Honorable J Kate Stickles handles the case.

Richards Layton & Finger, P.A. is the Debtors' counsel.  The
Debtor's financial and restructuring advisor is Douglas Wilson
Companies. The Debtor's claims and noticing agent is Epiq Corporate
Restructuring LLC.


BEST CHEER: Hires Armory Consulting Co. as Financial Advisor
------------------------------------------------------------
Best Cheer Stone, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Armory
Consulting Co. as financial advisor.

The firm will provide these services:

   a. provide strategic financial guidance to prepare and assist
the Debtor through its bankruptcy;

   b. manage financial and accounting reporting requirements
pertaining to the Bankruptcy Court and the U.S. Trustee's office,
including (as applicable) Schedules and Statement of Financial
Affairs, monthly operating reports, and cash flow projections;

   c. assist with negotiating and serving as a liaison between the
Debtor and its creditors or their representatives;

   d. provide testimony, including deposition testimony, before the
Bankruptcy Court on matters within Armory's expertise and
consistent with Armory's scope of services herein;

   e. assist with the development of financial projections
underlying a plan of reorganization;

   f. prepare the liquidation analysis;

   g. evaluate the possible rejection of any executory contracts
and unexpired leases;

   h. assist in the evaluation and analysis of avoidance actions
and causes of action;

   i. oversee analysis of creditors' claims; and

   j. provide additional services as may be mutually agreed upon in
writing between Debtor and Armory.

The firm will be paid at these rates:

    James Wong            $450 per hour
    Associates            $342 to $414 per hour

Armory received a prepetition retainer in this matter of $20,0000
on or about April 29, 2025.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

The firm can be reached through:

     James Wong, Esq.
     Armory Consulting Co.
     3943 Irvine Blvd., #253
     Irvine, CA 92602
     Telephone: (714) 222-5552
     Email: jwong@armoryconsulting.com

              About Best Cheer Stone, Inc.

Best Cheer Stone Inc. supplies natural and engineered stone
products, including granite, marble, and quartzite, for residential
and commercial use. Headquartered in Anaheim, California, the
Company operates a vertically integrated business with global
quarries and manufacturing facilities. Established in 1994, it also
offers prefabricated countertops, cabinets, and related home
improvement materials.

Best Cheer Stone Inc. sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal.Case No. 25-11344)
on May 19, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Scott C. Clarkson handles the case.

The Debtors are represented by Robert P. Goe, Esq. at GOE FORSYTHE
& HODGES LLP.


BIO GYMNASTICS: Hearing Today on Bid to Use Cash Collateral
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Gainesville Division, is set to hold a hearing today to consider
another extension of BIO Gymnastics and Athletics, LLC's authority
to use cash collateral.

The company's authority to use cash collateral pursuant to the
court's June 13 order expired on June 20.

The June 13 order approved the Debtor's interim use of cash
collateral, which consists of revenue from the operation of its
business, from June 13 to 20.

The interim order granted Tandem Bank and merchant cash advance
lenders valid and
properly perfected liens on all property (except Chapter 5
avoidance actions) acquired by the Debtor after the petition date
similar to their pre-bankruptcy collateral.  

Tandem Bank asserts a first priority lien and interest in the
Debtor's assets based on the loan it provided to the Debtor in the
principal amount of $730,000. Meanwhile, the Debtor owed $410,960
to the MCA lenders as of the petition date.

The Debtor has operated a gymnastics and tumbling instruction
business since 2013 and filed for bankruptcy on May 14, 2025, after
suffering significant financial hardship caused by predatory
merchant cash advance arrangements and unexpected disruptions in
funding.

In late 2023, the Debtor took on short-term MCAs with multiple
lenders anticipating a major investment that fell through after the
investor was diagnosed with cancer. These lenders are GFE/United
First, Rocket Capital, Pinnacle Business Funding, Mercury Funding,
and The Fundworks. Unable to renegotiate the MCAs, and facing
coercive tactics, particularly from GFE, which froze the Debtor's
credit card processing—the Debtor lost access to credit card
revenue during May 2025. This disruption led to a $100,000 decline
in revenue compared to May 2024. Concurrently, the Debtor's
landlord amended the lease to reduce the rent grace period, further
pressuring the business. Facing cash flow issues, eviction risk,
and creditor interference, the Debtor filed for Chapter 11 to
stabilize its operations and restructure.

           About BIO Gymnastics and Athletics Unlimited

BIO Gymnastics and Athletics Unlimited, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.
25-20676) on May 14, 2025.

Judge James R. Sacca presides over the case.

Antoinette C. Martin, Esq., at ACM Law Group, P.C., represents the
Debtor as legal counsel.


BOWERS BUSINESS: Seeks Chapter 11 Bankruptcy in New York
--------------------------------------------------------
On June 16, 2025, Bowers Business Park LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of New York. According to court filing, the
Debtor reports between $1 million to $10 million in debt owed
to 1 and 49 creditors. The petition states funds will be available
to unsecured creditors.

           About Bowers Business Park LLC

Bowers Business Park LLC is engaged in the construction of
nonresidential buildings, including commercial and industrial
structures. The Company typically handles new construction,
renovation, and maintenance of office buildings, warehouses, and
other commercial facilities.

Bowers Business Park LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30473) 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.

The Debtors are represented by Scott J. Bogucki, Esq. at
GLEICHENHAUS, MARCHESE & WEISHAAR, P.C.


BREWER'S LAWN: Seeks to Hire Teel & Gay as Bankruptcy Counsel
-------------------------------------------------------------
Brewer's Lawn Care and Property Preservation, LLC seeks approval
from the U.S. Bankruptcy Court for the Western District of
Tennessee to employ Teel & Gay, PLC as counsel.

The firm will provide these services:

     (a) consult with the Debtor relative to its duties; prepare
and file the statement of affairs, schedules and executory
contracts;

     (b) assist in the formulation of the Debtor's plan; and

     (c) perform all other legal services for the Debtor which may
be necessary or appropriate in the case.

The firm will be paid at these hourly rates:

     C. Jerome Teel, Jr., Attorney      $350
     Associate Attorney                 $200
     Administrative Assistant            $55

Mr. Teel, Jr., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     C. Jerome Teel, Jr., Esq.
     Teel & Gay, PLC
     79 Stonebridge Blvd., Suite B
     Jackson, TN 38305
     Telephone: (731) 424-3315
     Facsimile: (731) 424-3501
     Email: bankruptcy@tennesseefirm.com

         About Brewer's Lawn Care and Property Preservation

Brewer's Lawn Care and Property Preservation LLC sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn.
Case No. 25-10771) on June 9, 2025. In its petition, the Debtor
reports total assets of $71,940 and total liabilities of
$1,038,624.

Honorable Bankruptcy Judge Jimmy L. Croom handles the case.

The Debtors are represented by C. Jerome Teel Jr., Esq. at Teel &
Gay, PLC.


C M HEAVY: Seeks Approval to Hire Zachary Richardson as Accountant
------------------------------------------------------------------
C M Heavy Machinery, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Oklahoma to employ Zachary
Richardson, a certified public accountant practicing in Okla.

The accountant will render these services:

     (a) restructure and maintain balance sheets and profit and
loss statements;

     (b) reconcile and classify financial transactions;

     (c) assist with payroll processing and related tax reporting;
and

     (d) prepare the Debtor's corporate tax returns.

The accountant will be billed at his hourly rate of $100.

Mr. Richardson disclosed in a court filing that he is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The accountant can be reached at:

     Zachary Richardson
     1855 Harvey Road
     Seminole, OK 74868
     Telephone: (405) 382-5551
     
                    About C M Heavy Machinery

C M Heavy Machinery, LLC sells and rents a full range of heavy
machinery and equipment. It is based in Okemah, Okla.

C M Heavy Machinery filed Chapter 11 petition (Bankr. E.D. Okla.
Case No. 24-80617) on August 8, 2024, with total assets of
$19,152,335 and total liabilities of $5,491,300. Clint Meadors,
president, signed the petition.

Judge Paul R. Thomas oversees the case.

The Debtor tapped Maurice VerStandig, Esq., at The Verstanding Law
Firm, LLC as counsel and Zachary Richardson as accountant.


CAPSTONE BORROWER: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Capstone Borrower, Inc.'s (dba Cvent)
Long-Term Issuer Default Rating (IDR) at 'B+'. Fitch has also
upgraded Cvent's existing first lien revolver, Term Loan B and
proposed upsized secured notes to 'BB+' with a Recovery Rating of
'RR1' from 'BB'/'RR2'. The Rating Outlook is Stable.

The 'B+' IDR reflects Cvent's strong recurring revenues and net
dollar retention rate. The IDR is also supported by its and diverse
customer base and market leader position. Cvent's EBITDA leverage
has been declining since the 2023 LBO but remains high, and its
cash flow profile is relatively weak due to a large cash outflow to
capitalized software.

Cvent has been successfully executing cost cutting initiatives,
leading to a stronger recovery scenario for the first lien senior
secured revolver, term loan and notes, despite the incremental debt
issuance. Therefore, Fitch has upgraded the ratings on these debt
facilities.

Key Rating Drivers

Improving Cash Flow Profile: Fitch expects Cvent's CFO minus the
capex to total debt ratio and the FCF margin to continue growing
through the forecast period. Both metrics are projected to rise to
above 10% by 2028, driven by continued EBITDA growth and debt
repayments. Cvent's capitalized software development costs have
ranged between 7% and 8% of revenues in recent years and declined
to about 6.6% in 2024. However, this is still higher than most of
its software peers, making the company's FCF profile relatively
weak. Fitch anticipates total capex will remain between 7% and 8%
of revenue through 2028.

Declining Leverage: Fitch expects EBITDA leverage to temporarily
increase to 5.5x by the end of 2025 from 4.8x at the end of 2024
due to the incremental debt issuance in 2025 and then start
declining in 2026 as EBITDA continues growing organically and via
more strategic and opportunistic tuck-in acquisitions. Fitch
projects that EBITDA leverage will continue to decline YoY to below
4x by 2028, with no assumed debt prepayments or additional debt
issuance.

Strong Revenue Visibility and Retention: About 50% of Cvent's ACB
bookings are tied to multi-year contracts. As of March 31, 2025,
over 90% of LTM revenue was recurring, with the majority of this
recurring revenue coming from software subscriptions. Cvent's
resiliency through past economic downturns indicates a reliable
revenue stream. The company has also maintained a net retention
rate over 100% since 2021, demonstrating strong customer loyalty
despite some historical fluctuations. As of March 2025, the net
dollar retention rate was 106.1%.

Large and Diverse Customer Base: Cvent has over 24,000 customers
globally. The majority are based in North America, which accounted
for about 85% of total reported revenue for FY 2024. The largest
customer contributes less than 1% of total reported revenue. The
Event Cloud segment accounted for approximately 67.2% of 2024
reported revenue, down from 70% in 2022 and 2021, and further
decreased to 66% in Q1 2025.

The remaining reported revenue comes from the Hospitality Cloud
segment, which has been growing YoY at a faster rate than the Event
Cloud segment, leading to more diversified revenue contributions.
The Hospitality Cloud segment includes the Cvent Supplier Network
(CSN) and Cvent Vendor Marketplace (CVM), which together have over
340,000 hotels and venues.

Market Leader with Growth Opportunities: Cvent is a market leader
in the event and hospitality management software market. Since the
COVID-19 outbreak, the company has pivoted its offerings to meet
customer needs, providing flexible SaaS solutions for virtual,
in-person, and hybrid events. Cvent offers an all-in-one platform,
delivering cost-efficient solutions for its customers. With
expected rate cuts, Fitch anticipates the company will experience
greater growth opportunities due to improved customer financial
flexibility.

Peer Analysis

Although there are no direct peers in the Fitch rated universe,
Cvent's credit profile is comparable to other software providers
under private ownership with similar ratings and subscription-based
revenue model, including MeridianLink, Inc. (MeridianLink;
BB-/Stable), Quartz Acquire Co. (dba Qualtrics; BB-/Stable),
ConnectWise, LLC (ConnectWise; B+/Stable), Constant Contact, Inc.
(Constant Contact; B/Stable), and RealPage, Inc. (Real Page;
B/Stable).

MeridianLink is smaller in size but is still much stronger
regarding key credit metrics such as leverage and cash flows.
Qualtrics also has stronger key credit metrics compared to Cvent.
Therefore, these two peers are rated higher than Cvent.

ConnectWise is rated the same as Cvent. ConnectWise has a much
higher EBITDA margin but is similar in leverage and other credit
metrics. ConnectWise and Cvent are both leaders in their own niche
markets.

Compared to issuers at a lower rating such as RealPage and Constant
Contact, Cvent has a lower EBITDA leverage and stronger EBITDA
interest coverage. CFO minus capex to total debt ratio in the most
recent fiscal year (FY) was in line with RealPage and Constant
Contact, but the growth forecast is much stronger for the next 18
months to 24 months.

Key Assumptions

- Total revenue grows at low-double-digit CAGR through 2028;

- $100 million cash spent on tuck-in acquisitions pe year from 2026
to 2028;

- Total operating expenses as a percentage to total revenue
decreases over time as the company scales continues its cost
savings plan, leading to Fitch-adjusted EBITDA margin rising to
low-30% level by 2028;

- SOFRs used for the forecast period are 4.36%, 3.59%, 3.43% and
3.60% for 2025 to 2028, respectively;

- No debt prepayment or incremental issuance is assumed for the
period until 2028.

Recovery Analysis

Key Recovery Assumptions

- The recovery analysis assumes that Cvent would be reorganized as
a going concern in bankruptcy rather than liquidated.

- The revolver is assumed to be fully drawn.

- A 10% administrative claim is assumed.

Going-Concern (GC) Approach

The recovery analysis assumes that Cvent enters a distressed
scenario due to the loss of market share to smaller competitors
such as Bizzabo with significant macroeconomic headwinds, leading
to a decrease in their top line. In the meantime, Cvent must
increase operating expenses to try to boost revenue growth,
resulting in margin compression in conjunction with the revenue
decrease but partially offset by the successfully implemented cost
cutting initiatives. Fitch forecasts that the company's going
concern (GC) EBITDA is $230 million, higher from the last review.

An enterprise value (EV) to EBITDA multiple of 7.0x is applied to
the GC EBITDA to calculate a post-reorganization EV. The choice of
this multiple considered its recurring revenue model, low customer
churn, flexible cost structure and its leader position in its
target market. This multiple is also aligned with historical
bankruptcy exit multiples for software peers, as outlined in
Fitch's 2024 "Telecom, Media and Technology Bankruptcy Enterprise
Values and Creditor Recoveries" case study. By way of comparison,
the median reorganization EV to EBITDA multiple in the technology,
media and telecommunications (TMT) sector is approximately 5.9x.
For software companies, the multiple ranges between 5.5x (Aspect
Software Parent Inc.) and 8.4x (Allen Systems Group, Inc.).

Given the 7.0x EV to EBITDA multiple and a GC EBITDA of $230
million, the recovery EV is $1,449 million after accounting for a
10% administration claim. This leads to a Recovery Rating of
'BB+'/'RR1' for the 1L TL, revolver and bond, three notches above
Cvent's 'B+' IDR.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA Leverage sustained above 5.5x;

- CFO minus capex to total debt ratio below 7% on a sustained
basis;

- Erosion in revenue retention rates resulting in organic revenue
growth sustaining near or below 0%.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- EBITDA Leverage sustained below 4.0x;

- CFO minus capex to total debt ratio expected to be 10% or higher
on a sustained basis;

- Sufficient financial flexibility for company to pursue strategic
actions without significant deviation in credit metrics.

Liquidity and Debt Structure

As of March 31, 2025, Cvent had $245.5 million in cash and cash
equivalents, up from $143.6 million at the end of 2024, mainly due
to high CFO and $50 million incremental TL issued. Fitch expects
the company to continue growing its EBITDA and generating positive
FCF to support its liquidity needs. In addition, the company also
has a $150 million revolver, which is undrawn and fully available.

In Q1 2025, the company issued $50 million incremental TL. Cvent
will issue another $325 million incremental 1L senior secured bonds
and use the proceeds to partially redeem the preferred shares
issued by the parent company Capstone TopCo, Inc., pay related fees
and add cash to the balance sheet.

The preferred shares issued under the parent company are outside of
the restricted group of the first lien (1L) debts. As per Fitch's
criteria, the preferred shares are treated as non-debt for Cvent
but as 100% debt for the parent company, Capstone TopCo, Inc.

Issuer Profile

Capstone Borrower, Inc. (dba Cvent) is a leading meetings, events,
and hospitality software provider that delivers comprehensive event
marketing and management platform. It serves over 24,000 customers
globally. Approximately 53% of Fortune 500 companies use Cvent.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                  Rating         Recovery   Prior
   -----------                  ------         --------   -----
Capstone Borrower, Inc.   LT IDR B+  Affirmed             B+

   senior secured         LT     BB+ Upgrade     RR1      BB


CAPSTONE TOPCO: Moody's Lowers CFR to 'B3', Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings downgraded Capstone TopCo, Inc.'s (Cvent) corporate
family rating to B3 from B2 and probability of default rating to
B3-PD from B2-PD. At the same time, Moody's downgraded Capstone
Borrower, Inc.'s backed senior secured notes and backed senior
secured bank credit facility ratings to B3 from B2. The proposed
backed senior secured notes were assigned B3 at Capstone Borrower,
Inc. The outlook is maintained at stable for both entities. Cvent
is a provider of cloud-based enterprise event management and
hospitality software and services.

Proceeds from the proposed $325 million senior secured notes will
be used to repay a portion of Cvent's outstanding perpetual
preferred equity, for general corporate purposes, and pay related
transaction fees and expenses. In April, the company acquired
Prismm, an event diagramming technology provider.

The rating downgrades reflect the increase in the company's
debt/EBITDA to 7.8x, pro forma for the proposed transactions, from
6.5x for the twelve months ended March 31, 2025. The additional
borrowings materially delay Moody's expectations for financial
leverage reduction and free cash flow improvement. Additionally,
the increase in financial leverage reflects a more aggressive
financial policy than Moody's had previously anticipated. The
company's debt-funded acquisition path has been more aggressive
than Moody's expected and revenue growth has somewhat lagged
Moody's expectations since the CFR was first assigned in May 2023.
The company has completed five acquisitions since 2024.

ESG considerations, specifically governance risks associated with
financial strategy and risk management, were key drivers in the
rating actions given the company's tolerance for high leverage in
the pursuit of acquisitions and shareholder returns.

RATINGS RATIONALE

The B3 CFR is constrained by Cvent's high pro forma debt/EBITDA
leverage that Moody's expects will remain above 6.5x through 2026,
and an aggressive financial policy that includes debt-funded
acquisitions and shareholder returns. The negative impact from the
company's tolerance for high leverage is partially offset by
Cvent's good revenue growth that Moody's expects will be around 8%
over the next 12 to 18 months. This is the second instance where
the company has taken financial leverage up to around 8.0x since
ratings were initially assigned in May 2023. Moody's believes the
company will continue to be opportunistic towards future
acquisitions and shareholder returns.

All financial metrics reflect Moody's standard adjustments. In
addition, EBITDA and EBITA reflect changes in deferred revenue and
capitalized software costs as an expense.

Supporting factors for Cvent's credit profile include a leading
market position in the event management and hospitality software
solutions market, a highly recurring, subscription-based revenue
model, strong profitability rates, and Moody's expectations for
good earnings growth in 2025 and 2026 from growing demand for
in-person, virtual, and hybrid events. The company has high
customer retention rates and subscription revenue is paid up front
which makes revenue fairly predictable.

Moody's considers Cvent's liquidity profile as adequate, supported
by full access to a $150 million senior secured revolving credit
facility maturing in 2028 and $297 million of cash and cash
equivalents ($145 million of which is held outside the US and $83
million is reserved for customer registration fees) as of March 31,
2025. Cash flow is seasonal, with cash typically peaking in the
first quarter from customer pre-payments and declining through the
fourth quarter. Moody's expects lower cash balances as of June 30,
2025 following the acquisition of Prismm in April. As a result,
Moody's expects cash balances will decline to around $120 million
by the end 2026. Moody's expects free cash flow to be negligible
over the next 12 months after registration fees payable to
customers and deferred cash compensation take-private payments run
off, but should turn positive in 2026.

There are $6.1 million of annual mandatory term loan amortization
payments due quarterly for which Cvent may need to rely upon its
revolver to fund over the next 12 to 15 months. The revolver is
subject to a springing first lien net leverage covenant (as
defined) when usage exceeds 40% ($60 million). Moody's anticipates
Cvent would remain well in compliance with the financial covenant
if it were to be measured.

The $825 million of senior secured notes due 2030 and credit
facilities consisting of a $150 million revolving credit facility
expiring in 2028 and $611 million term loan due 2030, are rated B3,
which is the same as the B3 CFR, reflecting their status as the
preponderance of claims in Cvent's debt capital structure. The
senior secured notes and credit facilities benefit from secured
guarantees from its direct parent and all existing and subsequently
acquired domestic subsidiaries.

The stable outlook reflects Moody's expectations that the company
will grow the top-line organically around 8% during the next 12 to
18 months. Moody's expects debt/EBITDA will decline through
earnings growth and approach 6.5x by the end of 2026, absent
further debt-funded acquisitions or shareholder returns.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be upgraded if Cvent sustains debt/EBITDA below 6.5x,
demonstrates free cash flow/debt in a low single digit percentage
range and is committed to sustaining a more conservative financial
policy.

Ratings could be downgraded if revenue growth or the pace earnings
expansion slows, or Cvent's liquidity profile deteriorates,
including from sustained negative cash flow. A more aggressive
financial policy, including through greater shareholder
distributions or larger acquisitions that weaken credit metrics
and/or liquidity, would also pressure ratings.

The principal methodology used in these ratings was Software
published in June 2022.

Cvent, based in Tysons Corner, VA, and privately owned by
affiliates of Blackstone Inc., provides cloud-based enterprise
event management and hospitality software and services, mostly in
North America. Moody's expects revenue of about $900 million in
2025.


CAPTURE COLLECTIVE: Seeks to Tap Dickinson Wright as Legal Counsel
------------------------------------------------------------------
Capture Collective, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Ohio to employ
Dickinson Wright PLLC as legal counsel.

The firm will render these services:

     (a) advise the Debtors with respect to their powers and duties
in the continued management and operation of their business and
property;

     (b) advise and consult on the conduct of the cases;

     (c) attend meetings and negotiate with representatives of the
Debtors' creditors, equity holders, and other parties-in-interest;

     (d) take all necessary actions to protect and preserve the
Debtors' estates;

     (e) prepare pleadings in connection with the cases;

     (f) advise the Debtors in connection with any potential sale
of assets or transfer of operations;

     (g) appear before the court and any appellate courts to
represent the interests of the Debtors' estates;

     (h) assist the Debtors in reviewing, assessing, estimating,
and resolving claims asserted against their estates;

     (i) advise the Debtors regarding insurance and regulatory
matters;

     (j) commence and conduct litigation necessary and appropriate
to assert rights held by the Debtors, protect assets of their
estates, or otherwise further their goals in the cases;

     (k) take any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain confirmation of a plan of
reorganization and all documents related thereto; and

     (l) perform all other necessary legal services for the Debtors
in connection with the prosecution of the cases.

The firm will be paid at these hourly rates:

     Carolyn Johnsen, Partner     $895
     Manuel Cardona, Associate    $485
     Nicholas Hall, Associate     $445

In addition, the firm will seek reimbursement for expenses
incurred.

On May 22, 2025, the Debtors paid the firm a pre-petition retainer
of $200,000 exclusively for services related to the its
bankruptcies.

Ms. Johnsen disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Carolyn J. Johnsen, Esq.
     Dickinson Wright PLLC
     1850 N. Central Ave., Suite 1400
     Phoenix, AZ  85004
     Telephone: (602) 285-5040
     Facsimile: (602) 285-5100  
     Email: cjjohnsen@dickinsonwright.com
                    
                     About Capture Collective

Capture Collective, Inc. develops MiRAD, a high-throughput
biodosimetry diagnostic test based on microRNA biomarkers to assess
individual radiation exposure. The Company employs physiological,
biochemical, and molecular techniques to support rapid and accurate
biodosimetry in mass casualty situations. Its team includes
experienced scientists and radiation experts dedicated to advancing
emergency preparedness through innovative diagnostics. Capture
Diagnostics and Capture Diagnostics HIB01 halted their COVID-19
testing operations in May 2023.

Capture Collective and its affiliates filed Chapter 11 petitions
(Bankr. S.D. Ohio Case No. 25-52291) on May 27, 2025. In the
petitions signed by Scott Barnes, CEO and president, Capture
Collective disclosed up to $3,470,581 in total assets and up to
$836,316 in total liabilities.

Judge John E. Hoffman Jr. oversees the case.

Carolyn J. Johnsen, Esq., at Dickinson Wright PLLC represents the
Debtors as legal counsel.


CARAWAY TEA: Seeks to Hire Michael D. Pinsky as Bankruptcy Counsel
------------------------------------------------------------------
Caraway Tea Company, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Law Office of
Michael D. Pinsky, PC to handle its Chapter 11 case.

The firm's counsel and staff will be paid at these hourly rates:

     Attorney      $500
     Paralegal     $125

Mr. Pinsky disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Michael D. Pinsky, Esq.
     Law Office of Michael D. Pinsky, PC
     463 Canopy Forest Drive
     Sait Augustine, FL 32092
     Telephone: (845) 467-1602
     Facsimile: (845) 684-0547
     Email: michael.d.pinsky@gmail.com

                     About Caraway Tea Company

Caraway Tea Company LLC is a U.S.-based private label tea
manufacturer and co-packer that supplies specialty teas,
supplements, and wholesale tea products. With over 20 years of
experience, the Company sources from global tea-growing regions
including China, India, Sri Lanka, and Japan, partnering directly
with artisan growers using organic and sustainable practices.
Caraway offers customized co-packing services across retail,
foodservice, and e-commerce sectors, supported by in-house blending
and manufacturing capabilities.

Caraway Tea Company LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35620) on June 9,
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 Debtor is represented by the Law Office of Michael D. Pinsky,
PC.


CAREERBUILDER: Consider Chapter 11 Plan
---------------------------------------
Reshmi Basu of Bloomberg News reports that a joint venture between
CareerBuilder and Monster -- two early leaders in online job
searching -- is working with advisers to explore a possible
bankruptcy filing, according to people familiar with the matter.

The private equity-backed venture, CareerBuilder + Monster, has
engaged AlixPartners for operational guidance and Latham & Watkins
as legal counsel, the sources said, speaking on condition of
anonymity due to the sensitive nature of the discussions.

Various restructuring options are being considered, and no final
decision has been reached. However, if the group proceeds with a
Chapter 11 filing, it could take place as soon as next week, some
of the sources noted.

               About CareerBuilder+Monster Venture

CareerBuilder+Monster Venture is an online job searching company.


CAREPOINT HEALTH: Mediation Not Appropriate in Insurer Lawsuit
--------------------------------------------------------------
Magistrate Judge Christopher J. Burke of the United States District
Court for the District of Delaware determined that mediation is not
appropriate in the matter CAREPOINT HEALTH CAPTIVE ASSURANCE
COMPANY, LLC, Appellant, v. CAREPOINT HEALTH SYSTEMS INC. d/b/a
Just Health Foundation, et al., OFFICIAL COMMITTEE OF UNSECURED
CREDITORS and HUDSON REGIONAL HOSPITALS, LLC, Appellees, Case No.
25-cv-00534-JLH (D. Del.) pursuant to Section 1 of the Procedures
to Govern Mediation of Appeals from the United States Bankruptcy
Court for the District of Delaware, dated July 19, 2023, .

The parties jointly agree that their disputes here cannot be
resolved through mediation and the Court agrees.

The Court recommends that the assigned District Judge issue an
order withdrawing the matter from mediation and setting the
following appellate briefing schedule (agreed to by the parties):

   1. Appellant's Opening Brief shall be filed on July 31, 2025.
   2. Appellees' Answering Brief shall be filed 45 days after the
Opening Brief is filed, no later than Sept. 15, 2025.
   3. Appellant's Reply Brief shall be filed 14 days after
Appellees' Answering Brief is filed, no later than Sept. 29, 2025.


A copy of the Court's Order dated June 10, 2025, is available at
https://urlcurt.com/u?l=cC7ebJ from PacerMonitor.com.

              About CarePoint Health Systems Inc.
                d/b/a Just Health Foundation

CarePoint Health brings quality, patient-focused health care to
Hudson County. Combining the resources of three area hospitals,
Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken
University Medical Center, CarePoint Health provides a new approach
to deliver health care that puts the patient front and center.

CarePoint Health leverages a network of top doctors, nurses, and
other medical professionals whose expertise and attentiveness work
together to provide complete coordination of care, from the
doctor's office to the hospital to the home. Patients benefit from
the expertise and capabilities of a broad network of leading
specialists and specialized technology. At CarePoint Health, all
medical professionals emphasize preventive medicine and focus on
educating patients to make healthy life choices. For more
information on its facilities, partners and services, visit
www.carepointhealth.org.

CarePoint Health Systems Inc., doing business as Just Health
Foundation, and its affiliates filed voluntary petitions for relief
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.
Del. Lead Case No. 24-12534) on Nov. 3, 2024, with up to $1 million
in assets and up to $50,000 in liabilities.

Judge J. Kate Stickles oversees the cases.

The Debtors tapped Dilworth Paxson LLP as legal counsel, Ankura
Consulting as financial advisor, and Epiq Corporate Restructuring,
LLC as claims and noticing agent and administrative advisor.


CARPENTER TECHNOLOGY: S&P Upgrades ICR to 'BB+', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its rating on Carpenter Technology Corp.
to 'BB+' from 'BB' and its issue-level rating on the company's
unsecured notes to 'BB+' from 'BB'. S&P's recovery rating remains
'3'.

The stable outlook reflects S&P's expectation that Carpenter could
likely generate solid earnings and cash flow over the next 12
months, supported by long-term agreements and high barriers to
entry.

Carpenter has maintained leverage below 2x over the past four
consecutive quarters, a trend S&P expects will continue over the
next 12-24 months based on a strong earnings improvement.

Carpenter has maintained the trend of improving credit metrics
since a sharp downturn during the COVID-19 pandemic. The company's
rolling-12-months adjusted debt to EBITDA as of March 31, 2025, was
1.2x, marking the fourth consecutive period of leverage below 2x.
The low leverage level was spurred by continuous growth in earnings
as its S&P Global Ratings-adjusted EBITDA increased by about 46% to
$665 million as of March 31, 2025. This reflects Carpenter's strong
brand and quality of products in the aerospace and defense market,
which accounts for more than half of its revenues. Free cash flow
turned positive in fiscal 2024 after two consecutive years of
deficits, spurred by growth in earnings and efficient working
capital management.

S&P said, "We expect expanding EBITDA and free cash flow will
continue over the next 12 months based on Carpenter's strong
backlog of orders, which is about 2.5x the pre-pandemic level, and
new long-term agreements with customers at higher pricing, which
provides revenue visibility. We expect leverage below 2x and
positive free cash flow over the next 24 months, which should
support the rating.

"Our assessment of Carpenter's business risk encompasses its
presence in markets with high entry barriers, robust margins,
exposure to cyclical end markets, and volatile earnings."
Recovering demand in the aerospace and defense, Carpenter's most
dominant end market, continues to drive robust earnings growth over
the past two years. This market has very high barriers to entry
given the initial capital outlay requirements, long customer
qualification processes that could take years due to the demand for
high performance materials and high safety standards, and the
complexity of the supply chain requirements. Carpenter produces
over 500 specialty alloys of varying customer specifications. In
addition, Carpenter serves a diverse base of customers through
various long-term agreements (3-5 years average tenure) and no
single customer accounts for more than 10% of its revenues. The
company is available on multiple customer platforms with access to
major players such as Boeing and Airbus. Carpenter also caters for
customers in the medical, energy, transportation, and industrial
end markets, which together account for 30%-40% of annual revenues.
While Carpenter services diverse markets, it is exposed to
concentration risk in aerospace and defense, which accounts for
more than half of its revenues. Furthermore, aerospace and defense
and energy markets are cyclical, which exposes the company to
earnings volatility, the most recent being 2021 when EBITDA was
negative.

Carpenter's ability to improve its product mix by producing more
value-added items, which together with price increases has boosted
its profitability the past 24 months. Adjusted EBITDA margins
increased to 18.8% in fiscal 2024 from 11.4% the prior year. S&P
forecasts margins will improve to the low- to mid-20% area in
fiscal years 2025 and 2026.

S&P said, "The stable outlook reflects our expectation that
Carpenter could sustain its current earnings and free cash flow
capacity over the next 12 months, supported by a strong backlog of
customer orders, robust demand from aerospace and defense
customers, and improving product mix. We expect EBITDA margins of
low- to mid-20% and leverage below 2x.

"We could lower our rating on Carpenter over the next 12 months if
we expect an adjusted debt to EBITDA ratio above 3x for a prolonged
period." S&P believes this could happen from:

-- A steep decline in earnings from a prolonged market weakness,
especially in its core aerospace and defense market; or

-- An increase in debt-funded projects that are not immediately
accretive to earnings.

S&P said, "We could raise our rating on Carpenter if it bolsters
its competitive position and sustains credit metrics commensurate
with an investment-grade rating. We would expect reinvestments in
the business to consolidate or even expand earnings, EBITDA margins
of at least 12%, and increasing share of revenues from
higher-margined products. We would also expect leverage below 2x."



CHAPMAN CBC: Court OKs Deal to Use Cash Collateral
--------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Santa Ana Division, approved a stipulation between Chapman CBC, LLC
and Strategic Funding Source, Inc. (doing business as Kapitus),
authorizing interim use of cash collateral.

Prior to the bankruptcy filing, Kapitus loaned the Debtor $97,500
pursuant to a Loan Agreement dated November 25, 2024. To secure
repayment, the Debtor granted Kapitus a perfected security interest
in various business assets, including accounts receivable,
inventory, equipment, and other personal property. As of the
bankruptcy filing date, the Debtor owes Kapitus no less than
$122,816, plus interest, fees, and other charges.

Following the bankruptcy filing, the Debtor requested permission to
use Kapitus' cash collateral to continue operating. Kapitus
consented to this use under a stipulation that includes specific
terms and conditions. The Debtor is authorized to use cash
collateral from May 14 through October 31, 2025, or until a default
occurs, whichever comes first.

Usage is limited to operating expenses outlined in a court-approved
budget, with allowable variances of up to 15% per line item and in
the aggregate. Use of the collateral to challenge Kapitus' claim,
lien, or enforcement rights is prohibited, except that the Debtor
may file an objection to Kapitus' claim within 10 days of court
approval of the stipulation.

As a condition of this agreement, Kapitus is granted replacement
liens on all of the Debtor's pre-bankruptcy and post-petition
assets (excluding certain bankruptcy causes of action) to protect
against any decline in the value of its original collateral.
Kapitus also receives a superpriority administrative claim under 11
U.S.C. sections 503(b) and 507(b).

Additionally, the Debtor must make monthly adequate protection
payments of $1,000 to Kapitus via ACH debit and provide the
necessary bank authorization within three business days of court
approval.

To ensure transparency, the Debtor is required to provide Kapitus
with monthly financial reports, including aged accounts receivable
and payable, profit and loss statements, balance sheets, and
budget-to-actual comparisons.

A copy of the motion is available at https://urlcurt.com/u?l=lC7fvo
from PacerMonitor.com.

                         About Chapman CBC

Chapman CBC, LLC, a California-based craft brewery, sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
C.D. Calif. Case No. 25-11286) on May 14, 2025, listing up to $1
million in assets and up to $10 million in liabilities. Wil Dee,
president of Chapman CBC, signed the petition.

Judge Mark D. Houle oversees the case.

Gregory K. Jones, Esq., at Stradling Yocca Carlson & Rauth, LLP,
represents the Debtor as legal counsel.


CHEEMA INVESTMENTS: Court Denies Bid to Use Cash Collateral
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Fresno Division, denied, without prejudice, the motion by Cheema
Investments, LLC to use cash collateral.

Cheema on June 12 sought court approval to use available cash
collateral to pay priority employee wages, essential operating
expenses, and any costs related to liquidating inventory and
equipment.

Cheema claimed that use of cash collateral is critical to avoid
irreparable harm to its estate and to complete the liquidation in
an orderly, fair manner.

Due to disappointing sales and financial instability, Cheema's
owner Parjodh Singh, has opted for liquidation of the retail
businesses.

                     About Cheema Investments

Cheema Investments, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-11064) on
April 2, 2025, with $100,001 to $500,000 in both assets and
liabilities.

Judge Rene Lastreto II presides over the case.

Beilal M. Chatila, Esq. at the Law Office of Beilal Chatila
represents the Debtor as bankruptcy counsel.


CORNERSTONE GENERATION: Moody's Affirms Ba2 on New Credit Loans
---------------------------------------------------------------
Moody's Ratings has affirmed Cornerstone Generation, LLC's (CSG)
the Ba2 rating on its proposed $1.4 billion (previously $1.3
billion) 7-year, senior secured term loan and a $125 million 5-year
senior secured revolving credit facility. The proposed term loan
has been upsized by $100 million which will be used to reduce
equity funding necessary to acquire CSG's assets. The rating
outlook is stable.

Proceeds from the $1.4 billion term loan and a significant equity
contribution, albeit reduced in-line with the increased debt
quantum, from a fund managed by Energy Capital Partners (ECP) will
be used to purchase a 2.5 GW portfolio of gas fired generation from
Lightstone Holdco LLC's (Lightstone, B1 stable) while the $125
million will be used for letters of credit and working capital
purposes.

Lightstone's ratings on its existing senior secured credit
facilities will be withdrawn shortly after the proposed financing
closes. Moody's understands that the acquisition will close once
approval from the Federal Energy Regulatory Commission (FERC) is
obtained.

RATINGS RATIONALE

CSG's Ba2 rating on its proposed senior secured credit facilities
considers the substantial amount of energy hedges for 2025 through
2026, known capacity prices through May 2026, and two six-year
'capacity only' contracts at the 1,171 MW Lawrenceburg combined
cycle power plant. On the energy hedges, the borrower has a hedged
a significant amount its forecasted generation for 2025 and 2026,
respectively. On the 'capacity only' contracts, Lawrenceburg has
two contracts totaling 840 MW (UCAP value) with the Indiana
Michigan Power Company (I&M, A3 stable) starting in June 2028
through May 2034 at a fixed capacity price. State regulatory
approvals associated with the Lawrenceburg contracts have been
obtained. The predictable stream of capacity revenues under these
contracts represent a key credit strength for CSG relative to
similar peers.

Further supporting the borrower's credit quality are the
competitiveness of Lawrenceburg and Waterford as efficient combined
cycle natural gas fired plants in PJM, some asset diversification
across three plants, and certain project finance features. On the
former, Lawrenceburg and Waterford's historical capacity factor has
averaged around 78% over the last six years and they have achieved
an average heat rate comparable to other natural gas fired power
plants of its vintage. Additionally, on project finance features,
lenders are expected to benefit from a 1st lien on assets via
upstream guarantees from the project companies, 1.1x debt service
coverage ratio (DSCR) financial covenant and a six month debt
service reserve (DSR). However, Moody's understands the proposed
financing terms will have some weaknesses relative to its peers
including a 50% excess cash flow sweep, the ability to pay up to a
$20 million of allowed deemed tax distribution annually that is
ahead of the excess cash sweep, and greater flexibility to make
acquisitions. On the latter, some control is provided to creditors
as any incremental debt above $50 million including any debt to
fund an acquisition will require a rating affirmation.

Additionally, creditors have typical asset sale protections if
Lawrenceburg or Waterford were to be sold since 100% of the net
cash proceeds must be used to reduce CSG's debt. However, should
the 472 MW Darby plant be sold, a $100 million mandatory debt
repayment is required.  

Other considerations factored into CSG's credit profile include
significant exposure to both merchant energy and capacity over time
and the weighted average age of the assets being over 20 years. On
the former, the project's longer term exposure to energy price risk
and uncertain capacity prices post-May 2026 represent the greatest
risk drivers for the issuer's credit quality given the inherent
high volatility of both the capacity and energy markets. Currently,
Moody's understands the forward price curves for power and natural
gas indicate robust potential energy margins for the project while
the most recent capacity auction covering the June 2025 to May 2026
period resulted in a sharp price increase to around $270/MW-day
from around $29/MW-day for the prior period. Strong expected demand
growth including new data centers, new manufacturing facilities,
and electric vehicles are a major factor supporting the outlook for
improving energy margins and the substantial capacity price
increase. In light of these demand related factors, it is Moody's
expectations that PJM RTO capacity prices will remain elevated at
least through the 2027/2028 BRA settlement period, buoyed further
by the recent FERC approval for a price collar, which reflects a
floor price of $175/MW-day and a price cap of $325/MW-day. That
said, the rating incorporates CSG's exposure to wholesale merchant
power markets including changes that can occur within the PJM
wholesale power market. Importantly, the aforementioned capacity
contracts with I&M substantially mitigates capacity price risk
starting in June 2028 for the Lawrenceburg plant, which is CSG's
largest asset.

Another factor to CSG's credit quality is its significant leverage
given its $1.4 billion of debt. Utilizing more conservative
assumptions concerning energy and capacity prices, the original
Moody's Case assuming a $1.3 billion TLB resulted in 'Ba' category
financial metrics with the three year average DSCR of around 2.7x,
Project CFO to Debt of around 15%, and Debt to EBITDA of around
4.0x. Moody's notes that the incremental $100 million term loan
debt has pushed the DSCR and Project CFO to Debt metrics lower and
close to Moody's downgrade triggers on a three year average basis.
Additionally, around 60% of the debt is forecasted to be
outstanding at maturity. Under the management's case, CSG forecasts
very strong financial metrics with an average of 3.4x DSCR, 22%
Project CFO to Debt and 3.1x Debt to EBITDA over the 2025-2027
period and a complete paydown of the debt by maturity.

RATING OUTLOOK

The stable outlook considers CSG's hedging program and Moody's
expectations that it will achieve average Project CFO to Debt above
13% and DSCR above 2.4x over the next several years.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING

CSG's rating could be upgraded if it is able to substantially
mitigate its energy margin and capacity price risk post debt
maturity or it is able to pay down debt greater than expected
leading to DSCR significantly in excess of 3.5x and Project CFO to
Debt of above 25% on a sustained basis.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

CSG's rating can be downgraded if it incurs major operating
problems on a portfolio basis or financial metrics are
substantially weaker than expected leading to DSCR below 2.4x or
Project CFO to Debt below 13% on a sustained basis.

Profile

Cornerstone Generation, LLC (CSG) expects to own a 2.5 GW of gas
fired power plants comprising of the 1,171 MW Lawrenceburg
combined-cycle natural gas fired plant in Indiana; the 905 MW
Waterford combined-cycle natural gas fired plant in Ohio; and the
472 MW Darby simple cycle gas fired plant in Ohio.

The borrower is expected to be indirectly owned by affiliates of
Energy Capital Partners (ECP).

The principal methodology used in these ratings was Power
Generation Projects published in June 2023.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


COVETRUS INC: Moody's Cuts CFR to 'B3', Outlook Remains Negative
----------------------------------------------------------------
Moody's Ratings downgraded Covetrus, Inc.'s (Covetrus) corporate
family rating to B3 from B2, probability of default rating to B3-PD
from B2-PD, and instrument-level ratings on the senior secured
first lien bank credit facilities to B2 from B1. The outlook
remains negative.

The downgrade reflects Moody's expectations that, absent meaningful
volume growth, Covetrus' profit generation will be unable to cover
fixed charges, including a high cash interest burden over the next
12 to 18 months. Declines in veterinarian visits have negatively
impacted Covetrus' volumes and profitability in its distribution
segment.

The negative outlook reflects Moody's views that Covetrus'
liquidity will weaken and that financial flexibility will be
limited after cash interest, mandatory obligations, and capital
investment, leaving its credit profile sensitive to any emerging
operating challenges.

RATINGS RATIONALE

Covetrus' B3 CFR reflects its high leverage and aggressive
expansion strategy in its integrated solutions platform VetSuite.
The ratings are constrained by the company's concentration in the
highly competitive animal health distribution market with low
profit margins. Covetrus' distribution segment, which primarily
serves veterinarian customers that ultimately sell products to pet
owners, is subject to ongoing competition from alternative sales
channels including online and other retailers that may offer lower
pricing.

The ratings are supported by Covetrus' leading market position in
animal health distribution. The company's established position with
major suppliers and customers, as well as its broad product
offering with significant scale, has allowed it to maintain high
global market share. Furthermore, the company's longer-term growth
outlook is underpinned by favorable long-term global trends in pet
ownership. Finally, the company's business mix continues to shift
toward higher margin technology offerings.

Moody's expects that Covetrus will operate with adequate liquidity
over the next 12-18 months primarily supported by its revolving
credit agreement. Moody's projects the company will generate
negative free cash flow in 2025 and 2026 given high cash interest
in addition to maintenance and growth capital investment. As of
March 31, 2025, the company had $42 million of cash on the balance
sheet. The $300 million revolving credit facility, expiring in
October 2027, had $76 million in borrowings as of March 31, 2025.
The revolver has a springing maximum total first lien net leverage
ratio of 9.9x that is tested when the revolver is more than 40%
drawn. Moody's expects that the company would have ample cushion
under the covenant should it be tested.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if Covetrus' operating performance
fails to improve due to continuation of weak vet visit trends. The
ratings could also be downgraded if liquidity weakens, such as
through a continuation of negative free cash flow and increasing
usage of the revolver. Moody's could also consider a downgrade of
the ratings if the company pursues a more aggressive financial
strategy.

The ratings could be upgraded with material improvement in
operating performance, including volume growth and margin accretion
with the expansion of VetSuite. The ratings could also be upgraded
if the company demonstrates a track record of positive free cash
flow and declining revolver usage. Moody's could consider an
upgrade if debt/EBITDA were maintained below 6.5x.

The principal methodology used in these ratings was Distribution
and Supply Chain Services published in December 2024.

Headquartered in Portland, Maine, Covetrus, Inc. is a leading
provider of distribution and technology solutions to the global
animal health market. The company generated about $4.8 billion of
revenue for the twelve months ended March 31, 2025. Covetrus is
owned by private equity sponsors Clayton, Dubilier & Rice (CD&R)
and TPG.

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.


CRYPTO COMPANY: CEO Ronald Levy Assumes Interim CFO Role
--------------------------------------------------------
The Crypto Company disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that David Natan resigned
from his role as Chief Financial Officer and relinquished the roles
of Principal Financial Officer and Principal Accounting Officer of
the Company, effective immediately. His resignation did not result
from any disagreement regarding any matter related to the
operations, policies or practices of the Company. Mr. Natan will
continue with the Company in a consulting capacity as a financial
consultant.

Effective upon Mr. Natan's resignation on June 11, 2025, the board
of directors of the Company appointed Ronald Levy to serve as the
Company's interim Chief Financial Officer. Upon assuming this role,
he will also assume the duties of the Company's principal financial
officer and principal accounting officer. Mr. Levy will also
continue as the Company's Chief Executive Officer.

Ronald Levy, 65, has served as the Company's Chief Executive
Officer and a Director since May 2018. Mr. Levy has also served as
the Company's Chief Operating Officer since June 2017 and Interim
Chief Financial Officer from December 2019 to March 2025. Mr.
Levy's experience includes consulting for various emerging growth
companies through various growth cycles. He also serves as Chief
Operating Officer and beneficial owner at Redwood Fund, LP, a
private investment fund and major stockholder of the Company, since
February 2014, and Ladyface Capital, LLC, the General Partner of
Redwood Fund, LP, since July 2013.

Mr. Levy (a) is not a party to any arrangement or understanding
with any other person pursuant to which he was selected to serve as
Interim Chief Financial Officer of the Company, (b) has not been
involved in any transactions with the Company or related persons of
the Company that would require disclosure under Item 404(a) of the
Regulation S-K, and (c) does not have any family relationship with
any members of the Board or any executive officer of the Company.

                     About Crypto Company

Malibu, Calif.-based The Crypto Company --
https://www.thecryptocompany.com -- is engaged in the business of
providing consulting services and education for blockchain
technology and for the building of technological infrastructure and
enterprise blockchain technology solutions. During 2023, the
Company generated revenues and incurred expenses solely through
these consulting operations. In February 2022, the Company acquired
bitcoin mining equipment and entered into an arrangement with a
third party to host and operate the equipment. However, by the end
of 2022, the Company had exited that Bitcoin mining business.

Lakewood, Colorado-based BF Borgers CPA PC, the Company's former
auditor, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.

The Company have yet to file its Annual Report on Form 10-K for the
year ended December 31, 2024 by March 31, 2025, the original due
date for such filing.


CYTOSORBENTS CORP: Series B Right Warrants Expire After Price Drop
------------------------------------------------------------------
CytoSorbents Corporation disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the 5-day volume
weighted average price per share of common stock over the 5-trading
days prior to June 10, 2025, was lower than the minimum required
price (as defined in the Prospectus) of $2.00, and as a result, the
Series B Right Warrants issued in connection with the previously
announced Rights Offering expired worthless pursuant to their
terms.

Accordingly, any payments received for the exercise of Series B
Right Warrants and not so applied will be refunded without interest
or penalty.

                         About CytoSorbents

Based in Monmouth Junction, N.J., CytoSorbents Corporation is
engaged in critical care immunotherapy, specializing in blood
purification. Its flagship product, CytoSorb, is approved in the
European Union with distribution in more than 75 countries around
the world as an extracorporeal cytokine adsorber designed to reduce
the "cytokine storm" or "cytokine release syndrome" seen in common
critical illnesses that may result in massive inflammation, organ
failure, and patient death.

East Brunswick, New Jersey-based WithumSmith+Brown, PC, the
Company's auditor since 2004, issued a "going concern"
qualification in its report dated March 31, 2025, attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2024, citing that the Company has suffered recurring losses from
operations, has experienced cash used in operations, and has an
accumulated deficit, which raise substantial doubt about its
ability to continue as a going concern.



D & D HOUSING: Gets Interim OK to Use Cash Collateral Until July 17
-------------------------------------------------------------------
D & D Housing Solutions, LLC received interim approval from the
U.S. Bankruptcy Court for the Southern District of Texas, Houston
Division to use its secured lenders' cash collateral.

The interim order authorized the Debtor to use up to $7,450 in cash
collateral for the period from June 2 to July 17 to pay the
expenses set forth in its budget.

The lenders asserting a security interest in the Debtor's cash
collateral are Wildcat Lending Fund One, LP, Capital Fund I, and
FlipCo Financial. These creditors, together, assert $1,398,686.61
in claims.

As of the petition date, the Debtor had $377.45 in cash in its
possession. As protection to the secured lenders, the Debtor was
ordered to maintain those balances and to grant the lenders
replacement security interests in and liens on the cash collateral,
with the same priority as their pre-bankruptcy liens.

The "adequate protection" liens are subject and subordinate to a
carve-out of funds for all fees required to be paid to the Clerk of
the Bankruptcy Court; the Office of the U.S. Trustee; all fees and
expenses incurred by a trustee in an amount not to exceed $15,000;
and all fees and expenses of the Subchapter V trustee approved by
the court.

A final hearing is scheduled for July 10.

Wildcat is represented by:

   Christopher D. Lindstrom, Esq.
   Dortch Lindstrom Livingston Law Group
   4306 Yoakum Blvd., Suite 270
   Houston, Texas 77006
   Phone: (713) 968-0060
   Fax: (888) 653-3299
   chris@dll-law.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.

Judge Eduardo V. Rodriguez handles the case.

The Debtor is represented by Vicky M. Fealy, Esq., at The Fealy Law
Firm, PC.


D AND B PHARMACY: Seeks to Tap Vested Business Brokers as Broker
----------------------------------------------------------------
D and B Pharmacy Corporation, doing business as Paul's Pharmacy,
seeks approval from the U.S. Bankruptcy Court for the Southern
District of New York to employ Vested Business Brokers, Ltd. as
broker.

The Debtor needs a broker to sell its property located at 222
Oakridge Commons, South Salem, New York.

The broker will receive a commission of equal to the greater of
$15,000 or 10 percent of the purchase price.

Pietro Siciliano, a real estate agent at Vested Business Brokers,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:
   
     Pietro Siciliano
     Vested Business Brokers, Ltd.
     24 Woodbine Ave., Suite 204
     Northport, NY 11768
     Telephone: (631) 265-7300

                     About D and B Pharmacy

D and B Pharmacy Corporation, operating as Paul's Pharmacy,
provides prescription services, over-the-counter medications, and
medical equipment at its location in South Salem, New York. The
pharmacy serves the Vista, Lewisboro, and surrounding communities,
offering additional services such as FedEx Drop, NYC Lotto, lab
testing, and UPS shipping. It also carries gifts and home goods,
emphasizing personalized customer care and accepting most major
insurance plans.

D and B Pharmacy Corporation sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No.
25-22402) on May 9, 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 Kyu Young Paek handles the case.

The Debtor is represented by Anne Penachio, Esq. at Penachio
Malara, LLP.


D TUR HOTEL: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------
D Tur Hotel, LLC asked the U.S. Bankruptcy Court for the Eastern
District of California, Modesto Division, for authority to use cash
collateral, citing the urgent need for funds to continue operating
its 101-room motel and to preserve the value of its bankruptcy
estate.

The Debtor explained that the only available source of funds is the
revenue generated from motel room rentals, which constitutes cash
collateral subject to an assignment of rents held by the senior
lienholder, Greenlake Real Estate Fund, LLC.

Without access to this cash collateral, the Debtor would be unable
to pay non-insider employees, franchise fees, utilities, insurance,
merchant fees, and other critical business expenses necessary to
keep the motel functioning.

The Debtor asserted that any interruption in operations would
result in immediate and irreparable harm to both the estate and its
creditors. To protect the interests of Greenlake Real Estate Fund,
LLC, the Debtor proposed to make monthly adequate protection
payments of $2,000.

The funds will be used strictly for business expenses outlined in
the Debtor's submitted cash collateral budget until a final hearing
can be held.

                       About D Tur Hotel LLC

D Tur Hotel LLC operates a motel property in Turlock, California.

D Tur Hotel sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Cal. Case No. 25-90467) on June 6, 2025. In its
petition, the Debtor reported estimated assets between $1 million
and $10 million and estimated liabilities between $10 million and
$50 million.

Judge Christopher D. Jaime handles the case.

The Debtor is represented by Michael Jay Berger, Esq., at the Law
Offices of Michael Jay Berger.


DAINESE SPA: Hires Houlihan Lokey for Debt Talks w/ HPS, Arcmont
----------------------------------------------------------------
Giulia Morpurgo and Antonio Vanuzzo of Bloomberg News reports that
Dainese SpA has brought on Houlihan Lokey Inc. as a financial
adviser to initiate creditor negotiations amid mounting losses,
according to sources familiar with the matter.

The Italian maker of motorcycle and extreme sports protective gear
-- owned by the Carlyle Group -- is seeking to restructure its debt
with lenders HPS Investment Partners and Arcmont Asset Management
Ltd., the sources said, requesting anonymity.

Spokespersons for Carlyle, Houlihan Lokey, HPS, and Arcmont
declined to comment.

Carlyle previously injected €15 million ($17.3 million) in equity
into Dainese last December 2024.

                     About Dainese Spa

Dainese S.P.A. manufactures and markets protective clothing and
equipment for motorcyclists and dynamic sports. The Company offers
suits, jackets, shock-absorbing armor and back protectors, pants,
boots, gloves, and accessories. Dainese serves customers in Italy.


DANA INC: Fitch Puts 'BB' LongTerm IDR on Watch Positive
--------------------------------------------------------
Fitch Ratings has placed Dana Incorporated's (Dana) 'BB' Long-Term
Issuer Default Rating (IDR) on Rating Watch Positive (RWP)
following the company's announcement of an agreement to sell its
Off-Highway business to Allison Transmission Holdings, Inc.
(Allison). Fitch has also placed Dana's first-lien senior secured
revolver and the senior unsecured notes issued by Dana and Dana
Financing Luxembourg S.a.r.l. (Dana Financing) on RWP.

The RWP reflects Dana's plan to use sale proceeds to substantially
reduce its debt. Although the remaining company will be smaller and
less diversified, Fitch expects the debt reduction to result in
significantly lower leverage and post-divestiture credit metrics
that are in line with auto suppliers rated 'BB+' or higher.

The sale is currently anticipated to close by late 4Q25, at which
point Fitch intends to resolve the RWP. It is possible resolution
of the Rating Watch could take more than six months.

Key Rating Drivers

Off-Highway Sale: On June 11, 2025, Dana entered into a definitive
agreement to sell its Off-Highway business to Allison for $2.7
billion, or $2.4 billion net of taxes, transaction expenses and
assumed liabilities. Dana and Allison plan to close on the sale by
late 4Q25. Following the closing, Dana intends to use a substantial
portion of the proceeds to pay down about $2.0 billion of its
outstanding debt. Dana had about $2.7 billion of debt outstanding
at March 31, 2025.

Dana's Off-Highway business generated 27% of the company's
consolidated revenue and 47% of its adjusted EBITDA in 2024. As
such, the sale will leave the remaining Dana business notably
smaller and less diversified, with lower margins and more
cyclicality. However, the planned debt reduction will significantly
reduce Dana's leverage, while its other profit improvement
initiatives will increase the remaining business' margins, helping
to mitigate the loss of Dana's highest-margin operating segment.

Revised Strategic Plan: In January 2025, Dana announced a revised
strategy that included a renewed focus on its core Light Vehicle
and Commercial Vehicle businesses following the Off-Highway sale.
The company also integrated its previous Power Technologies segment
into the Light and Commercial Vehicle segments. Dana noted that it
would take a more measured approach to electric vehicle (EV)
investments going forward, as the EV market was developing at a
slower-than-expected pace. Previously, investing in electrification
was one of Dana's top priorities.

As part of the revised strategic plan, Dana announced that it was
undertaking actions to streamline its cost structure, resulting in
planned annual savings of $300 million. Initiatives include
reducing corporate overhead, lowering operational complexity and
curtailing some EV investments. The company is targeting adjusted
EBITDA margins in 10% range in 2026, while generating 4%
pre-dividend FCF margins and net leverage of 1.0x through the
cycle. Dana currently expects to achieve $225 million of the
savings in 2025, with the remainder in 2026.

Lower Leverage Expected: Following the Off-Highway sale and
subsequent debt repayment, Dana's leverage will be considerably
lower than recent historical levels. Fitch expects gross EBITDA
leverage to decline below 1.0x on a pro forma basis following the
Off-Highway sale and subsequent debt reduction, despite the loss of
Off-Highway EBITDA. This compares to gross EBITDA leverage running
in the low-3x range over the past four years. Following the debt
repayment, Fitch expects Dana will only have about $700 million of
remaining debt.

Less Geographical Diversification: Dana's product portfolio will be
smaller and less geographically diversified following the sale of
the Off-Highway business. The Off-Highway segment generated 87% of
its sales outside North America in 2024, while the Light and
Commercial Vehicle segments generated 66% and 56% of their revenue
in North America, respectively. Power Technologies, which has been
rolled into the Light and Commercial Vehicle segments derived 57%
of its revenue from North America. The remaining businesses will
continue to have exposure to Europe, South America and Asia
Pacific, but the company's sales will be more concentrated in North
America.

Increasing FCF Margins: Fitch expects Dana's cost reduction
activities to strengthen its FCF margins, despite the Off-Highway
sale. Fitch expects post-dividend FCF margins to run near 1.0% over
the next couple of years, rising toward 2.0% in subsequent years.
Actual post-dividend FCF was negative in three of the past four
years. Fitch expects capex to be lower following the Off-Highway
sale, and capex as a percentage of revenue to run in the 3%-4%
range over the next few years, which is in line with the 2024 level
and a little lower than the preceding years.

Balanced Capital Allocation: In addition to paying down debt, Dana
expects to return $550 million of cash to shareholders around the
time the Off-Highway sale closes, potentially via a special
dividend, as part of a board authorization to return $1.0 billion
to shareholders through YE 2027. The company also plans to continue
investing for organic growth in its remaining businesses.

Peer Analysis

Dana has a relatively strong competitive position, focusing
primarily on driveline systems for light, commercial and off-road
vehicles. It also manufactures sealing and thermal products for
vehicle powertrains and drivetrains. Dana's driveline business
competes directly with the driveline businesses of American Axle &
Manufacturing Holdings, Inc. and Cummins Inc.'s Meritor unit,
although American Axle focuses on light vehicles, while Meritor
focuses on commercial and off-road vehicles.

Dana is far larger than American Axle from a revenue perspective,
although the latter's driveline business is larger than Dana's
light-vehicle business. Compared with Cummins, Dana's revenue is
about one-third the size of Cummins', and Cummins is much more
diversified, with commercial vehicle driveline systems making up a
relatively small portion of its business.

Fitch views Dana's midcycle EBITDA leverage as roughly consistent
with other auto and capital goods suppliers in the 'BB' category,
such as Allison Transmission Holdings, Inc. or The Goodyear Tire &
Rubber Company, however, leverage will decline significantly
following the Off-Highway sale. Dana's EBITDA margins are also
currently in line with issuers in the mid-'BB' category but are
expected to grow as the company implements its cost savings
initiatives.

Key Assumptions

- The sale of the Off-Highway business closes in late 4Q25 for net
proceeds of $2.4 billion;

- The company uses $2.0 billion of the proceeds to reduce
outstanding debt;

- Global commercial vehicle and light vehicle production declines
in 2025, while Off-highway vehicle production is mixed. Beyond
2025, global commercial and light vehicle production grows in the
low single-digit range;

- Capex runs at about 3%-4% of revenue over the next several years,
which is relatively consistent with long-term historical levels;

- Post-dividend FCF margins grow from about 1.0% in the near term
to about 2.0% over the longer term;

- The company pays a $550 million distribution to shareholders
around the time the Off-Highway sale closes;

- The company maintains a solid liquidity position, including cash
and credit facility availability;

- Any excess cash is distributed to shareholders or used for small
acquisitions.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to a
Negative Rating Action/Downgrade

If the Off-Highway sale is not successfully completed:

- A shift in industry dynamics that leads to a meaningful loss of
share for Dana's products;

- Sustained gross EBITDA leverage above 3.0x;

- Sustained FCF margin below 1.0%;

- Sustained EBITDA margin below 7.0%.

Factors that Could, Individually or Collectively, Lead to a
Positive Rating Action/Upgrade

- Successful completion of the Off-Highway sale;

- Sustained EBITDA margin above 9.0%;

- Sustained gross EBITDA leverage below 2.5x;

- Sustained post-dividend FCF margin above 1.5%.

Liquidity and Debt Structure

As of March 31, 2025, Dana had $507 million of cash and cash
equivalents (excluding adjustments for not readily available cash).
In addition, the company maintains further liquidity through a
$1.15 billion secured revolver. The revolver expires in 2028. As of
March 31, 2025, there were $115 million of borrowings outstanding
on the revolver and $10 million of the available capacity was used
to back letters of credit, leaving $1.03 billion of available
capacity.

Based on the seasonality of Dana's business, as of March 31, 2025,
Fitch has treated $100 million of Dana's cash and cash equivalents
as not readily available for calculating net metrics. This is an
amount that Fitch estimates Dana would need to hold to cover
seasonal changes in operating cash flow, maintenance capex and
common dividends without resorting to temporary borrowing.

As of March 31, 2025, Dana's debt structure consisted mainly of
$2.6 billion of senior unsecured notes issued by Dana and Dana
Financing, as well as $115 million of revolver borrowings, $15
million of other short-term borrowings and an estimated $6 million
of other debt (excluding finance leases). In April 2025, Dana
repaid $200 million of its senior unsecured notes at maturity.

Issuer Profile

Dana is an automotive and capital goods supplier focused on the
full-frame light truck, off-highway and commercial truck
end-markets. The company is headquartered in the U.S., and has
operations in North America, Europe, South America and the Asia
Pacific region.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating                Recovery   Prior
   -----------              ------                --------   -----
Dana Financing
Luxembourg S.a r.l.

   senior unsecured   LT     BB   Rating Watch On   RR4      BB

Dana Incorporated     LT IDR BB   Rating Watch On            BB

   senior secured     LT     BBB- Rating Watch On   RR1      BBB-

   senior unsecured   LT     BB   Rating Watch On   RR4      BB


DAYTON HOTELS 2: Case Summary & Three Unsecured Creditors
---------------------------------------------------------
Debtor: Dayton Hotels 2, LLC
          d/b/a Days Inn by Wyndham Dayton Airport North
          f/d/b/a Best Western Plus Dayton Northwest
        20 Rockridge Road
        Englewood, OH 45322

Business Description: Dayton Hotels 2, LLC operates a hotel under
                      the Days Inn by Wyndham brand near Dayton
                      International Airport.  The Company manages
                      lodging services at 20 Rockridge Road in
                      Englewood, Ohio, offering accommodations and
                      amenities for both business and leisure
                      travelers.

Chapter 11 Petition Date: June 20, 2025

Court: United States Bankruptcy Court
       Southern District of Ohio

Case No.: 25-52719

Judge: Hon. Mina Nami Khorrami

Debtor's Counsel: Denis E. Blasius, Esq.
                  THOMSEN LAW GROUP, LLC
                  140 North Main Street, Suite A
                  Springboro, OH 45066
                  Tel: 937-748-5001
                  Fax: 937-404-6630
                  E-mail: dblasius@ihtlaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

Abhijit Vasani signed the petition as president of InnVite Opco,
Inc., the sole member of the Debtor.

A full-text copy of the petition, which includes a list of the
Debtor's three unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/WCXQYHA/Dayton_Hotels_2_LLC__ohsbke-25-52719__0001.0.pdf?mcid=tGE4TAMA


DB BOONEVILLE: Hires Benjamin Legal Services as Bankruptcy Counsel
------------------------------------------------------------------
DB Booneville Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Iowa to employ Benjamin Legal Services
PLC as general reorganization counsel.

The firm will provide these services:

     (a) assist and advise the Debtor concerning its legal status
and its powers, duties, rights, and obligations in the continued
management and operation business and of its property and affairs
relative to the administration of this proceeding;

     (b) represent the debtor before the bankruptcy court and
advise on all pending litigations, hearings, motions, and of the
decisions of the bankruptcy court;

     (c) review and analyze all applications, orders, and motions
filed with the bankruptcy court by third parties in this proceeding
and advise the Debtor thereon;

     (d) attend all meetings conducted according to section 341(a)
of the bankruptcy code and represent the Debtor at all examinations
and interviews;

     (e) communicate and negotiate with representatives of
creditors and other parties in interest;

     (f) prepare all necessary legal papers and documents as may be
necessary to appear before the court regarding such legal matters
and seek relief in accordance with said court documents, together
with the preparation of the necessary orders thereto;
  
     (g) defend the estate against actions that may be instituted
against the Debtor's estate in these proceedings and litigate
matters relating to said proceedings in accordance with the
attorney-client retainer agreement executed between the parties;

     (h) examine and take all actions necessary to protect and
preserve the estate;

     (i) examine and resolve claims filed against the estate and
advise and consult with the Debtor regarding claims that may be
inappropriately or in error filed and prepare and litigate
objections thereto when appropriate;

     (j) confer with all other professionals, including any
accountants and consultants retained by the Debtor and by any other
party in interest;

     (k) assist the Debtor in its negotiations with creditors (and
any creditor committees) or third parties concerning the terms of
any proposed plan of reorganization;

     (l) assist the Debtor in the formulation, preparation,
implementation, and consummation of a plan of reorganization and
disclosure statement, if necessary or appropriate, and all related
agreements and documents, and take any actions necessary to achieve
confirmation of such plan and disclosure statement;

     (m) perform all other legal services required of the Debtor,
be in its interest and the estate, or incident to these proceedings
and provide such legal advice as is necessary and in connection
with this Chapter 11 case; and

     (n) advise the Debtor about any potential sale of assets or
its representation in connection with obtaining post-petition
financing if required or needed.

J. Kevin Benjamin, Esq., the primary attorney in this
representation, will be paid at his hourly rates plus out-of-pocket
expenses incurred.

The firm received an advance retainer of $10,000 from Phoenix
Realty Partners, Inc.

Mr. Benjamin disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     J. Kevin Benjamin, Esq.
     Benjamin Legal Services PLC
     1016 West Jackson Blvd.
     Chicago, IL 60607
     Telephone: (312) 853-3100  
     Email: attorneys@benjaminlaw.com

                     About DB Booneville Inc.

DB Booneville Inc., also known as the Village at Sugar Creek, is a
real estate company based in Urbandale, Iowa. It operates in
property development and ownership, including residential
properties. The company has been involved in various developments
such as the Village at Sugar Creek, a mixed-use project offering
multifamily housing, retail, office spaces, and townhomes in West
Des Moines.

DB Booneville sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Iowa Case No. 25-00817) on May 13, 2025. In its
petition, the Debtor reported estimated assets between $1 million
and $10 million and estimated liabilities between $10 million and
$50 million.

Judge Lee M. Jackwig handles the case.

The Debtor is represented by J. Kevin Benjamin, Esq., at Benjamin
Legal Services PLC.


DI ANTAR GROUP: Seeks Subchapter V Bankruptcy in Washington
-----------------------------------------------------------
On June 16, 2025, Di Antar Group LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Western District of
Washington. According to court filing, the
Debtor reports $1,267,198 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.

           About Di Antar Group LLC

Di Antar Group LLC,  d/b/a Shaburina Shabu-Shabu Hot Pot and
Shaburina, operates restaurant ventures in the United States,
including "Shaburina," a Korean/Japanese-style hot pot restaurant
offering Shabu Shabu in Redmond, Washington. The restaurant
features a self-serve, all-inclusive buffet concept that allows
customers to customize their meals. The Company also sources and
imports restaurant supplies and equipment.

Di Antar Group LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11655)
on June 16, 2025. In its petition, the Debtor reports total assets
of $78,100 and total liabilities of $1,267,198.

Honorable Bankruptcy Judge Christopher M. Alston handles the
case.

The Debtors are represented by Thomas D. Neeleman, Esq. at NEELEMAN
LAW GROUP, P.C.


DOMTAR CORP: Fitch Alters Outlook on 'BB-' IDR to Negative
----------------------------------------------------------
Fitch Ratings has revised Domtar Corporation's Rating Outlook to
Negative from Stable and affirmed its Long-Term Issuer Default
Rating (IDR) at 'BB-'.

Domtar's 'BB-' IDR reflects its large scale, product
diversification, and exposure to cyclical end-markets. The Negative
Outlook is driven by weak EBITDA and free cash flow (FCF)
generation, and the expectation that leverage will remain above or
at sensitivity levels through most of the forecast period.

Persistent weakness in pulp, a delayed recovery in lumber, and
continued secular decline in paper volumes constrain Domtar's
deleveraging prospects. Although liquidity is sufficient,
refinancing risk is rising, as maturities approach and cash flow
visibility decreases. Fitch may revise the Outlook given clearer
visibility of high cash flow generation and the company's ability
to sustain leverage within sensitivities.

Key Rating Drivers

Persistent Operating Weakness: Domtar's Pulp & Tissue and Wood
Products segments continue to operate near EBITDA break-even
levels, while the Paper & Packaging business continues to operate
in line with expectations, generating the bulk of the companies
EBITDA. Fitch forecasts EBITDA leverage will remain slightly above
or at the negative rating sensitivity threshold of 4.5x for most of
the period, supporting the Negative Outlook.

The pulp business, primarily driven by fluff pulp and Northern
Bleached Softwood Kraft (NBSK), has recently experienced declining
demand from China, a major global purchaser. Despite ongoing
U.S.-China trade negotiations, Chinese purchases have not
rebounded, and Fitch expects this to result in a decline in pulp
revenue in 2025 and low single-digit EBITDA margins. Fitch expects
two (Pulp & Tissue and Wood Products) of Domtar's three reporting
segments to operate around breakeven levels through the forecast
period.

Housing Remains Muted: The downturn in post-pandemic lumber prices
kept Domtar's lumber operations below EBITDA breakeven in 2023 and
2024. Since then, pricing has recovered above breakeven levels,
leading to modestly positive EBITDA generation. However, Fitch
expects only gradual improvement for the remainder of the forecast.
According to Fitch's Global Economic Outlook, higher inflation
resulting from tariffs will likely delay Federal Reserve rate cuts
until 4Q25. This prolonged high-interest rate environment is
expected to delay a more meaningful recovery in the U.S. housing
market and limit improvements in the profitability of Domtar's Wood
Products segment.

Diversified Forest Products Portfolio: Domtar benefits from a
large-scale, diversified forest products portfolio in North
America, covering paper, pulp, lumber and containerboard. The
secular decline in the Paper segment is partly offset by Domtar
operating in the lower half of the cost curve. Currently, most cash
generation comes from the declining Paper segment, and Fitch views
persistent weak demand in pulp and lumber as negatively impacting
cash flow visibility. Fitch recognizes the potential for higher
cash flows in an improved environment, given the ongoing U.S.
housing deficit and expanding containerboard exposure.

Sufficient Liquidity: Domtar maintains approximately $722 million
in liquidity, consisting of $648 million in availability under its
$1.14 billion asset-based loan (ABL) facility (as of March 31,
2025), and cash of roughly $74 million. Fitch considers this a
sufficient buffer to support the company through several years of
weak demand and minimal FCF generation. Lower capex spending,
expected to be reduced to maintenance levels in 2025 and 2026,
should further support liquidity preservation.

Refinancing Risk: Fitch views Domtar's target of reducing net
EBITDA leverage to 2.5x prior to its 2028 maturity wall as
increasingly unlikely absent a sharp recovery in EBITDA. Fitch
anticipates successful refinancing, but at higher interest rates
unless there is a significant recovery in operating performance or
gross debt reduction.

Peer Analysis

Domtar ranks among the leading freesheet paper businesses in the
consolidated North American market. Its market position is
comparable to Mercer International (B+/Stable), Sylvamo Corporation
(BB+/Stable), and Klabin S.A. (BB+/Stable). The freesheet paper
segment is experiencing a secular volume decline, potentially
accelerated by work-from-home trends.

Domtar's annual mid-cycle EBITDA, at approximately $650 million, is
considerably larger than its closest peer in Fitch's rated
universe, Mercer International Inc. (B+/Stable). While both
companies manufacture and sell pulp and lumber, Mercer does not
have exposure to uncoated free-sheet paper. Domtar's more
diversified product mix helps sustain earnings during downturns in
volatile markets. Mercer's Solid Wood segment benefits from a lower
cost position due to facility location and structure, while the
pulp mills of both companies have similar cost positioning. Domtar
maintains a rating one notch higher, partly due to its lower
forecast leverage and superior FCF generation.

Sylvamo Corporation is a top three producer of uncoated freesheet
in LatAm, Europe, and North America, with strong FCF generation and
a balanced capital allocation strategy. The company's leverage is
meaningfully below their leverage target. Fitch believes Sylvamo
has a profitable and lengthy runway in the uncoated freesheet
segment despite the long-term trends affecting the sector.
Additionally, its prudent capital allocation strategy lowers the
company's credit risk.

Domtar's historical standalone EBITDA margins have been 11%-14%,
lower than Klabin S.A.'s typical 30%-40% margins, due to Klabin's
leading scale and low-cost position in commodity pulp products.

Key Assumptions

- Lumber prices supporting slightly above breakeven levels during
forecast period; demand growing below Fitch GDP forecast reflecting
higher than expected interest rate environment;

- Generally supportive paper and containerboard markets; weak pulp
demand due to lower Chinese demand and prices generally
supportive;

- Higher interest rates at refinancing in 2028 due to weak
performance;

- Annual $95 million in pension and benefits contributions;

- Capex spending at maintenance levels until 2027.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage consistently above 4.5x;

- Failure to maintain adequate liquidity in support of a more
highly cyclical business profile;

- Weakening in leverage targeting or credit policies, including
those involving shareholder payments or related-party
transactions;

- Any change in policies or actions that erode the standalone
management of Domtar's financial policies.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- EBITDA leverage consistently below 3.5x;

- Maintenance of sufficient liquidity commensurate with a more
highly cyclical business profile;

- Adherence to credit-conscious capital allocation policies in the
context of a well-defined strategic plan.

Liquidity and Debt Structure

As of March 31, 2025, Domtar had $74 million of available cash on
hand and $648 million available on its recently expanded $1.140
billion ABL facility. Outstanding borrowings consist of $335
million in borrowings and $157 million in LOCs. Fitch forecasts
cash flow generation to be slightly negative in the forecast
period. Fitch expects Domtar to have adequate liquidity to meet its
financial commitments over the forecast period.

Most of Domtar's debt is due in 2028 and while Fitch expects Domtar
to be able to refinance the debt, Fitch believes it will be at a
higher interest rate due to currently high debt levels, uncertain
demand environment, and possibly higher for longer interest rate
environment.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating        Recovery   Prior
   -----------              ------        --------   -----
Domtar Corporation    LT IDR BB- Affirmed            BB-

   senior unsecured   LT     BB- Affirmed   RR4      BB-

   senior secured     LT     BB+ Affirmed   RR1      BB+

   senior secured     LT     BB  Affirmed   RR2      BB


DOUBLE HELIX: Non-Real Estate Asset Sale to Gateway Creative OK'd
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Missouri,
Eastern Division, has approved Double Helix Corporation, d/b/a KDHX
Community Media, to sell substantially all of its non-real estate
assets, free and clear of liens, claims, and encumbrances.

The Debtor is a nonprofit Missouri corporation currently doing
business as KDHX Community Media. Since 1987, Debtor has operated
KDHX FM radio station as an independent, non-commercial,
educational, listener-supported community radio broadcast station
in St. Louis, Missouri.

The Court has authorized the Debtor to sell non-real estate assets
to Gateway Creative Broadcasting Inc. as the highest and best bid
with $8,750,000.00.

The Debtor is ordered to consummate the purchase agreement in
accordance with the terms and conditions, execute, deliver, and
consummate the transaction, and provide for the payment of the
Break-Up Fee to K Love in an amount which shall not exceed
$152,250.00 plus reasonable and documented expenses not to exceed
$300,000.00, subject to the approval of the Court.

The Consummation of the Sale is contingent upon the assignment of
the Federal Communications Commission (FCC) Licenses for KDHX to
Gateway, which requires prior approval of FCC. As part of the FCC
approval process, the FCC must determine that the prospective
purchaser of a broadcast license meets the requisite citizenship,
character, financial, technical and other qualifications to hold
licenses under federal communications laws.

In order to consummate the Sale, Gateway must execute, file, and
diligently prosecute the appropriate application to the FCC
requesting the FCC's consent to the assignment from Debtor to
Gateway of the FCC Licenses held by Debtor as debtor in possession.


The aggregate consideration for the sale and transfer of the Assets
under the APA shall be $8,750,000.00 in cash, which Purchase Price
includes the assumption of all liabilities under the DIP Facility.


The immediate assumption of Debtor's contract with One Eagles
Advisory LLC and Strategic Tax Planning LLC is based upon Debtor's
sound business judgment, is in the best interest of the bankruptcy
estate, and is beneficial to the interests of Debtor and its
creditors.

           About Double Helix Corporation

Double Helix Corporation, doing business as KDHX Community Media,
is a nonprofit organization based in St. Louis, Missouri, that
operates an independent, non-commercial radio station at 88.1 FM.
The station offers a wide variety of programming, including music,
as well as public affairs shows and educational content. In
addition to its radio broadcasts, KDHX engages with the local
community through events, educational programs, and support for
independent artists.

Double Helix Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-40745) on March 10,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Bonnie L. Clair handles the case.

The Debtor is represented by Robert Eggmann, Esq., at CARMODY
MACDONALD P.C., in Saint Louis, Missouri.


DOWN N DIRTY: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Down N Dirty, LLC
        711 W. Happy Valley Rd.
        Phoenix, AZ 85085

Business Description: Down N Dirty LLC provides construction
                      equipment rental and leasing services.  The
                      Company operates in Phoenix, Arizona, and is
                      also classified under wholesale distribution
                      of heavy machinery.

Chapter 11 Petition Date: June 19, 2025

Court: United States Bankruptcy Court
       District of Arizona

Case No.: 25-05600

Debtor's Counsel: Christopher C. Simpson, Esq.
                  OSBORN MALEDON, P.A.
                  2929 N. Central Avenue
                  Suite 2100
                  Phoenix, AZ 85012
                  Tel:602-640-9349
                  E-mail: csimpson@omlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Timothy A. Marrs as owner.

The petition was filed without the Debtor's list of its 20 largest
unsecured creditors.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/SND2DTQ/Down_N_Dirty_LLC__azbke-25-05600__0001.0.pdf?mcid=tGE4TAMA


ECO-PRESERVATION SERVICES: Taps Long and Upton as Special Counsel
-----------------------------------------------------------------
ECO-Preservation Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Alabama to employ
Long and Upton, LLC as special counsel.

The Debtor needs the firm's legal assistance in connection with a
case (Case No. 01-cv-2023-902204) filed in the Circuit Court of
Jefferson County, Alabama.

The firm will be paid at these rates:

     Harry P. Long, Esq.     $440 per hour
     Stacy L. Upton, Esq.    $350 per hour

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Long 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:

     Harry P. Long, Esq.
     Long and Upton, LLC
     P.O. Box 1468
     Anniston, AL 36202
     Tel: (256) 237-3266

              About ECO-Preservation Services, LLC

ECO-Preservation Services, LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 22-02429) on
Oct. 5, 2022, listing up to $10 million in both assets and
liabilities.

Judge D. Sims Crawford oversees the case.

The Law Offices of Harry P. Long, LLC serves as the Debtor's
counsel.

Brian Walding is appointed as trustee in this Chapter 11 case. He
tapped Walding, LLC as counsel and Barry Strickland & Company,
Certified Public Accountants as accountant.



EXELA TECHNOLOGIES: Loses Bid to Stay Former Employee's Lawsuit
---------------------------------------------------------------
The Honorable F. Kay Behm of the United States District Court for
the Eastern District of Michigan denied Exela Technologies, Inc.'s
motion to stay the case captioned as KIMBERLY HOM, Plaintiff, v.
HOV SERVS., INC., and EXELA TECHNOLOGIES, INC., Defendants, Case
No. 24-10601 (E.D. Mich.).

In this diversity case, Plaintiff Kimberly Hom alleges that she was
subjected to sex discrimination, a hostile work environment, and
retaliation by her former employers, HOV Services, Inc., and Exela
Technologies, Inc. On March 3, 2025, HOV filed a Chapter 11
bankruptcy petition, resulting in an automatic stay of this case as
to HOV pursuant to 11 U.S.C. Sec. 362 of the Bankruptcy Code.
Co-Defendant Exela requests that the Disrict Court invoke its
inherent authority to stay this action as to Exela as well.

As background, the District Court notes that the automatic stay
clearly does not cover co-defendants of a debtor.  In unusual
circumstances, the bankruptcy court may extend the automatic stay
to non-debtor parties pursuant to its equitable powers granted by
11 U.S.C. Sec. 105.

Against this backdrop, Exela disclaims any effort to seek an
extension of the automatic stay from the District Court. Rather,
Exela urges the District Court to invoke its inherent authority to
stay proceedings as an incident to its power to control its own
docket.

Exela argues that allowing this case to proceed would be
impractical and unfairly prejudicial, given that Plaintiff alleges
that HOV and Exela are joint employers. Exela contends that it is
not a proper party, that HOV was Plaintiff's employer, and that HOV
is in possession of the relevant documents and witnesses. According
to Exela, staying this case until HOV can participate would serve
judicial economy, avoid irreparable harm to both defendants, and
not prejudice Plaintiff.

The District Court finds regarding discovery, at this time it is
not clear that the stay as to HOV will prejudice Exela's ability to
obtain discovery or defend itself. To the extent discovery in this
matter will prejudice HOV or impact the bankruptcy estate, that
appears to be a matter for the bankruptcy court. According to the
District Court, in the event the bankruptcy court limits discovery
against HOV in a manner that prejudices Exela or Plaintiff's
ability to proceed in this case, the parties may revisit the stay
issue.

Exela has not satisfied its burden of demonstrating that the
District Court should invoke its inherent authority to issue a stay
of these proceedings.

A copy of the Court's Opinion & Order dated June 12, 2025, is
available at https://urlcurt.com/u?l=yrZZ1g from PacerMonitor.com.

                   About Exela Technologies

Headquartered in Irving, Texas, Exela Technologies, Inc. --
http://www.exelatech.com/-- is a business process automation (BPA)
company, leveraging a global footprint and proprietary technology
to provide digital transformation solutions enhancing quality,
productivity, and end-user experience.

Exela Technologies Inc. and several other units sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.
25-90024) on March 3, 2025. In its petition, the Debtor reports
estimated assets between $500 million and $1 billion and
liabilities between $1 billion and $10 billion.

Honorable Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtor is represented by Timothy Alvin Davidson, II, Esq. at
Andrews Kurth LLP.


FGI ACQUISITION: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on FGI Acquisition Corp. at the issuer's request, following its
full repayment of its rated debt. At the time of the withdrawal,
the outlook was stable. At the same time, S&P discontinued all its
ratings on the company's old senior secured first-lien credit
facilities.



FLAGSHIP RESORT: Taps Professionals in Ordinary Course of Business
------------------------------------------------------------------
Flagship Resort Development Corporation seeks approval from the
U.S. Bankruptcy Court for the District of New Jersey to employ
professionals in the ordinary course of business (OCPs).

The OCPs include:

     Scott N. Silver, Esq.
     Nehmad, Davis and Goldstein, PC
     4030 Ocean Heights Avenue
     Egg Harbor Township, NJ 08234

             - and -

     Susan V. Metcalfe, Esq.
     Potomac Law Group, PLLC
     1717 Pennsylvania Avenue, NW, Suite 1025
     Washington, DC 20006
    
                About Flagship Resort Development

Flagship Resort Development Corporation, a privately held
hospitality and resort development company based in New Jersey,
specializes in timeshare vacation ownership in the Atlantic City
region. It operates 774 living units across three properties --
Flagship All-Suites Resort, Atlantic Palace, and La Sammana Resort
-- offering a mix of deeded timeshare interests, club memberships,
and exchange-based travel benefits. The company is a wholly owned
subsidiary of FantaSea Resorts Group, Inc.

Flagship Resort Development Corporation sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15047) on
May 10, 2025. In its petition, the Debtor reports estimated assets
between $50 million and $100 million.

Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the
case.

The Debtor is represented by Warren J. Martin Jr., Esq. at Porzio,
Bromberg & Newman, P.C. Kroll Restructuring Administration LLC is
the Debtor's notice, claims, solicitation, balloting and
administrative agent.


FLAMBOYAN ON THE BAY: Case Summary & Nine Unsecured Creditors
-------------------------------------------------------------
Debtor: Flamboyan on the Bay Resort and Villas LLC
        6200 Magens Bay Road
        St Thomas, VI 00802

Business Description: Flamboyan on the Bay Resort and Villas LLC
                      operates a resort property offering condo-
                      style accommodations near Magens Bay in St.
                      Thomas, U.S. Virgin Islands.  The resort
                      provides studio and suite units with
                      kitchenettes, alongside amenities such as
                      restaurants, a pool, tennis courts, and
                      beach access.

Chapter 11 Petition Date: June 20, 2025

Court: United States Bankruptcy Court
       District of Virgin Islands

Case No.: 25-30005

Debtor's Counsel: Kevin F. D'Amour, Esq.
                  BARNES, D'AMOUR & VOGEL
                  5143 Palm Passage
                  Suite 20C & 21C
                  St Thomas, VI 00802
                  Tel: 340-776-0777
                  E-mail: kdamour@usvilawfirm.com

Total Assets: $183,455

Total Liabilities: $3,762,442

The petition was signed by Michael Shelby as managing member.

A full-text copy of the petition, which includes a list of the
Debtor's nine unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/ERHW5WQ/Flamboyan_on_the_Bay_Resort_and__vibke-25-30005__0001.0.pdf?mcid=tGE4TAMA


FTX TRADING: Kullberg Reaches Settlement Over Promotion Allegations
-------------------------------------------------------------------
Gillian R. Brassil of Bloomberg Law reports that Erika Kullberg, a
personal finance attorney and influencer, along with her talent
management agency, Creators Agency LLC, has agreed to resolve
allegations that they endorsed FTX prior to the cryptocurrency
exchange's 2022 collapse.

A joint notice filed Wednesday, June 18, 2025, in the U.S. District
Court for the Southern District of Florida states that the
settlement terms will remain confidential until the plaintiffs
request preliminary approval, according to Bloomberg Law.

Kullberg and the agency were among a number of celebrities,
athletes, and influencers named in lawsuits accusing them of
promoting FTX and allegedly enabling the exchange's fraudulent
conduct. The notice follows a similar settlement recently reached
by Shaquille O’Neal with victims of the FTX collapse, the report
states.

                      About FTX Trading Ltd.

FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases. White
collar crime specialist Mark S. Cohen has reportedly been hired to
represent SBF in litigation. Lawyers at Paul Weiss previously
represented SBF but later renounced representing the entrepreneur
due to a conflict of interest.


FU BANG GROUP: Hires Weintraub Zolkin Talerico & Selth as Counsel
-----------------------------------------------------------------
Fu Bang Group Corp, USA seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Weintraub
Zolkin Talerico & Selth LLP as general bankruptcy counsel.

The firm will render these services:

     (a) advise concerning the Debtor's rights, powers, and
duties;

     (b) advise concerning all general administrative matters in
the bankruptcy case and dealings with the Office of the United
States Trustee;

     (c) represent the Debtor at all hearings before the United
States Bankruptcy Court involving it in its capacity as
debtor-in-possession and as reorganized debtor, as applicable,
unless it is represented in that proceeding or hearing by
other/special counsel;

     (d) prepare on the Debtor's behalf, of all necessary legal
papers;

     (e) advise the Debtor regarding matters of bankruptcy law;

     (f) represent the Debtor with regard to all contested
matters;

     (g) represent the Debtor in any litigation commenced by, or
against it, provided that such litigation is within the firm's
expertise and subject to a further engagement agreement with the
Debtor and the firm;

     (h) represent the Debtor with regard to the negotiation,
preparation and implementation of one or more plans of
reorganization;

     (i) analyze any secured, priority, or general unsecured claims
that have been filed in the bankruptcy case;

     (j) negotiate with the Debtor's secured and unsecured
creditors regarding the amount and payment of claims;

     (k) object to claims as may be appropriate; and

     (l) perform all other legal services for the Debtor in its
capacity, as may be necessary.

The firm's counsel will be paid at these hourly rates:

     Daniel Weintraub, Of Counsel         $750
     David Zolkin, Partner                $675
     Derrick Talerico, Partner            $675
     James Selth, Of Counsel              $585
     Catherine Liu, Partner               $550
     Tania Ingman, Of Counsel             $550
     Michael Kim, Of Counsel              $500
     Paige Rolfe, Associate               $425
     Martha Araki, Paralegal              $295
     Sachie Fritz, Practice Assistant     $175

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a pre-petition retainer of $45,000 from the
Debtor.

Mr. Talerico disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:
   
     Derrick Talerico, Esq.
     Weintraub Zolkin Talerico & Selth LLP
     11766 Wilshire Boulevaard, Suite 730
     Los Angeles, CA 90025
     Telephone: (424) 500-8552

                    About Fu Bang Group Corp USA

Fu Bang Group Corp USA is a real estate company that owns and
manages a single property.

Fu Bang Group Corp USA sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13004) on May 7,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.

Honorable Bankruptcy Judge Scott H. Yun handles the case.

The Debtor is represented by Derrick Talerico, Esq., at Weintraub
Zolkin Talerico & Selth LLP.


FUEL FITNESS: Hires Country Boys Auction & Realty as Appraiser
--------------------------------------------------------------
Fuel Fitness, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of North Carolina to employ Country Boys
Auction & Realty, Inc. as appraiser.

The firm will appraise the Debtor's tangible personal property.

Michael Gurkins, a member at Country Boys Auction & Realty, will be
billed at his hourly rate of $125.

Mr. Gurkins disclosed in a court filing that the firm is a
"disinterested persons" as the term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Michael Gurkins
     Country Boys Auction & Realty, Inc.
     1211 West 5th Street
     Washington, NC 27889
     Telephone: (252) 946-6007
     Email: mgurkins@countryboysauction.com

                        About Fuel Fitness

Fuel Fitness, LLC, a company in Raleigh, N.C., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr.
E.D.N.C. Case No. 24-03698) on Oct. 22, 2024, with up to $100,000
in assets and up to $10 million in liabilities. Christopher Shawn
Stewart, member-manager, signed the petition.

Judge Joseph N. Callaway oversees the case.

The Debtor is represented by Philip Sasser, Esq., at Sasser Law
Firm.


FUEL HOMESTEAD: Hires Country Boys Auction & Realty as Appraiser
----------------------------------------------------------------
Fuel Homestead, LLC approval from the U.S. Bankruptcy Court for the
Eastern District of North Carolina to employ Country Boys Auction &
Realty, Inc. as appraiser.

The firm will appraise the Debtor's tangible personal property.

Michael Gurkins, a member at Country Boys Auction & Realty, will be
billed at his hourly rate of $125.

Mr. Gurkins disclosed in a court filing that the firm is a
"disinterested persons" as the term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Michael Gurkins
     Country Boys Auction & Realty, Inc.
     1211 West 5th Street
     Washington, NC 27889
     Telephone: (252)-946-6007
     Email: mgurkins@countryboysauction.com

                          Fuel Homestead

Fuel Homestead, LLC, a company in Raleigh, N.C., sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case
No. 24-03699) on October 22, 2024, with up to $100,000 in assets
and up to $10 million in liabilities. Christopher Shawn Stewart,
member-manager, signed the petition.

Judge Joseph N. Callaway oversees the case.

The Debtor is represented by Philip Sasser, Esq., at Sasser Law
Firm.


FUEL REYNOLDA: Hires Country Boys Auction & Realty as Appraiser
---------------------------------------------------------------
Fuel Reynolda, LLC approval from the U.S. Bankruptcy Court for the
Eastern District of North Carolina to employ Country Boys Auction &
Realty, Inc. as appraiser.

The firm will appraise the Debtor's tangible personal property.

Michael Gurkins, a member at Country Boys Auction & Realty, will be
billed at his hourly rate of $125.

Mr. Gurkins disclosed in a court filing that the firm is a
"disinterested persons" as the term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Michael Gurkins
     Country Boys Auction & Realty, Inc.
     1211 West 5th Street
     Washington, NC 27889
     Telephone: (252)-946-6007
     Email: mgurkins@countryboysauction.com

                         About Fuel Reynolda

Fuel Reynolda, LLC -- https://fuelfitnessclubs.com/about/ -- doing
business as Fuel Fitness, is a fitness center that offers the best
free weights, strength training/cardio equipment, group fitness
classes, personal training, childcare, recovery studio and smoothie
bar.

Fuel Reynolda sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03700) on October
22, 2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Christopher Shawn Stewart, member-manager,
signed the petition.

Judge Joseph N. Callaway oversees the case.

The Debtor is represented by Philip Sasser, Esq., at Sasser Law
Firm.


GABHALTAIS TEAGHLAIGH: Seeks Cash Collateral Access
---------------------------------------------------
Gabhaltais Teaghlaigh, LLC asked the U.S. Bankruptcy Court for the
District of Massachusetts for authority to use cash collateral and
provide adequate protection.

The Debtor owns four Massachusetts properties that were subject to
multiple prepetition mortgages. After a brief dismissal and
reinstatement of the case in July 2022, Synergy Funding, LLC
conducted a foreclosure sale, purporting to transfer the properties
to OHP, LLC, which later received additional financing from Jaspar
Gill. However, the court later ruled that this foreclosure sale was
void under section 544(a)(3), and ordered OHP, LLC to return
possession and control of the properties to the Debtor. This ruling
is currently under appeal.

The Debtor now seeks court approval to use cash collateral to
operate and maintain its properties, asserting that such use is
essential to avoid substantial harm to the estate and its
creditors. The revenue from the properties is subject to liens from
OHP, LLC and Synergy Funding LLP.

The Debtor proposed to provide adequate protection in the form of
replacement liens on post-petition assets and monthly payments of
$6,280 to OHP, LLC. A four-month budget has been prepared outlining
necessary business expenses, which the Debtor contended are
reasonable and required to preserve the value of the real estate.

Synergy Funding is represented by:

   Alex F. Mattera, Esq.
   Pierce Atwood LLP
   100 Summer Street, 22nd Floor
   Boston, MA 02110
   Telephone: (617) 488-8112
   amattera@pierceatwood.com

                  About Gabhaltais Teaghlaigh LLC

Gabhaltais Teaghlaigh, LLC, is a real estate rental company that
immediately prior to the petition date, owned 6 residential or
commercial properties.

Gabhaltais Teaghlaigh sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June
15, 2022. In the petition filed by Virginia Hung, as member,
Gabaltais Teaghlaigh LLC listed under $50,000 in both assets and
liabilities.

The case is assigned to Judge Christopher J. Panos.

David G. Baker, at Baker Law Offices, is the Debtor's counsel.


GD TRANSPORT: Section 341(a) Meeting of Creditors on July 21
------------------------------------------------------------
On June 16, 2025, GD Transport LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Middle District of Florida.
According to court filing, the Debtor reports between $1 million
and $10 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.

A meeting of creditors under Section 341(a) to be held on July 21,
2025, at 11:00 a.m. telephonically via US Trustee - Orlando. Filed
by Wanda D Murray on behalf of U.S. Trustee United States Trustee -
ORL.

           About GD Transport LLC

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.

GD Transport LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03699) on June 16,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Lori V. Vaughan handles the case.

The Debtors are represented by Daniel A. Velasquez, Esq. at LATHAM
LUNA EDEN & BEAUDINE LLP.


GENTLE HAND: Seeks Subchapter V Bankruptcy in Florida
-----------------------------------------------------
On June 17, 2025, Gentle Hand LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Middle District of Florida.
According to court filing, the Debtor reports $1,015,547 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.

           About Gentle Hand LLC

Gentle Hand LLC, dba Gentle Hand of Palm Bay ALF LLC, operates an
assisted living facility in Palm Bay, Florida. The Company provides
residential care services in a licensed setting with a six-bed
capacity.

Gentle Hand LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03727) on
June 17, 2025. In its petition, the Debtor reports total assets of
$2,060,651 and total liabilities of $1,015,547.

Honorable Bankruptcy Judge Lori V. Vaughan handles the case.

The Debtors are represented by Jeffrey S. Ainsworth, Esq. at
BRANSONLAW, PLLC.


GLOBAL BUSINESS: Fitch Alters Outlook on 'BB' LongTerm IDR to Pos.
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Global Business Travel Group, Inc. and GBT US III LLC
(collectively, GBTG or Amex GBT) at 'BB', and GBT US III LLC's
senior secured debt ratings at 'BBB-' with a Recovery Rating of
'RR1'. The Rating Outlook has been revised to Positive from
Stable.

The Outlook revision reflects Fitch's expectation that GBTG's
EBITDA leverage will fall below its positive sensitivity during the
next 24 months, driven by improved operational efficiencies. Fitch
anticipates muted total transaction value (TTV) growth in the near
term as macroeconomic challenges pressure corporate travel budgets.
However, this is mitigated by GBTG's exposure to industry verticals
that are more insulated from tariff uncertainties.

The rating affirmation reflects GBTG's strong industry position,
ability to grow through technology investment and accretive
acquisitions, prudent balance sheet management, and the cyclical,
highly competitive travel management industry.

Key Rating Drivers

Margin Expansion Drives Deleveraging: Fitch anticipates GBTG's
gross EBITDA leverage will fall below its positive sensitivity
during the next 24 months. Further deleveraging can be driven by
enhanced operational efficiency through booking channel
digitalization, generative AI-enabled automation, and service
personalization. Self-service solutions should continue to drive
operating leverage by enabling more bookings per employee. Fitch
expects GBTG's EBITDA margin to approach 23% by YE 2026, up from
19.5% in 2024 and 16.5% in 2023. Execution risk should be moderate,
considering the company's recent success and continued focus on
technology investment.

Muted Near-Term Growth, Resilient Position: Fitch projects GBTG's
2025 revenue will remain flat YoY as macroeconomic challenges
pressure corporate travel budgets, especially among small and
medium-sized enterprises (SMEs). Nonetheless, 70% of the company's
global multinational (GMN) transactions are derived from its top
five GMN industry verticals, which are less exposed to tariff
uncertainties and have minimal exposure to the U.S. government.
These sectors, including IT, business and professional services,
and pharmaceutical and healthcare, involve high-impact travel that
is likely resilient to macroeconomic pressures.

Over the medium term, Fitch expects GBTG to leverage its
competitive position, supported by its technology and high-touch
capabilities, to gain market share.

Strong Industry Position: Amex GBT is a leading
business-to-business (B2B) software and travel management company
(TMC), with travel professionals in more than 140 countries. The
company's marketplace capitalizes on network effects stemming from
its extensive base of content suppliers and corporate clients, and
proprietary end-to-end platforms that offer integrated solutions.
The company had a 97% client retention rate in 2024. Most long-term
contracts range from three to five years, while contracts with its
top 10 GMN clients average 15 years.

Strategic M&A: Fitch expects GBTG will continue to explore M&A
opportunities accretive to its existing operations, increasing its
breadth of offerings to gain market share in the fragmented travel
management industry. The potential CWT acquisition could further
expand its client base across different geographies and industries,
while also driving cost synergies. This transaction received
approval from the UK Competition and Markets Authority but is
currently facing legal challenges from the U.S. Department of
Justice, with trial scheduled to begin on Sept. 8, 2025. If these
challenges are resolved, the transaction is expected to close by
the end of 2025.

Prudent Balance Sheet Management: GBTG's growth strategy and share
buyback initiatives are supported by its improved financial
flexibility and balanced with a conservative financial policy,
targeting a net leverage ratio in the 1.5x-2.5x range. Fitch
expects the company to maintain solid liquidity and mid-to-high
single-digit discretionary FCF margin, with additional runway from
the extended term loan maturity.

Platform Diversification: GBTG derived 74% of its 2024 revenue from
the U.S. and the U.K., with 80% of total revenue coming from travel
and the rest from products and professional services. The
concentration in transaction-based revenue is somewhat offset by
its diversified client and supplier base, as no single client
represents more than 2% of its revenue. The company's client
portfolio spans various industry verticals and is evenly divided
between GMNs and SMEs, with further diversification through
potential M&As.

Cyclical and Competitive Industry: Corporate travel is cyclical and
subject to event risks such as terrorism and pandemics. Low-impact
events and internal meetings are increasingly substituted by
teleconferencing technologies as businesses seek to justify returns
on investment (ROI). Nonetheless, hybrid or remote work models are
fueling travel related to team building, as companies aim to
strengthen connectivity among colleagues. Unmanaged travel, which
constitutes 70% of global SMEs, presents a substantial growth
opportunity for Amex GBT to offer solutions in cost management,
disruption management, and ROI tracking.

Peer Analysis

GBTG is rated three notches below its Fitch-rated peer, Expedia
(BBB/Stable). Expedia focuses on the leisure travel segment, which
tends to be more discretionary and cyclical compared to corporate
travel. Expedia operates at a significantly larger scale than GBTG,
which is a leader in a more fragmented market.

Historically, GBTG has experienced lower margins relative to
Expedia due to the high-touch nature of corporate travel
management. However, GBTG has achieved substantial margin
improvements through technological transformation. Additionally,
Expedia adheres to a gross leverage policy of 2.0x, whereas GBTG
maintains a net leverage policy ranging from 1.5x to 2.5x.

Key Assumptions

- Total revenue is flat YoY in 2025 due to decline in organic
growth of total transaction value (TTV), which is offset by
moderate market share gains. This is followed by low-single-digit
growth in 2026-2028, driven by improvements in corporate travel
budget and accelerated market share gains in the SME segment;

- EBITDA margin improves to 21% as of YE 2025 and further increases
to 24% by YE 2028, driven by operational efficiency and operating
leverage;

- Capex is maintained at 5% of total revenue over the rating
horizon as a result of technology investment that drives
productivity and operational efficiency;

- $150 million of annual common share repurchases;

- Annual amortization of 1% under its term loan B. Fitch assumes no
voluntary debt paydown;

- Base interest rate assumptions reflect current SOFR forward
curve, offset by interest rate swaps.

Recovery Analysis

Fitch applies the generic approach for issuers in the 'BB' rating
category and equalizes the IDR and unsecured debt instrument
ratings when average recovery prospects are present, as per the
Corporates Recovery Ratings and Instrument Ratings Criteria, as
issuers rated 'BB-' and above are too far from default for a
credible default scenario analysis to be generated, and would
likely generate recovery ratings (RR) that are too high across all
instruments.

Where an RR is assigned, the generic approach reflects the relative
instrument rankings and their recoveries, as well as the higher
enterprise valuation of 'BB' ratings in a generic sense for the
most senior instruments.

Considering the IDR of 'BB', the Category 1 first lien senior
secured debt is notched up two levels to 'BBB-'/'RR1'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- An expectation of deterioration of business environment in the
corporate travel industry;

- EBITDA leverage sustaining above 3.5x;

- Prolonged deviation from stated financial policy through
excessive debt-funded acquisitions or shareholder-friendly
actions.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Evidence of continued ability to gain new clients and increase
penetration into the SME segment;

- EBITDA leverage sustained below 3.0x;

- An expectation of an overall stable corporate travel environment
over the rating horizon;

- Successful acquisition and integration of CWT, demonstrated by
realized cost synergies and increased transaction volume;

- Margin sustained in the high teens or above.

Liquidity and Debt Structure

GBTG had $552 million of cash and cash equivalents and $360 million
of revolver availability as of March 31, 2025. Fitch expects the
company's discretionary FCF margin will improve to the high-single
digits by YE 2026, driven by margin expansion through improved
operational efficiency and reduced interest payments following the
repricing of term loan B. GBTG extended the maturity of its term
loan to 2031, significantly enhancing its financial flexibility to
support future organic and inorganic growth initiatives, as well as
share repurchase programs.

Issuer Profile

American Express Global Business Travel (Amex GBT) is a B2B travel
platform, providing software and services to manage travel,
expenses, meetings and events for companies of all sizes.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
Global Business
Travel Group, Inc.   LT IDR BB   Affirmed            BB

GBT US III LLC       LT IDR BB   Affirmed            BB

   senior secured    LT     BBB- Affirmed   RR1      BBB-


GOLDEN GLOBE: Seeks to Hire Vincent M. Lentini as Legal Counsel
---------------------------------------------------------------
Golden Globe Diner Ltd. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Vincent
Lentini, Esq., an attorney practicing in Manhasset, New York, to
handle its Chapter 11 case.

The attorney will be billed at his hourly rate of $650.

Mr. Lentini disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The attorney can be reached at:
   
     Vincent M. Lentini, Esq.
     1129 Northern Blvd., Ste. 404
     Manhasset, NY 11030
     Telephone: (516) 228-3214
     
                     About Golden Globe Diner

Golden Globe Diner Ltd. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
23-44595) on December 12, 2023, with up to $50,000 in assets and
$500,001 to $1 million in liabilities.

Judge Elizabeth S. Stong oversees the case.

Vincent Lentini, Esq., represents the Debtor as counsel.


GOOD LIFE: Gets Interim OK to Use Cash Collateral Until July 18
---------------------------------------------------------------
Good Life, Inc. got the green light from the U.S. Bankruptcy Court
for the District of Oregon to use cash collateral.

The court's order authorized the Debtor's interim use of up to
$85,254.21 in cash collateral from June 11 to July 18 in accordance
with its budget.

The Debtor projects total operational expenses of $85,254.21 for
the period from June 9 to July 18.

Four creditors hold security interests in the Debtor's assets:
Ouiby, Inc., Channel Partners Capital, LLC, WebBank doing business
as Shopify, and Cascade Prosper, LLC. No other creditors have
asserted claims over the Debtor's personal property.

As adequate protection, these creditors will be granted replacement
liens on all property of the Debtor similar to their pre-bankruptcy
collateral, except Chapter 5 avoidance or recovery actions. These
replacement liens will have the same relative priorities as the
liens held by the creditors as of the petition date.

Absent further order of the court, the Debtor's authority to use
cash collateral terminates on July 19 or upon dismissal or
conversion of the Debtor's Chapter 11 case to one under Chapter 7;
termination, lapse, expiration or reduction of insurance coverage
on the creditors' collateral; trustee appointment; or the violation
of the terms of the interim order.

The Debtor operates out of Jacksonville, Oregon, and holds assets
including approximately $11,867 in cash and $25,670 in accounts
receivable, totaling $37,537 in cash collateral as defined under 11
U.S.C. section 363(a). Several creditors assert liens on this cash
collateral. Ouiby, doing business as Kickfurther, claims a purchase
money security interest through a UCC-1 filing dated December 18,
2023, based on a consignment agreement. Channel Partners Capital
filed a blanket security interest on February 21, 2024, and is owed
approximately $40,000. WebBank holds a second blanket lien from an
April 15, 2024, UCC-1 and is owed approximately $128,000. Cascade
Prosper filed a UCC-1 on March 18, asserting a consignment interest
in specific inventory, which the Debtor asserts has already been
sold.

                       About Good Life Inc.

Good Life, Inc. develops and sells ultrasonic bark control and pest
repellent products. The company operates through its primary
e-commerce site -- ultimatebarkcontrol.com -- and is based in
Medford, Oregon. Its offerings include devices such as the Dog
Silencer MAX, BarkWise, and Pest Repeller Ultimate.

Good Life sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Ore. Case No. 25-61636) on June 11, 2025, listing
up to $500,000 in assets and up to $10 million in liabilities.
Kathy Alexander, secretary, signed the petition.

Judge Thomas M. Renn oversees the case.

Keith Y. Boyd, Esq., at Keith Y Boyd, PC, represents the Debtor as
legal counsel.


GOOD WORKS: Taps Regional Bankruptcy Center of as Legal Counsel
---------------------------------------------------------------
Good Works Housing, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to employ Regional
Bankruptcy Center of Southeastern PA, PC to handle its Chapter 11
case.

Roger Ashodian, Esq., the primary attorney in this representation,
will be paid at his hourly rate of $300.

The firm received an initial retainer of $5,000 from the Debtor.

Mr. Ashodian disclosed in court filings that the firms are
"disinterested persons" as the term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Roger V. Ashodian, Esq.
     Regional Bankruptcy Center of Southeastern PA, PC
     101 West Chester Pike, Suite 1A
     Havertown, PA 19083
     Telephone: (610) 446-6800
     
                      About Good Works Housing

Good Works Housing LLC filed its voluntary Chapter 11 petition
(Bankr. E.D. Pa. Case No. 25-12224) on June 2, 2025, listing up to
$1 million in both assets and liabilities.

Judge Derek J. Baker oversees the case.

Roger V. Ashodian, Esq., at Regional Bankruptcy Center of
Southeastern PA, PC serves as the Debtor's counsel.


GPD COS: S&P Cuts ICR to 'SD' on Completion of Distressed Exchange
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on global
plastics distributor and service provider GPD Cos. Parent Inc. to
'SD' (selective default) from 'CC' and its issue-level rating on
the 10.125% senior secured notes to 'D' from 'CC', then
subsequently withdrew the debt rating.

The downgrade follows GPD's announcement of a transaction-support
agreement with over 99% of the holders of its 10.125% senior
secured notes. The company exchanged the outstanding principal with
eligible noteholders for a combination of new 12.5% senior secured
notes due in December 2029, upfront cash (which includes expected
$175 million of gross debt reduction), and a transaction fee.
Although the exchange is at par and there's an extension in
maturity of the new 12.5% notes, we believe the transaction offers
noteholders less value than originally promised on the securities
and thus view it as a selective default. Specifically, S&P does not
believe the upfront cash payment, transaction fee, and higher
offered coupon is adequate offsetting compensation for the
3.75-year maturity extension given the company's liquidity profile,
high yield on the notes, and elevated leverage of about 10x.

The higher coupon of 12.5% contains 10.125% cash interest and
2.375% payment-in-kind interest components. S&P said, "We note the
new notes to be issued to consenting noteholders will be backed by
collateral that will rank pari passu to the existing 10.125% senior
secured notes due in 2026. Additionally, we believe GPD's leverage
will remain high as the business environment remains challenging."
Combined with a higher interest burden, it would sustain pressure
on GPD's free cash flow deficit and liquidity.

S&P said, "We expect to review the issuer credit rating on GPD over
the next week following the exchange. We will review and likely
raise the rating on GPD based on its new capital structure, our
expectations for the company, and the broader macroeconomic
environment. We view as a credit positive the equity infusion from
One Rock Capital and the absolute debt reduction associated with
the exchange of the senior secured notes. We also note the
company's improved liquidity profile and extended debt maturities.
However, we will also factor in GPD's high leverage and the current
macroeconomic uncertainty which may continue to affect the
company's end markets."



GREENE FAMILY: Seeks to Tap Parker & DuFresne as Bankruptcy Counsel
-------------------------------------------------------------------
Greene Family Enterprises, LLC, doing business as Rita's Italian
Ice, seeks approval from the U.S. Bankruptcy Court for the Middle
District of Florida to employ Parker & DuFresne, PA as counsel.

The firm will render these services:

     (a) advise the Debtor of its powers and duties;

     (b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the Local Rules of this court;

     (c) prepare legal documents;

     (d) protect the interest of the Debtor in all matters pending
before the court; and

     (e) represent the Debtor in negotiations with its creditors
and in the preparation of its disclosure statement and plan of
reorganization.

Parker & DuFresne received $12,000 from the Debtor as retainer.

The firm will apply for compensation and reimbursement of costs.

Donald DuFresne, Esq., an attorney at Parker & DuFresne, disclosed
in a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Donald M. DuFresne, Esq.
     Parker & DuFresne, PA
     8777 San Jose Blvd., Suite 301
     Jacksonville, FL 32217
     Telephone: (904) 733-7766
     Email: dufresne@jaxlawcenter.com

                    About Greene Family Enterprises

Greene Family Enterprises, LLC, doing business as Rita's Italian
Ice, filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-01910)
on June 9, 2025, listing up to $500,000 in estimated assets and up
to $1 million in estimated liabilities.

Judge Jacob A. Brown oversees the case.

Donald M. DuFresne, Esq., at Parker & DuFresne, PA represents the
Debtor as counsel.


HADLOCK ENTERPRISES: Seeks Chapter 11 Bankruptcy in Washington
--------------------------------------------------------------
On June 16, 2025, Hadlock Enterprises LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Western District of
Washington. According to court filing, the
Debtor reports $2,170,473 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.

           About Hadlock Enterprises LLC

Hadlock Enterprises LLC, doing business as Autoglass Clinic and
Mobile Radio, provides auto glass repair and replacement, car audio
installation, and window tinting services. The Company serves
individual and commercial clients across automotive, residential,
and marine sectors. Its offerings include RV and boat glass
services as well as home and commercial glass solutions.

Hadlock Enterprises LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11654) on June 16,
2025. In its petition, the Debtor reports total assets of $275,750
and total liabilities of $2,170,473.

The Debtors are represented by Steven M. Palmer, Esq. at CAIRNCROSS
& HEMPELMANN, P.S.


HAKIM OPTICAL: Gets CCAA Initial Stay Order, KSV as Monitor
-----------------------------------------------------------
Hakim Optical and Labs, respectively, commenced restructuring
proceedings by each filing a Notice of Intention to Make a Proposal
("NOI") pursuant to the Bankruptcy and Insolvency Act.  KSV
Restructuring Inc. ("KSV") was appointed Proposal Trustee under
each NOI.

According to Court Documents, the Company is insolvent, faces a
liquidity crisis, and requires immediate interim financing and the
protections afforded by the Companies' Creditors Arrangement Act,
as amended, in order to maintain the status quo and obtain the
breathing room required to develop and implement its restructuring
strategy.

On May 15, 2025, the Ontario Superior Court of Justice (Commercial
List) ("Court") made an order ("Initial Order"), among other
things, authorizing the NOI proceedings to be continuedunder the
Companies' Creditors Arrangement Act ("CCAA"), declaring that the
CCAA applies to the Companies, and appointing KSV as monitor
("Monitor").  Pursuant to the Initial Order, a stay of proceedings
was granted until June 30, 2025, which may be extended by the Court
from time to time.  Copies of the Initial Order and other documents
related to the Companies' restructuring proceedings are available
on the Monitor's website at:
https://www.ksvadvisory.com/experience/case/hakim.

The principal purpose of the NOI proceedings was to stabilize the
business and provide the Companies with the breathing room required
to secure interim financing and advance the negotiation of a
stalking horse bid in the form of an asset purchase agreement
("Stalking Horse APA") with their senior secured lender.  If
completed, the Stalking Horse APA will enable the Companies to
emerge from the CCAA proceedings as a going concern.

The principal purpose of the CCAA proceedings is to provide the
Companies with the continued stability to maintain ordinary course
operations while conducting a Court-supervised sale and investment
solicitation process ("SISP") for the Companies' business and
assets, the approval of which is intended to be sought as soon as
the Stalking Horse APA is finalized. The Stalking Horse APA is
intended to act as a "stalking horse bid" in the SISP, providing a
higher degree of certainty of a going-concern transaction being
completed.  The Companies are of the view that the CCAA proceedings
will provide greater stability and flexibility to carry out the
SISP.

The Monitor:

   KSV Restructuring Inc.
   220 Bay Street, 13th Floor
   Toronto, ON M5J 2W4

   Mitch Vininsky
   Tel: 416-932-6013
   Email: mvininsky@ksvadvisory.com

   Jordan Wong
   Tel: 416-932-6025
   Email: jwong@ksvadvisory.com

   Nathalie El-Zakhem
   Tel: 416-932-6009
   Email: nelzakhem@ksvadvisory.com

Counsel for the Company:

   Bennett Jones LLP
   100 King Street West
   1 First Canadian Place, Suite 3400
   Toronto, ON M5X 1A4

   Sean Zweig
   Tel: 416-777-6254
   Email: zweigs@bennettjones.com

   Jesse Mighton
   Tel: 416-777-623
   Email: mightonj@bennettjones.com

   Jamie Ernst
   Tel: 416-777-7867
   Email: ernstj@bennettjones.com

   Linda Fraser-Richardson
   Tel: 416-777-7869
   Email: fraserrichardsonl@bennettjones.com

Counsel for the Monitor:

   Chaitons LLP
   5000 Yonge Street, 10th Floor
   Toronto, ON M2N 7E9

   George Benchetrit
   Tel: 416-218-1141
   Email: george@chaitons.com

Hakim Optical and Labs -- https://hakimoptical.ca/ -- owns optical
chain in Canada.


HEADWAY WORKFORCE: Committee Hires Waldrep Wall as Counsel
----------------------------------------------------------
The official committee of unsecured creditors of Headway Workforce
Solutions, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to
employ Waldrep Wall Babcock & Bailey PLLC as counsel.

The firm's services include:

   (a) serving as counsel for the Committee in these Chapter 11
cases;

   (b) providing the Committee with legal advice concerning its
duties, powers, and rights in relation to the Debtors and the
administration of the Debtors' bankruptcy case;

   (c) assisting the Committee in the investigation of the acts,
conduct, assets, and liabilities of the Debtors, and any other
matters relevant to the cases or to the formulation of plans of
reorganization;

   (d) assisting the Committee and the Debtors in the formulation
of a plan of reorganization, or if appropriate, to formulate the
Committee's own plan of reorganization;

   (e) taking such action as is necessary to preserve and protect
the rights of all of the Debtors' unsecured creditors;

   (f) investigating potential causes of action against third
parties for the benefit of the Debtors' bankruptcy estate;

   (g) preparing, on behalf of the Committee, all necessary
applications, pleadings, adversary proceedings, answers, reports,
orders, responses, and other legal documents;

   (h) conducting appropriate discovery and investigations into the
Debtors' operations, valuation of assets, lending relationships,
management, affiliates, and causes of action; and

   (i) performing all other legal services that may be necessary
and in the best interests of the unsecured creditors of the
Debtors' bankruptcy estates.

The firm will be paid at these rates:

     Thomas W. Waldrep, Jr. (Partner)     $560 per hour
     Kevin L. Sink (Partner)              $560 per hour
     Kelly A. Cameron (Partner)           $520 per hour
     Ciara L. Rogers (Partner)            $430 per hour
     Jennifer B. Lyday (Partner)          $430 per hour
     Zachary Malnik (Counsel)             $375 per hour
     Marybeth Ford (Paralegal)            $220 per hour

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Ciara L. Rogers, Esq., a partner at Waldrep Wall Babcock & Bailey
PLLC, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Ciara L. Rogers, Esq.
     Waldrep Wall Babcock & Bailey PLLC
     3600 Glenwood Avenue, Suite 210
     Raleigh, NC 27612
     Tel: (984) 480-2005

              About Headway Workforce Solutions, Inc.

Headway Workforce Solutions, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No.
25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan
Flood, chief executive officer, the Debtor disclosed up to $50
million in both assets and liabilities.

Judge Joseph N. Callaway oversees the case.

Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is
the Debtor's legal counsel.

Noor Staffing Group, LLC, as DIP lender, is represented by:

   Pamela P. Keenan, Esq.
   Kirschbaum, Nanney, Keenan & Griffin, P.A.
   PO Box 19766
   Raleigh, NC 27619-9766
   Telephone: (919) 848-0420
   Facsimile: (919) 848-8755
   Email: pkeenan@kirschlaw.com


HERMS LUMBER: Hires Stamos and Stamos CPA as Accountant
-------------------------------------------------------
Herms Lumber Sales, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Stamos and
Stamos CPA as accountant.

The firm's services include:

   -- assisting with preparation and filing of Debtor's tax
returns; and

   -- performing any and all other services incident and necessary
for the smooth administration of this bankruptcy case.

The firm will be paid at the rates of $250 to $500 per hour.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Stamos disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Chris Stamos
     Stamos and Stamos CPA
     3111 N Tustin St #230
     Orange, CA 92865
     Tel: (714) 998-0311

              About Herms Lumber Sales, Inc.

Herms Lumber Sales, Inc. specializes in the wholesale distribution
of lumber and related construction materials. The Company offers a
variety of products, including dense mixed hardwoods, softwoods,
and plywood/OSB, catering to industries such as pallet
manufacturing and construction.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10403) on February
19, 2025. In the petition signed by Mark C. Herms, president, the
Debtor disclosed up to $10 million in both assets and liabilities.

Judge Theodor Albert oversees the case.

Aaron E. de Leest, Esq., at Marshack Hays Wood, LLP, represents the
Debtor as legal counsel.


HIAWATHA MANOR: Seeks to Hire Holland & Knight as Legal Counsel
---------------------------------------------------------------
Hiawatha Manor Association, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Tennessee to employ
Holland & Knight LLP as legal counsel.

The firm will provide these services:

     (a) advise the Debtor with respect to its powers and duties in
the continued management of its business operations;

     (b) advise and consult the conduct of this Chapter 11 case;

     (c) attend meetings and negotiate with representatives of
creditors and other parties in interest;

     (d) take all necessary actions to protect and preserve the
Debtor's estate;

     (e) prepare pleadings in connection with this Chapter 11
case;

     (f) represent the Debtor in connection with obtaining
authority to continue using cash collateral and obtaining
postpetition financing;

     (g) advise the Debtor in connection with any potential sale of
assets;

     (h) appear before this court and any appellate courts to
represent the interests of the Debtor's estate;

     (i) advise the Debtor regarding tax matters;

     (j) take any necessary action on behalf of the Debtor to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a Chapter 11 plan and all documents related to
the foregoing; and

     (k) perform all other necessary legal services for the Debtor,
in connection with the prosecution of this Chapter 11 case.

The firm's counsel and staff will be paid at these hourly rates:

     Blake Roth, Partner          $900
     C. Scott Kunde, Associate    $655
     Brooke Freeman, Paralegal    $410
     Christ Cronk, Paralegal      $455

In addition, the firm will seek reimbursement for expenses
incurred.

Mr. Roth disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Blake D. Roth, Esq.
     Holland & Knight LLP
     511 Union Street, Suite 270
     Nashville, TN 37219
     Telephone: (615) 244-6380
     Facsimile: (615) 244-6804
     Email: Blake.Roth@hklaw.com
     
                  About Hiawatha Manor Association

Hiawatha Manor Association, Inc. oversees the management of the
timeshare condominiums known as Hiawatha Manor and Hiawatha Manor
I.

Hiawatha Manor Association sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01916) on May
6, 2025. In its petition, the Debtor reported between $1 million
and $10 million in both assets and liabilities.

Judge Randal S. Mashburn handles the case.

The Debtor is represented by Blake D. Roth, Esq., at Holland &
Knight, LLP.


HOSPITALITY AT YORK: Trustee Hires Ream Carr Markey as Counsel
--------------------------------------------------------------
Steven Carr, the trustee appointed in the Chapter 11 case of
Hospitality at York, seeks approval from the U.S. Bankruptcy Court
for the Middle District of Pennsylvania to employ Ream Carr Markey
Woloshin & Hunter, LLP to represent him in this case.

The hourly rates of the firm's professionals are:

     Steven Carr, Esq.      $400
     Paralegal              $130

Mr. Carr disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Steven M. Carr, Esq.  
     Ream Carr Markey Woloshin & Hunter LLP
     119 East Market Street
     York, PA 17401
     Telephone: (717) 843-8968

                       About Hospitality at York

Hospitality at York, LLC operates the Holiday Inn Express, a hotel
located at 18 Cinema Drive, York, Pa.

Hospitality at York sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00938) on April 7,
2025. In its petition, the Debtor reported total assets of
$7,569,000 and total liabilities of $6,744,840.

Judge Henry W. Van Eck handles the case.

The Debtor is represented by Lawrence V. Young, Esq. at CGA Law
Firm.

Steven M. Carr is appointed as trustee in this Chapter 11 case. The
trustee tapped Ream Carr Markey Woloshin & Hunter, LLP as counsel.


HOSPITALITY AT YORK: Trustee Hires TRUE Commercial as Estate Agent
------------------------------------------------------------------
Steven M. Carr, the Trustee appointed in the Chapter 11 case of
Hospitality at York, seeks approval from the U.S. Bankruptcy Court
for the Middle District of Pennsylvania to employ TRUE Commercial
Real Estate as real estate agent.

The trustee needs an agent to sell the Debtor's property located at
18 Cinema Drive, York, York County, Pennsylvania.

The firm will receive a commission of 4 percent of the property's
sale price.

Gordon Kauffman and Blaze Cambruzzi, real estate agents at TRUE
Commercial Real Estate, disclosed in a court filing that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Gordon Kauffman
     Blaze Cambruzzi
     TRUE Commercial Real Estate
     1018 North Christian Street, Suite 206
     Lancaster, PA 17602
    
                     About Hospitality at York

Hospitality at York, LLC operates the Holiday Inn Express, a hotel
located at 18 Cinema Drive, York, Pa.

Hospitality at York sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00938) on April 7,
2025. In its petition, the Debtor reported total assets of
$7,569,000 and total liabilities of $6,744,840.

Judge Henry W. Van Eck handles the case.

The Debtor is represented by Lawrence V. Young, Esq. at CGA Law
Firm.

Steven M. Carr is appointed as trustee in this Chapter 11 case. The
trustee tapped Ream Carr Markey Woloshin & Hunter, LLP as counsel.


IDEAL PROPERTY: Beverly Property Sale to Johnson Properties Ok'd
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Washington
has approved Ideal Property Investments LLC to sell Property, free
and clear of liens, claims, and encumbrances.

The Debtor's Property is located at 11410 Beverly Park Road,
Everett, Washington.

The Debtor wants to sell the Property to  Johnson Properties 1, LLC
for a purchase price of $6,700,000.00.

First Federal Bank holds Deeds of Trust and Assignment of Leases
and Rents, and Security Agreement of the Property.

The Court has authorized the Debtor to sell the Property to Johnson
Properties, having determined that the Debtor has marketed the
Property and conducted the sale processes in a non-collusive, fair,
and good faith manner.

The Debtor may sell the Beverly Park Property free and clear of all
interests, liens, claims and encumbrances of any kind or nature.

         About Ideal Property Investments, LLC

Ideal Property Investments, LLC is primarily engaged in renting and
leasing real estate properties. The company is based in Everett,
Wash.

Ideal Property Investments filed Chapter 11 petition (Bankr. E.D.
Wash. Case No. 24-01421) on September 5, 2024, with $50 million to
$100 million in assets and $100 million to $500 million in
liabilities.

Judge Frederick P. Corbit oversees the case.

Laurie Thornton, Esq., at DBS Law is the Debtor's bankruptcy
counsel.


IH 35 TRUCKING: Seeks to Hire Carl M. Barto as Bankruptcy Counsel
-----------------------------------------------------------------
IH 35 Trucking, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Law Office of Carl M.
Barto as counsel.

The firm will provide these services:

     (a) analyze the financial situation, and render advice and
assistance to the Debtor;

     (b) advise the Debtor with respect to its duties;

     (c) prepare and file all appropriate legal papers;

     (d) represent the Debtor at the first meeting of creditors and
such other services as may be required during the course of the
bankruptcy proceedings;

     (e) represent the Debtor in all proceedings before the court
and in any other judicial or administrative proceeding where its
rights may be litigated or otherwise affected;

     (f) prepare and file a Disclosure Statement (if required) and
Chapter 11 Plan of Reorganization; and

     (g) assist the Debtor in any matters relating to or arising
out of the captioned case.

The firm will be paid at these hourly rates:

     Carl Barto, Esq.           $400
     Maria Lilia Barto, Esq.    $400
     Paralegals                  $90

In addition, the firm will seek reimbursement for expenses
incurred.

Prior to the petition date, the firm received a retainer of $20,000
from the Debtor.

Mr. Barto disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Carl M. Barto, Esq.
     Law Offices of Carl M. Barto
     817 Guadalupe
     Laredo, TX 78040
     Telephone: (956) 725-7500
     Facsimile: (956) 722-7639
     Email: cmblaw@netscorp.net  
    
                      About IH 35 Trucking LLC

IH 35 Trucking LLC is a family-owned logistics provider based in
Laredo, Texas, offering temperature-controlled and flatbed freight
services across North America. The Company specializes in full
truckload, intermodal, and cross-border transportation, with
operations extending into Mexico and Canada. Leveraging satellite
tracking, Qualcomm communications, and route optimization systems,
it delivers tailored long-haul and short-haul logistics solutions
for temperature-sensitive goods.

IH 35 Trucking LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-50057) on
June 6, 2025. In its petition, the Debtor reports estimated assets
and liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Jeffrey P. Norman handles the case.

The Debtor is represented by the Law Offices of Carl M. Barto.


IMMERSIVE ART: Seeks to Hire Husch Blackwell as Bankruptcy Counsel
------------------------------------------------------------------
Immersive Art Space LP seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Husch Blackwell LLP as
bankruptcy co-counsel.

The firm will render these services:

     (a) advise the Debtor with respect to its rights and
obligations and regarding other matters of bankruptcy law;
    
     (b) advise and consult the administration of the bankruptcy
case;

     (c) attend meetings and negotiate with representatives of
creditors and other parties in interest in the bankruptcy case;

     (d) take all necessary action to maximize, protect and
preserve the Debtor's estate;

     (e) prepare on behalf of the Debtor, necessary legal papers in
connection with the administration of its estate;

     (f) represent the Debtor at the meeting of creditors, plan
disclosure, confirmation and related hearings, and any other
necessary or required hearings on requests for relief, contested or
otherwise, or administrative matters;

     (g) advise the Debtor in connection with any potential sale of
assets;

     (h) advise the Debtor regarding tax matters involving it;

     (i) advise the Debtor in connection with any disputes or
litigation that may arise in connection with the bankruptcy case;

     (j) perform all other necessary legal services for the Debtor
in connection with the prosecution of the bankruptcy case;

     (k) take all necessary or appropriate actions in connection
with any plan of liquidation and related disclosure statement and
all related documents, and such further actions as may be required
in connection with the administration of the Debtor's estate;

     (l) represent the Debtor in adversary proceedings and other
contested bankruptcy matters; and

     (m) represent the Debtor in the above matters, and any other
matter that may arise in connection with the bankruptcy case and
its business operations.

The firm will be paid at these rates:
   
     Michael Brandess, Partner         $825
     Tara LeDay, Partner               $750   
     Tom Zavala, Associate             $625
     Morgan Hutchinson, Associate      $450
     Jakob Seidler, Associate          $400
     Penny Keller, Senior Paralegal    $375
  
In addition, the firm will seek reimbursement for expenses
incurred.

The firm received four payments totaling $115,000 as retainers from
the Debtor.

Mr. Brandess disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Michael A. Brandess, Esq.
     120 South Riverside Plaza, Suite 2200
     Chicago, IL 60606
     Telephone: (312) 526-1542
     Facsimile: (312) 655-1501
     Email: michael.brandess@huschblackwell.com
    
                     About Immersive Art Space LP

Immersive Art Space, LP operates Lighthouse ArtSpace Chicago, a
venue specializing in immersive digital art exhibitions. Located in
the historic Germania Club Building in Chicago, the space hosts
large-scale experiences such as Immersive Van Gogh, combining
visual projections with music and narrative. The venue also offers
facilities for private events and spans approximately 22,000 square
feet.

Immersive Art Space sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10977) on June 2, 2025.
In its petition, the Debtor reported between $1 million and $10
million in both assets and liabilities.

Judge Laurie Selber Silverstein handles the case.

The Debtor tapped Clark Hill, PLC and Husch Blackwell LLP as
counsel.


IMMERSIVE ART: Seeks to Tap Clark Hill as Bankruptcy Co-Counsel
---------------------------------------------------------------
Immersive Art Space LP seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Clark Hill PLC as
bankruptcy co-counsel.

The firm will render these services:

     (a) prepare the bankruptcy schedules, statement of financial
affairs, and other ordinary and customary documents relating to a
Chapter 11 case;

     (b) prepare, on behalf of the Debtor, all necessary legal
papers;

     (c) appear in court and protect the interests of the Debtor
before the court; and

     (d) perform all other necessary or desirable legal services in
connection with this Chapter 11 case.

The firm will be paid at these hourly rates:
   
     Karen Grivner, Attorney      $750
     Kevin Morse, Attorney        $720
     Travis Eliason, Attorney     $670
     Jonathan Lippner, Attorney   $440
     Kelly Webster, Paralegal     $385

In addition, the firm will seek reimbursement for expenses
incurred.

The firm requested a retainer of $115,000 from the Debtor.

Mr. Morse disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Kevin H. Morse, Esq.
     Clark Hill PLC
     130 E. Randolph Street, Suite 3900
     Chicago, IL 60601
     Telephone: (312) 985-5556
     Facsimile: (312) 985-5920
     Email: kmorse@clarkhill.com
    
                     About Immersive Art Space LP

Immersive Art Space, LP operates Lighthouse ArtSpace Chicago, a
venue specializing in immersive digital art exhibitions. Located in
the historic Germania Club Building in Chicago, the space hosts
large-scale experiences such as Immersive Van Gogh, combining
visual projections with music and narrative. The venue also offers
facilities for private events and spans approximately 22,000 square
feet.

Immersive Art Space sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10977) on June 2, 2025.
In its petition, the Debtor reported between $1 million and $10
million in both assets and liabilities.

Judge Laurie Selber Silverstein handles the case.

The Debtor tapped Clark Hill, PLC and Husch Blackwell LLP as
counsel.


IRON WORKS: Taps Gilezan Global Team as Real Estate Broker
----------------------------------------------------------
Iron Works Enterprises, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Kentucky to employ
Gilezan Global Team as real estate brokers.

The firm will render these services:
  
     (a) market and advertise the Debtor's real property;

     (b) accept delivery of and present to the Debtor all offers
and counter offers to sell or lease the property;

     (c) assist the Debtor in developing, communicating,
negotiating, and presenting offers and counter-offers until an
appropriate agreement is fully executed and any contingencies are
satisfied or waived; and

     (d) answer the Debtor's questions related to the offers,
counter-offers, notices, and contingencies.

The firm will receive a commission of 10 percent of the gross sale
price of the property.

Stephanie Gilezan, chief executive officer at Gilezan Global Team,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Stephanie Gilezan
     Gilezan Global Team
     5964 Timber Ridge Dr., Suite #201
     Prospect, KY 40059
     Telephone: (502) 817-6484
    
                    About Iron Works Enterprises

Iron Works Enterprises Incorporated, also known as Iron Works Inc.,
is a manufacturing company located in Bardstown, Ky., specializing
in transforming raw materials into industrial metal components and
structures, offering tailored solutions to meet the unique needs of
various industries and projects.

Iron Works Enterprises sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-30563) on March
12, 2025, listing between $500,001 and $1 million in assets and
between $1 million and $10 million in liabilities. Charles Todd
Durbin, president, signed the petition.

Judge Charles R. Merrill oversees the case.

Joseph H. Haddad, Esq., at Seiller Waterman, LLC represents the
Debtor as counsel.


JERK PIT: Gets Interim OK to Use Cash Collateral
------------------------------------------------
The Jerk Pit, LLC got the green light from the U.S. Bankruptcy
Court for the District of Columbia to use cash collateral to fund
its operations.

The court's order authorized the Debtor's interim use of cash
collateral of its secured lenders, including the U.S. Small
Business Administration, Washington Area Community Investment Fund,
Celtic Bank and WebBank; and merchant cash advance lenders.

The lenders' cash collateral includes bank accounts and cash, much
of which consists of the proceeds of receivables from various
transaction processors. These receivables arise in the ordinary
course of business from in-store and online transactions, and have
been pledged or sold, at least in part, to the lenders.

As adequate protection for the Debtors' use of cash collateral, the
lenders will be granted a valid, perfected security interest in all
receipts and receivables that arise from the Debtor's business on
or after the petition date and any traceable proceeds of
post-petition receivables.

As further protection, the lenders will be granted an allowable
administrative
claim against the Debtor, with priority over all other
administrative claims.

Meanwhile, the Debtor was ordered to make a monthly payment of
$1,562.50 to SBA.

To the extent that any person has a valid, perfected pre-bankruptcy
security interest or other property interest in the lenders'
collateral, the "adequate protection" liens will be junior in
priority to such interest.

The Debtor's authorization to use cash collateral terminates upon
entry of a final cash collateral order or the conversion of the
Debtor's Chapter 11 case to one under Chapter 7.

As of the petition date, Jerk Pit and Lime Cay Inc. (which operates
the Adams Morgan location of the "Jerk Pit" business) were entitled
to approximately $130,000 of receivables, of which $70,000 was used
for certain payments. Aside from those payments, the Debtor's
stand-alone cash flows are expected to remain positive or neutral
through its Chapter 11 case, generating revenue of $62,000 to
$72,000 per week and a constant stream of cash and receivables.
Other collateral such as food and equipment will likewise be
replenished in the ordinary course of the Debtor's operations.

                         About The Jerk Pit

The Jerk Pit, LLC is a Caribbean restaurant business operating in
College Park, Maryland.

The Jerk Pit sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00201) on May 28,
2025. In its petition, the Debtor reported between $1 million and
$10 million in assets and liabilities.

Judge Elizabeth L. Gunn handles the case.

The Debtor is represented by John Gordon Colan, Jr, Esq., at
Sinoberg Raft.


KMART CORP: Court Tosses AIG Assurance Case Without Prejudice
-------------------------------------------------------------
Judge Kenly Kiya Kato of the United States District Court for the
Central District of California dismissed without prejudice the case
captioned as Kmart Corporation v. AIG Assurance Company et al.,
Case No. 15-cv-01520-KK-DTB (C.D. Cal.) under Federal Rule of Civil
Procedure 41(b) for failure to prosecute and comply with Court
orders.

On July 29, 2015, plaintiff Kmart Corporation filed a Complaint
against defendants AIG Assurance Company, Inocencio Ibarra,
National Union Fire Insurance Company of Pittsburgh, P.A., raising
claims for breach of contract and declaratory relief for allegedly
failing to indemnify Plaintiff in another lawsuit as required by
Plaintiff's insurance coverage.

On Oct. 25, 2018, the Court stayed the matter pending Plaintiff's
bankruptcy proceedings.

On Jan. 9, 2020, Plaintiff filed a status report stating the
Chapter 11 Plan was approved, but no effective date was issued, and
thus, the stay should remain in effect. On Jan. 4, 2021, Plaintiff
filed another status report stating no changes had occurred since
the last update.

Plaintiff did not file another status report until Dec. 14, 2022,
where Plaintiff stated the Bankruptcy Court issued an injunction
enjoining all holders of pre-petition claims, like those in the
instant action, from enforcing their pre-petition claims outside of
the bankruptcy process. Accordingly, Plaintiff requested the stay
remain in place.

Plaintiff has not filed another status report. Hence, on May 20,
2025, the Court ordered Plaintiff to file a status report
forthwith. Plaintiff failed to file a status report. On June 5,
2025, the Court once again ordered Plaintiff to file a status
report. The Court warned Plaintiff that failure to file will result
in the matter being dismissed without prejudice. To date, Plaintiff
has failed to file a status report. Additionally, the Court has not
received any communication from Plaintiff since Dec. 14, 2022.

In deciding whether to dismiss for failure to prosecute or comply
with court orders, a district court must consider five factors:

   (1) the public's interest in expeditious resolution of
litigation;
   (2) the court's need to manage its docket;
   (3) the risk of prejudice to the defendants;
   (4) the public policy favoring disposition of cases on their
merits; and
   (5) the availability of less drastic sanctions.

In the instant action, the first two factors -- public interest in
expeditious resolution of litigation and the Court's need to manage
its docket -- weigh in favor of dismissal. Plaintiff has not
responded to the Court's May 20, 2025 and June 5, 2025 Orders. In
fact, Plaintiff has not communicated with the Court since Dec. 14,
2022. This failure to prosecute and follow court orders hinders the
Court's ability to move this case toward disposition and suggests
Plaintiff does not intend to litigate this action diligently.

The Court finds The third factor -- prejudice against defendants --
also weighs in favor of dismissal. A rebuttable presumption of
prejudice to defendants arises when a plaintiff unreasonably delays
prosecution of an action. Nothing suggests such a presumption is
unwarranted in this case.

The fourth factor—public policy in favor of deciding cases on the
merits—ordinarily weighs against dismissal. However, it is
Plaintiff's responsibility to move toward disposition at a
reasonable pace and avoid dilatory and evasive tactics.  Plaintiff
has not discharged this responsibility despite having been: (1)
instructed on its responsibilities; (2) granted sufficient time in
which to discharge them; and (3) warned of the consequences of
failure to do so. Under these circumstances, the policy favoring
resolution of disputes on the merits does not outweigh Plaintiff's
failure to obey court orders or to file responsive documents within
the time granted.

According to the Court, the fifth factor—availability of less
drastic sanctions—also weighs in favor of dismissal. The Court
cannot move the case toward disposition without Plaintiff's
compliance with court orders or participation in this litigation.
Plaintiff has shown it is either unwilling or unable to comply with
court orders by failing to file responsive documents or otherwise
cooperating in prosecuting this action, the Court concludes.

A copy of the Court's Order dated June 16, 2025, is available at
https://urlcurt.com/u?l=xpzFye from PacerMonitor.com.

                    About Kmart Corporation

Kmart -- http://www.kmart.com/-- a wholly owned subsidiary of
Sears Holdings Corporation, is a mass merchandising company.

Retailer Kmart Corporation and 37 of its U.S. subsidiaries filed
voluntary Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No.
02-02474) on Jan. 22, 2002. Kmart emerged from chapter 11
protection on May 6, 2003, pursuant to the terms of an Amended
Joint Plan of Reorganization. John Wm. "Jack" Butler, Jr., Esq., at
Skadden, Arps, Slate, Meagher & Flom, LLP, represented the retailer
in its restructuring efforts. The Company's balance sheet showed
$16,287,000,000 in assets and $10,348,000,000 in debts when it
sought chapter 11 protection. Kmart bought Sears, Roebuck & Co.,
for $11 billion to create the third-largest U.S. retailer, behind
Wal-Mart and Target, and generate $55 billion in annual revenues.
Kmart completed its merger with Sears on March 24, 2005.



KPOWER GLOBAL: Seeks to Hire Craig M. Geno as Bankruptcy Counsel
----------------------------------------------------------------
KPower Global Logistics, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Tennessee to employ
the Law Offices of Craig M. Geno, PLLC as counsel.

The firm will render these services:
  
     (a) advise and consult with the Debtor regarding questions
arising from certain contract negotiations which will occur during
the operation of its business;
  
     (b) evaluate and attack claims of various creditors who may
assert security interests in the assets and who may seek to disturb
the continued operation of the business;

     (c) appear in, prosecute, or defend suits and proceedings, and
take all necessary and proper steps and other matters and things
involved in or connected with the affairs of the estate of the
Debtor;

     (d) represent the Debtor in court hearigs and assist in the
preparation of contracts, reports, accounts, petitions,
applications, orders and other papers and documents as may be
necessary in this proceeding;

     (e) advise and consult with the Debtor in connection with any
reorganization plan which may be proposed in this proceeding and
any matters concerning it which arise out of or follow the
acceptance or consummation of such reorganization or its rejection;
and

     (f) perform such other legal services on behalf of the Debtor
as they become necessary in this proceeding.

The firm will be paid at these rates:

     Craig Geno, Attorney      $500
     Associates                $275
     Paralegals                $250

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a retainer of $51,800 from Debtor.

Mr. Geno disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Craig M. Geno, Esq.
     Law Offices of Craig M. Geno, PLLC
     601 Renaissance Way, Suite A
     Ridegeland, MS 39157
     Telephone: (601) 427-0048
     Facsimile: (601) 427-0050
     Email: cmgeno@cmgenolaw.com
     
                   About KPower Global Logistics

KPower Global Logistics LLC provides third-party logistics services
specializing in customized supply chain solutions across the United
States. The Company offers staffing, warehousing, bulk storage,
consulting, packaging, and special project services for
distribution centers and manufacturing operations.

KPower Global Logistics sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.

Honorable Bankruptcy Judge M. Ruthie Hagan handles the case.

The Debtor is represented by the Law Offices of Craig M. Geno,
PLLC.


KROLL MIDCO: Moody's Alters Outlook on 'B3' CFR to Negative
-----------------------------------------------------------
Moody's Ratings affirmed Kroll Midco Corporation's (Kroll)
corporate family rating at B3, probability of default rating at
B3-PD. Additionally, Moody's affirmed Deerfield Dakota Holding,
LLC's senior secured first-lien bank credit facilities at B2 and
senior secured second-lien term loan at Caa2. The outlook was
revised to negative from stable for both companies. Kroll provides
consulting and business services globally.

"About $150 million of equity funded in late 2023 and early 2024
enabled Kroll to maintain investments in business expansion and
cost management initiatives, and indicate ownership support, but
Moody's expects financial leverage will remain very high, interest
coverage will stay quite weak and liquidity could remain strained
unless earnings grow more rapidly than Moody's anticipates, and
debt is reduced," said Edmond DeForest, Moody's Ratings Senior Vice
President.

The affirmation of the B3 CFR and revision of the outlook to
negative from stable reflect Moody's concerns that revolving credit
and term loan maturity extensions could prove difficult to obtain
without some reduction in financial leverage, or if capital markets
conditions deteriorate before extensions can be effected.

The company's appetite for debt-funded M&A since 2020, when Kroll
was formed, has led to very high financial leverage. As Moody's
considers tolerance for high debt leverage an example of aggressive
financial strategies, governance considerations were key to the
rating actions and outlook revision.

RATINGS RATIONALE

The B3 CFR reflects Moody's anticipations for very high
debt/EBITDA, around 10x for the twelve months ended March 31, 2025,
to remain above 8.0x in 2025, pressured by lower revenue growth
than historic averages due to subdued global mergers and
acquisitions activity, and uncertain free cash flow, which will be
limited by high interest expense. Interest coverage will remain
around only 1x, positioning Kroll weakly compared to many other
B3-rated business services companies. Profit margins will remain
pressured by investments in cost reduction initiatives until the
end of 2025, although these investments have already begun
declining, leading us to anticipate as much as 400 basis points of
EBITDA margin improvement over the next 12 to 18 months. The rating
does not anticipate material debt-funded acquisitions until debt
leverage declines from current highly-elevated levels.

All financial metrics cited reflect Moody's standard adjustments.

Kroll benefits from an established franchise as a provider of a
broad range of financial advisory, risk management, bankruptcy
solutions, valuation, governance and cyber services to a
diversified client base. The well-known and highly regarded Kroll
brand and an entrenched network of customer relationships provide
revenue stability. While the majority of client fees are not
contractually recurring, a large proportion of existing assignments
require periodic updates, resulting in predictable contributions to
revenue. However, other revenue streams are exposed to
macroeconomic conditions, which creates cyclical exposure. New
revenue streams acquired over the past several years have increased
revenue and customer diversity. Moody's expects the company's risk
advisory and cyber segments will show strong growth over the next
12 to 18 months, balancing lower corporate finance growth due to
limited M&A market activity, which is still pressured by high rates
and also hampered by rising macroeconomic uncertainty due to global
trade and geopolitical matters. However, rising disruption could
prove supportive for revenue growth in Kroll's restructuring and
bankruptcy advisory practices.

Under Kroll's business plan, its weak profitability metrics and
free cash flow profile should recover rapidly once internal
investments in business growth and cost management subside over the
course of 2025, the benefits of those initiatives are realized and
interest rates decline. Moody's forecasts that lower interest rates
would both lower the company's interest expense and likely boost
the market for mergers and acquisitions, leading to higher
corporate finance revenue growth, although perhaps slow
restructuring activity. Although Moody's considers the pace of
profit rate increases uncertain and do not expect an imminent
uptick in M&A activity, Moody's anticipates the company's elevated
internal investment levels will decline greatly, cost reduction
benefits will be realized and prevailing interest rates will
continue to fall in 2025, providing additional support for an
eventual recovery in Kroll's revenue growth and profitability
rates, and the B3 CFR.

Governance risks reflect Moody's expectations for Kroll to pursue
aggressive financial policies including a tolerance for very high
debt leverage and the potential for debt-financed acquisitions and
shareholder returns. Board control rests with a group of financial
sponsors and lacks independent control with a majority of outside
directors typical of publicly-traded companies.

The senior secured first-lien bank credit facilities, consisting of
a $196.45 million revolver expiring January 2027 and about $2.6
billion (remaining balance) in multicurrency term loans due April
2027, are rated B2, which is one notch above the B3 CFR, reflecting
their senior-most position ahead of and first-loss support provided
by the senior secured second-lien term loan, but behind Kroll's
$200 million financing agreement with a bank under a receivables
financing agreement due June 2027. The credit facilities are issued
by Deerfield Dakota Holding, LLC, a wholly-owned indirect
subsidiary of Kroll, and guaranteed by each material US subsidiary,
other than any excluded subsidiary as defined by the credit
agreement. The senior secured first-lien term loans and revolver
also have a first priority security interest in substantially all
assets of the borrower and guarantors. The B2 senior secured
first-lien credit facility ratings reflect Moody's expectations
that any loans outstanding under the receivables financing
agreement would be repaid In full through liquidation of the
collateral in a default scenario, and would not remain an
obligation of the estate in bankruptcy. An increase in the amount
of the receivables financing or reduction in the amount junior
claims could result in a downgrade of the B2 senior secured
first-lien debt ratings.

The $450 million senior secured second-lien term loan due April
2028 is rated Caa2, which is two notches below the B3 CFR,
reflecting its junior ranking and small size relative to the
first-lien obligations within the capital structure. The senior
secured second-lien term loan has a second priority security
interest in substantially all assets of the borrower and
guarantors.

Moody's considers Kroll's liquidity profile as weak. The company
had about $69 million of cash and about $37 million of available
capacity under its $196.45 million revolving credit facility as of
March 31, 2025. Moody's expects some free cash flow in 2025. Cash
flow is seasonal, with most of the cash usage to occur in the first
fiscal quarter (ends 31 March) when cash bonuses are paid and for
free cash flow to be generated in each of the later three quarters.
There are about $28 million of required term loan principal
payments due annually. The term loans are not subject to financial
maintenance covenants. The revolver includes a springing 8.0x
maximum senior secured first-lien net leverage (as defined in the
loan agreement) covenant when 35% or more of the revolver is drawn.
Moody's expects the company will remain in compliance with the
covenant over the next 12 to 15 months.

The negative outlook reflects Kroll's weak liquidity and Moody's
expectations for low single-digit percentage range revenue growth,
slowly improving profit rates and very high debt to EBITDA that
will remain above 8.0x until after 2025. The outlook could be
revised to stable if Moody's anticipates an improved liquidity
profile, featuring material capacity under a multi-year revolving
credit commitment and extended term loan maturity dates, higher
revenue growth rates and debt/EBITDA will decline and remain below
7.5x.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the negative outlook, a ratings upgrade is not considered
likely in the near term. However, the ratings could be upgraded
over time if the company demonstrates a commitment to more balanced
financial policies, sustaining its debt/EBITDA ratio below 6.0x and
EBITA/interest ratio above 2.0x, combined with good liquidity and
free cash flow to debt above 5%. Increasing revenue scale and
evidence of strong and sustainable organic revenue growth and
improving profit margins would benefit credit metrics and create
upward rating momentum.

The ratings could be downgraded if Moody's anticipates slow or no
revenue growth, debt/EBITDA will be sustained above 7.5x,
EBITA/interest will be sustained around or below 1.0x, little or no
free cash flow, or if there is a further weakening in the company's
liquidity position, including by the revolver becoming a current
liability.

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.

Kroll is a global consulting and business services firm that
operates in six main business segments: valuation advisory;
corporate finance; governance and risk advisory; cyber security;
business services; and digital. The company is owned by affiliates
of private equity sponsor SPC Capital Markets LLC, with minority
stakes held by affiliates of Further Global and Permira, and
management. Moody's expects revenue in 2025 of about $1.9 billion.


LAFLEUR NURSERIES: Seeks Chapter 11 Bankruptcy in Florida
---------------------------------------------------------
On June 17, 2025, Lafleur Nurseries and Garden Center LLC filed
Chapter 11 protection in the U.S. Bankruptcy Court for the Middle
District of Florida. According to court filing, the
Debtor reports $3,283,410 in debt owed to 50 and 99 creditors.
The petition states funds will be available to unsecured
creditors.

           About Lafleur Nurseries and Garden Center LLC

Lafleur Nurseries and Garden Center LLC operates a retail garden
center in Sanford, Florida. The Company offers a wide selection of
plants, trees, and landscaping materials, and provides related
services such as landscape design, installation, and irrigation
system support.

Lafleur Nurseries and Garden Center LLC sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code
(Bankr. M.D. Fla. Case No. 25-03734) on June 17, 2025. In its
petition, the Debtor reports total assets of $568,637 and total
liabilities of $3,283,410.

Honorable Bankruptcy Judge Lori V. Vaughan handles the case.

The Debtors are represented by Jeffrey S. Ainsworth, Esq. at
BRANSONLAW, PLLC.


LEGAL ENTERPRISES: Seeks Approval to Hire Mehdi CPA as Accountant
-----------------------------------------------------------------
Legacy Enterprises of North America, Ltd. seeks approval from the
U.S. Bankruptcy Court for the Easertn District of North Carolina to
employ Mehdi CPA, PLLC as accountant.

The firm will prepare the Debtor's tax returns and will provide
general tax planning/accounting services.

The firm will be paid at a flat fee of $900 per tax return.

Ashraf Mehdi, a certified public accountant of the firm, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Ashraf S. Mehdi, CPA
     Mehdi CPA, PLLC
     5408 Gloriette Circle
     Raleigh, NC 27613
     Telephone: (919) 559-2227
     Email: amehdi@asmcpa.com

              About Legacy Enterprises of North America

Legacy Enterprises of North America, Ltd. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No.
24-03477) on October 4, 2024, with $100,000 to $500,000 in assets
and $1 million to $10 million in liabilities. David Faulk,
president, signed the petition.

Judge Joseph N. Callaway presides over the case.

The Debtor tapped George Mason Oliver, Esq., at The Law Offices of
Oliver & Cheek, PLLC as counsel and Ashraf S. Mehdi, CPA, at Mehdi
CPA, PLLC as accountant.


LEVEL 3 FINANCING: Fitch Rates 1st Lien Secured Notes 'B+'
----------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating with a Recovery Rating of
'RR1' to Level 3 Financing, Inc.'s first lien senior secured notes
offering. The notes will be pari passu with Level 3 Financing's
existing first lien senior secured borrowings.

Level 3 Financing intends to use the upsized proceeds, and cash on
hand, to fully redeem the existing Level 3 Financing 10.5% first
lien senior secured notes due 2029, to fully redeem the Level 3
Financing 10.5% first lien senior notes due 2030, and to partially
redeem the Level 3 Financing 11% first lien senior secured notes
due 2029. Fitch views the new issuance as relatively leverage
neutral, with only a modest amount of incremental debt added at
Level 3 pro forma for the issuance and existing debt repayment.

Key Rating Drivers

Fundamentals Remain Pressured: Fitch expects Lumen to face organic
EBITDA pressure at least into 2026, with the company guiding EBITDA
to decline 14%-19% in 2025. Management is taking certain cost
saving actions that they project will lead to up to $1 billion of
annualized run-rate savings by YE 2027, on top of $300 million
announced in 2023.

However, there is meaningful execution risk to achieving this goal.
These savings could improve the company's operating profile but may
be insufficient if revenue pressure continues. Organic revenue
declined by mid- to high-single-digit percentage in 2024 while
EBITDA declined in the double digits, per Fitch's calculations.

PCF Deals Help Liquidity: Recent private connectivity fabric (PCF)
contract wins of $8.5 billion significantly bolstered Lumen's
near-term liquidity and indicate the asset value inherent in parts
of its network. The contracts include the provision of dark fiber
and other services to Microsoft Corporation and other hyperscaler,
social media and technology companies. The contracts are long-term,
some for up to 20 years.

Fitch expects most cash from the deals to be realized through 2027
but with a corresponding rise in capex. There is unlikely to be an
immediate revenue or EBITDA boost (EBITDA will be pressured in 2025
as costs ramp ahead of revenue), but FCF will rise from the upfront
cash payments. Fitch projects FCF will be positive in 2025 but that
FCF losses resume in 2026-2027 absent a major improvement in
Lumen's core business or meaningful follow-on PCF-type deals.

Eased Refinancing Pressures: The 2024 transaction support agreement
(TSA) and maturity extensions temporarily eased refinancing risk,
with less than $500 million maturing through YE 2027 as of YE 2024.
Prior to the TSA transaction, Lumen had $9.5 billion of debt
maturing in 2027 alone. However, it still has a large maturity wall
in 2029-2030 that will partially benefit from the announced
refinancing transaction. Lumen anticipates the forthcoming sale of
part of its Mass Markets business to AT&T, Inc. for $5.75 billion,
expected to close in mid-2026, will enable material de levering.

Divestitures Shrinking Business: Lumen continues to enact
multi-year restructuring efforts. The company recently announced a
material sale of the majority of its mass market (residential)
operations, which comprised roughly 21% of 2024 revenue, as this
was viewed as non-core. Divestitures to date have not significantly
improved leverage but have reduced the company's size. Fitch
estimates revenue and EBITDA in 2025 will be nearly $12 billion and
$3.3 billion, respectively, versus $20.7 billion and $8.6 billion
in 2020.

Telecoms Faces Challenges: Lumen faces similar industry-wide
challenges as other wireline operators, as customers migrate to
newer products and services from legacy offerings. The company
seeks to more aggressively address these challenges through
increased investment in its enterprise business and fiber assets.
Execution risk exists in regard to this strategy, but Fitch
believes the investments could eventually support revenue growth
over time as legacy offerings decline in the mix. This is unlikely
in the near term.

Parent-Subsidiary Relationship: Fitch equalizes the ratings of
Lumen and Level 3 Parent, LLC (the guarantor of Level 3 Financing's
debt) as well as Qwest Corporation and Qwest Capital Funding. This
is based on a stronger subsidiary/weaker parent approach amid open
legal ringfencing and open access and control.

Peer Analysis

Lumen has a solid competitive position based on the scale and size
of its wireline operations in the enterprise/business services
market. Its Business segment, which comprised nearly 80% of its
2024 revenue, is smaller than both AT&T Inc. (BBB+/Stable) and
Verizon Communications Inc. (A-/Stable). All three companies have
extensive U.S. footprints. AT&T and Verizon maintain lower
financial leverage, generate materially higher EBITDA and FCF, and
have wireless offerings providing more service diversification
compared with Lumen.

Lumen has not displayed an ability to stabilize its revenue nor
EBITDA and does not yet generate sustainable FCF, unlike its larger
peers. Lumen has a larger enterprise business that differentiates
it from other wireline operators, such as Windstream Services, LLC
(B/Watch Evolving) and Frontier Communications Parent, Inc.
(B+/Watch Positive).

It also has lower exposure to the residential market versus its
telco and cable industry peers, with only 2.5 million broadband
subscribers as of YE 2024.

Key Assumptions

- Revenue declines in the high-single digit range in 2025,
improving to declines in the low- to mid-single digit range through
2028.

- EBITDA margins to decline in 2025 due to ramp costs associated
with PCF deals and continued high revenue declines, followed by
improvement in the next few years to the low-30% range, helped by
cost saving initiatives and benefits from PCF deals.

- Capex increases materially in 2025-2026 to facilitate the new PCF
deals; capex is projected to remain elevated near $3 billion or
above annually for most of the ratings horizon (higher in 2025 as
PCF deals ramp up).

- Positive FCF in 2025, helped by upfront cash receipts from PCF
deals, then FCF reverting to a loss in 2026-2027.

- Fitch does not yet incorporate the Mass Markets divestiture into
its Base case model.

Recovery Analysis

Fitch undertakes a tailored analysis of recovery upon default for
each issuance for entities rated 'B+' and below, where default is
closer and recovery prospects are more meaningful to investors. The
resulting debt instrument rating includes a Recovery Rating (on a
scale from RR1 to RR6) and is notched from the IDR accordingly.
This analysis encompasses three steps: (i) estimating the
distressed enterprise value (EV); (ii) estimating creditor claims;
and (iii) distribution of value.

Fitch assumes Lumen would emerge from a default scenario under the
going concern approach versus liquidation. Fitch has run three
separate recoveries for the three primary borrower entities: Level
3 Financing, Qwest Corporation and Lumen Technologies.

In estimating a distressed enterprise value for the three issuers
in Lumen's capital structure, Fitch assumes that continued
sector-wide challenges cause pricing pressure in the company's
enterprise business and there is a slower than anticipated uptake
in growth products. This causes revenue and earnings to decline,
prompting a restructuring.

Key assumptions used in each recovery analysis are as follows:

Level 3 Financing, Inc.

Going Concern (GC) EBITDA: Fitch assumes a GC EBITDA of $1.2
billion, which is below Fitch's estimated 2025 EBITDA. This assumes
continued revenue pressures and EBITDA margins trend lower toward
the low-20% range versus low- to mid-20% range in 2022-2024.
Reduced EBITDA of this magnitude in a bankruptcy scenario could
imply intense competition and/or pricing pressures.

EV Multiple: Fitch assumes a 5.5x multiple, which is in line with
Fitch's recovery assumption for Fitch-rated peer Frontier
Communications. This multiple is further validated based upon
sector trading multiples (current and historic), industry M&A, and
precedent bankruptcy recoveries in the TMT sectors historically.

Qwest Corporation

GC EBITDA: Fitch assumes a GC EBITDA of roughly $1.73 billion,
which is below Fitch's estimated 2025 EBITDA. This assumes
continued revenue pressures and EBITDA margins trend lower toward
the mid-30% range versus an estimated low- to mid-40% currently
including corporate costs. Reduced EBITDA of this magnitude in a
bankruptcy scenario could imply intense competition and/or pricing
pressures.

EV Multiple: Fitch assumes a 5.0x multiple, which is lower than
Level 3 (more fiber exposure) and Fitch-rated peer Frontier
Communications (also more fiber) and reflects secular pressures in
the local part of its business. This multiple is further validated
based upon sector trading multiples (current and historic),
industry M&A, and precedent bankruptcy recoveries in the TMT
sectors historically.

Lumen Technologies Inc.

Due to a guarantee in place to Lumen Technologies Inc. for its
super-priority debt, Fitch assumed Lumen's super-priority debt put
in place with the 2024 TSA agreement would take priority in a
bankruptcy scenario. Once the super-priority debt is repaid, Fitch
then assumed Qwest Corp's senior unsecured notes would take next
priority, with residual value flowing back up to Lumen.

Fitch calculates all of Lumen's super-priority debt and Qwest
Corp's senior unsecured notes would recover at a 'RR1' recovery.
Qwest Capital Funding unsecured notes, which Fitch believes are
structurally senior to Lumen's non-superpriority debt, would
realize a modest recovery while Lumen's first lien debt remaining
from pre-TSA and unsecured notes would not recover under Fitch's
latest assumptions.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A weakening of Lumen's operating results, including deteriorating
margins and consistent mid-single digit or greater revenue
erosion;

- Increased liquidity pressure or difficulties refinancing parts of
the capital structure.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Operating fundamentals improve, including sustained revenue and
EBITDA growth or positive FCF;

- Capital structure changes that are positive for the overall
credit profile.

Liquidity and Debt Structure

Lumen had $1.9 billion in cash and equivalents as of March 31,
2025, boosted by asset sales, tax refunds, and upfront payments
from hyperscaler contracts. It also has access to superpriority
senior secured revolver capacity. Positive free cash flow (FCF) is
projected for 2025, supported by upfront receipts from new contract
wins, but FCF losses may return in 2026-2027 without improvement in
the core business or further debt and cost cuts.

Pro forma for new issuance, Lumen's debt exceeds $18 billion, not
including finance leases, discounts, or issuance costs, and is
split among term loans and secured and unsecured notes across three
main borrower entities. While the TSA transaction extended some
maturities, a significant maturity wall remains in 2029-2030.

The new superpriority debt has secured guarantees from several
subsidiaries, including Qwest and CenturyTel entities. Some
revolving facility debt is also guaranteed, though these guarantees
will decrease as assets shift between subsidiaries. The TSA
transaction also established a $1.2 billion secured and a $1.825
billion unsecured intercompany loan. The $1.2 billion loan ranks
pari passu with other superpriority debt. Lumen's covenants limit
net leverage to 5.75x and require interest coverage of at least
2.0x.

Issuer Profile

Lumen is one of the largest U.S. wireline providers. Much of its
business is focused on the enterprise market, although it also
serves residential customers. It is publicly traded on the NYSE
under the ticker LUMN.

Date of Relevant Committee

05 March 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt               Rating         Recovery   
   -----------               ------         --------   
Level 3 Financing, Inc.

   senior secured         LT B+  New Rating   RR1


LEXACAR LLC: Stafford Commercial Property Sale to M. Ahmad OK'd
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia has
approved Kevin R. McCarthy, Chapter 7 trustee of Flexacar LLC to
sell commercial real property, free and clear of liens, claims, and
encumbrances.

The Debtor owns commercial real property located at 3845 Jefferson
Davis Highway, Stafford, VA 22554.

The Court has authorized the Trustee to sell the commercial
property to Maqsood Ahmad and/or his assignee, having the highest
and best offer of $2,035,000.

The Court also held that executory contract and/or unexpired leases
to be assumed and assigned to buyer include:

a. Clear Channel Outdoor, LLC Lease Agreement, dated July 1, 2021
between FLEXACAR LLC, a Virginia limited liability company, a
successor in interest to Telegraph Property LLC, a Virginia limited
lability company (Landlord) and CLEAR CHANNEL OUTDOOR,LLC, a
Delaware limited liability company, successor in interest to Clear
Channel Outdoor, Inc., a Delaware corporation (Tenant).

b. COMMERCIAL LEASE AGREEMENT, dated December 4, 2023 between
Flexacar LLC of 14563 Crossfield Way Woodbridge, VA 22191(Landlord)
and Carlos Fonseca Romero of 1530 Maurice Drive, Woodbridge, VA
22191 (Tenant), inclusive of the Amendment to Commercial Lease
Agreement with an Effective Date of January 19, 2024 and the LEASE
ADDENDUM entered into on December 16, 2024.

c. COMMERCIAL LEASE AGREEMENT, dated January 19, 2024, between
Flexacar LLC of 14563 Crossfield Way Woodbridge, VA 22191(Landlord)
and Fonse Automotive LLC/ Carlos Fonseca Romero of 1530 Maurice
Drive, Woodbridge, VA 22191(Tenant),inclusive of the COMMERCIAL
LEASE AGREEMENT entered on September 1, 2024 between Flexacar LLC
(Landlord) and Deal Hunter Auto LLC, 3902 Richmond Highway, Suite
B, Stafford, VA (Tenant).

d. LEASE AGREEMENT, dated October 29, 2024 between Flexacar LLC of
14563 Crossfield Way Woodbridge, VA 22191(Landlord) and Pro Cocina
LLC dba Rustio Cafe (Tenant), a Virginia LLC operating as a food
trailer.

e. COMMERCIAL LEASE AGREEMENT dated March 5, 2022 between Flexacar
LLC of 14563 Crossfield Way Woodbridge, VA 22191(Landlord) and
Peetstafford LLC of 3845 Jefferson Davis Highway, Stafford, VA
22554 and Elna Kapenko of 11247 Ramrod Rd, Woodbridge, VA 22192
(Tenant) and Victor Tsupko of 11247 Ramrod Rd, Woodbridge, VA 22192
(Guarantor), inclusive of the FIRST AMENDMENT TO THE SECOND
COMMERCIAL LEASE AGREEMENT, dated November 1, 2023, between
Flexacar LLC and Peetstafford LLC. Note: The parties originally
entered into a COMMERCIAL LEASE AGREEMENT on April 15, 2019, and
that lease was replaced with the COMMERCIAL LEASE AGREEMENT dated
March 5, 2022.

f. UTILITY AGREEMENT dated November 1, 2024 between Flexacar LLC
(Landlord and Peets Coffee, Fonse Mechanic Shop and Pro Cocina, LLC
(Tenants).

The compensation to realtor are: $91,575 (4.5% of sale price) to be
split among Realtors/Brokers for the Trustee (3% or $61,050) and
the Buyer (1.5% or $30,525).

Any unpaid real estate taxes, water liens, and homeowner
association charges will be paid in full.

The Break-up fee of  $30,000 shall be payable to Palisades Property
Investments upon the closing of the sale with the Buyer along with
the refund of the earnest money deposit in the amount of $25,000.00
being held in escrow by RL Title & Escrow, Vienna, Virginia.

The Court directed the Trustee without further application to the
Court to disburse and pay out of the proceeds of the sale, whether
at closing or from sale proceeds received from the settlement
agent.

                   About Flexacar LLC

Flexacar LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D.
Va. Case No. 23-11984) on December 6, 2023. At the time of filing,
the Debtor estimated $500,001 to $1 million in both assets and
liabilities.

Judge Klinette H. Kindred presides over the case.

The Debtor tapped Jonathan B. Vivona, Esq., at Vivona Pandurangi,
PLC as legal counsel.


LEXINGTON BLUE: Seeks Chapter 11 Bankruptcy in Kentucky
-------------------------------------------------------
On June 16, 2025, Lexington Blue Inc. filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Eastern District of Kentucky.
According to court filing, the Debtor reports between $1 million
and $10 million in debt owed to 200 and 999 creditors. The
petition states funds will be available to unsecured creditors.

           About Lexington Blue Inc.

Lexington Blue, Inc. provides roofing and exterior renovation
services for residential and commercial properties.

Lexington Blue Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ky. Case No. 25-50863) on June 16,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.

The Debtors are represented by J. Christian Dennery, Esq. at
DENNERY, PLLC


LFS TOPCO: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable
------------------------------------------------------------
Fitch Ratings downgraded LFS Topco, LLC's (Lendmark) Long-Term
Issuer Default Rating (IDR) to 'B-' from 'B'. The Rating Outlook is
Stable. Fitch also downgraded the senior unsecured debt rating to
'B-' with a Recovery Rating of 'RR4' from 'B/RR4'.

Key Rating Drivers

Downgrade Driven by Elevated Leverage: The ratings downgrade
reflects Lendmark's higher leverage resulting from debt-funded
growth, modest earnings generation due to challenged credit
performance, and capital distributions to its sponsors. Debt to
tangible equity was 18.7x at 1Q25, up from 17.4x a year ago, while
30+ day delinquencies remain above Fitch's 6% downgrade trigger, at
6.4% in 1Q25. Fitch expects leverage will remain above 15x over the
Outlook horizon.

Modest but Growing Franchise: Lendmark's rating reflects its modest
but growing market position in the U.S. personal installment
lending industry, adequate risk-adjusted yields, and manageable
credit performance relative to the rating level.

Business Model, Leverage Constrain Rating: Lendmark's ratings are
constrained by its monoline business model, elevated leverage,
higher risk appetite and subprime exposure, and its partial private
equity ownership. Private equity ownership increases the risk of
shareholder-friendly actions, such as the dividend paid in excess
of earnings and required tax distributions in 4Q24.

Improving Scale: Lendmark has continued to grow its franchise
primarily through de novo branch openings, with 521 branches across
22 states as of March 31, 2025. The company also maintains direct
auto purchase and indirect sales finance offerings, totaling 12%
and 5% of receivables, respectively, at 1Q25. Fitch believes the
resulting product diversification and presence of secured auto
collateral reduce the overall risk profile of the portfolio. Still,
the company's scale is modest compared to that of its largest peer
and the overall unsecured personal installment loan sector.

Weaker Asset Performance Beginning to Improve: 30+ day
delinquencies were 6.4% at 1Q25, improved from 6.8% at YE 2024 and
6.9% at YE 2023, but above an average of 6.0% from YE 2017-YE 2019.
Net charge-offs (NCO) also remain elevated but have improved
modestly to 9.9% in 1Q25 (annualized) from 10.5% in 1Q24. While
Fitch believes performance at the current level is manageable at
Lendmark's new rating level, the company's customer base, which is
already challenged by high inflation, is likely to be particularly
vulnerable to economic stresses such as higher unemployment.

Earnings Pressured by Credit Environment: Profitability, measured
as pre-tax return on average assets (ROAA), was 1.3% for 1Q25
(annualized), stable compared with 1.4% in 2024, but down from a
four-year average of 2.0% in 2021-2024. This has been driven by
elevated loss provisioning expense due to higher charge-offs and
revised expectations for credit performance. Weaker operating
results have in turn hindered capital rebuild following the
adoption of current expected credit losses (CECL) accounting
standards in 1Q23, and total equity remained lower at $447 million
in 1Q25 than the $461 million in 1Q23. Elevated distributions have
also impaired the firm's ability to build capital, with capital
distributions to the sponsors of $64 million in 2024, comprised of
a $35 million dividend and $29 million of tax distributions,
compared with net income of $50 million.

High Leverage: Lendmark's leverage (debt/tangible equity) is
considered a primary rating constraint and is viewed as high given
the risk profile of the portfolio. At 18.7x as of1Q25, it falls
near the upper bound of Fitch's 'b' category quantitative benchmark
range of 7x-20x for balance sheet-heavy finance and leasing
companies with a sector risk operating environment (SROE) score in
the 'bbb' category.

Fitch notes that additional capital to absorb credit losses is
present via the higher loss reserve required by CECL accounting
standards, although debt to tangible equity plus reserves has also
increased to 6.0x at 1Q25 from 5.7x at 1Q24 and 5.3x at 1Q23. While
leverage could improve from here with improved earnings from
moderately lower NCOs, it is expected to remain above 15x over the
Outlook horizon.

Secured Funding Profile: Lendmark's funding profile is largely
secured, which Fitch views as credit negative due to the
encumbrance of assets and limited financial flexibility during
periods of stress. The company's proportion of unsecured debt was
8.9% at 1Q25, driven by its sole senior unsecured issuance in 2021,
which is within Fitch's 'b' category quantitative benchmark range
of 1% to 10% for balance sheet-heavy finance and leasing companies
with a SROE score in the 'bbb' category. Fitch would view further
increases in funding diversification and unencumbered assets as
incrementally positive for the credit profile.

Adequate Liquidity: Fitch views Lendmark's liquidity as adequate
for its operational and funding needs. At 1Q25, liquidity consisted
of $13 million of cash to support its operations and $2 billion of
undrawn warehouse capacity to fund originations. The $270 million
unsecured notes are expected to be refinanced prior to their
October 2026 maturity date. Additionally, the company had
approximately $240 million of gross unencumbered receivables as of
1Q25 which could be borrowed against with undrawn warehouse
capacity.

Stable Outlook: The Stable Outlook reflects Fitch's expectations
that leverage will remain stable or improve while remaining above
15x, credit performance will continue to improve moderately, and
the unsecured funding mix will be sustained above 5% of total
debt.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Failure to address the outstanding unsecured notes prior to six
months of their maturity in October 2026;

- A reduction in capitalization levels such that tangible equity
(unadjusted for CECL) becomes negative;

- Sustained operating losses;

- Sustained deterioration in credit performance above Lendmark's
NCO target range of 8%-9%;

- Inability to access term funding for a prolonged period of 12-24
months;

- The imposition of new and more onerous regulations that
negatively impact Lendmark's ability to execute on its business
model.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A sustained decline in leverage below 15x (unadjusted for CECL);

- Sustained improvement in credit performance with delinquencies
below 6% and NCOs within management's target range of 8%-9%;

- ROAA sustained above 1%;

- Maintenance of the proportion of unsecured funding above 5% of
total debt;

- Further diversification of the business model either through
product offering or geographical expansion.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The unsecured debt rating is equalized with the Long-Term IDR,
reflecting Fitch's expectation of average recovery prospects in a
stress scenario.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The unsecured debt rating is expected to move in tandem with the
IDR, but a meaningful decline in unencumbered assets could result
in the unsecured debt rating being notched down from the IDR.

ADJUSTMENTS

The Standalone Credit Profile (SCP) has been assigned below the
implied SCP due to the following adjustment reason: Weakest Link -
Capitalization & Leverage (negative). The Business Profile score
has been assigned below the implied score due to the following
adjustment reasons: Business model (negative), Market position
(negative). The Asset Quality score has been assigned below the
implied score due to the following adjustment reason: Risk profile
and business model (negative). The Earnings & Profitability score
has been assigned below the implied score due to the following
adjustment reason: Portfolio risk (negative). The Funding,
Liquidity & Coverage score has been assigned below the implied
score due to the following adjustment reasons: Divergent Benchmarks
(negative), Business model/funding market convention (negative).

ESG Considerations

LFS TopCo, LLC has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to the
importance of fair collection practices and consumer interactions
and the regulatory focus on them, which has a negative impact on
the credit profile and is relevant to the ratings in conjunctions
with other factors.

LFS TopCo, LLC has an ESG Relevance Score of '4' for Governance
Structure due to the presence of private equity ownership, which
has a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating        Recovery   Prior
   -----------              ------        --------   -----
LFS TopCo, LLC        LT IDR B- Downgrade            B

   senior unsecured   LT     B- Downgrade   RR4      B


MAGENS INTERVAL: Case Summary & Seven Unsecured Creditors
---------------------------------------------------------
Debtor: Magens Interval Resort, Inc.
           d/b/a Magens Bay Villas Club
           d/b/a The Bay Club
        6200 Magens Bay Road, Suite 2
        St Thomas, VI 00802

Business Description: The Debtor owns in fee simple multiple
                      properties in St. Thomas, U.S. Virgin
                      Islands, including parcels 7-Remainder, 7A,
                      7B, and 7D in the Estate St. Joseph &
                      Rosendahl area of the Great Northside
                      Quarter.  The holdings also include
                      buildings, capital improvements, and the
                      parcel at 7D St. Joseph & Rosendahl, St.
                      Thomas VI 00802 with associated
                      improvements.

Chapter 11 Petition Date: June 20, 2025

Court: United States Bankruptcy Court
       District of Virgin Islands

Case No.: 25-30004

Judge: Hon. Mary F Walrath

Debtor's Counsel: Kevin F. D'Amour, Esq.
                  BARNES, D'AMOUR & VOGEL
                  5143 Palm Passage
                  Suite 20C & 21C
                  St Thomas, VI 00802
                  Tel: 340-776-0777
                  Email: kdamour@usvilawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

Michael Shelby signed the petition in his capacity as president.

A full-text copy of the petition, which includes a list of the
Debtor's seven unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/BMYDJGI/Magens_Interval_Resort_Inc__vibke-25-30004__0001.0.pdf?mcid=tGE4TAMA


MARVEL LIGHTING: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
Marvel Lighting, LLC got the green light from the U.S. Bankruptcy
Court for the Southern District of Indiana, Indianapolis Division,
to use cash collateral.

The court's order authorized the Debtor's interim use of cash
collateral from June 10 to July 10 to pay operating expenses in
accordance with its budget.

The Debtor's cash collateral includes cash, receivables and
inventory. The Debtor believes the U.S. Small Business
Administration and the Indiana Department of Revenue may hold liens
on the cash collateral, with the SBA likely holding the
first-priority lien.

As protection, both secured creditors will be granted replacement
liens on the cash collateral and on any property acquired by the
Debtor after the petition date, with the same priority and extent
as their pre-bankruptcy liens.

In case of any decrease in the value of their interests in the cash
collateral, the secured creditors will receive a claim under
Section 507(b) of the Bankruptcy Code, subject to a carve-out for
the Debtor's professional.

A final hearing is set for July 10. Objections are due by July 8.

The Debtor, a lighting designer and distributor based in Carmel,
Indiana, suffered a 20% decline in revenue from 2023 to 2024 due to
website limitations and reduced demand from major customers.
Despite this, the company has stabilized operations, launched a new
website, reduced staff, and engaged a financial advisor for
restructuring.

                  About Marvel Lighting LLC

Marvel Lighting LLC is a lighting designer and distributor based in
Carmel, Indiana,. The Debtor sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No.
25-03349-JJG-11) on June 10, 2025. In the petition signed by John
Ansted, principal, the Debtor disclosed up to $500,000 in assets
and up to $1 million in liabilities.

Judge Jeffrey J. Graham oversees the case.

John Allman, Esq., at Hester Baker Krebs LLC, represents the Debtor
as legal counsel.


MODE ELEVEN: Hires Markus Williams Young & Hunsicker as Counsel
---------------------------------------------------------------
Mode Eleven Bancorp seeks approval from the U.S. Bankruptcy Court
for the District of Wyoming to employ Markus Williams Young &
Hunsicker LLC as legal counsel.

The firm will provide these services:

     (a) assist in the production of the Debtor's schedules and
statement of financial affairs and other pleadings necessary to
file its Chapter 11 case;

     (b) assist in the preparation of the Debtor's Chapter 11
plan;

     (c) prepare on behalf of the Debtor all necessary legal
papers;

     (d) represent the Debtor in adversary proceedings and
contested matters related to its bankruptcy case;

     (e) investigate the assets, liabilities, and financial affairs
of the estate;

     (f) assist the Debtor in analyzing and pursuing any proposed
dispositions of assets of its bankruptcy estate;

     (g) pursue claims and causes of action of the Debtor's
bankruptcy estate;

     (h) advise and represent the Debtor with respect to financial
services regulatory matters;

     (i) provide legal advice with respect to the Debtor's rights,
powers, obligations and duties in the continuing operation of its
business and the administration of the estate; and

     (j) provide other legal services for the Debtor as necessary
and appropriate for the administration of its estate.

The firm will be paid at these hourly rates:

     Bradley Hunsicker, Attorney       $455 - $695
     James Markus, Attorney            $455 - $695
     Lacey Bryan, Attorney             $455 - $695
     Paralegal                                $195

The firm received a pre-petition retainer of $51,738 from the
Debtor.

Mr. Hunsicker disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Bradley T. Hunsicker, Esq.
     Markus Williams Young & Hunsicker LLC
     2120 Carey Avenue, Suite 101
     Cheyenne, WY 82001
     Telephone: (307) 778-8178
     Facsimile: (307) 638-1975
     Email: bhunsicker@MarkusWilliams.com  
   
                     About Mode Eleven Bancorp

Mode Eleven Bancorp sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20240) on June 9, 2025,
listing up to $50 million in assets and up to $10 million in
liabilities.

Judge Cathleen D. Parker oversees the case.

The Debtor tapped Covington & Burling LLP and Markus Williams Young
& Hunsicker LLC as counsel.


MODE ELEVEN: Seeks Approval to Hire Ordinary Course Professionals
-----------------------------------------------------------------
Mode Eleven Bancorp seeks approval from the U.S. Bankruptcy Court
for the District of Wyoming to employ certain non-bankruptcy
professionals in the ordinary course of business.

The Debtor needs ordinary course professionals (OCPs) to perform
services for matters unrelated to this Chapter 11 case.

The Debtor seeks to pay OCPs 100 percent of the fees and expenses
incurred.

The Debtor does not believe that any of the OCPs have an interest
materially adverse to it, its estates, creditors, or other parties
in interest in connection with the matter upon which they are to be
engaged.

                     About Mode Eleven Bancorp

Mode Eleven Bancorp sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20240) on June 9, 2025,
listing up to $50 million in assets and up to $10 million in
liabilities.

Judge Cathleen D. Parker oversees the case.

The Debtor tapped Covington & Burling LLP and Markus Williams Young
& Hunsicker LLC as counsel.


MODE ELEVEN: Seeks to Tap Covington & Burling as Bankruptcy Counsel
-------------------------------------------------------------------
Mode Eleven Bancorp seeks approval from the U.S. Bankruptcy Court
for the District of Wyoming to employ Covington & Burling LLP as
legal counsel.

The firm will provide these services:

     (a) assist in the production of the Debtor's schedules and
statement of financial affairs and other pleadings necessary to
file its Chapter 11 case;

     (b) assist in the preparation of the Debtor's Chapter 11
plan;

     (c) prepare on behalf of the Debtor all necessary legal
papers;

     (d) represent the Debtor in adversary proceedings and
contested matters related to its bankruptcy case;

     (e) investigate the assets, liabilities, and financial affairs
of the estate;

     (f) assist the Debtor in analyzing and pursuing any proposed
dispositions of assets of its bankruptcy estate;

     (g) pursue claims and causes of action of the Debtor's
bankruptcy estate;

     (h) advise and represent the Debtor with respect to financial
services regulatory matters;

     (i) provide legal advice with respect to the Debtor's rights,
powers, obligations and duties in the continuing operation of its
business and the administration of the estate; and

     (j) provide other legal services for the Debtor as necessary
and appropriate for the administration of its estate.

The firm will be paid at these hourly rates:

     Partners and Of Counsel        $1,325
     Associates                       $995
     Paralegals                       $450

The firm received a pre-petition retainer in the total amount of
$250,000 from the Debtor.

Abigail V. O'Brient, Esq., an attorney at Covington & Burling,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Abigail V. O'Brient, Esq.
     Covington & Burling LLP
     1999 Avenue of the Stars
     Los Angeles, CA 90067
     Telephone: (424) 332-4826
     Email: aobrient@cov.com
    
                     About Mode Eleven Bancorp

Mode Eleven Bancorp sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20240) on June 9, 2025,
listing up to $50 million in assets and up to $10 million in
liabilities.

Judge Cathleen D. Parker oversees the case.

The Debtor tapped Covington & Burling LLP and Markus Williams Young
& Hunsicker LLC as counsel.


MONARCHY RANCHEROS: Hearing to Use Cash Collateral Set for June 25
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Mexico is set to
hold a hearing on June 25 to consider final approval of Monarchy
Rancheros de Santa Fe, LLC's motion to use cash collateral.

The Debtor's authority to use cash collateral pursuant to the
court's June 13 interim order expires on June 25.

The June 13 order approved the payment of the Debtor's expenses
from the cash collateral in accordance with the budget it filed
with the court.

The order granted the Debtor's secured creditor, Rancheros de Santa
Fe, Inc., replacement liens on property acquired by the Debtor
after the petition date that is similar to its pre-bankruptcy
collateral.

Rancheros de Santa Fe, Inc. claims a secured lien on the Debtor's
assets, including cash collateral, with an outstanding debt of
approximately $3.45 million, while the collateral's estimated value
is about $4.7 million.

The Debtor said it needs access to cash collateral to pay
employees, vendors, and cover other ordinary business expenses and
prevent a shutdown of its RV park business located in Santa Fe
County, New Mexico.

Rancheros de Santa Fe, Inc. is represented by:

   Kathleen T. Ahghar, Esq.
   Moses, Farmer, Glenn, Gutierrez & Werntz, P.C.
   P.O. Box 30087
   Albuquerque, NM 87190
   Telephone: 505-843-9440
   kathleen@moseslaw.com
   karla@moseslaw.com

               About Monarchy Rancheros de Santa Fe

Monarchy Rancheros de Santa Fe, LLC owns and operates Rancheros de
Santa Fe RV Park and Resort, an RV park and lodging facility near
Santa Fe, New Mexico. The property features full hookups, short-and
long-term rentals, and amenities including a seasonal pool, hiking
trails, and a renovated retail store. Located 11 miles from
downtown Santa Fe, it offers guests access to the city's cultural
attractions in a quiet desert setting.

Monarchy Rancheros de Santa Fe sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.M. Case No. 25-10691) on June
5, 2025. In its petition, the Debtor reported total assets of
$5,032,566 and total liabilities of $3,440,000.

Judge Robert H. Jacobvitz handles the case.

The Debtor is represented by Marcus Sedillo, Esq., at Gatton &
Associates, P.C.


NEW GREATER: Seeks to Tap Marilyn D. Garner as Bankruptcy Counsel
-----------------------------------------------------------------
New Greater Generation Family Funeral Service, LLC seeks approval
from the U.S. Bankruptcy Court for the Northern District of Texas
to employ Marilyn Garner, Esq., an attorney practicing in
Arlington, Tex., as counsel.

The firm will render these services:

     (a) give the Debtor legal advice with respect to its powers
and duties in the continued operation of the business and
management of its property;
  
     (b) take necessary action to investigate and recover
fraudulent or preferential transfers of the Debtor's property
before commencement of these proceedings and, where appropriate, to
institute appropriate proceedings for sale of property free and
clear of liens and assist in obtaining post-petition financing;

     (c) defend the Debtor in contested matters or adversary
proceedings as they are brought before the court under Chapter 11
administration;

     (d) assist or prepare on behalf of the Debtor the necessary
legal papers; and

     (e) provide general advice to the Debtor concerning its
conduct and responsibilities, to assure it meets its
responsibilities under Chapter 11 and perform all other legal
services which may be necessary herein.

The attorney will be billed at her normal hourly rate of $450, $250
for associate or contract attorney time and $150 per hour for legal
assistant's time.

Ms. Garner disclosed in a court filing that she is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The attorney can be reached at:

     Marilyn D. Garner, Esq.
     2001 E. Lamar Blvd., Suite 200
     Arlington, TX 76006
     Telephone: (817 505-1499
     Facsimile: (817) 549-7200  

                     About New Greater Generation
                         Family Funeral Group

New Greater Generation Family Funeral Group LLC operates funeral
and cremation services under the name Eternal Rest Funeral Chapel
in DeSoto, Texas. The Company is part of a broader network with
locations in Dallas, Plano, and Ennis.

New Greater Generation Family Funeral Group LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.
25-32027) on May 31, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.

Honorable Bankruptcy Judge Stacey G. Jernigan handles the case.

The Debtor is represented by Marilyn D. Garner, Esq.


NORDICUS PARTNERS: Closes Private Offering of 54,000 Shares
-----------------------------------------------------------
Nordicus Partners Corporation disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that in April and
May 2025, it issued to two private investors a total of 54,000
restricted shares of its common stock, par value $0.01 per share.
The price per share was $5.00.

On June 11, 2025, the Company determined to close the private
offering of such shares on these terms.

                      About Nordicus Partners

Headquartered in Beverly Hills, Calif., Nordicus Partners
Corporation is a financial consulting company specializing in
providing Nordic companies with the best possible conditions to
establish themselves in the U.S. market. The Company leverages
management's combined 90+ years of experience in the corporate
sector, serving in various capacities both domestically and
globally. Additionally, Nordicus operates as a business incubator,
offering support resources and services such as office space, legal
and accounting services, and marketing expertise to facilitate a
smooth transition for companies entering the U.S. marketplace.

Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2023, issued a "going concern"
qualification in its report dated July 2, 2024, citing that the
Company has an accumulated deficit, net losses, and minimal
revenue. These factors, among others, raise substantial doubt about
the Company's ability to continue as a going concern.


ONDAS HOLDINGS: Regains Compliance With Nasdaq's Bid Price Rule
---------------------------------------------------------------
Ondas Holdings Inc. announced that it has received a notification
letter from Nasdaq Stock Market LLC confirming that it has regained
compliance with the minimum bid price requirement set forth in
Nasdaq Listing Rule 5550(a)(2).

To regain compliance with the Rule, the Company's common stock was
required to maintain a minimum closing bid price of $1.00 or more
for at least 10 consecutive business days, which was achieved on
June 10, 2025. Therefore, the Nasdaq Listing Qualifications Staff
considers the prior bid price deficiency matter now closed.

Ondas is now in full compliance with all Nasdaq continued listing
requirements and will continue to be listed and traded on The
Nasdaq Capital Market.

                        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.



ONESOURCE COMMUNITY: Taps Winslow McCurry & MacCormac as Counsel
----------------------------------------------------------------
OneSource Community Mental Health Services of Virginia, Inc. seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
Virginia to employ Winslow, McCurry & MacCormac, PLLC as counsel.

The firm will render these services:

     (a) Initial Client Consultation:

          (i) understand the nature, duration, and extent of the
alleged nonconforming use;

          (ii) determine whether the use was lawful at its
inception and whether it has been continuous

     (b) Detailed Legal Research

          (i) review irginia Code Title 15.2, Chapter 22;

          (ii) analyze local zoning ordinance definitions, use
tables, and nonconforming use provisions;

          (iii) check if the locality allows conditional
continuation or expansion of nonconforming uses

     (c) Zoning & Property History Analysis

          (i) research zoning history of the parcel;

          (ii) pull building permits, occupancy permits, business
licenses, tax records, and aerial photos

     (d) Site Visit

          (i) document existing site conditions;

          (ii) confirm physical indicators of claimed use

     (e) Determine Legal Path - Conditional Use Permit

          (i) pre-application Meetings

          (ii) meet with zoning staff, county attorney, and
planning staff to confirm proper path

          (iii) Submit request for written determination from
Zoning Administrator (if needed)

     (f) Prepare Application Materials

          (i) community & stakeholder outreach;

          (ii) notify or meet with adjacent property owners and
civic associations

          (iii) prepare for potential opposition (especially if use
is controversial)

     (g) Planning Commission Review  

          (i) prepare and present at planning commission

          (ii) respond to staff reports and public comment

     (h) Board of Supervisors Presentation

          (i) prepare persuasive legal and factual presentation

          (ii) emphasize historical continuity, public benefit, and
mitigation via proposed conditions

          (iii) negotiate or modify proposed conditions to satisfy
supervisors' concerns

     (i) Legal Monitoring of Procedure

          (i) ensure compliance with notice requirements

          (ii) monitor whether action requires a supermajority
vote

Christoper Winslow, Esq., the primary attorney in this
representation, will be paid at his hourly rate of $425.

In addition, the firm will seek reimbursement for expenses
incurred.

Mr. Winslow disclosed in a court filing that she is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Christopher M. Winslow, Esq.
     Winslow, McCurry & Maccormac, PLLC
     1324 Sycamore Square
     Midlothian, VA 23113
     Telephone: (804) 423-1382
     Facsimile: (804) 423-1383
     Email: chris@wmmlegal.com

                   About OneSource Community Mental
                      Health Services of Virginia

OneSource Community Mental Health Services of Virginia, Inc. is a
full-service counseling and drug-treatment business in Richmond,
Va.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 24-34038) on October 24,
2024, with up to $1 million in assets and up to $10 million in
liabilities. Stephen A. Parson, Jr., chief executive officer,
signed the petition.

Christopher M. Winslow, Esq., at Winslow, McCurry & MacCormac,
PLLC, represents the Debtor as counsel.

Arthur Peabody, Jr., is the patient care ombudsman appointed in the
Debtor's case.


ORYX MIDSTREAM: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Oryx Midstream Services Permian Basin
LLC's (Oryx or HoldCo) Long-Term Issuer Default Rating at 'BB-'. In
addition, Fitch has affirmed Oryx's senior secured term loan B at
'BB' with a Recovery Rating of 'RR3' after its recent upsizing of
$150 million. The Rating Outlook is Stable.

The ratings reflect the increasing scale of Oryx's asset base,
which is well-positioned for growth in the Permian basin, ability
to generate greater FCF, and fixed-fee but volume-exposed business
model. High leverage of 7.0x on a HoldCo-only basis at YE 2024 is a
key weakness, along with structural subordination. Proportionately
consolidated EBITDA leverage above 4.5x or Holdco-only leverage
greater than 6.5x past 2025 could result in a negative rating
action. Further leveraging transactions at the HoldCo level could
lead to a negative rating action.

Key Rating Drivers

High Leverage: On a proportionately consolidated basis, EBITDA
leverage was 4.2x, in-line with Fitch's expectations last year.
EBITDA-leverage at HoldCo was 7.0x at YE 2024, considerably higher
than its prior projection of around 6.0x. Leverage was higher due
to $450 million in debt-funded distributions over the last three
years, higher-than-expected capex and acquisition spending
partially funded with debt, as well as weaker cashflows.

Based on expected growth in the Permian and manageable capex needs,
Fitch projects proportionately consolidated leverage to be around
4.2x in YE 2025 and decrease from there, with HoldCo leverage of
6.3x in 2025. Materially weaker-than-expected financial performance
could result in a negative rating action.

Aggressive Financial Policy: Fitch views Oryx's financial policy as
aggressive given debt-funded distributions to its parent in 2023
and 2025. These distributions have delayed expected deleveraging.
Additionally, distributions to the HoldCo are reported net of all
capex at the JV, which has been higher-than-anticipated.
Consequently, distributions to HoldCo can be volatile based on
capex at the JV. Acquisitions have been funded in-part with debt at
the joint venture (JV), which was previously unexpected. However,
this risk is somewhat reduced by limitations on total debt at the
JV (maximum of $150 million).

Collectively, these trends have resulted in a weaker leverage
profile at the HoldCo. Fitch uses the cash distributions to Oryx
(less operating expenses at Oryx) as a proxy for EBITDA for its
HoldCo leverage calculations.

Limited Control and Structural Subordination: Oryx's only asset is
its 35% stake in the JV. It receives subordinated cash flows as
distributions, which are tiered per the JV agreement. All key
decisions, including the budget, must be approved by a unanimous
vote from the five-member board, three of whom are nominated by
Plains All American Pipeline, L.P. (Plains, BBB/Stable) and the
other two by Oryx's owners. Similar to many other JVs, this
structure constrains Oryx's ability to exercise unilateral control
over financial policy, including a sale of the underlying assets in
times of distress. Fitch views this structure as a credit weakness
for Oryx.

Strong Footprint: The JV has one of the largest transportation
networks in the Permian, spanning the Delaware and Midlands basins,
and offers greater connectivity to the major intra-basin hubs
(Wink, Midland and Crane). With about 4.8 million dedicated acres,
5,600 pipeline miles and 7.0MMBbl/d of pipeline system multi
segment capacity, the system provides leading connectivity to
downstream markets with over 15 direct connections to the three key
destination hubs of Houston, Corpus Christi and Cushing, allowing
customers to optimize transportation.

Single-Basin Focus: Given the JV's single basin focus, volatility
can arise from multiple sources including weather events, distress
at the E&P producers or a decline in commodity prices. Fitch
expects capex to be around $250 million to $300 million annually.
Higher capex at the JV level could lower distribution to Oryx over
the near term. Plains manages all operations leveraging its
experience and footprint for growth and profitability, which is a
key strength. For 2025, Fitch expects the JV will generate around
$1.33 billion of annualized EBITDA, trending about 3% higher than
2024. JV EBITDA grew by about 16% in 2023, and around 20% in 2024
which was around 10% lower than Fitch's expectations.

Diversified Customer Base: The JV benefits from a diversified
portfolio of more than 95 contracted, Permian-focused customers
with largely fixed-fee contracts and a weighted average remaining
term of approximately seven years. Weighted by the dedicated
acreage, 65% of the customers are investment grade, 15% are
non-investment grade, and the remaining are private or not rated.
The JV has a diversified revenue stream with no single customer
accounting for more than 16% of total volumes.

Volumetric Exposure: Oryx's rating reflects its operational
exposure to volumetric risks associated with the production and
demand for crude oil. The JV benefits from acreage dedication with
minimal minimum volume commitments (MVCs) accounting for only about
7% of overall volumes. From 1Q22 to 1Q25, total tariff volumes have
grown 28% to 5,114 MBbl/d. In 2025, Fitch expects volume growth to
be steady in the 3% to 5% range as producers remain cautious in
increasing capex.

Peer Analysis

CPPIB OVM Member U.S. LLC (CPPIB OVM; BB-/Stable) is a peer of
Oryx. Both companies have a large minority non-operating stake, and
a partner with at least a decade of experience operating the assets
owned by the joint venture entity.

Based on forecasted dividends received by Oryx and CPPIB OVM, Oryx
is about 2x bigger. In 2025 Oryx will have higher proportionately
consolidated leverage than CPPIB OVM. However, CPPIB OVM 's ratings
incorporate the possibility that it may have higher proportionately
consolidated leverage in the out years than Oryx. For mild yet
lengthy oil downsides, Fitch expects that Oryx's joint venture will
see a smaller percentage EBITDA drop than CPPIB OVM's JV Opco.
Fitch believes the combination of a warm winter and low oil prices
would cause further divergence.

In the near term, Oryx is weakly positioned at its rating category,
while CPPIB OVM is strongly positioned. If CPPIB OVM pursues a
conservative approach to growth, it may be able to carry its
current low leverage outlook into the medium term.

Key Assumptions

- Fitch price deck for WTI oil price;

- Volume growth in 2025, supported by improved drilling and well
completions;

- No new major acreage dedications or new producer customers;

- No major acquisitions during forecast period requiring capital
contributions from Stonepeak;

- All debt at the JV is paid off by YE 2025;

- Base interest rate applicable to the revolving credit facility
reflects the Fitch Global Economic Outlook;

- No additional debt raised at Oryx;

- Deleveraging supported by term loan amortization (1% annually)
per the conditions of the term loan. No additional optional debt
paydown.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- HoldCo EBITDA leverage below 4.5x on a sustained basis;

- Increases in scale with a focus on the HoldCo's distributions
above $350 million annually, or significant improvement in business
risk from a greater proportion of MVCs or take or pay contracts.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Expectations that proportionately consolidated EBITDA leverage
will be sustained above 4.5x;

- HoldCo EBITDA leverage above 6.5x on a sustained basis;

- HoldCo EBITDA interest coverage below 2.0x on a sustained basis;

- A further leveraging event causing a spike above Fitch's
downgrade threshold;

- A significant weakening of the cash flow profile, driven by a
move away from the current majority of revenue being fee based.

Liquidity and Debt Structure

As of March 31, 2025, liquidity is limited to the $29 million cash
on the balance sheet and approximately $29 million available on the
$50 million super senior revolver. Fitch expects Oryx to receive
sufficient distributions to comfortably meet its debt service. Uses
of cash are limited to principal payments for the term loan, which
amortizes at 1% every year. There is a tiered excess cash flow
sweep in place when the first lien net leverage ratio is greater
than 4.5x.

In 2025, Oryx is required to pay around $54.2 million of total
interest and principal payments to fully pay down its portion of
the JV debt. Another potential use of cash could be additional
asset development or purchase at the JV level, Oryx's share of
which will be funded by retained cash at the Oryx level or with
additional contributions from the sponsor Stonepeak Partners LP, if
needed.

Both the term loan and the revolver have a 1.10x debt service
coverage ratio covenant. The revolver matures in 2026 and the term
loan in 2028. Of the $1,955 million outstanding amount on the term
loan, $1,473 million is currently hedged (approximately 75%).

Issuer Profile

Oryx is a Permian Basin based midstream energy company. It was
formed by the merger of the legacy Oryx entity with the majority of
Plains' assets in the Permian Basin. Oryx's only asset is a 35%
equity interest in the JV.

Summary of Financial Adjustments

Fitch utilizes financials statements from both the HoldCo and the
JV in its analysis. HoldCo-only EBITDA leverage is calculated as
the ratio of Holdco-only debt to HoldCo-only EBITDA. HoldCo-only
EBITDA is calculated as actual net distributions received at Oryx
less any operating expenses at Oryx.

Similarly, Fitch calculates Holdco-only EBITDA Interest Coverage as
the ratio of HoldCo-only EBITDA to HoldCo-only interest. For
additional perspective, Fitch also evaluates Oryx on the basis of
its Proportionately Consolidated EBITDA Leverage, which is the
ratio of the sum of Holdco-only debt plus Oryx's pro-rata share of
debt at the JV to Oryx's pro rata share of EBITDA at the JV.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Oryx Midstream Services Permian Basin LLC has an ESG Relevance
Score of '4' for Group Structure, because, like many other private
equity-backed midstream companies, it has less structural and
financial disclosure transparency than publicly traded issuers.
This has a negative impact on the credit profile and is relevant to
the ratings in conjunction with other factors.

Oryx Midstream Services Permian Basin LLC has an ESG Relevance
Score of '4' for Financial Transparency due to the complex group
structure between Oryx and the JV. This has a negative impact on
the credit profile and is relevant to the ratings in conjunction
with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt            Rating        Recovery   Prior
   -----------            ------        --------   -----
Oryx Midstream
Services Permian
Basin LLC           LT IDR BB- Affirmed            BB-

  senior secured    LT     BB  Affirmed   RR3      BB


PARAMOUNT REAL: Seeks to Hire Joel A. Schechter as Legal Counsel
----------------------------------------------------------------
Paramount Real Estate Investment, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
the Law Offices of Joel A. Schechter as counsel.

The firm will render these services:

     (a) give the Debtor legal advice with respect to its powers
and duties in the continued operation of the business and financial
affairs;
  
     (b) prepare on behalf of the Debtor necessary legal papers;
and
   
     (c) perform all other legal services for the Debtor which may
be necessary in the prosecution of this proceeding.

The firm received a retainer of $7,500 from Young Kim, the sole
shareholder of the Debtor.

Joel Schechter, Esq., an attorney of the firm, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Joel A. Schechter, Esq.
     Law Offices of Joel A. Schechter
     53 W. Jackson Blvd., Suite 860
     Chicago, IL 60604
     Telephone: (312) 332-0267
     Email: joel@jasbklaw.com  

                About Paramount Real Estate Investment

Paramount Real Estate Investment Inc. is a Chicago-based real
estate investment company.

Paramount Real Estate Investment sought relief under Subchapter V
of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case
No. 25-06788) on May 1, 2025. In its petition, the Debtor reported
between $100,000 and $500,000 in both assets and liabilities.

Judge Michael B. Slade handles the case.

The Debtor is represented by the Law Offices of Joel Schechter.


PRESCART CORP: Seeks to Hire GreerWalker as Financial Advisor
-------------------------------------------------------------
PresCart Corp. seeks approval from the U.S. Bankruptcy Court for
the Western District of North Carolina to employ GreerWalker LLP as
financial advisor.

The firm will be paid at these hourly rates:

     William Barbee, CPA          $570
     Consultants           $150 - $690

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a pre-petition retainer deposit in the amount of
$10,000 from the Debtor.

Mr. Barbee disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     William A. Barbee, CPA
     GreerWalker LLP
     Carillon Building
     227 W. Trade St., Suite 1100
     Charlotte, NC 28202
     Telephone: (704) 377-0239
     Email: andy.barbee@greerwalker.com

                       About PresCart Corp.

PresCart Corp., d/b/a The Lash Lounge, provides eyelash and eyebrow
services through personalized treatments such as lash extensions,
lash lifts, tinting, and threading.

Operating with a focus on customization and detail, the Company
offers multiple lash extension styles including classic, volume,
hybrid, and mega volume. Each service is performed by trained
stylists aiming to enhance clients' appearance without the need for
daily makeup.

PresCart Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-30503) on May 16,
2025. In its petition, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities between $1 million
and $10 million.

Honorable Bankruptcy Judge Ashley Austin Edwards handles the case.

The Debtor tapped Richard S. Wright, Esq., at Moon Wright &
Houston, PLLC as counsel and William A. Barbee, CPA, at GreerWalker
LLP as financial advisor.


PROOFPOINT INC: Fitch Lowers LongTerm IDR to 'B', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has downgraded Proofpoint, Inc.'s Long-Term Issuer
Default Rating (IDR) to 'B' from 'B+'. Fitch has affirmed the $300
million undrawn secured RCF and the proposed upsized $5.08 billion
first-lien secured term loan at 'BB-'. The Recovery Rating has been
revised to 'RR2' from 'RR3'. The Rating Outlook is Stable.
Additionally, Fitch has assigned a first-time IDR of 'B' to
Proofpoint Intermediate Holdings I, Inc.

The downgrade reflects Proofpoint's planned issuance $444 million
increase of its first-lien facility alongside the issuance of a new
privately placed $1.22 billion second-lien term loan. The proceeds
will be used to fund the acquisition of Hornetsecurity, resulting
in elevated Fitch-adjusted EBITDA leverage over the next two years.
Proofpoint's ratings are also supported by highly recurring
revenues, which are likely to translate into resilient cash flow
generation, and a resilient business model.

Key Rating Drivers

Elevated Debt, with Deleveraging Capacity: Proofpoint's
Fitch-calculated 2025 EBITDA leverage is projected to be about 8.2x
due to debt-funded acquisitions. Fitch forecasts gross leverage
will decline to below 6.0x in 2027 as the company benefits from
continuing revenue growth and operating leverage. However, Fitch
expects limited deleveraging as Proofpoint's private equity
ownership would likely prioritize ROE maximization over debt
prepayment. These actions could include further acquisitions to
broaden the company's market position.

Leader in Niche Cybersecurity Industry: In the highly fragmented
enterprise cybersecurity industry, Proofpoint has been a leader in
enterprise email security and compliance. Its products protect
against threats across email, web, networks, cloud applications,
data governance and data retention enforcement.

The company has built a strong reputation for providing solutions
that protect organizations from advanced email threats such as
phishing, malware, and business email compromise. Email is the
number one threat vector in cybersecurity and is the primary entry
point for sophisticated attacks.

Acquisition Increases Offerings, Diversification: Proofpoint's
acquisition of Hornetsecurity will expand its international
footprint and increase penetration in the Small and Medium-sized
Business (SMB) segment. Hornetsecurity is a provider of cloud-based
email security, backup and compliance solutions for European SMBs.
The acquisition will add about $60 million to Proofpoint's EBITDA,
with potential for cross-selling synergies and entry into the U.S.
managed service provider market. Proofpoint has also identified $15
million in cost-saving opportunities. The transaction is expected
to close in the second half of 2025, subject to regulatory
approvals and other customary closing conditions.

Secular Tailwind Supporting Growth: Proofpoint benefits from the
growing cybersecurity industry, which Fitch forecasts would have a
CAGR in the low teens in a normal economic environment. The
importance of cybersecurity has risen in recent years with
increasingly complex IT networks and continued digitalization of
information. High profile cybersecurity breaches have also
heightened awareness of the need for more comprehensive
cybersecurity solutions. Fitch believes this will benefit
subsegment leaders such as Proofpoint that will be part of the
overall solution to these issues.

Narrow Product Focus: Proofpoint focuses on the Threat Protection
Platform segment, primarily email security. While this segment is
growing, the company's narrow focus could expose it to risks in the
evolving cybersecurity industry, including technology disruptions.

Recurring Revenue with High Retention: Over 95% of Proofpoint's
revenue is recurring in nature, with high gross retention rates.
These long-term customer relationships stem from the company's
platform of cybersecurity products, which solidify its market
position. The high revenue retention and recurring revenue enhance
the predictability of Proofpoint's financial performance and
maximizes the lifetime value of customers.

Diversified Customer Base: Proofpoint serves approximately 14,000
customers across diverse industry verticals including financial
services, healthcare, technology/media/telecommunications (TMT),
industrial, and manufacturing. The broad exposure reduces customer
concentration risks and revenue volatility through economic cycles,
which reduces industry-specific risks.

Improving Operations and FCF: Since Proofpoint's 2021 acquisition
by Thoma Bravo, it has optimized operations to levels comparable to
industry peers. The company executed a significant portion of this
strategic plan in 2023 and 2024 and is on track with management's
expectations. Fitch expects Proofpoint's capex and working capital
requirements will be minimal. Improvements in operational
performance should expand FCF margin to the low-teens in 2027,
approaching industry peer levels.

Peer Analysis

Within the broader enterprise security market, Proofpoint's peers
include Gen Digital Inc. (BB+/Negative), DCert Buyer, Inc.
(B-/Stable), Mitnick Parent, L.P. and Mitnick Corporate Purchaser,
Inc. (dba Veracode. Inc.; both B/Negative), Imprivata Inc.
(B/Stable), and RedStone Buyer, LLC (RSA; B-/Stable).

Proofpoint operates at a smaller scale, with lower EBITDA margins
and higher financial leverage compared to Gen Digital. However,
when compared with other peers, Proofpoint has greater scale
despite having lower EBITDA margins. Proofpoint's pro forma
leverage following the Hornetsecurity acquisition remains elevated
relative to its peers in 2025, but Fitch expects it to decline
below 6.0x, which would align with a 'B' category rating.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Organic revenue growth in the low- to mid-teen percent range;

- EBITDA margins expanding to mid to high 30%-range;

- Capex intensity of approximately 2.0% of revenues per year;

- Aggregate additional tuck-in acquisitions totaling $200 million
through 2028;

- No debt prepayment or incremental issuance through the forecast
period;

- Annual SOFR rates of 4.3% in 2025, declining gradually to 3.5% by
2028.

Recovery Analysis

- The recovery analysis assumes that Proofpoint would be
reorganized as a going-concern (GC) in bankruptcy rather than
liquidated.

- Fitch has assumed a 10% administrative claim with a GC approach.

- Fitch assumed a GC EBITDA of $600 million for Proofpoint which is
higher than previous GC EBITDA, resulting from the additional
contribution from the acquisition of Hornetsecurity. The GC EBITDA
estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level that should be approaching
industry norm while incorporating the risks associated with
necessary operational improvements, upon which Fitch bases the
enterprise valuation (EV).

- An EV multiple of 7.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization EV. The choice of this multiple
considered the following factors:

- The median reorganization enterprise value/EBITDA multiple for
the 71 TMT bankruptcy cases that had sufficient information for an
exit multiple estimate to be calculated was 5.9x. Of these
companies, five were in the software sector: Allen Systems Group,
Inc (8.4x); Avaya, Inc. (2023: 7.5x, 2017: 8.1x); Aspect Software
Parent, Inc. (5.5x), Sungard Availability Services Capital, Inc.
(4.6x), and Riverbed Technology Software (8.3x);

- The highly recurring nature of Proofpoint's revenue and mission
critical nature of its products support the high-end of the range.

After applying the 10% administrative claim, adjusted EV of
approximately $3.8 billion is available for claims by creditors.
This results in a 'BB-'/'RR2' Recovery Rating (RR) for the secured
first lien debt and RCF.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Fitch's expectation of EBITDA leverage remaining above 7.0x;

- (CFO-capex)/Debt below 3.0% on a sustained basis;

- EBITDA interest coverage sustained below 1.5x;

- Negative revenue growth reflecting erosion in market position for
core products.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Fitch's expectation of EBITDA leverage remaining below 5.5x;

- (CFO-capex)/Debt above 7.0%.

Liquidity and Debt Structure

Fitch expects Proofpoint's liquidity will be adequately supported
by approximately $200 million cash on balance sheet at the end of
1Q25, a $300 million undrawn RCF, and projected positive FCF
generation after 2025.

Proofpoint has $4.6 billion of secured first lien debt due 2028. It
is seeking to raise a $444 million incremental first lien term loan
alongside a proposed new privately placed $1,220 million second
lien term loan to fund the acquisition of Hornetsecurity.

Issuer Profile

Proofpoint is a leading cybersecurity and compliance company
serving large and mid-sized organizations with a focus on
protecting employees from IT security threats and compliance risks.
The company's products include security and compliance programs
that are primarily cloud-delivered.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                  Rating           Recovery   Prior
   -----------                  ------           --------   -----
Proofpoint, Inc.          LT IDR B   Downgrade              B+

   senior secured         LT     BB- Affirmed      RR2      BB-

Proofpoint Intermediate
Holdings I, Inc.          LT IDR B   New Rating


PROS HOLDINGS: Chief Revenue Officer McNabb to Exit July 1
----------------------------------------------------------
PROS Holdings, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on June 10, 2025, the
Company and Todd McNabb, the Company's Chief Revenue Officer,
mutually agreed that Mr. McNabb would cease serving as the
Company's Chief Revenue Officer, effective July 1, 2025, and that
Mr. McNabb would remain with the Company through July 19, 2025.

Mr. McNabb's duties will be distributed amongst the senior
leadership team.

                        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.


PUBLISHERS CLEARING: ARB Interactive Buys Assets in Ch. 11 Auction
------------------------------------------------------------------
Akiko Matsuda of The Wall Street Journal reports that Publishers
Clearing House, the well-known direct-to-consumer brand behind the
Prize Patrol sweepstakes, has been acquired by a new owner intent
on revitalizing the company after it filed for bankruptcy amid
regulatory challenges and a transforming retail landscape.

The winning bidder in the recent bankruptcy auction was ARB
Interactive, the operator of the online gaming site Modo Casino.

              About Publishers Clearing House

Publishers Clearing House LLC is a direct-to-consumer company
offering free-to-play digital entertainment. Through its PCH/Media
division, PCH helps brands and advertisers connect with qualified,
responsive audiences across its extensive chance-to-win gaming
platforms. PCH has evolved into a multi-channel media company,
combining digital entertainment, direct-to-consumer marketing, and
commerce to create compelling experiences for users and brands
alike.

Publishers Clearing House filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending
before the Honorable Martin Glenn.

Klestadt Winters Jureller Southard & Stevens, LLP is serving as
legal advisor, William H. Henrich and Laurence Sax from Getzler
Henrich & Associates LLC are serving as co-chief restructuring
officers, SSG Capital Advisors, LLC, is serving as investment
banker, and C Street Advisory Group is serving as strategic
communications advisor to the Company. Omni Agent Solutions is the
claims agent.

On April 24, 2025, the Office of the United States Trustee for the
Southern District of New York appointed an official committee of
unsecured creditors appointed in this Chapter 11 case. The
committee tapped Rimon PC as counsel.


R.A.R.E. CORP: Court Extends Cash Collateral Access to July 10
--------------------------------------------------------------
R.A.R.E. Corporation received another extension from the U.S.
Bankruptcy Court for the Northern District of Illinois to use the
cash collateral of its lenders.

The 19th interim order authorized the Debtor to use cash
collateral, which includes accounts receivable, through July 10 in
accordance with its budget.

This latest approval aligns with the terms of the court's initial
order issued on Feb. 20 last year, which remains in effect.

The next hearing is scheduled for July 9, with an objection
deadline of July 7.

The lenders asserting interest in the cash collateral are
Fundamental Capital, LLC, Spartan Business Solutions, LLC, Everest
Business Funding, and The LCF Group, Inc.

Meanwhile, the U.S. Small Business Administration is a creditor of
the Debtor and
may hold a lien on some or all of the Debtor's assets.

                    About R.A.R.E. Corporation

R.A.R.E. Corporation sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-02127) on February
15, 2024, with up to $500,000 in assets and up to $1 million in
liabilities. R.A.R.E. President Rocky Eastland signed the
petition.

Judge David D. Cleary oversees the case.

William J. Factor, Esq., at FactorLaw, represents the Debtor as
legal counsel.


RADISSON DEVELOPMENT: Seeks Chapter 11 Bankruptcy in New York
-------------------------------------------------------------
On June 16, 2025, Radisson Development Company LLC filed Chapter
11 protection in the U.S. Bankruptcy Court for the Northern
District of New York. According to court filing, the
Debtor reports between $50 million and $100 million in debt owed
to 1 and 49 creditors. The petition states funds will be available
to unsecured creditors.

           About Radisson Development Company LLC

Radisson Development Company LLC owns and manages a medical office
complex at 8276-8280 Willett Parkway in Baldwinsville, New York.
The property includes multiple buildings operating as a single
integrated project known as the Radisson Health Center, generating
income primarily through leasing office and medical space. It
qualifies as a single-asset real estate debtor as defined in 11
U.S.C. Section 101(51B).

Radisson Development Company LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30472) on
June 16, 2025. In its petition, the Debtor reports estimated
assets up to $50,000 and estimated liabilities between $50 million
and $100 million.

The Debtors are represented by Scott J. Bogucki, Esq. at
GLEICHENHAUS, MARCHESE & WEISHAAR, P.C.


RAFTER H FARM: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------
Rafter H Farm and Ranch, LLC got the green light from the U.S.
Bankruptcy Court for the Northern District of Texas, Abilene
Division, to use cash collateral.

The court's order authorized the Debtor's interim use of cash
collateral pending the final hearing, which is scheduled for June
30.

The Debtor's cash collateral includes pre-bankruptcy accounts
receivable collected and funds generated from continued operations.
As of the petition date, liens or other interests are asserted
against the cash collateral by the U.S. Small Business
Administration and five other secured creditors.

As protection for any diminution in value of cash collateral used
by the Debtor, the secured creditors will receive a replacement
lien on post-petition assets similar to their pre-bankruptcy
collateral and proceeds from such assets.

The Debtor's authority to use cash collateral terminates on June 30
or upon dismissal of the Debtor's Chapter 11 case; the conversion
of the case to one under Chapter 7; the appointment or election of
a trustee (other than the Subchapter V trustee) or examiner with
expanded powers; the effective date or consummation date of a plan
of reorganization; the use of cash collateral contrary to the terms
of the interim order; or the entry of an order of the court
reversing, staying, vacating or otherwise modifying in any material
respect the terms of the interim order.

The Debtor's operations rely on cash deposits and accounts
receivable, which constitute the company's cash collateral. As of
the petition date, the company held approximately $37,000 in cash
and $575,260 in accounts receivable, including $395,000 due through
a settlement agreement with Lipan Cattle Feeders, LLC and Veribest
Cattle Feeders, Inc. The business operates from leased real estate
and employs both leased and independent drivers. The Debtor
attributes its financial difficulties to losses incurred in a
failed corn sale and the resulting need to secure high-interest
loans and merchant cash advances.

Secured creditors asserting liens on the Debtor's personal property
include SBA ($201,130), BlueVine Inc. ($83,568), FBN Finance, LLC
($415,162), Libertas Funding, LLC ($172,615), United First, LLC
($58,000), and Midwest Regional Bank ($722,972). The Debtor also
has around nine unsecured creditors with total claims estimated at
$1.3 million.

FBN Finance is represented by:

   Jason P. Kathman, Esq.
   Laurie N. Patton, Esq.
   Spencer Fane, LLP
   5700 Granite Parkway, Suite 650
   Plano, TX 75024
   Phone: (972) 324-0300  
   Fax: (972) 324-0301
   jkathman@spencerfane.com
   lpatton@spencerfane.com

United First is represented by:

   Broocks Wilson, Esq.
   Wilson, PLLC
   708 Main Street, 10th Floor
   Houston, TX 77002
   Phone: 713-320-8690
   mack@wilson-pllc.com

Midwest Regional Bank is represented by:

   James W. Brewer, Esq.
   Kemp Smith, LLP
   P.O. Box 2800
   El Paso, TX 79999-2800
   Phone: 915.533.4424
   Fax: 915.546.5360
   James.brewer@kempsmith.com
   jim.brewer@kempsmith.com

                   About Rafter H Farm and Ranch

Rafter H Farm and Ranch, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-10112-bwo11)
on June 11, 2025. In the petition signed by Sam Hemphill, managing
member, the Debtor disclosed up to $1 million in assets and up to
$10 million in liabilities.

Judge Brad W. Odell oversees the case.

Joseph Fredrick Postnikoff, Esq., at Rochelle McCullough, LLP,
represents the Debtor as legal counsel.


RED ROCK MEGA: Seeks Chapter 11 Bankruptcy in Nevada
----------------------------------------------------
On June 17, 2025, Red Rock Mega Storage LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of Nevada.
According to court filing, the Debtor reports between $10 million
and $50 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.

           About Red Rock Mega Storage LLC

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.

Red Rock Mega Storage LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50549) on June 17,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.

The Debtors are represented by Kevin A. Darby, Esq. at DARBY LAW
PRACTICE.


RYAN HOHMAN: Has Deal on Cash Collateral Access
-----------------------------------------------
Ryan Hohman, LLC and the U.S. Small Business Administration advised
the U.S. Bankruptcy Court for the District of Utah, Northern
Division, that they have reached an agreement regarding the
Debtor's use of cash collateral and now desire to memorialize the
terms of this agreement into an agreed order.

The cash collateral will be used to fund essential business
operations, including payroll, taxes, insurance, overhead, and
restructuring costs, as outlined in a submitted monthly budget. The
court's approval is requested despite SBA consent, out of an
abundance of caution.

This action follows a failed internal strategic change in sales
leadership in 2024, which resulted in sharp revenue declines and
growing debt burdens. The Debtor's monthly debt payments eventually
exceeded six figures, prompting the April 22 Chapter 11 (Subchapter
V) filing.

Without the use of cash collateral, the Debtor would be forced to
cease operations, causing irreparable harm to the business and its
estate.

A copy of the motion is available at https://urlcurt.com/u?l=fWzHvU
from PacerMonitor.com.

                       About Ryan Hohman LLC

Ryan Hohman, LLC owns and operates Sales Recruiting University, a
private staffing and training firm that helps companies scale
commission-based sales teams in North America. Headquartered in
Salt Lake City since 2018, the company designs lead-generation
funnels, vets candidates and can place five to 15 sales
representatives per client each month.

Ryan Hohman sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Utah Case No. 25-22161) on April 22,2025. In its
petition, the Debtor reported total assets of $193,066 and total
liabilities of $1,059,433 as of March 31, 2025.

Judge Kevin R. Anderson handles the case.

The Debtor is represented by Andres Diaz, Esq., at Diaz & Larsen.


S & W SALES: Court Extends Cash Collateral Access to June 30
------------------------------------------------------------
S & W Sales and Service, LLC received another extension from the
U.S. Bankruptcy Court for the Middle District of Georgia to use
cash collateral.

The court's order authorized the Debtor's interim use of cash
collateral through June 30 based on its updated budget.

The interim use of cash collateral is subject to the terms of the
initial cash collateral order issued by the court on Jan. 16.

The next hearing is scheduled for July 2.

S & W's cash collateral consists of revenues from the operation of
its business. The Debtor owns and operates a construction company
specializing in government contracting for concrete services.

The creditors that may claim an interest in the Debtor's cash
collateral are Five Star Credit Union, Marlin Business Bank, U.S.
Small Business Administration, Newtek Small Business Finance, LLC,
American Contractors Indemnity Co., ASSN Co., CT Corporation
Service as representative, CHTD Company, and Lexington National
Insurance Corporation.

                   About S & W Sales and Service

S & W Sales and Service, LLC is a limited liability company in Fort
Valley, Ga.

S & W Sales and Service sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 24-51814) on December 2,
2024, with assets between $500,000 and $1 million and liabilities
between $1 million and $10 million. Waldo Moody, a managing member
of S & W Sales, signed the petition.

Judge Robert M. Matson handles the case.

Wesley J. Boyer, Esq., at Boyer Terry, LLC is the Debtor's legal
counsel.

Five Star Credit Union, as secured creditor, is represented by:

   Doroteya N. Wozniak, Esq.
   James Bates Brannan Groover, LLP
   2827 Peachtree Rd, NE, Suite 300
   Atlanta, GA 30305
   Telephone: (404) 997-6031
   Facsimile: (404) 997-6021
   dwozniak@jamesbatesllp.com

Newtek Small Business Finance, as secured creditor, is represented
by:

   Michael R. Wing, Esq.
   Robinson Franzman, LLP
   191 Peachtree Street NE, Suite 2600
   Atlanta, GA 30303
   Telephone: (404) 255-2503
   michael@rfllplaw.com

Lexington National Insurance Corp., as secured creditor, is
represented by:

   John G. Brookhuis, Esq.
   McMichael Taylor Gray, LLC
   3550 Engineering Drive, Suite 260
   Peachtree Corners, GA 30092
   Telephone: 404-474-7149
   Facsimile: 404-745-8121
   jbrookhuis@mtglaw.com


SALEM POINTE: Hires Dunham Hildebrand as Co-Counsel
---------------------------------------------------
Salem Pointe Capital, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Tennessee to employ Dunham, Hildebrand
Payne Waldron, PLLC as co-counsel.

The firm requires assistance of co-counsel to assist current
counsel, James R. Moore, Brenda G. Brooks and the law firm of Moore
and Brooks, with representation herein relative to the pending
motions filed by the US Trustee to Dismiss, Convert or Appoint a
Chapter 11 Trustee and by Rarity Bay Partners to Appoint a Chapter
11 Trustee, with support by Rarity Bay Community Homeowners
Association, Inc; revisions to the final cash collateral order,
extension of the exclusivity periods, preparation of a disclosure
statement and plan of reorganization, negotiation with creditors
regarding claims, appearances in Court, and general legal and
bankruptcy advice and representation.

The firm will be paid at these rates:

     Attorneys         $400 per hour
     Paralegals        $100 per hour

The firm will be paid a retainer in the amount of $10,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Brooks 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:

     Brenda G. Brooks, Esq.
     Moore & Brooks
     6223 Highland Place Way, Suite 102
     Knoxville, TN 37919
     Telephone: (865) 450-5455

              About Salem Pointe Capital, LLC

Salem Pointe Capital, LLC, is a financial services company that
typically focuses on investment and capital management. Its
operations include providing financing solutions, investment
opportunities, and asset management to various sectors.

Salem Pointe Capital filed Chapter 11 petition (Bankr. E.D. Tenn.
Case No. 24-31702) on Sept. 29, 2024, listing between $10 million
and $50 million in both assets and liabilities.

Judge Suzanne H. Bauknight oversees the case.

The Debtor is represented by James R. Moore, Esq., at Moore &
Brooks.


SECOND CUP: Obtains Initial Stay Order Under CCAA
-------------------------------------------------
The Second Cup Coffee Company Inc. became subject to an initial
order ("Initial Order") under the Companies' Creditors Arrangement
Act, as amended ("CCAA").

On May 20, 2025, Arbat Capital Group Ltd. made an application to
the Superior Court of Justice (Commercial List) in Ontario to
commence proceedings pursuant to the CCAA, in respect of the
Company.

The Initial Order provides, among other things, a stay of
proceedings until and including June 1, 2025, and may be extended
by the Court from time to time.  The Company will be seeking an
extension of the Stay Period.

Pursuant to the Initial Order, Grant Thornton Limited was appointed
as monitor ("Monitor") of the Company.  A copy of the Initial Order
and copies of the materials filed in the CCAA proceedings can be
found on the Monitor’s case website:
http:s//www.DoaneGrantThornton.ca/SecondCup or on request by
contacting the Monitor’s office.

Pursuant to the Initial Order, all persons having oral or written
agreements with the Company or statutory or regulatory mandates for
the supply of goods and/or services are restrained until further
Order of the Court from discontinuing, altering, interfering with,
or terminating the supply of such goods or services as may be
required by the Company, provided that the normal prices or charges
for all such goods or services received after the date of the
Initial Order are paid by the Company in accordance with normal
payment practices of the Company, or such other practices as may be
agreed upon by the supplier or service provider and the Company and
the Monitor, or as may be ordered by the Court.

During the Stay Period, all parties are prohibited from commencing
or continuing legal action against the Company and all rights and
remedies of any party against or in respect of the Company or their
assets are stayed and suspended except with the written consent of,
the Company and the Monitor, or leave of the Court.

To date, no claims procedure has been approved by the Court and
creditors therefore are not required to file a proof of claim at
this time.  Further notice will be given to creditors if/when a
claims procedure is approved by the Court.

If you have any questions regarding the CCAA proceedings, please
contact the Monitor’s office:

   Jesse Cooper
   Email: Jesse.Cooper@doane.gt.ca
   Tel: (416) 360-2364

   or

   Michael Dellaire
   Email: Michael.Dellaire@doane.gt.ca
   Tel: (416) 607-2689

The Monitor can be reached at:

   Grant Thornton Limited
   200 King St West
   11th Floor
   Toronto ON M5H 3T4

   Jason Kanji
   Email: Jason.Kanji@doane.gt.ca
   Tel: 416-777-6136

   Jesse Cooper
   Email: Jesse.Cooper@doane.gt.ca
   Tel: 416-360-2364

   Michael Dellaire
   Email: Michael.Dellaire@doane.gt.ca
   Tel : 416-607-2689

Lawyers of the Arbat Capital:

   Miller Thomson LLP
   Scotia Plaza
   40 King Street West, Suite 6600
   P.O. Box 1011
   Toronto ON M5H 3S1

   Gavin H. Finlayson
   Email: gfinlayson@millerthomson.com
   Tel: 416-595-8619

   Larry Ellis
   Email: lellis@millerthomson.com
   Tel: 416-595-8639

   Matthew Cressatti
   Email: mcressatti@millerthomson.com
   Tel: 416-597-431

Lawyers for The Second Cup:

   Drudi Alexiou Kuchar LLP
   Barristers-At-Law
   The Madison Centre
   4950 Yonge Street, Suite 508
   Toronto, Ontario M2N 6K1

   Constantine Alexiou
   Email: calexiou@dakllp.com
   Tel: 905-850-6116

Counsel for the Monitor:

   Cassels Brock & Blackwell LLP
   Bay Adelaide Centre - North Tower
   40 Temperance Street Suite 3200
   Toronto, ON M5H 0B4

   Monique Sassi
   Email : msassi@cassels.com
   Tel: 416-860-6886

   Joshua Gordon
   Email: jgordon@cassels.com
   Tel: 416-869-5343

The Second Cup Coffee Company Inc. -- https://www.mysecondcup.com/
-- is a Canadian coffeehouse chain and retailer of specialty coffee
headquartered in Mississauga, Ontario.


SEN FITNESS: Case Summary & Six Unsecured Creditors
---------------------------------------------------
Debtor: SEN Fitness Group
           d/b/a UFC Gym Oxnard
        451 W Esplanade Dr.
        Oxnard, CA 93036

Business Description: SEN Fitness Group operates a UFC Gym
                      franchise in Oxnard, California, offering
                      mixed martial arts-inspired fitness
                      programs, personal training, and wellness
                      services.  The facility provides group
                      classes, youth programs, recovery
                      treatments, and gym amenities for a broad
                      range of members.

Chapter 11 Petition Date: June 19, 2025

Court: United States Bankruptcy Court
       Central District of California

Case No.: 25-10820

Judge: Hon. Ronald A Clifford III

Debtor's Counsel: Eric Bensamochan, Esq.
                  THE BENSAMOCHAN LAW FIRM, INC.
                  2566 Overland Ave. Suite 650
                  Los Angeles, CA 90054
                  Tel: (818) 574-5740
                  Fax: (818) 961-0138
                  E-mail: eric@eblawfirm.us

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

Slava Vilshtein signed the petition in his capacity as CFO,
secretary and CEO.

A full-text copy of the petition, which includes a list of the
Debtor's six unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/3HZZ6PY/SEN_Fitness_Group__cacbke-25-10820__0001.0.pdf?mcid=tGE4TAMA


SEXTANT STAYS: To Sell Business Assets to CozySuites for $6.3MM
---------------------------------------------------------------
Sextant Stays, Inc., d/b/a Roami, seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida, Miami
Division, to sell Assets, free and clear of all liens, claims, and
encumbrances.

The Debtor's predecessor in interest, Idlar Ventures LLC d/b/a
"Sextant" "Roami" was formed in 2016. Since its inception, the
company evolved from short term rentals of one-off single family
homes and condos (2015-2017), to full apartment floors (2017-2018),
and eventually to full buildings (2019-onward). On February 1,
2018, the Debtor obtained a $4.0M loan from Canna Holding Ltd.
f/k/a Calvert Financial Corp. to assist with growth and liquidity.

By June 10, 2022, the Debtor was at all-time highs for revenue, but
also experienced drastic increases in expenses and operational
costs.

In 2023, the Debtor faced challenges posed to the hospitality
industry following the retraction from the post-Covid travel boom.
The Debtor prioritized its transition from master lease (fixed
rents) to revenue share (variable rents), conducted its second 34%
layoff to prioritize profitability and sought to terminate
unfavorable master lease agreements.

Having consulted with its advisors, the Debtor identified strategic
buyers including, among others, Minthouse, AvantStay, Kasa,
Placemakr, Cozy Suites, Hosteeva, Wynwood House, Selina, Emerald
Stay and BobW in connection with a possible acquisition.

Beginning in early April 2025, the Debtor’s agents engaged in
telephonic and inperson meetings and conferences with the Strategic
Buyers and provided access to the Data Room.

On April 15, 2025, the Debtor made a call for offers and received
LOIs (Letter of Intent) or IOIs (Indication of Interest) from five
of the Strategic Buyers.

The Debtor provided counteroffers to the involved Strategic Buyers
requiring, among other things, not less than a $4.5M cash component
for all offers. The Debtor received responses from four of the
Strategic Buyers.

The Debtor received term sheets from three of the Strategic Buyers
including CozySuites LLC, the Purchaser. The Debtor evaluated all
term sheets and determined that the Purchaser's offer was the
highest and best based on a number of factors including, among
others.

The Debtor proposes to sell substantially all of its assets
pursuant to the terms set forth in the form of Asset Purchase
Agreement to the Purchaser for consideration of: $6,300,000 cash,
plus assumed liabilities (if any) under the purchase agreement; and
the cash and equity components of the agreement include adjustments
in the event that certain executory contracts options for 119,669
shares with a strike price at $37.97 per share as equity
consideration.

The Debtor intends to consummate the Sale as promptly as possible,
consistent with the due process requirements of the Bankruptcy
Code.

                  About Sextant Stays, Inc.

Sextant Stays, Inc., doing business as Roami, is a hospitality
company that offers urban group travel accommodations in cities
such as Miami and New Orleans. Founded in 2016, the company manages
entire buildings to provide consistent, design-forward spaces aimed
at delivering memorable and connected travel experiences. Sextant
Stays' approach bridges the gap between traditional hotels and
inconsistent vacation rentals, catering to modern travelers seeking
comfort, reliability, and style.

Sextant Stays sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15908) on May 27,
2025, listing $5,033,274 in assets and $15,895,759 in liabilities.
Andreas King-Geovanis, chief executive officer of Sextant Stays,
signed the petition.

Judge Robert A. Mark oversees the case.

Brett Lieberman, Esq., at Edelboim Lieberman, PLLC represents the
Debtor as legal counsel.


SHAW SERVICES: Seeks to Tap Newman & Newman as Bankruptcy Counsel
-----------------------------------------------------------------
Shaw Services, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Mississippi to employ Newman & Newman
as counsel.

The firm will render these services:

     (a) advise and consult with the Debtor regarding questions
arising from certain contract negotiations which will occur during
the operation of business;

     (b) evaluate and attack claims of various creditors who may
assert security interests in the assets and who may seek to disturb
the continued operation of business;

     (c) appear in, prosecute, or defend suits and proceedings, and
take all ecessary and proper steps and other matters and things
involved in or connected with the affairs of the estate of the
Debtor;

     (d) represent the Debtor in court hearings and assist in the
preparation of contracts, reports, accunts, petitions,
applications, orders and other papers and documents as may be
necessary in this proceeding;

     (e) advise and consult with the Debtor in connection with any
reorganization plan which may be proposed in this proceeding and
any matters concerning it which arise out of or follow the
acceptance or consummation of such reorganization or its rejection;
and

     (f) perform such other legal services on behalf of the Debtor
as they become necessary in this proceeding.

The firm's counsel and staff will be paid at these hourly rates:

     J. Walter Newman IV, Attorney      $350
     Paralegal                          4150

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a retainer of $12,500 from the Debtor, plus
$1,738 for filing fees.

Mr. Newman IV disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     J. Walter Newman IV, Esq.
     Newman & Newman
     601 Renaissance Way, Suite A
     Telephone: (601) 948-0586
     Email: wnewman95@msn.com  

                        About Shaw Services

Shaw Services LLC is a family-owned commercial construction company
specializing in concrete and site work across Mississippi, Alabama,
and Tennessee. Founded in 1997, the firm is licensed and bonded,
and also offers pressure washing and roof coating services.

Shaw Services LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11621) on
May 22, 2025. In its petition, the Debtor reports estimated assets
and liabilities between $1 million and $10 million each.

The Debtor is represented by J. Walter Newman, IV, Esq., at Newman
& Newman.


SHAW-ALMEX INDUSTRIES: Liquidity Crisis Cues CCAA Filing
--------------------------------------------------------
The Ontario Superior Court of Justice (Commercial List) granted an
order ("Initial Order") to Shaw-Almex Industries Limited and Shaw
Almex Fusion, LLC, commencing proceedings under the Companies'
Creditors Arrangement Act, as amended ("CCAA") in respect of the
CCAA Parties.  The Initial Order granted, among other things, an
initial stay of proceedings in favor of the CCAA Parties until and
including May 30, 2025, which may be extended by further order of
the Court from time to time.  The proceedings commenced under the
CCAA are herein referred to as the “CCAA Proceedings”.

FTI Consulting Canada Inc. is the Court-appointed monitor of the
CCAA Parties.

A hearing to consider certain additional relief in respect of the
CCAA Proceedings was scheduled for May 30, 2025 (the “Comeback
Hearing”).  At the Comeback Hearing, any interested party who
wishes to amend or vary the Initial Order may be entitled to appear
or bring a motion before the Court in accordance with the
requirements set out in the Initial Order. Court materials and
updates as to the time and location of the Comeback Hearing will be
made available on the Monitor’s website at
http://cfcanada.fticonsulting.com/shawalmex.

According to the Companies, they have experienced significant
financial and operational challenges over the past 24 months that
have caused an acute liquidity crisis that has imperiled the Almex
Group.  The financial challenges currently facing Companiess are
associated with, among other things, significant issues securing a
new reliable supplier of rubber, increased operational costs due to
external market factors, insufficient financial reporting and
controls overseen by the former Chief Financial Officer, and losses
suffered as a result of currency hedging transactions.

In light of these challenges and the Companies cash flow crisis,
Shaw-Almex Industries Limited filed a Notice of Intention to Make a
Proposal under the Bankruptcy and Insolvency Act, as amended ("NOI
Proceeding") to provide it with breathing room to pursue a
restructuring of the Business.

Pursuant to the Initial Order, all Persons having oral or written
agreements with the CCAA Parties, or statutory or regulatory
mandates for the supply of goods, intellectual property, and/or
services, including, without limitation, all computer software,
communication and other data services, centralized banking
services, cash management services, payroll and benefit services,
insurance, transportation services, utility or other services to
the Business or the CCAA Parties, are restrained until further
Order of the Court from discontinuing, altering, interfering with
or terminating the supply of such goods or services as may be
required by the CCAA Parties, and that the CCAA Parties are
entitled to the continued use of their current premises, telephone
numbers, facsimile numbers, internet addresses and domain names,
provided in each case that the normal prices or charges for all
such goods or services received after the date of the Initial Order
are paid by the CCAA Parties in accordance with normal payment
practices of the CCAA Parties or such other practices as may be
agreed upon by the supplier or service provider and the applicable
CCAA Parties and the Monitor, or as may be ordered by the Court.

No claims procedure has been approved by the Court and creditors
are therefore not required to file a proof of claim at this time.
If a claims process is later established and approved by the Court,
the necessary documents will be posted on the Monitor’s Website.

If you would like copies of the materials filed in respect of the
CCAA Proceedings or have any questions regarding the foregoing or
require further information, please consult the Monitor's Website
or contact the Monitor by calling (647)-475-9990 or toll free at
1-(833)-713-3795 or by emailing shawalmex@fticonsulting.com.

Monitor can be reached at:

   FTI Consulting Canada Inc.
   Toronto-Dominion Centre, TD South Tower
   79 Wellington St W Suite 2010
   Toronto, ON M5K 1G8

   Jeffrey Rosenberg
   Email: jeffrey.rosenberg@fticonsulting.com
   Tel: 416-649-8100

   Jonathan Joffe
   Email: jonathan.joffe@fticonsulting.com

   Adam Gasch
   Email: Adam.Gasch@fticonsulting.com

Counsel for the Companies:

   Reconstruct LLP
   80 Richmond Street West
   Suite 1700
   Toronto ON, M5H 1T1

   Caitlin Fell
   Email: cfell@reconllp.com
   Tel: 416-613-8282

   R. Brendan Bissell
   Email: bbissell@reconllp.com
   Tel: 416-613-0066

   Jessica Wuthmann
   Email: jwuthmann@reconllp.com
   Tel: 416-613-8288

   Simran Joshi
   Email: sjoshi@reconllp.com
   Tel: 416-613-6589

Counsel to the Monitor:

   Stikeman Elliot LLP
   Commerce Court West
   199 Bay St. Suite 5300
   Toronto, ON M5L 1B9

   Maria Konyukhova
   Email: mkonyukhova@stikeman.com
   Tel: 416-869-5230

   Nick Avis
   Email: NAvis@stikeman.com
   Tel: 416-869-5563

Shaw-Almex Industries Limited --
https://www.almex.com/australia/en/ --  provides conveyor belt
vulcanizing equipment technology, services and expertise.


SHILOH HOMECARE: Court Extends Cash Collateral Access to June 30
----------------------------------------------------------------
Shiloh Homecare Corporation received another extension from the
U.S. Bankruptcy Court for the Middle District of Pennsylvania to
use its lenders' cash collateral.

The court's second interim order approved the Debtor's stipulation
with CIBC Bank USA and Sean and Jennifer Foley, allowing the Debtor
to use the lenders' cash collateral until June 30.

The stipulation requires the Debtor to pay $1,500 to The Foleys as
protection.

Shiloh Homecare and the lenders may extend the terms of the
stipulation by filing a further stipulation with the court by June
30.

The lenders' cash collateral includes accounts receivable, cash on
hand and proceeds from the operation of the Debtor's business.

CIBC Bank holds valid, perfected first lien security interests in
all of the Debtor's assets.

The next hearing is scheduled for June 24.

                    About Shiloh Homecare Corporation

Shiloh Homecare Corporation operates as ComForCare Home Care in
York, Pa., and provides in-home healthcare services including
personal care, dementia care, and private duty nursing. It serves
multiple communities throughout the region.

Shiloh Homecare Corporation sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00122) on January
17, 2025, listing between $1 million and $10 million in both assets
and liabilities.

Judge Henry W. Van Eck handles the case.

The Debtor is represented by Lawrence V. Young, Esq. at CGA Law
Firm.

CIBC Bank USA, as lender, is represented by:

   Justin L. McCall, Esq.
   McGrath McCall, P.C.
   Four Gateway Center, Suite 1340
   444 Liberty Avenue
   Pittsburgh, PA 15222
   Telephone: 412-281-4333
   Facsimile: 412-281-2141
   jmccall@lenderlaw.com

Sean and Jennifer Foley, as lenders, are represented by:

   Robert W. Pontz, Esq.
   Saxton & Stump, LLC
   280 Granite Run Drive, Suite 300
   Lancaster, PA 17601
   Telephone: (717) 556-1016
   Facsimile: (717) 441-3810
   bpontz@saxtonstump.com


SHOREVIEW HOLDING: Taps Troutman Pepper Locke as Bankruptcy Counsel
-------------------------------------------------------------------
Shoreview Holding LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Western District of Texas to employ
Troutman Pepper Locke LLP as counsel.

The firm will render these services:

     (a) advise the Debtors with respect to their powers and duties
as debtors in the continued management and operation of their
business;

     (b) advise the Debtors with respect to all general bankruptcy
matters;

     (c) prepare on behalf of the Debtors all necessary legal
papers related to the administration of their estates;

     (d) represent the Debtors at all court hearings and matters
pertaining to their affairs as Debtors;

     (e) represent the Debtors in connection with any litigated
matters that may arise during the Chapter 11 cases;

     (f) attend meetings and negotiate with representatives of the
Debtors' creditors and other parties-in-interest, as well as
respond to creditor inquiries;

     (g) take all necessary action to protect and preserve the
Debtors' estates;

     (h) review applications and motions filed in connection with
these Chapter 11 cases;

     (i) negotiate and prepare, if applicable, on the Debtors'
behalf a plan of reorganization, disclosure statement, and all
related agreements and/or documents, and take any necessary action
on behalf of them to obtain confirmation of any such plan;

     (j) represent the Debtors in connection with obtaining
postpetition loans and financing, as well as refinancing existing
loans;

     (k) review and evaluate the Debtors' executory contracts and
unexpired leases and represent them in connection with any
rejection, assumption or assignment of such executory contracts and
unexpired leases;

     (l) consult with and advise the Debtors regarding the
operation of the property during the Chapter 11 cases;

     (m) review and analyze various claims of the Debtors'
creditors and the treatment of such claims and the preparation,
filing or prosecution of any objections thereto; and

     (n) perform all other necessary legal services and provide all
other necessary legal advice to the Debtors in connection with
these Chapter 11 cases.

The firm's counsel and staff will be paid at hourly rates that
range from $765 and $895.

Stephen Humeniuk, Esq., an attorney at Troutman Pepper Locke,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Stephen J. Humeniuk, Esq.
     Troutman Pepper Locke LLP
     300 Colorado St., Suite 2100
     Austin, TX 78701
     Telephone: (512) 305-4700
     Facsimile: (512) 205-4800
     Email: Stephen.humeniuk@troutman.com

                      About Shoreview Holding

Shoreview Holding, LLC a company in Austin, Texas, and five
affiliates filed Chapter 11 petitions (Bankr. W.D. Tex. Lead Case
No. 25-10566) on April 24, 2025. In its petition, Shoreview Holding
reported between $50 million and $100 million in both assets and
liabilities.

Judge Shad Robinson handles the cases.

The Debtors are represented by Stephen J. Humeniuk, Esq., at
Troutman Pepper Locke, LLP.


SM ENERGY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings as affirmed SM Energy Company's Long-Term Issuer
Default Rating (IDR) at 'BB'. Fitch has also affirmed the 'BBB-'
issue rating with a Recovery Rating of 'RR1' on the secured
revolver and 'BB'/'RR4' issue ratings on the unsecured notes. The
Rating Outlook is Stable.

SM Energy's rating reflects the company's increased size and scale,
improved netbacks, and enhanced basin diversification following the
acquisition of XCL's assets. The rating is also supported by
leverage below 1.5x, consistently positive FCF generation, and
strong operating performance. The Stable Outlook reflects
expectations of continued positive FCF and moderate leverage.

Key Rating Drivers

Credit Accretive Acquisition: Fitch views the XCL acquisition
favorably for SM Energy's credit profile, despite the increase in
leverage. XCL added approximately 100 million barrels of oil
equivalent (mmboe) of estimated net proved reserves and
approximately 38 thousand barrels of oil equivalent per day
(mboepd) of oil-biased production in 1Q25. Production increased to
197mboepd with 53% oil in 1Q25 from 145mboepd with 44% oil in 1Q24.
The acquisition also increases SM's years of inventory, adds basin
diversity, and improves netbacks.

Leverage Below 1.5x: Fitch views the leverage increase from the XCL
acquisition as manageable, given the company's ample leverage
headroom before the acquisition. The acquisition added $1.3 billion
of debt and raised Fitch-calculated leverage to 1.4x at YE 2024
from 0.9x at YE 2023. SM is committed to reducing debt
post-acquisition, and Fitch forecasts leverage will remain below
1.5x.

Consistently Positive FCF: SM's consistently positive FCF, despite
annual capex of $1.1 billion-$1.3 billion, supports its credit
strength. SM began 2025 with a nine-rig program and plans to reduce
this to six-rigs by year-end, maintaining two rigs per basin moving
forward. Fitch expects capex to support low- to mid-single-digit
organic production growth and anticipates SM will use a material
portion of expected positive FCF to repay debt over the rating
horizon.

Strong Operating Performance: Fitch expects SM to extend its strong
operating performance to the acquired acreage. The company's
existing basins have demonstrated higher cumulative oil production
than peers on new wells over the first 20 months of production.
Since 2022, SM has increased drilling footage per day by 10% and
completed footage per day by 99% in the Midland basin. During the
same period, SM improved these metrics in South Texas by 27% and
18%, respectively. Well productivity in the Uinta basin assets is
comparable to SM's Midland and South Texas wells.

Protection from Hedge Program: Fitch views SM's policy of hedging
around 30%-35% of production as supportive of the rating, even
though it exposes the company to slightly more cash flow volatility
than peers with higher hedge levels. The company has approximately
35% of Fitch-forecast oil production hedged at $67/bbl and 39% of
Fitch-forecast gas production hedged at $3.71/mcf for 2025. For
2026, approximately 7% of expected oil production is hedged and 27%
of expected natural gas production is hedged at $3.78/mcf.

Peer Analysis

With 1Q25 average production of 197 mboepd, SM is smaller than
Denver-Julesburg Basin peer Civitas Resources, Inc. (BB+/Stable;
311 mboepd) and Permian peer Permian Resources Corporation
(BB+/Stable; 373 mboepd). SM is comparable in scale to Permian peer
Matador Resources Company (BB/Stable; 199 mboepd), and larger than
Murphy Oil Corporation (BB+/Stable; 163 mboepd).

SM's oil percentage of production at 53% is higher than all its
peers except for Matador Resources, which had oil percentage at 58%
for 1Q25. SM's Fitch-calculated 1Q25 unhedged, levered cash netback
of $30.40/boe is higher than all peers except for Matador
Resources, which had 1Q25 netback of $35.30/boe. SM's netback has
increased following the Uinta acquisition due to higher oil
content.

SM's leverage is comparable to its peers, and the expected
generation of FCF will enable deleveraging in the short term.

Key Assumptions

- West Texas Intermediate oil prices of $60/bbl in 2025 through
2027 and $57/bbl thereafter;

- Henry Hub natural gas prices of $3.25/mcf in 2025, $3.00/mcf in
2026, and $2.75 thereafter;

- Production growth of 20% in 2025 (from a full year of XCL
production), followed by low-single-digit growth thereafter;

- Capex of between $1.3 billion and $1.1 billion throughout
forecast;

- FCF prioritized for debt repayment;

- Base interest rates applicable to the company's outstanding
variable rate debt obligations reflects current SOFR forward
curve.

RATING SENSITIVITIES

Factors that Could Lead to Negative Rating Action/Downgrade

- A change in financial policy or its hedging program leading to
debt-funded shareholder distributions;

- Midcycle EBITDA leverage sustained above 2.5x;

- Material reduction in liquidity or inability to access debt
capital markets.

Factors that Could Lead to Positive Rating Action/Upgrade

- Higher netbacks relative to peers stemming from increased liquid
production or lower unit costs;

- Increased size and scale with similar production mix;

- Midcycle EBITDA leverage sustained below 2.0x.

Liquidity and Debt Structure

At 1Q25, SM had approximately $1.96 billion of availability under
the $2 billion credit facility that matures in 2029. Fitch believes
liquidity will remain strong through the forecast, given the
company's modest capital program, improving cost structure and
solid hedging program, which supports FCF generation.

The company has a manageable maturity schedule with the next
upcoming maturity in September 2026.

Issuer Profile

SM is an independent E&P company that operates in the Midland
Basin, South Texas, which includes the Eagle Ford and Austin Chalk,
and Uinta basin. SM averaged 197.3 Mboepd of production during
1Q25, including oil, natural gas liquids (NGLs) and gas.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt               Rating         Recovery   Prior
   -----------               ------         --------   -----
SM Energy Company      LT IDR BB   Affirmed            BB

   senior unsecured    LT     BB   Affirmed   RR4      BB

   senior secured      LT     BBB- Affirmed   RR1      BBB-


SOUTH TEXAS: Seeks Chapter 11 Bankruptcy in Texas
-------------------------------------------------
On June 17, 2025, South Texas Corral LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of Texas. According to court filing, the
Debtor reports $1,636,260 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.

           About South Texas Corral LLC

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.

South Texas Corral LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-10113) on June 17,
2025. In its petition, the Debtor reports total assets of $149,674
and total liabilities of $1,636,260.

Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the
case.

The Debtors are represented by Robert C. Lane, Esq. and Kyle K.
Garza, Esq. at THE LANE LAW FIRM, PLLC.


SOVOS COMPLIANCE: Moody's Affirms 'B3' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings affirmed Sovos Compliance LLC's (Sovos) B3
corporate family rating and B3-PD probability of default rating.
Moody's also affirmed Sovos' $100 million senior secured revolving
credit facility expiring 2029 and $1,414 million senior secured
term loan maturing 2029 at B3. The outlook remains stable. Atlanta
based Sovos provides software and services supporting corporate tax
compliance and business-to-government tax reporting.

The affirmation of the B3 CFR with stable outlook reflect pressure
from very high debt/EBITDA of 8.6x and a continued preponderance of
add backs to the income statement, which diminishes earnings
quality, albeit on a reduced scale since fiscal year end 2022, for
the twelve months ended March 31, 2025 and Moody's anticipations
for aggressive financial strategies.

"Moody's notes that after numerous add backs to earnings which
Sovos considers non-recurring, leverage is two turns lower for the
latest LTM period, so Moody's expects debt to EBITDA to materially
decline over the next 12 to 18 months as consolidation of the
company's tax solutions concludes and many of those adjustments
sunset, providing support to the credit profile" said Michael
Aroian, Moody's Ratings Vice President – Senior Analyst.

RATINGS RATIONALE

The B3 CFR considers Moody's anticipations for elevated financial
leverage to fall as earnings rise over the next 12 to 18 months,
with debt/EBITDA declining below 7.5x, and adequate interest
coverage as measured by EBITDA/interest expense of over 1.5x.
Moody's expects interest coverage and free cash flow will be
pressured by the expiration or amendment of certain interest rate
hedges which have reduced Sovos' exposure to high floating interest
rates. The rating also incorporates Sovos' history of aggressive
financial policies that have funded the company's active M&A
pipeline with debt. However, Moody's expects acquisition activity
to slow down as Sovos assimilates newer targets into its platform
tax solutions approach. The company competes against much larger
and publicly traded players with deep pockets, greater resources,
and more capacity to weather a cyclical downturn.

All financial metrics cited reflect Moody's standard adjustments,
adding back severance and change in deferred revenue and
incorporating partial credit for expenses that Sovos considers
non-recurring.

Sovos' B3 CFR is supported by Moody's anticipations of positive
free cash flow ($27 million for the twelve months ended March 31,
2025), its leading positions in several tax and compliance niche
markets, low customer concentration and very high client retention
rates, which translate into a high proportion of recurring revenue.
Moody's expects the benefits from ongoing platform and cost
management initiatives to drive earnings growth over the next 12 to
18 months. Moody's also anticipates diminished financial
adjustments that lower earnings quality as those projects
conclude.

Moody's considers Sovos' liquidity profile as good, supported by
$111 million of unrestricted cash as of March 31, 2025, and the
undrawn $100 million revolver. Moody's expects positive free cash
flow in each of fiscal years 2025 and 2026 (end 30 June), with
capital expenditures around 3% of revenue. Cash requirements below
free cash flow are limited to mandatory debt amortization totaling
1% of the term loan, or about $15 million, annually. Access to the
revolver is subject to compliance with a net first-lien leverage
covenant of less than 11.5x, which is only tested when 35% or more
of the revolver is outstanding. Moody's anticipates a sizable
cushion against the covenant level over the next 12 to 15 months.
Moody's expects Sovos' preferred equity dividend will continue to
be paid in kind; cash preferred equity dividend payments would put
additional pressure on interest coverage, free cash flow and the
ratings.

Sovos' senior secured first lien bank credit facilities are rated
B3. As there is no other meaningful debt in the capital structure,
the debts are rated in line with the B3 CFR.

The stable outlook reflects Moody's views that Sovos can achieve
lower financial leverage on a debt/EBITDA basis through execution
of their strategy and reduction of both one time and recurring
expenses 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 the company increases its
operating scale and moderates its financial policies, such that
Moody's expects debt/EBITDA to be sustained below 6.5x and free
cash flow/debt to remain above 5%.

The ratings could be downgraded if revenue or EBITDA growth is
weaker than Moody's expects, diminishing Sovos' ability to reduce
financial leverage organically, such that debt/EBITDA is sustained
above 7.5x. The ratings could also be downgraded if liquidity
deteriorates, including if Moody's expects free cash flow to remain
around break-even, or if earnings quality does not improve.

The principal methodology used in these ratings was Software
published in June 2022.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Sovos, owned by private equity sponsors Hg Capital (majority
shareholder) and TA Associates (minority stake), offers solutions
in four main segments: Sales & use tax; value added tax; alcoholic
beverage; and tax and regulatory reporting. Moody's expects about
$535 million of revenue in FY2025 (ends June 30).


STARWOOD PROPERTY: Moody's Affirms Ba2 CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings has affirmed the Ba2 long-term corporate family
rating and Ba3 long-term senior unsecured debt ratings of Starwood
Property Trust, Inc. (Starwood), as well as the Ba2 senior secured
bank credit facility ratings of subsidiary Starwood Property
Mortgage, LLC. The outlook remains stable for both entities.

RATINGS RATIONALE

The affirmation of Starwood's Ba2 CFR reflects the company's strong
asset quality, prominent competitive positioning in multiple
commercial real estate (CRE) businesses that provide greater
revenue diversity than non-bank CRE lender peers, diversified
funding sources and its affiliation with Starwood Capital Group,
the well-established CRE investment and asset management firm. At
the same time, Starwood's CFR considers the credit challenges from
the company's business concentration in the cyclical CRE sector and
reliance on secured debt funding.

Starwood possesses greater asset diversification than its CRE
lending peers. Starwood's $26.3 billion balance sheet (net of VIE
securitizations) is comprised of commercial and residential lending
($18.3 billion), infrastructure lending ($3.1 billion), property
($2.8 billion), and investing and servicing ($1.6 billion). Moody's
views the greater asset and earnings diversity as a credit
positive, especially in lieu of the challenging operating
environment for CRE properties, especially office.

The three largest sector exposures in Starwood's commercial loan
portfolio are multifamily (34% of net loans), office (21%) and
hotel (11%). Starwood's office exposure is in line with the peer
median as of March 31, 2025; however, the exposure is only 11% (9%
US, 2% international) when compared to the company's total assets.
Loans that are delinquent or credit deteriorated rose to 3.55% as
of March 31, 2025 from 2.57% one year earlier. As of March 31,
2025, Starwood reported 16 loans in its commercial portfolio (out
of 136 loans) rated '4' or '5', representing loans with the weakest
internal risk ratings. Starwood increased its current expected
credit loss (CECL) reserve to $428.1 million (2.17% of gross loans)
as of March 31, 2025 from $331.6 million (1.65%) one year earlier.

Starwood's capitalization, measured as tangible common equity to
tangible managed assets (TCE/TMA), was 23.5% as of March 31, 2025,
above the peer median. The company's TCE/TMA ratio has been
relatively steady, averaging 23.0% over the last three years.

Starwood maintains strong liquidity, with $1.5 billion of
unrestricted cash and approved undrawn debt capacity as of May 02,
2025. Although lower than most peers, the company's reliance on
secured funding is a constraint on Starwood's credit profile. The
company's secured debt to gross tangible assets ratio was 59.3% as
of March 31, 2025. Moody's views an elevated level of secured debt
as credit negative because it encumbers earning assets and limits
financial flexibility in challenging operating environments.
Starwood's nearest corporate debt maturity is a $400 million senior
unsecured issuance maturing in July 2026.

The Ba2 rating of Starwood Property Mortgage, LLC's senior secured
term loan B reflects the term loans' illiquid, albeit nominally
sizeable, collateral base, which is comprised mainly of equity
interests in asset-holding subsidiaries, the creditors of which
have higher priority, senior secured claims on the subsidiaries'
loans and other earning assets. The Ba3 rating assigned to Starwood
Property Trust, Inc.'s senior unsecured debt reflects its
effectively subordinated, lower priority of claim on Starwood's
earning assets compared to secured lenders. A material increase in
recourse secured indebtedness would put downward pressure on
Starwood's Ba3 senior unsecured debt rating.

The stable outlook reflects Moody's views that Starwood's capital
position and funding profile will remain stable over the next 12-18
months, despite the potential for weakening in asset quality.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade Starwood's ratings if the company: 1) further
diversifies its funding sources to include additional senior
unsecured debt and lower reliance on market-sensitive repurchase
facilities; 2) maintains strong, stable profitability and low
credit losses; and 3) maintains a strong capital position.

Starwood's ratings could be downgraded if the company: 1)
experiences a material deterioration in asset quality; 2) weakens
its capital position; 3) increases exposure to volatile funding
sources or otherwise encounters material liquidity challenges; 4)
rapidly accelerates growth; or 5) suffers a sustained decline in
profitability.

The principal methodology used in these ratings was Finance
Companies published in July 2024.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


SULLIVAN MECHANICAL: Court OKs Office Equipment Sale
----------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Virginia,
Harrisonburg Division, has permitted Sullivan Mechanical
Contractors Inc. to sell Equipment, free and clear of liens,
claims, and encumbrances.

Sullivan Mechanical, 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, Malcom Sullivan, Jr, the present
Chairman of the Board, with the aid of other family members,
currently manages 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.

Richard C. Maxwell, Esquire has been appointed as the Chapter 11
Subchapter V trustee of the case.

The Court has authorized the Debtor to sell additional equipment,
miscellaneous job items, and miscellaneous office items.

The Debtor is further ordered to sell any and all Miscellaneous Job
Items and Miscellaneous Office Items at prices not less than 20% of
retail value and/or if the Debtor believes that acceptance of a
lesser purchase price is, in the exercise of its business judgment
and discretion, in the best interest of the estate, the Debtor
shall serve a notice of the proposed transaction by overnight
service or electronic mail.

Interested Parties shall have five business days from service of
the Transaction Notice to object to the Proposed Transaction,
pursuant to the objection procedures herein. If no objections are
filed prior to the expiration of the Notice Period, the Interested
Parties, by their silence, will be deemed to have consented to the
Proposed Transaction and such Proposed Transaction will be deemed
final and fully authorized by this Court.

All buyers will take the items sold by the Debtor "as is" and
"where is," without any representation or warranties from the
Debtor as to the quality or fitness of such assets for either its
intended or any particular purposes.

           About Sullivan Mechanical Contractors Inc.

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: Seeks to Hire Kroll as Claims and Noticing Agent
----------------------------------------------------------------
Sunnova Energy International Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Kroll Restructuring Administration LLC as claims,
noticing and solicitation agent.

Kroll will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.

Prior to the petition date, the Debtors provided Kroll an advance
in the amount of $100,000.

Benjamin Steele, a managing director at Kroll, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Benjamin J. Steele
     Kroll Restructuring Administration LLC
     One World Trade Center
     285 Fulton Street, 31st Floor
     New York, NY 10007
     Telephone: (212) 871-2000

                        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 International and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.
25-90160) on June 8, 2025. In the petitions signed by Ryan
Omohundro, chief restructuring officer, Sunnova Energy disclosed
between $10 billion and $50 billion in both assets and
liabilities.

Judge Alfredo R. Perez oversees the cases.

The Debtors tapped Bracewell LLP, Kirkland & Ellis LLP, and
Kirkland & Ellis International LLP as counsel; Moelis & Company LLC
as investment banker; and Alvarez & Marsal North America, LLC as
financial advisor. Kroll Restructuring Administration LLC is the
Debtors' claims, noticing and solicitation agent.


SUNSHINE PEDIATRICS: Seeks Chapter 11 Bankruptcy in Arizona
-----------------------------------------------------------
On June 16, 2025, Sunshine Pediatrics PC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Arizona. According to court filing, the Debtor reports between $1
million and $10 million in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.

           About Sunshine Pediatrics PC

Sunshine Pediatrics PC provides pediatric healthcare services in
Phoenix, Arizona. The clinic offers routine checkups,
immunizations, and specialized care for infants, children, and
adolescents.

Sunshine Pediatrics PC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05458) on June 16,
2025. In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.

The Debtors are represented by Lawrence D. Hirsch, Esq. at PARKER
SCHWARTZ, PLLC.


SYAGRUS SYSTEMS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Syagrus Systems, LLC
        4370 West Round Lake Road
        Arden Hills, MN 55112

Business Description: Syagrus Systems provides silicon wafer
                      backend processing services and die-sorting
                      equipment manufacturing.  Based in the Twin
                      Cities of Minneapolis and St. Paul,
                      Minnesota, the Company offers capabilities
                      such as ultra-thin wafer backgrinding,
                      dicing, wafer bonding, and die sorting, as
                      well as support for engineering runs and
                      multi-die wafers.

Chapter 11 Petition Date: June 19, 2025

Court: United States Bankruptcy Court
       District of Minnesota

Case No.: 25-31901

Judge: Hon. William J Fisher

Debtor's Counsel: Joseph Dicker, Esq.
                  JOSEPH W DICKER PA
                  1406 West Lake Street Suite 209
                  Minneapolis, MN 55408
                  Tel: (612) 827-5941
                  E-mail: joe@joedickerlaw.com

Total Assets: $476,000

Total Liabilities: $4,502,535

The petition was signed by John Koch as 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/UOX7GYI/Syagrus_Systems_LLC__mnbke-25-31901__0001.0.pdf?mcid=tGE4TAMA


T&S FOOD: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: T&S Food Services II, LLC
        201 B West Butler Rd., Suite 1101
        Mauldin, SC 29662

Business Description: T&S Food Services II, LLC operates franchise
                      locations of national restaurant brands,
                      including Starbucks and Denny's.

Chapter 11 Petition Date: June 19, 2025

Court: United States Bankruptcy Court
       District of Delaware

Case No.: 25-11178

Judge: Hon. Thomas M Horan

Debtor's Counsel: Karen M. Grivner, Esq.
                  CLARK HILL PLC
                  824 N Market Street
                  Suite 710
                  Wilmington, DE 19801
                  Tel: (302) 250-4750
                  Fax: (302) 421-9439
                  Email: kgrivner@clarkhill.com

Debtor's
Claims &
Noticing
Agent:            RELIABLE COMPANIES d/b/a RELIABLE


Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Rolando Allen as chief restructuring
officer.

A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/6JX3ZOQ/TS_Food_Services_II_LLC__debke-25-11178__0001.0.pdf?mcid=tGE4TAMA


UNIT CORP: Wins Bid to Maintain Stay of Poarch, et al. Lawsuit
--------------------------------------------------------------
Judge Patrick R. Wyrick of the United States District Court for the
Western District of Oklahoma granted Unit Corporation's motion to
stay the case captioned as DAVID M. POARCH, et al., Plaintiffs, v.
UNIT CORPORATION, Defendant, Case No. 23-cv-00798-PRW (W.D. Okla.)
pending resolution of bankruptcy appeal.

This is a breach of contract action arising from a dispute
involving a chapter 11 bankruptcy plan confirmed in the United
States Bankruptcy Court for the Southern District of Texas. On Dec.
20, 2023, Unit filed a Motion to Dismiss, arguing that:

   (1) the Bankruptcy Court has exclusive jurisdiction to determine
the merits of the Complaint and
   (2) Plaintiffs released the right to bring the asserted claims
under the terms of the bankruptcy plan.

That same day, Unit also filed a motion in the Bankruptcy Court,
raising the same substantive arguments and seeking (among other
relief) an order compelling Plaintiffs to dismiss this case. On
Sept. 20, 2024, The Court stayed and administratively closed this
matter pending resolution of Unit's Motion in the Bankruptcy
Court.

On Oct. 4, 2024, United States Bankruptcy Judge Christopher Lopez
denied Unit's motion, holding that the claims asserted in this
action were not released under the bankruptcy plan and that
Plaintiffs were not barred from proceeding in this Court. Unit
appealed that decision as to the release issue. The appeal is now
fully briefed and pending in the United States District Court for
the Southern District of Texas before United States District Judge
George C. Hanks, Jr.

The Court finds that a stay pending resolution of the appeal is
warranted. As an initial matter, the Court declines to speculate as
to the merits of Unit's appeal. There is substantial overlap
between the issues before both this Court and Judge Hanks. The
simultaneous prosecution in two different courts of cases relating
to the same parties and issues leads to the wastefulness of time,
energy and money. Accordingly, judicial economy favors awaiting the
outcome of the appeal.

According to the Court, a stay would minimize the risks of
confusion and inconsistent results. Plaintiffs suggest that the
Court should allow discovery to proceed in the interim, but, as
Unit argues, in this breach of contract case, the need for
expedient discovery is outweighed by the possibility of reversal,
which could render those discovery efforts futile.

Unit has also demonstrated a clear case of hardship in being
required to proceed, the Court finds. Requiring Unit to litigate
this case while simultaneously pursuing appellate relief in Texas
creates undue hardship. Plaintiffs assert that a stay of indefinite
duration would prejudice them but offer no specific explanation as
to how. The possibility of prejudice to Plaintiffs is therefore
minimal, especially when weighed against the possible cost to all
the parties of duplicative litigation, the Court concludes.

Accordingly, the Court orders that the matter remain stayed and
administratively closed pending resolution of the appeal. The
parties must file a joint status report informing the Court about
the outcome of the appeal within fifteen days of Judge Hanks's
disposition of the matter. The status report must advise the Court
as to whether the stay should be lifted and the case reopened for
further proceedings.

A copy of the Court's Order is available at
https://urlcurt.com/u?l=TtEwG3 from PacerMonitor.com.


UNITI GROUP: Fitch Hikes Rating on Sr. Unsecured Notes to 'B'
-------------------------------------------------------------
Fitch Ratings has upgraded the Uniti Group LP's, Uniti Fiber
Holdings Inc.'s and Uniti Group, Inc.'s unsecured ratings to 'B'
with a Rating Recovery of 'RR5' from 'B-'/'RR6'. The 'B+' Issuer
Default Rating (IDR) and Rating Watch Negative (RWN) remains in
place on all ratings.

The upgrade is due to the resolution of an error identified in the
recovery analysis tool, following the recent co-issuance of $600
million in unsecured notes by Uniti Group LP and Uniti Fiber
Holdings Inc. and the corresponding repayment of $500 million of
the company's 10.5% senior secured notes. Correction of this
resulted in increased recovery for the unsecured debts under its
recovery waterfall and led to the upgrade to 'B'/'RR5'.

Key Rating Drivers

Windstream Acquisition: On May 3, 2024, Uniti announced its
acquisition of Windstream Holdings, Inc. (Windstream). The merger
is expected to close in 2H25, subject to customary closing
conditions and approvals. Post-merger, Uniti shareholders will hold
approximately 62% of common equity of the combined company.
Windstream shareholders will receive $425 million of cash, $575
million of preferred equity in the new combined company, and common
shares representing approximately 38%. Uniti obtained shareholder
approval for the proposed merger in April 2025.

The merger will position the combined company in Tier II and Tier
III markets and provide significant synergies and eliminate
inefficiencies. Management projects up to $100 million in opex and
$20 million-$30 million in capex synergies. Windstream shareholders
will receive non-voting warrants to acquire up to 6.9% of common
shares of the combined company. Uniti expects to fund the $425
million of cash consideration to Windstream shareholders with cash
from operations, revolver borrowings and/or future capital markets
transactions.

Revenue and Cash Flow Stability: Fitch expects the combined revenue
and EBITDA of approximately $3.7 billion and $1.6 billion at FYE
2025. In addition to the stable long-term lease payments from
Windstream, Uniti's standalone ratings incorporate Fitch's
expectations for growth in its non-Windstream leasing business, as
well as in its fiber segment. Fitch expects Uniti to derive over
one-third of its revenue from telecommunications entities other
than Windstream and through contracts providing fiber capacity to
wireless carriers, enterprise, wholesale carriers and government
entities.

The master leases with Windstream produced approximately $675
million in cash revenue in 2024 and will grow slightly due to
escalators over time. Returns on Uniti's funding of growth capital
improvements (GCIs) are incremental to this amount. The master
lease expires on April 30, 2030. Fitch believes that although the
MLA arrangement may continue post-close, the acquisition
significantly reduces risk related to non-renewal under the common
ownership.

Elevated Leverage: The combined company's pro forma net leverage
was approximately 5.6x at YE 2024. Fitch expects leverage to
increase to the high-5x range in 2025 due to revenue and EBITDA
pressures from Windstream's legacy revenue and high capex for Fiber
to the Home deployments to an additional million households.
Windstream accelerated the timeline for the fiber investment,
aiming to reach two million subscribers by the end of 2025 (up from
the prior target of about 1.9 million by 2027). The company passes
through 37% of its footprint and plans to pass through 43% by YE
2025. On a standalone basis, Uniti's Fitch-calculated net leverage
was 6.3x at YE 2024.

Solid Liquidity: Liquidity at March 31, 2025 was approximately $592
million, consisting of about $92 million in cash and revolver
availability of about $500 million. The $500 million revolving
facility matures in September 2027. Windstream's term loan and
revolver mature in 2031 and 2027, respectively, and $2.2 billion of
combined senior secured notes are due in 2031. Fitch expects REIT
interest coverage to remain near 2.0x over the forecast period.

FCF Remains Weak: Fitch expects FCF to remain weak for the next two
to three years due to high capex. However, FCF should improve after
2027 as these expenditures decrease. Uniti's obligations on
Windstream's settlement payments will end following a final payment
in 3Q25, and GCI funding commitments will gradually decrease to
$125 million from $225 million annually.

Parent-Subsidiary Linkage: Fitch equalizes Uniti Group Inc. and
Uniti Fiber Holdings Inc.'s IDRs using a stronger subsidiary/weaker
parent approach, based on open legal ringfencing and access and
control. Uniti Group Inc. and Uniti Group LP's ratings are the
same, as the parent is rated at the consolidated group profile
level. Fitch will likely equalize Uniti and Windstream's ratings
with the combined parent under its stronger parent path. Strategic
incentive is high due to the subsidiaries' financial contributions
and the critical advantage of combining an Opco and Propco.
Operational incentive is high due to common ownership and
elimination of inefficiencies post-merger.

Standalone Tenant Concentration: Windstream's master leases provide
approximately 68% of Uniti's revenue. At the time of the spinoff,
nearly all revenue was from Windstream. Improved diversification
is a positive for the company's credit profile, as major customer
verticals outside of Windstream consist of large wireless carriers,
national cable operators, government agencies and education.

Peer Analysis

Uniti's network is one of the largest independent fiber providers
in the U.S., along with Zayo Group Holdings, Inc. The business
models of Uniti and Zayo are unlike the wireline business of
communications services providers, including AT&T Inc.
(BBB+/Stable), Verizon Communications Inc. (A-/Stable) and Lumen
Technologies (CCC+). Uniti and Zayo are infrastructure providers,
which may be used by communications service providers to offer
retail services including wireless, voice, data and internet.

The Windstream acquisition provides access to Windstream's 4.3
million Kinetic households. The combined company will own 237,000
national wholesale fiber route miles, with first mover advantage in
Tier II and Tier III markets.

Uniti will de-REIT on acquisition close. Currently, as the only
fiber-based telecommunications REIT, Uniti has no direct peers.
Uniti was formed through the spinoff of a significant portion of
Windstream's fiber optic and copper assets. Windstream retained
the electronics necessary to continue as a telecommunication
services provider. Uniti's operations are geographically diverse,
spread across more than 30 states, while the assets under the
master lease with Windstream provide adequate scale.

Standalone Windstream has less exposure to the residential market
than Frontier Communications Parent, Inc. (B+/Rating Watch
Positive). The residential market held up relatively well during
the coronavirus pandemic but still faces secular challenges.
Consumers account for about one-third of Windstream's revenue but
over half of Frontier's. Frontier will have a slightly larger scale
than the combined company and operates at slightly lower leverage
compared with the combined company's expected leverage of about
6x.

Key Assumptions

For the Combined Company

- Fitch has assumed $3.7 billion of pro forma 2025 revenue for the
combined Uniti and Windstream;

- Pro forma 2025 EBITDA in the range of $1.5 billion-$1.6 billion
in 2025 and 2026;

- Combined pro forma capex expected to be $1.3 billion in 2025 and
$1.1 billion in 2026;

- Leverage near the 6x range.

Uniti Standalone

- Revenue growth in the low single digits over Fitch's forecast
from 2025 to 2028;

- EBITDA margins in the 79%-80% range over the forecast;

- Net success-based capital spending near $280 million in 2025, in
line with the company's public net success-based capex guidance for
fiber and leasing;

- Fitch has reflected the terms of the settlement agreement with
Windstream, including the settlement obligations and the funding of
certain Windstream growth capital improvements;

- No dividends assumed in forecast as Uniti suspended dividends
starting in 2025.

Recovery Analysis

The recovery analysis assumes that Uniti would be considered a
going concern in a bankruptcy and that the company would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim. The recovery analysis reflects Uniti's
standalone credit silo waterfall. The revolver is assumed to be
fully drawn.

The going-concern EBITDA estimate reflects Fitch's view of
sustainable, post-reorganization EBITDA, upon which Fitch bases the
valuation of the company. This leads to a post-reorganization
EBITDA estimate of $700 million. EBITDA pressures could also result
from increased competitive pressures from other fiber
infrastructure companies.

Post-reorganization valuation uses a 6.0x enterprise value
multiple. The multiple reflects the high-margin, large contractual
backlog of revenue and high asset value of the fiber networks.
Fitch uses this multiple for fiber-based infrastructure companies,
for which historical transaction multiples are in in the
high-single-digit range.

The multiple is in line with the range for telecom companies
published in Fitch's "Telecom, Media and Technology Bankruptcy
Enterprise Values and Creditor Recoveries" report. The most recent
report indicates a median of 5.4x.

Other communications infrastructure companies, such as tower
operators, trade at enterprise value multiples in the double
digits. Tower companies have lower asset risk and higher growth
prospects, leading to multiples near 15x- 20.0x. Tower operators
have low churn, as switching costs are high for customers to avoid
service disruptions.

The recovery analysis produces a Recovery Rating of 'RR1' for the
secured debt, reflecting strong recovery prospects, and 'RR5' for
the senior unsecured debt, reflecting the lower recovery prospects
of unsecured debt, given its position in the capital structure.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Uniti's RWN could be removed and the ratings downgraded to 'B' at
close if Fitch expects that the combined company's credit metrics
will not be in line with 'B+' telecom rated peers. Fitch could also
downgrade the ratings if the Windstream merger does not close and
metrics are outside Fitch's sensitivities for standalone Uniti;

- On a standalone basis, Fitch's expectation that net
debt/recurring operating EBITDA will sustain above 6.5x or that
REIT interest coverage will be 2.0x or lower;

- If Windstream's rent coverage approaches 1.2x, a negative rating
action could occur. Rent coverage is measured as EBITDAR-net
capex/rents, but Fitch will also consider Uniti's revenue and
EBITDA diversification. To calculate net capex, Fitch would reduce
Windstream's gross capex by GCI funded by Uniti.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Fitch could resolve Uniti's RWN and affirm its IDR at 'B+' at
close based on an expectation that the combined parent company's
credit metrics will be in line with 'B+' rated telecom peers. Fitch
could also affirm the ratings if the Windstream merger does not
close and metrics are within Fitch's sensitivities for standalone
Uniti;

- On a standalone basis, Fitch's expectation that net
debt/recurring operating EBITDA will sustain below 5.5x and REIT
interest coverage is 2.3x or higher;

- Demonstrated access to the common equity market to fund GCI,
other investments or acquisitions.

Liquidity and Debt Structure

Uniti had approximately $592 million of liquidity on March 31,
2024, consisting of unrestricted cash of approximately $92 million
and revolver availability of $500 million.

In early 2024, the company entered into an ABS bridge loan
agreement for a secured, multi-draw term loan facility of up to
$350 million. In February 2025, the company issued $589 million of
new ABS notes with an anticipated repayment date in April 2030.
Uniti used a portion of the net proceeds from the ABS notes to
repay and terminate its ABS loan facility.

Uniti established an at-the-market common stock offering program in
June 2020. The program allows for issuance of up to $250 million of
common equity to keep the capital structure in balance when funding
capex, as well as to finance small transactions.

Uniti has no major maturities until 2027.

Issuer Profile

Uniti, which operates as a REIT, was formed through a spinoff from
Windstream Holdings, Inc. in April 2015. On May 3, 2024, the
company announced a re-merger with Windstream.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt           Rating      Recovery   Prior
   -----------           ------      --------   -----
Uniti Fiber
Holdings Inc.

   senior unsecured   LT B  Upgrade    RR5      B-

Uniti Group LP

   senior unsecured   LT B  Upgrade    RR5      B-

Uniti Group Inc.

   senior unsecured   LT B  Upgrade    RR5      B-


UPSTREAM NEWCO: S&P Downgrades ICR to 'CCC' on Weakening Liquidity
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating to 'CCC' from
'CCC+' on Upstream Newco Inc.

S&P said, "We also lowered our issue-level rating on the company's
first-lien senior secured debt to 'CCC' from 'CCC+'. The '3' (55%)
recovery rating is unchanged. We lowered the second-lien senior
secured debt issue-level rating to 'CC' from 'CCC-'. The '6' (0%)
recovery rating is unchanged.

"The negative outlook reflects the risk of a lower rating if
Upstream is unable to address its upcoming debt maturities and we
see a growing potential for a distressed debt restructuring or
payment default because of deteriorating liquidity.

"Upstream underperformed our growth expectations in 2024, achieving
a small 1% revenue increase in 2024 compared to our projected 5%.
This shortfall was primary due to fewer de novo openings than
anticipated and little organic growth. In addition, its S&P Global
Ratings-adjusted EBITDA margin declined approximately 480 basis
points (bps) primarily due to lower revenue.

"Since the 2021 acquisition of Results, the company struggled to
effectively use that scale to optimize patient visit capacity and
referral opportunities. Under new senior management, it is now
focusing on markets with referral opportunities and implementing a
centralized patient intake process. We believe these initiatives
will ultimately improve Upstream's performance.

"Still, for the near term, we've lowered our growth expectations
for Upstream's revenue to 3.5% in 2025 from 5.5%. Contributing to
low organic growth is the challenging Medicare reimbursement
environment, with the company experiencing low-single-digit rate
declines annually since 2021.

"We believe liquidity will likely further weaken though 2025.
Although reported DCF met our expectations in 2024 due to better
cash collections, we expect liquidity will weaken through 2025. For
2025, we expect reported DCF deficits to persist. As of March 31,
2025, Upstream had $41 million in cash on its balance sheet and no
remaining capacity under its $50 million revolver. Moreover, we
expect the company will continue to pursue its principal growth
strategy, which is focused on de novos.

"We continue to view the capital structure as unsustainable. We now
forecast its S&P Global Ratings-adjusted leverage to be around
16.3x in 2025 and remain in that area (9.8x excluding the preferred
stock). The annual cash interest expense is around $102 million,
resulting in S&P Global Ratings-adjusted interest coverage of 1.2x
for 2025. We believe the company is strongly committed to pursuing
its growth strategy. Given our expectations that liquidity will
further tighten, it is uncertain if Upstream's sole source of
liquidity, its balance sheet cash, will be sufficient to cover any
operating deficit, cap ex, and its growth strategy without any
external infusions. Moreover, almost the entire $1 billion of
company's debt matures in November 2026. Hence, we believe
refinancing risk will be elevated if the company cannot demonstrate
consistent operational success and better cash flow over the next
12-18 months.

"The negative outlook reflects the risk of a lower rating if
Upstream is unable to address its upcoming debt maturities and we
see a growing potential for a distressed debt restructuring or
payment default because of deteriorating liquidity."

S&P could lower its rating on Upstream if S&P sees risk of a:

-- Payment default in the next six months;

-- A likely covenant breach; or

-- Any debt restructuring that we would view as a distressed
exchange.

S&P could raise its rating on Upstream if:

-- Liquidity improved such that S&P believes the company could
cover its uses for at least the next 12 months; or

-- Internally generated DCF improves and increases prospects for a
successful refinancing.



US STEEL: Moody's Puts 'Ba3' CFR Under Review for Upgrade
---------------------------------------------------------
Moody's Ratings placed United States Steel Corporation's ("U. S.
Steel") ratings under review for upgrade including its Ba3
corporate family rating, Ba3-PD probability of default rating, and
its B1 senior unsecured debt rating. Moody's also placed Big River
Steel LLC's ("Big River Steel") Ba2 secured debt rating under
review for upgrade. Previously, the outlook for both U. S. Steel
and Big River Steel was stable.

This action follows the executive order ("EO") by President Trump
on June 13, 2025 approving the acquisition of U. S. Steel by Nippon
Steel Corporation ("Nippon", Baa2 stable), and the signing of the
national security agreement ("NSA") between the US government, U.
S. Steel, Nippon Steel North America, Inc. and its parent, Nippon
Steel Corporation. The EO states that while the acquisition could
pose national security risks, these risks could be adequately
mitigated through entry into and compliance with a national
security agreement on terms determined by the US government.
According to U. S. Steel's and Nippon's joint press release, the
NSA provides that Nippon has pledged to make approximately $11
billion in new investments by 2028, which includes the initial
investment in a greenfield project that would be completed after
2028. The NSA also includes commitments related to governance
(including a Golden Share to be issued to the US Government),
domestic production and trade matters. With all required regulatory
approvals, reportedly, received, the transaction remains subject to
the satisfaction of customary closing conditions and is expected to
be completed promptly.

The terms of the transaction are based on a definitive agreement
reached by U. S. Steel and Nippon on December 18, 2023 to be
acquired by Nippon in an all-cash transaction at $55.00 per share,
representing an equity value of approximately $14.1 billion plus
the assumption of debt, for a total enterprise value of $14.9
billion.

RATINGS RATIONALE/FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

U. S. Steel's ratings were placed on review for upgrade based on
the benefits of the ownership by Nippon, which has a much stronger
credit profile, larger and more diversified asset base, and greater
financial resources. U. S. Steel's asset base in the US complements
Nippon's assets in the region and provides further geographic
diversity from its operation in Slovakia.

The review will focus on the final organizational and capital
structure post-closing of the transaction, the level of parental
support from Nippon, the Golden Share construct and the related
potential governance constraints posed by the NSA. The review will
also consider Nippon's credit rating, the strength of U. S. Steel's
credit profile on a standalone basis and the state of the US steel
market, including the potential benefits from the steel tariffs.

After three consecutive years of EBITDA declines following the
record high earnings in 2021, U. S. Steel's earnings, on a
standalone basis, could increase in 2025 as it begins to achieve
the benefits of its recent capital investments in expanded capacity
and enhanced capabilities. These investments are expected to
enhance the company's product mix and earnings potential. U. S.
Steel will also benefit from the current import protections which
could result in stronger domestic demand, elevated steel prices and
greater cash flow generation. However, the effects could be
tempered by the high level of US import protections already in
place, excess domestic steelmaking capacity, and potential
retaliatory tariffs.

The ratings of the U. S. Steel and Big River Steel notes could be
upgraded depending on the anticipated benefits of Nippon's
ownership. The scope of the upgrade, the potential notching of the
notes and the differential with Nippon's rating, if any, will be
based on the analysis as described above, including the evaluation
of parental support considerations and the Golden Share
provisions.

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation is the third largest flat-rolled steel producer in the
US in terms of production capacity. The company manufactures and
sells a wide variety of steel sheet, tubular and tin products
across a broad array of industries including service centers,
transportation, appliance, construction, containers, oil, gas and
petrochemicals. It also has an integrated steel plant and coke
production facilities in Slovakia (U. S. Steel Košice). Revenues
for the twelve months ended March 31, 2025 were about $15.2
billion.

LIST OF AFFECTED RATINGS

Issuer: United States Steel Corporation

Placed On Review for Upgrade:

Probability of Default Rating, Placed on Review for Upgrade,
currently Ba3-PD

LT Corporate Family Ratings, Placed on Review for Upgrade,
currently Ba3

Senior Unsecured, Placed on Review for Upgrade, currently B1

Outlook Action:

Outlook, Changed To Rating Under Review From Stable

Issuer: Big River Steel LLC

Placed On Review for Upgrade:

Backed Senior Secured, Placed on Review for Upgrade, currently
Ba2

Outlook Action:

Outlook, Changed To Rating Under Review From Stable

Issuer: Allegheny County Industrial Dev. Auth., PA

Placed On Review for Upgrade:

Senior Unsecured Revenue Bonds, Placed on Review for Upgrade,
currently B1

Issuer: Arkansas Development Finance Authority

Placed On Review for Upgrade:

Senior Secured, Placed on Review for Upgrade, currently Ba2

Issuer: Bucks County Industrial Development Auth., PA

Placed On Review for Upgrade:

Backed Senior Unsecured Revenue Bonds, Placed on Review for
Upgrade, currently B1

Issuer: Hoover (City of) AL, Industrial Devel. Board

Placed On Review for Upgrade:

Senior Unsecured Revenue Bonds, Placed on Review for Upgrade,
currently B1

Issuer: Indiana Finance Authority

Placed On Review for Upgrade:

Senior Unsecured Revenue Bonds, Placed on Review for Upgrade,
currently B1

Issuer: Ohio Water Development Authority

Placed On Review for Upgrade:

Backed Senior Unsecured Revenue Bonds, Placed on Review for
Upgrade, currently B1

Issuer: Southwestern Illinois Development Authority

Placed On Review for Upgrade:

Senior Unsecured Revenue Bonds, Placed on Review for Upgrade,
currently B1

The principal methodology used in these ratings was Steel 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.


V K DELIVERY: To Restructure Under CCAA Protection
--------------------------------------------------
V K Delivery & Moving Services Ltd., Product Line Holdings and
Logistics Ltd., VK 24/7 Logistics Solutions Ltd. and, VK Linehaul
Ltd. ("VK Group") obtained a court order ("Initial Order") from the
Supreme Court of British Columbia pursuant to the Companies'
Creditors Arrangement Act.  Crowe Mackay & Company Ltd. has been
appointed as Monitor.

The Initial Order provides, inter-alia, a stay of proceedings until
and including May 26, 2025, and may be extended by the Court.
During the Stay Period, all parties are prohibited from commencing
or continuing legal action against the Companies and all rights and
remedies of any party against or in respect of the Companies or its
assets are stayed and suspended pursuant to the terms set out in
the Initial Order.

On May 23, 2025, VK Group filed a Notice of Application returnable
May 27, 2024, seeking an amended and restated Initial Order
("ARIO") to provide for, among others, orders extending the Stay
Period from May 26, 2025, up to and including June 25, 2025 ("Stay
Extension"), an administrative charge in the amount of $100,000 in
favour of the Monitor, the Monitor’s counsel and the Petitioners'
counsel, and permission for the Petitioner to make monthly payments
on the pre-filing arrears owed to ICBC.

Further information with respect to this matter, including a copy
of the initial order and a list of creditors and the amounts owing
per the Companies' record can be found available on the Monitor's
website at https://www.crowemackayco.ca/project/vk-group/.

Should you have any questions in this matter, contact Mr. Tetsu
Takagaki at tetsu.takagaki@crowemackay.ca or call 604-697-5298.

The Monitor can be reached at:

   Crowe Mackay & Company Ltd
   Jonathan Campbell McNair, Monitor's representative
   1400 - 1185 West Georgia St.
   Vancouver, British Columbia V6E 4E6
   Tel: 604-689-3928
   Email: jonathan.mcnair@crowemackay.ca

V K Delivery & Moving Services Ltd. -- https://www.vkdelivery.com/
-- provides transportation and logistic services.


VALDESIA GARDENS: Hires Mr. Goldwasser of FIA Capital as CRO
------------------------------------------------------------
Valdesia Gardens Housing Development Fund Corporation seeks
approval from the U.S. Bankruptcy Court for the Southern District
of New York to employ FIA Capital Partners, LLC to designated David
Goldwasser as chief restructuring officer.

The firm will provide these services:

   a. assist with management and operation of Debtor's business,
including management and maintenance of the Property, managing
outside professionals for the Debtor, rights and powers to open and
close bank accounts, and to disburse funds from such accounts
consistent with any cash management order entered by this Court;

   b. participate, as needed, with the Debtor's management in
on-going communications and meetings with creditors, vendors, or
other stakeholders;

   c. evaluate and revise, as needed, the Debtor's cash needs
pending disposition of the Property;

   d. present recommendations to achieve a favorable workout plan
or plan of reorganization; and

   e. assist in the assembly of financial information to be
disseminated in further of the Chapter 11 Case, including, without
limitation, monthly operating reports.

The firm will be paid at these rates:

     Paralegal                       $280 per hour
     Principal/Managing Director     $400 per hour
     CPA                             $450 per hour
     David Goldwasser, CRO           $750 per hour

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Goldwasser disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     David Goldwasser
     FIA Capital Partners, LLC
     25 Front Street, 2nd Floor
     Brooklyn, NY 11201
     Email: dgoldwasser@fiacp.com

              About Valdesia Gardens Housing
               Development Fund Corporation

Valdesia Gardens is a New York City affordable housing complex.

Valdesia Gardens sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-23086) on December 13,
2024. In the petition filed by David Goldwasser, chief
restructuring officer, the Debtor reports total assets of
$15,000,000 and total liabilities of $22,590,660.

Honorable Bankruptcy Judge Kyu Young Paek handles the case.

Davidoff Hutcher & Citron LLP serves as the Debtor's counsel.


VILLAS AT 79TH: Seeks Chapter 11 Bankruptcy in Arizona
------------------------------------------------------
On June 17, 2025, Villas at 79th LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the District of Arizona. According
to court filing, the Debtor reports between $1 million and $10
million in debt owed to 1 and 49 creditors. The petition states
funds will be available to unsecured creditors.

           About Villas at 79th LLC

Villas at 79th LLC is a single-asset real estate debtor, as defined
in 11 U.S.C. Section 101(51B).

Villas at 79th LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05510) on June 2,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

The Debtors are represented by Anthony P. Cali, Esq. at STINSON
LLP.


VIVAKOR INC: Raises $4.35M via Discounted Convertible Notes
-----------------------------------------------------------
Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that between June 6 and 9, 2025,
the Company issued convertible promissory notes, to seven
non-affiliated accredited investors, in the aggregate principal
amount of $5,117,647.06 in connection with a Securities Purchase
Agreement entered into by and between the Company and the Holders.

Under the terms of the SPA and the Notes, the Company received
$4,350,000 prior to deducting placement agent fees of $391,500,
Holders attorney's fees of $20,000 and escrow fees of $5,000.

The Notes matures 12 months from the date of issuance, have a 15%
original issuance discount, have a one-time 10% interest charge
applied at the issuance date, and is convertible at 80% of the
lower of:

     (a) the closing price of the Company's common stock as traded
on either the Nasdaq or the New York Stock Exchange or the NYSE
Amex Exchange (as applicable) on the trading day immediately prior
to the date a notice of conversion is submitted in writing to the
Company under the Note, or
     (b) the average of the four lowest VWAPS over the 20 trading
days prior to the applicable Notice Date.

In connection with the issuance of the Notes, the Company will
issue the Holders 652,500 shares of its common stock as additional
incentive to enter into the SPA and the Notes. The issuance of the
foregoing securities was exempt from registration pursuant to
Section 4(a)(2) of the Securities Act promulgated thereunder as the
Holders are accredited investors and familiar with the Company's
operations.

The full text of the SPA and the Notes -- forms of which are filed
as Exhibits 10.1 and 10.2, respectively, to the Company's Form 8-K
-- are available at: https://tinyurl.com/4n7p92bm

                           About Vivakor

Coralville, Iowa-based Vivakor, Inc. is a socially responsible
operator, acquirer, and developer of technologies and assets in the
oil and gas industry, as well as related environmental solutions.
Currently, the Company's efforts are primarily focused on operating
crude oil gathering, storage and transportation facilities, as well
as contaminated soil remediation services.

Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated April 15, 2025, attached to the Company's Annual
Report on Form 10-K for the year ended December 31, 2024, citing
that the Company has a significant working capital deficiency,
suffered significant recurring losses from operations, and needs to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

As of Dec. 31, 2024, the Company had $241 million in total assets,
$125.9 million in total liabilities, and a total stockholders'
equity of $115.1 million.


WELLPATH HOLDINGS: Employee Ordered to File Responsive Pleading
---------------------------------------------------------------
Magistrate Judge Stanley A. Boone of the United States District
Court for the Eastern District of California ordered Defendant
Lilian H, an employee of Wellpath, LLC., file a responsive pleading
in the case captioned D'ANNUNZIO ROMAN GAVIOLA PATRON, Plaintiff,
v. C. MARES, et al., Defendants, as Case No. 1:24-cv-00655-JLT-SAB
(E.D. Cal.) or otherwise respond in writing why she should not be
ordered to do so.

Plaintiff is proceeding pro se and in forma pauperis in this action
filed pursuant to 42 U.S.C. Sec. 1983. This action is proceeding on
Plaintiff's Fourteenth Amendment due process
deliberate indifference claim against Defendants Lilian H., C.
Mares, and C. Herrera.

On Feb. 11, 2025, Defendant Lilian H filed a suggestion of
bankruptcy and notice of stay indicating that on Nov. 11, 2024,
Wellpath filed for bankruptcy in the United States Bankruptcy Court
for the Southern District of Texas (Houston Division) for relief
under chapter 11 of the United States Bankruptcy Code.

Four months have passed and Defendant has not provided an update as
to the status of the bankruptcy proceedings.

A copy of the Court's Order is available at
https://urlcurt.com/u?l=ppPyi1 from PacerMonitor.com.

                   About Wellpath Holdings

Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc.,
is a provider of medical and mental healthcare in jails, prisons,
and inpatient and residential treatment facilities.

Wellpath Holdings and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 24-90533) on Nov. 11, 2024.  Timothy Dragelin, chief
restructuring officer and chief financial officer, signed the
petitions.

At the time of the filing, the Debtors reported $1 billion to $10
billion in assets and liabilities.

Judge Alfredo R. Perez oversees the cases.

The Debtors tapped Marcus A. Helt, Esq. at McDermott Will & Emery,
LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial
advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as
investment banker.



WESTJET: Fitch Alters Outlook on 'B' LongTerm IDR to Negative
-------------------------------------------------------------
Fitch Ratings has affirmed WestJet and WestJet Airlines. Ltd.'s
Long-Term Issuer Default Ratings (IDRs) at 'B' and revised the
Rating Outlooks to Negative from Stable. Additionally, Fitch has
affirmed WestJet's senior secured debt ratings and the loyalty
program debt issued by WestJet Loyalty LP at 'BB-' with a Recovery
Rating of RR2'.

The Outlook revision reflects near-term softness in air travel
demand, which Fitch expects will hamper WestJet's margin
generation, keeping leverage and coverage metrics outside negative
rating sensitivities in 2025. Fitch may downgrade the rating if
WestJet does not demonstrate a path toward sustainable margin
expansion that aligns metrics with the 'B' rating within the next
12-18 months, or if liquidity begins to deteriorate.

WestJet's ratings are supported by its solid liquidity balance and
lack of near-term maturities. The company's strong market position
in the largely duopolistic Canadian aviation industry also provides
benefits.

Key Rating Drivers

Margins pressured: Fitch expects WestJet's margins to face pressure
in 2025 due to challenging political and macroeconomic conditions
affecting air travel demand. Canada-U.S. transborder traffic, a
significant part of WestJet's business, has declined through the
first part of the year. The recovery trajectory for this segment
hinges on relations between the two countries, which remain
unpredictable. Fitch expects margin recovery over time as WestJet
realizes synergies from the Sunwing acquisition and as operations
normalize after several one-off disruptions. However, this may be
delayed until at least 2026 in the current environment.

The air travel environment in Canada remains dynamic, with
Statistics Canada reporting an increase in overall passenger
screenings during the first four months of the year. Accelerating
declines in cross-border traffic have been balanced by increased
domestic other international travel as Canadians move away from
flights to the U.S. However, these trends may soften as slow
Canadian macroeconomic growth and weak consumer sentiment could
impact future booking decisions.

Leverage Above Negative Rating Sensitivities: Fitch anticipates
WestJet's leverage to increase in 2025 due to weaker margins and a
modest uptick in gross adjusted debt, driven by rising lease
liabilities. Gross adjusted leverage may rise towards 7x in 2025
from 5.9x at YE 2024. Although Fitch expects demand softness will
be temporary, allowing some recovery in 2026 and beyond, the
evolving landscape adds uncertainty to the recovery pace,
potentially prolonging weaker results.

EBITDAR fixed charge coverage is projected to remain weak for the
rating, potentially falling near 1x this year. WestJet has heavily
engaged in sale-leasebacks in recent years, allowing it to raise
significant liquidity through the pandemic years and beyond, but
drove up lease-related charges. Lease liabilities have risen to
CAD3.5 billion at March 31, 2025 from $2.2 billion at YE 2022,
partially due to the weak Canadian Dollar. Failure to restore fixed
charge coverage to around 1.5x could trigger a negative rating
action.

Supportive Financial Flexibility: WestJet's high leverage is
balanced by sufficient liquidity and lack of near-term maturities.
The company maintains CAD1.78 billion in cash and full availability
under its USD510 million revolver, with total liquidity equating to
roughly 34% of LTM revenue. Cash balances are seasonal due to
WestJet's vacation package business and are expected to dip in the
second and third quarter, but remain adequate. WestJet's USD1.5
billion loyalty program-backed term loan, which constitutes over
80% of on-balance sheet debt, does not mature until 2031.

Solid Business Profile: WestJet is the number two airline in a
consolidated market. Air Canada, WestJet and Porter carry more than
80% of domestic Canadian traffic, with WestJet holding 30% of the
share. Fitch views WestJet as an effective competitor in the
Canadian market due to its strong presence in the Western part of
the country and its unit cost advantage to Air Canada. WestJet
gained a larger presence in the vacation packages business through
its Sunwing purchase. It may also benefit from Canadian low-cost
carriers' recent struggles.

Cost Headwinds: Rising non-fuel unit costs will challenge WestJet
in 2025. Fitch expects increased maintenance and labor expenses to
pressure unit costs this year. Limited capacity growth, due to
softer demand, adds further pressure. WestJet may struggle to
recoup rising costs through passenger revenues in the near team
amid weak consumer sentiment and macroeconomic uncertainty.
Inflationary pressures include a 15.5% immediate pay increase from
a new labor agreement with WestJet's mechanics' union in mid-2024,
following a 2023 updated pilot contract with higher wages.

Fleet Renewal Constrained by Boeing: Delayed certification of
Boeing's (BBB-/Negative) 737 MAX 10 variant hampers WestJet's
ability to benefit from fuel efficiency and upgauging of
new-technology aircraft. However, these delays are mitigated by
lower lease expenses as new aircraft deliveries extend beyond their
original schedules. WestJet's fleet is relatively young, reducing
immediate aircraft replacement needs. Nonetheless, delivery delays
will prolong WestJet's reliance on older 737-700s, which have
higher average seat costs.

Peer Analysis

WestJet's 'B' rating is three notches below its primary domestic
competitor, Air Canada (BB/Stable). This difference reflects
WestJet's higher near-term leverage prospects, more limited
financial flexibility, and smaller relative size. Fitch expects Air
Canada's gross leverage to trend to the mid-to-low 3x range over
the next two to three years, compared WestJet's mid-5x range.

Additionally, WestJet's liquidity position is not as strong as Air
Canada's, and Air Canada likely has better access to funds due to
its size and unencumbered assets. These factors are partially
offset by WestJet's favorable cost structure and market position in
the western Canada.

Relative to U.S. airlines, WestJet's 'B' rating aligns with JetBlue
Airways Corporation (B/Negative). Fitch considers JetBlue's
financial profile weaker than WestJet's, as near-term leverage is
elevated, due to depressed profitability. However, JetBlue compares
favorably to WestJet in terms of size and available unencumbered
assets.

Key Assumptions

- Low single digit traffic decline in 2025 followed by low single
digit growth thereafter;

- Operating margins decline modestly in 2025 increasing in 2026 and
2027;

- Sale-leaseback financing utilized to finance pending aircraft
deliveries;

- Jet fuel remaining modestly below CAD0.9 per liter through the
forecast.

Recovery Analysis

Key Recovery Rating Assumptions

The recovery analysis assumes that WestJet would be reorganized as
a going concern in bankruptcy rather than liquidated.

Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

Fitch has assumed a going-concern EBITDA of CAD475 million. The GC
EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level, upon which Fitch bases the
enterprise valuation.

Fitch's going-concern EBITDA estimate reflects a post-restructuring
scenario where margins are structurally impaired, potentially by a
weak operating environment, rising costs and competition, or a
combination thereof. The EV multiple is reflective of prior airline
bankruptcies. An EV multiple of 5.0x EBITDA is applied to the GC
EBITDA to calculate a post-reorganization enterprise value. The
choice of this multiple considers the historical bankruptcy case
study exit multiples for peer companies ranged from 3.1x to 6.8x.

These assumptions lead to an estimated recovery of 'BB-'/'RR2' for
the senior secured debt.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Operating EBITDAR/gross interest plus rent toward 1.5x;

- Total adjusted debt/EBITDAR sustained above 5.5x;

- Heightened liquidity risks, including cash plus revolver
availability falling toward CAD800 million and/or decreasing
likelihood of ability to access contingent liability options;

- More aggressive capital allocation.

Factors that Could, Individually or Collectively, Lead to an
Outlook Revision

- Demonstrated margin expansion that supports a near-term path to
restoring leverage and coverage metrics to within the negative
rating sensitivities.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Total adjusted debt/EBITDAR below 4.5x;

- Operating EBITDAR/gross interest plus rent above 2x;

- EBIT margins sustained in the mid-single digits or higher;

- Evidence of increasing financial flexibility, potentially
including an increasing base of unencumbered assets.

Liquidity and Debt Structure

Fitch views WestJet's liquidity as sufficient. The company ended
the first quarter with CAD1.78 billion in cash and cash
equivalents, and full availability on its USD510 million revolver.
Scheduled debt principal payments are limited, largely consisting
of the 2031 maturity of WestJet's loyalty bonds. Near-term
principal payments consist of manageable amounts due on aircraft
financings. Capital spending will step up over the forecast period,
but capex primarily consists of financeable aircraft.

Issuer Profile

WestJet Airlines, Ltd. is Canada's second largest airline.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating        Recovery   Prior
   -----------                ------        --------   -----
WestJet Loyalty LP

   senior secured       LT     BB- Affirmed   RR2      BB-

WestJet Airlines Ltd.   LT IDR B   Affirmed            B

   senior secured       LT     BB- Affirmed   RR2      BB-

WestJet                 LT IDR B   Affirmed            B

   senior secured       LT     BB- Affirmed   RR2      BB-


WINDTREE THERAPEUTICS: Enters LOI to Acquire Titan for $35M
-----------------------------------------------------------
Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
entered into a letter of intent for the potential acquisition of
Titan Environmental Services, Inc., a Nevada Corporation, by the
Company.

The Titan LOI provides that the Company and Titan contemplate
negotiating definitive documentation to effect the Titan
Acquisition by way of a purchase of all the issued and outstanding
securities of Titan. The Titan LOI grants the Company a 60-day
exclusivity period during which Titan may not pursue any
transaction as an alternative to the Titan Acquisition.

The proposed terms of the Titan Acquisition, pursuant to the Titan
LOI include consideration of $35 million in the form of preferred
stock of the Company. The Company will also purchase three notes,
pursuant to the Titan LOI, in the principal amounts of $750,000,
with respect to the first note, and $500,000 with respect to the
second and third notes. The first note will be issued after the
signing of the Titan LOI, the second on the 30th day following
execution of the Titan LOI, and the third note will be issued on
the 60th day following execution of the Titan LOI. The Titan LOI
also proposes that Titan will select two members of the Company's
board of directors following the Titan Acquisition.

The Titan LOI expires at the end of the Exclusivity Period.
Pursuant to the terms of a side letter agreement between the
Company and Titan, in the event that Titan does not complete the
Titan Acquisition pursuant to the Titan LOI, Titan will pay the
Company a break-up fee of $8 million.

Jed Latkin, Chief Executive Officer of Windtree, stated in a press
release:

"Windtree is executing our refined new corporate strategy to pursue
opportunities in growing industries to become a revenue generating
company. This offer may provide the company non-dilutive cash and
potential for a very lucrative milestone and royalty stream. We do
not view the preclinical oncology aPKCi assets as a core part of
our vision going forward but want to make sure that our current
shareholders benefit from the development of the assets.
Furthermore, we are very intently looking at all options to
increase shareholder value by reducing the current cashflow burn
and focusing on near term accretive opportunities."

                    About Windtree Therapeutics

Headquartered in Warrington, Pennsylvania, Windtree Therapeutics,
Inc. -- windtreetx.com -- is a biotechnology company focused on
advancing early and late-stage innovative therapies for critical
conditions and diseases. The Company's portfolio of product
candidates includes: (a) istaroxime, a Phase 2 candidate that
inhibits the sodium-potassium ATPase and also activates sarco
endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart
failure and associated cardiogenic shock; preclinical SERCA2a
activators for heart failure; rostafuroxin for the treatment of
hypertension in patients with a specific genetic profile; and a
preclinical atypical protein kinase C iota, or aPKCi, inhibitor
(topical and oral formulations), being developed for potential
application in rare and broad oncology indications. The Company
also has a licensing business model with partnership out-licenses
currently in place.

Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's
auditor since 2022, 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 Dec. 31, 2024, citing that
the Company has suffered recurring losses from operations and
expects to incur losses for the foreseeable future, that raise
substantial doubt about its ability to continue as a going
concern.

As of Dec. 31, 2024, Windtree Therapeutics had $27.9 million in
total assets, $14.7 million in total liabilities, $3.2 million in
total mezzanine equity, and a total shareholders' equity of $10
million.


WINDTREE THERAPEUTICS: Faces $1.4M Risk in Aubrey Property Default
------------------------------------------------------------------
Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
received a notice of default with respect to the Purchase and Sale
Agreement dated June 28, 2024 (as amended and assigned, the "Aubrey
Agreement"), between TBB Crescent Part Drive LLC and the Company,
as successor-in-interest to Way Maker Growth Fund, LLC, with
respect to that certain property located at 11755 Southlake,
Houston, Texas.

The Aubrey Default Notice provides that because the Company did not
close the Aubrey Agreement by May 30, 2025, the Company has
defaulted on the Aubrey Agreement.  The Landlord reserved all
rights and remedies under the Aubrey Agreement. If the Company
fails to remedy the default, the Company may lose the $1.4 million
it has paid towards the purchase of the Aubrey Property. The
Company is in negotiations with the Aubrey Seller to cure all
outstand defaults under the Aubrey Agreement.

                    About Windtree Therapeutics

Headquartered in Warrington, Pennsylvania, Windtree Therapeutics,
Inc. -- windtreetx.com -- is a biotechnology company focused on
advancing early and late-stage innovative therapies for critical
conditions and diseases. The Company's portfolio of product
candidates includes: (a) istaroxime, a Phase 2 candidate that
inhibits the sodium-potassium ATPase and also activates sarco
endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart
failure and associated cardiogenic shock; preclinical SERCA2a
activators for heart failure; rostafuroxin for the treatment of
hypertension in patients with a specific genetic profile; and a
preclinical atypical protein kinase C iota, or aPKCi, inhibitor
(topical and oral formulations), being developed for potential
application in rare and broad oncology indications. The Company
also has a licensing business model with partnership out-licenses
currently in place.

Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's
auditor since 2022, 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 Dec. 31, 2024, citing that
the Company has suffered recurring losses from operations and
expects to incur losses for the foreseeable future, that raise
substantial doubt about its ability to continue as a going
concern.

As of Dec. 31, 2024, Windtree Therapeutics had $27.9 million in
total assets, $14.7 million in total liabilities, $3.2 million in
total mezzanine equity, and a total shareholders' equity of $10
million.


WINDTREE THERAPEUTICS: Receives Lease Default Notice for Pa. Office
-------------------------------------------------------------------
Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
received notice of default with respect to its Office Lease
Agreement dated May 26, 2004, as amended, between the Company and
PH Stone Manor LP, a Delaware limited partnership, as successor in
interest to Stone Manor Corporate Center, L.P., which provides for
the lease of the Company's offices at 2600 Kelly Road, Warrington,
PA.

According to the Lease Default Notice, the Company is in default
for nonpayment for the months of March, April, and May 2025, and
nonpayment of utilities for the months of January, February, March,
April, and May 2025, with all such delinquent amounts totaling
$159,800.65.

The Lease Default Notice provides that if the Company does not pay
the Delinquent Amounts to the Landlord, the Landlord reserves the
right to pursue all rights and remedies outlined in the Lease,
including without limitation, terminating the Lease and
dispossessing the Company.

                    About Windtree Therapeutics

Headquartered in Warrington, Pennsylvania, Windtree Therapeutics,
Inc. -- windtreetx.com -- is a biotechnology company focused on
advancing early and late-stage innovative therapies for critical
conditions and diseases. The Company's portfolio of product
candidates includes: (a) istaroxime, a Phase 2 candidate that
inhibits the sodium-potassium ATPase and also activates sarco
endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart
failure and associated cardiogenic shock; preclinical SERCA2a
activators for heart failure; rostafuroxin for the treatment of
hypertension in patients with a specific genetic profile; and a
preclinical atypical protein kinase C iota, or aPKCi, inhibitor
(topical and oral formulations), being developed for potential
application in rare and broad oncology indications. The Company
also has a licensing business model with partnership out-licenses
currently in place.

Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's
auditor since 2022, 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 Dec. 31, 2024, citing that
the Company has suffered recurring losses from operations and
expects to incur losses for the foreseeable future, that raise
substantial doubt about its ability to continue as a going
concern.

As of Dec. 31, 2024, Windtree Therapeutics had $27.9 million in
total assets, $14.7 million in total liabilities, $3.2 million in
total mezzanine equity, and a total shareholders' equity of $10
million.


WYTHE BERRY: Must Comply with Meyer Chetrit's Restraining Notice
----------------------------------------------------------------
Judge Alvin K. Hellerstein of the United States District Court for
the Southern District of New York affirmed the decision of the
United States Bankruptcy Court for the Southern District
authorizing Wythe Berry Fee Owner LLC to comply with the
restraining notice issued by Meyer Chetrit prohibiting it from
satisfying debt owed to Goldman due to a state court judgment.

Goldman, together with a business partner, formed Wythe Berry to
finance the construction of a luxury hotel. On Oct. 6, 2022, an
involuntary Chapter 11 petition was filed against Wythe Berry and
bankruptcy proceedings ensued. As part of the Fourth Amended Plan
of Reorganization and the Amended and Restated Settlement
Agreement, approved by the Bankruptcy Court on May 29, 2024, Debtor
Wythe Berry was required to distribute $650,000 each to Goldman and
to his business partner. On June 4, 2024, Chetrit served Wythe
Berry with a Restraining Notice seeking to prevent it from paying
money to Goldman because Chetrit holds an unsatisfied judgment
against Goldman, entered Jan. 29, 2021 in the amount of $8,500,950.


After a hearing and briefing by the parties, the bankruptcy court
issued an Order finding that the Restraining Notice did not violate
the automatic stay that was in place during the bankruptcy
proceedings pursuant to 11 U.S.C. Sec. 362. This appeal followed.

Judge Hellerstein holds that the underlying state court judgment
held by Chetrit against Goldman was final and was entered before
bankruptcy proceedings commenced. Wythe Berry does not object to
the Restraining Notice, and effectuating the Notice would not
interfere with its reorganization efforts or with the fairness and
efficiency of distribution. For these reasons, the bankruptcy
court's decision authorizing Wythe Berry to comply with the
Restraining Notice is affirmed.

A copy of the Court's Order is available at
https://urlcurt.com/u?l=aRfIui from PacerMonitor.com.

                  About Wythe Berry Fee Owner

Wythe Berry Fee Owner LLC is the titular owner of a commercial real
property complex located in Brooklyn, New York, that includes The
William Vale Hotel, one of Brooklyn's few luxury hotels. Wythe
Berry Fee Owner is co-owned, indirectly, by Zelig Weiss and YGWV
LLC, a wholly owned, direct subsidiary of All Year Holdings
Limited, which is a debtor in a chapter 11 case also pending before
Judge Martin Glenn.

Weiss and YGWV each hold 50% of the membership interests in Member
LLC, which, in turn, is the direct parent, and sole member, of
Wythe Berry Fee Owner. YGWV purports to be the designated managing
member of Member LLC and, thus, purports to control Wythe Berry Fee
Owner.

A group of noteholders, Mishmeret Trust Company Ltd., solely in its
capacity as Trustee for the Series C Notes; Yelin Lapidot Provident
Funds Management Ltd.; The Phoenix Insurance Company Limited; and
Klirmark Opportunity Fund III L.P., filed an involuntary Chapter 11
bankruptcy petition against Wythe Berry Fee Owner LLC (Bankr.
S.D.N.Y. Case No. 22-11340) on Oct. 6, 2022. The creditors are
represented by Michael Friedman, Esq., at Chapman and Cutler LLP.

Bankruptcy Judge Martin Glenn, who presides over the case, entered
an Order for Relief in January 2023, allowing the bankruptcy
proceedings against Wythe Berry Fee Owner LLC to proceed. Judge
Glenn denied a request by hotel operator Zelig Weiss to dismiss the
involuntary petition.

Wythe Berry Fee Owner LLC is represented by law firm Herrick,
Feinstein LLP.

All Year Holdings Limited filed for Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021,
and is represented by Matthew Paul Goren, Esq., at Weil, Gotshal &
Manges LLP.

Weiss is represented by lawyers at Paul Hastings LLP.

                         *     *     *

On May 29, 2024, Chief Bankruptcy Judge Martin Glenn of the United
States Bankruptcy Court for the Southern District of
New York issued opinions confirming the Chapter 11 plans of Wythe
Berry Fee Owner LLC and approving a related settlement that was
part of the plan, clearing the way for them to complete the sale of
the William Vale Hotel and complex in Brooklyn to an affiliate of
EOS Hospitality for $177 million.  The Chapter 11 plan was declared
effective on June 18, 2024.



XPO INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed XPO, Inc.'s and XPO CNW, Inc.'s
(collectively XPO) Long-Term Issuer Default Ratings (IDR) at 'BB+'.
The Rating Outlook is Stable. Fitch has also affirmed XPO's senior
secured credit facilities and notes at 'BBB-' with a Recovery
Rating of 'RR2' and senior unsecured bonds at 'BB+'/'RR4'.

The ratings reflect XPO's strong market position, supported by its
national less-than-truckload (LTL) network and service reputation,
which provide competitive advantages and resilience against market
cyclicality and price competitiveness of the trucking market. XPO's
capital allocation and financial policies align with the 'BB'
rating category, considering temporary deviations from long-term
leverage targets as the company balances growth investment and
shareholder returns.

Fitch expects XPO to stay committed to long-term deleveraging, with
EBITDA leverage projected to improve to the mid-2.0x range by 2026,
from approximately 2.8x in 2024 and 2025. The forecast is backed by
effective yield management, operational optimization and asset
integration.

Key Rating Drivers

Leverage in Low-to-mid-2.0x: Fitch forecasts EBITDA leverage to
trend to the low-to-mid 2.0x range in 2026-2027, down from 2.8x in
2025, aligning more with Fitch's expectations for the rating level.
The improvement results from effective operating initiatives and
asset integration, which will support consistently positive free
cash flow (FCF) and offer debt repayment options. XPO aims to
reduce leverage below 2.0x on a company-calculated basis over the
long term, although priorities for deploying the improving cash
flow will balance growth investment and shareholder returns.
EBITDAR leverage is expected to remain in the mid-to-high 2x.

Fitch does not expect shareholder returns to be debt-funded while
XPO progresses on deleveraging. Additionally, though not currently
assumed, a divestiture of the European Transport business, which
generated $158 million of EBITDA in 2024, could accelerate
deleveraging.

Improving FCF and Financial Flexibility: Fitch projects FCF of
around $140 million in 2025, rising to about $275 million-$325
million in 2026-2027. While capital deployment may vary, XPO is
expected to limit deviations from progressing on its targeted
financial structure and maintain shareholder return flexibility.
Key improvements include executing on operating profit initiatives
and moderating investments in terminal integration and truck fleet.
Capex is anticipated to trend lower, though growth investments may
occur. CFO-capex/debt could improve to the mid-to-high single
digits in the coming years.

Operating Risks Present but Moderating: Current operating risks
primarily involve the integrating service centers acquired from
Yellow, executing price and cost- centric initiatives, and
uncertainties in near-term freight conditions. XPO has brought all
28 Yellow locations online, reducing stand-up costs and risk. The
company has advanced profitability initiatives with pricing partly
supported by improved service quality while optimizing operating
costs. Although risks from developing trade polices persist, Fitch
does not expect extended weakness due to the integration of LTL
trucking to domestic supply chains.

Established Market Position: XPO is a top four LTL operator by
revenue in North America and its established network supports its
market position, creating some barriers to entry. Fitch believes
this and XPO's incremental operational complexities, support
pricing rationality, which is relatively stronger than truckload
markets. Competition is also based on service levels, which XPO has
prioritized. While the European transport platform holds regional
leadership positions, the market is fragmented and less
profitable.

LTL Cyclical, But Resilient: The trucking industry is cyclical,
reflecting high exposure to industrial and consumer markets, which
can weigh on volume and occasionally yields. However, Fitch expects
the LTL industry's profitability to be resilient through business
cycles. XPO and other large LTL operators have shown a higher
degree of pricing rationality through the current freight cycle
over the truckload market. This is partly due to the more
contracted nature of customer relationships, though typical
contract tenors are one year.

Peer Analysis

Fitch compares XPO with other trucking peers like TFI International
(TFI; NR) and Forward Air Corp (FWRD; B/Negative), as well as other
transportation peers like The Brink's Company (BCO; BB+/Stable).

XPO and TFI are large LTL operators, while FWRD specializes in
premium expedited LTL freight. All three move a mix of industrial
and consumer freight and are subject to cyclicality associated with
end market demand and capacity cycles. BCO benefits from a
relatively steady demand and cash flow profile stemming from the
necessity and highly contracted nature of cash management and
related services.

TFI has historically managed leverage in the mid-1.0x to low-2.0x
range, showing the ability to manage this level even with
occasional large acquisitions, while BCO operates around the
high-3.0x range. FWRD's ratings reflect execution risk in
stabilizing and improving its expedited freight business and
sustaining commercial and operating strength amid higher
uncertainty in freight markets in 2025.

Key Assumptions

- Revenue is flat in 2025 at $8.1 billion, considering lower
volumes weighed against positive pricing and modest slowing in the
European segment. Organic growth remains in the low-to-mid single
digits thereafter, led by the LTL business;

- EBITDA margin remains around 15% in 2025 before progressing to
the 16%-17% range through a combination of positive pricing,
benefits from integrating acquired terminals and cost optimization
efforts;

- XPO's capital intensity moderates to around 8% in 2025 with
completion of truck fleet investment and terminal integration;

- Capital allocation is balanced between shareholder returns and
deleveraging. XPO remains committed to making progress on
deleveraging towards it's 1.0-2.0x net leverage target, including
no leveraging incremental debt financing.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A less conservative financial policy that leads to EBITDAR
leverage and EBITDA leverage sustained above 3.0x and 2.5x,
respectively;

- A deviation from capital allocation plans, such as initiating a
large dividend or M&A strategy the restricts financial
flexibility;

- A change in strategy or operating challenges that increases
variability or constrains XPO's cash flow profile

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A durable strengthening in XPO's cash flow profile that supports
CFO-capex/debt above the mid-single digits;

- Adherence to a capital allocation plan that reduces gross debt
and retains financial flexibility;

- Financial policies remain supportive of mid-cycle EBITDAR
leverage and EBITDA leverage sustained below 2.5x and 2.0x,
respectively;

- Transition to a less encumbered capital structure.

Liquidity and Debt Structure

XPO has a comfortable liquidity position considering its $212
million of cash at March 31, 2025 and effectively full availability
under the $600 million revolving credit facility. XPO has $830
million of senior secured notes and $700 million in senior secured
term loans due in 2028.

Issuer Profile

XPO is a leading provider of freight transportation services. It
focuses on LTL (less-than-truckload) shipments within its North
American footprint. In its European business it provides LTL,
truckload, brokerage and other logistics services.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt            Rating          Recovery   Prior
   -----------            ------          --------   -----
XPO CNW, Inc.       LT IDR BB+  Affirmed             BB+

   senior
   unsecured        LT     BB+  Affirmed    RR4      BB+

XPO, Inc.           LT IDR BB+  Affirmed             BB+

   senior
   unsecured        LT     BB+  Affirmed    RR4      BB+

   senior secured   LT     BBB- Affirmed    RR2      BBB-


[] South Paris Commercial Building Up for Sale on July 9
--------------------------------------------------------
A real estate foreclosure auction will take place July 9, 2025, at
11:00 a.m., for the sale of three commercial buildings located at
209 Main Street, Route 26, South Paris, Maine.

For terms and a property information package visit
https://www.KeenanAuction.com/ or call (207) 885-5100 and request
by auction #25-66, Richard J. Keenan #236, Our 53rd Year & 8,767th
Auction.

   Keenan Auction Co. Inc.
   2063 Congress Street
   Portland, ME 0402
   Tel: 207-885-5100
   Email: info@keenanauction.com


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Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

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.

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