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250625.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, June 25, 2025, Vol. 29, No. 175 Headlines 1300 DESERT: Case Summary & Two Unsecured Creditors 163 MAIN STREET: Seeks Chapter 11 Bankruptcy in New Jersey 1728 DETROIT: Seeks to Hire Natalyn M. Archibong as Counsel 17FARMHADEN LLC: Seeks to Tap Long & Foster Real Estate as Broker 17FARMHADEN LLC: Taps Burns Law Firm as Bankruptcy Counsel 2022 WEST 36th: Hires Mark S. Roher P.A. as Attorney 23ANDME HOLDING: Bambu Wants to Submit $10MM Bid for Lemonaid 26 YATES: Voluntary Chapter 11 Case Summary 842 REDDING: Seeks Chapter 11 Bankruptcy in Connecticut ADVANCE TRANSIT: U.S. Trustee Unable to Appoint Committee ADVENT AIR: Seeks to Hire Norred Law PLLC as Bankruptcy Counsel ALIEN TECHNOLOGIES: Seeks Subchapter V Bankruptcy in Florida AMBASSADOR VETERANS: Section 341(a) Meeting of Creditors on July 22 AMERICA'S GARDENING: Seeks Chapter 11 Bankruptcy in Delaware ANCHOR FUNDING: Case Summary & Three Unsecured Creditors AR ACQUISITIONS: Hires Northwest Property as Real Estate Broker ASH GROVE: Final Hearing to Use Cash Collateral Set for June 26 ATS - AL INC: Seeks to Hire The Bush Law Firm LLC as Attorney AXIS OILFIELD: Seeks to Hire Gulf South as Accountant AZORRA FINANCE: S&P Rates Proposed $500MM Unsecured Notes 'BB-' B.L.H.G. GROUP: Unsecured Creditors to Split $95K in Plan BALAJIO LLC: Gets Interim OK to Use Cash Collateral BALKAN EXPRESS: Hires Younger Partners Dallas LLC as Broker BEACH ACQUISITION: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable BEACH ACQUISITION: S&P Rates New $2.5BB Sr. Unsecured Notes 'B+' BEDMAR LLC: Unsecureds be Paid in Full or be Reinstated BERTUCCI'S RESTAURANTS: U.S. Trustee Unable to Appoint Committee BETA DRIVE: Hires Whitmer & Ehrman LLC as Counsel BISHOP OF OAKLAND: Hires National Economic Research as Expert BOUNDLESS BROADBAND: Hires Bernstein Shur Sawyer as Counsel BOUNDLESS BROADBAND: Hires Mr. Arrowsmith of Alastar as CRO BOUNDLESS BROADBAND: Hires Omni Agent as Administrative Agent BOUNDLESS BROADBAND: Hires Saul Ewing LLP as Co-Counsel BOUNDLESS BROADBAND: Hires Woodward Park as Investment Banker BOUNDLESS BROADBAND: U.S. Trustee Appoints Creditors' Committee BREWER MACHINE: Seeks to Tap Associated Auction as Auctioneer BUFFALO HOUSE: Has Deal on Final Cash Collateral Access CANVAS SARASOTA: Hires Gamberg & Abrams as Counsel CHARGE ENTERPRISES: PTGi Seeks Damages Over Creditor’s Failed Ch. 7 CHARTER SCHOOL: U.S. Trustee Unable to Appoint Committee CHLOE'S NYC: Seeks to Hire Ronald D. Weiss P.C. as Attorney CONN'S INC: Seeks to Hires Akerman as Special Tax Claims Counsel CRESCENT CITY: Seeks to Hire De Leo Law Firm LLC as Attorney CROSSWIND RANCH: Hires DeMarco·Mitchell PLLC as Counsel D LASSEN LLC: Hires Law Office of Michael Jay Berger as Counsel DAS HUND: Seeks to Hire Hutto & Associates as Accountant DAYTON HOTELS 2: Seeks Chapter 11 Bankruptcy in Ohio DOG ROBBER: Taps Financial Relief Law as Bankruptcy Counsel DOWN N DIRTY: Section 341(a) Meeting of Creditors on July 22 EMERGENCY HOSPITAL: Trustee Hires Hughes Watters as Counsel ESCO OIL: Hires Pendergraft & Simon as Legal Counsel EXELA TECHNOLOGIES: Gets Court Ok for $1.25B Ch. 11 Plan Debt-Swap EXTENSIONS PLUS: Case Summary & 10 Unsecured Creditors F21 OPCO: Receives Court Okay to Liquidate FINGER LAKE: Trustee Taps Zdarsky Sawicki & Agostinelli as Counsel FLAMBOYAN ON THE BAY: Seeks Chapter 11 Bankruptcy in Virgin Islands FLORIDA STATE ROOFING: Gets Interim OK to Use Cash Collateral FLORIDA STATE: Hires Ford & Semach P.A. as Counsel FOREST MEADOWS: Hires Rountree Leitman Klein as Attorney FTX TRADING: Trust Disputes Three Arrows' $1.53B Bankruptcy Claim FU BANG GROUP: Taps Nicholas Rubin of Force Ten Partners as CRO GOLD PACKAGE: Hires Demarco Mitchell PLLC as Counsel GRESHAM WORLDWIDE: Amends Unsecured Claims Pay Details HEART OF GOLD: Unsecureds Will Get 15% of Claims over 3 Years HERITAGE COAL: Nears $21MM Chapter 11 Sales Court Approval HERMES HIPPIE: Aventura Responds to Opposed Receivership Bid HJJM LLC: Seeks Chapter 11 Bankruptcy in Connecticut HOMEMAKERS REAL ESTATE: U.S. Trustee Unable to Appoint Committee HOOTERS OF AMERICA: Unsecureds Say Plan Patently Unconfirmable HOOTERS OF AMERICA: Unsecureds to Get Nothing in Joint Plan HUDBAY MINERALS: Moody's Alters Outlook on 'B1' CFR to Positive ILLUMINATE PROPERTIES: Voluntary Chapter 11 Case Summary IMERYS TALC: Drops Italian Talc Unit's Revised Chapter 11 Plan IWC OIL & REFINERY: Case Summary & 20 Largest Unsecured Creditors J.C.C.M. PROPERTIES: Hires Rountree Leitman Klein as Attorney JACK CREEK: Seeks to Hire Northwest Realty as Real Estate Broker JAG PUBLIC: Hires Texas Tax Group Inc as Tax Consultant JOE'S PIZZA: Case Summary & 14 Unsecured Creditors KRCM ASTORIA: Opposes Fannie Mae's Motion to Appoint Receiver LA HACIENDA BUFEIS: Green Mountain Seeks Appointment of Receiver LAKE BENNETT: U.S. Trustee Unable to Appoint Committee LEDDARTECH HOLDINGS: Nasdaq to Delist Shares Following BIA Filing LEE FRANCHISE: Court Extends Cash Collateral Access to July 21 LEVY VENTURES: Seeks to Hire CPS CRE LLC as Real Estate Consultant LEVY VENTURES: Seeks to Hire Goldberg Weprin Finkel as Counsel LEVY VENTURES: Taps Ephraim Diamond of Arbel Capital as CRO LIBERTY COMMUNICATIONS: Moody's Cuts CFR to 'Caa1', Outlook Stable LIFESCAN GLOBAL: Continues Forbearance Debt Talks with Lenders LIGADO NETWORKS: Gets Court OK for $550MM Satellite Deal with AST LILLY INDUSTRIES: Court Extends Cash Collateral Access to Aug. 31 LLW CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors MAGENS INTERVAL: Seeks Chapter 11 Bankruptcy in Virgin Islands MARRS CONSTRUCTION: U.S. Trustee Unable to Appoint Committee MARY WADE HEALTHCARE: Fitch Lowers IDR to 'B-', Outlook Stable MIDTOWN VENTURE: Seeks Chapter 11 Bankruptcy in Florida MIDWEST CHRISTIAN: Ziegler Finalizes Ch. 11 Property Sales MIKLAR LLC: Hires Dunham Hildebrand Payne as Counsel MODE ELEVEN: Seeks to Hire Hovde Group LLC as Investment Banker MOF-WILLOWS LLC: Rampart/Wurth Holding Appointed as Receiver MONARCHY RACHEROS: Hires Gatton & Associates P.C. as Attorney NAYA STONE: Hires Michael M. Cohen as Special Litigation Counsel NEIMAN MARCUS: Trust Secures $55MM From MyTheresa Equity Sale NEW LONDON: Gets Final OK to Use Cash Collateral NOBLE GOODNESS: Hires Resolute Commercial Services as Accountant NOBLE LIFE: Seeks Chapter 11 Bankruptcy in Maryland OAK AND FORT: Secures U.S. Provisional Chapter 15 Case Protection ORACLES CAPITAL: Bankruptcy Auction for Beverage Assets Set July 15 PLASTIC SUPPLIERS: Creditors to Get Proceeds From Liquidation POWIN LLC: Hires Kurtzman as Claims & Noticing Agent POWIN LLC: To Focus on Long-Term Servicing Business PREMIER PEDIATRICS: Gets Interim OK to Use Cash Collateral PROJECT BOOST: Fitch Affirms 'B' LongTerm IDR, Outlook Stable PROJECT PIZZA: Hires Charyn Auctions as Appraiser PROVIDENT COMMONWEALTH: S&P Affirms 'BB+' on 2016A Revenue Bonds PURDUE PHARMA: Court OKs Disclosure Statement for Ch. 11 Plan RAMBLER ASSOCIATES: Court Appoints Zvi Guttman as Receiver REICHMAN KARTEN: Hires Denis Abramowitz & Co as Accountant RELIABLE SECURITY: Section 341(a) Meeting of Creditors on July 18 RIVERSIDE COURT: Unsecured Creditors Will Get 20% of Claims in Plan ROCK N CONCEPTS: Gets Final OK to Use Cash Collateral RT ACQUISITION: Hires Farinash & Stofan as Bankruptcy Counsel S&S FOODS: Taps John F. Sommerstein as Bankruptcy Counsel SCENIC CITY: Gets Extension to Access Cash Collateral SEDALIA AESTHETICS: Hires Sedalia Realty LLC as Broker SEN FITNESS: Seeks Chapter 11 Bankruptcy in California SEXTANT STAYS: Final Hearing to Use Cash Collateral Set for June 26 SHERITA CHERRY: Hires Giddens Mitchell & Associates as Attorney SUNNOVA ENERGY: Solaris' WholeCo Offer Is Lead Bid for Assets SUNNOVA ENERGY: U.S. Trustee Appoints Creditors' Committee SYAGRUS SYSTEMS: Seeks Chapter 11 Bankruptcy in Minnesota SYNAPSE FINANCIAL: Penalty Fund May Aid Victims to Recoup Lost Fund T&S FOOD: Section 341(a) Meeting of Creditors on July 18 TAL PROPERTIES: Trigild Named as Receiver TELLICO RENTALS: Seeks Chapter 11 Bankruptcy in Tennessee TROPIC LEISURE: Seeks Chapter 11 Bankruptcy in Virgin Islands TZADIK SIOUX: Hires Fleischmann PLLC as Special Counsel TZADIK SIOUX: U.S. Trustee Unable to Appoint Committee UGI ENERGY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable VASTAV INC: Seeks to Hire Benchmark Tax Group as Tax Consultant VEGAS TREASURES: Case Summary & Eight Unsecured Creditors WEC 98D-7 LLC: Responds to Wilmington Trust's Receivership Bid WELCOME GROUP: Court Extends Cash Collateral Access to Sept. 15 WILCOV HOLDINGS: Seeks to Hire Myers Law LLC as Bankruptcy Counsel WOLFSPEED INC: Enters Restructuring Support Deal to Cut $4.6B Debt WOLFSPEED INC: Reaches Restructuring Support Deal with Lenders WOLFSPEED INC: Renesas Expects 250B Yen Loss in Ch. 11 Support Deal WORTHY'S RUN: Gets Court OK to Use Cash Collateral YOUR BATH: Gets Final OK to Use Cash Collateral ********* 1300 DESERT: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: 1300 Desert Willow Road, LLC 150 E. 78th Street New York, NY 10075 Business Description: The Debtor owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. Chapter 11 Petition Date: June 22, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11375 Debtor's Counsel: H Bruce Bronson, Esq. BRONSON LAW OFFICES PC 480 Mamaroneck Ave HarrisonHarrison, NY 10528 Tel: (914) 269-2530 Email: hbbronson@bronsonlaw.net Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million David Ebrahimzadeh signed the petition as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZAXXKTQ/1300_Desert_Willow_Road_LLC__nysbke-25-11375__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Equity Funding, LLC $5,000,000 Derek Edmonds 11245 SE 6th Street, Suite 280 Bellevue, WA 98004 2. Meltzer, Lippe, Legal Fees & $50,000 Goldstein & Breitstone Costs Gary Meltzer 190 Willis Avenue Mineola, NY 11501 163 MAIN STREET: Seeks Chapter 11 Bankruptcy in New Jersey ---------------------------------------------------------- On June 20, 2025, 163 Main Street LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports $5,904,326 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 163 Main Street LLC 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. 163 Main Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16512) on June 20, 2025. In its petition, the Debtor reports total assets of $4,188,170 and total liabilities of $5,904,326. The Debtors are represented by Arthur J. Abramowitz, Esq. at SHERMAN SILVERSTEIN KOHL ROSE & PODOLSKY, P.A. 1728 DETROIT: Seeks to Hire Natalyn M. Archibong as Counsel ----------------------------------------------------------- 1728 Detroit Court Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Natalyn M. Archibong as counsel. The firm's services include: a. preparing schedules, statements of financial affairs, pleadings and applications; b. conducting examinations; c. advising Debtor of her rights and responsibilities as a debtor-in-possession; d. consulting with Debtor and representing Debtor with respect to preparation and advocacy of a plan of reorganization; e. representing Debtor in contested matters and adversary proceedings; and f. advising and representing Debtor with respect to such other matters which may arise incidental to the proper preservation and administration of Debtor's estate and business. The firm will be paid at $350 per hour. The firm will be paid a retainer in the amount of $3,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Natalyn M. Archibong, 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: Natalyn M. Archibong 374 Maynard Terr SE, Ste. 206 Atlanta, GA 30316 Telephone: (404) 626-9142 Email: nmarchibong@gmail.com About 1728 Detroit Court Partners 1728 Detroit Court Partners, LLC filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 24-59220) on September 1, 2024, with $100,001 to $500,000 in both assets and liabilities. Judge Jeffery W. Cavender oversees the case. Natalyn Archibong, Esq., at the Law Offices of Natalyn Archibong is the Debtor's legal counsel. 17FARMHADEN LLC: Seeks to Tap Long & Foster Real Estate as Broker ----------------------------------------------------------------- 17Farmhaden LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Long & Foster Real Estate, Inc. as real estate broker. The firm will market and sell the Debtor's property located at 17 Farmhaven Court; Rockville, MD 20852. The broker will receive 3.5 percent of the sales price and a $495 administrative fee. Buyer broker agency is fixed at 2.5 percent. Subagents are fixed at 1.5 percent. As disclosed in the court filings, Long & Foster Real Estate is a "disinterested person" as that term is defined 11 U.S.C. Sec. 101(14). The firm can be reached through: Mark McNeill Long & Foster Real Estate, Inc. 12520 Prosperity Drive Suite 105 Silver Spring, MD 20904 Phone: (301) 388-2600 Mobile: (301) 257-8173 Email: mark.mcneill@longandfoster.com About 17Farmhaden LLC 17Farmhaden LLC is a Florida-based company that owns and leases residential properties, excluding apartment buildings. 17Farmhaden LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-14496) on May 19, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtors are represented by John D. Burns, Esq. at THE BURNS LAW FIRM, LLC. 17FARMHADEN LLC: Taps Burns Law Firm as Bankruptcy Counsel ---------------------------------------------------------- 17Farmhaden LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire The Burns Law Firm, LLC as its counsel. The firm's services include: (a) providing the Debtor with legal advice concerning its powers and duties and assisting from a bankruptcy necessity any ancillary litigation ongoing with the Debtor; (b) preparing legal papers; (c) filing and prosecuting adversary proceedings against parties adverse to the Debtor or its estate; (d) preparing a disclosure statement or plan of reorganization; (e) performing Chapter 11 services for the Debtor and the estate; and (f) providing other necessary legal services. The firm will be paid at these rates: Partners $595 per hour Associates $455 per hour Paralegals $295 per hour The firm received an initial retainer of $4,000. In addition, the firm will receive reimbursement for its out-of-pocket expenses. John Burns, Esq., a partner at The Burns Law Firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John D. Burns, Esq. THE BURNS LAW FIRM, LLC 6303 Ivy Lane, Suite 102 Greenbelt, MD 20770 Tel: (301) 441-8780 Email: info@burnsbankruptcyfirm.com About 17Farmhaden LLC 17Farmhaden LLC is a Florida-based company that owns and leases residential properties, excluding apartment buildings. 17Farmhaden LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-14496) on May 19, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtors are represented by John D. Burns, Esq. at THE BURNS LAW FIRM, LLC. 2022 WEST 36th: Hires Mark S. Roher P.A. as Attorney ---------------------------------------------------- 2022 West 36th Avenue seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire the law firm of Mark S. Roher, P.A. as counsel. The attorney will render these professional services: (a) give advice to the Debtor with respect to its powers and duties as Debtor in possession and the continued management of its finances; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with his creditors in the preparation of a plan. Mark Roher, Esq., the primary attorney in this representation, will be billed at his hourly rate of $400. The firm received an advance retainer of $3,900 from the Debtor. Mr. Roher 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: Mark S. Roher, Esq. Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Road, Suite 300 Pembroke, FL 33028 Telephone: (954) 353-2200 Facsimile: (877) 654-0090 Email: mroher@markroherlaw.com About 2022 West 36th Avenue 2022 West 36th Avenue filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 25-12773) on May 8, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Michael E Romero presides over the case. Keri L. Riley, Esq. at Kutner Brinen Dickey Riley, P.C. represents the Debtor as counsel. 23ANDME HOLDING: Bambu Wants to Submit $10MM Bid for Lemonaid ------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Bambu Ventures plans to submit a $10 million bid for 23andMe's online health-care platform, Lemonaid Health, as the DNA testing company seeks court approval to sell its assets to cofounder Anne Wojcicki and a nonprofit partner. According to a June 22, 2025 filing in the U.S. Bankruptcy Court for the Eastern District of Missouri, Bambu's proposed acquisition is contingent on standard closing conditions, bankruptcy sale protections for a good faith purchaser, and agreements from current shareholders and employees to sign noncompete and nonsolicitation clauses. The bid follows a statement by the judge overseeing 23andMe's Chapter 11 case on June 20, indicating he would issue a ruling promptly on the company's plan to sell key assets, including its genetic data bank and the Lemonaid unit, according to Bloomberg Law. Wojcicki, in partnership with the TTAM Research Institute, has already submitted a $305 million offer for the assets. If approved, the pair would serve as stalking horse bidders for Lemonaid’s reorganized equity at $2.5 million, subject to higher bids during the sale and marketing process, the report states. Bambu Ventures, based in Los Angeles, focuses on early-stage investments across fintech, AI, software, and digital health. Its portfolio includes Congruity Health, an AI-driven platform for healthcare providers. Bambu is represented by Goldenberg Heller & Antognoli PC, the report states Case: 23andMe Holding Co., Bankr. E.D. Mo., No. 25-40976, notice filed 6/22/25 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. 26 YATES: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: 26 Yates LLC 411 Boulevard of the Americas Suite 211 Lakewood NJ 08701 Business Description: 26 Yates LLC leases residential and commercial real estate properties. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-16592 Debtor's Counsel: Solomon Rosengarten, Esq. SOLOMON ROSENGARTEN 2329 Nostrand Avenue Brooklyn NY 11210 Tel: 718-627-4460 Email: vokma@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Martin Stern as member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7TVTWVQ/26_YATES_LLC__njbke-25-16592__0001.0.pdf?mcid=tGE4TAMA 842 REDDING: Seeks Chapter 11 Bankruptcy in Connecticut ------------------------------------------------------- On June 17, 2025, 842 Redding Road LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Connecticut. According to court filing, the Debtor reports $1,550,000 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About 842 Redding Road LLC 842 Redding Road LLC holds a leasehold interest in a single-family residence and qualifies as a single-asset real estate debtor under U.S. bankruptcy law. 842 Redding Road LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-50498) on June 17, 2025. In its petition, the Debtor reports total assets of $2,500 and total liabilities of $1,550,000. The Debtors are represented by Mark Kratter, Esq. at MARK KRATTER. ADVANCE TRANSIT: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Advance Transit Mix, Inc. About Advance Transit Mix Inc. Advance Transit Mix, Inc. supplies ready-mixed concrete for construction projects in Glenolden, Pennsylvania. It operates a fleet of trucks for intrastate transport and serves clients across the region. Advance Transit Mix sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12082) on May 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Patricia M Mayer handles the case. The Debtor is represented by Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin. ADVENT AIR: Seeks to Hire Norred Law PLLC as Bankruptcy Counsel --------------------------------------------------------------- Advent Air Conditioning Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Norred Law PLLC as counsel. The firm will render these services: (a) advise the Debtor of its powers and duties in the management of its property; (b) attend meetings and negotiate with representatives of creditors and other parties in interest; (c) assist the Debtor in preparation of all administrative documents required to be filed or prepared herein, and prepare, on behalf of the Debtor, all necessary legal documents as applicable; (d) take such actions as is necessary to preserve the assets and interests of the estate; (e) advise the Debtor in connection with any potential sale of assets; (f) assist the Debtor in formulating a disclosure statement, and in the formulation and confirmation of a plan of reorganization; (g) appear before the court and the United States Trustee, and protect the interest of the Debtor estate before the court and trustee; and (h) perform any and all other legal services that may be necessary to protect the rights and interests of the Debtor in the proceeding and any actions later commenced in this Chapter 11 case. The hourly rates of the firm's counsel are as follows: Attorneys $300 - $525 Paraprofessionals $90 - $120 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $16,738 from the Debtor. Clayton Everett, Esq., an attorney at Norred Law, 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: Clayton L. Everett, Esq. Norred Law, PLLC 515 E. Border Street Arlington, TX 76010 Telephone: (817) 704-3984 Email: clayton@norredlaw.com About Advent Air Conditioning Inc. Advent Air Conditioning Inc. is a family-owned HVAC services company based in Lewisville, Texas, serving the greater Dallas Fort Worth area. Established in 1981, the Company specializes in AC repair, heating repair, and HVAC system replacements, offering energy-efficient and indoor air quality solutions. Advent Air Conditioning Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41696) on May 9, 2025. In its petition, the Debtor reports total assets of $142,986 and total liabilities of $1,333,818. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtors are represented by Clayton L. Everett, Esq. at NORRED LAW, PLLC. ALIEN TECHNOLOGIES: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------ On June 20, 2025, Alien Technologies Corporation filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Alien Technologies Corporation Alien Technologies Corporation designs and sells hardtop removal tools and accessories for Jeep Wrangler and Ford Bronco vehicles under the TopLift Pros brand. Alien Technologies Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03827) on June 20, 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 Grace E. Robson handles the case. The Debtors are represented by Jesus Lozano, Esq. at NARDELLA & NARDELLA, PLLC. AMBASSADOR VETERANS: Section 341(a) Meeting of Creditors on July 22 ------------------------------------------------------------------- On June 13, 2025, Ambassador Veterans Services of Puerto Rico LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to court filing, the Debtor reports $4,068,135 in debt owed to 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 22, 2025 at 02:00 PM via Telephonic Conference Information for AUST/Trial Attys. About Ambassador Veterans Services of Puerto Rico LLC Ambassador Veterans Services of Puerto Rico LLC operates a nursing and intermediate care facility for veterans in Juana Diaz, Puerto Rico. The Company provides residential healthcare services to eligible veterans at its location in Barrio Amuelas. Ambassador Veterans Services of Puerto Rico LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02690) on June 13, 2025. In its petition, the Debtor reports total assets of $2,567,403 and total liabilities of $4,068,135. The Debtors are represented by Javier Vilarino, Esq. at VILARINO AND ASSOCIATES LLC AMERICA'S GARDENING: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------------ On June 20, 2025, America's Gardening Resource Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. 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 America's Gardening Resource Inc. 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. America's Gardening Resource Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11180) on June 20, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors are represented by Patrick J. Reilley, Esq., Jack M. Dougherty, Esq.,Gary H. Leibowitz, Esq., H.C. Jones III, Esq., and J. Michael Pardoe, Esq. at COLE SCHOTZ P.C. TOWER PARTNERS is the Debtors' Investment Banker. AURORA MANAGEMENT PARTNERS is the Debtors' Chief Restructuring Officer. ANCHOR FUNDING: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Anchor Funding, Inc. 1612 Ponce De Leon Ave. San Juan, PR 00909 Business Description: Anchor Funding, Inc. is a financial services firm engaged in credit intermediation activities. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 25-02813 Debtor's Counsel: Alexis Fuentes-Hernandez, Esq. FUENTES LAW OFFICES, LLC P.O. Box 9022726 San Juan PR 00902-2726 Phone: (787) 722-5215 E-mail: fuenteslaw@icloud.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Ivan Diaz Lopez as president. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GZTWNAI/ANCHOR_FUNDING_INC__prbke-25-02813__0001.0.pdf?mcid=tGE4TAMA AR ACQUISITIONS: Hires Northwest Property as Real Estate Broker --------------------------------------------------------------- AR Acquisitions, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Pacific Northwest Property Management, Inc. as real estate broker. The firm will market and sell the Debtor's real properties located at Kirkland, King County, Washington. The firm will be paid a commission of 1 percent of the sales price. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark J. Johnson Pacific Northwest Property Management, Inc. 7501 212th St SW Edmonds, WA 98026 Tel: (425) 771-4100 About AR Acquisitions, LLC AR Acquisitions, LLC, a company in Bellevue, Wash., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-12986) on November 22, 2024. In the petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Christopher M. Alston oversees the case. The Debtor is represented by Dennis McGlothin, Esq., at Western Washington Law Group PLLC. ASH GROVE: Final Hearing to Use Cash Collateral Set for June 26 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota is set to hold a hearing on June 26 to consider final approval of Ash Grove Dairy, LLP's motion to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's June 13 order expires on June 26. The June 13 order approved the Debtor's interim use of up to $541,519.10 in cash collateral to pay its operational costs during the interim period. This cash collateral consists of proceeds from milk production. As protection for the Debtor's use of its cash collateral, Dacotah Bank was granted a replacement lien on post-petition assets and the proceeds thereof, with the same priority as the bank's pre-bankruptcy liens. The replacement lien does not apply to any Chapter 5 causes of actions. Dacotah Bank is represented by: Michael S. Dove, Esq. Gislason & Hunter, LLP 2700 South Broadway P.O. Box 458 New Ulm, MN 56073-0458 Phone: 507-354-3111 Fax: 507-354-8447 mdove@gislason.com About Ash Grove Dairy LLP Ash Grove Dairy, LLP operates a commercial Holstein dairy farm in Lake Benton, Minnesota. It manages approximately 2,000 milking cows on a 55-acre property, focusing on milk production and the breeding of high-quality Registered Holsteins. It also operates a renewable natural gas facility that converts manure into pipeline-grade fuel. Ash Grove Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-31794) on June 2, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Katherine A. Constantine handles the case. The Debtor is represented by David C. McLaughlin, Esq., at Fluegel, Anderson, McLaughlin and Brutlag. ATS - AL INC: Seeks to Hire The Bush Law Firm LLC as Attorney ------------------------------------------------------------- ATS - AL, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire The Bush Law Firm, LLC as attorneys. The firm's services include: a. advising the Debtor-in-Possession as to the rights, powers and duties of a debtor-in-possession, as enumerated within 11 U.S.C. Sec. 1101, et seq.; b. preparing and filing the documents necessary to advance this case including, but not limited to, answers, applications, motions, proposed orders, responses, schedules and other necessary and required legal documents; c. representing the Debtor-in-Possession at the hearings in this matter; d. preparing and filing the status report and plan; e. defending challenges to the automatic stay set forth within 11 U.S.C. Sec. 362(a); and f. providing such other legal services and/or preparing and/or filing such other documents as may be necessary for Debtor-in-Possession to carry out its duties and functions in this case. The firm will charge an hourly rate of $350, plus reimbursement for actual, reasonable and necessary expenses. The firm received an initial retainer in the amount of $7,500 and filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Anthony B. Bush, Esq., a partner at The Bush Law Firm, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Anthony B. Bush, Esq. The Bush Law Firm, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Tel: (334) 263-7733 Fax: (334) 832-4390 Email: anthonybbush@yahoo.com abush@bushlegalfirm.com About ATS - AL, Inc ATS - AL, Inc filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-31308) on June 9, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Anthony Brian Bush, Esq. at The Bush Law Firm, LLC represents the Debtor as counsel. AXIS OILFIELD: Seeks to Hire Gulf South as Accountant ----------------------------------------------------- Axis Oilfield Rentals LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Gulf South Accounting as accountant. The firm will assist the Debtor in its bookkeeping and accounting tasks that will be necessary in its bankruptcy. The firm will be paid a flat fee of $6,800 to cover the period from January through June of 2025. The firm will also charge an annual fee of $150 for processing up to ten Form 1099s and $50 for every ten additional 1099s, if needed. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bonnie Sarver, CPA, a partner at Gulf South Accounting, 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: Bonnie Sarver, CPA Gulf South Accounting 601 Nancy St. Mandeville, LA 70448 Tel: (504) 495-9994 Email: Bonnie@GulfSouthAccounting.com About Axis Oilfield Rentals LLC Axis Oilfield Rentals LLC provides equipment rentals, field supplies, and on-site support services to the oil and gas industry across upstream, midstream, and downstream operations. Headquartered in Covington, Louisiana, the Company also offers labor for equipment operation and field logistics, with additional field offices in Texas. Axis Oilfield Renta ls LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10839) on April 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Douglas S. Draper, Esq. at HELLER, DRAPER & HORN, LLC. AZORRA FINANCE: S&P Rates Proposed $500MM Unsecured Notes 'BB-' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue rating to Azorra Finance Ltd.'s proposed $500 million unsecured notes due 2031. The notes will be guaranteed on an unsecured basis by parent Azorra Aviation Holdings LLC (BB-/Stable/--) (Azorra). S&P expects Azorra to use the proceeds to repay outstanding drawings on its revolving credit facility (RCF) and finance aircraft acquisitions, including the recently announced acquisition of 49 Embraer E-Jet aircraft and two General Electric CF-34 engines from Dubai Aerospace Enterprise Ltd. (DAE). The recovery rating is '3', indicating that S&P expects meaningful recovery prospects for the proposed unsecured notes of 50%-70% (rounded estimate: 55%) in the event of a default. S&P said, "At the same time, we affirmed our 'BB-' rating on Azorra's existing unsecured debt and raised our recovery rating to '3' (rounded estimate: 55%) from '4' (rounded estimate: 45%). The improvement in expected unsecured recovery comes from the larger fleet pro forma for the acquisitions from DAE and other recent aircraft acquisitions, partly offset by the higher outstanding total unsecured debt. "We also affirmed our 'BB' rating on the company's term loan B. The recovery rating remains '2', reflecting our expectation of substantial recovery in the event of a default but we have revised the rounded estimate to 85% from 80%. "We view positively the increase in unsecured debt as a portion of funding. Having fewer encumbered assets aids financial flexibility, since lessors with a sizable, unencumbered asset base can use the assets as collateral for secured borrowings if access to unsecured borrowing becomes unavailable. Pro forma the proposed transaction, the ratio of secured debt to total assets is about 38%, still somewhat above the ratio for most higher-rated peers." Issue Ratings--Recovery Analysis Key analytical factors -- The term loan, RCF, and bilateral facilities are supported by separate dedicated collateral pools. -- Azorra guarantees the term loan and unsecured notes—all issued by Azorra Finance Ltd.-- on an unsecured basis. S&P expects the company's unencumbered assets to be available to support the recovery of existing and proposed unsecured notes and deficiency claims from the secured debt on a pari passu basis. -- S&P said, "We value the company as a going concern following a discrete asset valuation (DAV) approach. The fleet assets include aircraft and engines. We depreciate the appraised value of aircraft to the default year, at which point realization rates are applied to reflect a contraction in value in distress circumstances." -- In S&P's simulated default scenario, it assumes a disruption in the air travel industry in 2029, causing airlines to renegotiate leases and return aircraft on lease. This causes aircraft values to decline, requiring the company to use cash flow to pay down certain secured aircraft financing. Simplified waterfall -- Gross enterprise value (DAV approach): $1.8 billion -- Valuation split between unencumbered assets/ bilateral collateral/ revolver/ term loan: 49%/27%/4%/20% -- Net enterprise value after 5% administrative expenses: $1.7 billion -- Estimated collateral value available to term loan: $342 million -- Additional recovery through unencumbered assets: $67 million -- Total value available to the term loan: $409 million -- Estimated term loan balance at default: $458 million --Term loan recovery expectations: 70%-90% (rounded estimate: 85%) -- Estimated unencumbered asset value available to unsecured claims: $831 million -- Estimated unsecured note balance at default: $1.1 billion -- Other unsecured claims (deficiency claims from secured debt categories): $330 million -- Total unsecured claims: $1.4 billion --Unsecured note recovery expectations: 50%-70% (rounded estimate: 55%) Notes: All debt amounts include six months of prepetition interest. B.L.H.G. GROUP: Unsecured Creditors to Split $95K in Plan --------------------------------------------------------- The B.L.H.G. Group, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a Plan of Reorganization under Subchapter V dated June 9, 2025. The B.L.H.G. Group, LLC doing business as Smile Now Dental Implant was founded and formed by Blake Austin in late 2019, opening its doors in March, 2020. While BLHG had a very successful start, unfortunately, problems did arise and the filing for Chapter 11 bankruptcy was a difficult but necessary decision due to a series of financial missteps that ultimately strained the business beyond sustainability. One of the primary issues was poor cash flow management, which made it increasingly difficult to cover operational costs, pay suppliers, and meet payroll obligations. Ultimately, a combination of poor financial management, excessive debt, and rapid expansion without proper planning led to a situation where the business could no longer sustain itself. Unexpected expenses and the inability to generate sufficient revenue to cover mounting obligations left no choice but to restructure under Chapter 11. The decision to file bankruptcy ultimately turned on the collection efforts of one of BLHG's creditors and the threat to place BLHG into receivership. The Plan Distribution Date shall be thirty days from the Effective Date of the Plan and every thirty days thereafter. Notwithstanding Plan treatment hereunder, any allowed unsecured claim under whose projected dividend is at or below $3,000.00 may be paid on the Distribution Date as an administrative convenience. Class 9 consists of General Unsecured Claims. All non-insider allowed and approved claims under this Class shall be paid their allowed claims from all funds available for distribution as set forth in the Disbursement Schedule. The allowed unsecured claims total $855,265.41. This Class will receive a distribution of $94,971.69. The projected dividend is to be paid over a period of forty-five months, commencing in month 13 of the Plan. This dividend shall be reduced by the Court approved administrative expense claims of the Debtor's counsel, Court appointed accounting professional (if any) and the Chapter 11 Subchapter V Trustee to the extent that said administrative expense claims exceed the amounts listed in this Plan. The Debtor may pre-pay any amounts due any creditor in this Class prior to the due dates in the Plan of Reorganization without penalty and without prior notice or Court approval unless otherwise provided for in the Plan of Reorganization. This Class is impaired. Class 10 consists of Equity Interest Holders/Debtor's Interest. Equity Holder shall retain its shareholder/membership interest in the Debtor and the Debtor shall retain all legal and equitable interest in assets of this estate as all reconciliation issues have been met. Post Confirmation ownership and control shall remain with the Equity Security Holder, Blake Austin. This is a 45-month Plan with a total projected Plan yield of approximately $259,461.95. The total projected yield includes payment of Administrative Expenses and Priority Tax Claims. Debtor agrees that it will make payments of not less than $259,461.95 over the life of the Plan which represents the Debtor's projected disposable income for that time period as required under the Code. A full-text copy of the Subchapter V Plan dated June 9, 2025 is available at https://urlcurt.com/u?l=rfUhfl from PacerMonitor.com at no charge. Counsel to the Debtor: Allan D. NewDelman, Esq. Allan D. Newdelman, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: (602) 264-4550 Email: anewdelman@adnlaw.net 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., is the Debtor's legal counsel. BALAJIO LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Balajio, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the hearing held on June 18, the court granted the Debtor's motion to use cash collateral on an interim basis and set a further hearing on the motion for July 23. As of the petition date, the Debtor had $21,152.58 in its operating account, which, along with future room revenues, is considered cash collateral. The Debtor said it needs to use this cash for essential business expenses such as payroll, vendor payments, and ongoing operations. The U.S. Small Business Administration may hold a first-priority security interest in the Debtor's cash and cash equivalents, secured by a $2 million loan evidenced by a UCC-1 financing statement. To protect SBA's interest, the Debtor offered granting the secured creditor a replacement lien on post-petition cash collateral to the same extent and priority as its pre-bankruptcy lien. About Balajio LLC Balajio, LLC operates a hotel in Daytona Beach, Florida. Balajio sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03556) on June 10, 2025, listing up to $10 million in both assets and liabilities. Sameer M. Patel, managing member of Balajio, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP, represents the Debtor as legal counsel. BALKAN EXPRESS: Hires Younger Partners Dallas LLC as Broker ----------------------------------------------------------- Balkan Express, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Younger Partners Dallas, LLC as broker. The firm will market and sell the Debtor's real property located at 2560 E. Long Avenue, Fort Worth, Texas, 76137. The firm will be paid a commission of 6 percent of the purchase price of the property. Tanja McAleavey, a partner at Younger Partners Dallas, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Tanja McAleavey Younger Partners Dallas, LLC Dallas Pky Suite 950 Dallas, TX 14643 Tel: (214) 294-4400 About Balkan Express, LLC Balkan Express LLC is a transportation and logistics company based in Fort Worth, Texas, offering full truckload and less-than-truckload freight services across the 48 contiguous U.S. states. The Company operates a fleet of over 150 trucks and 250 trailers and offers 24/7 dispatch support with GPS tracking. Balkan Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41544) on April 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP. BEACH ACQUISITION: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Beach Acquisition Co Parent, LLC (dba Skechers) and Beach Acquisition Bidco, LLC Long-Term Issuer Default Ratings (IDRs) of 'B+', following a proposed take-private transaction by 3G Capital, expected to close 3Q25. The Rating Outlook is Stable. Fitch also assigned the company's proposed $1.584 billion secured RCF, $2.115 billion secured term loan, which is split between a $1.245 billion and EUR750 million tranche, and $1.75 billion secured notes a 'BB-'rating with a Recovery Rating of 'RR3'. Skechers' rating reflects its leading position in the footwear industry, with approximately $9.0 billion in revenue, good cash flow, and a strong growth history. The rating considers the company's single brand concentration and narrow product focus. Fitch expects Skechers' EBITDAR leverage to moderate to the high-4x range from about 5.3x at transaction close over the next 18-24 months, driven by EBITDA expansion and debt repayment. Key Rating Drivers 3G LBO: In May 2025, 3G Capital announced an $10.4 billion buyout of Skechers, net of balance sheet cash. The deal represents an approximate 8.6x multiple on Skechers' LTM EBITDA of $1.2 billion as of March 2025. 3G plans to finance the transaction and fees with $4.54 billion (40%) in equity and $6.37 billion in debt. Skechers also plans to replace its existing $750 million revolver with a new five-year $1.584 billion senior secured RCF. Pro forma for the transaction close, Skechers' EBITDAR leverage will be approximately 5.3x. Fitch does not expect the new owner to meaningfully change Skechers' existing strategy, including its focus on international growth and continued direct-to-consumer (DTC) expansion. The founder, and CEO, Robert Greenberg, along with other key executives, will remain on the leadership team post transaction close. This continuity is positive, but there is key man risk. Although the company could realize some cost savings, Fitch's forecast does not assume material margin expansion from new initiatives given expectations for continued growth investments and ongoing cost inflation pressures. Leading Player; Strong Growth History: Skechers has seen rapid growth since its inception in 1992. Fitch expects the company to continue to maintain or grow its market share. Skechers ranks third within the global footwear market, with LTM 1Q25 revenue and EBITDA of $9.1 billion and $1.2 billion, respectively. This compares to Nike's footwear sales of $34 billion and Adidas' footwear sales of $14 billion. The company's 16% CAGR since 2012 exceeds the footwear industry average, with growth every year except pandemic-affected 2020. Over time, Skechers has expanded beyond its core sneaker category into sandals, streetwear, and no-hands slip-ins. Recent growth initiatives have focused on expanding Skechers' DTC and international footprint, with close to two-thirds of its sales outside the U.S. The company's branding emphasis on comfort and value helps it avoid direct comparisons to athletic footwear peers that focus more on style and sports performance. Limited Diversification: Skechers' credit profile is somewhat constrained by its brand concentration and narrow focus on footwear. Fitch expects the footwear sector to grow about 3%-5% annually, but individual brands are exposed to changing fashion trends and brand popularity. These factors are somewhat mitigated by Skechers' diversified geographic exposure. In addition, Skechers benefits from its diversified channel exposure, selling through both wholesale (57% of 2024 revenue) and DTC (43% of 2024 revenue), with the revenue roughly split between 50%women, 10% kids, and 40% men. Stable to Growing Market Share: Fitch expects Skechers' revenue to grow at a mid-single-digit rate in 2025 and around 3% thereafter. This compares to a low-double digit average from 2012-2024. The moderation reflects some brand maturation and potential cyclicality in the footwear market. While the footwear sector is expected to grow in the mid-single digits long term, individual brands are exposed to cyclicality from changing fashion trends and brand popularity due to fickle consumer behavior. Near-Term Volatility: Fitch expects the U.S. retail sector to face near-term challenges, including declines in consumer sentiment, business disruption, and rising costs related to evolving U.S. tariff policies. Skechers sources most of its products from China and Vietnam, and thus sustained higher tariffs would impact the company's cost structure. The company's diversified geographic presence, identified cost savings, strong liquidity, and lack of debt maturities before2030 following this transaction mitigate this risk. Good Liquidity and FCF: Skechers' liquidity is supported by its strong cash position, projected strong FCF, and access to a proposed and undrawn $1.584 billion revolver. Fitch expects the company to generate FCF in the high $200million to low $300 million range beginning in 2026. Fitch expects the company could deploy annual FCF to debt repayment given their commitment to deleveraging following the go-private transaction. The company is targeting a 3xnet EBITDAR leverage using the balance sheet liability. High Leverage but with Deleveraging Capacity: Historically, Skechers operated with limited debt, consisting of real estate loans, of which approximately $416 million was outstanding as of March 31, 2025. Pro forma for the transaction close, EBITDAR leverage will increase to 5.3x from 1.2x in 2024. The company has proposed a prepayable $2.1 billion term loan B and indicated that it intends to use FCF proceeds to de-lever. Given debt repayment and modest EBITDA expansion, Fitch expects EBITDAR leverage to decline towards the high-4x range by 2027. Parent Subsidiary Linkage: Fitch's analysis includes a weak parent/strong subsidiary approach between the parent and its subsidiary, Beach Acquisition BidCo, LLC. Fitch assesses the quality of the overall linkage as high, which results in an equalization of IDRs across the corporate structure. Peer Analysis Skechers' rated peers within the non-food retail sector include Wayfair (B/Stable), Capri Holdings Limited (BB/Negative), Samsonite Group S.A. (BB+/Stable), and Levi Strauss & Co. (BBB-/Stable). Wayfair's rating reflects its position as a leading online retailer of furniture and home furnishings, and its recent efforts to structurally improve profitability following a long history of focusing primarily on growth. Wayfair's rating is one notch lower than Skechers', reflecting Fitch's expectations that EBITDAR leverage could trend relatively higher, in themid-5x, beginning in 2026. Capri's rating is two notches higher than Skechers, reflecting Fitch's expectations that EBITDAR leverage will trend below 3.0x, beginning in 2025. Levi's rating considers the company's good execution from a topline and a margin standpoint, which supports Fitch's long-term expectations of low-single-digit revenue and EBITDA growth. The rating reflects Fitch's expectations that EBITDAR leverage will trend below 2.0x. Samsonite's rating considers the company's status as the world's largest travel luggage company, with strong brands and historically good organic growth. Samsonite's rating reflects Fitch's expectations that EBITDAR leverage will trend in the mid-2x range over the medium term. Key Assumptions - Fitch projects Skechers' 2025 revenue to expand in the mid-single digit range, aided by Skechers' medium-term growth initiatives to expand its DTC and international footprint. Fitch expects revenue growth could moderate modestly thereafter, given the maturity of the brand and potential for cyclicality in the footwear industry. - EBITDA margins could contract modestly in 2025 as topline growth rates moderate, and the company experiences cost deleverage. Thereafter, Fitch expects EBITDA to expand modestly, in-line with topline growth. The company expects to eliminate around $250 million in costs as identified by a third-party consulting firm, although Fitch expects these could be reinvested into topline initiatives. - FCF could moderate towards $125 million in 2025 from $230 million in 2024, driven by increased cash interest post the buyout and outsized capex of $650 million in 2025 for a new distribution center. Beginning in 2026, FCF could trend in the high-$200 million to low-$300 million range, aided by EBITDA expansion and capex spend moderating to$400 million in 2026 and $250 million thereafter. Fitch expects the company to use FCF for debt repayment, in line with the company's stated commitment toward deleveraging. - EBITDAR leverage to increase from 1.2x in 2024 to 5.3x in 2025, given the incurrence of debt post the buyout. EBITDAR leverage could moderate towards the high-4x range by 2027, driven by debt repayment and EBITDA expansion. - Interest rate assumptions: The proposed term loan will have a variable rate structure, using SOFR as the floating rate component. Fitch's SOFR assumptions range from 4.5%-3.5% over the forecast period. For Skechers' PIK notes, Fitch assumes the company uses the PIK option for the first 2 years post close before reverting to cash pay. Recovery Analysis For issuers with IDRs of 'B+' and below, Fitch performs a recovery analysis for each class of obligations of the issuer. The issue ratings are derived from the IDR and the relevant Recovery Rating (RR) and notching, based on Fitch's recovery analysis. Fitch's recovery analysis assumes that Skechers is maximized as a going concern in a post default scenario, given a going-concern valuation of $4.4 billion compared with around $2.9 billion in value from a liquidation of assets. Fitch's going concern value is derived from a projected EBITDA of $800 million. The scenario incorporates revenue of approximately $7.2 billion, around 20% below revenue for the LTM period ended March 31, 2025. EBITDA margins could trend around 11% in a recovery scenario, below Fitch's 13% forecast given some fixed-cost deleverage. A going concern multiple of 5.5x was selected, in line with the 4x-6x range observed for North American retailers. Fitch deducted 10% for administrative claims and assumed full recovery for the $416 million in real estate debt, which is secured by specific real estate assets, leaving approximately $3.5 billion in EV for the remaining debt structure. This yields good recovery prospects for the proposed first lien debt, resulting in a 'BB-'/'RR3' rating on the secured instruments. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade to 'B' could result from a worse-than-expected top-line growth and declining EBITDA margins, such that EBITDAR leverage is sustained above 5.0x and EBITDAR fixed charge coverage is sustained below 1.5x; - A downgrade could also result from slower-than-anticipated debt repayment that results in EBITDAR leverage sustained above 5.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Skechers' ratings to 'BB-' could result from better-than-expected performance with annual organic top-line growth in the mid-single digits, reflecting stable to improving market share, and EBITDA growth in the mid-to-high single digit range, such that EBITDAR leverage is sustained under 4.5x and EBITDAR fixed charge coverage is sustained above 2.0x; - An upgrade could also result from higher-than-anticipated debt repayment that results in EBITDAR leverage sustained under 4.5x. Liquidity and Debt Structure As of March 31, 2025, Skechers had $993 million in cash and $108 million in short-term investments. The company's liquidity is further supported by unused credit capacity on its RCF, which was $615 million as of March 31, 2025. The company plans to finance its take-private transaction with $4.54 billion in equity from 3G and new debt, including a $2.115 billion secured term loan, $1.75 billion in secured notes and $2.5 billion in unsecured PIK notes. On a pro forma basis, these debt instruments will comprise Skechers' capital structure in addition to a new $1.584 billion secured cash flow revolver (undrawn and close) and $416 million of existing construction loans. The new senior secured debt will be issued by Beach Acquisition Bidco, LLC. The senior secured debt has a first priority lien on essentially all assets of the company other than certain distribution facilities pledged to the construction loans. Issuer Profile Skechers U.S.A., Inc., (pro forma for the transaction, Beach Acquisition Co Parent LLC) is the third-largest athletic footwear company in the world, with 2024 revenue of $9 billion and EBITDA of $1.2 billion. Summary of Financial Adjustments Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and exclude non-recurring charges. Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt. Date of Relevant Committee 16 June 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 ----------- ------ -------- Beach Acquisition Bidco, LLC LT IDR B+ New Rating senior secured LT BB- New Rating RR3 Beach Acquisition Co Parent, LLC LT IDR B+ New Rating BEACH ACQUISITION: S&P Rates New $2.5BB Sr. Unsecured Notes 'B+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '5' recovery rating to Beach Acquisition Bidco LLC's proposed $2.5 billion senior unsecured pay-in-kind (PIK) toggle notes due 2033. Beach Acquisition Bidco LLC is a subsidiary of Beach Acquisition Co Parent LLC (dba Skechers). This financing is part of the financing for the leveraged buyout of Skechers USA Inc. by 3G Capital. The '5' recovery indicates S&P's expectations for modest recovery (10%-30%;10% rounded estimate) in the event of a payment default. The notes are unsecured and rank junior to the company's senior secured debt including a $1.6 billion revolver, $2.1 billion term loan B, and $1.8 billion senior secured notes. The proposed senior unsecured notes recovery benefits from 1/3 of the equity value of foreign subsidiaries not pledged to the secured creditors. BEDMAR LLC: Unsecureds be Paid in Full or be Reinstated ------------------------------------------------------- Bedmar, LLC filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for Prepackaged Plan of Reorganization dated June 10, 2025. The Debtor is a Delaware limited liability company. Bedmar Member, Inc. is the sole member of the Debtor and an indirect wholly-owned subsidiary of National Resilience Holdco, Inc. (the "Parent"). The Parent is a private corporation whose corporate predecessor, National Resilience, Inc. ("Original Parent"), together with certain of its subsidiaries, was formed in 2020. The business was founded in the immediate aftermath of the outset of, and in response to, the global COVID-19 pandemic, with dual goals of enhancing capabilities to support the U.S.-based manufacturing of pharmaceuticals and introducing innovation into biomanufacturing. The Debtor was formed to manage and administer the orderly winddown of underutilized manufacturing, laboratory, and office sites (the "Sites"), including Sites in: (a) Bedford, Massachusetts; (b) Allston, Massachusetts; (c) Marlborough, Massachusetts; (d) San Diego, California (two Sites); (e) Fremont, California; and (f) Alachua, Florida. As a result of the Corporate Transactions, the Debtor also owns a 51% membership interest in AGS Holdco, LLC that is the sole equity owner of Alachua Government Services, Inc. ("AGS"). AGS is a corporation originally known as Ology Bioservices, Inc. that is an approved government contractor for manufacturing and clinical trials. Class 3 consists of all General Unsecured Claims. Subject to Article V.D of this Plan and except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, settlement, release, and discharge and in exchange for each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim against a Debtor shall receive, at the option of the Debtor, (i) Reinstatement of such Allowed General Unsecured Claim; (ii) payment in full in Cash in accordance with applicable law and the terms and conditions of the particular transaction giving rise to, or the agreement that governs, such Allowed General Unsecured Claim, which payment shall occur on the later of (A) the date due in the ordinary course of business or (B) the Effective Date; or (iii) receive any other treatment that would render such Claim Unimpaired, in each case, as determined by the Debtor; provided, that in each case, that no Holder of an Allowed General Unsecured Claim shall receive any distribution for any Claim that has previously been satisfied pursuant to a Final Order of the Bankruptcy Court. Class 3 is Unimpaired, and Holders of General Unsecured Claims are conclusively presumed to have accepted this Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, Holders of General Unsecured Claims are not entitled to vote to accept or reject this Plan. Class 4 consists of all Interests. On the Effective Date, each Holder of an Allowed Interest shall have such Interest Reinstated. Pursuant to section 1123 of the Bankruptcy Code, this Plan is and shall be deemed a good faith compromise and settlement of all claims, interests, and controversies belonging to the Debtor that are being settled under this Plan. The entry of the Combined Order shall constitute the Bankruptcy Court's approval of the compromise or settlement of all such claims, interests, and controversies belonging to the Debtor, as well as a finding by the Bankruptcy Court that such compromise or settlement is in the best interests of the Debtor and its Estate, and is fair, equitable and reasonable. Article IV.A ("General Settlement of Claims and Interests") provides that pursuant to section 1123 of the Bankruptcy Code, the Plan is and shall be deemed a good faith compromise and settlement of all claims, interests, and controversies belonging to the Debtor that are being settled under the Plan. The entry of the Combined Order shall constitute the Bankruptcy Court's approval of the compromise or settlement of all such claims, interests, and controversies belonging to the Debtor, as well as a finding by the Bankruptcy Court that such compromise or settlement is in the best interests of the Debtor and its Estate, and is fair, equitable and reasonable. A full-text copy of the Disclosure Statement dated June 10, 2025 is available at https://urlcurt.com/u?l=DY7GXo from Epiq Corporate Restructuring LLC, claims agent. Counsel to the Debtor: Mark D. Collins, Esq. Michael J. Merchant, Esq. Amanda R. Steele, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 N. King Street Wilmington, Delaware 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com merchant@rlf.com steele@rlf.com 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. BERTUCCI'S RESTAURANTS: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Bertucci's Restaurants, LLC, according to court dockets. About Bertucci's Restaurants Bertucci's Restaurants, LLC operates a chain of Italian-inspired restaurants primarily across the U.S. East Coast, including New England and Virginia. Founded in 1981 in Somerville, Massachusetts, the company is known for its wood-fired brick oven dishes. It recently launched Bertucci's Pronto, a fast-casual spinoff concept aimed at catering to evolving consumer dining preferences. Bertucci's Restaurants filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02401) on April 24, 2025. In the petition signed by Thomas Avallone, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Grace E. Robson oversees the case. R. Scott Shuker, Esq., at Shuker & Dorris, PA serves as the Debtor's counsel. BETA DRIVE: Hires Whitmer & Ehrman LLC as Counsel ------------------------------------------------- Beta Drive Hotel Group LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Whitmer & Ehrman LLC as counsel to provide legal services to the Debtor. The firm will be paid at these rates: Partners $405 per hour Associates $275 per hour Paralegals $140 per hour The firm was paid a retainer in the amount of $15,000. Mary K. Whitmer, a partner at Whitmer & Ehrman LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mary K. Whitmer, Esq. Whitmer & Ehrman LLC 2344 Canal Road, Suite 401 Cleveland, OH 44113-2535 Tel: (216) 771-5056 Email: mkw@weadvocate.net About Beta Drive Hotel Group LLC Beta Drive Hotel Group LLC, doing business as Hilton Garden Inn Cleveland East/Mayfield Village, is a hospitality company that operates the Hilton Garden Inn Cleveland East/Mayfield Village, offering amenities such as complimentary Wi-Fi, an indoor/outdoor pool, and extensive meeting spaces. Beta Drive Hotel Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-10849) on March 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Suzana Krstevski Koch handles the case. The Debtor is represented by Frederic P. Schwieg, Esq. at Frederic P. Schwieg, Attorney at Law. PSOF NP Cleveland, LLC, as lender, is represented by: Robert C. Folland, Esq. Barnes & Thornburg LLP 41 S. High Street, Suite 3300 Columbus, OH 43215 Telephone: (614) 628-1429 Rob.Folland@BTLaw.com - and - Lisa Wolgast, Esq. Jason H. Watson, Esq. 3340 Peachtree Rd NE, Suite 2900 Atlanta, GA 30326-1092 Telephone: (470) 832-7535 Email: Lisa.Wolgast@BTLaw.com Jason.Watson@BTLaw.com BISHOP OF OAKLAND: Hires National Economic Research as Expert ------------------------------------------------------------- The Roman Catholic Bishop of Oakland seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ National Economic Research Associates, Inc. as expert. The firm's services include: -- Analysis of the average settlement amounts for survivors in proposed and confirmed plans in other Diocesan and religious order bankruptcy cases, including comparative analysis of the sources of such distributions; -- providing analysis of the Debtor's Plan in comparison to other Diocesan and religious order plans of reorganization; -- providing rebuttal of expert witnesses retained by the Official Committee of Unsecured Creditors; -- preparing expert reports and providing testimony regarding the foregoing as may be required by the Debtor; and -- providing other activities related to the foregoing as are requested by the Debtor and agreed to by NERA and Dr. Martin. The firm will be paid at these rates: Dr. Denise Neumann Martin, Consultant $1,200 per hour Ivelina Velikova, Director $825 per hour Varada Shrotri, Analyst $490 per hour Nicholas Campion, Analyst $455 per hour Theodore Kim, Associate Analyst $395 per hour Jacob Iwashyna, Research Associate $350 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Denise Neumann Martin National Economic Research Associates, Inc. 633 W 5th Street Suite 1200 Los Angeles, CA 90071 Tel: (305) 808-7880 About The Roman Catholic Bishop of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. BOUNDLESS BROADBAND: Hires Bernstein Shur Sawyer as Counsel ----------------------------------------------------------- Boundless Broadband, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Bernstein, Shur, Sawyer & Nelson, P.A. as counsel. The firm's services include: (a) advising the Debtors with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, and the Office of the United States Trustee, as they pertain to the Debtors; (b) advising the Debtors with regard to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors and bringing such claims as the Debtors, in their business judgment, decide to pursue; (c) representing the Debtors in any proceeding or hearing in the Bankruptcy Court involving the estates; (d) conducting examinations of witnesses, claimants, or adverse parties, and representing the Debtors in any adversary proceeding (except to the extent that any such adversary proceeding is in an area outside of BSSN's expertise); (e) reviewing and analyzing various claims of the Debtors' creditors and treatment of such claims and preparing, filing, or prosecuting any objections thereto or initiating appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) preparing and assisting the Debtors with the preparation of reports, applications, pleadings, motions, and orders, including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statements of financial affairs, cash collateral motion papers, and motions with respect to the Debtors' use of estate property (to the extent necessary); (g) assisting the Debtors in the analysis, formulation, negotiation, and preparation of all necessary documentation relating to the sale of the Debtors' assets, as appropriate; (h) assisting the Debtors in the negotiation, formulation, preparation, and confirmation of a plan; and (i) performing any other services that may be appropriate in BSSN's representation of the Debtors as general bankruptcy counsel in the cases. The firm will be paid at these rates: Robert J. Keach, Attorney (Shareholder) $850 per hour D. Sam Anderson, Attorney (Shareholder) $650 per hour Lindsay Zahradka Milne, Attorney (Shareholder) $595 per hour Adam R. Prescott, Attorney (Shareholder) $495 per hour Letson Douglass Boots, Attorney (Shareholder) $395 per hour Jennifer Novo, Attorney (Associate) $325 per hour Angela Stewart, Paraprofessional $320 per hour The firm received from the Debtors a retainer of $152,071. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Consistent with Part D(1) of the UST Guidelines, Lindsay Z. Milne state as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: BSSN did not agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and reasons for the difference? Answer: The billing rates and material terms of the prepetition engagement are the same as the rates and terms described in the Application. Question: Has your client approved your respective budget and staffing plan, and if so, for what budget period? Answer: Yes, the Budget attached to the DIP Order approved on May 30, 2025 reflects monthly estimates of fees and expenses to be incurred by professionals proposed to be retained in these Chapter 11 Cases. Ms. Milne 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: Lindsay Z. Milne, Esq. Bernstein, Shur, Sawyer & Nelson, P.A. 100 Middle Street P.O. Box 9729 Portland, ME 04104 Tel: (207) 228-7145 Fax: (207) 774-1127 About Boundless Broadband, LLC Boundless Broadband, LLC, and two of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-10948) on May 29, 2025. In its petition, the Debtor estimated assets and liabilities (on a consolidated basis) to be $0 to $50,000 million each. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Saul Ewing LLC and Bernstein, Shur, Sawyer & Nelson P.A. The Debtors restructuring advisor is Alastar Partners, LLC. The Debtors' claims and noticing agent is Omni Agent Solutions, Inc. BOUNDLESS BROADBAND: Hires Mr. Arrowsmith of Alastar as CRO ----------------------------------------------------------- Boundless Broadband, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Alastar Partners, to designate Richard Arrowsmith as chief restructuring officer. The firm will provide these services: -- negotiate on behalf of the Debtors, and at an arms-length basis, terms of agreements between the Debtors and third parties; -- oversee and develop a strategy to address operating and customer non-payment issues; -- review with management the status of current operations including prior monthly financial statements and any going forward cash flow budgets; -- review accounts receivable aging(s) to understand the components of accounts receivable; -- develop a strategy to collect on delinquent accounts receivables, including, pursing credit insurance claims with respect thereto. Discuss with management and individual(s) responsible for accounts receivable collections the status of the collection process; -- discuss and review process currently being utilized to collect accounts receivable; -- coordinate and monitor the accounts receivable collection process, including overseeing the remittance of collections. Coordinate with the Board and/or the Debtors' CEO on all communications with the lender group; -- review all purchasing and disbursements made going forward. Work with counsel and advisors on alternatives for addressing the repayment of outstanding debt; and -- work with the Board and/or management and counsel to develop a cost-efficient work plan to coordinate the work of the professionals retained by the Debtors on a going forward basis. The firm will be paid at these rates: Tom Tormey, Partner $850 per hour Getty Melaku $750 per hour Michael Mendelsohn $600 per hour J.P. Marcos $500 per hour Lynn Iacopelli $300 per hour The firm received from the Debtor a retainer of $150,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Arrowsmith 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: Richard Arrowsmith Alastar Partners 281 Pondfield Road Bronxville, NY 10708 About Boundless Broadband, LLC Boundless Broadband, LLC, and two of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-10948) on May 29, 2025. In its petition, the Debtor estimated assets and liabilities (on a consolidated basis) to be $0 to $50,000 million each. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Saul Ewing LLC and Bernstein, Shur, Sawyer & Nelson P.A. The Debtors restructuring advisor is Alastar Partners, LLC. The Debtors' claims and noticing agent is Omni Agent Solutions, Inc. BOUNDLESS BROADBAND: Hires Omni Agent as Administrative Agent ------------------------------------------------------------- Boundless Broadband, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Omni Agent Solutions, Inc. as administrative agent. The firm will provide these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting, and other administrative services described in the Engagement Agreement. Prior to petition date, the firm received a retainer of $10,000 from the Debtors. Paul Deutch, an executive vice president of Omni Agent Solutions, 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 H. Deutch Omni Agent Solutions Inc. 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367 Telephone: (818) 906-8300 Facsimile: (818) 783-2737 Email: lacontact@omniagnt.com About Omni Agent Solutions, Inc. Boundless Broadband, LLC, and two of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-10948) on May 29, 2025. In its petition, the Debtor estimated assets and liabilities (on a consolidated basis) to be $0 to $50,000 million each. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Saul Ewing LLC and Bernstein, Shur, Sawyer & Nelson P.A. The Debtors restructuring advisor is Alastar Partners, LLC. The Debtors' claims and noticing agent is Omni Agent Solutions, Inc. BOUNDLESS BROADBAND: Hires Saul Ewing LLP as Co-Counsel ------------------------------------------------------- Boundless Broadband, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Saul Ewing LLP as co-counsel. The firm's services include: (a) providing legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their businesses and management of their properties; (b) if appropriate, preparing and pursuing confirmation of a plan and approval of a disclosure statement; (c) preparing, on behalf of the Debtors, necessary applications, motions, answers, orders, reports, and other legal papers; (d) appearing in Court and protecting the interests of the Debtors before the Court; (e) providing assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtors that may be required under local, state or federal law or orders of this or any other court of competent jurisdiction; (f) providing counseling and representation with respect to assumption or rejection of executory contracts and leases, sales of assets and other bankruptcy-related matters arising from the chapter 11 cases; and (g) performing all other services assigned by the Debtors, in consultation with Bernstein, Shur, Sawyer, & Nelson P.A. ("BSSN"), to Saul Ewing as co-counsel to the Debtors, and to the extent the Firm determines that such services fall outside of the scope of services historically or generally performed by Saul Ewing as co-counsel in a bankruptcy proceeding, Saul Ewing will file a supplemental declaration pursuant to Bankruptcy Rule 2014. The firm will be paid at these rates: Partners $620 to $1,300 per hour Special Counsel $555 to $1,440 per hour Associates $325 to $620 per hour Paraprofessionals $240 to $500 per hour The firm received from the Debtors a retainer of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Consistent with Part D(1) of the UST Guidelines, Evan T. Miller state as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Saul Ewing did not agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and reasons for the difference? Answer: Saul Ewing was retained by the Debtors on or about May 26, 2025 and the billing rates and material terms of the prepetition engagement are the same as the rates and terms described in the Application. Question: Has your client approved your respective budget and staffing plan, and if so, for what budget period? Answer: Yes, the Budget attached to the interim DIP order approved on May 30, 2025 reflects monthly estimates of fees and expenses to be incurred by professionals proposed to be retained in these Chapter 11 Cases. Mr. Miller 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: Evan T. Miller, Esq. Monique B. DiSabatino, Esq. Paige N. Topper, Esq. Saul Ewing LLP 1201 N. Market Street, Suite 2300 Wilmington, DE 19801 Tel: (302) 421-6800 Email: evan.miller@saul.com monique.disabatino@saul.com paige.topper@saul.com About Boundless Broadband, LLC Boundless Broadband, LLC, and two of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-10948) on May 29, 2025. In its petition, the Debtor estimated assets and liabilities (on a consolidated basis) to be $0 to $50,000 million each. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Saul Ewing LLC and Bernstein, Shur, Sawyer & Nelson P.A. The Debtors restructuring advisor is Alastar Partners, LLC. The Debtors' claims and noticing agent is Omni Agent Solutions, Inc. BOUNDLESS BROADBAND: Hires Woodward Park as Investment Banker ------------------------------------------------------------- Boundless Broadband, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Woodward Park Partners, LLC as investment banker. The firm's services include: a. assisting the Debtors in analyzing their business, operations, properties, financial condition and prospects; b. assisting the Debtors in preparing materials describing the Debtors, based entirely on information supplied or approved by the Debtors, for distribution and presentation to parties that might be interested in a Transaction; c. working with the Debtors to develop and maintain a list of parties that might be interested in a Transaction, reviewing such list with the Debtors on an ongoing basis, and as directed by the Debtors, contacting and providing information regarding the Debtors and assistance to such parties; d. advising the Debtors as to strategy and tactics for negotiations related to a Transaction and, if requested by the Companies, participating in such negotiations; e. assisting and advising the Debtors with respect to the financial form and structure of a Transaction; and f. rendering such other investment banking services as may from time to time be agreed upon by Woodward and the Debtors. The firm will be paid as follows: a. The Debtors shall pay Woodward a Monthly Fee of $50,000 due on the 25th day of each month, commencing on June 25, 2025, in addition to other payments; b. In the event that the Debtors consummate a single Transaction during the term of the Engagement Letter or during the Residual Period, the Debtors agree to pay Woodward a non-refundable Single Transaction Fee at the closing of the Transaction, equal to the sum of the following percentages of Aggregate Consideration: i. 2.0% of Aggregate Consideration up to an including $100.0 million; plus ii. 3.0% of Aggregate Consideration greater than $100.0 million up to and including $230.0 million iii. 4.0% of Aggregate Consideration greater than $230.0 million. iv. In the event the Debtors consummate a single Transaction which results in any of the following becoming majority equity owners, the Single Transaction Fee will be reduced by 25%: existing management or shareholders of TTMI, ITG Communications, LLC, Gamut Capital Management, Truelink Capital, or Ara Partners. v. The Single Transaction Fee is subject to a minimum Transaction Fee of $1 million. c. In the event the Debtors consummate multiple Transactions during the term of the Engagement Letter or during the Residual Period, the Debtors agree to pay Woodward a non-refundable Multiple Transaction Fee at the closing of the Transaction, equal to the sum of $500,000 plus the following percentages of Adequate Consideration: i. 2.0% of Aggregate Consideration for all Transactions up to and including $100.0 million; and ii. 3.0% of Aggregate Consideration for all Transactions greater than $100.0 million up to and including $230.0 million. iii. 4.0% of Aggregate Consideration for all Transactions greater than $230.0 million. iv. In the event the Debtors consummate a Transaction which results in any of the following becoming majority equity owners of one part of the Debtors, the Aggregate Consideration related to that Transaction will be reduced by 25% in calculating the Multiple Transaction Fee: existing management or shareholders of TTMI, ITG Communications, LLC, Gamut Capital Management, Truelink Capital, or Ara Partners. v. The Multiple Transaction Fee is subject to a minimum Transaction Fee of $1,250,000. Mr. Bracy 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: Andrew Bracy Woodward Park Partners, LLC 74 West Long Lake Road Suite 205 Bloomfield Hills, MI 48304 Tel: (248) 717-0097 About Boundless Broadband, LLC Boundless Broadband, LLC, and two of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-10948) on May 29, 2025. In its petition, the Debtor estimated assets and liabilities (on a consolidated basis) to be $0 to $50,000 million each. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Saul Ewing LLC and Bernstein, Shur, Sawyer & Nelson P.A. The Debtors restructuring advisor is Alastar Partners, LLC. The Debtors' claims and noticing agent is Omni Agent Solutions, Inc. BOUNDLESS BROADBAND: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Boundless Broadband, LLC and its affiliates. The committee members are: 1. National Trench Safety. Inc. Attn: Wendy Knight 1260 North Sam Houston Parkway East, Suite 200 Houston, TX 77060 Phone: 281-881-7911 wknight@mainsailcs.com 2. The Barricade Co., LLC Attn: Justin Anderson 1023 George Ave, N Las Vegas, NV 89032 Phone: 702-685-7179 justin@barricadeco.com 3. JK Communication & Construction, Inc. Attn: John Mason 110 S. Priest Dr. Ste 101 Tempe, AZ 85281 Phone: 480-736-8400 Fax: 480-736-8410: jmason@klevcon.com 4. RoadSafe Traffic Systems, Inc. Attn: Ted Huziak 8750 W. Bryn Mawr Ave, Suite 400 Chicago, IL 60631 Phone: 630-923-8846 thuziak@roadsafetraffic.com 5. Sunbelt Rentals, Inc. Attn: Ronald P. Matley 1275 West Mound Street Columbus, OH 43223 Phone: 803-578-5074 rmatley@sunbeltrentals.com 6. LifeXpeedFi LZ LLC Attn: Zach Wittenberg 11644 W Puritan Drive Boise ID 83709 Phone: 208-986-0910 partnerships@lifexpeedfi.com 7. Core Trucking Attn: Clayton L. Hadorn 3153 E Warm Springs Rd, Ste 200 Las Vegas, NV 89120 Phone: 702-589-0292 chadorn@coretrucking.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Boundless Broadband Boundless Broadband, LLC, and two of its affiliates, Tilson Technology Management, Inc. and Tilson Middle Street Holding, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-10948) on May 29, 2025. In their petitions, Boundless Broadband reported up to $50,000 in assets and liabilities; Tilson Technology reported between $100 million and $500 million in assets and liabilities; and Tilson Middle reported $1 million and $10 million in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors tapped Saul Ewing, LLC and Bernstein, Shur, Sawyer & Nelson P.A. as legal counsel; Alastar Partners, LLC as restructuring advisor; and Omni Agent Solutions, Inc. as claims and noticing agent. BREWER MACHINE: Seeks to Tap Associated Auction as Auctioneer ------------------------------------------------------------- Brewer Machine & Parts, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Associated Auction & Liquidation Co. as auctioneer. The Debtor intends to liquidate a number of item of equipment and inventory that has limited value outside the sawmill and lumber industry. Associated Auction will assist the Debtor in selling certain estate property. The auctioneer will receive a commission equal to 10 percent on personal property. Associated is a "disinterested person" as defined by Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Charles Lipinski Associated Auction & Liquidation Co. 2680 TN-22, Yuma, TN 38390 Phone: (731) 986-4351 About Brewer Machine & Parts, LLC Brewer Machine & Parts LLC manufactures woodworking and material handling equipment used in industries such as sawmills, pallet production, and cooperage. Based in Central City, Kentucky, the Company serves domestic and international markets including the U.S., Australia, Uruguay, and Saudi Arabia. Established in 1967, it offers both new and refurbished machinery. Brewer Machine & Parts LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky.Case No. 25-40336) on May 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Robert C. Chaudoin, Esq. at HARLIN PARKER. BUFFALO HOUSE: Has Deal on Final Cash Collateral Access ------------------------------------------------------- Buffalo House Liquor and Wines, LLC asked the U.S. Bankruptcy Court for the Western District of New York for authority to use cash collateral and provide adequate protection, on a final basis. Several secured creditors including M&T Bank (as servicer for an SBA loan), EBF Holdings, LLC, Itria Ventures, LLC, and Shopify Capital have or claim security interests in the cash collateral. An initial motion to use cash collateral was filed on May 9 and interim use was granted following a hearing on May 19. The final hearing was originally set for June 2 but has been adjourned to June 30. After negotiations with M&T Bank, the first-in-time secured lender, the Debtor proposed entry of a stipulated final order authorizing the continued use of cash collateral. A hearing on the matter is set for June 30. A copy of the motion is available at https://urlcurt.com/u?l=UDhPSx from PacerMonitor.com. About Buffalo House Liquor Buffalo House Liquor and Wines, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code ((Bankr. W.D.N.Y. Case No. 25-10513) on May 5, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Carl L. Bucki oversees the case. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C. is the Debtor's legal counsel. M&T Bank, as secured creditor, may be reached through: Marjorie A. Bialy, Esq. One M&T Plaza, 8th Floor Buffalo, NY 14203 Telephone (716) 842-2301 Facsimile (716) 842-5376 mbialy@mtb.com CANVAS SARASOTA: Hires Gamberg & Abrams as Counsel -------------------------------------------------- Canvas Sarasota, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Gamberg & Abrams as general bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to their powers and duties as debtor and debtor-in-possession in the continued management and operation of his business and properties; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) advise the Debtor on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; (d) provide advice to the Debtor with respect to legal issues arising in or relating to the Debtor's ordinary course of business; (e) take all necessary action to protect and preserve the Debtor's estates; (f) prepare on behalf of the Debtor all motions, applications, answers, orders, reports and papers necessary to the administration of the estate; (g) negotiate and prepare on the Debtor's behalf a plan of reorganization, disclosure statement and all related agreements and/or documents, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (h) attend meetings with third parties and participate in negotiations with respect to the above matters; (i) appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor estate before such courts and the U.S. Trustee; and (j) 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 will be paid at these rates: Thomas L. Abrams $500 per hour Jared L. Gamberg $450 per hour The firm received from the Debtor a retainer of $16,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas L. Abrams, Esq., a partner at Law Firm of Gamberg & Abrams, 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: Thomas L. Abrams, Esq. Law Firm of Gamberg & Abrams 1213 S.E. Third Avenue, Second Floor, Fort Lauderdale, FL 33316 Tel: (954) 523-0900 Fax: (954) 915-9016 Email: tabrams@tabramslaw.com About Canvas Sarasota, LLC Canvas Sarasota LLC develops single-family homes in Sarasota, Florida. Its portfolio includes three properties in various stages of construction and completion, with a total appraised value of approximately $7.03 million. Canvas Sarasota LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16411) on June 5, 2025. In its petition, the Debtor reports total assets of $7,027,800 and total liabilities of $6,348,678. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtors are represented by Thomas L. Abrams, Esq. at THOMAS L ABRAMS PA. CHARGE ENTERPRISES: PTGi Seeks Damages Over Creditor’s Failed Ch. 7 --------------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that PTGi, a subsidiary of electric vehicle company Charge Enterprises, is seeking a minimum of $3.5 million in compensatory and punitive damages from a Delaware bankruptcy judge, arguing it was harmed by an involuntary Chapter 7 petition filed by a creditor who acted in bad faith. About Charge Enterprises Charge Enterprises, Inc. is an electrical, broadband, and electric vehicle charging infrastructure company that provides clients with end-to-end project management services, from advising, designing, engineering, acquiring, and installing equipment, to monitoring, servicing, and maintenance. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10349) on March 7, 2024, with $114,368,349 in assets and $48,718,180 in liabilities. Craig Harper-Denson, authorized officer, signed the petition. The Debtor tapped Ian J. Bambrick, Esq. at FAEGRE DRINKER BIDDLE & REATH LLP as bankruptcy counsel; BERKELEY RESEARCH GROUP, LLC as financial restructuring adviser; and SQUIRE PATTON BOGGS (US) LLP as special litigation counsel. CHARTER SCHOOL: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Charter School Capital, Inc. About Charter School Capital Inc. Charter School Capital Inc. is a provider of funding to charter schools across the U.S. Charter School Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025. In its petition, the Debtor reported between $10 billion and $50 billion in assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by James R. Risener, III, Esq., Ethan H. Sulik, Esq., Brett Michael Haywood, Esq., and Aaron H. Stulman, Esq., at Potter Anderson & Corroon, LLP. CHLOE'S NYC: Seeks to Hire Ronald D. Weiss P.C. as Attorney ----------------------------------------------------------- Chloe's NYC, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Ronald D. Weiss, P.C. as attorney. The firm will render these services: (a) providing legal advice with respect to the powers and duties of the Debtor-in-Possession in the continued management of its property; (b) representing the Debtor before the Bankruptcy Court and at all hearings on matters pertaining to his affairs, as Debtor-in-Possession, including contested matters that may arise during the Chapter 11 case; (c) advising and assisting Debtor in the preparation and negotiation of a Plan of Reorganization with his creditors; (d) preparing necessary or desirable applications, motions, answers, orders, reports, documents, and other legal papers; and (e) performing other legal services for the Debtor which may be desirable and necessary. The hourly rates of the firm's counsel and staff are $450 per hour for attorneys and $250 per hour for paralegals. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $30,000. Ronald D. Weiss, Esq., an attorney at The Law Office of Ronald D. Weiss, 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: Ronald D. Weiss, Esq. LAW OFFICE OF RONALD D. WEISS, P.C. 445 Broadhollow Road, Suite CL-10 Melville NY 11747 Tel: (631) 271-3737 Fax: (631) 271-3784 Email: weiss@ny-bankruptcy.com About Chloe's NYC LLC Chloe's NYC LLC is Brooklyn-based limited liability company. Chloe's NYC LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-4217) on May 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and$1 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by: Ronald D. Weiss Ronald D. Weiss, Esq. Tel: (631) 271-3737 Email: weiss@ny-bankruptcy.com CONN'S INC: Seeks to Hires Akerman as Special Tax Claims Counsel ---------------------------------------------------------------- Conn's, Inc., seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Dentons Akerman LLP as special tax claims counsel. The firm will provide these services: a. develop and implement the Debtors' strategy for identifying credits and obtaining refunds in various states, including Texas, and to defend Debtors' against state and local tax assessments in various states, including Texas, that have asserted tax liabilities against Debtors; b. prepare and file tax refund claims; c. together with Sidley Austin LLP ("Sidley"), the Debtors' lead restructuring counsel, exercise the Debtors' right to appeal to the Bankruptcy Court or any other court of competent jurisdiction adverse rulings by Texas and other state administrative or tribunal proceedings concerning the Debtors' state and local tax liabilities; d. together with Sidley, draft and file all pleadings, briefs and other court filings with respect to any such appeals; e. together with Sidley, negotiate and document potential settlements with the Texas Comptroller's Office and other state taxing authorities concerning such appeals; and f. otherwise advise and represent the Debtors and their estates in all aspects of their state and local tax claims, refunds and liabilities. The firm will be paid at these rates: Partners $800 to $1,275 hour Paraprofessionals $365 hour Akerman provides the following statements in response to the request for additional information set forth in Part D.1. of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: Akerman agreed to discount its normal and customary hourly rates by 5% to 15% for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post petition, explain the difference and the reasons for the difference. Response: Akerman provided services to Debtors for years prior to the Petition Date, but did not provide any services to the Debtors within the 12 months before the Petition Date. From and after the Petition Date, Akerman charged the Debtors discounted rates of 5% to 15% from its normal and customary hourly rates. Akerman's rates are adjusted annually as of November 1 of each year, Akerman's normal and customary hourly rates increased on November 1, 2024, and Akerman is varying its rates starting June 1, 2025 to match the November 1, 2024 rates, but will apply the same dollar amount of hourly discount to these rates as of the date of this application is granted. The discounts provided are consistent the prepetition discounts previously provided to Debtors. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Akerman will work with the Debtors to approve a budget and staffing plan for Akerman's engagement for the post petition period as appropriate. The budget may be amended as necessary to reflect changed or unanticipated circumstances. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Peter O. Larsen, Esq., a partner at Akerman 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: Peter O. Larsen, Esq. Akerman LLP 50 North Laura Street Suite 3100 Jacksonville, FL 32202 Tel: (904) 598-8602 Fax: (904) 798-3730 Email: peter.larsen@akerman.com About Conn's, Inc. Conn's, Inc., is a retailer of home goods and furniture in The Woodlands, Texas. Conn's and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-33357) on July 23, 2024. In its petition, Conn's reported $1 billion to $10 billion in both assets and liabilities. Judge Jeffrey P. Norman oversees the cases. The Debtors tapped Duston K. McFaul, Esq., at Sidley Austin, LLP as legal counsel; Houlihan Lokey, Inc. as investment banker; and BRG Capital Advisors, LLC, as interim management services provider. Epiq Corporate Restructuring, LLC, is the Debtors' notice and claims agent. CRESCENT CITY: Seeks to Hire De Leo Law Firm LLC as Attorney ------------------------------------------------------------ Crescent City Meat Co Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire The De Leo Law Firm LLC as counsel. The De Leo Law Firm LLC will serve as the Debtor's legal counsel in its Chapter 11 bankruptcy proceedings. The firm will be paid at these rates: Robin De Leo, Esq. $390 per hour Paralegals $125 per hour The Debtor paid the firm a retainer in the amount of $20,000. As disclosed in the court filings, De Leo Law does not represent or hold any interest adverse to the Debtor and is a disinterested party, as defined by the Bankruptcy Code. The firm can be reached through: Robin R. De Leo, Esq. The De Leo Law Firm, LLC 800 Ramon St. Mandeville, LA 70448 Tel: (985) 727-1664 Fax: (985) 727-4388 Email: lisa@northshoreattorney.com About Crescent City Meat Co Inc. Crescent City Meat Co Inc. is a meat processing company based in Metairie, Louisiana, specializing in Cajun-style sausages and boudin. The Company offers products made from pork, crawfish, shrimp, and alligator, and operates under USDA inspection. Founded in 1985, it serves retail and wholesale customers in the region. Crescent City Meat Co Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11178) on June 10, 2025. In its petition, the Debtor reports total assets of $1,993,006 and total liabilities of $1,479,338. The Debtors are represented by Robin R. De Leo, Esq. at THE DE LEO LAW FIRM, LLC. CROSSWIND RANCH: Hires DeMarco·Mitchell PLLC as Counsel -------------------------------------------------------- Crosswind Ranch Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ DeMarco·Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; d. perform all other necessary legal services in connection with these proceedings; The firm will be paid at these rates: Robert T. DeMarco, Attorney $450 per hour Michael S. Mitchell, Attorney $300 per hour Barbara Drake, Paralegal $125 per hour The firm received from the Debtor a retainer in the amount of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert DeMarco, Esq., a partner at Demarco·Mitchell 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: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Crosswind Ranch Enterprises, LLC Crosswinds Ranch Enterprises LLC owns an unimproved real property located in Bonham, Texas, valued at approximately $1.1 million. Crosswinds Ranch Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-41583) on May 5, 2025. In its petition, the Debtor reports total assets of $1,320,000 and total liabilities of $825,500. The Debtors are represented by Robert T. DeMarco, Esq. at DEMARCO MITCHELL, PLLC. D LASSEN LLC: Hires Law Office of Michael Jay Berger as Counsel --------------------------------------------------------------- D Lassen LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Law Office of Michael Jay Berger as counsel. The firm will render these services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligations in a bankruptcy petition; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; (e) prepare status reports as required by the court; and (f) respond to any motions filed in the Debtor's bankruptcy proceeding. (g) respond to creditor inquiries; (h) review proofs of claim filed in the Debtor's bankruptcy; (i) object to inappropriate claims; (j) prepare Notices of Automatic Stay in all state court proceedings in which the Debtor is sued during the pendency of its bankruptcy proceedings; and (k) if appropriate, prepare a Chapter 11 Plan of Reorganization for the Debtor. The firm will be paid at these rates: Michael Berger, Partner $695 per hour Sofya Davtyan, Partner $645 per hour Angela Gill, Sr. Associate Attorney $595 per hour Robert Poteete, Associate Attorney $475 per hour Senior Paralegals/Law Clerks $275 per hour Paralegals $200 per hour Law Offices of Michael Jay Berger received a retainer of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Berger 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 Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About D Lassen LLC D Lassen, LLC operates the Super 8 Livermore motel and owns the property at 4673 Lassen Road, Livermore, California. The property is estimated to be worth $5.5 million. D Lassen sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-40887) on May 21, 2025. In its petition, the Debtor reported total assets of $5,630,234 and total liabilities of $112,331,714. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. DAS HUND: Seeks to Hire Hutto & Associates as Accountant -------------------------------------------------------- Das Hund Haus Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Hutto & Associates, PL as accountant. The firm will provide these services: (a) assistance in defending/objecting to claims of the Internal Revenue Service, if any; and the Florida Department of Revenue, if any; and preparation of the Debtor's outstanding state and amended federal tax returns, if any; (b) assistance in the Debtor's confirmation process, including but not limited to testifying at the hearing on confirmation of the Debtor's Plan of Reorganization; and any other hearings relative to the approval of the Debtor's Disclosure Statement and Plan of Reorganization; including defense of any Application s to dismiss the Debtor's case; (c) analysis of the Debtor's documents, reports, projections and other materials relative to the Debtor's financial activities and activities of other entities in which the Debtor may have an interest; (d) assistance in the implementation of bookkeeping safeguards and related procedures in order to ensure accuracy and efficiency; (e) assistance in preparation and analysis of operating reports, the Debtor's Disclosure Statement (and any amendments thereto) and the Debtor's Chapter 11 Plan of Reorganization (and any amendments thereto); and (f) assistance to the Debtor's restructuring officer. The firm's hourly rate in this case is $250, and its assistants' hourly rates are $105 to $175. Kenneth C. Hutton, CPA of Hutto & Associates assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Kenneth C. Hutton, CPA Hutto & Associates, PL 842 S. Missouri Ave. Lakeland, FL 33815 Tel: (863) 607-4222 About Das Hund Haus Inc. Das Hund Haus Inc. is a dog-related business based in Lakeland, Florida. Das Hund Haus Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03437) on May 25, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtors are represented by Matthew J. Kovschak, Esq. at Debra J. Sutton, P.A. DAYTON HOTELS 2: Seeks Chapter 11 Bankruptcy in Ohio ---------------------------------------------------- On June 20, 2025, Dayton Hotels 2 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Ohio. 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 Dayton Hotels 2 LLC Dayton Hotels 2 LLC, d/b/a Days Inn by Wyndham Dayton Airport North and f/d/b/a Best Western Plus Dayton Northwest, 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. Dayton Hotels 2 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-52719) on June 20, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtors are represented by Denis E. Blasius, Esq. at THOMSEN LAW GROUP, LLC. DOG ROBBER: Taps Financial Relief Law as Bankruptcy Counsel ----------------------------------------------------------- Dog Robber Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Financial Relief Law Center, APC as general bankruptcy counsel. The firm will render these services: 1. represent Debtor as a Debtor in Possession; 2. advise Debtor regarding the requirements of the Bankruptcy Code, the Bankruptcy Rules, the Local Bankruptcy Rules, and the requirements of the Office of the United States Trustee pertaining to the administration of the Estate and the use thereof; 3. prepare, among other things, motions, applications, answers, orders, memoranda, reports, and papers in connection with the administration of the Estate; 4. analyze and prepare necessary objections to proofs of claim filed against the Estate; 5. represent the Debtor in any proceeding or hearing in the Court; 6. negotiate, formulate, and draft any plan(s) of reorganization and disclosure statement(s); 7. advise and represent Debtor in connection with their investigation of potential causes of action against persons or entities, including, but not limited to, avoidance actions, and the litigation thereof, if warranted; and 8. render such other advice and services as Debtor may require in connection with the Case; and 9. assist Debtor with monthly operating reports and compliance with guidelines of the Office of the United States Trustee. The firm received a retainer in the amount of $65,000. The firm's current hourly rates are: Andy C. Warshaw, Partner $460 Amanda Billyard, Partner $450 Rich Sturdevant, Associate $385 Paralegal $250 Victor Ugarte, Legal Assistant $195 Andy C. Warshaw, Esq., a partner at Financial Relief Law Center, attests that he and his firm are "disinterested persons" within the meaning of Section 101 (14) of the Bankruptcy Code. The firm can be reached at: Andy C. Warshaw, Esq. Richard Sturdevant, Esq. Financial Relief Law Center, APC 1200 Main Street, Suite G Irvine, CA 92614 Telephone: (714) 442-3319 Facsimile: (714) 361-5380 Email: rich@bwlawcenter.com Email: awarshaw@bwlawcenter.com About Dog Robber Inc. Dog Robber Inc. is a Whittier, California-based restaurant group founded in 2016 that operates several brunch and cafe concepts -- including Toast Kitchen & Bar, Toast Whittier, Toast Coffee Tea and Juice, The Dylan, and The Benediction -- and was recognized on the Inc. 5000 list in both 2022 and 2023. Dog Robber Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14827) on June 6, 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 Debtors are represented by Richard Sturdevant, Esq. at FINANCIAL RELIEF LAW CENTER, APC. DOWN N DIRTY: Section 341(a) Meeting of Creditors on July 22 ------------------------------------------------------------ On June 19, 2025, Down N Dirty 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. A meeting of creditors under Section 341(a) to be held on July 22, 2025 at 12:00 PM as a Telephonic Hearing. About Down N Dirty LLC 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. Down N Dirty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05600) on June 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Christopher C. Simpson, Esq. at OSBORN MALEDON, P.A. EMERGENCY HOSPITAL: Trustee Hires Hughes Watters as Counsel ----------------------------------------------------------- Allison D. Byman, the Chapter 11 Trustee for Emergency Hospital Systems, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Hughes Watters Askanase, LLP as counsel. The firm will provide these services: a. represent the Trustee in investigating and analyzing the Debtor's acts, conduct, assets, liabilities and financial condition, the operation of the Debtor's business and the desirability of the continuance of such business and to address as promptly as possible the immediate and long term management demands of the Debtor's business, and to propose and confirm a Chapter 11 Plan, or in the alternative to demonstrate to the Court and creditors why confirmation of such a Plan is not feasible or appropriate, in support, if appropriate, of conversion to Chapter 7, together with any other matters relevant to the case and/or to the formulation of a Plan; b. assist the Trustee in obtaining necessary information regarding the status of the Debtor's interests in estate assets at the time of the Trustee's appointment; c. advise and consult with the Trustee about her powers and duties in the continued operation of the business and/or the liquidation of the Debtor's assets; d. analyze, institute and prosecute actions for the Trustee regarding property of the estate; e. assist the Trustee where necessary to negotiate and consummate non-routine sales of the assets of the estate, wherever they may be found, including sales free and clear of liens, claims and encumbrances, and to institute any necessary proceedings in regard thereto; f. institute non-routine objections to proofs of claim asserted against the estate, and to prosecute all contested objections to proofs of claim asserted against the estate; g. co-ordinate activities with the United States Trustee as appropriate in connection with issues of the integrity of the bankruptcy courts and procedures; h. aid in the representation of Applicant in any litigation against Applicant in Applicant's official capacity; i. confer and cooperate as necessary with the Trustee's accountants regarding tax issues and other financial matters of concern to the Trustee's accountants; j. institute and prosecute proceedings for extraordinary relief as and when necessary; k. analyze, institute and prosecute actions regarding insider transactions and third party dealings; l. prepare for and to institute and prosecute examinations under Bankruptcy Rule 2004; m. assist in resolution of title problems, ownership and/or turnover associated with the estate's property; n. file pleadings with the Bankruptcy Court and any other court of competent jurisdiction to represent the estate's interest in regard to any adversaries or contested matters as well as any non-bankruptcy litigation identified to the firm by the Trustee; o. collect any judgments that may be entered in favor of the estate; and p. perform other legal services that the Trustee may request in connection with this Chapter 11 case, including without limitation investigation and prosecution of Chapter 5 claims. The firm will be paid at the rate of $595 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven Shurn, Esq., a partner at Hughes Watters Askanase, 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: Steven Shurn, Esq. Hughes Watters & Askanase LLP 1201 Louisiana, 28th Floor Houston, TX 77002 Telephone: (713) 590-4200 Facsimile: (713) 590-4230 About Emergency Hospital Systems, LLC Emergency Hospital Systems LLC, doing business as Cleveland Emergency Hospital, is a system of regional hospitals serving the communities of The Woodlands, Porter, and Deerbrook, Cleveland. These facilities support each other with respect to the services they provide and are united under a common objective to provide quality healthcare professionally and compassionately. Emergency Hospital Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on October 3, 2024, with $10 million to $50 million in both assets and liabilities. Rafael Delaflor, operating officer, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by: Kenna M Seiler, Esq. Attorney At Law Tel: (281) 419-7770 Email: kseiler@srg-law.com - and - Megan Bibb Rapp, Esq. Kean Miller LLP Tel: (832) 494-1711 Email: megan.rapp@keanmiller.com ESCO OIL: Hires Pendergraft & Simon as Legal Counsel ---------------------------------------------------- ESCO Oil Operating Company LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Pendergraft & Simon, LLP as bankruptcy counsel. The firm's services include: (a) analyze the financial situation, and render advice and assist the Debtor in determining whether to file petitions under Title 11, United States Code; (b) advise the Debtor with respect to its powers and duties; (c) conduct appropriate examinations of witnesses, claimants and other persons; (d) prepare and file all appropriate legal papers; and consult with and advise the Debtor in connection with the operation of or the termination of the operation of its business; (e) represent the Debtor at the meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (f) 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; (g) prepare, file, negotiate and prosecute a disclosure statement and plan of reorganization; (h) advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning its rights and remedies with regard to the estate's assets and the claims of secured, priority and unsecured creditors; (i) investigate pre-petition transactions and prosecution, if appropriate, preference and other avoidance actions arising under its avoidance powers or any other causes of action held by the estates; (j) defend, if necessary, any motions for relief from the automatic stay, contested matters and/or adversary proceedings, and analyze and prosecute any objections to claims; (k) appear on behalf of the Debtor before this court; (l) advise and assist the Debtor with real estate and business organizations issues related to this case; and (m) assist the Debtor in any matters relating to or arising out of the above-styled and numbered case. The firm will be paid at these rates: Leonard Simon, Attorney $600 per hour Robert L. Pendegraft, Attorney $600 per hour Paul Simon, Attorney $600 per hour William Haddock, Attorney $500 per hour Senior Paralegal/Senior Law Clerk $250 per hour Junior Paralegal/Senior Law Clerk $150 per hour In addition, the firm will seek reimbursement for expenses incurred. On April 29, 2025, the Debtor paid the firm a retainer of $10,000. Mr. Simon 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: Leonard H. Simon, Esq. Pendergraft & Simon, LLP 2777 Allen Parkway, Suite 800 Houston, TX 77019 Tel: (713) 528-8555 Fax: (713) 868-1267 About ESCO Oil Operating Company LLC ESCO Oil Operating Company, LLC is a Texas-based oil and gas operator engaged in managing producing wells primarily in Maverick County. It is headquartered in Houston and holds mineral interests across multiple counties in the state. ESCO Oil Operating Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32573) on May 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Leonard Simon, Esq., at Pendergraft & Simon, LLP. EXELA TECHNOLOGIES: Gets Court Ok for $1.25B Ch. 11 Plan Debt-Swap ------------------------------------------------------------------ Rick Archer of Law360 reports that on Monday, June 23, 2025, a Texas bankruptcy judge approved a $1.25 billion Chapter 11 restructuring plan for certain units of business automation firm Exela Technologies, noting that the plan had the backing of creditors and that the releases of creditor claims were made voluntarily. 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. EXTENSIONS PLUS: Case Summary & 10 Unsecured Creditors ------------------------------------------------------ Debtor: Extensions Plus, Inc., a California Corporation 5428 Reseda Blvd. Tarzana, CA 91356 Business Description: Extensions Plus designs and supplies high- quality women's hairpieces and wigs, including custom and ready-made styles made from real Indian human hair. The Company serves clients globally and domestically, including those experiencing hair loss and celebrities seeking premium hair extensions. Founded in 1988, Extensions Plus operates out of its headquarters in Tarzana, California. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11102 Judge: Hon. Victoria S Kaufman Debtor's Counsel: Peter T. Steinberg, Esq. STEINBERG, NUTTER & BRENT, LAW CORPORATION 23801 Calabasas Road Suite 2031 Calabasas, CA 91302 Tel: (818) 876-8535 Email: mr.aloha@sbcglobal.net Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Helene Stahl as president. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/N3DKG5I/Extensions_Plus_Inc__cacbke-25-11102__0001.0.pdf?mcid=tGE4TAMA F21 OPCO: Receives Court Okay to Liquidate ------------------------------------------ Jonathan Randles of Bloomberg News reports that the F21 Opco LLC, the former operator of Forever 21's U.S. stores has secured court approval for a repayment plan aimed at partially compensating vendors and other creditors expected to take substantial losses in the retailer's bankruptcy. As part of the plan, a settlement was reached with lenders and former parent company Sparc Group, which agreed to fully waive a $323 million claim that would have significantly reduced recoveries for unsecured creditors. Under the agreement, those creditors will receive 70% of any net proceeds generated by F21 OpCo through liquidation, the report states. About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Debtor's proposed advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel, BRG as financial advisor, RCS Real Estate Advisors as real estate advisor, SSG Capital Advisors, LLC as investment banker, and Reevemark as communications advisor. About Forever 21 Inc. Founded in 1984 by South Korean husband and wife team Do Won Chang and Jin Sook Chang and headquartered in Los Angeles, Calif., Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. Forever 21 delivers a curated assortment of new merchandise brought in daily. Forever 21, Inc. and seven of its U.S. subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept. 29, 2019. According to the petition, Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion against assets of the same range. As of the bankruptcy filing, the Debtors operated 534 stores under the Forever 21 brand in the U.S. and 15 stores under beauty and wellness brand, Riley Rose. The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez & Marsal as restructuring advisor; and Lazard as investment banker; and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel. Prime Clerk is the claims agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Oct. 11, 2019. The committee is represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing Arnstein & Lehr LLP. Counsel to the administrative agent under the Debtors' prepetition revolving credit facility and the Debtors' DIP ABL financing facility are Morgan, Lewis & Bockius LLP and Richards, Layton & Finger, PA. Counsel to the administrative agent under the Debtors' DIP term loan facility is Schulte Roth & Zabel LLP. * * * In February 2020, the Debtor was purchased by a consortium that includes Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $81.1 million. As part of the deal, ABG and Simon will each own 37.5% of the fast-fashion retailer, while Brookfield controls the remaining 25% of Forever 21's operating and intellectual property businesses. FINGER LAKE: Trustee Taps Zdarsky Sawicki & Agostinelli as Counsel ------------------------------------------------------------------ Mark J. Schlant, Chapter 11 Trustee of Finger Lake LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Zdarsky Sawicki & Agostinelli LLP, as counsel. The firm will render these services: a) give legal advice to the Chapter 11 Trustee with respect to his powers and duties as debtor in possession in the continued management of its business and assets; b) prepare on behalf of the Chapter 11 Trustee all applications, responses orders, reports, and other legal papers necessary in the bankruptcy proceedings; c) represent the Chapter 11 Trustee with respect to applications for the use of cash collateral; d) represent the Chapter 11 Trustee with respect to arrangements for the use or sale of property of the estates, should the opportunity to do so arise; e) represent the Chapter 11 Trustee with respect to the analysis and pursuit of recovery of avoidable transfers pursuant to Chapter 5 of the Bankruptcy Code; f) represent the Chapter 11 Trustee with respect to the preparation and prosecution of approval of a disclosure statement and plan of reorganization; g) represent the Chapter 11 Trustee with respect to the sale of assets of the estate should the same be necessary; and h) perform all other legal services for the Chapter 11 Trustee which may be necessary in the bankruptcy proceeding. Zdarsky Sawicki will be paid at these hourly rates: Attorneys $200 to $450 Zdarsky Sawicki will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark J. Schlant, at partner of Zdarsky Sawicki, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Zdarsky Sawicki can be reached at: Mark J. Schlant, Esq. ZDARSKY SAWICKI & AGOSTINELLI LLP 1600 Main Place Tower, 350 Main Street Buffalo, NY 14202 Tel: (716) 855-3200 About Finger Lake LLC Finger Lake LLC is an accommodation and food services business operating in Horseheads, New York. Finger Lake LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-20007) on January 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50,000 and $100,000 each. Kevin Tung, Esq. of Kevin Kerveng Tung, P.C. represents the Debtor as counsel. FLAMBOYAN ON THE BAY: Seeks Chapter 11 Bankruptcy in Virgin Islands ------------------------------------------------------------------- On June 20, 2025, Flamboyan on the Bay Resort and Villas LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Virgin Islands. According to court filing, the Debtor reports $3,762,442 in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Flamboyan on the Bay Resort and Villas LLC 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. Flamboyan on the Bay Resort and Villas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.V.I. Case No. 25-30005) on June 20, 2025. In its petition, the Debtor reports total assets of $183,455 and total liabilities of $3,762,442. The Debtors are represented by Kevin F. D'Amour, Esq. at BARNES, D'AMOUR & VOGEL FLORIDA STATE ROOFING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, issued an order granting Florida State Roofing and Construction, Inc. authority to use cash collateral. The interim order signed by Judge Roberta Colton authorized the company to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditor, Madison Funding, LLC and the U.S. Small Business Administration. As protection for the Debtor's use of their cash collateral, secured creditors will be granted post-petition liens on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep its property insured. Meanwhile, SBA will receive regular, contractual monthly payments in accordance with its loan agreement with the Debtors as further protection. About Florida State Roofing and Construction Florida State Roofing and Construction, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03425) on May 23, 2025, listing up to $1 million in assets and up to $500,000 in liabilities. Charles Floyd, president of Florida State Roofing and Construction, signed the petition. Judge Roberta A. Colton oversees the case. Buddy D. Ford, Esq, at Ford & Semach, P.A., represents the Debtor as legal counsel. FLORIDA STATE: Hires Ford & Semach P.A. as Counsel -------------------------------------------------- Florida State Roofing and Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ford & Semach, P.A. as counsel. The firm will render these services: a. analyze the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor at the Section 341 Creditors' meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property, if appropriate; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on the behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary herein, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. The firm will be paid at these rates: Buddy D. Ford, Attorney $550 per hour Jonathan Semach, Attorney $500 per hour Heather Reel, Attorney $450 per hour Paralegal $150 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $22,000. Buddy D. Ford, Esq., an attorney at Ford & Semach, disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. Ford & Semach, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Florida State Roofing and Construction, Inc. Florida State Roofing and Construction, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03425) on May 23, 2025, listing up to $1 million in assets and up to $500,000 in liabilities. Charles Floyd, president of Florida State Roofing and Construction, signed the petition. Judge Roberta A. Colton oversees the case. Buddy D. Ford, Esq, at Ford & Semach, P.A., represents the Debtor as legal counsel. FOREST MEADOWS: Hires Rountree Leitman Klein as Attorney -------------------------------------------------------- Forest Meadows Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as attorney. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property b. preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary herein. The firm will be paid at these rates: William A. Rountree $595 per hour Will B. Geer $595 per hour Michael Bargar $535 per hour Hal Leitman $425 per hour William Matthews $425 per hour David S. Klein $495 per hour Elizabeth Childers $395 per hour Ceci Christy $425 per hour Caitlyn Powers $375 per hour Shawn Eisenberg $300 per hour The firm received a retainer in the amount of $85,0000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Rountree 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: William A. Rountree, Esq. Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 Email: wrountree@rlkglaw.com About Forest Meadows Holdings, LLC Forest Meadows Holdings, LLC is a residential real estate company operating in the Atlanta, Georgia area. Forest Meadows Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54944) on May 5, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Lisa Ritchey Craig handles the case. The Debtor is represented by William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC. FTX TRADING: Trust Disputes Three Arrows' $1.53B Bankruptcy Claim ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that a trust managing asset recovery for bankrupt FTX Trading Ltd. has challenged a $1.53 billion claim from failed crypto hedge fund Three Arrows Capital Ltd. (3AC), calling the claim speculative and lacking merit. In a June 20, 2025 filing with the U.S. Bankruptcy Court for the District of Delaware, the trust asserted that 3AC's liquidators presented insufficient legal and factual support, describing their arguments as "masquerading as a proof of claim." The trust asked the court to reject the filing in its entirety. Judge John T. Dorsey had previously allowed 3AC's amended claim in March 2025, overruling objections regarding its timeliness. The updated claim, submitted in November 2024, includes preference claims under British Virgin Islands law, along with allegations of turnover, conversion, unjust enrichment, and breach of contract, Bloomberg Law reports. 3AC argues it is entitled to full repayment, citing a reported $1.59 billion positive balance in its FTX accounts as of June 12, 2022. But the FTX trust disputes this, asserting that the decline in value was due entirely to market conditions and 3AC's own withdrawals -- not any wrongdoing by FTX. The hedge fund originally filed a claim linked to a $120 million credit line. The trust stated that as of June 12, 2022, 3AC's actual account holdings totaled $284 million, which it said was later overstated by more than $1.2 billion. According to the objection, 3AC's breakdown of separate account balances showed a negative U.S. dollar balance alongside a positive digital asset balance. The trust emphasized that no funds were removed from the accounts except by 3AC itself, and that the loss was clearly attributable to the fund’s own actions. "There is no ambiguity about the decline in value -- 3AC was solely responsible," the trust stated. Representatives for 3AC have not yet commented on the objection. In October 2024, FTX received court approval to begin repaying customers whose crypto assets were frozen during its 2022 collapse, the report states. The FTX trust is represented by Sullivan & Cromwell LLP and Landis Rath & Cobb LLP. Latham & Watkins LLP and Pashman Stein Walder Hayden PC represent the 3AC liquidators. Case: FTX Trading Ltd., Bankr. D. Del., No. 22-11098, objection filed June 20, 2025 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: Taps Nicholas Rubin of Force Ten Partners as CRO --------------------------------------------------------------- Fu Bang Group Corp USA seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Force Ten Partners, LLC and designate Nicholas Rubin as chief restructuring officer and restructuring advisor personnel. The firm's services include: (a) managing the restructuring affairs of the Debtor, supervising the Debtor's professionals, and providing periodic reports to the Debtor's senior management and board of directors; (b) assisting legal counsel and the Debtor in executing the Debtor's restructuring efforts; (c) assisting in connection with motions, responses, or other court activity as directed by legal counsel; (d) evaluating and developing restructuring plans and other strategic alternatives for maximizing the value of the Debtor and its assets and recommending to the Board various plans and strategic alternatives from time to time, and upon receipt of the Board's approval of a proposed course of action, using commercially reasonable efforts to attempt to implement such course of action, subject to, as applicable, approval of any court of competent jurisdiction; (e) assisting in negotiations with the Debtor's creditors and the Debtor's efforts to manage accounts payable and accounts receivable; and (f) preparing declarations, reports, depositions, and testimony. Additionally, the CRO has and/or expects to: (g) participate in meetings and provide support to the Debtor and its professionals in responding to information requests, communicating with creditors, any official committees of unsecured creditors, the Office of the United States Trustee for the Central District of California, other parties in interest, and professionals hired by the same; (h) advise the Board in the development, negotiation, and implementation of restructuring initiatives and evaluation of strategic alternatives; (i) prepare information and analysis necessary for the confirmation of a plan of reorganization, including information contained in the disclosure statement such as a liquidation analysis, if applicable; (j) assist in implementing a chapter 11 plan of reorganization, if applicable; (k) render testimony, as requested, about the matters regarding which Force Ten and its personnel are providing services; and (l) provide such other restructuring or advisory services as are consistent with the role of the CRO and/or the above-described services, requested by the Debtor or counsel to the Debtor, that are not duplicative of services provided by other professionals, and as agreed by Force Ten. The firm will be paid at these rates: CRO $950 per hour Partners $850 to $990 per hour Managing Directors $495 to $695 per hour Directors $425 to $595 per hour Analysts $255 to $400 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nicholas Rubin, a partner at Force Ten Partners, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nicholas Rubin Force Ten Partners, LLC 5271 California Ave., Suite 270 Irvine, CA 92617 Tel: (949) 357-2360 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 Debtors are represented by Derrick Talerico, Esq. at WEINTRAUB, ZOLKIN TALERICO & SELTH LLP. GOLD PACKAGE: Hires Demarco Mitchell PLLC as Counsel ---------------------------------------------------- Gold Package, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Demarco Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco $400 per hour Michael S. Mitchell $300 per hour Barbara Drake, Paralegal $125 per hour The firm was paid a retainer in the amount of $7,500. , The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert T. DeMarco, Esq., a partner at Demarco Mitchell, 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: Robert T. DeMarco, Esq. Demarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com About Gold Package, LLC Gold Package LLC, operating as "The Lounge Here," is a restaurant or lounge establishment located in Dallas, Texas. Gold Package LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. N.D. Tex. Case No. 25-41877) on May 27, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtors are represented by Robert Thomas DeMarco, Esq. GRESHAM WORLDWIDE: Amends Unsecured Claims Pay Details ------------------------------------------------------ Gresham Worldwide, Inc., submitted a Disclosure Statement describing First Amended Plan of Reorganization dated June 10, 2025. The Plan proposes the reorganization of Debtor and distributions to creditors in accordance with the priorities set forth in the Bankruptcy Code and as agreed under the Plan. In a nutshell, the Plan contemplates repayment of all Allowed Claims in full over the Plan Period, and after the resolution of any claims objections or other litigation disputes with Debtor's senior secured creditor, Arena Investors, LP on behalf of itself and pari passu senior secured creditor Walleye Opportunities Master Fund, Ltd. Since the Filing Date, Debtor has actively worked to effectuate management changes, streamline its businesses, shed unprofitable divisions and Subsidiaries, and improve its cash flow, including cash flow controls between and among its Subsidiaries. Debtor has worked to secure the Exit Financing from Ault and negotiate the terms of the Plan with Ault, Arena, and the Committee, among others. During the Case, the Bankruptcy Court granted Debtor authority to borrow funds on an unsecured basis from Ault Lending, LLC ("Ault Lending"). The Ault Lending DIP Loan provides for an unsecured credit facility of up to an aggregate principal amount of $1,850,000 ("DIP Loan"). As of June 1, 2025, Ault Lending had advanced approximately $1,385,000 to Debtor under the DIP Loan. Prior to confirmation of the Plan, Debtor estimates that it will require additional advances under the DIP Loan. The DIP Loan has since been acknowledged to be subordinated to Arena and Walleye under the terms of the Subordination Agreement, and the Plan has been structured to honor the Subordination Agreement for the benefit of all Claim holders by deferring repayment of the DIP Loan until after all Allowed Claims have been paid in full. Recently, Debtor and Arena have reached an agreement to compromise and settle their disputes in the Arena Litigation pursuant to a Settlement Agreement approved by the Bankruptcy Court on or about June 17, 2025, a copy of which is attached as Exhibit B and incorporated herein by this reference (the "Arena Compromise"). The removed Arena Litigation remains pending and stayed, but Debtor anticipates the Arena Litigation will be dismissed as contemplated by the Arena Compromise. The Plan proposes full payment to all creditors other than Ault over a three-year Plan Period. The Plan is to be funded by the Exit Financing pursuant to the terms of the loan documents attached hereto as Exhibit D and the revenues Debtor expects will be generated by the Reorganized Debtor and its Subsidiaries. Subject to Debtor funding the initial Effective Date Payments proposed in the Plan, all assets of Debtor will vest in the Reorganized Debtor as of the Effective Date free and clear of all Claims and Administrative Expense Claims. In lieu of repayment of the Ault Claims the Plan proposes to cancel all existing equity in Debtor including, without limitation, all preferred and non-preferred stock, warrants, options and the like that existed as of the Filing Date and issue new preferred and common stock to Ault. Following the Effective Date, the Reorganized Debtor will be liable for repayment of the Exit Financing, repayment of all of the Plan Obligations, and for all liabilities and claims incurred or arising against the Reorganized Debtor following the Effective Date. Class 6 is comprised of any Allowed General Unsecured Claims not otherwise treated under the Plan. Debtor estimates that Allowed Class 6 Claims will total approximately $4,685,717.01. The holders of the Allowed Class 6 General Unsecured Claims shall, at their option, have two alternatives they may choose to accept in full satisfaction, settlement, release, extinguishment, and discharge of such Claims: * Option A: A holder of a Class 6 Allowed Claim electing to be treated under Option A will receive payment on the Effective Date equal to 50% of the amount owed to the holder of the Allowed Class 6 Claim in full and final satisfaction of its Allowed Claim. * Option B: A holder of a Class 6 Allowed Claim electing to be treated under Option B will receive payment up to the full amount of each Allowed Class 6 Claim over the three-year Plan Period without interest. Specifically, such a holder will receive a 20% distribution on the Effective Date and, continuing quarterly thereafter, the holder will receive a total of twelve additional payments from the Reorganized Debtor, the first four of which will be fixed at $150,000 in total that will be shared pro rata among Class 6 Option B Claim holders based on the then applicable pool of Allowed Class 6 Option Claims. All remaining quarterly distributions will be calculated based on the then Allowed Class 6 Option B Claims divided by the number of remaining quarterly distributions. In the event a Claim is a Disputed Claim at the time of any distribution, the Claim shall not be included in a distribution unless and until the Claim is an Allowed Claim. The Class 6 Claims are impaired and the holders thereof are entitled to vote to accept or reject the Plan. The Debtor has secured the Exit Financing from Ault Lending or its nominee. The material repayment terms of the exit financing are as follows: * 15% interest rate; * 12 months of interest only payments; * 24 months of principal and interest payments using a 10-year amortization schedule; and * Balloon payment for remaining balance due at 36 months. Pursuant to the proposed treatment of the Arena and Walleye Class 1 and 2 Claims, Debtor shall pay $6.35 million of the Exit Financing on the Effective Date (assuming the Effective Date occurs on or before October 1, 2025 and the Debtor pays all Adequate Protection Payments that become due prior to the Effective Date). The remaining balance of the Exit Financing will be used for priority and administrative claims, distribution to Allowed Class 6 unsecured Claims under Options A and B, as applicable, and as capital reserves to support the Reorganized Debtor's operations and Plan obligations during the Plan Term. A full-text copy of the Disclosure Statement dated June 10, 2025 is available at https://urlcurt.com/u?l=elSlY4 from PacerMonitor.com at no charge. Gresham Worldwide, Inc. is represented by: Patrick A. Clisham, Esq. Engelman Berger, PC 2800 North Central Avenue, Suite 1200 Phoenix, AZ 85004 Telephone: (602) 271-9090 Facsimile: (602) 222-4999 Email: pac@eblawyers.com About Gresham Worldwide Gresham Worldwide, Inc., designs, manufactures, and distributes purpose-built electronics equipment, automated test solutions, power electronics, supply and distribution solutions, as well as radio, microwave, and millimeter wave communication systems and components for a variety of applications with a focus on the global defense industry and the healthcare market. Gresham Worldwide sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06732) on Aug. 14, 2024. In the petition filed by Lutz P. Henckels, chief financial officer, the Debtor disclosed $32,859,000 in assets and $39,786,000 in liabilities as of June 30, 2024. Judge Scott H. Gan oversees the case. Patrick A. Clisham, Esq., at Engelman Berger, PC, serves as the Debtor's counsel. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 case. The Committee tapped Stinson LLP as legal counsel. HEART OF GOLD: Unsecureds Will Get 15% of Claims over 3 Years ------------------------------------------------------------- Heart of Gold Home Care, LLC filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania an Amended Plan of Reorganization dated June 9, 2025. The Debtor has two real estate leases. The first is a non-residential real estate lease of 528 Seven Bridge Road, Suite 133, East Stroudsburg, PA 18301 with PLP Real Estate Management, LLC. Such lease is assumed upon confirmation of the Plan. The second non-residential real estate lease concerns a property at 100 Fourth Street, Unit 1, Honesdale, PA. Such lease is with GEG Real Estate. Such lease is assumed upon confirmation of the Plan. Class 5 General Unsecured Creditors. Beginning six months after the Effective Date, the general unsecured creditors in Class 5 shall be paid fifteen percent of each allowed Class 5 Claim, payable in three equal annual installments of 5.00% of each Claim which is allowed. Class 6 Equity Holders. The equity of the Debtor is held by Thomas Dewey and David Annese, both of whom hold fifty percent of the membership interest in the Debtor. The Equity Holders will continue to hold the equity subsequent to the Effective Date of the Plan. As of the Effective Date, the Debtor retains the right to cancel the equity and issue new equity in the same percentages as exist pre-Petition. The Debtor continues to operate its home health care business. The Debtor has been seeking a better patient mix as well as new customers, including customers that pay at higher rates. The Debtor has continued to seek the ERC payment from the IRS. It believes that some of the payment should be forthcoming, shortly. If such occurs, such funds will be utilized to fund the Plan. If any excess, over and above the amount of the New Itria Secured Claim is received from the ERC payment, such funds will be paid, by Itria, to the Debtor, in the event such payment occurs directly to Itria. Such excess will be used to fund the Plan. The Projections set forth the cash flow and disposable income of the Debtor. Under the Plan, the Debtor provides for distributions to creditors of disposable income over the three years after the Effective Date. If necessary, and as may be required in a non consensual Plan, the disposable income will be submitted to the Subchapter V Trustee for distributions under the Plan. A full-text copy of the Amended Plan dated June 9, 2025 is available at https://urlcurt.com/u?l=yLDZlb from PacerMonitor.com at no charge. Counsel to the Debtor: Robert E. Chernicoff, Esq. Cunningham, Chernicoff & Warshawsky, P.C. 2320 North Second Street P. O. Box 60457 Harrisburg, PA 17106-0457 Tel: (717) 238-6570 About Heart of Gold Home Care Heart of Gold Home Care, LLC, is a Pennsylvania limited liability company engaged in the home health care business. Heart of Gold Home Care filed Chapter 11 petition (Bankr. M.D. Pa. Case No. 25-00268) on Jan. 31, 2025, listing up to $1 million in both assets and liabilities. Jill Durkin, Esq., at Durkin Law, LLC serves as Subchapter V trustee. Judge Mark J. Conway oversees the case. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky PC, is the Debtor's legal counsel. HERITAGE COAL: Nears $21MM Chapter 11 Sales Court Approval ---------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that on Monday, June 23, 2025, a Delaware bankruptcy judge indicated she would authorize the sale of Heritage Coal's assets -- worth over $21 million -- prior to a subsequent hearing, provided the bankrupt mining company submits completed sale documents in advance. About Heritage Coal & Natural Resources LLC Heritage Coal & Natural Resources LLC is a coal mining company based in Meyersdale, Pennsylvania that specializes in coal extraction and processing operations in Somerset County. The company operates from its principal location at 1117 Shaw Mine Road and maintains multiple coal leases with regional landowners including Allegany Coal and Land Company, Beechwood Coal LLC, and Shaw Big Vein Coal Company for its mining operations. Heritage Coal & Natural Resources LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10602) on March 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Jeffrey R. Waxman at Morris James LLP. HERMES HIPPIE: Aventura Responds to Opposed Receivership Bid ------------------------------------------------------------ In the case styled AVENTURA LENDING LLC, Plaintiff v. THE HERMES HIPPIE LLC; LOLA GUSMAN; THE BOARD OF MANAGERS OF THE ONE GRAND ARMY PLAZA CONDOMINIUM, ON BEHALF OF THE UNIT OWNERS; CITY OF NEW YORK, DEPARTMENT OF FINANCE; "JOHN DOE" and "JANE DOE," the last two names being fictitious, said parties intended being tenants or occupants, if any, having or claiming an interest in, or lien upon, Defendants, Case No. 1:24-cv-02438-ENV-LKE (E.D.N.Y.), the Plaintiff submits a Memorandum of Law in response to Defendant's opposition to its Motion to Appoint a Receiver that was filed on June 10, 2025. The Plaintiff asserts that Defendants' Memorandum of Law submitted in opposition to its motion provides no legal support for denying the motion. Specifically, Defendant Hermes Hippie does not deny to have defaulted on the loan. Therefore, the Plaintiff's right to an appointment of a receiver pursuant to the mortgage (due to an undenied event of default) is indisputable in this instant. Instead, Borrower claims that because Defendant Guarantor Lola Gusman invaded the commercial property subject of this action and currently reside in it (in violation of Defendants' undertakings as part of the loan agreement), a receiver should not be appointed. In the Opposition, the Defendants also attempt to allege that the order lifting the stay imposed due to Guarantor's (second) bankruptcy filing was limited as to "foreclosure auction" only and that the automatic stay is otherwise still in effect. However, contrary to Defendants allegation, the Bankruptcy Court's Order unequivocally lifted the stay and specifically provided that: "automatic stay imposed in this case by Section 362(a) of the Bankruptcy Code is vacated under section 362(d) of the Bankruptcy Code as to the Creditor's interests in the Property to allow the Creditor's enforcement of its rights in, and remedies in and to, the Property, including, without limitation, loss mitigation, foreclosure and eviction proceedings." Accordingly, the bankruptcy stay initially imposed due to Guarantor's bankruptcy filing has been lifted as to the all of Plaintiff's rights in the Property, including, among others, Plaintiff's right to appoint a receiver and any required eviction proceedings. Thus, any claim by Defendants that the stay imposed due to Guarantor's bankruptcy filing is still in effect as it relates to this action, must be rejected by the Court. Thus, the Plaintiff contends that it is entitled to the appointment of a receiver herein pursuant to the explicit language of the subject loan documents and entitled to maintain the property with the income derived therefrom. The Hermes Hippie is the Instagram handle of Lola Gusman, a blogger and influencer focused on natural, clean, and green beauty products. The Hermes Hippie LLC is a single-member limited liability company formed and registered in the State of New York. Plaintiff Aventura Lending LLC is represented by: Danielle Paula Light, Esq. Ashley Marie Koenen, Esq. HASBANI & LIGHT, P.C. Telephone: (212) 643-6677 E-mail: dlight@hasbanilight.com akoenen@hasbanilight.com The Defendants are represented by: Andreas E. Christou, Esq. WOODS LONERGAN PLLC One Grand Central Place 60 East 42nd Street Suite 1410 New York, NY 10165 Telephone: (212) 684-2500 Facsimile: (212) 684-2512 E-mail: andreas.christou@woodslaw.com HJJM LLC: Seeks Chapter 11 Bankruptcy in Connecticut ---------------------------------------------------- On June 20, 2025, HJJM LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Connecticut. According to court filing, the Debtor reports $1,251,815 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About HJJM LLC HJJM LLC is the fee simple owner of the property at 7 Hart Landing in Guilford, Connecticut, which has been valued at approximately $1.38 million according to an expert appraisal. HJJM LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-30571) on June 20, 2025. In its petition, the Debtor reports total assets of $1,400,000 and total liabilities of $1,251,815, Honorable Bankruptcy Judge Ann M. Nevins handles the case. The Debtors are represented by Joseph J. D'Agostino, Jr., Esq. at ATTORNEY JOSEPH J. D'AGOSTINO, JR., LLC. HOMEMAKERS REAL ESTATE: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Homemakers Real Estate, LLC, according to court dockets. About Homemakers Real Estate Homemakers Real Estate, LLC is into leasing and managing residential and commercial real estate properties. Its primary asset is Cape Crossing Condominiums, a waterfront property in Merritt Island, Fla., that includes vacation rental units and marina access. Homemakers Real Estate, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02685) on May 5, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge Grace E. Robson oversees the case. The Debtor is represented by: Frank M. Wolff, Esq. Nardella & Nardella, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 fwolff@nardellalaw.com HOOTERS OF AMERICA: Unsecureds Say Plan Patently Unconfirmable -------------------------------------------------------------- The Official Committee of Unsecured Creditors objects to the Joint Plan of Reorganization of Hooters of America, LLC and its Affiliated Debtors. The Debtors' Plan, and the restructuring support agreement (the "RSA") on which it is based, proposes to allocate the entire value of every Debtor's estate to allegedly secured lenders of the Non-Securitization Entities (the "Prepetition Term Lenders") and the noteholders of the Securitization Entities (the "Prepetition Noteholders", and together with the Prepetition Term Lenders, the "Prepetition Lenders"), completely ignoring the existing distinction between the NonSecuritization Entities and the Securitization Entities, as well as significant holes in the Prepetition Lenders' collateral package. The committee claims that unsecured creditors holding claims against any Debtor will receive nothing under the Plan, notwithstanding the existence of valuable unencumbered assets, including deficiencies in the Prepetition Noteholders' asserted liens and security interests in the key restaurant-owning Securitization Entities. Under these circumstances, the Court should not approve the Disclosure Statement and allow the Debtors to incur the cost and expense of soliciting votes on a Plan that provides unsecured creditors with absolutely nothing and deprives unsecured creditors of an opportunity to vote. Further, there are deficiencies in the Prepetition Noteholders' collateral position at the Securitization Entities. The UCC-1 financing statements filed by Citibank, N.A., as securitization trustee for the Prepetition Noteholders, against the primary restaurant-owning Securitization Entities (HOA Restaurant Holder, LLC, TW Restaurant Holder, LLC, and DW Restaurant Holder, LLC) were filed on February 21, 2025 (i.e., during the 90-day preference period) and are therefore, avoidable. Accordingly, the Plan is patently unconfirmable because it allocates no value to and provides no recovery for unsecured creditors, notwithstanding that there are material unencumbered assets that should be available to unsecured creditors. Furthermore, although the Prepetition Term Lenders hold claims only against the structurally junior Non-Securitization Entities, the Plan allocates value to those lenders directly from the Estates of the Securitization Entities, apparently on account of a disputed intercompany claim allegedly owing by certain (unspecified) Securitization Entities to Non-Securitization Entities. The Disclosure Statement fails to explain how the Prepetition Term Lenders could possibly be entitled to any value from the Securitization Entities, when unsecured creditors holding claims directly against those Debtors would receive nothing under the Plan, in violation of the absolute priority rule. Counsel to the Official Committee of Unsecured Creditors: Judith Elkin, Esq. Maxim B. Litvak, Esq. Theodore S. Heckel, Esq. PACHULSKI STANG ZIEHL & JONES LLP 700 Louisiana Street, Suite 4500 Houston, TX 77002 Telephone: (713) 691-9385 Facsimile: (713) 691-9407 Email: jelkin@pszjlaw.com mlitvak@pszjlaw.com theckel@pszjlaw.com Bradford J. Sandler, Esq. Robert J. Feinstein, Esq. Shirley S. Cho, Esq. PACHULSKI STANG ZIEHL & JONES LLP 1700 Broadway, 36th Floor New York, NY 10019 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 Email: bsandler@pszjlaw.com rfeinstein@pszjlaw.com scho@pszjlaw.com About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain] with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. HOOTERS OF AMERICA: Unsecureds to Get Nothing in Joint Plan ----------------------------------------------------------- Hooters of America, LLC, and its Affiliated Debtors filed with the U.S. Bankruptcy Court for the Northern District of Texas an Amended Disclosure Statement for the Amended Joint Plan of Reorganization dated June 16, 2025. The "Hooters" brand has grown from its origins in 1983 into a renowned American institution known for world-famous chicken wings, beverages, live sports, and legendary hospitality. The Plan encompasses a comprehensive restructuring of the Debtors, which is the product of the Debtors' arm's-length negotiations and an agreement with (i) certain holders of indebtedness arising under (x) the Amended and Restated Base Indenture (the "Prepetition Securitization Indenture"), dated August 19, 2021 by and between HOA Funding, LLC as the master issuer and Citibank, N.A., a national banking association, not in its individual capacity but solely as the indenture trustee (the "Prepetition Securitization Trustee", and such holders forming the Ad Hoc Group the "Consenting AHG Noteholders" and such holders with the same investment advisor as the DIP Lenders, the "DIP Noteholders"), (y) the Prepetition MA Credit Agreement, and (z) the Prepetition Term Loan Credit Agreement (such holders, the "Prepetition Lenders") and (ii) Hooters, Inc. and Hoot Owl Restaurants, LLC (collectively, the "Buyer Group"). The transactions contemplated in the Plan will maximize value and allow for the Debtors' business to reorganize with a substantially reduced debt load and increase their cash flow on a goforward basis. Specifically, the proposed restructuring contemplates, among other things: * Consummation of a sale transaction with the Buyer Group pursuant to the Plan, which shall comprise of (i) the Buyer Group acquiring a portfolio of 103 Debtor-owned stores, and (ii) a wind down process for the remaining Debtor-owned stores (the "Unallocated Stores") pursuant to terms mutually agreed upon by the Debtors, DIP Lenders, and Consenting Creditors; * With respect to the Securitization Entities: -- The renaming of [HOA Funding, LLC] as "RoyaltyCo, LLC" ("RoyaltyCo") whose subsidiaries will continue to own the intellectual property and collect RoyaltyCo's shares of royalty and revenues from licenses and franchise agreements and payments from all franchised stores, in accordance with the reorganized membership agreement to be included in the Plan Supplement; -- The issuance of New Class A-2I Notes to Holders of Securitization Class A-2 Note Claims; -- The issuance of New Class B Notes to Holders of Securitization Class B Note Claims; * With respect to the Non-Securitization Entities and RoyaltyCo: -- The conversion of the DIP Facility into New Class A-1 Notes; -- The issuance of New Class A-2II Notes to Holders of certain Non-Securitization Manager Advance Term Loan Claims; -- The Non-Securitization Term Loan Claims (Secured) shall receive the value of any Term Loan Non-Repayment Right Collateral and/or any proceeds of such Term Loan Non-Repayment Right Collateral, as applicable; * The acquisition of 50% of the equity interests in RoyaltyCo by Holders of certain Non-Securitization Manager Advance Term Loan Claims, with the remaining 50% of the equity interest in RoyaltyCo (the "Noteholder Equity Entitlement") to be allocated among the Holders of Securitization Class B Notes Claims on a pro rata basis in accordance with their respective holdings of the Securitization Class B Notes Claims; * The creation of a new entity ("Brand Management Co. ") to be owned by the Buyer Group, which either directly or through a subsidiary will oversee all brand-related, franchising-related, and management-related functions as specified in the definitive agreement and further detailed in the Plan Supplement; and * Subject to the Wind-Down Budget and terms of the Plan, the orderly wind down of the Debtors' estates, including the Unallocated Stores on terms mutually agreed upon by the DIP Lenders, the Debtors, and the Consenting Creditors as detailed in the Plan Supplement. Class 8 consists of General Unsecured Claims. On the Effective Date, General Unsecured Claims shall be cancelled, released, discharged, and extinguished as of the Effective Date and shall be of no further force or effect, and Holders of General Unsecured Claims shall not receive any distribution on account of such Claims. This Class will receive a distribution of 0% of their allowed claims. This Class is impaired. Pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlement of all Claims and Interests and controversies resolved pursuant to the Plan, reflecting the agreement among the Consenting Stakeholders pursuant to the Restructuring Support Agreement and for the payment of Professional Fees as provided for therein. The Debtors, the Reorganized Debtors, and the Wind-Down Entity, as applicable, shall fund distributions under the Plan with (i) Cash on hand, (ii) the issuance of the New Debt, and (iii) the issuance of the New Equity Interests. A full-text copy of the Amended Disclosure Statement dated June 16, 2025 is available at https://urlcurt.com/u?l=NVItBZ from Kroll Restructuring Administration LLC, claims agent. The Debtors' Co-Bankruptcy Counsel: Holland N. O'Neil, Esq. Stephen A. Jones, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 Email: honeil@foley.com sajones@foley.com zzahn@foley.com The Debtors' General Bankruptcy Counsel: Ryan Preston Dahl, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, New York 10036 Tel: (212) 596-9000 Fax: (212) 596-9090 ryan.dahl@ropesgray.com - and - Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. Michael K. Wheat, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, Illinois 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 Email: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com michael.wheat@ropesgray.com About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. HUDBAY MINERALS: Moody's Alters Outlook on 'B1' CFR to Positive --------------------------------------------------------------- Moody's Ratings changed the outlook of Hudbay Minerals Inc. (Hudbay) to positive from stable. At the same time Moody's affirmed Hudbay's corporate family rating at B1, probability of default rating at B1-PD and senior unsecured notes ratings at B2. Hudbay's SGL-2 speculative grade liquidity rating (SGL) remains unchanged. "The positive outlook reflects Hudbay's improved financial position, with leverage expected to stay below 2x and meaningful debt reduction achieved in 2024," said Jamie Koutsoukis, Moody's Ratings' analyst. "It also reflects progress of optimization activities at Copper Mountain mine and that the Copper World project will advance towards a sanction decision." RATINGS RATIONALE Hudbay's CFR benefits from its: 1) mine locations in favorable jurisdictions (Canada and Peru); 2) product diversity beyond copper (gold, silver, zinc and molybdenum) which allows for competitive costs, net of by-product credits; 3) adjusted debt to EBITDA expected to remain below 2x; and 4) long reserve lives at its operations (Constancia mine (17 years), Lalor/Snow Lake operations (13 years) and Copper Mountain (19 years)). Hudbay's rating is constrained by its: 1) modest scale (2024 consolidated copper production of 137,943 tonnes and 332,240 ounces of gold); 2) current concentration of operating cash flows at two producing mines; and 3) exposure to commodity price risk. Although Moody's anticipates relatively stable production through 2027, some variability is expected. Consolidated copper production will remain relatively flat through 2026, followed by an increase in 2027 due to optimization activities at the Copper Mountain mine. Conversely, consolidated gold production is projected to decline significantly in 2026 and 2027 compared to 2024, primarily due to the completion of mining at the higher-grade Pampacancha deposit at the Constancia mine in Peru. The reduction in gold volumes will increase cash costs at Constancia relative to 2024, however profitability will not be as impacted because 70% of gold produced was delivered to a streamer. The B2 rating on the company's senior unsecured notes is one notch below the B1 CFR, reflecting the structural subordination of the notes to the secured revolving credit facility. Hudbay has good liquidity (SGL-2) with about $1.1 billion in sources compared to minimal $575 million in uses through June 2025. The company's liquidity sources include $583 million of cash at March 31, 2025, about $425 million of availability under its $450 million secured credit facility expiring Nov. 13, 2028 and Moody's expectations of about $80 million of free cash flow to June 2026. Uses are the $575 million in notes due April 2026. Hudbay's credit facility includes three financial maintenance covenants that Moody's expects the company to remain in compliance with. The positive outlook incorporates the expectation that Hudbay Minerals Inc. will maintain its leverage below 2.5x, and that it will increase production and profitability at its Copper Mountain mine. Additionally, it presumes that Hudbay will exercise financial discipline in funding new projects, notably that the development of the Copper World project will not significantly increase leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Hudbay increases its mine and geographic diversity, particularly with respect to operating cash flow by mine. An upgrade would also require that Hudbay maintains adjusted debt to EBITDA below 3x and maintains an EBIT margin of at least 12%. The ratings could be downgraded if free cash flow is negative on a sustained basis (excluding material development spending), if the company experiences material operational issues at its mines resulting in lower production, or if liquidity deteriorates. Quantitatively, Moody's would consider a downgrade if debt/EBITDA is sustained above 4x. Headquartered in Toronto, Ontario, Canada, Hudbay Minerals Inc. is a mining company with its operations being the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Hudbay's project pipeline includes the Copper World project in Arizona and the Mason project in Nevada (both in the United States). The principal methodology used in these ratings was Mining published in April 2025. Hudbay's B1 CFR is two notches below the Ba2 scorecard indicated outcome. The two notch difference places increased weight on the company's small scale, concentration of gross profit at two mine sites and its exposure to volatile commodity prices. ILLUMINATE PROPERTIES: Voluntary Chapter 11 Case Summary -------------------------------------------------------- Debtor: Illuminate Properties & Investments Capital Group 3180 Aran Way Dublin CA 94568 Business Description: Illuminate Properties leases real estate assets, including buildings, dwellings, and other types of properties. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-41103 Debtor's Counsel: Lewis Phon, Esq. LAW OFFICE OF LEWIS PHON 4040 Heaton Court Antioch, CA 94509 Tel: 925-470-8551 E-mail: lewisphon22@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Mayury Bounprakob as managing member. The Debtor failed to include a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4H3TG3I/Illuminate_Properties__Investments__canbke-25-41103__0001.0.pdf?mcid=tGE4TAMA IMERYS TALC: Drops Italian Talc Unit's Revised Chapter 11 Plan -------------------------------------------------------------- Vince Sullivan of Law360 reports that Imerys Talc America has submitted a revised Chapter 11 plan that removes its Italian subsidiary from the case, following concerns from a Delaware bankruptcy judge who questioned the subsidiary's ability to withstand a challenge to its bankruptcy filing. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. IWC OIL & REFINERY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: IWC Oil & Refinery, LLC 8610 N. New Braunfels, Suite 301 San Antonio, TX 78217 Business Description: IWC Oil & Refinery, LLC is an energy supplier that trades, markets, and sells petroleum products. The Company operates a vertically integrated network that includes shipping, storage infrastructure, and transportation logistics such as marine, rail, and trucking services. It also provides product sourcing, supply, and consulting solutions. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-51378 Judge: Hon. Craig A Gargotta Debtor's Counsel: Steven G. Cennamo, Esq. LAW OFFICE OF CENNAMO & WERNER 8546 Broadway Ste 100 San Antonio TX 78217-6345 Tel: (210) 905-0529 Email: scennamo@cennamowernerlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Marco Aparicio as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PR6JFOQ/IWC_Oil__Refinery_LLC__txwbke-25-51378__0001.0.pdf?mcid=tGE4TAMA J.C.C.M. PROPERTIES: Hires Rountree Leitman Klein as Attorney ------------------------------------------------------------- J.C.C.M. Properties, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as attorney. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property; b. preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary herein. The firm will be paid at these rates: William A. Rountree $595 per hour Will B. Geer $595 per hour Michael Bargar $535 per hour Hal Leitman $425 per hour William Matthews $425 per hour David S. Klein $495 per hour Elizabeth Childers $425 per hour Ceci Christy $425 per hour Caitlyn Powers $375 per hour Shawn Eisenberg $300 per hour Elizabeth Miller $290 per hour Megan Winokur $175 per hour Dorothy Sideris $200 per hour Catherine Smith $150 per hour Lily Massey $175 per hour Law Clerk (if one is employed by Firm) $175 per hour The firm received a pre-petition retainer in the amount of $12,500 in connection with said investigation and pre-bankruptcy issues. The firm issued the Debtor a bill in the amount of $11,693.31 which was paid in full from the retainer on May 1, 2025. Further, the firm received a pre-petition retainer of $75,000 from the Debtor for the bankruptcy filing on May 1, 2025, making the balance of funds in trust $75,806.69. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. William A. Rountree, Esq., a partner at Rountree, Leitman, Klein & Geer, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 Email: wrountree@rlkglaw.com About J.C.C.M. Properties, Inc. J.C.C.M. Properties Inc. leases real estate, with its main assets situated at 1585 Crater Lake in Kennesaw, Georgia. J.C.C.M. Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55412) on May 14, 2025. In its petition, the Debtor reported estimated liabilities between $1 million and $10 million and estimated liabilities between $50 million to $100 million. Judge Paul Baisier oversees the case. The Debtor is represented by Will Geer, Esq., at Rountree Leitman Klein & Geer, LLC. JACK CREEK: Seeks to Hire Northwest Realty as Real Estate Broker ---------------------------------------------------------------- Jack Creek Land Holdings LLP seeks approval from the U.S. Bankruptcy Court for the District of Montana to hire Northwest Realty, LLC as real estate broker. The firm will market and sell the Debtor's real property located at 80 Ruby Street, Zortman, Montana. The broker will receive compensation equal to 6 percent of the sale price. As disclosed in the court filing, Northwest Realty is a "disinterested person" as defined in 11 U.S.C. 101(14). The firm can be reached through: Carly Bishop Northwest Realty, LLC 210 US Hwy 2 Malta, MT 59538 Tel: (406) 654-2881 Email: carly@bishopincmt.com About Jack Creek Land Holdings LLP Jack Creek Land Holdings LLP is primarily involved in the rental and leasing of real estate properties. Jack Creek Land Holdings LLP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-10006) on January 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Matt Shimanek, Esq. at SHIMANEK LAW PLLC. JAG PUBLIC: Hires Texas Tax Group Inc as Tax Consultant ------------------------------------------------------- JAG Public Safety LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Texas Tax Group, Inc. as tax consultants. The firm shall perform State Tax Audit Defense Services. Texas Tax Group Inc. will do the tax audit defense for an initial retainer payment of $3,000 and $225 per hour. Michelle Olivas, CPA, an auditor at Texas Tax Group, Inc., assured the court that the firm is a "disinterested person" within the meaning of Bankruptcy Code Sec. 101(14) The firm can be reached through: Michelle Olivas, CPA Texas Tax Group, Inc. 9950 Westpark Drive, Suite 430 Houston, TX 77063 Tel: (855) 892-8348 Email: Michelle.Olivas@cpa.texas.gov About JAG Public Safety LLC JAG Public Safety LLC is a comprehensive service provider specializing in traffic control solutions. The Company offers a variety of services, including the sale, rental, and repair of traffic control devices such as barricades, attenuators, and other essential equipment. It also provides certified traffic control plans, lane closure management, and utility services, focusing on ensuring safety and efficiency in work zones. In the petition signed by Lucio Gonzalez, president, the Debtor disclosed $1,156,383 in assets and $2,287,649 in liabilities. Judge Michael M Parker oversees the case. Robert C Lane, Esq. at THE LANE LAW FIRM represents the Debtor as legal counsel. JOE'S PIZZA: Case Summary & 14 Unsecured Creditors -------------------------------------------------- Debtor: Joe's Pizza Santa Monica, Inc. 111 Broadway Santa Monica CA 90401 Business Description: Joe's Pizza Santa Monica, Inc. operates a pizza restaurant in Santa Monica, California. The Company offers dine-in and takeaway services and serves a variety of pizzas, salads, appetizers, and beverages at its Broadway location. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-15242 Judge: Hon. Vincent P Zurzolo Debtor's Counsel: Bradley E. Brook, Esq. LAW OFFICES OF BRADLEY E. BROOK, APC 30941 Agoura Road, Ste 224 Westlake Village CA 91361 Tel: 310-704-3809 Email: bbrook@bbrooklaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Matt Thomas as president. A copy of the Debtor's list of 14 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SZPDSRY/Bradley_Joes_Pizza_Santa_Monica__cacbke-25-15242__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WV65PJY/Bradley_Joes_Pizza_Santa_Monica__cacbke-25-15242__0001.0.pdf?mcid=tGE4TAMA KRCM ASTORIA: Opposes Fannie Mae's Motion to Appoint Receiver ------------------------------------------------------------- In the case styled Federal National Mortgage Association v. KRCM Astoria Portfolio Corporation et al., Case No. 1:25-cv-01401-NGG-TAM (E.D.N.Y.), the Defendants submit a Memorandum of Law, the Declaration of Michael H. Reich, Esq. as legal counsel, and the Declaration of Jim Sarcone as property manager, in opposition to the Plaintiff's motion for the appointment of a temporary receiver in the commercial foreclosure proceeding. For more than a year, KRCM Astoria Portfolio Corporation, a commercial borrower, has been in default on a $34.7 million loan secured by three large multi-family apartment buildings totaling nearly 120 units. There is no dispute that the loan matured on May 1, 2024, and remains unpaid. Fannie Mae agreed to temporarily forbear from exercising its rights and remedies until February 1, 2025, giving Borrower nine months to refinance or pay off the debt. KRCM Astoria failed to do so. Well over a year since the maturity date, the loan remains unpaid, with approximately $34 million still outstanding. In their opposition to the Motion, the Defendants contend that Plaintiff agreed to extend the May 1, 2024 maturity date to February 1, 2025. This is both irrelevant -- because even if the maturity date had been extended, the Loan was not paid off by February 1, 2025 -- and inaccurate. The Plaintiff never agreed to extend the maturity date but rather agreed to temporarily forbear from exercising its remedies until February 1, 2025. Both post-maturity forbearance agreements explicitly stated that the temporary forbearance "does not, and should not be deemed to, amend or modify any of the Loan Documents," including the maturity date. The Defendants submit a transaction history issued on the letterhead of the mortgage servicer establishing that, at all relevant times, the Plaintiff has been in possession and control of mortgage payments, representing rental income or net operating income (NOI) deposited into a Suspense Account and applied to the principal balance, interest accruals, the property taxes and insurance, in accordance with the Loan Agreement. The Transaction History issued by the Servicer on January 28, 2025, reflects the following sums paid for the benefit of the Plaintiff: Principal paid in the sum of $3,732,934.32; Interest paid in the sum of $10,269,963.92; Taxes paid in the sum of $7,535,500.36; Maturity Date adjusted to February 1, 2025; Suspense Balance in the sum of $345,664.12; Replacement Reserve Escrow Balance in the sum of $178,073.62; Repair escrow balance in the sum of $23,437.50 (which has never changed since origination of the mortgage loan); and Monthly Principal and Interest in the sum of $171,924.21. The Transaction History establishes that the Defendants are remitting monthly payments to the Servicer which has control over the funds to deposit into the Suspense Account and then draw on the monies to pay the principal, interest and disburse on the taxes and insurance. During the period of the Forbearance Agreements, the Plaintiff drew from the Suspense Account the sum of $6,672,365.47, on December 29, 2022, and applied to the debt service as provided in the Loan Agreement. The Defendants continued to remit NOI to the Plaintiffs Servicer and the Plaintiff's Servicer drew the funds from Suspense to apply to the debt service. On January 13, 2025, the Plaintiff drew from the Suspense Account the sum of $1,375,875 and applied to the debt service. The Defendants have remitted in excess of the sum of $8,048,240.47 which funds represent rental income net of operating expenses paid to the Plaintiffs Servicer, deposited in Suspense and applied to the debt service, including taxes and insurance. On January 24, 2025, the Servicer issued a Payoff Statement in the sum of $33,777,964.11, whereby Plaintiff seeks the sum of $949.656.66 in default interest based on an accrual date of May 1, 2024. The Plaintiff has never demanded payment of default interest in accordance with Section 2.02(d) of the Loan Agreement. The Payoff Statement incorporates the foregoing default interest, as well as interest at the Note rate in the sum of $1,023,255.05. As of January 24, 2025, the Payoff Statement indicates escrow advances in the sum of $435,797.14 and Suspense Funds in the sum of $145,664.12 which have since been increased by NOI payments for April, 2025 -- $153,200, and May, 2025 -- $202,225.27. The Defendants are continuing to remit NOI payments on a monthly basis and are not withholding the rental income. In addition, the Defendants paid the sum of $200,000 in fees to the Plaintiff and monthly service fees to the Servicer for the post-maturity forbearance. Accordingly, the Defendants seek an accounting of the payments made and applied on account. The Defendants object to the motion, saying it lacks evidentiary support of imminent danger of the property being injured, diminished in value, or squandered; the inadequacy of the available legal remedies; the probability that harm to plaintiff by denial of the appointment would be greater than the injury to the parties opposing appointment; and, in more general terms, plaintiffs probable success in the action; and the possibility of irreparable injury to the Plaintiffs interests in the property during the pendency of this action. Defendant KRCM Astoria Portfolio Corporation is a New York corporation located in Hempstead, NY 11550. Defendant New York City Environmental Control Board, also known as the Office of Administrative Trials and Hearings, is a New York City agency. Defendant New York City Department of Housing Preservation & Development is a New York City agency. Defendant Approved Oil Co. of Brooklyn, Inc. is a corporation organized under the laws of New York. Defendants John Doe #1 through John Doe #119 are unknown persons or entities joined as party defendants because they may be tenants and persons in possession of the Property or have some interest in and to the Property (including that of judgment creditors) inferior and subordinate to that of Plaintiff or may be persons who hold or have collected the rents, issues and profits relating to or arising from the Property. The Defendants are represented by: Dean Lindsay Chapman, Jr., Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, NY 10036 Telephone: (212) 872-8095 E-mail: dchapman@akingump.com - and - Joy Tolulope Anakhu, Esq. NEW YORK CITY LAW DEPARTMENT 100 Church St. New York, NY 10007 Telephone: (212) 356-2048 E-mail: janakhu@law.nyc.gov LA HACIENDA BUFEIS: Green Mountain Seeks Appointment of Receiver ---------------------------------------------------------------- In the case styled GREEN MOUNTAIN HOLDINGS (CAYMAN) LTD., Plaintiff v. LA HACIENDA BUFEIS LLC; MARIA SIMON; HARRY SIMON; "JOHN DOE" AND "JANE DOE," Defendants, Case No. 1:21-cv-00574-ENV-CLP (E.D.N.Y.), the Plaintiff submits a motion, before the Honorable Judge Eric N. Vitaliano, for an order: (a) appointing a receiver to collect rent from the Defendant's property on behalf of the Plaintiff; and (b) granting such other and further relief to Plaintiff as this Court may deem just and proper. This is an action brought pursuant to New York Real Property Actions and Proceedings Law, Section 1301 et seq., to foreclose on a mortgage encumbering the property commonly known as 41-63 55th Street Woodside, New York 11377, known on the Queens County Tax Map as Block 1325 Lot 21 in the County of Queens and State of New York. On May 24, 2019, as evidence of a loan in the amount of $450,000, Defendant La Hacienda executed and delivered to M&M Private Lending Group, Plaintiff's predecessor in interest, a note dated May 24, 2019. Pursuant to the terms of the Note, La Hacienda promised to pay M&M, or the subsequent holder of the Note the principal sum of $450,000. On May 24, 2019, Maria Simon and Harry Simon executed the Note individually as personal guarantors for the Loan. La Hacienda defaulted under the terms of the Note and Mortgage for the payment due on April 1, 2020. As a result of the Default, on February 3, 2021, the Plaintiff initiated the instant action. The Plaintiff now asks the Court appoint a receiver of the rents and profits of said premises, during the pendency of this action with the usual powers and duties. LA Hacienda Bufeis LLC is a limited liability company organized under the law of the State of New York. La Hacienda is the owner of the property at 41-63 55th Street Woodside, New York 11377. The Plaintiff is represented by: Danielle P. Light, Esq. HASBANI & LIGHT, P.C. 450 Seventh Avenue, Ste. 1408 New York, NY 10123 Telephone: (212) 643-6677 The Defendants are represented by: Erin Elizabeth Wietecha, Esq. LAW OFFICES OF ERIN E. WIETECHA 920 35th Ave Ste 2l Long Island City, NY 11372 Telephone: (347) 305-1766 E-mail: erin@wietechalaw.com LAKE BENNETT: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Lake Bennett Village-Ocoee, LLC, according to court dockets. About Lake Bennett Village-Ocoee LLC Lake Bennett Village-Ocoee LLC owns five parcels of undeveloped vacant commercial property in Ocoee, Fla. Lake Bennett Village-Ocoee sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02001) on April 7, 2025. In its petition, the Debtor reported total assets of $32,750,000 and total liabilities $27,422,21. Judge Lori V. Vaughan handles the case. The Debtor is represented by Jonathan M. Sykes, Esq., at Nardella & Nardella, PLLC. LEDDARTECH HOLDINGS: Nasdaq to Delist Shares Following BIA Filing ----------------------------------------------------------------- LeddarTech(R) Holdings Inc., an AI-powered software company recognized for its innovation in advanced driver assistance systems (ADAS) and autonomous driving (AD), announced that on June 17, 2025, the Company received a determination letter from Nasdaq notifying the Company that Nasdaq has determined that, in accordance with its authority under Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1, the Company's securities will be suspended from trading at the opening of business on June 24, 2025 and delisted from Nasdaq. Nasdaq based its determination upon concerns related to: (i) the Company's announcement of its intention to file under the Bankruptcy and Insolvency Act (Canada) and the associated public interest concerns raised by such filing, (ii) the residual equity interest of the existing listed securities holders, and (iii) the Company's ability to sustain compliance with all requirements for continued listing on Nasdaq. The Determination Letter also advises the Company of its right to request an appeal of the determination. However, the Company currently does not intend to file an appeal of the determination. Accordingly, the Company expects that its securities will be suspended from trading at the opening of business on June 24, 2025 and delisted from Nasdaq after the completion of Nasdaq's filing of Form 25-NSE with the Securities and Exchange Commission. Filing under the BIA Further to its press release dated June 16, 2025, the Company announces having filed under the BIA on June 18, 2025. As a result of such filing, the board of directors of the Company has resigned effective as of such date. Additional information with respect to the BIA proceedings will be available in due course on Raymond Chabot Inc.'s website. About LeddarTech A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech's automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off- road vehicle ADAS solutions. LEE FRANCHISE: Court Extends Cash Collateral Access to July 21 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina issued a fifth interim order authorizing Lee Franchise Holdings, Inc. to use cash collateral until July 21. The fifth interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget, with a 10% variance allowed. Lee Franchise projects total operational expenses of $60,958.42 from June 21 to July 21. Creditors including Dogwood State Bank, Cashable, LLC, Millstone Funding, Inc., Alpine Advance 5, LLC, and Pipe Advance, LLC were granted post-petition liens and security interests in their collateral, with the same priority as their respective pre-bankruptcy liens and security interests. Lee Franchise was ordered to pay $2,500 to Dogwood as partial protection for using the cash collateral. The Debtor's authority to use cash collateral terminates upon the occurrence of so-called events of default, including failure to comply with the terms of the order; use of cash collateral other than as agreed; dismissal or conversion of its Chapter 11 case to a proceeding under Chapter 7; and failure to pay post-petition tax liabilities. The next hearing is scheduled for July 16. Dogwood asserts a secured claim against the Debtor, which stemmed from a Small Business Administration loan in the original principal amount of $578,000. The bank filed a claim in the amount of $663,319.12, inclusive of late charges and attorney's fees and costs. It appears that the lien in cash collateral asserted by Dogwood represents the first-priority security position in the collateral. The other creditors assert a security interest in the cash collateral after purchasing certain accounts receivable of the Debtor. The claims of these creditors may be unsecured due to a lack of equity in their collateral due to the first-priority claim of Dogwood, according to court filings. About Lee Franchise Holdings Lee Franchise Holdings, Inc. operates a commercial window cleaning and pressure washing company in Craven County, N.C., with its principal office at 257 Belltown Road, Havelock, N.C. Lee Franchise Holdings filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00617) on February 21, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Bradley M. Lee, president of Lee Franchise Holdings, signed the petition. Judge Pamela W. McAfee oversees the case. David J. Haidt, Esq., at Ayers & Haidt, P.A. is the Debtor's legal counsel. Dogwood State Bank, as secured creditor, is represented by: William Walt Pettit, Esq. 6230 Fairview Rd, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com LEVY VENTURES: Seeks to Hire CPS CRE LLC as Real Estate Consultant ------------------------------------------------------------------ Levy Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ CPS CRE LLC as real estate consultant. The firm will advise the Debtor on restructuring the mortgage debt. The firm will be paid at these rates: Shlomo Chopp $1,000 per hour Senior Analyst $500 per hour Junior Analyst $300 per hour Support Staff $150 per hour CPS is a "disinterested person" as that term is defined by Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Shlomo Chopp CPS CRE LLC New York, NY Telephone: (646) 412-5888 Email: mail@caseps.com About Levy Ventures Levy Ventures, LLC is a New York-based company engaged in real estate -related activities. Levy Ventures sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22182) on March 5, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP. Fay Servicing, LLC, acting as the authorized loan servicer for U.S. Bank Trust National Association (as Trustee for COLT 2023-3), is represented by: Jenelle Arnold, Esq. Aldridge Pite, LLP 3333 Camino Del Rio South, Suite 225 San Diego, CA 92108 Telephone: (858) 750-7600 Facsimile: (619) 590-1385 Email: JArnold@aldridgepite.com LEVY VENTURES: Seeks to Hire Goldberg Weprin Finkel as Counsel -------------------------------------------------------------- Levy Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Goldberg Weprin Finkel Goldstein LLP to handle its Chapter 11 case. The firm will render these services: a. provide the Debtor with all necessary representation in connection with this Chapter 11 case, as well as the Debtor's responsibilities as a debtor-in-possession; b. represent the Debtor in all proceedings before the U.S. Bankruptcy Court and the Office of the U.S. Trustee; c. review, prepare and file all necessary legal papers, applications, motions, objections, adversary proceedings, pleadings, and reports a required in the Chapter 11; and d. provide all other legal services required with respect to selling the Property and achieving confirmation of a liquidating plan of reorganization. The firm will be paid at these hourly rates: Partner $785 Associate $275 - $560 The firm received a retainer of $25,000. J. Ted Donovan, Esq., an attorney at Goldberg Weprin Finkel Goldstein, 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. Ted Donovan, Esq. Goldberg Weprin Finkel Goldstein LLP 125 Park Ave. Floor 12 New York, NY 10017 Telephone: (212) 221-5700 About Levy Ventures Levy Ventures, LLC is a New York-based company engaged in real estate -related activities. Levy Ventures sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22182) on March 5, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP. Fay Servicing, LLC, acting as the authorized loan servicer for U.S. Bank Trust National Association (as Trustee for COLT 2023-3), is represented by: Jenelle Arnold, Esq. Aldridge Pite, LLP 3333 Camino Del Rio South, Suite 225 San Diego, CA 92108 Telephone: (858) 750-7600 Facsimile: (619) 590-1385 Email: JArnold@aldridgepite.com LEVY VENTURES: Taps Ephraim Diamond of Arbel Capital as CRO ----------------------------------------------------------- Levy Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Ephraim Diamond, a partner at Arbel Capital Advisors, LLC, as its chief restructuring officer. The firm will render services that include: (a) assisting with the administering the Debtor’s Chapter 11 case; (b) bridging and maintaining the flow of information between the principals and various constituencies, including the numerous secured lenders; (c) overseeing the preparation of all Chapter 11 reporting, including monthly operating reports and budgets; (d) pursuing negotiations with the lenders and their representative with respect to cash collateral, the sale of the Properties and the amount of their respective claims; (e) working with a broker to prepare the Properties for sale and engaging with prospective buyers; (f) assisting with the formulation and confirmation the Plan; and (g) continuing to operate the property in the post-confirmation period until the plan is consummated. The firm received a retainer in the amount of $17,500. Mr. Diamond disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Mr. Diamond can be reached at: Ephraim Diamond Arbel Capital Partners, LLC 4 Waverly Place Lawrence, NY 11559 Tel: (516) 939-8901 Email: ephraim@arbelcapital.com About Levy Ventures Levy Ventures, LLC is a New York-based company engaged in real estate -related activities. Levy Ventures sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22182) on March 5, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP. Fay Servicing, LLC, acting as the authorized loan servicer for U.S. Bank Trust National Association (as Trustee for COLT 2023-3), is represented by: Jenelle Arnold, Esq. Aldridge Pite, LLP 3333 Camino Del Rio South, Suite 225 San Diego, CA 92108 Telephone: (858) 750-7600 Facsimile: (619) 590-1385 Email: JArnold@aldridgepite.com LIBERTY COMMUNICATIONS: Moody's Cuts CFR to 'Caa1', Outlook Stable ------------------------------------------------------------------ Moody's Ratings has downgraded Liberty Communications PR Holding LP ("Liberty PR")'s corporate family rating to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD. At the same time, Moody's also downgraded LCPR Senior Secured Financing DAC's senior secured rating to Caa1 from B3 and LCPR Loan Financing LLC's backed senior secured Term Loan facility to Caa1 from B3. The outlook is now stable. Previously, the ratings were on review for downgrade. This rating action concludes the review for downgrade initiated on February 27, 2025. The ratings downgrade reflect Moody's views that credit metrics will remain weak, through 2026. The rating action also reflects Liberty PR's weak liquidity and Moody's expectations of the need of support from the company's parent, Liberty Latin America Ltd. (LLA) to meet its financial obligations, mainly the $157 million remaining payments associated with the acquisition of DISH Network's spectrum holdings in Puerto Rico and the US Virgin Islands. The stable outlook incorporates Moody's views of moderate operating improvements in 2025 and beyond, leading to a modest reduction in leverage from current weak levels. The outlook also assumes that the company will maintain access to its RCF to meet its operational liquidity needs. RATINGS RATIONALE Moody's expects Liberty PR's operating metrics to improve supported by fixed-mobile convergence (FMC) and the company's commercial and cost saving strategies. Nonetheless, Moody's believes all these measures remain subject to a material execution risk. The operating trend points to a reversal of the operating losses in 2025, but this might not be enough to materially improve the credit metrics, which remain weak. Moody's expects Moody's adjusted leverage to trend towards 7x and interest coverage, measured as EBITDA minus capex to interest expense, towards 1x by 2026 from 10.3x and 0.4x respectively, for the last twelve months ended March 2025. Liberty PR's Caa1 CFR reflects weak operating and credit metrics challenged by a competitive telecom market in Puerto Rico. The CFR also considers the company's concentration in two small markets, Puerto Rico and the US Virgin Islands, with relatively weak economies and exposure to adverse weather events. The Caa1 CFR also factors the company's operating scale and business model with sound wireless and fixed market positions in Puerto Rico, its offering of a full suite of services, the quality of its networks and mobile spectrum holdings. Liquidity will remain weak, despite Moody's expectations of neutral free cash flow (FCF) in 2025 driven by increased cash from operations and lower capital expenditures at around 14% of revenues. Moody's expects LLA to support Liberty PR, if needed, particularly with the $157 million remaining payments associated with the acquisition of DISH Network's spectrum holdings of $72 million in 2025, $45 million in 2026 and $40 million in 2027. While Liberty PR still has access to its $172.5 million senior secured revolving credit facility maturing in 2027, the company can only have one third of this facility drawdown, as of quarter end, before the springing covenant kicks in. The next material debt maturity of Liberty PR will be in October 2027, in connection with the company's $1.2 billion in secured notes and Moody's expects the company to start working on this maturity at least twelve months in advance. Governance considerations have been a key driver of the rating action and include the company's tolerance to high leverage and weak liquidity. These factors are reflected now in the company's Financial Strategy and Risk Management assessment that was changed to 5 from 4, Management Credibility and Track Record to 4 from 3, the overall exposure to governance risks (Issuer Profile Score or "IPS") to 5 (G-5) and Liberty PR's Credit Impact Score to 5 (CIS-5), from 4. The ESG Credit Impact Score is CIS-5, revised from CIS-4, since ESG considerations are a major constraint for the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Liberty PR fails to sustain revenue growth and improve profitability in 2025. Pressure could also arise if there is a liquidity deterioration, including any indication of lower support from LLA, or if there is an acceleration of negative operating trends. Moody's could upgrade Liberty PR's ratings if the company turns around profitability and cash flow trends, sustains a positive trend in operating metrics, revenue and subscriber growth, with Moody's adjusted leverage trending towards 6x and EBITDA minus capex to interest expense, towards 1x. Visibility over the company's plan to refinance its $1.2 billion in senior secured notes due in October 2027 would also be positive for the ratings. Liberty Communications PR Holding LP (Liberty PR) is a holding company indirectly owned by Liberty Latin America Ltd. (LLA). In October 2020, Liberty PR consolidated the combined operations of Liberty Communications of Puerto Rico LLC (LCPR) and AT&T in Puerto Rico and the US Virgin Islands. The combined operations offer a full suite of wireless and fixed services, and have leading market positions in wireless, fixed broadband and pay-TV in Puerto Rico, as well as in fixed and wireless in the US Virgin Islands. As of March 31 2025, Liberty PR's fixed network passed 1,192,400 homes (accounting for over 95% of all households in Puerto Rico) and had 1,059,700 fixed revenue-generating units (RGUs). For the last twelve months ended March 31 2025, Liberty PR reported revenue of about $1,232 million and Moody's-adjusted EBITDA margin of 24.5%. The principal methodology used in these ratings was Telecommunications Service Providers published in November 2023. LIFESCAN GLOBAL: Continues Forbearance Debt Talks with Lenders -------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that LifeScan Global Corp., a glucose monitor manufacturer backed by Platinum Equity, is operating under an extended forbearance agreement while it continues to work out the terms of a debt restructuring, according to people familiar with the matter. The company has suspended interest payments on certain junior debt and remains in active discussions with its lenders, the sources said, requesting anonymity due to the confidential nature of the talks. The negotiations stem in part from a restructuring proposal introduced in February, which included plans to convert a portion of the company's debt into equity, the sources added. About Lifescan Global Corporation LifeScan Global Corporation is a provider of blood glucose monitoring systems for home and hospital use. LIGADO NETWORKS: Gets Court OK for $550MM Satellite Deal with AST ----------------------------------------------------------------- Alex Wittenberg of Law360 reports that on June 23, 2025, a Delaware bankruptcy judge approved an agreement between insolvent satellite operator Ligado Networks and AST SpaceMobile Inc., allowing them to jointly pursue the development of space-based broadband services. The deal marks a critical step forward in Ligado's efforts to confirm a restructuring plan intended to slash nearly $8 billion in debt. About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LILLY INDUSTRIES: Court Extends Cash Collateral Access to Aug. 31 ----------------------------------------------------------------- Lilly Industries, Inc. was granted a three-month extension by the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral from June 3 to August 31 to pay the expenses set forth in its budget, with a 10% variance allowed. As protection for the Debtor's use of its cash collateral, the U.S. Small Business Administration was granted a replacement lien on revenues generated by the Debtor after the petition date. In addition, SBA will continue to receive a monthly payment of $5,129 as further protection. About Lilly Industries Inc. Lilly Industries, Inc. (doing business as The Slab Studio) is a trade-only gallery that offers architects, contractors, dealers, and designers access to the finest natural stone and semi-precious slabs, ensuring a sophisticated, one-of-a-kind viewing experience. With discerning standards and a global reach, they act as a trusted partner for those seeking premium materials for high-end design projects. Lilly Industries filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10301) on February 3, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Robert Goe, Esq., a practicing attorney in Irvine, Calif., serves as Subchapter V trustee. Judge Theodor Albert oversees the case. The Debtor tapped Brian M. Rothschild, Esq., at Parsons Behle & Latimer as legal counsel and Rocky Mountain Advisory, LLC as accounting and financial advisor. LLW CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: LLW Construction, Inc. d/b/a Adeline Custom Homes 106 S. Oregon Avenue, Ste. 1 Tampa, FL 33606 Business Description: LLW Construction, Inc. is a construction company specializing in residential and commercial projects. It operates with a network of experienced project managers, subcontractors, and suppliers. Founded by Michal and Mary Winiarek, the Company emphasizes hands-on expertise and client- centered service in its operations. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04229 Judge: Hon. Roberta A Colton Debtor's Counsel: Buddy D. Ford, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: All@tampaesq.com Total Assets: $63,757 Total Liabilities: $1,865,048 The petition was signed by Michal J. Winiarek as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PXQVCVQ/LLW_Construction_Inc__flmbke-25-04229__0001.0.pdf?mcid=tGE4TAMA MAGENS INTERVAL: Seeks Chapter 11 Bankruptcy in Virgin Islands -------------------------------------------------------------- On June 20, 2025, Magens Interval Resort Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Virgin Islands. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Magens Interval Resort Inc. Magens Interval Resort Inc. 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. Magens Interval Resort Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.V.I. Case No. 25-30004) on June 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtors are represented by Kevin F. D'Amour, Esq. at BARNES, D'AMOUR & VOGEL. MARRS CONSTRUCTION: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Marrs Construction, Inc. About Marrs Construction Inc. Marrs Construction, Inc. is a Phoenix-based contractor that provides demolition, excavation, earthwork, site preparation, civil utility, and paving services. The Company serves both residential and commercial projects across the greater Phoenix area. Marrs Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30, 2025. In its petition, the Debtor reported total assets of $10,177,042 and total liabilities of $12,177,492. The Debtor is represented by Christopher C. Simpson, Esq., at Osborn Maledon, P.A. MARY WADE HEALTHCARE: Fitch Lowers IDR to 'B-', Outlook Stable -------------------------------------------------------------- Fitch Ratings has downgraded Mary Wade Healthcare, Inc.'s (MW) Issuer Default Rating (IDR) to 'B-' from 'B'. Fitch has also downgraded approximately $46 million in revenue bonds issued by State of Connecticut Health and Educational Facilities Authority on behalf of MW to 'B-' from 'B'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- MW Healthcare, Inc. (CT) LT IDR B- Downgrade B MW Healthcare, Inc. (CT) /General Revenues/1 LT LT B- Downgrade B The downgrade to 'B-' reflects a material level of default risk; however, a limited margin of safety remains. MW Healthcare has an endowment with a balance of $14.6 million as of fiscal YE 2024, down from $16.7 million at fiscal YE 2023 (Sept. 30 year-end). The endowment's balance has deteriorated from $21.9 million at fiscal YE 2020 primarily due to persistent operating losses that required draws to meet MW's minimum debt service coverage ratio (DSCR) of 1.2x in fiscal 2024. Fitch expects operating pressures to persist over the Outlook period. Occupancy has improved, and management has made progress in addressing its staffing challenges. However, operating metrics remain critically weak with an operating ratio (OR) above 100% through 2Q25. The Stable Outlook reflects Fitch's expectation for management to successfully improve operations by consolidating operations, improving assisted living units (ALUs) occupancy and contain costs. SECURITY The bonds are secured by a gross revenue pledge of the obligated group (OG), first mortgage and security interest in all assets of the OG and a debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'b and below' Limited Pricing Flexibility A high portion of MW's revenues are derived from governmental payors, which leaves it susceptible to programmatic modifications or reimbursement changes, and severely limits the organization's pricing flexibility. MW's expansion project added 84 new units (64 ALUs and 20 memory care units (MCUs)) that are private pay, which should reduce its reliance on governmental payors. The expansion began to fill in February 2022. Occupancy was 86% in the new ALUs and 87% in the 20 MCUs as of March 31, 2025. ALU occupancy has improved from 40% in 2023. Demand has been strong for skilled nursing facilities (SNF), with occupancy above 90% for the past several years. RCH ALUs are primarily funded via the State of Connecticut's Older Americans Act program. Demand for the RCH was adequate above 70% at the end of 2Q25. MW's long-operating history, strong local reputation, and minimal competition for certain service lines have driven midrange SNF-centered demand. Operating Risk - 'b and below' Persistent Operating Losses MW's resident service revenues are heavily concentrated in its SNF, which accounted for 66% of fiscal 2024 revenues. This is improved from a very high 82% of total fiscal 2021 revenues. Filling the ALUs should further improve this metric. Additionally, Medicaid comprised a high 58% of net SNF revenues in fiscal 2024. Fitch views MW's high concentration to SNF and reliance on a governmental payor as an asymmetric risk to MW's operating risk profile and is reflected in the 'b' assessment. As a predominantly ALU, MCU and SNF operator, MW's cost containment opportunities are limited. Healthcare services are labor intensive with limited ability to pass on increased costs. This has led to weak operating ratios. For fiscal 2024, Fitch calculated an operating ratio of 114.45%, net operating margin (NOM) of negative 7%. Capital related metrics were also weak with revenue only MADS coverage of .6x for fiscal 2024 compared to a 0.3x coverage in fiscal 2023 and negative 0.4x coverage in fiscal 2022. Debt-to-Net Available has fluctuated and was 27x for fiscal 2024 and 48.4x for fiscal 2023. Fitch expects capital expenditure to be limited to routine maintenance over the next several years. Average age of plant is good at around 10 years. Financial Profile - 'b and below' Deteriorating Balance Sheet As of fiscal YE 24, MW had unrestricted cash and investments of approximately $15.4. million, which translates into 227 days cash on hand, and 33% cash to adjusted debt, down from $22 million, 533 DCOH and 55% cash to adjusted debt in fiscal 2020. Unrestricted cash and investments include the endowment fund. Fitch's base case assumes MW successfully implements its cost containment initiatives and increases revenue as the ALUs fill. Furthermore, Fitch assumes capex remains similar to fiscal 2023 expenditures. MW's key leverage and coverage metrics steadily improve and remain consistent with its 'b' financial profile assessment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - If MW's cost containment initiatives do not sufficiently stem operating losses their recent occupancy gains reverse, or they are unable to comply with bond covenants, their limited margin of safety will further deteriorate, placing negative pressure on the rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is unlikely over the Outlook period. Over time, if operating ratios return to levels below 100%, cash-to-adjusted debt increases above 40% and MADS coverage exceeds 2x, Fitch may revise the Outlook to Positive. PROFILE MW's operations primarily consist of a 45-bed residential care home, a 94-bed SNF (with 20 beds dedicated to short-term rehab), and an adult day care center. The Mary Wade Home (MWH) provides all three services. MWH, along with MW Healthcare, the parent company of MWH and all affiliated entities, and Mary Wade Residence, the company created to operate its new ALU/MCU facility, comprise the OG. Mary Wade's other affiliated entities are all located outside the OG and consist of MWH Holding, Fair Haven Properties, and Mary Wade at Home. Both MWH Holding and Fair Haven Properties were established to acquire and own properties, while Mary Wade at Home was established to provide companion and personal assistance, but has not been operational since 2018. Fitch analysis is based upon consolidated financial statements. In fiscal 2024 Total operating revenues of MW were approximately $21 million. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from DIVER by Solve. 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. MIDTOWN VENTURE: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------- On June 20, 2025, Midtown Venture Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Midtown Venture Group LLC Midtown Venture Group LLC is a limited liability company. Midtown Venture Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04163) on June 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtors are represented by Daniel R. Fogarty, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. MIDWEST CHRISTIAN: Ziegler Finalizes Ch. 11 Property Sales ---------------------------------------------------------- Ziegler, a specialty investment bank, announces its role as exclusive sell-side financial advisor to Midwest Christian Villages (d/b/a "Christian Horizons") in the sale of the final two senior living assets of the Christian Horizons portfolio that was marketed for sale pursuant to Section 363 of the U.S. Bankruptcy Code. The majority of the Company's other assets closed in multiple transactions earlier this year. Founded in 1962 in Lincoln, IL, Christian Horizons was one of the nation's largest not-for-profit, faith-based organizations and offered a comprehensive continuum of care that included over 1,200 Independent Living, Assisted Living, Memory Care, and Skilled Nursing units/beds. The organization served older adults in Illinois, Iowa, Indiana, and Missouri. In September of 2024, four stalking horse bidders were selected for four distinct subsets of the assets identified by Ziegler & Christian Horizons stakeholders. Subset portfolios were largely based on the geographical diversity of the communities within the portfolio. Affiliates of BEH Partners purchased two Supportive Living Facilities located in Southern Illinois following receipt of HUD TPA (Transfer of Physical Assets) approval. An affiliate of BEH Partners also purchased Christian Horizons wholly owned institutional pharmacy company, SeniorCare Pharmacy. Ziegler worked in coordination with its Pharmacy practice to ensure a smooth transition for the communities and a successful outcome for the Christian Horizons institutional pharmacy team. Ziegler's Senior Housing & Care Finance Practice brings its experience and expertise to senior housing and post-acute care clients. By offering a comprehensive suite of products for debt, equity and M&A services, our professionals provide creative solutions that meet your organization's capital goals. For more information about Ziegler, please visit us at http://www.ziegler.com. About Ziegler Ziegler is a privately held, national boutique investment bank, capital markets and proprietary investments firm. It has a unique focus on healthcare, senior living and education sectors, as well as general municipal and structured finance. Headquartered in Chicago with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, strategic advisory services, fixed income sales, underwriting and trading as well as Ziegler Credit Surveillance and Analytics. To learn more, visit http://www.ziegler.com. About Midwest Christian Villages Midwest Christian Villages Inc. operates a mix of independent, assisted and skilled nursing campuses in 10 locations across the Midwest, serving over 1,000 residents. Midwest Christian Villages and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 24-42473) on July 16, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Kate Bertram, chief operating officer. Judge Kathy Surratt-States oversees the cases. The Debtors tapped Stephen O'Brien, Esq., at Dentons US, LLP and Summers Compton Wells, LLC as bankruptcy counsels; B.C. Ziegler and Company as investment banker; and Plante Moran as auditor and tax consultant. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims and noticing agent. The U.S. Trustee for Region 13 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Cullen and Dykman, LLP as general counsel; Sandberg Phoenix & von Gontard P.C. and Schmidt Basch, LLC as local counsel; and Province, LLC as financial advisor. MIKLAR LLC: Hires Dunham Hildebrand Payne as Counsel ---------------------------------------------------- Miklar, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Dunham Hildebrand Payne Waldron, PLLC as counsel. The firm will provide these services: (a) render legal advice with respect to the rights, power, and duties of the Debtors in the management of their assets; (b) investigate and, if necessary, institute legal action on behalf of the Debtors to collect and recover assets of their estates; (c) prepare all necessary pleadings, orders and reports with respect to this proceeding and render all other necessary or proper legal services; (d) assist and counsel the Debtors in the preparation, presentation, and confirmation of plans of reorganization; (e) represent the Debtors as may be necessary to protect their interests; and (f) perform all other legal services that may be necessary and appropriate in the general administration of the Debtors' estates. The firm will be paid at these rates: Attorneys $450 to $550 per hour Paralegal $175 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a total combined retainer of $12,000 from the Debtors. Mr. Waldron 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: Gray Waldron, Esq. Dunham Hildebrand Payne Waldron PLLC 9020 Overlook Blvd., Ste. 316 Brentwood, TN 37027 Tele: (629) 777-6539 Email: alex@dhnashville.com About Miklar, LLC Miklar LLC is a Nashville-based real estate development company with properties in Davidson County. Miklar LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-02225) on May 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Nancy B. King handles the case. The Debtors are represented by Denis Graham (Gray) Waldron, Esq. at Dunham Hildebrand Payne Waldron, PLLC. MODE ELEVEN: Seeks to Hire Hovde Group LLC as Investment Banker --------------------------------------------------------------- Mode Eleven Bancorp seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Hovde Group, LLC as its investment banker. The firm will render these services: (a) undertake due diligence investigations to learn about the Debtor's business and operations in order to conduct an analysis of the Debtor's strategic options; (b) provide advice to the Debtor with regard to various measures it might employ with respect to a proposed Sale Transaction and assist the Debtor in formulating objectives with respect to the same; (c) assist the Debtor in identifying and evaluating potential Transaction Partners; (d) at the Debtor's request, initiate on a confidential basis preliminary discussions with and/or solicit preliminary proposals from potential Transaction Partners to determine their level of interest in pursuing a proposed Sale Transaction; (e) assist the Debtor in preparing a marketing plan and information materials describing the Debtor and its assets and, at the Debtor's request, communicate the merits of a proposed Sale Transaction to the potential Transaction Partners through verbal presentations and through written evaluation materials to be prepared by Hovde and the Debtor and approved by the Debtor; (f) advise the Debtor as to the feasibility of completing a proposed Sale Transaction in a manner consistent with the Debtor's objectives; (g) assist the Debtor in contacting potential Transaction Partners, arranging meetings with such potential Transaction Partners, and coordinating the due diligence investigation of the Debtor by such Transaction Partners, in each case as appropriate and acceptable to the Debtor; (h) assist the Debtor and its counsel in the due diligence process and analyzing, clarifying and negotiating the financial and other material terms of any agreements relating to a proposed Sale Transaction; (i) present the results of their analyses, and make recommendations, to the Debtor with respect to a proposed Sale Transaction; (j) assist the Debtor in developing a strategy to effectuate a Sale Transaction; (k) address any questions, concerns or comments the Debtor may have with respect to a proposed Sale Transaction, and meet with the Debtor's board of directors and any committees thereof as requested by the Debtor to discuss the status of the marketing process and any proposed Sale Transaction; and (l) if requested by the Debtor, issue (subject to customary assumptions and qualifications) an opinion to the Debtor's board of directors regarding whether the consideration to be paid to the Debtor in connection with a proposed Sale Transaction is fair to the shareholders of the Debtor from a financial point of view (a "Fairness Opinion"). The firm will receive these fees: a) To the extent the Debtor requests a Fairness Opinion with respect to a Sale Transaction, the Debtor shall pay Hovde a non-refundable fee in cash (the "Fairness Opinion Fee") equal to $100,000 for each such Fairness Opinion issued, which shall be credited $50,000 (the "Fairness Opinion Fee Credit") against the Completion Fee with respect to the Sale Transaction payable to Hovde; b) In the event that a Sale Transaction is consummated by the Debtor, the Debtor agrees to pay Hovde a non-refundable fee (the "Completion Fee") in cash equal to $400,000, less any Fairness Opinion Fee Credit upon the consummation of the Sale Transaction; and c) Hovde will also be entitled to reimbursement for reasonable out-of-pocket expenses incurred in connection with its services under the Engagement Agreement which shall not exceed $50,000 unless otherwise authorized by the Debtor. As disclosed in the court filings, Hovde is a "disinterested person," as defined under 11 U.S.C. Sec. 101(14). The firm can be reached through: Kirk S. Hovde, CPA Hovde Group, LLC 1629 Colonial Parkway Inverness, IL 60067 Phone: (312) 436-0779 Email: khovde@hovdegroup.com About Mode Eleven Bancorp Mode Eleven Bancorp filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20240) on June 9, 2025, listing $10,000,001 to $50 million in assets and $1,000,001 to $10 million in liabilities. Judge Cathleen D Parker presides over the case. Bradley T Hunsicker, Esq. at Markus Williams Young & Hunsicker LLC represents the Debtor as counsel. MOF-WILLOWS LLC: Rampart/Wurth Holding Appointed as Receiver ------------------------------------------------------------ In the case styled HANCOCK WHITNEY BANK, AS TRUSTEE FOR THE OWNERS OF THE FINANCE AUTHORITY OF NEW ORLEANS MULTIFAMILY HOUSING REVENUE BONDS (GMF-THE WILLOWS APARTMENTS) SERIES 2014, Plaintiff v. MOF-WILLOWS, LLC (FORMERLY, GMFWILLOWS, LLC), Defendant, Case No. 2:25-cv-01152-JCZ-DPC (E.D. La.), Judge Jay Z. Zainey entered an Order granting the Motion to Appoint Receiver and Keeper, filed by Hancock Whitney Bank, in its capacity as trustee for the owners of The Finance Authority of New Orleans Multifamily Housing Revenue Bonds (GMF-The Willows Apartments) Series 2014A. Hancock Whitney Bank, a Mississippi banking corporation domiciled, and with its principal offices, in Harrison County Mississippi, is the successor in interest by merger and name change to Whitney Bank, which was a Mississippi banking corporation, and is appearing in this matter in its capacity as trustee for the owners of The Finance Authority of New Orleans Multifamily Housing Revenue Bonds (GMF-The Willows Apartments) Series 2014A (the "Bonds") pursuant to a Trust Indenture by and between Whitney Bank (now Plaintiff), as "Trustee," and The Finance Authority of New Orleans ("FANO"), as "Issuer," dated as of November 1, 2014 (the "Indenture") relating to the issuance of the Bonds (Hancock Whitney, in its capacity as trustee for the owners of the Bonds pursuant to the Indenture, "Plaintiff"). Pursuant to, and in accordance with, the terms and conditions of the Indenture and various other agreements and other documents, FANO issued the Bonds in the aggregate principal amount of $13,000,000 to provide funds to finance the acquisition, rehabilitation, and equipping of a 263-unit residential facility known as the Willows Apartments ("Project") on immovable (real) property in Orleans Parish, Louisiana more particularly described in the Mortgage and the Motion. The land, together with the improvements constructed thereon, consists of a residential rental facility known as The Willows Apartments, and related support facilities, including all buildings, structures, improvements, fixtures, and other items related thereto. FANO loaned the proceeds from the sale of the Bonds to Defendant for the Project and to fund various funds under the Indenture and pay costs of issuance in connection with the Bonds. To evidence, and in connection with, the loan by FANO to Defendant, the Defendant executed, among other agreements and other documents, the following: (a) a Multifamily Promissory Note dated November 10, 2014, in the stated principal amount of $13,000,000.00, executed by GMF (now Defendant), as maker, payable to the order of Whitney Bank (now Plaintiff); (b) a Loan Agreement dated as of November 1, 2014 by and among GMF, Whitney Bank, and FANO; (c) a Mortgage, Assignment of Leases and Rents and Security Agreement dated as of November 1, 2014 executed by GMF, as mortgagor, in favor of Whitney Bank, as mortgagee, and encumbering the Project and the Mortgage, together with the Note, the Loan Agreement, and all other agreements and other documents executed in connection with the Loan. As of May 1, 2025, the Defendant is indebted unto Trustee on account of the Loan evidenced by the Note in the full and true amount of $11,223,981.25 (principal - $10,975,000.00; interest - $248,981.25) plus reasonable attorney fees and expenses. The Defendant is also indebted unto Trustee for interest that continues to accrue on the principal owed on account of the Loan from and after the Reference Date until the Loan is paid in full, which interest is accruing on the principal owed on account of the Loan as itemized in the Complaint. Given that Defendant has abandoned the Project the appointment of a receiver is necessary to (a) protect the rights of Trustee and Bondholders, (b) collect rents due from tenants and deliver same to Plaintiff as required by the Loan Documents, (c) and immediately commence repairs and maintenance in order to preserve and improve value for Bondholders, protect the health, safety, and wellbeing of tenants, and remediate and improve the Project to attract additional tenants and attempt to increase revenue from the Project. On June 15, 2025, Plaintiff, Hancock Whitney Bank, in its capacity as trustee for the owners of The Finance Authority of New Orleans Multifamily Housing Revenue Bonds (GMF-The Willows Apartments) Series 2014A, filed an Unopposed Ex Parte Verified Motion for Appointment of Receiver and for Appointment of Keeper. On June 18, the Court ordered that Rampart/Wurth Holding, Inc., a Louisiana corporation doing business as Rampart Multifamily Management, be appointed the receiver of the following described property: "ONE CERTAIN LOT OR PARCEL OF GROUND, together with all the buildings and improvements thereon, and all of the rights, ways, privileges, servitudes, appurtenances and advantages thereunto belonging or in anywise appertaining, situated in the THIRD DISTRICT OF THE CITY OF NEW ORLEANS, ORLEANS PARISH, STATE OF LOUISIANA, in that part thereof known as LAKE FOREST (formerly known as LaKratt Tract and the New Orleans Lakeshore and Company Subdivision), designated as LOT 1-D-1 in accordance with a survey prepared by Gilbert, Kelly & Couturie, Inc., Surveying and Engineering, dated March 1, 1984, approved by the City Planning Commission under date of September 24, 1984, registered in COB 795, folio 224, and according to which said Lot l-D-1 is in the area bounded by CROWDER ROAD, CROWDER ROAD INTERCHANGE, INTERSTATE HIGHWAY I-10 (N. I-10 Service Road), LAWRENCE ROAD AND LAKE WILLOW DRIVE." MOF- Willows, LLC is a Tennessee limited liability company domiciled in Shelby County, Tennessee. The Plaintiff is represented by: David S. Rubin, Esq. James R. Austin, Esq. BUTLER SNOW LLP 445 N. Blvd. Suite 300 Baton Rouge, LA 70802 Telephone: (225) 325-8700 Facsimile: (225) 325-8800 E-mail: david.rubin@butlersnow.com jim.austin@butlersnow.com - and - Jacob Capraro, Esq. 1100 Poydras St. Suite 2900 New Orleans, LA 70163 Telephone: (504) 799-2255 Facsimile: (504) 585-7301 E-mail: jcapraro@msn.com MONARCHY RACHEROS: Hires Gatton & Associates P.C. as Attorney ------------------------------------------------------------- Monarchy Racheros de Santa Fe, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ Gatton & Associates, P.C. as attorney to handle its chapter 11 case. The firm will be paid at these rates: Chris Gatton $300 per hour Marcus Sedillo $250 per hour Benjamin Jacobs $250 per hour Christina Mascarenas $140 per hour Alexandria Garcia $140 per hour Lorraine Chavez $140 per hour Document Clerk $40 per hour The firm was paid an initial retainer in the amount of $12,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Sedillo 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: Marcus A. Sedillo, Esq. 10400 Academy NE, Suite 350 Albuquerque, NM 87111 Tel: (505) 271-1053 Fax: (505) 271-4848 Email: marcus@gattonlaw.com About Monarchy Racheros de Santa Fe, LLC Monarchy Racheros de Santa Fe, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.M. Case No. 25-10691) on June 5, 2025. The Debtor hires Gatton & Associates, P.C. as attorney. NAYA STONE: Hires Michael M. Cohen as Special Litigation Counsel ---------------------------------------------------------------- Naya Stone, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Michael M. Cohen as special litigation counsel. The Debtor needs the firm's legal assistance in connection with a case (Case Nos. C-000238-23 and C-000192-24) filed in the Superior Court of New Jersey Chancery Division, Bergen County. The firm will be paid at the rates of $495 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael M. Cohen, Esq., 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. About Naya Stone LLC Naya Stone LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-20223) on October 15, 2024. In the Avraham Dahan, as President of Dayton Services Corp., Majority Member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Anthony Sodono, III, Esq. at McMANIMON, SCOTLAND & BAUMANN, LLC. NEIMAN MARCUS: Trust Secures $55MM From MyTheresa Equity Sale ------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that a trust representing unsecured creditors in Neiman Marcus Group Ltd.'s bankruptcy has raised $55 million by selling 140 million shares in the parent company of e-commerce brand MyTheresa. The shares were originally received nearly five years ago as part of a settlement resolving fraudulent transfer claims. According to a filing in the U.S. Bankruptcy Court for the Southern District of Texas, the sale will result in a nearly 14% recovery for creditors with $418 million in claims tied to Neiman Marcus' 2020 bankruptcy. The trust, which is set to conclude its operations by late September, accepted the offer following a sale process that ran from October through April, the report states. About Neiman Marcus Group Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is a luxury omni-channel retailer conducting store and online operations principally under the Neiman Marcus, Bergdorf Goodman, and Last Call brand names. It also operates the Horchow e-commerce website offering luxury home furnishings and accessories. Since opening in 1907 with just one store in Dallas, Neiman Marcus and its affiliates have strategically grown to 67 stores across the United States. Weeks after being forced to temporarily shutter stores due to the coronavirus pandemic, Neiman Marcus Group and 23 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32519) on May 7, 2020, after reaching an agreement with a significant majority of our creditors to undergo a financial restructuring that will substantially reduce the Company's debt load, and provide access to considerable financing to ensure business continuity. Kirkland & Ellis LLP is serving as legal counsel to the Company, Lazard Ltd. is serving as the Company's investment banker, and Berkeley Research Group is serving as the Company's financial advisor. Stretto is the claims agent, maintaining the page https://cases.stretto.com/NMG Judge David R. Jones oversees the cases. The Extended Term Loan Lenders are represented by Wachtell, Lipton, Rosen & Katz as legal counsel, and Ducera Partners LLC as investment banker. The Noteholders are represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel and Houlihan Lokey as investment banker. NEW LONDON: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York issued its final order authorizing New London Pharmacy, Inc. and Eleni International, Inc. to use cash collateral. The final order authorized the Debtors to use cash collateral to pay ordinary and necessary costs and expenses set forth in their budget, with a 10% variance allowed. Cardinal Health 110, LLC and the U.S. Small Business Administration were granted replacement liens on all post-petition property of the Debtors, subject to a carve-out. The replacement liens will have the same priority, validity and enforceability as Cardinal's and SBA's liens on their respective collateral. In the event that the replacement liens fail to provide the secured creditors with adequate protection, both will have the right to assert a claim in accordance with Section 507(b) of the Bankruptcy Code. As additional protection, Cardinal and SBA will continue to receive monthly payments of $50,175.30 and $731.00, respectively. The right of the Debtors to use cash collateral terminates immediately upon the occurrence of certain events, including the entry of an order converting or dismissing their Chapter 11 cases; confirmation of a plan of reorganization; the failure of the Debtors to perform their obligations under the final order; the modification of all or part of the final order; and the termination of the Debtors' operations. About New London Pharmacy New London Pharmacy, Inc. owns and operates a health care business in New York. Its affiliate, Eleni International Inc., is a New York-based healthcare company specializing in retail pharmacy. New London Pharmacy and Eleni International filed Chapter 11 petitions (Bankr. S.D. N.Y. Lead Case No. 25-10107) on February 23, 2025. At the time of the filing, both Debtors reported between $1 million and $10 million in assets and liabilities. Judge John O. Mastando, III oversees the cases. Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the Debtors as legal counsel. Cardinal Health 110, LLC, as secured creditor, is represented by: Scott A. Zuber, Esq. Chiesa Shahinian & Giantomasi, PC 105 Eisenhower Parkway Roseland, NJ 07068 Tel: (973) 530-2046 Fax:(973) 530-2246 Email: szuberfa-icselaw.com NOBLE GOODNESS: Hires Resolute Commercial Services as Accountant ---------------------------------------------------------------- Noble Goodness, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Arizona to employ Resolute Commercial Services, LLC to perform the Debtors' day-to-day accounting functions. The Business Accountants provide services and represent the Debtors' interests in matters that are not directly related to the administration of the Debtors’ bankruptcy cases or their reorganization. The Debtor will pay Resolute for its services a flat fee of $12,000. Resolute Commercial Services is disinterested as that term is defined in Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jerimiah Foster Resolute Commercial Services, LLC 6750 East Camelback Road, Suite 103 Scottsdale, AZ 85251 Email: jfoster@resolutecommercial.com About Noble Goodness, LLC Noble Goodness, LLC operates a bakery and eatery in Phoenix, Ariz. Noble Goodness sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04874) on May 29, 2025, listing up to $10 million in both assets and liabilities. Jason Raducha, a member of Noble Goodness, signed the petition. Wesley D. Ray, Esq., at Sacks Tierney, PA, represents the Debtor as legal counsel. NOBLE LIFE: Seeks Chapter 11 Bankruptcy in Maryland --------------------------------------------------- On June 22, 2025, Noble Life Sciences Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports $5,160,511 in debt owed to 100 and 199 creditors. The petition states funds will not be available to unsecured creditors. About Noble Life Sciences Inc. Noble Life Sciences Inc. is a pre-clinical contract research organization that provides GLP and non-GLP services, including safety and efficacy testing, for drugs, vaccines, and medical devices. The Company offers capabilities in pharmacology, bioanalysis, analytical testing, and preclinical development across a range of therapeutic areas such as oncology, infectious diseases, and cardiovascular conditions. Noble Life Sciences Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-15637) on June 22, 2025. In its petition, the Debtor reports total assets of $488,456 and total liabilities of $5,160,511. The Debtors are represented by Robert B. Scarlett, Esq. at SCARLETT & CROLL, P.A. OAK AND FORT: Secures U.S. Provisional Chapter 15 Case Protection ----------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that on Monday, June 23, 2025, a New York bankruptcy judge approved interim protections for Canadian clothing retailer Oak and Fort Corp. in its Chapter 15 case, as the company awaits recognition of its foreign insolvency proceeding as the main case. About Oak and Fort Corp. Oak and Fort Corp. is a specialty retailer based in and managed from Vancouver, British Columbia. The Company offers a broad range of fashion apparel, accessories, jewellery, and homeware under the "Oak + Fort" brand through its e-commerce websites and 42 retail stores across Canada and the United States. It focuses on minimalist design, cost-conscious fashion, and sustainable practices. Oak and Fort Corp. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11282) on June 6, 2025. Honorable Bankruptcy Judge Martin Glenn handles the case. KSV Restructuring Inc. is the Debtor's foreign representative. The foreign representative's counsels are Warren A. Usatine, Esq. and Mark Tsukerman, Esq. at COLE SCHOTZ P.C. ORACLES CAPITAL: Bankruptcy Auction for Beverage Assets Set July 15 ------------------------------------------------------------------- Auction Advisors announced the upcoming bankruptcy auction of assets belonging to Oracles Craft Brands, including a rare opportunity to acquire a thriving portfolio of Italian wine brands and a rising star in the premium canned cocktail market. The live auction, scheduled for July 15, 2025, offers potential buyers a compelling path into two high-growth sectors: imported wines and ready-to-drink (RTD) beverages, as well as several other small brands. The centerpiece of the auction is a portfolio of four acclaimed Italian wine brands--Primaterra, La Maialina, Quattro Mani, and Rilasso--which together generated over $1.24 million in sales in 2024 and boast national distribution across 36 U.S. states. These wines have long-standing relationships with distributors and enjoy high brand recognition, particularly La Maialina, which offers a lineup of authentic Tuscan wines including Chianti, Chianti Classico, and Chianti Classico Riserva, all well-reviewed by sommeliers and critics alike. Complementing the wine portfolio is Lido Limone, a 94-point-rated sparkling vodka lemonade inspired by Italy's Amalfi Coast. This organic, gluten-free canned cocktail features triple-distilled corn vodka and real lemon juice, and has already achieved distribution in 22 states. Positioned at the intersection of premium and health-conscious RTD trends, Lido Limone is primed for growth, with eye-catching packaging and a wellness-forward brand identity that resonates with today's consumer. Assets available in the auction include: -- Intellectual property, brand and trademark rights -- Goodwill and distributor relationships -- Physical inventory (subject to adjustment) -- Digital, e-commerce, and marketing collateral -- Optional access to additional wine product held by Italian manufacturers -- Any outstanding purchase orders at cost In addition to these beverage assets, the auction includes minority interests in other spirits brands and a stake in a developing Irish whiskey label. "This is a unique chance for both strategic buyers and industry newcomers to acquire high-quality beverage assets at bankruptcy pricing, " said Joshua Olshin, Managing Director of Auction Advisors. "The Italian wine brands in this portfolio have deep roots and a proven track record, while Lido Limone represents everything the modern RTD consumer wants--authenticity, clean ingredients, and bold, on-trend branding. These are assets that don't often come to market, especially not in a single event." All interested parties must submit qualifying bids by July 11, 2025, to participate in the auction on July 15, 2025. Full access to the secure dataroom, including financials, sales data, inventory details, and distribution history, is available by visiting the website. For more information or to schedule a private consultation, please contact: Joshua Olshin - (212) 375-1222 ext 705 jolshin@auctionadvisors.com - and - Oren Klein - (212) 375-1222 ext 703 oklein@auctionadvisors.com About Auction Advisors Auction Advisors is a leading asset disposition firm specializing in bankruptcy sales, corporate restructurings, and unique asset auctions across multiple industries. Known for its tailored approach and robust buyer networks, Auction Advisors delivers results that maximize asset value for sellers and provide rare acquisition opportunities for buyers. About Oracles Capital Inc. Oracles Capital Inc., through Oracles Craft Brands, imports, distributes, and supplies beer, wine, and distilled spirits across the United States. The Company owns a portfolio of brands and supports its distribution partners with a national sales team to strengthen market presence and brand longevity. Oracles Capital Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10870) on May 11, 2025. In its petition, the Debtor reports total assets of $1,254,476 and total liabilities of $245,221. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors are represented by Ronald S. Gellert, Esq. at GELLERT SEITZ BUSENKELL & BROWN, LLC. PLASTIC SUPPLIERS: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------- Plastic Suppliers, Inc. and affiliates filed with the U.S. Bankruptcy Court for the District of New Jersey a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated June 9, 2025. PSI was originally incorporated in the State of New Jersey as PLASTICORP in 1959. PLASTICORP amended its Certificate of Incorporation in 1988 to change its name to "Plastic Suppliers, Inc." SFI and Sidaplax are special purpose entities, each holding a fifty percent interest in Sidaplax V.O.F., a Belgium partnership. On or about January 31, 2025, Sidaplax, V.O.F. filed a bankruptcy [liquidation] petition with the Belgian court. The court subsequently appointed a bankruptcy trustee to liquidate the company's assets and distribute the proceeds, if any, in accordance with Belgian bankruptcy law. The "Bidding Procedures Order" entered by the Court approved the form of that certain asset purchase agreement ("Stalking Horse APA") executed by and between the Debtors and API Industries, Inc. d/b/a Aluf Plastics, for itself and any designees ("API"), which provided for consideration that would include cash of not less $13,000,000.00, as well as the assumption of certain liabilities for the Purchased Assets. On February 5, 2025, the Debtors and API signed an Addendum to the APA, pursuant to which the Debtors provided an inventory credit to API in the amount of $100,000.00. The Sale closed on (the "Closing") and became effective on February 6, 2025 (the "Asset Sale"). The total cash and cash equivalent consideration tendered by API at Closing was $15,711,000. After payment of debts, fees, expenses, and other charges (including, without limitation, payment to Midcap, both in its capacity as pre petition lender as well as DIP Lender, in the total amount of $9,708,047.04), the Debtors realized net cash proceeds from the Asset Sale in the amount of $5,184,570.34. Class 3 consists of Unsecured Non-Affiliate Claims. All Allowed General Unsecured (NonAffiliate) Claims shall receive a commensurate beneficial interest in the Liquidation Trust, on the Effective Date, on account of and in full satisfaction of, their Allowed Claims. Allowed Claims in this Class will be Liquidation Trust Beneficiaries and receive pro-rata distributions from the Liquidation Trust Assets, after satisfaction of fees, costs, and expenses of the Liquidation Trust, as more fully set forth in the Liquidation Trust Agreement. Class 4 consists of Unsecured Affiliate Claims. All General Unsecured Affiliate Claims will be cancelled on the Effective Date and shall not receive anything under the Plan. Class 5 consists of Interest Holders. All Interests in the Debtors will be cancelled on the Effective Date and shall not receive anything under the Plan. The Plan is being funded by the Assets. All Assets, excluding the Debtor Cash Reserve, shall be assigned and transferred to the Liquidation Trust on the Effective Date, pursuant to this Plan, the Confirmation Order and the Liquidation Trust Agreement. On the Effective Date, the Liquidation Trust will be established with the primary purpose of liquidating the Liquidation Trust Assets, administering the General Unsecured Claims filed against the Debtors' Estates, and making distributions to holders of Allowed General Unsecured Claims (the "Liquidation Trust Beneficiaries"). The Liquidation Trust Beneficiaries, who will be treated as grantors and deemed owners for federal income tax purposes, will be holders of interests in the Liquidation Trust based on the amount of each such holder's Allowed Unsecured Claim. A full-text copy of the Combined Disclosure Statement and Liquidating Plan dated June 9, 2025 is available at https://urlcurt.com/u?l=hVw7cJ from PacerMonitor.com at no charge. The Debtors' Counsel: Stephen M. Packman, Esq. Douglas G. Leney, Esq. ARCHER & GREINER, P.C. 1025 Laurel Oak Road Voorhees, NJ 08043 Tel: (215) 963-3300 Fax: (215) 963-9999 E-mail: spackman@archerlaw.com dleney@archerlaw.com About Plastic Suppliers Inc. Plastic Suppliers Inc., doing business as PSI, Earthfirst Films, and Earthfirst Films by PSI is a global manufacturer of innovative, environmentally friendly thin-gauged, bio-based material using distinctive biopolymers such as Polylactic Acid ("PLA") and Polyhydroxyalkanoates ("PHA"). They also produce petrochemical-based films. They develop highly engineered application-specific solutions for a wide range of companies in the "Consumer Packaged Goods" and industrial markets. The Debtors provide their sustainable film solutions to customers in the Americas, EMEA region, and Asia. The Debtors' primary markets include food and beverage packaging, architecture products, medical equipment, personal care, office, industrial and laminated films for SME digital printers. The Debtors' products are compostable and recyclable and are utilized for, among other things, single purpose bags, mailers, shrink sleeves, window packaging, envelopes, flow wraps, filters, transparent sealants, barrier sealants, print webs, adhesive labels, thermoforming films and laminates. Plastic Suppliers and its affiliates, Specialty Films, Inc. and Sidaplax, Inc., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 24-22549) on December 22, 2024. Michael DuFrayne, president and chief executive officer of Plastic Suppliers, signed the petitions. At the time of the filing, Plastic Suppliers reported $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg Jr. handles the cases. The Debtors are represented by Stephen M. Packman, Esq., and Douglas G. Leney, Esq., at Archer & Greiner, P.C. POWIN LLC: Hires Kurtzman as Claims & Noticing Agent ---------------------------------------------------- Powin LLC seeks approval from the U.S. Bankruptcy Code in the District of New Jersey to hire Kurtzman Carson Consultants, LLC dba Verita Global as the claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases. Verita did not receive any payments from the Debtors in the 90 days prior to the petition date. Evan Gershbein, an executive vice president of Corporate Restructuring Services at Kurtzman, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Evan Gershbein Kurtzman Carson Consultants, LLC 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 Facsimile: (310) 823-9133 Email: egershbein@kccllc.com About Powin, LLC Powin LLC is a U.S.-based global energy storage integrator on a mission to become the world's most trusted energy storage provider, enabling clean and reliable energy. With data-driven software controls, proven hardware, and experienced end-to-end project execution, Powin delivers scalable systems tailored to meet the needs of modern energy demand. Supported by a globally diversified, ethically sourced supply chain, Powin bolsters energy distribution to alleviate grid congestion, reduce costs, and strengthen aging infrastructure. Relentlessly focused on innovation and lasting value, Powin optimizes energy management, mitigates risk, and ensures predictable energy throughout the lifetime of its projects. On June 9, 2025 and June 10, 2025, Powin, LLC, and affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137). The cases are pending before the Honorable Michael B. Kaplan. Powin is advised in this matter by Dentons as legal counsel, Uzzi & Lall as financial and restructuring advisor, and Huron as investment banker. Verita Global is the claims agent and maintains the page https://www.veritaglobal.net/powin POWIN LLC: To Focus on Long-Term Servicing Business --------------------------------------------------- Powin LLC has sought Chapter 11 protection to reorganize its business to focus on its long-term servicing program. Powin LLC, a Delaware limited liability corporation, and its affiliates are collectively an energy storage integrator based in Portland, Oregon, and with offices around the world in Vietnam, China, Canada, Australia, and Spain. Powin focuses on advancing the next frontier of energy by ensuring access to clean, reliable, resilient, and affordable power through cutting-edge technology. Powin's business model has two lines of business: (a) the engineering and installation of BESS, which are governed by various energy supply agreements (each, an "ESA"); and (b) the warranties, servicing and maintenance of BESS, which are governed by various long term servicing agreements (each, an "LTSA"). In the last audited financials for the year ending on Dec. 31, 2023, the company reported total assets of $1.16 billion and liabilities of $1.24 billion. The assets consisted mostly of accounts receivable and inventories related to projects in process. The liabilities related mostly to accounts payable and deferred revenue. The company has not yet closed its books for 2024 or any month in 2025. As a result of several factors, the Debtors experienced challenges leading to financial constraints that required engagement with their prepetition lenders and other parties in interest on an appropriate path forward for the Debtors' business. According to court filings, as of the Petition Date, the Debtors' outstanding secured obligations under the Loan Agreement were no less than $25.61 million, plus any other fees, expenses, and other obligations. The Debtors estimate that unsecured claims against the estates as of the Petition Date are at least $300,000,000. On March 24, 2025, GLAS USA LLC, the agent for the prepetition secured lenders, and the lenders declared payment and covenants defaults and demanded payment in full of the Debtors' prepetition secured debt. After consultation with Powin's management team and advisors, the agent also exercised its cash dominion rights over certain blocked accounts. On April 25, 2025, GLAS USA exercised remedies against a portion of the Debtors' cash on hand and exercised its rights to appoint Uzzi & Lall founder Gerard Uzzi, as independent manager for Powin. On June 8, 2025, the prepetition agent exercised its proxy rights and appointed Drivetrain, LLC founder John R. Brecker as an additional independent manager. The Chief Executive Officer and the Head of Human Resources resigned from their posts. Effective June 9, 2025, Mr. Uzzi was named CRO, and Brian J. Kane was named CEO of the Debtors. Mr. Uzzi says he conducted discussions with lenders after it became evident that Powin's liquidity position was untenable. Mr. Uzzi successfully negotiated an agreement with the prepetition secured creditors to (i) release cash and (ii) relend $6.25 million. On June 9, 2025, the lenders agreed to forbear from exercising their right to direct disbursements during the period until through June 11, 2025. After meetings with the Debtors' largest stakeholders, including largest vendor, Ace Engineering & Co., LTD, and its largest customers, Mr. Uzzi says they have determined that: (a) the new project or "ESA" side of the business was not immediately sustainable, in large part because two of the Debtors' largest customers terminated their projects during these discussions; and (b) the servicing or "LTSA" side of the business was vitally important to the Debtors' customer base, and a community of customers were very interested in supporting this business line. The feedback from customers suggested that the LTSA Program would be best accomplished through a stand-alone entity that was removed and could be reorganized separately from Powin's legacy liabilities. Consequently, Powin formed a new subsidiary, Powin Project LLC for that purpose. LTSA Business The Debtors commenced Chapter 11 cases to, among other things, reorganize their businesses around the Debtors' long term servicing line of business. Through this line of business, the Debtors provide their customers with continuing maintenance and repair services with respect to previously installed Debtor battery systems at customer sites. The Debtors' proprietary cloud-based technology and related servicing functionality is highly valuable to their customers, and, in recent days, the Debtors have conducted in-depth discussions with customers who have communicated a strong willingness to support the Debtors' efforts to continue this business line on a focused basis with pricing that is designed to allow the Debtors to continue this business. The Debtors have filed a motion to enter into a new customer program with existing customers. If they are successful in implementing that LTSA Program, the Debtors will proceed to market their remaining assets for sale under the protection chapter 11 affords. About Powin, LLC Powin LLC is a U.S.-based global energy storage integrator on a mission to become the world's most trusted energy storage provider, enabling clean and reliable energy. With data-driven software controls, proven hardware, and experienced end-to-end project execution, Powin delivers scalable systems tailored to meet the needs of modern energy demand. Supported by a globally diversified, ethically sourced supply chain, Powin bolsters energy distribution to alleviate grid congestion, reduce costs, and strengthen aging infrastructure. Relentlessly focused on innovation and lasting value, Powin optimizes energy management, mitigates risk, and ensures predictable energy throughout the lifetime of its projects. On June 9, 2025 and June 10, 2025, Powin, LLC, and affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The cases are jointly administered under Bankr. D.N.J. Case No. 25-16137 before the Honorable Michael B. Kaplan. Powin is advised in this matter by Dentons as legal counsel, Uzzi & Lall as financial and restructuring advisor, and Huron as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent, and maintains the page https://www.veritaglobal.net/powin PREMIER PEDIATRICS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Premier Pediatrics, LC got the green light from the U.S. Bankruptcy Court for the District of Utah to use cash collateral. The bankruptcy court authorized the Debtor's interim use of cash collateral pending the final hearing scheduled for July 10. The court authorized, but not required, the Debtor to make payments only as and when due in the ordinary course of its business according to the interim budget submitted to the court. The Debtor has identified three creditors with a potential interest in its personal property. The potential secured creditors are Bankers Healthcare Group, Inc., Preferred Bank, and Overton Funding, LLC. Based on the filing dates, Bankers Healthcare Group, Inc., appears to be the senior creditor. About Premier Pediatrics LC Premier Pediatrics, LC operates a pediatric medical office in Southern Utah. Premier Pediatrics filed Chapter 11 petition (Bankr. D. Utah Case No. 25-21548) on March 26, 2025, listing up to $50,000 in assets and up to $500,000 in liabilities. Robert K. Dowse, managing member of Premier Pediatrics, signed the petition. Judge William T. Thurman oversees the case. Geoffrey L. Chesnut, Esq., at Red Rock Legal Services, PLLC, represents the Debtor as bankruptcy counsel. PROJECT BOOST: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Project Boost Purchaser, LLC and its parent Boost Parent, LP (dba J.D. Power) at 'B'. The Rating Outlook is Stable. Fitch has also affirmed the company's first lien debt at 'BB-' with a Recovery Rating of 'RR2' and the second lien debt at 'CCC+'/'RR6'. J.D. Power's strong fundamentals, specifically recurring revenue, relatively high EBITDA margins, and strong FCF generation are positive credit factors compared with other B-category issuers. The company has valuable data sets and strong customer relationships, and the acquisition of Autovista has improved customer and geographic diversification. However, high leverage and low interest coverage constrain the rating. Fitch expects the capital allocation policy to prioritize returns to equity holders instead of voluntary debt reduction. Key Rating Drivers High Leverage: High leverage and the associated interest burden with higher interest rates limit the IDR, and Fitch expects this to persist for the next several years. The company ended 2024 with Fitch-calculated leverage of 6.9x, up from 6.4x at YE 2023 due to incremental debt in their July 2024 refinancing. The company's highly recurring business model and significant cash flow predictability partially offsets this high leverage. Interest coverage was 1.9x at YE 2024, which is low for the rating, and interest rate forecasts indicate that coverage will likely remain low. Increased Scale and Diversification: The acquisition of Autovista, completed in 1Q24, increased the company's scale and diversification. This reduced customer concentration risk; for example, the top 10 customers now account for 33% of revenue compared with 38% prior to the acquisition. Autovista broadens the combined company's exposure to the European market. The company has also expanded its data and analytics solutions. These changes should strengthen its overall competitive position, but the diversification is limited to the auto industry. Strong Recurring Revenue Model: Subscription-based revenue constitutes most of the revenue mix. This provides significant visibility and stability to the business. A meaningful portion of customers operate under annual or multiyear contracts, and net revenue retention has been high historically. EBITDA margins have been above 45% for the several years and reached 46.9% in 2024. Strong revenue visibility and high EBITDA margins support the rating, although the FCF conversion has been reduced due to higher interest burden. Industry-Embedded Data Sets: J.D. Power's data sets are critical to its customers' workflows and difficult to replicate. Over 75% of its customers have stayed with the company for 10 or more years, and net customer revenue retention has been over 100%. Its products are highly embedded in the decision-making processes, with multiple customer touch points across the value chain. J.D. Power's offerings outside of auto industries, such as financial services and utilities, are less entrenched but provide some diversification. Liquidity, Maturity Risk Limited: Fitch views liquidity and maturity risk as limited in the short to medium term despite continued macro concerns. A refinancing in July 2024 extended maturities by five years for the revolver and seven for the first lien term loan. The company has not drawn on its $150 million secured revolver, and this capacity provides additional financial flexibility. Concentrated Exposure to Cyclical Market: The business is heavily reliant on the auto industry, with the majority of revenue from auto dealers, suppliers, and manufacturers (Ford Motor Company, General Motors Company, and others). J.D. Power's revenue declined by more than 10% during the 2008-2009 recession, and adjusted EBITDA margin contracted as well. This is an ongoing risk, although mitigated by increased scale and growing business with financial institutions and insurance carriers. Peer Analysis J.D. Power's IDR reflects its position as a market leader in data and analytics solutions for the automotive industry, with strong market share and high brand awareness among industry participants. The company's revenue mix is mostly recurring or subscription-based, and its EBITDA margins are in the mid to high 40% range. Each of these attributes are stronger than other data and analytics companies rated in the 'B' category, such as Intermediate Dutch Holdings B.V. (dba NielsenIQ 'B+'/Stable) and Neptune BidCo US Inc. (dba Nielsen 'B+'/Stable). But these peers have lower leverage and higher interest coverage. J.D. Power's ratings are also constrained by its exposure to the cyclical auto industry. The company's customer and geographic diversification has improved, but it remains limited to the auto industry. Key Assumptions - Organic revenue growth of 3.5% in 2025 and 3% in 2026; - EBITDA margin held stable in the ratings case; - FCF remains strong for the next several years; - Fitch has not modelled additional M&A, but believes the company will allocate the majority of its excess cash flow to incremental acquisitions or to shareholder returns. Recovery Analysis For entities rated 'B+' and below - where default is closer and recovery prospects are more meaningful to investors - Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from 'RR1' to 'RR6') and is notched from the Issuer Default Rating accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Fitch assumed J.D. Power would emerge from a default scenario under the going concern approach versus liquidation. Fitch has assumed a 10% administrative claim. Fitch envisions a hypothetical situation including missteps following an acquisition that results in the loss of several large clients as well as the revenue associated with the recently acquired firm. A stressed scenario assumes that the newly acquired operations falter, the sponsor takes a special dividend, and several large OEM clients leave. This results in dramatic drop in EBITDA at a time with limited liquidity, forcing the company to negotiate with its creditors. Going concern EBITDA - Fitch assumes GC EBITDA of $330 million. EV Multiple - Fitch assumes a 7.5x multiple, in-line with recovery assumptions used for other highly recurring companies rated by Fitch in the business services space. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 7.5x; - EBITDA interest coverage sustained below 2.0x; - Adverse operating performance, material changes to industry dynamics and/or the loss of a key customer that meaningfully alters the overall operating profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained at or below 6.0x; - (CFO-capex)/debt above 7.5% on a sustained basis. Liquidity and Debt Structure J.D. Power has sufficient liquidity to navigate its business even through a moderate downturn. There was approximately $158 million of cash on the balance sheet at YE 2024. Liquidity is further supported by a first lien, senior secured $150 million, undrawn revolver. Fitch estimates FCF before dividends will be above $50 million in 2025. The company's debt structure includes first lien secured term loans of $2.4 billion and second lien term loans of $350 million. All of its debt is floating rate, and the company extended the maturities of the first lien debt to 2031 and second lien debt to 2032. Issuer Profile J.D. Power is a market leader in data and analytics solutions for the automotive industry, with high market share and brand awareness among industry participants. It is privately owned by Thoma Bravo. 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 Boost Parent, LP has an ESG Relevance Score of '4' for Governance Structure due to private equity ownership, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Boost Parent, LP has an ESG Relevance Score of '4' for Financial Transparency due to private equity ownership, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Project Boost Purchaser, LLC has an ESG Relevance Score of '4' for Governance Structure due to private equity ownership, which has a negative impact on the credit profile, and is relevant to the rating[s] 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 ----------- ------ -------- ----- Boost Parent, LP LT IDR B Affirmed B Project Boost Purchaser, LLC LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- Senior Secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ PROJECT PIZZA: Hires Charyn Auctions as Appraiser ------------------------------------------------- Project Pizza LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Charyn Auctions as appraiser. The firm will appraise the Debtor's restaurant equipment, inventory in the form of food and beverages, a vehicle, office furniture, customer lists and fixtures and tenant improvements. The firm will be paid $1,500 for the appraisal services. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ronald Charyn Charyn Auctions 1445 4th Street Berkeley, CA 94710 Tel: (510) 984-7868 About Project Pizza LLC Project Pizza, LLC operates Fiorella Clement, a neighborhood Italian restaurant in San Francisco known for wood-fired pizzas, handmade pastas, and seasonal dishes. The restaurant serves customers through dine-in, takeout, and delivery. Project Pizza sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30397) on May 5, 2025. In its petition, the Debtor reported total assets of $78,855 and total liabilities of $1,001,045. Judge Hannah L. Blumenstiel handles the cases. The Debtor is represented by Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little P.C. PROVIDENT COMMONWEALTH: S&P Affirms 'BB+' on 2016A Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' rating on Massachusetts Development Finance Agency's series 2016A student housing revenue bonds, issued for Provident Commonwealth Educational Resources (PCER). The outlook is stable. S&P analyzed the project's environmental, social, and governance risks relative to the entity's enterprise and financial profiles and found them to be neutral within our credit analysis. The stable outlook reflects S&P's expectation that demand and occupancy will remain healthy for the project as the only residence option for UMass Boston. Given the high occupancy, S&P believes that operations and coverage should be sufficient to meet the covenants in the near term. A lower rating is possible if debt service coverage does not meet covenant requirements as expected, occupancy is not sustained at sufficient levels, or repayment of the deferred funds are required by the university such that the balance sheet is strained. Given the thin coverage levels even when occupancy is high and the high level of liability related to the deferred payments, a higher rating is not likely in the near term. However, over the longer term, a higher rating would be predicated on evidence of improved coverage and ability to build balance sheet cushion. PURDUE PHARMA: Court OKs Disclosure Statement for Ch. 11 Plan ------------------------------------------------------------- Purdue Pharma L.P. announced on June 20, 2025, that the United States Bankruptcy Court for the Southern District of New York approved the Company's disclosure statement for its Chapter 11 Plan of Reorganization. The disclosure statement provides creditors with detailed information on the terms of the Plan and will accompany the ballots that will be sent to the more than 600,000 claimants eligible to vote. The court has set a September 30 voting deadline and a November confirmation hearing. "Following the 2024 Supreme Court ruling, we doubled down on our commitment to work with our creditors to design a new Plan that delivers unprecedented value to those affected by the opioid crisis. Today's disclosure statement approval is a major milestone in that effort," said Purdue Board Chairman Steve Miller. "We and our creditors have worked tirelessly in mediation to build consensus and negotiate a settlement that will increase the total value provided to victims and communities, put billions of dollars to work on day one, and serve the public good. We sincerely thank our stakeholders for their dedication and collaboration, and we look forward to having the plan confirmed and consummated as quickly as possible." Purdue's Plan of Reorganization includes the following elements: -- Assuming full creditor participation, the Sacklers will make settlement payments of approximately $6.5 billion in installments over the next 15 years, subject to certain reserves. They will pay $1.5 billion on the day the Plan becomes effective. -- Purdue will contribute 100% of its assets, with an expected $900 million in cash available for distribution on the day of emergence. -- Notably, the Plan is the only opioid settlement to date that meaningfully compensates individual victims. Assuming full participation, individual victims will receive more than $850 million. -- In addition to this cash value, the Plan creates a new company with a public minded mission. The new company will provide millions of doses of lifesaving opioid use disorder treatment and overdose reversal medicines at no profit. -- The Sacklers, who exited the Board of Purdue by the end of 2018 and have had no involvement in Purdue since that time, will have no role whatsoever in the new company. -- Purdue Pharma L.P. will be liquidated following emergence. -- The Plan also provides a historic level of transparency. It creates a document repository that will make available to the public millions of documents, including privileged documents, related to Purdue's historical sales and marketing practices. -- The Plan does not contain third-party releases and fully complies with the Supreme Court's June 2024 decision in Harrington. The disclosure statement approved on June 20th provides the full details about the material aspects of the plan. The Plan is subject to confirmation by the Bankruptcy Court. This release is not intended as a solicitation of a vote on the Plan. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. RAMBLER ASSOCIATES: Court Appoints Zvi Guttman as Receiver ---------------------------------------------------------- In the case styled UNITED STATES OF AMERICA, Plaintiff v. RAMBLER ASSOCIATES LIMITED PARTNERSHIP, Defendant, Case No. 1:24-cv-00500-RDB (D. Md.), Judge Richard D. Bennett entered an Order granting the United States' motion to appoint Zvi Guttman as a receiver. The Defendant's property that is subject to administration and control by the Receiver shall include: i. the real property that is subject to the mortgage identified in the Complaint and that is commonly referred to as "Rambler Apartments"; and ii. all accounts, general intangibles, gross receipts and other property identified in the Complaint and in the Security Agreement that was previously submitted to the Court. The Receiver shall, upon the entry of judgment in mortgage foreclosure, be authorized to expose the Property to foreclosure sale pursuant to 28 U.S.C. Section 2001, et seq., and shall thereafter pass title to the Property to the successful bidder. The Receiver is permitted to contract or hire and compensate any real estate agent, broker, or auctioneer to conduct the foreclosure sale, provided that any sale is consistent with 28 U.S.C. Section 2001, et seq. On February 20, 2024, the United States instituted this action to foreclose on a mortgage and obtain an order to sell certain property owned by the Defendant which was pledged as security for a loan the United States made to the Defendant. The property includes a multi-unit apartment complex known as Rambler Apartments, located in Cambridge, Maryland. Rambler Associates Limited Partnership is a limited partnership located in Maryland. The Plaintiff is represented by: Matthew A. Haven, Esq. U.S. ATTORNEY'S OFFICE 36 S. Charles Street, 4th Fl. Baltimore, MD 21201 Telephone: (410) 209-4800 REICHMAN KARTEN: Hires Denis Abramowitz & Co as Accountant ---------------------------------------------------------- Reichman, Karten, Sword Inc. d/b/a RKS R seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Denis Abramowitz & Co., PLLC as its accountant. The Debtor tapped the firm to provide these services: (a) monthly operating reports and financial statement information; (b) additional activities, including meetings with creditors, attorneys, bankers and other experts, representing either the Debtor or others involved in a reorganization, and participation in court proceedings as required by the Debtor; and (c) all federal, state and local tax returns for the Debtor and assist in complying with an ongoing New York State sales tax audit. Denis Abramowitz & Co. does not hold or represent any interest adverse to the Debtor's estate or its creditors, according to court filings. The Debtor can be reached through its counsel: Denis Abramowitz, CPA Denis Abramowitz & Co., PLLC 3836 Flatlands Ave Brooklyn, NY, 11234-3525 Phone: (718) 377-1200 About Reichman, Karten, Sword Inc. d/b/a RKS R Reichman, Karten, Sword Inc. d/b/a RKS R sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40921) on February 24, 2025, listing under $1 million in both assets and liabilities. Judge Nancy Hershey Lord presides over the case. Kamini Fox, Esq. at Kamini Fox, PLLC represents the Debtor as counsel. RELIABLE SECURITY: Section 341(a) Meeting of Creditors on July 18 ----------------------------------------------------------------- On June 20, 2025, Reliable Security Staffing LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. 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 18, 2025 at 02:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About Reliable Security Staffing LLC Reliable Security Staffing LLC provides security guard services across Georgia, serving clients in retail, corporate, residential, event, and construction sectors. Reliable Security Staffing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56853) on June 20, 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 Paul Baisier handles the case. The Debtors are represented by Mark D. Gensburg, Esq. at JONES & WALDEN LLC. RIVERSIDE COURT: Unsecured Creditors Will Get 20% of Claims in Plan ------------------------------------------------------------------- The Riverside Court Condominium Association Phase II, Inc., submitted third immaterial modifications to its Amended Plan of Reorganization dated June 9, 2025. Section 2.6 of the Plan is amended to include the following language: Ability to Make Future Plan Payments and Operate Without Further Reorganization The Debtor must also show that it will have enough cash over the life of the Plan to make the required Plan payments and operate the debtor's business. The projected disposable income committed to this Plan is based on the average expenses of the Debtor from January 2024 through December 2024 and the anticipated line replacement costs. Projected income is based on post-petition condominium fees collected and additional amounts from special assessments. The projections contain an annual increase of two percent for condominium fees and insurance. The Debtor believes this is a reasonable basis for the calculations. The Debtor recognizes that to go forward, the company will need to restructure the secured debt and reduce the amount paid to unsecured creditors. By reorganizing its secured and unsecured debt and replacing aging pipes that could leak in the near future producing unaffordable water and sewer bills, the Debtor has positioned itself to avoid further reorganization. The financial projections show that the Debtor will have projected disposable income of forty-two months. The term of this Plan is forty-two months, commencing after the Effective Date ("Commitment Period"). The final Plan payment is expected to be paid on December 1, 2028. Section 3.3(B) of the Plan is amended to include the following language: "B. Administrative Expense Claims. Each holder of an administrative expense claim allowed under § 503 of the Code will be paid in full on the effective date of this Plan, in cash, or upon such other terms as may be agreed upon by the holder of the claim and the Debtor. Ordinary trade debt incurred by the Debtor after the Petition Date will be paid on an ongoing basis in accordance with the ordinary business practices and terms between the Debtor and its trade creditors. Administrative Expenses also include any post-petition fees and expenses allowed to professionals, including attorneys and accountants employed upon Bankruptcy Court authority to render services to the Debtor during the course of the Chapter 11 Case as well as the fees and expenses of the Subchapter V Trustee. These fees and expenses must be noticed to Creditors within 30 days of the notice of the effective date of the plan and approved by the Bankruptcy Court prior to payment. No governmental unit shall be required to file a request for payment in order to have an Allowed Priority Tax Expense. The Debtor will tender payments to allowed administrative expense claims commencing the later of the Effective Date or 15 days after an order approving the administrative expense claim is final. The Debtor will pay administrative expenses until such time as the administrative expenses are paid in full (approximately 14 months) after the application of any retainer. Section 3.3(C) of the Plan is amended to include the following language: "C. Priority tax claims. Tax Claims are unsecured income, employment, and other taxes. Unless the holder of such a Section 507(a)(8) Priority Tax Claim agrees otherwise, it must receive the present value of such Claim, in regular installments paid over a period not exceeding 5 years from the order of relief. Each Holder of an Allowed Priority Tax Claim against the Debtor shall be paid in full in monthly installments over, and within, five years from the Petition Date. The Debtor shall commence making monthly cash installments on the allowed Priority Tax Claims beginning on the on the 1st day of the month after the Effective Date ("Distribution Date"). Such monthly payments shall continue with each consecutive month thereafter until the Allowed Priority Tax Claims have been paid in full by such installments. Statutory interest shall be paid upon Allowed Priority Tax Claims pursuant to Section 511 of the Bankruptcy Code. All Allowed Priority Tax Claims that are not due and payable on or before the Effective Date shall be paid in the ordinary course of business as such obligations become due. Any Priority Tax Claim secured by a lien shall retain such lien to secure its claim until paid in full. The Treatment of Classes 1 and 2 in Section 3.4 of the Plan is amended to include the following language: Class 1 consists of the Secured Claim of SBA. Class 1 is impaired by this Plan. The Class 1 claim consists of the secured portion of SBA's claim and is secured by all tangible and intangible personal property of the Debtor, which is valued at $80,000.00. The Debtor will pay the SBA the value of its collateral ($80,000.00) over 42 months at the contractual interest rate of 4%. The Debtor will pay the SBA the value of its collateral ($80,000.00) over 42 months at the contractual interest rate of 4%. The remainder of SBA's claim will be paid as a general unsecured creditor in Class 2. The Debtor reserves the right to prepay all or any portion of this claim at any time without penalty. Class 1 will retain its lien under Section 1129(b)(2)(A) of the Bankruptcy Code until the Class 1 Claim is paid in full. Class 2 consists of all non-priority unsecured claims. Monthly commencing on the first month after the Effective Date and continuing through the 42nd month after the Effective Date. Class 2 Claims shall be paid pursuant to the Payment Schedule. Individual amounts are pro rata and based on the amount of each allowed claim. The proceeds from any avoidance actions or other litigation initiated by the Reorganized Debtor, after payment of any attorney fees and costs, will be paid to holders of allowed Class 2 Claims as additional distributions. Payment Schedule: Months 1-14 - $155.00/mo. Months 15-19 - $3,100.00/mo. Months 19-42 - $6,670.00/mo. This Class will receive a distribution of 20% of their allowed claims. The Debtor is reserving $875.00 per month as a maintenance reserve. In the 22nd month after the Effective Date, the Debtor will disburse 50% of any funds remaining in the maintenance reserve to Class 2 creditors on a pro rata basis. In the 42nd month after the Effective Date, the Debtor will disburse 75% of any funds remaining in the maintenance reserve to Class 2 creditors on a pro rata basis. Payments received from the maintenance reserved will be in addition to the scheduled plan payments." A full-text copy of the Third Immaterial Modifications to Amended Plan dated June 9, 2025 is available at https://urlcurt.com/u?l=ILbdAI from PacerMonitor.com at no charge. Counsel to the Debtor: Patrick S. Garrity, Esq. Derbes Law Firm, L.L.C. 3027 Ridgelake Drive Metairie, LA 70002 Telephone: (504) 207-0913 Facsimile: (504) 832-0327 Email: pgarrity@derbeslaw.com About The Riverside Court Condominium Association Phase II Inc. The Riverside Court Condominium Association Phase II, Inc. is a Louisiana non-profit corporation that was formed on March 2, 1984. It is the condominium association of The Riverside Court Condominiums located at 6320 Riverside Drive (formerly Ackel Street), Metairie, Louisiana, which contains 198 condominium units. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 24-12410) on Dec. 9, 2024. In the petition signed by Nayanka Nero, secretary, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Meredith S. Grabill oversees the case. Patrick Garrity, Esq., at The Derbes Law Firm, LLC, is the Debtor's legal counsel. ROCK N CONCEPTS: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Rock N Concepts, LLC and Lava Cantina The Colony, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of Texas to use the cash collateral of secured lenders. The final order authorized the Debtors to use cash collateral in accordance with their budget, subject to a 10% monthly variance per line item. AE Perkins, LLC, as assignee of Regions Bank, and the U.S. Small Business Administration were granted replacement liens co-extensive with the secured lenders' pre-bankruptcy liens on all assets of the Debtors and the proceeds thereof. The replacement liens do not apply to any Chapter 5 causes of action. The Debtors' authority to use cash collateral terminates upon occurrence of certain events including conversion of the Debtors' Chapter 11 cases; appointment of a bankruptcy trustee; confirmation of a plan of reorganization; the closing of a sale of all or substantially all the Debtors' assets; and entry of an order terminating the use of cash collateral. About Rock N Concepts LLC Rock N Concepts, LLC and Lava Cantina The Colony, LLC, a live entertainment venue and restaurant located in The Colony, Texas, filed Chapter 11 petitions (Bankr. E.D. Texas Lead Case No. 25-40416) on February 18, 2025. At the time of the filing, both Debtors reported between $1 million and $10 million in assets and liabilities. Sarah M. Cox, Esq., at Spector & Cox, PLLC is the Debtor's legal counsel. Regions Bank, as secured creditor, is represented by: Jason T. Rodriguez, Esq. Higier Allen & Lautin, PC The Tower at Cityplace 2711 N. Haskell Ave., Suite 2400 Dallas, TX 75204 Telephone: (972) 716-1888 Facsimile: (972) 716-1899 jrodriguez@higierallen.com RT ACQUISITION: Hires Farinash & Stofan as Bankruptcy Counsel ------------------------------------------------------------- RT Acquisition & Investments LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Farinash & Stofan as counsel. The firm's services include: a. assisting Debtor in the preparation of its schedules, statement of affairs and the periodic financial reports required by the Bankruptcy Code, the Bankruptcy Rules and any other order of this Court; b. assisting Debtor in consultation and negotiation and all other dealings with creditors, equity, security holders and other parties in interest concerning the administration of this case; c. preparing pleadings, conducting investigations and making court appearances incidental to the administration of the Debtor's estate; d. advising the Debtor of its rights, duties and obligations under the Bankruptcy Code, Bankruptcy Rules, Local Rules and orders of this Court; e. assisting the Debtor in the development and formulation of a plan of reorganization including the preparation of a plan, disclosure statement and any other related documents for submission to this Court and to Debtor's creditors, equity holders and other parties in interest; f. advising and assisting the Debtor with respect to litigation related to the administration of Debtor's case; g. rendering corporate and other legal advise and performing all those legal services necessary and proper to the functioning of the Debtor during the pendency of this case; and h. taking any and all necessary actions in the interest of the Debtor and its estate incident to the proper representation of the Debtor and the administration of this case. The firm will be paid at these rates: Jerrold D. Farinash $450 per hour Amanda Stofan $350 per hour Rebecca Farinash $250 per hour Legal Assistants $100 per hour The firm received a retainer in the amount of $25,000. Amanda M. Stofan, Esq., a partner at Farinash & Stofan, attests that he and his firm are "disinterested persons" within the meaning of Section 101 (14) of the Bankruptcy Code. The firm can be reached through: Amanda M. Stofan, Esq. Farinash & Stofan 100 West ML King Blvd, Ste 816 Chattanooga, TN 37402 Phone: (423) 805-3100 Email: amanda@8053100.COM About RT Acquisition & Investments LLC RT Acquisition & Investments LLC is a real estate investment firm based in Knoxville, Tennessee. The Company focuses on acquiring and managing properties primarily in the Knoxville area. RT Acquisition & Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-30974) on May 20, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtors are represented by Richard Collins, Esq. at COLLINS LAW PLLC. S&S FOODS: Taps John F. Sommerstein as Bankruptcy Counsel --------------------------------------------------------- S&S Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Law Offices of John F. Sommerstein as general bankruptcy counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and assets; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and respond to creditors inquiries; (c) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (d) advise and assist the Debtor in connection with any potential property disposition; (e) assist the Debtor in reviewing, estimating and resolving claims asserted against its estate; (f) negotiate and prepare on behalf of the Debtor a feasible plan of reorganization and all related documents; (g) prepare necessary legal documents necessary for the administration of the estate; and (h) perform all other bankruptcy-related legal services and provide all other legal advice to the Debtor that may be necessary and proper in this proceeding. John Sommerstein, the owner of the Law Offices of John F. Sommerstein, will be paid at his hourly rates of $475 plus reimbursement for expenses incurred. The firm requested a retainer in the amount of $15,000 from the Debtor. Mr. Sommerstein 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: John F. Sommerstein, Esq. Law Offices of John F. Sommerstein 1091 Washington Street Gloucester, MA 01930 Telephone: (617) 523-7474 About S&S Foods, Inc. S&S Foods, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mas. Case No. 25-11148) with $0 to $50,000 in assets and $0 to $50,000 in liabilities. Judge Hon. Christopher J Panos oversees the case. The Debtor is represented by: John F. Sommerstein Law Offices Of John F. Sommerstein Tel: (617) 523-7474 Email: jfsommer@aol.com SCENIC CITY: Gets Extension to Access Cash Collateral ----------------------------------------------------- Scenic City Boot Camp, LLC, and Kevin and Kristen Harvey received second interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Southern Division, to use cash collateral. The second interim order signed by Judge Nicholas Whittenburg approved the payment of the Debtors' expenses from the cash collateral in accordance with the budget they filed with the court. As adequate protection for the Debtors' use of its cash collateral, the U.S. Small Business Administration will be granted replacement liens on assets similar to its pre-bankruptcy collateral, with the same validity and priority as its pre-bankruptcy lien. A final hearing is scheduled for July 17. SBA asserts a lien on the Debtors' assets including cash collateral based on a UCC Financing Statement recorded in 2020. The Debtors' assets include various accounts with Pinnacle Bank and Ally Bank. Moreover, The Harveys own real property located in Hixson, Tenn., with an estimated value of $336,600 and estimated liens against same totaling $128,809, and another real property in Soddy Daisy, Tenn., with an estimated value of $145,000 and estimated liens against same totaling $26,708. Based on the value of the properties as of the petition date, the Debtors believe that the secured claim of SBA, including any claim it may have against cash collateral, is significantly secured. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/tm2f6 from PacerMonitor.com. About Scenic City Boot Camp LLC Scenic City Boot Camp, LLC filed Chapter 11 petition (Bankr. E.D. Tenn. Case No. 25-10863) on April 4, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Kevin Harvey, president of Scenic City Boot Camp, signed the petition. Judge Nicholas W. Whittenburg oversees the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law, represents the Debtor as bankruptcy counsel. SEDALIA AESTHETICS: Hires Sedalia Realty LLC as Broker ------------------------------------------------------ Sedalia Aesthetics, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Sedalia Realty, LLC as broker. The firm will market and sell the Debtor's real property located at 9 N. Lafayette Street, Marshall, MO 64093. The firm will be paid a commission of 6 percent of the gross sale price. Katherine A. Nickel, a partner at Sedalia Realty, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Katherine A. Nickel Sedalia Realty, LLC 121 East Broadway Boulevard Sedalia, MO 65301 Tel: (660) 287-0463 About Sedalia Aesthetics, LLC Sedalia Aesthetics, LLC, doing business as The Beauty Bar, The Beauty Bar of Jefferson City, and The Beauty Bar of Marshall, is the owner of a building located at 9 North Lafayette, Marshall, Mo., valued at $110,000. Sedalia Aesthetics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-20453) on Oct. 21, 2024, with total assets of $311,684 and total liabilities of $3,017,192. Michelle Bassett, managing member, signed the petition. Judge Cynthia A. Norton oversees the case. The Debtor is represented by Erlene W. Krigel, Esq., at Krigel Nugent + Moore, P.C. SEN FITNESS: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On June 19, 2025, SEN Fitness Group filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About SEN Fitness Group 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. SEN Fitness Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10820) on June 19, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtors are represented by Eric Bensamochan, Esq. at THE BENSAMOCHAN LAW FIRM, INC. SEXTANT STAYS: Final Hearing to Use Cash Collateral Set for June 26 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida is set to hold a hearing on June 26 to consider final approval of Sextant Stays, Inc.'s motion to use cash collateral. The Debtor previously received interim approval to pay its expenses from the cash collateral in which the U.S. Small Business Administration may assert an interest. The interim order issued on June 13 granted SBA replacement liens on cash collateral generated by the Debtor after the petition date, with the same extent, validity and priority as its pre-bankruptcy lien, if any. The Debtor sees SBA as a potential secured creditor with a claim of approximately $118,975, though questions remain about the nature of its secured claim due to filing discrepancies. Even if SBA is deemed secured, the Debtor's $935,000 in cash provides more than adequate protection through an equity cushion. 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. SHERITA CHERRY: Hires Giddens Mitchell & Associates as Attorney --------------------------------------------------------------- Sherita Cherry Institute, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Giddens, Mitchell & Associates P.C. as attorney. The firm will provide these services: a. give the Debtor legal advice with respect to the Debtor's powers and duties as Debtor in Possession in the continued management of the Debtor's property; b. prepare on behalf of the Debtor as Debtor in Possession all necessary applications, answers, motions, orders, reports and other legal papers; and c. perform all other legal services for the Debtor in Possession that may be necessary in this case. The firm will be paid at these rates: Kenneth Mitchell, Sr. $450 per hour Bobby L. Giddens $450 per hour Kenneth Mitchell, Jr. $450 per hour Alycesin Sadler $75 per hour Alicia Dennis $75 per hour The firm was paid a retainer in the amount of $10,000. Giddens, Mitchell & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. Kenneth Mitchell, Sr., Esq., a partner at Mitchell & Associates, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kenneth Mitchell, Sr., Esq. Mitchell & Associates, P.C. 3951 Snapfinger Parkway, Suite 555 Decatur, GA 30035 Tel: (770) 987-7007 About Sherita Cherry Institute, Inc. Sherita Cherry Institute, Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-55996-jwc) on May 30, 2025. The Debtor hires Giddens, Mitchell & Associates P.C. as counsel. SUNNOVA ENERGY: Solaris' WholeCo Offer Is Lead Bid for Assets ------------------------------------------------------------- Sunnova Energy International Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas on June 20, 2025, a purchase agreement –- designated as "WholeCo Stalking Horse Agreement" -– with purchasers Solaris Assets, LLC, Solaris ABS, LLC, and Solaris Borrower, LLC. Absent higher and better offers, Solaris will buy substantially all of the assets of Sunnova, including interests in its subsidiaries, for a purchase price of: (i) the assumption of certain liabilities, plus (ii) all principal amount of the DIP Loans, plus (iii) an amount equal to $10,000,000 subject to adjustments. Under the proposed bid procedures, a "WholeCo" bid refers to a bid for both of (i) the Debtors' securitization line of business, and/or (ii) the Debtors' management and servicing line of business. Parties may submit a bid for either or both lines of business. The proposed bid procedures contemplate a July 21, 2025 at 4:00 p.m. deadline for other parties to submit bids. If qualified bids are received by the deadline, an auction will be conducted on July 23, 2025. The Debtors seek approval to pay Solaris, as stalking horse bidder, expense reimbursement in the event it pursues a transaction with another party. The Debtors will seek approval of the bid procedures and the designation of Solaris as stalking horse bidder at a hearing on June 30, 2025, at 1:00 p.m. (prevailing Central time). Counsel to Solaris: Andrew N. Rosenberg, Esq. Robert A. Britton, Esq. Austin S. Pollet, Esq. Michael J. Colarossi, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas New York, NY 10019-6064 E-mail: arosenberg@paulweiss.com rbritton@paulweiss.com apollet@paulweiss.com mcolarossi@paulweiss.com 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. Paul, Weiss, Rifkind, Wharton & Garrison LLP is counsel to the Ad Hoc Group of DIP Lenders. White & Case LLP is counsel to the Ad Hoc Group of Warehouse Lenders. Milbank LLP is counsel to the KKR Term Loan Lenders. Davis Polk & Wardwell LLP is counsel to the Ad Hoc Group of ABS Lenders. SUNNOVA ENERGY: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Sunnova Energy International, Inc. and its affiliates. The committee members are: 1. Wilmington Trust N.A. Rodney Square North 1100 North Market Street Wilmington, DE 19890 Jennifer J. Provenzano (302) 427-4681 jprovenzano@wilmingtontrust.com 2. Trinity Solar, LLC 2211 Allenwood Road Wall, NJ 07719 John English (732) 780-3779 john.english@trinity-solar.com 3. Capital Ventures International 401 City Avenue, Suite 220 Bala Cynwyd, PA 19004 Josh Nacey (610) 617-2868 josh.nacey@sig.com 4. Fidelity Management & Research Company LLC 245 Summer Street Boston, MA 02210 Nate Vanduzer (617) 392-8129 nate.vanduzer@fmr.com 5. Power Solar, LLC 279 Calle Teniente Cesar Luis Gonzalez San Juan, PR 00918 Enrique Gonzalez (787) 331-1000 enrique@pswpr.com 6. SunnyMac, LLC 505 Carr rd. 3rd Floor Wilmington, DE 19809 Mathew Macfadden (301) 395-5800 matt@sunnymacsolar.com 7. LGCY Installation Services & LGCY Power 3333 Digital Drive, Suite 600 Lehi, UT 84043 Jared Parrish (801) 502-7468 jaredparrish@lgcypower.com 8. Luis Acevedo 16398 Heather Glen Rd. Moreno Valley, CA 92551 (213) 453-1461 luisacevedo38@yahoo.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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. SYAGRUS SYSTEMS: Seeks Chapter 11 Bankruptcy in Minnesota --------------------------------------------------------- On June 19, 2025, Syagrus Systems LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Minnesota. According to court filing, the Debtor reports $4,502,535 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Syagrus Systems LLC Syagrus Systems LLC 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. Syagrus Systems LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-31901) on June 19, 2025. In its petition, the Debtor reports total assets of $476,000 and total liabilities of $4,502,535. Honorable Bankruptcy Judge William J. Fisher handles the case. The Debtors are represented by Joseph Dicker, Esq. at JOSEPH W DICKER PA. SYNAPSE FINANCIAL: Penalty Fund May Aid Victims to Recoup Lost Fund ------------------------------------------------------------------- Evan Weinberger of Bloomberg Law reports that the Consumer Financial Protection Bureau (CFPB) has identified potentially "unfair" practices by bankrupt Synapse Financial Technologies Inc. that contributed to a $95 million gap in customer funds. In a June 20, 2025, statement of interest filed with the U.S. Bankruptcy Court for the Central District of California, the CFPB urged the court to convert Synapse's Chapter 11 bankruptcy to a Chapter 7 liquidation. The agency's investigation found that the San Francisco-based company may have engaged in conduct that left customers of fintech partners, including Yotta Technologies Inc. and cryptocurrency exchange Juno, unable to access their money. About Synapse Financial Technologies Headquartered in San Francisco, California, Synapse Financial Technologies, Inc. -- https://synapsefi.com/ -- is a banking-as-a-service platform for embedded finance solutions worldwide. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10646) on April 22, 2024. In the petition signed by Sankaet Pathak, chief executive officer, the Debtor disclosed up to $50 million in assets and liabilities. Judge Martin R. Barash oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P., is the Debtor's legal counsel. T&S FOOD: Section 341(a) Meeting of Creditors on July 18 -------------------------------------------------------- On June 19, 2025, T&S Food Services II LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. 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 18, 2025, at 11 a.m. EDT Filed by U.S. Trustee. About T&S Food Services II LLC T&S Food Services II LLC operates franchise locations of national restaurant brands, including Starbucks and Denny's. T&S Food Services II LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11178) on June 19, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtors are represented by Karen M. Grivner, Esq. at CLARK HILL PLC. RELIABLE COMPANIES d/b/a RELIABLE is the Debtor's Claims & Noticing Agent. TAL PROPERTIES: Trigild Named as Receiver ----------------------------------------- In the case styled WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR THE BENEFIT OF THE REGISTERED HOLDERS OF UBS COMMERCIAL MORTGAGE TRUST 2019-C 16, PASS-THROUGH CERTIFICATES, SERIES 2019-C16, Plaintiff v. TAL PROPERTIES, L.L.C, et al., Defendant, Case No. 3:24-cv-01045-BAJ-RLB (M.D. La.), Judge Brian A. Jackson entered an Order granting Plaintiff's verified complaint and the motion as to appointment of a receiver. Specifically, the Court named Trigild Property Management LLC as receiver. Plaintiff Wells Fargo Bank, National Association, not in its individual capacity, but solely as trustee for the Registered Holders of UBS Commercial Mortgage Trust 2019-C16, PassThrough Certificates, Series 2019-C16, previously sought enforcement of the rights and remedies provided under the terms of certain Loan Documents. This action involves a commercial loan made to Borrower in the original principal amount of $17,800,000 and held by Lender which Loan is secured by liens encumbering certain multifamily properties comprised as six parcels of land, including the buildings and improvements thereon, located and situated in the Parish of East Baton Rouge, Louisiana. The Loan is in default due to, among other things, Borrower's failure to timely provide Lender financial statements of the Property's operations and financial affairs and Borrower's ongoing failure to make timely payments, as required under the Loan Documents. Accordingly, Lender seeks to enforce the contractual right to appointment of a receiver for the Property and other associated collateral securing the Loan. The Court held that the Lender is contractually entitled to the appointment of a receiver to take possession of and hold the Collateral as Borrower agreed in the Mortgage and other Loan Documents. TAL Properties, L.L.C is a Louisiana limited liability company with its principal place of business in Baton Rouge, Louisiana. TAL's membership interest is held 100% by Sidney P. Lejeune as sole owner and managing member. The Plaintiff is represented by: Lacey E. Rochester, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, P.C. 1000 Light Street, 19th Floor Baltimore, MD 21202 Telephone: (410) 862-1149 E-mail: lrochester@bakerdonelson.com - and - Joseph P. Briggett, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, P.C. 201 St. Charles Ave, Suite 3600 New Orleans, LA 70170 Telephone: (504) 566-5200 E-mail: jbriggett@bakerdonelson.com The Defendants are represented by: William E. Steffes, Esq. THE STEFFES FIRM, LLC 13702 Coursey Blvd., Bldg. 3 Baton Rouge, LA 70817 Telephone: (225) 751-1751 E-mail: bsteffes@steffeslaw.com TELLICO RENTALS: Seeks Chapter 11 Bankruptcy in Tennessee --------------------------------------------------------- On June 19, 2025, Tellico Rentals LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Tennessee. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Tellico Rentals LLC Tellico Rentals LLC offers cabin rental services in Tellico Plains, Tennessee. The Company provides a range of accommodations, including riverfront lodges, group cabins, and pet-friendly units near the Cherohala Skyway and Tellico River. Tellico Rentals LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31173) on June 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtors are represented by Edward J. Shultz, Esq. at TARPY, COX, FLEISHMAN & LEVEILLE, PLLC. TROPIC LEISURE: Seeks Chapter 11 Bankruptcy in Virgin Islands ------------------------------------------------------------- On June 19, 2025, Tropic Leisure Corp. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Virgin Islands. According to court filing, the Debtor reports $1,789,181 in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Tropic Leisure Corp. Tropic Leisure Corp. operates a vacation resort in St. Thomas, U.S. Virgin Islands. The Company offers condominium-style accommodations and manages membership agreements that provide usage rights to its properties. Its operations are based near Magens Bay within the Great Northside. Tropic Leisure Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.V.I. Case No. 25-30003) on June 19, 2025. In its petition, the Debtor reports total assets of $652,142 and total liabilities of $1,789,181. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtors are represented by Kevin F. D'Amour, Esq. at BARNES, D'AMOUR & VOGEL. TZADIK SIOUX: Hires Fleischmann PLLC as Special Counsel ------------------------------------------------------- Tzadik Sioux Falls Portfolio I, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Fleischmann PLLC as special counsel. The Debtor needs the firm's legal assistance in connection with a case (Case No. Index No. 610651/2021) pending in the Supreme Court of the State of New York, County of Nassau, captioned as Adam Hendry, Tzadik Sioux Falls Portfolio I, LLC, et al. v. Arbor Agency Lending LLC, et al. Jeffrey Fleischman, the attorney of the firm handling the case, will be paid at the rate of $710 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey Fleischman, Esq., a partner at Fleischmann 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: Jeffrey Fleischman, Esq. Fleischmann PLLC 150 Broadway, Suite 701 New York, NY 10038 Tel: (646) 657-9623 About Tzadik Sioux Falls Portfolio I Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, represents the Debtor as legal counsel. TZADIK SIOUX: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Tzadik Sioux Falls Portfolio I, according to court dockets. About Tzadik Sioux Falls Portfolio I Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, represents the Debtor as legal counsel. UGI ENERGY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed UGI Energy Services, LLC's (ES) Long-Term Issuer Default Rating (IDR) at 'BB' with a Stable Rating Outlook. Fitch has also affirmed ES' existing senior secured term loan B at 'BB+' with a Recovery Rating of 'RR2'. The ratings reflect ES' geographic concentration in the Appalachian basin, low leverage near the bottom half of management's 2.0x-3.0x target range, and an integrated model using its long-life assets to support an energy marketing business. ES also benefits from favorable long-term counterparty exposure with ES affiliate, UGI Utilities, Inc. (UGIU; A-/Negative), through fee-based contracts. Volume risk remains in the company's midstream gathering and pipeline operations. Key Rating Drivers Leverage Remains Low: Fitch calculated ES's fiscal YE Sept. 30, 2024 (fiscal 2024) EBITDA leverage at 2.0x and forecasts leverage to remain low around 2.2x-2.5x over the medium-term forecast period. ES continues to benefit from its business segment diversity. The capacity management and energy marketing segments has performed well over the first half of fiscal 2025, benefitting from colder temperatures that were about 10.5% colder than the prior year. These segments helped offset lower gathering and processing activities from the midstream segment. Contract Renewal and Volume Risk: About 81% of ES's revenues are backed by fee-based revenues of which about 62% are take-or-pay-like contracts with the remaining 19% exposed to volumetric risk. ES has some minimum volume commitments (MVCs) and acreage dedications. The average remaining contract life is around seven years. Cash flows are partially supported by deficiency payments from MVCs with several oil and gas producers within the Marcellus and Utica basins. If ES were unable to recontract these MVCs as contracts expire, cash flow assurance would decline exposing volumes to greater volatility from producer activities. Disciplined Capital Growth: Fitch believes management will keep looking for incremental midstream investments. ES is investing in expanding LNG liquefaction capacity at its Manning facility and constructing a LNG storage and vaporization facility at Carlisle for about $175 million. Fitch expects these projects will be completed by the end of 2025. UGI has almost reached it $500 million renewables investment commitment. Fitch expects lower investments into ES's RNG operations over the forecast and a focus shift to legacy natural gas business to leverage growing demand from high energy usage industries such as data centers near their existing assets. UGIU Provides Highly Assured Revenue: UGIU contributes a material amount to ES's gross margin. Most of ES's services to UGIU, which are subject to regulatory review and approval, have been provided for many years. Almost all the gross margin from UGIU is under fee-based contracts that expire annually. Fitch expects these take-or-pay like contracts to be renewed on expiry, though the price may change based on past renewals. The contracts are subject to a least cost procurement review by UGIU's regulator. Marketing Segment Higher Risk: Fitch believes the energy marketing platform has a strong foundation. However, the marketing business has historically been higher risk. The segment requires tight execution and risk monitoring. If execution fails to meet past standards, the businesses may be vulnerable to a loss of market confidence, resulting in a fall in customers and collateral calls. Its commercial and industrial customers have more predictable load profiles than retail customers. ES procures two energy types for these customers and has contracts for delivery services. Energy purchases and sales are well-matched as to payment types, variable or fixed price, and contract duration. Parent Subsidiary Linkage: There is a parent subsidiary relationship between ES and its owner UGI Corp (UGI; not rated). Fitch believes UGI has a stronger standalone credit profile (SCP) than ES and follows the stronger parent path. Legal incentives are weak as there are no guarantees or cross default provisions. Strategic and operational incentives are also weak. ES has a history of paying dividends up to UGI Corp, but the amount is varied and flexible. ES issues its own debt, and there are no cash pooling arrangements. Fitch rates ES on a standalone basis due to the weak incentives. Peer Analysis ES's scale is an important indicator of its credit quality. EBITDA remains below the $500 million Fitch commonly uses as a boundary for 'BBB-' IDRs and above for midstream issuers. DT Midstream, Inc (DTM; BBB-/Stable) is larger than ES in both size and scale and has more geographic diversity. In 2024 DTM generated over $900 million of EBITDA, which is more than twice that of ES's less than $400 million. DTM also has a larger geographic footprint with pipeline assets that connect key markets in the Midwest U.S., Eastern Canada, Northeast U.S. and Gulf Coast regions to the Marcellus/Utica, as well as operations in the Haynesville Basin. Additionally, DTM's contracts have very high cash flow assurance from MVCs and demand charges which lower volume risk. ES by comparison has roughly one-third of its contracts exposed to either volumetric or commodity price risks. DTM's leverage is higher than ES's leverage and Fitch expects it to be below 4.0x over the new few years but remain higher than ES's leverage. DTM's larger size and scale as well as cash flow assurance account for the two-notch rating difference. Key Assumptions - A Fitch price deck of Henry Hub natural gas prices of $3.25 per thousand cubic feet (mcf) in 2025, $3.00/mcf in 2026; $2.75/mcf in 2027 and 2028; - Base interest rate application applicable to the unhedged portion of floating rate debt reflecting the Fitch Global Economic Outlook, 4.25% for 2025 and 3.50% in 2026; - Contract counterparties with minimum volume commitments and take-or-pay/take-or-pay-like commitments perform under their obligations; - Contracts with UGIU re-contracted under similar terms; - Capex ranging between $175 million - $200 million through forecast; - Dividends ranging between $175 million - $250 million through forecast. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - A decline in the credit quality of UGIU or sector-wide weakening in the credit quality for an array of non-affiliated shippers that provide long-term minimum volume commitments (or take-or-pay commitments). - EBITDA leverage expected by Fitch to be above 4.5x for a sustained period. - ES's energy marketing segment becoming unprofitable due to a failure to adhere to risk management policies. - Higher business risk due to increased gathering and processing; for example, ES begins taking title to commodities (receives a percentage of proceeds from natural gas processing) or if there is a significant increase in contracts without revenue assurance features, such as contracts that lack acreage dedication or minimum volume commitments. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Increase in size and scale leading towards annual EBITDA exceeding $500 million a year. - Diversification outside of the Marcellus/Utica basins; - EBITDA leverage expected by Fitch to be below 3.5x for a sustained period. Liquidity and Debt Structure Fitch believes ES has adequate liquidity, with around $551 million of available liquidity as of March 31, 2025. There were no borrowings and no letters of credit on its $300 million revolving credit facility (RCF) and $141 million of unrestricted cash and cash equivalents. Additionally, ES utilizes its $75 million-$150 million (amount varies seasonally) accounts receivable securitization facility for working capital needs. As of 2Q fiscal 2025 there were $110 million outstanding trade receivables none of which were sold to the bank. Maturities are manageable as the term loan B does not mature until February 2030. Issuer Profile UGI Energy Services, LLC (ES) is a diversified energy services company, involved in midstream transmission, LNG, storage, natural gas gathering and production, electricity (wholesale and retail), and renewable natural gas. The company is wholly owned by UGI Corporation. Summary of Financial Adjustments Fitch typically adjusts midstream energy companies' EBITDA to exclude equity in earnings of unconsolidated affiliates and includes cash distributions from unconsolidated affiliates. Fitch removes distributions to non-controlling interests from ES's EBITDA. 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 ----------- ------ -------- ----- UGI Energy Services, LLC LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ VASTAV INC: Seeks to Hire Benchmark Tax Group as Tax Consultant --------------------------------------------------------------- Vastav Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Benchmark Tax Group, LLC, as sales and use tax consultant. The firm will render these services: a. assess Debtor’s operation and develop the audit strategy; b. conduct a Pre-Audit Review of records before meeting-with the auditor; c. assume the lead in organizing and managing records/information going to the auditor; d. work directly with the auditor throughout the audit process; e. review and challenge any proposed assessments with which S&P is not in agreement; apply no additional on such reductions or removals of tax due amounts; f. provide Entrance and Exit Conference Representation; and g. make proactive suggestions to Debtor to mitigate future sales & use tax costs. The firm can be reached through: Benchmark's fee is a flat fee of $3,800. Keith Weaver, CEO of Benchmark Tax Group, LLC, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Keith Weaver Benchmark Tax Group, LLC 3900 S. Stonebridge Drive, Suite 1101 McKinney, TX 75070 Phone: (877) 452-7747 About Vastav Inc Vastav Inc filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 202-41211) on April 2, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Mark X Mullin presides over the case. The Debtor is represented by Robert DeMarco, III, Esq., at DeMarco Mitchell, PLLC. VEGAS TREASURES: Case Summary & Eight Unsecured Creditors --------------------------------------------------------- Debtor: Vegas Treasures, Inc. d/b/a Paymon's Fresh Kitchen & Lounge 8380 W. Sahara Ave., #130 Las Vegas, NV 89117 Business Description: Vegas Treasures, Inc., doing business as Paymon's Fresh Kitchen & Lounge, operates a restaurant and lounge in Las Vegas, Nevada. The Company offers international cuisine with vegan, vegetarian, and gluten-free options, emphasizing health-conscious ingredients. It also runs a lounge known for its cocktails, entertainment, and community-focused atmosphere. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-13582 Judge: Hon. Natalie M Cox Debtor's Counsel: Zachariah Larson, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 E-mail: zlarson@lzlawnv.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Paymon Raouf as president and director. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/55FPZXQ/VEGAS_TREASURES_INC__nvbke-25-13582__0001.0.pdf?mcid=tGE4TAMA WEC 98D-7 LLC: Responds to Wilmington Trust's Receivership Bid -------------------------------------------------------------- The Defendants respond to Plaintiff's emergency motion for appointment of receiver and for preliminary relief in the case styled Wilmington Trust, National Association, as Trustee for the Benefit of the Registered Holders of Wells Fargo Commercial Mortgage Trust 2021-C59, Commercial Mortgage Pass-Through Certificates, Series 2021-C59, Commercial Mortgage PassThrough Certificates, Series 2021-C59, through its special servicer Argentic Services Company LP, Plaintiffs v. WEC 98D-7 LLC, WEC 98D-16 LLC, WEC 98D17 LLC, WEC 98D-18 LLC, WEC 98D-21 LLC, WEC 98D-23 LLC, each a Texas limited liability company; and RX Ashland Investors, L.L.C. and RA2 Stuarts Draft L.L.C., each a Delaware limited liability company, Defendants, Case No. 2:25-cv-11620-NGE-APP (E.D. Mich.). As reported in the Troubled Company Reporter, the Plaintiff moved the Court for entry of an order appointing a receiver to enforce the covenants under the Mortgages and Loan Agreement and to manage and control Defendants' commercial real estate properties. The Properties are Lender's primary collateral for repayment of a commercial real estate loan in the aggregate original principal amount of $11,110,000. The Defendants assert that they do not oppose the relief requested by Plaintiff, but submit that such relief is unnecessary and offers no tangible benefit under the present circumstances. The Plaintiff already receives all rental income generated by the properties subject to the loan. That income is currently sufficient to cover all tax and insurance obligations for the properties. While not all properties are currently generating revenue due to circumstances beyond Defendants' control, such as Rite Aid's non-renewal and bankruptcy proceedings, the revenue from the remaining occupied properties has been sufficient to meet essential property-related obligations. The Defendants further contend that appointment of a receiver would not materially improve management or preservation of the properties. Instead, it would unnecessarily consume remaining equity, diminishing value for all parties, including Plaintiff. They have expressed a willingness to transfer the properties to Plaintiff through deeds in lieu of foreclosure -- a path that would avoid additional costs and protect equity -- but Plaintiff has not pursued this option or sought foreclosure. The relief sought is duplicative of what is already occurring and imposes unnecessary costs that reduce the value of the assets for all stakeholders, added the Defendants. WEC 98D-7 LLC is a Texas limited liability company. Plaintiff Wilmington Trust, National Association is represented by: Cara M. Houck, Esq. HOLLAND & KNIGHT LLP 150 N. Riverside Plaza Chicago, IL 60606 Tel: (312) 715-6805 E-mail: Cara.houck@hklaw.com WELCOME GROUP: Court Extends Cash Collateral Access to Sept. 15 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, extended its final order allowing Welcome Group 2, LLC and its affiliates to use cash collateral for the period from June 16 to Sept. 15. The Debtors' 13-week budget shows total expenses of $1,052,450 ($599,750 for undistributed operating expenses and $452,700 for other expenses). The court ordered the Debtors to provide back-up documentation acceptable to RSS WFCM2019-C50 - OH WG2, LLC, the Debtors' secured lender, for the budgetary item concerning Capex prior to utilization of cash collateral for this item. The use of cash collateral is subject to the terms and conditions set forth in the final order issued on Oct. 31, 2023, any further order of the court, and reservation of rights and remedies of the secured lender under the Bankruptcy Code. About Welcome Group 2 LLC Welcome Group 2, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Ohio Case No. 23-53044) on September 1, 2023. In the petition signed by Abhijit Vasani, as president, InnVite Opco, Inc., sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge C. Kathryn Preston oversees the case. Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represents the Debtor as legal counsel. Secured lender RSS WFCM2019-C50 - OH WG2, LLC, is represented by: Tami Hart Kirby, Esq. Walter Reynolds, Esq. Porter Wright Morris & Arthur LLP One South Main Street, Suite 1600 Dayton, OH 45402-2028 Telephone: (937) 449-6721 Facsimile: (937) 449-6820 E-mail: tkirby@porterwright.com wreynolds@porterwright.com WILCOV HOLDINGS: Seeks to Hire Myers Law LLC as Bankruptcy Counsel ------------------------------------------------------------------ Wilcov Holdings Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Myers Law, LLC as counsel. The professional services that Myers Law, LLC is to render include: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in- Possession in the management of its property; b. preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the required disclosures and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary. Joel D. Myers, Esq. will undertake this representation at his standard hourly rate of $300/hr. Myers Law will receive a retainer in the amount of $10,000. Myers Law, LLC represents no interest adverse to the Debtor as Debtor-in-Possession or the estate in the matters upon which it is to be engaged, according to court filings. The firm can be reached through: Joel D. Myers, Esq. Myers Law, LLC 403 Mountain Mist Dr. Woodstock, GA 30188 Phone: (770) 572-3170 Email: joel@mlawga.com About Wilcov Holdings Inc Wilcov Holdings Inc sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55970) on May 30, 2025. Joel D. Myers, Esq. at Myers Law, LLC represents the Debtor as counsel. WOLFSPEED INC: Enters Restructuring Support Deal to Cut $4.6B Debt ------------------------------------------------------------------ Wolfspeed, Inc. announced on June 22, 2025, that, as part of its efforts to proactively strengthen its capital structure, it entered into a Restructuring Support Agreement with key lenders, including: (i) holders of more than 97% of its senior secured notes, (ii) Renesas Electronics Corporation's wholly owned U.S. subsidiary and (iii) convertible debtholders holding more than 67% of the outstanding convertible notes. The transactions envisioned by the RSA are expected to reduce the Company's overall debt by approximately 70%, representing a reduction of approximately $4.6 billion, and reduce the Company's annual total cash interest payments by approximately 60%. By taking this proactive step, the Company expects to be better positioned to execute on its long-term growth strategy and accelerate its path to profitability. This marks the positive culmination of discussions between the Company and key lenders to restructure the Company's capital structure on an expedited basis and help to ensure Wolfspeed maintains its position as a leader in the silicon carbide market. "After evaluating potential options to strengthen our balance sheet and right-size our capital structure, we have decided to take this strategic step because we believe it will put Wolfspeed in the best position possible for the future," said Robert Feurle, Wolfspeed's Chief Executive Officer. "Wolfspeed has tremendous core strengths and great potential. We are a global leader in silicon carbide technology with an exceptional, purpose-built, fully automated 200mm manufacturing footprint, delivering cutting-edge products for our customers. A stronger financial foundation will enable us to focus acutely on innovation in rapidly scaling verticals undergoing electrification where quality, durability and efficiency matter most." Feurle continued, "As we move forward, we are grateful for the confidence and support of key lenders, who share our vision for the future and believe in our growth prospects. I also want to thank our incredibly talented team for their resilience and hard work, and our customers and partners for their ongoing support." Additional Information Regarding the RSA Key terms of the RSA are as follows: -- Pursuant to the transactions contemplated by the RSA, the Company will receive $275 million of new financing in the form of second lien convertible notes, fully backstopped by certain of its existing convertible debtholders. -- The RSA contemplates a paydown of its senior secured notes of $250 million at a rate of 109.875%, with certain modifications to reduce go-forward cash interest and minimum liquidity requirements. -- The RSA also contemplates an exchange of $5.2 billion of existing convertible notes and Renesas' existing loan for $500 million of new notes and 95% of the new common equity, subject to dilution from other equity issuances, with Renesas loan claims entitled to additional incremental consideration to the extent certain regulatory approvals are not obtained by an agreed upon deadline. -- Pursuant to the transactions, existing equity will be cancelled, and the existing equity holders will receive their pro rata share of 3% or 5% of new common equity, subject to dilution from other equity issuances and potential reduction from certain events. -- All other unsecured creditors are expected to be paid in the ordinary course of business. To implement the transactions envisioned by the RSA, the Company intends to solicit approval of the pre-packaged plan of reorganization and then file voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the near future. Wolfspeed expects to move through this process expeditiously and emerge by the end of third quarter calendar year 2025. Wolfspeed is continuing to operate and serve customers with leading silicon carbide materials and devices throughout the process. The Company plans to continue to pay vendors in the ordinary course of business for goods and services delivered throughout the restructuring process via an All-Trade Motion. Vendors are expected to be unimpaired in the process. Wolfspeed also intends to file customary motions with the Bankruptcy Court to support ordinary-course operations including, but not limited to, continuing employee compensation and benefits programs. For additional information regarding the restructuring, please visit Wolfspeed's dedicated microsite at wolfspeedforward.com. Advisors Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. About Wolfspeed Inc. Wolfspeed, Inc. is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. WOLFSPEED INC: Reaches Restructuring Support Deal with Lenders -------------------------------------------------------------- Tim Smith of Bloomberg News reports that Wolfspeed has reached a restructuring support agreement with key lenders that is expected to reduce its total debt by around 70%. Existing shareholders will be allocated 3% to 5% of the new common equity. The company aims to complete the restructuring by the close of the third quarter of 2025. After the restructuring, Wolfspeed anticipates that its operations will be fully supported by internal cash flow, according to Bloomberg News. The management team will shift its focus to improving profitability and driving long-term growth, while advisors manage the restructuring process, the report states. Renesas expects to record a loss related to the Wolfspeed restructuring, according to report. About Wolfspeed Inc. Wolfspeed, Inc. is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications suchas electric vehicles, fast charging and renewable energy and storage. WOLFSPEED INC: Renesas Expects 250B Yen Loss in Ch. 11 Support Deal ------------------------------------------------------------------- Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, announced on June 22, 2025, that it has entered into a Restructuring Support Agreement with Wolfspeed, Inc. and its principal creditors for the financial restructuring of Wolfspeed. As a result, Renesas expects to record a loss as described below. 1. Details of Loss As announced in July 2023, Renesas entered into the silicon carbide wafer supply agreement with Wolfspeed, and through Renesas' wholly owned subsidiary in the United States, it provided a deposit of US$2 billion (approximately 292.0 billion yen) to Wolfspeed. In October 2024, Renesas and Wolfspeed amended their agreement and increased the outstanding principal amount of the Deposit to US$2.062 billion (approximately 301.1 billion yen). Subsequently, Wolfspeed has experienced financial challenges. On May 8, 2025, during its quarterly earnings call, Wolfspeed disclosed that to achieve its stated goal of strengthening its balance sheet, it may implement a transaction through an in-court solution. Due to Wolfspeed's contemplation of an in-court option, Wolfspeed included required going concern language in the footnotes to its financial statements for the quarterly period ended March 30, 2025. In response to this situation, Renesas has been engaging in discussions with Wolfspeed and today entered into the Restructuring Support Agreement among Wolfspeed and its principal creditors, pursuant to which Renesas agreed to, among other things, convert the Deposit of US$2.062 billion into convertible notes, common stock, and warrants issued by Wolfspeed as follows. 1. Wolfspeed convertible notes: US$204 million (approximately 29.8 billion yen) in aggregate principal amount, convertible to Wolfspeed common stock, maturing in June 2031. These notes are convertible into 13.6% of Wolfspeed's total issued shares on a non-diluted basis at the time of the completion of the Restructuring. On a fully diluted basis, and prior to the exercise of the warrants to be granted to Renesas, this corresponds to 11.8%. 2. Wolfspeed common stock: equivalent to 38.7% (17.9% on a fully diluted basis, prior to Renesas warrants exercise) of the total number of issued shares of Wolfspeed at the completion of the Restructuring. 3. Wolfspeed warrants: equivalent to 5% (on a fully diluted basis) of the total number of issued shares of Wolfspeed at the completion of the Restructuring. The Restructuring is expected to be consummated through proceedings under Chapter 11 of the U.S. Bankruptcy Code. It is expected that Wolfspeed will file a petition with the court to initiate such proceedings in the near future. The Restructuring is expected to become effective by the end of September 2025, subject to court approval of the restructuring plan. If the necessary regulatory approvals have not been obtained by the time the Restructuring takes effect, Renesas will hold rights to instruments with equivalent economic value to Wolfspeed's convertible notes, common stock, and warrants until those approvals are received. In connection with the signing of the Restructuring Support Agreement, Renesas expects to record a loss on the deposited receivables related to the Deposit in its consolidated financial statements. Although the timing and amount of such loss have not been determined at this time, Renesas believes that there is a possibility of recording a loss of approximately 250 billion yen (converted at an average exchange rate of 150 yen to the dollar during the period) in the consolidated financial statements for the six months ending June 30, 2025. Please note that this amount is an estimate calculated by Renesas' internal analysis based on the currently available information and may increase or decrease due to various factors. The definitive timing and amount of the loss to be recorded will be determined in consultation with Renesas' auditor and will be announced once it is determined. 2. Future Outlook Renesas discloses revenue, gross margin, and operating margin on a "Non-GAAP" basis and does not disclose a forecast for profit attributable to owners of parent. Therefore, there is no change to the forecast for the six months ending June 30, 2025, announced on April 24, 2025. (Note1) Unless otherwise indicated, yen equivalents in this material are calculated using the exchange rate as of June 20, 2025: 146 yen to the dollar. (Note2) Non-GAAP figures are calculated by removing or adjusting non-recurring items and other adjustments from GAAP (IFRS basis) figures following a certain set of rules. Renesas believes non-GAAP measures provide useful information in understanding and evaluating its constant business results, and therefore, forecasts are provided on a non-GAAP basis. This adjustment and exclusion include the amortization of intangible assets recognized from acquisitions, other PPA (purchase price allocation) adjustments and stock-based compensation, as well as other non-recurring expenses and income Renesas believes to be applicable. About Renesas Electronics Corporation Renesas Electronics Corporation (TSE: 6723) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. A leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, YouTube, and Instagram. Advisors Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. About Wolfspeed Inc. Wolfspeed, Inc. is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. WORTHY'S RUN: Gets Court OK to Use Cash Collateral -------------------------------------------------- Worthy's Run Furniture, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The court's order authorized the Debtor to utilize cash collateral, which consists of cash, receivables and future receivables, to pay operating expense in accordance with its budget As protection for any diminution in value of Middletown Valley Bank's interests in its pre-bankruptcy collateral, the bank will be granted a replacement security interest in, and lien on, such collateral and the proceeds thereof, to the same extent, validity and priority as its pre-bankruptcy collateral. In addition, Middletown Valley Bank will receive a monthly payment of $1,500 as further protection. The bankruptcy court ordered the Debtor to pay the Subchapter V trustee $750 per month to be held in escrow pending further order. The Debtor earns approximately $27,875 per month and has generated about $275,000 in revenue so far in 2025. Its assets, valued at around $30,000, include cash, equipment, and materials, most of which are subject to a lien held by Middletown Valley Bank under pre-bankruptcy loan agreements and recorded UCC financing statements. About Worthy's Run Furniture Worthy's Run Furniture, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-14820) on May 28, 2025. In the petition signed by Todd A. Gladfelter, sole member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. David Cahn, Esq., at the Law Office of David Cahn, LLC, represents the Debtor as bankruptcy counsel. YOUR BATH: Gets Final OK to Use Cash Collateral ----------------------------------------------- Your Bath & Kitchen, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral. The final order authorized the Debtor to use cash collateral, which consists of proceeds from its bank accounts and accounts receivable, in line with its budget. Any cash collateral generated over and above those amounts needed to pay expenses set forth in the budget must remain in the Debtor's account and must not be transferred or encumbered absent further order of the court. As protection, Kalamata Capital and other creditors with interest in the cash collateral will be granted replacement liens on all assets acquired by the Debtor after the petition date. If the replacement liens do not fully protect its interest, Kalamata will have an allowed claim under Section 507(b) of the Bankruptcy Code, with superpriority over all other claims. Events of default include the Debtor's failure to perform its obligations under the final order and cure the default, and dismissal or conversion of the Debtor's Chapter 11 case. As of the petition date, Kalamata Capital held first lien and perfected security interest in the Debtor's cash, accounts receivable, and inventory. Other junior lienholders are Spartan Business Solutions, LLC, Apex Funding, LLC, and National Funding, Inc. About Your Bath & Kitchen Your Bath & Kitchen, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00634) on March 11, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Gregory Clouser, a member of Your Bath & Kitchen, signed the petition. Judge Henry W. Van Eck oversees the case. Craig A. Diehl, Esq., at Law Offices of Craig A. Diehl, represents the Debtor as bankruptcy counsel. ********* 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. 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